Timothy Sumer

A Roth IRA (Individual retirement account ) is a type of retirement savings account that offers unique tax advantages to individuals in the United States. It is named after Senator William Roth, who played a key role in its creation. Here are the key features and benefits of a Roth IRA: 1. **Tax-Advantaged Savings:** The primary advantage of a Roth IRA is its tax treatment. Contributions to a Roth IRA are made with after-tax dollars, meaning you don't get an immediate tax deduction for your contributions, unlike a traditional IRA. However, qualified withdrawals from a Roth IRA, including both contributions and earnings, are tax-free. 2. **No Mandatory Withdrawals:** Unlike traditional IRAs and 401(k)s, Roth IRAs do not require you to start taking required minimum distributions (RMDs) at a certain age. This flexibility can be advantageous for retirement planning , as you can leave your money invested for as long as you want. 3. **Flexibility in Investments:** Within a ...

Add me on Insta: michellemarki 2023 Contribution Limits: $22,500 for 401(k), 403(b), most 457 plans, and Thrift Savings Plan (TSP) $6,500 for Roth IRA and Traditional IRA (Individual retirement account ) $3,850 Individual and $7,750 Family for Health Savings Account (HSA) This totals at least $32,850 you could be stashing away for retirement and/or medical expenses! And don't forget if you're over 50/55 there are some catch up contributions you can make to some of the above tax-advantaged retirement accounts! If you're interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide: I look forward to making more investor friends! Please like and subscribe if you learned something or enjoyed my video. Thank you! :) --- Add me: Check out my Blog: --- Disclaimers: This content is for entertainment, information, education purposes only. Michelle is not a financial advisor and is not ...