A lot of people tell me ” I wish I had more in my Roth”.
Here’s a way to take control over when you pay taxes.
-Dave Zoller, CFP®

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I get to talk to a lot of newly retired folks and a common desire that they tell me is “I wish I had started saving in my Roth earlier”. We both know that Roth IRA can be a really good savings vehicle. A tax advantage savings vehicle that can allow tax-free growth and even tax-free withdrawals, if the requirements are met. Compared to a traditional IRA where every dollar that you take out gets taxed that year. But it becomes very apparent as we’re designing this retirement income withdrawal system for clients where they see that the real impact of taxes, not just now in the early years of retirement, but later on 10 15, 20 years from now. They see the impact that taxes have on their plan.
So they kind of think that they miss the boat because they’re close to retirement and they don’t have that much in Roth IRA.
But there’s good news for you and good news for them.
It’s not too late to get money into your Roth.

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#rothira #retirement #retirementplanning #roth

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Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA. Licensed for securities in AR, AZ, CA, CO, FL, GA, IL, IN, IA, MA, ME, MD, MI, MN, MO, NY, NC, OH, OK, SC, TN, TX, VA, WI. Licensed for insurance in AR, AZ, CA, CO, FL, GA, IL, IN, IA, MI, MN, NM, NC, OH, OK, SC, TN, TX, VA, WI….(read more)

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Increasing The Value Of Your ROTH IRA Even After You Retire: ROTH IRA Strategy And Planning

retirement planning is crucial to ensuring financial security in our golden years. Among the many options available, Roth IRA stands out as a popular choice due to its tax advantages and opportunity for tax-free growth. However, many individuals assume that the value of their Roth IRA can only increase until retirement. That is not necessarily the case! With careful strategy and planning, it is possible to continue growing your Roth IRA even after retiring.

Firstly, it is important to understand the benefits of a Roth IRA. Unlike traditional IRAs, contributions to a Roth IRA are made with after-tax dollars. This means that when you withdraw funds during retirement, those withdrawals are tax-free. Additionally, Roth IRAs do not have required minimum distributions (RMDs), allowing the account to grow untouched indefinitely if desired. These advantages make the Roth IRA an attractive vehicle for long-term financial growth.

One key strategy to maximize the value of your Roth IRA after retirement is to take advantage of the unique tax-free withdrawal feature. By carefully managing your withdrawals, you can minimize or eliminate potential taxes on your investment gains. Ideally, retirees should seek to cover their living expenses with income from Social Security, pensions, or other taxable sources before dipping into their Roth IRA. By reducing taxable income, you can keep your marginal tax rate low and ensure tax-free growth for the Roth IRA.

Another promising strategy after retirement is to convert traditional IRA funds into a Roth IRA. As mentioned earlier, traditional IRAs consist of pre-tax dollars, which makes withdrawals during retirement subject to income tax. By converting a portion of your traditional IRA funds into a Roth IRA each year, you can steadily increase the tax-free portion of your overall retirement savings. This approach requires careful consideration and planning, as individuals must pay income tax on the converted amount. However, if done strategically over several years, it can provide significant tax advantages down the line.

Moreover, continuing to contribute to a Roth IRA after retiring is possible if you have earned income. Although there are income limits for making direct contributions to a Roth IRA, the IRS considers certain earnings as “compensation” even after retirement. This includes income from part-time work, consulting, or self-employment. By contributing additional funds to a Roth IRA even after retiring, you can further increase the account’s value and potentially take advantage of future growth opportunities.

Furthermore, it is essential to regularly review and assess your investment choices within the Roth IRA. As retirement progresses, adjusting your asset allocation to match your risk tolerance and goals becomes crucial. Consulting with a financial advisor can help optimize your investments to ensure consistent growth and mitigate any potential risks.

In conclusion, a Roth IRA can continue to increase in value even after retiring if individuals employ the right strategies and planning. Optimizing tax efficiencies, such as carefully managing withdrawals and converting traditional IRAs, can maximize the tax-free withdrawals and growth potential. Additionally, continuing to contribute to a Roth IRA, if eligible, and regularly reviewing investments are essential components of a successful retirement strategy. By incorporating these tactics, retirees can ensure their financial future remains secure and their Roth IRA continues to grow well into retirement.