Roth IRAs are so good that they’re probably not going to last. I think that one of these days the federal government is going to say, “Wait a second, that’s just too good of a deal,” and they’re going to yank it, so you want to get one now and grandfather that thing in. http://ow.ly/ScXbJ

What is a Roth IRA?

A Roth IRA is an individual retirement account similar to a 401k or a traditional IRA. They offer a valuable future tax break. Since they are taxed when you put money into them, the income is tax-free on retirement.

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15 COMMENTS

  1. If you are in a 33% state plus federal tax bracket, you can put $1500 in a traditional IRA or pay taxes on it and put $1000 in a Roth IRA. If at retirement you have attained a 100% return on you investment, you will have $3000 in the Traditional IRA or $2000 in the Roth. If you have lots of other income when you take it out so that you pay 33% tax then you would have the same $2000 as the Roth. However if you take out the IRA money and pay taxes starting at 0% and go up the scale, you will pay much less tax than you did with a Roth.

  2. I have a multi layered question concerning a Roth . Can I start one with Scottrade and just fund it and let it grow, or do I have to actively buy or trade stocks? I Would prefer just to contribute to the max and be hands off or is this unreasonable to assume I can do? Your help would be greatly appreciated, thanks.

  3. Hi Phil,
    Thank you for your series. Question: Which account would my employers contribution go into if I currently have and contribute to both 401(k) and Roth? Also, does their contribution factor into my maximum annual contribution allowance?
    Thanks!

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