There are only a few more days left until Tax Day. Do you have plans for your return? Consider a Roth IRA. In this episode of #mikesminute, I share some tips on making your tax return count. Tune in now!...(read more)
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Mike's Minute: Consider a Roth IRA retirement planning can feel like a daunting task, but saving for your future is important. One option to consider when saving for retirement is a Roth IRA. What is a Roth IRA? A Roth IRA is an individual retirement account that offers tax-free withdrawals in retirement. Essentially, you pay taxes on the money you contribute to the account upfront, but you don't pay taxes on the money you withdraw in retirement. Why a Roth IRA? One of the biggest advantages of a Roth IRA is the tax-free withdrawals in retirement. This can be especially beneficial if you expect to be in a higher tax bracket in retirement or if you want to maximize your potential retirement income. Additionally, Roth IRAs have no required minimum distributions, allowing you to keep your money in the account for as long as you want. Another advantage of a Roth IRA is the flexibility it offers. You can withdraw your contributions at any time tax and penalty free. And, if you need to withdraw earnings before age 59 ½, you may be able to avoid the 10% early withdrawal penalty if you meet certain requirements. Who is eligible? To be eligible for a Roth IRA, you must have earned income and your modified adjusted gross income must fall below certain limits. For 2021, the limits are: - Single filers: $140,000 - Married filing jointly: $208,000 If you are above these limits, you may be eligible for a backdoor Roth IRA, which involves making nondeductible contributions to a traditional IRA and then converting it to a Roth IRA. How much can you contribute? For 2021, you can contribute up to $6,000 to a Roth IRA (or $7,000 if you are age 50 or older). This contribution limit is the same as a traditional IRA, so you cannot contribute more than $6,000 combined to both types of accounts. In conclusion, a Roth IRA can be a great option for retirement savings. With tax-free withdrawals and flexibility, it may be worth considering as you plan for your future. As always, it is important to consult with a financial advisor to determine if a Roth IRA is the right choice for your specific financial situation. https://inflationprotection.org/contemplate-a-roth-ira-with-mike-for-a-minute/?feed_id=86598&_unique_id=6434c0dbcb8a0 #Inflation #Retirement #GoldIRA #Wealth #Investing #RothIRA #TaxSeason #RothIRA #RothIRA #TaxSeason
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