When you use a Roth IRA, you will not receive tax benefits for the contributions you make. One of the benefits of using Roth IRA companies and investing in a Roth IRA include that you get to grow your investments and retirement money tax-free. The funds grow by the expenditures and revenue that becomes generated from these investments.
After you’ve reached the age of 59.5 and the Roth IRA account has been open for five years, you can take a distribution payment that includes no penalties and is tax-free. This distribution payment adds to your NET income for your household. Also, you don’t need to take any RMD’s, no matter what your age. You’ve already paid taxes on this money and can do whatever you want to with these distributions.
The Benefits of a Roth IRA
Several benefits exist to using a Roth IRA, including:
• Gaining a tax-free income.
• Contributions past the age of 70.5.
• Flexibility in distributions.
• An increase in net income during retirement.
High Income Households
Roth Ira companies use your income information to determine whether you qualify for a Roth IRA or not. The savvy agents at Mountain West IRA may be able to use a backdoor conversion to enable you to contribute to a Roth IRA. Let them assist you in determining how this type of IRA can work for you and your family today. If this type of IRA is what you want, we most likely can help you reach your goal.
A Roth IRA works best for households who have a modified adjusted gross income of:
• $203,000 for married people filing jointly.
• $137,000 for a single person.
• $10,000 for married people filing separate income tax returns.
For additional information on making your retirement more comfortable using a Roth IRA, please contact us or visit this website.