Is Your Roth IRA a Savings Account? |Roth IRA vs Savings Account | Use Your Roth IRA as a Savings? A Roth IRA is a type of investment account that allows you to invest money for retirement. Contributions to a Roth IRA are not tax-deductible, but distributions (money taken out of the account) are tax-free, provided you have had the account for at least five years and are over 59½ years old. Savings accounts, on the other hand, are savings vehicles that offer a very low rate of return and guarantee your principal (the amount you deposited). Withdrawals from a savings account may be subject to federal income taxes and a 10% early withdrawal penalty if made before age 59½. ----- Join the members only group at: ----- Follow me on: #BreadCrumbs DISCLAIMER: This information is intended for the purposes of education only. This content is not a solicitation to buy or engage in any securities transaction. BuildingBread nor Kevin L. Matthews II is responsible for any loss...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)