How Is A Roth IRA Different?
A Roth IRA allows investors to withdraw their money tax free. The taxes are paid prior to putting the money into a Roth IRA plan compared to a traditional IRA where you invest the money in and pay the taxes once you withdraw your funds.
The government does place limits on the amount of money an investor can put into their account each year. With a Roth IRA you can leave the money in your account as long as you want compared to a traditional IRA that requires investors to start withdrawing the money at the age of 70.5 years old.
If you want to take money out of your Roth IRA the plan can be more flexible than others. To take a distribution without paying hefty penalties it is recommended you wait until you turn 59.5 years old and 5 years has passed since you began contributing.
Many investors have benefited greatly from investing in either the Roth IRA or traditional IRA. Our insurance agents invite you to call us to discuss your IRA investment needs in greater detail. Investing can be confusing so don’t go it alone, call your friendly Southwest Florida Gulf Coast Educators Insurance agents today!