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Reasons to save for retirement in a Roth IRA

Roth IRA is one of the many retirement investment accounts. This is the one which gives you a tax-free source of retirement income. Here we will discuss why you should choose Roth IRA over all other investment accounts.

Tax diversification: You will be allowed to pay income tax on your retirement savings upfront. This will help you not to stick back with a tax bill during retirement when you are not in a condition to pay it. The account owners are mostly allowed to take tax-free distributions in retirement. You can entirely avoid paying taxes on your investment growth.

Prepay your retirement tax bill: Usually, you contribute money that you have already paid as taxes on to a Roth IRA. So, if you are in low tax brackets, this will be beneficial for you. Later if you suddenly rise on to high tax brackets, as you already have paid taxes, you will not have to do that again.

Tax-free withdrawals in retirement: If you take Roth IRA distributions after the age of 59 and a half, and if the accounts are at least five years old, it will be tax-free. On the other hand, you will have to give income tax on every withdrawal from traditional IRAs and 401(k)s.

Tax-free investment growth: You will need not pay any income tax on your investment gains or interest earned within your Roth IRA every year. Moreover, if you can wait until the age of 59 and a half with at least a five-year-old account, you will never have to pay tax on your Roth IRA investment earnings.

More flexibility in retirement: You need to withdraw from traditional 401(k) s and IRAs each year once you cross the age of 70 and a half. If you miss any distribution, there will be a 50% tax penalty. But for Roth IRAs, there is no need for withdrawal in the full life span of the actual account holder. The money will be tax-free for the rest of your life.

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