Planning for retirement is more important than ever. As the federal deficit continues to increase by over $2 billion every day, American’s are well aware that they will not be able to rely solely on social security income to fund their retirement. It is crucial that we all utilize retirement savings plans like 401ks, 403bs, IRAs, and Roth IRAs to take advantage of different tax benefits as we save for retirement.
Roth IRAs are a great way to save additional funds for retirement. Funding for a Roth IRA can come out of your paycheck or from funds you have set aside. You can contribute up to $5,500 this year, and if you are over 50 years old you can contribute up to $6,500. What makes a Roth IRA different from other retirement plans is how it is taxed when you take money out of it. Upon retirement, funds withdrawn are tax free. Yes – tax free! That is huge! With taxes increasing over the past few years, and the uncertainty about where they will be when you retire, this is a saving tool you definitely want to take advantage of!
You can begin with as little as little as you would like and watch it grow over time. Fill in the form below if you are interested in having us reach out to you to get started.