Fun Things To Do With Your 1 1/2 Year Old 3 Reasons Why a Roth IRA Will Help You Retire Sooner

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3 Reasons Why a Roth IRA Will Help You Retire Sooner

Today let’s look at how the Roth IRA can help you retire earlier. Here are three reasons why the Roth IRA is a great way to help you retire sooner rather than later.

#1 Money grows tax-free and is withdrawn tax-free

Tax-free growth and tax-free withdrawals make it one of the best, if not THE BEST, way to save for retirement. There are plenty of investments you can put into a Roth IRA. Here is a short list: stocks, bonds, stock mutual funds, bond mutual funds, ETFs, precious metals ie gold and silver and coins. Almost any type of investment that has value. I’ve even heard of people putting real estate into a Roth IRA.

Now over time hopefully you have developed a diversified portfolio with many different types of investments. Maybe you hit a home run with one of the stock options. It got hot stock like Google when it came out.

The main disadvantage in any retirement account is that you cannot deduct losses from your investments. However, with the Roth IRA you could potentially have some hundred percent earnings that you don’t have to pay taxes on when you retire.

#2 $10,000 a year maybe $12,000 a year

If you’re a married couple, the IRS allows you to put up to $10,000 a year into a Roth IRA, $5,000 for an individual. If you’re over 50, that figure jumps to $12,000 a year, $6,000 for an individual.

Start saving $10,000 to $12,000 a year for the next 10 to 15 years and you could have a sizable nest egg. Remember #1 is that you can get tax-free withdrawals. No taxes is a good thing. Here’s a quick example at 12% per year for 15 years. That $12,000 a year would grow to more than $440,000 over that time frame. The account would grow even more because remember you are not withdrawing the entire $440,000 when you retire.

#3 Withdrawals before age 59 1/2

Here’s one tip that many people don’t realize. You can actually withdraw money from your Roth IRA before age 59 1/2 and avoid the 10% early withdrawal penalty.

How do you do this?

Well, the money you invested in the Roth IRA can be withdrawn without penalty. The amount is not your earnings just the amount you put into the Roth IRA in the form of mutual funds or individual stocks. The other part is that the account had to be open for at least 5 years. (Check with your accountant before you do any of this as everyone’s own individual situation may be different) Always have to add a disclaimer, but reason #3 should be available to most people.

What these three reasons why a Roth IRA can help you retire earlier are things called options. You’re just looking for more options to make retirement a reality and these three reasons should give you more options.

I wish all of you Baby Boomers a successful retirement savings and retirement.

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