May be a good choice if you are seeking tax-free withdrawals in retirement, want to avoid required minimum distributions beginning at age 70 1/2, or feel you will be in the same or a higher tax bracket in retirement.
- Roth IRAs offer you an opportunity to create tax-free income during retirement.
- Tax-deferred growth and qualified distributions are tax- and penalty-free in retirement. Distributions are qualified after five years and age 59 ½, or as a result of your death, disability, or if using the qualified first time homebuyer exception
- The ability to withdraw your contributions at any time, without tax or penalty, if you need the money
- No RMDs at age 70 ½ § Things to consider
- Your Modified Adjusted Gross Income (MAGI) determines your eligibility to contribute
- You’re not able to deduct your contributions on your taxes, as they’re made with after-tax savings
- Non-qualified distributions of earnings may be taxed and you may owe the 10% IRS tax penalty (some exceptions apply).
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