Even more reasons to consider Roth accounts:
Free? Everyone likes free. Add on “tax-free,” and it’s even better. The Roth accounts offer a fantastic way to accumulate money tax-free. New tax laws make Roth accounts look better than ever.
Many retirees are caught off guard by higher taxes when, at age 70-½, their required minimum distributions begin. At that age, an IRS dictated formula tells you the minimum amount you must take out of retirement accounts — and, for most people, the entire required withdrawal counts as taxable income.
As far as the income limitations, if your adjusted gross income in 2019 is less than $193,000 for joint filers/$122,000 for singles, than you can make an annual contribution to a Roth IRA of $6,000 if you’re under age 50, or $7,000 if you’re 50 or older. If you have a nonworking spouse, and you have earned income, you can even make a spousal Roth IRA contribution for your nonworking half. With smart planning, there is usually a way to get money into a Roth.
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