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ROTH IRA Options

Know Your IRA Options
Put an IRA to work for your retirement!

A Roth IRA is a type of individual retirement account that offers tax advantages for saving towards retirement. It differs from traditional IRAs primarily in how contributions and withdrawals are taxed.

1. Tax-Advantaged Retirement Savings:
– A Roth IRA allows you to contribute after-tax dollars, meaning you’ve already paid taxes on the money before it goes into the account.
– The key benefit of a Roth IRA is that both your contributions and the earnings on those contributions can grow tax-free.
– After reaching the age of 59½ and having the account open for at least five years, you can withdraw funds from a Roth IRA tax-free.

2. Contrasting Tax Treatment:
– Unlike traditional IRAs, Roth IRA contributions are not tax-deductible.
– However, the major advantage lies in the tax treatment of withdrawals. With a Roth IRA, qualified withdrawals in retirement are tax-free.
– This means that once you’ve paid taxes on the money going into your Roth IRA, you can enjoy tax-free withdrawals when you need the funds in retirement. Understanding the basics of a Roth IRA empowers you to make informed decisions about your retirement savings strategy. Consider consulting HELP’S financial advisor team for accessing comprehensive information to explore the potential benefits of a Roth IRA and determine if it aligns with your retirement goals.

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