A Roth Individual Retirement Account (Roth IRA) is a special kind of retirement account that is funded with cash you have already paid taxes on. By funding it with after-tax money, the money that accumulates will be free of taxes when it is time to withdrawal during your retirement. Roth IRAs are open to any age group; there is no minimum or maximum age requirement and like most retirement savings account, the earlier you get started, the larger your savings will grow.
Roth IRAs offer more flexibility than traditional IRAs or 401(k)s, as you are not obligated to make any withdrawals when you reach a certain age, and you can withdrawal money in case of a severe emergency without penalty or paying taxes on the cash. While a Roth IRA is a terrific option for those saving for retirement, not everyone is eligible to invest in a Roth IRA account. Roth IRA qualifications include: Continue reading Who is eligible for a Roth IRA?
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