Everything You Need to Know About the Roth IRA

Retirement planning is all about finding the right tools to help you save money effectively and efficiently, which is why tax planning needs to be a part of your planning process. One of the tools that you can leverage to help you grow your nest egg without having a tax time bomb waiting for you in retirement is the Roth IRA. Today we’re going to break down this account and help explain the key information you need to know about its benefits and drawbacks. Here’s what we cover in this episode: 0:00 – Intro 2:01 – What is a Roth IRA?3:19 – Roth eligibility4:42 – Phasing out6:20 – Contribution limits7:15 – Tax-deferred growth9:12 – RMDs11:21 – Are distributions taxed?14:35 – The five-year rule17:57 – Tax rates19:14 – Closing thoughtsConnect with us:Web: https://wyzewealthadvisors.com/Phone: 724-271-7019Watch the show on YouTube: https://bit.ly/3Ssra3H