Should the federal government get rid of the the Roth IRA? In a recent article on Market Watch, the founder of Boston College’s Center for Retirement Research, Alicia Munnell thinks we should think seriously about getting rid of the Roth 401k and the Roth IRA. According to her, Roth IRA’s can be hijacked by Congress to pay for expensive partisan legislation. There are other reasons as well. Is she correct?
✅ Learn More:
➡️ FREE Video Series:
✔️ Listen to the Podcast –
🔹 Connect With Us 🔹
Twitter -@mcknightandco
Instagram: @davidcmcknight…(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
The Roth IRA is a popular retirement account that has become increasingly popular in recent years. It allows individuals to save money on a tax-deferred basis, meaning they do not have to pay taxes on the money they contribute or any earnings that the account accumulates. This makes the Roth IRA a great tool for retirement savings, but some people are questioning whether it should be eliminated.
The main argument against the Roth IRA is that it allows high-income earners to avoid paying taxes on their retirement savings. This could lead to an unfair advantage for those with higher incomes, since they can use the tax-free growth to accumulate more wealth than those with lower incomes. Additionally, some argue that the Roth IRA is a form of government subsidy for the wealthy, since they are able to benefit from the tax-free growth without paying taxes on the money they contribute.
Proponents of the Roth IRA argue that it encourages people to save for retirement, which is beneficial for the economy as a whole. They also point out that the Roth IRA is a great way for people to save for retirement without having to pay taxes on their contributions or earnings. Additionally, the Roth IRA allows people to withdraw their money tax-free in retirement, which can be a great benefit for those who need to access their savings during retirement.
Ultimately, whether or not the government should get rid of the Roth IRA is up for debate. It is a popular retirement savings tool, but it does have its drawbacks. It is important to consider both sides of the argument before making a decision.
Yes. They should. It is a joke. More so now if Tom McCarthy decides to extend Trump tax cuts. Keeping Roth IRA with GOP tax cut plan, this will make what you are predicting worse.
Just a spoonful of Socialism to make thee empathy go down! truth, Jesus is a capitalist ,in His Holy Name,amen.
These people never think out the whole idea of future tax consequences.
No, they shouldn’t.