Welcome to a new week and a new theme here on the One Minute Retirement Tip! This week, I’m talking about the Roth. Depending on your income and what’s offered through your 401k plan at work, you’ll want to take a serious look at the Roth IRA or the Roth 401k.
The good news is that while Roth IRA contributions aren’t possible if your income is above a certain level, if you have access to a Roth 401k, you can still contribute to a Roth, no matter what your income is. It doesn’t matter if it’s $25,000 or $2.5 million...you can and should look seriously at the Roth.
But in practice, I find that not enough people take advantage of the Roth. There are deep misunderstandings and plenty of bad advice about the Roth. So this week, I’m going to do my best to help you better understand why the Roth is a compelling choice, especially in those last few years as you approach retirement.
I’ll talk about:
Roth Basics - what the Roth is, what it isn’t, and how the money going in and out is taxed.
The bad advice about Roth’s that you can and probably should ignore.
How to determine if a Roth or a Traditional IRA or 401k is right for you
Why Roths are still a good choice even if you plan to start drawing money from your retirement accounts
And lastly - the weird quirk about Roth 401ks that you’ll want to watch out for when you turn 70 ½.
Before you go, please take a minute to leave a review for the One Minute Retirement Tip in Amazon or iTunes. If you find these tips valuable, or if you have feedback for me or topic suggestions, it’s a great way to share the love and share your ideas with me! And thanks to you if you who have already left a review.
My name is Ashley Micciche...and this is the One Minute Retirement Tip.
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