Friday, 13 February 2009 09:35
It’s not who is Roth but rather what is a Roth…a Roth IRA that is. Regardless of your age or your income bracket, it would be very beneficial for you to talk to a financial advisor or tax professional to see how a Roth IRA (Individual Retirement Account) might fit into your financial situation. The rules and limits for IRA contributions to a Roth or the Traditional IRA change rather frequently and depending upon your age, there are other considerations that you probably should be aware of as you move through your life. Sometimes converting a Traditional IRA to a Roth IRA might be a wise move before your get to retirement or at certain time in your retirement. Most of this hinges on your current tax situation and your anticipated tax situation at points in the future. The Roth versus Traditional discussion might also have an impact on your Estate Planning and how taxes will impact what you leave to your heirs. The bottom line, talk to a financial advisor and plan for how the Roth IRA can or should be a part of your overall financial planning portfolio.