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  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
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Making Finances Simple. Changing Lives.

5/10/2018

Roth IRA's For Everybody

Roth IRA's are a tremendous asset. The ability to access tax-free funds in retirement is an incredibly valuable tool. So how can you use Roth IRA's to your advantage? Here are some things for you to think about!
​When contributing to retirement accounts, it's advisable to first take advantage of any employer match at your work! This is free money that's hard to turn down!

Once the employer match is achieved, and assuming surplus funds remain, many look to either increase 401k contributions to the allowable limit or turn to Roth IRA's. Roth IRA's don't provide a tax benefit upfront, but earnings grow and distribute tax free. Whereas 401k's have the upfront tax benefit, withdrawals are fully taxable as income.

It's nice to have some tax-free money to access in retirement to avoid constantly increasing tax rates from a higher taxable income. In other words, tax burdens can be lessened by accessing part of retirement income from tax-free funds, and part from taxable sources (like 401k's, pensions, etc.).

What if income limits disallow a Roth IRA contribution?
Even if your income exceeds allowable limits for contributing to a Roth IRA, you can still look at implementing the "Backdoor" strategy. How does this work? We're glad you asked! Click here to learn more.

We're happy to discuss the tax implications of retirement accounts with you, and make an introduction to a qualified advisor should you be looking to enlist further assistance with your investing. Contact us if you'd like to discuss further.

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