From Here to Retirement Wealth: How to Bring Financial Independence, Enjoyment, and Peace of Mind, to the Last Third of Your Life by Robert Richey

Author:Robert Richey [Richey, Robert]
Language: eng
Format: azw3
Publisher: Logical Chocolate Publishing
Published: 2020-09-14T16:00:00+00:00

* All IRAs combined, regardless of type, cannot exceed the total annual contribution limits.

A few differences between the traditional and Roth IRA are these:

Without an employer retirement plan, all traditional IRA contributions are tax deductible, but with a plan, certain income limits apply.

Roth IRA contributions are not tax deductible.

Heirs must choose distribution options (Uncle will be looking over your shoulder) for a traditional IRA.

Heirs can receive a Roth IRA, without tax, and treat it as their own account.

Penalty-free withdrawals from a traditional IRA are permitted for a first-time home purchase ($10,000) or education expenses, but any resulting tax must be paid.

Penalty-free withdrawals from a Roth IRA apply to first-time home purchases ($10,000) and no tax.

Contributions to a traditional IRA end at age 70 1/2.

Contributions to a Roth IRA can continue at any age, even if you keel over at your desk.

Traditional IRAs require an annual withdrawal, beginning at age 70 1/2, taxed as ordinary income.

Roth IRAs have no required withdrawals.

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