Benefits of a Roth IRAThis article is not intended to provide tax advice. Contact a tax professional.
A Roth IRA can help you prepare for retirement and serve a number of other purposes.
Preparing for Retirement - Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax free.
First Home Purchase - If you have had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax free and penalty free.
Leave Funds to Your Heirs - There are no mandatory withdrawals, so you could leave money from your Roth IRA to your heirs tax free.
Pay for College - Qualified educational expenses are penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
Rainy Day Fund - You have access to your regular contributions tax free and penalty free at any time for any reason.
For answers to your IRA questions, call one of our IRA Specialists today at (918) 477-3200 or (800) 318-7228.
Information obtained from Ascensus, Inc.