On This Episode:
Retirement planning is all about finding the right tools to help you save money effectively and efficiently, which is why tax planning needs to be a part of your planning process. One of the tools that you can leverage to help you grow your nest egg without having a tax time bomb waiting for you in retirement is the Roth IRA. Today we’re going to break down this account and help explain the key information you need to know about its benefits and drawbacks.
Join us as we discuss the benefits of this popular retirement savings vehicle, eligibility criteria, contribution limits, and tax implications. We’ll help you learn about the tax-deferred growth potential, distribution rules, and the strategic use of Roth conversions.
A Roth IRA is just one tool of many that you can use to build a successful retirement plan, but no one move is going to be perfect for every single person. That’s why it’s important to have a trusted advisor to talk to as you build your retirement plan!
Here’s what we cover in this episode:
0:00 – Intro
2:01 – What is a Roth IRA?
3:19 – Roth eligibility
4:42 – Phasing out
6:20 – Contribution limits
7:15 – Tax-deferred growth
9:12 – RMDs
11:21 – Are distributions taxed?
14:35 – The five-year rule
17:57 – Tax rates
19:14 – Closing thoughts
Resources:
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