Since its introduction in 1997, the Roth IRA has earned a reputation—and a well-deserved one at that—of being one of the greatest and most tax-efficient strategies to save for your retirement today.
A Roth IRA is a type of Individual Retirement Account that allows most individuals to save for retirement on their own, regardless of whether or not they have a 401(k) plan at work. Think of it as a special savings account to which you regularly contribute, with the money building up over time.
For a Roth IRA, your contributions are made after tax, which means you can withdraw your money free of taxes and penalties whenever you want and whatever the reason.
The tax benefits give Roth IRAs tax superiority, which, unfortunately for those with high incomes, is available only to those whose incomes are below a certain threshold as adjusted by the Internal Revenue Service.
For 2018, single filers and married couples filing jointly who earn less than $135,000 and $199,000, respectively, are allowed to contribute to a Roth IRA.
Like a savings account, a Roth IRA is something you need to open at a Roth IRA provider, and that is something we at Bennett & Porter can help you with.
Here at Bennett and Porter, we are one of the top Roth IRA providers in Arizona, and we have been helping thousands of clients build long-term wealth and financial security, tax-savings strategies, and comprehensive investment portfolios since 1997. Call us at 480-212-1150, and so we can begin to assist you in setting up your Roth IRA account and provide you with invaluable advice on how to manage it.