What's So Great About Roth IRA?

With so many types of retirement accounts out there, what are the reasons people choose Roth IRAs if they qualify? And what does it mean to qualify for a Roth?

First of all, let’s go through some features of a Roth IRA:

• For 2018, you can contribute $5,500/year ($6,500 if age 50 or older)
• Contributions are made with after tax money. That means any money you put in a Roth has already had taxes taken out.
• Roth IRAs grow tax deferred which means you don’t have to pay taxes on the growth every year. Also, the government doesn’t make you take out a Minimum Required Distribution starting when you’re 70 ½ like they do with all pre-taxed retirementaccounts (401k, Traditional IRA, Rollover IRA).
• You can always take out contributions penalty free, although it’s best to let the money in the account until retirement; afterall, that’s why you’re saving.

• If you wait until you’re 59 ½ to take money out of your Roth IRA, you won’t pay any taxes on the growth...ever.
• However, there are income restrictions, so not everyone can contribute to a Roth:

So what’s so great about all this?  Read more in my book, "A Woman's Place is in The Market"!  It's available for sale at Amazon: https://www.amazon.com/Womans-Place-Market-Caren-Laverty/dp/1945091754/ref=sr_1_1?ie=UTF8&qid=1528668089&sr=8-1&keywords=caren+laverty or at Barnes & Nobles: https://www.barnesandnoble.com/w/a-womans-place-is-in-the-market-caren-laverty/1128709743?ean=9781945091759