Thursday, February 28, 2013

Reasons I Like ROTH IRA

  • I'm more likely to take an active interest in a retirement account if I know all the money made will not be taxed.
  • Therefore, let's say I have $100K in ROTH account. If account were to grow to $2million (add $1.9M), every cent is tax free.
  • If I made $1.9 million now outside of ROTH, almost 50% would go to taxes. Not only would I be left with only $1 million, I'd forever lose the chance to make money from the money paid in taxes. And of course any future monies made would be taxed.
  • It's a fact that we're living longer. With a ROTH IRA instead of a traditional IRA, I can let my money  keep growing instead of taking forced withdrawals at 70.5 years.
  • If I die, spouse would be in higher tax bracket. With ROTH, it doesn't matter.
  • Social Security can be taxed up to 85%. With a ROTH withdrawal, it's not counted as income.
  • If taxes go higher, both Federal and State, which looks like they will, I'm protected.

These are the reasons I like a ROTH IRA. How exciting if I was 16, starting out, and maximizing my ROTH. And what must be understood for young people is that you are always able to withdraw what you put into a ROTH with no tax liabilities.

Of course who knows what the future portends. It's still one hell of a safety net. Though I can live like a king on $10K/year in today's monies, a $2 million ROTH account would be the same as $2 billion--more than I'd ever need.


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