No age limit and an opportunity to avoid paying taxes upon withdrawal.
A ROTH IRA is different than a traditional IRA in these important ways:
- Available to individuals with earned income regardless of age.
- Contributions are made with after tax dollars so they are not tax deductible.
- You will pay no additional taxes when you withdraw funds as long as your account has been open for 5 years or more and you’re at least 59 ½, OR the withdrawal is the result of death or disability.
- There are no required distributions from a ROTH IRA.
We can help you decide if a ROTH IRA is right for your financial situation.