@Hollis
If you don’t have a traditional IRA, you can make non-deductible contributions and roll them into a Roth.
Roth IRA gains are tax-free. If you save $8k/year for 10 years, that’s $80k plus any gains, all tax-free.
Cai said:
Roth IRA gains are tax-free. If you save $8k/year for 10 years, that’s $80k plus any gains, all tax-free.
Also, Social Security doesn’t count Roth withdrawals as income, so your benefits won’t be reduced. You could even put some money into an annuity inside the Roth for lifelong, tax-free payouts.
The best time to open a Roth was 30 years ago.
Ari said:
The best time to open a Roth was 30 years ago.
No kidding, but the second-best time is now.
Yes, because it grows tax-free. You’ll only pay taxes when withdrawing gains.
Micah said:
Yes, because it grows tax-free. You’ll only pay taxes when withdrawing gains.
Actually, no taxes at all after 59.5. The original post is about a Roth IRA, not a traditional IRA.
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