Is A Roth IRA Right For You?

Many Americans’ Golden Years are not quite golden. A June 2015 government accountability office analysis found that the average Americans between the ages of 55 and 64 have accrued about $104,000 in retirement savings. This amount would translate into a very low $310 monthly payment if your money were invested in a lifetime annuity.

Ways to Grow Your Retirement Savings

To grow your retirement’s nest-egg you need to start saving early on while you are still in your 20’s, max out the contributions to your IRA or employer sponsored 401K, make sure to make any catch-up contributions after you turn 50, and avoid any early withdrawals from your accounts if possible. Taking these steps may dramatically increase your chances for financial freedom in your Golden years.

An umbrella with Is a roth IRA right for you? on it and a paper cutout person and roll of $100 bills on either side.


Roth IRA vs. Traditional IRA

In the past decades, Traditional IRA contributions were more popular than Roth IRA contributions. However, in recent years the trend has changed and now more money is being deposited into Roth IRA accounts. Roth Accounts are especially popular with young workers (ages 24-35), though those with Traditional IRAs may want to consider the benefits of a Roth IRA conversion.

The question is: why are Roth IRAs more popular? Well, Roth accounts offer four major benefits that may make opening a Roth IRA or doing a Roth conversion a smart choice:

1 2 3
View single page >> |

How can a free workshop change your financial future? You can keep on doing what you’re doing to manage your money. Or you can more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.