Benefits of a Roth in Retirement
In recent years, Roth IRAs and a designated
have grown in popularity, especially with young
workers. However, having savings in a Roth account
can work to your advantage at any age, in
particular during your retirement years.
-
ciency as you make withdrawals in retirement. A
Roth is funded with after-tax dollars, so there is no
tax deduction in the year a contribution is made.
Unlike traditional retirement accounts, at retirement,
distributions from a Roth are tax-free if you
are age 59½ or disabled and you have met the
5-year holding period. Roth accounts are also different
from traditional accounts because the Roth
distribution will not affect the taxability of your
Social Security income on your Medicare Part B
and Part D premiums. The ability to take a tax-free
withdrawal from a Roth account may reduce your
expenses in retirement.
IRAs. Contributions made to a Roth IRA can be
withdrawn at any time tax-free and penalty-free.
If you continue working past age 70½, you can
continue to make contributions. Roth IRAs do not
have required minimum distributions; therefore,
your money can continue to grow until you need
it. Those desiring to pass along retirement assets
to their heirs as inheritance can preserve their
savings through a Roth account. As long as the
free assets, although minimum distributions would
Even if you have never contributed to a Roth
account, you have the option to convert a portion
of your traditional funds into Roth funds. Because
this is a taxable event, you need to make sure this
option is the best for your situation. If you are
Roth accounts and evaluating if a Roth account
may be right for you, employees in your local SECU
branch can assist.
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These tours will be listed on our website as soon as they become available.
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KENTUCKY ROADS – (Spring 2020) BEST OF GEORGIA – (Fall 2020)
ATTN CHURCH GROUPS ! HOLY LAND TOUR 10 DAYS with AIR $ 3998 pp (Summer 2020)
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North Carolina
Retired
Governmental
Employees’
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Carolina Cruise & Tours is proud to announce its new partnership with Dreams
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919-889-4900
karen@carolinacruisetours.com
www.carolinacruisetours.com
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