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re: Someone Tell Me About Roth IRAs (New ? on Pg 3)
Posted on 9/2/12 at 2:38 pm to crosswood
Posted on 9/2/12 at 2:38 pm to crosswood
quote:
why or why not an individual should invest in one, and how one can acquire it.
You can open an account at almost any financial institution or brokerage. You get no deduction on your current taxes for the contributions that you make. The payoff comes when you start withdrawing your money because you pay no tax on the money you withdraw even though it presumably has appreciated over the years to be worth far more than your original contributions.
With a standard IRA the contributions are tax free but the withdrawals are not. With a Roth IRA the earnings are tax free provided you have reached 59-1/2 and you have held the account for five or more years.
Incidentally, distributions from a Roth IRA to your heirs are also not taxed. Additionally, there is no required minimum distribution when your reach 70-1/2.
This post was edited on 9/2/12 at 2:43 pm
1
Posted on 9/2/12 at 5:06 pm to Layabout
Any advice on what funds to pick with the Vanguard Roth IRA? Should I just go with one of the target retirement funds or pick them individually. I would like to be more aggressive than conservative at this point.
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