Ready For Retirement 7 Ways to Plan Better with Roth IRAs
The topic of this episode of the Ready for Retirement podcast is Roth IRAs. A Roth IRA allows your money to grow tax-free and provides fewer limitations than other investment accounts. James outlines 7 of the main benefits of using Roth IRAs in your portfolio to strengthen your retirement funding.
Unlike other investment accounts, you are able to withdraw your contributions at any time as long as you have met the 5-year rule, and these funds are not subject to the required minimum distributions that other investment accounts require.
Also, even though Roth contributions are not included in your provisional income, if your income prohibits you from contributing to a Roth IRA usually, you could open up a spousal Roth IRA account and/or look into doing a backdoor Roth conversion from a traditional IRA account.
Finally, Roth contributions are not included in the IRMAA calculation, so Roth IRAs can help your Medicare Part B and Part D premiums stay lower than contributions to other accounts that would be considered in the IRMAA.
If you have questions about Roth IRAs, backdoor conversions, or anything else discussed on today’s show, reach out to James or to your personal financial advisor for more information!
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