Roth IRA

The Roth IRA’s principal difference from most other tax-advantaged retirement accounts is that, rather than granting a tax break at the time contributions flow into the account, the tax break is realized at the time funds are withdrawn from the account (during retirement). How does it work? The Roth IRA is funded with after-tax dollars (taxable as income in the year in which the contribution is made) and allowed to grow, earn a return, and receive dividends, none of which is taxed at the time of withdrawal. Additionally, because tax is paid at the time the account is funded, there are no requirements with regard to taking the money out at the time of retirement, making a Roth IRA an efficient means of wealth transfer.

As is the case with a Traditional IRA, IRS annual limits do apply. View Annual Contribution Limits.

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Phone

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