📌You can pull contributions from Roth IRAs – Remember, this – Contributions can be pulled out at any time, growth / earnings cannot. I don’t personally suggest using your Roth IRA for goals other than retirement (what it’s made for) but it’s your money and I want you to know your options.

📌Dividends within Roth IRAs are tax-free, as long as they are in the Roth IRA. As soon as you take the money out, it will be deemed a distribution which will likely incur a penalty / taxes.

📌If your spouse doesn’t work, you can still contribute to their Roth – Keep in mind that you can contribute to your own personal Roth IRA. Contributing to your spouse’s IRA will be on top of that.

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LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

When it comes to saving for retirement, many people are familiar with traditional retirement accounts like 401(k)s and IRAs. However, one lesser-known option that is gaining popularity is the Roth IRA. This retirement account offers unique benefits that can help you save more for your golden years. Here are three Roth IRA facts that you may not have known:

1. Tax-Free Withdrawals
One of the biggest advantages of a Roth IRA is that withdrawals are tax-free in retirement. This means that you won’t have to pay any taxes on the money you withdraw from your account, as long as you meet certain requirements. In contrast, traditional retirement accounts like 401(k)s and traditional IRAs require you to pay taxes on withdrawals in retirement. With a Roth IRA, you can enjoy your retirement savings without worrying about a hefty tax bill.

2. No Required Minimum Distributions
Another unique feature of Roth IRAs is that they do not require you to take minimum distributions once you reach a certain age. Traditional retirement accounts like 401(k)s and traditional IRAs mandate that you start withdrawing a certain amount of money each year once you reach age 72. This can be a disadvantage for individuals who do not need the money right away or want to keep growing their retirement savings. With a Roth IRA, you have the flexibility to keep your money invested for as long as you want.

3. Flexible Contribution Limits
Roth IRAs offer more flexibility when it comes to contribution limits compared to traditional retirement accounts. While the contribution limits for traditional IRAs and 401(k)s are set by the IRS each year and can vary depending on your age and income, Roth IRAs have a standard contribution limit regardless of these factors. As of 2021, the annual contribution limit for Roth IRAs is $6,000 for individuals under age 50 and $7,000 for individuals age 50 and older. This means that you can contribute the maximum amount each year without worrying about changing limits.

In conclusion, Roth IRAs offer unique benefits that can help you save more for retirement and enjoy tax-free withdrawals. By understanding these lesser-known facts about Roth IRAs, you can make informed decisions about your retirement savings and take advantage of this powerful investment tool. If you’re interested in learning more about Roth IRAs or need help setting up your own account, consider speaking with a financial coach or advisor who can provide personalized guidance and support. #financecoach #rothira #investingtips101 #investingtips