A Roth IRA is a wonderful account to build a tax-free income, but there are little rules and nuances about these accounts that enable us to get even more out of them and plan our finances even more effectively with them. In today’s video James Conole is going to share with you seven little-known Roth IRAs benefits so you can become a better financial planner. Learn the tips & strategies to get the most out of life with your money. ⏰ TIMESTAMPS 00:00 - Introduction 1:30 - Roth IRA Benefits 2:15 - Roth IRA Investing 3:40 - Roth IRA Tips 4:45 - Tax-Free Income 6:55 - Financial Planner's Retirement Tips 8:45 - Roth IRA & Financial Planning Free Retirement Checklist Here: SUBSCRIBE HERE: _ _ For more resources and content, check us out below! Website // Podcast // Instagram // Facebook // LinkedIn // Other videos we think you'll like: Why I Started Root Financial Partners // How Would You Feel If You Knew You Could Retire Today? // What Makes Our Approach Different? // ...(read more)
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If you’re looking for a retirement savings option that offers more flexibility and control than a traditional IRA, then a Roth IRA may be the perfect solution for you. Roth IRAs are a type of retirement account that allow you to save money on a tax-free basis, meaning you won’t have to pay taxes on the money you withdraw from your account. While the benefits of a Roth IRA are well-known, there are also some lesser-known advantages that can make this type of account even more appealing. Here are seven of the most important benefits of Roth IRAs that you may not be aware of. 1. Tax-free growth: One of the key benefits of a Roth IRA is the ability to enjoy tax-free growth on your investments. This means that any earnings you make on your investments, such as interest or dividends, will not be subject to taxes. This can be a great way to maximize your retirement savings and ensure that you have more money to use during your retirement years. 2. Tax-free withdrawals: Another key benefit of a Roth IRA is that you can make tax-free withdrawals from your account. This means that you won’t have to pay taxes on any money you take out of your account, which can be a great way to maximize your retirement savings. 3. No required minimum distributions: Unlike a traditional IRA, a Roth IRA does not require you to take out a certain amount of money each year. This means that you can keep your money in the account for as long as you want, allowing you to maximize your retirement savings and enjoy tax-free growth for longer. 4. Contribution flexibility: Roth IRAs also offer more flexibility when it comes to contributions. Unlike a traditional IRA, you can make contributions to a Roth IRA at any time, as long as you have earned income. This means that you can save more money throughout the year, allowing you to maximize your retirement savings. 5. Contribution limits: Roth IRAs also have higher contribution limits than traditional IRAs, meaning you can save more money in a Roth IRA. In 2021, the maximum contribution limit is $6,000 for those under the age of 50, and $7,000 for those over the age of 50. 6. Early withdrawals: Another benefit of a Roth IRA is that you can make early withdrawals without penalty, as long as the money has been in the account for at least five years. This means that you can access your money early if you need it, without having to pay a penalty. 7. Inheritance benefits: Finally, a Roth IRA can provide significant benefits to your heirs. If you pass away, your beneficiaries can inherit your Roth IRA and take advantage of the tax-free growth and withdrawals that it offers. These are just a few of the many benefits of a Roth IRA that you may not be aware of. If you’re looking for a retirement savings option that offers more flexibility and control, then a Roth IRA may be the perfect solution for you. https://inflationprotection.org/7-little-known-but-important-benefits-of-roth-iras/?feed_id=72409&_unique_id=63f43cdeb7d9a #Inflation #Retirement #GoldIRA #Wealth #Investing #personalfinance #benefitsofinvesting #dividendinvesting #donoradvisedfund #FinancialPlanning #financialplanningat50 #financialplanningat60 #howdoIretire #individualretirementaccount #investing #ira #longterminvesting #prosandconsofinvesting #Retirement #retirementplanning #rothconversions #RothIRA #rothirabenefits #rothiraexplained #TaxFree #TaxPlanning #taxes #SpousalIRA #personalfinance #benefitsofinvesting #dividendinvesting #donoradvisedfund #FinancialPlanning #financialplanningat50 #financialplanningat60 #howdoIretire #individualretirementaccount #investing #ira #longterminvesting #prosandconsofinvesting #Retirement #retirementplanning #rothconversions #RothIRA #rothirabenefits #rothiraexplained #TaxFree #TaxPlanning #taxes
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