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What You Need to Know About Inheriting a Roth IRA

We talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax free in retirement. There are also several benefits to inheriting a Roth IRA, as Shane with Winston and Companies explains to Erin Kennedy the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years. If you are inheriting a Roth IRA, here's a quick action plan: 1. Understand your beneficiary type (this will determine your distribution options) 2. Invest the money wisely 3. Get professional help As with all inheritances, it's important to know how distributions will affect your taxes and how to best invest that money. If you'd like to talk through the benefits of a Roth account, or if you recently inherited a tax-free or tax-deferred retirement account, please reach out to Shane to talk through the best options specifically tailored to your financial situation and goals. Call him at 602-456-1928 or visit www.WinstonandCompanies.com #retirement #Roth #rothira #wealthmanagement #taxplanning...(read more)
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