Even though ROTH IRAs have been around since 1997, many people still do not utilize this valuable option. Here are three key reasons you should consider a ROTH IRA:
- While ROTHs do not provide for current tax deductibility, earnings do grow tax deferred and once qualified, may be distributed tax free.
- Traditional IRAs require that withdrawals begin no later than age 70 1/2. ROTH IRAs do not require this preserving more of your wealth.
- ROTH IRAs, while intended for retirement, may also be utilized for a dependent’s college education.
Between tax benefits for college tuition and the tax free nature of ROTH IRAs, this funding option can be very beneficial. Consult a financial advisor today.
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