A Roth IRA carries a list of benefits that make it an attractive choice for those who want more control over their money or want a more versatile investment option to save for their retirement. With Roth IRAs, there are no age contribution restrictions. This means that as long as you are earning a qualified income, you can freely contribute to your Roth IRA regardless of your age.

Consider the Benefits of a Roth IRA

Also, Roth IRAs work beautifully for those who wish to keep saving throughout their retirement, as there are no mandatory withdrawals or Required Minimum Distributions (RMD). Tax-free withdrawals make the Roth IRA a strong option for those in a higher tax bracket or highly taxed area, but due to the income limitations, not everyone can be eligible to open such a retirement account. 

Because of the way Roth IRAs are taxed, it is best to go with a Roth IRA over a traditional IRA if you think your taxes will be higher in your retirement than they are right now. 

There are limits on how much you can add to a Roth IRA each year. If you are younger than 50 years of age, you can contribute up to $6,000 per year. If you are 50 years of age or older, you can contribute up to $7,000 per year. 

If you would like to open a Roth IRA account, you can contact a credit union, bank, brokerage firm or other financial entity that is approved by the IRS to provide IRA accounts.

By Admin