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Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: A Roth Quizzy For You
Mar 6, 2025
Dive into an interactive quiz that tests your knowledge of Roth IRAs! Discover the unique benefits these accounts offer compared to traditional options. Learn strategies to maximize your retirement savings and debunk common misconceptions. Finally, understand the importance of informed choices in retirement planning and why relationships matter more than financial wealth. Join the fun and boost your financial literacy!
27:11
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Quick takeaways
- Roth IRAs offer flexible withdrawal options since contributions can be accessed anytime without penalties, making them favorable for retirement savings.
- The backdoor Roth strategy allows high earners to convert traditional IRAs to Roth IRAs without tax consequences, despite contribution limits.
Deep dives
Understanding Roth IRA Contributions and Withdrawals
Roth IRA contributions are made with after-tax dollars, which allows the account to grow tax-free under certain conditions. Withdrawals of contributions can be made at any time without tax or penalty, regardless of age, making Roth IRAs unique compared to other retirement accounts. However, earnings withdrawn before the age of 59 and a half or before the account has been open for five years will incur taxes. This flexibility reinforces the appeal of Roth accounts for individuals seeking accessible retirement savings options.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode