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The US government sponsors its own retirement programs, known as individual retirement account (IRA). These accounts are self-directed and self-defined. IRA accounts which are not tax-deferred are known as Roth IRAs. You can establish these accounts without help or assistance from an employer. Your potential selection of financial vehicles is also not limited to your employer’s account provider or preferences, giving you a wider selection than employer-sponsored accounts. In order to open an IRA account, approach any major financial services provider.

Contributions

Your Roth individual retirement account is funded with contributions that do not decrease your taxable income. Over the course of your life, the balance of your Roth IRA increases with your contributions and investment returns. When you retire you’ll receive a regular distribution from the account which slowly will drain the account. These distributions will not be taxed since you’ve paid taxes during the year of your contribution. You can begin withdrawing funds penalty free at age 59½. Before age 50, you will pay a 10% tax penalty for withdrawals.

Distributions

You will pay no taxes on qualified Roth IRA distributions. A distribution is qualified if it meets one of the several requirements. The first possibility is meeting the 59½ age requirement. The second is purchasing or building your first time home. The first home can be owned by the Roth IRA owner or their spouse, child, grandchild, parent, grandparent, or another direct ancestor. The third possibility is in the event of the Roth IRA owner’s disability. The fourth possibility is your death, at which point your beneficiary inherits your Roth IRA.

Suitability

Should you invest in a Roth IRA? It depends on several factors, but mostly your age and tax bracket. The younger you are, the more you benefit in a Roth IRA. If you are young, you will probably increase your annual income over your life. You will also rise in tax brackets. It is better for you to pay lower taxes on your earnings now, and withdraw tax-free later. If your income is lower and you expect to move upwards in tax brackets, you also should invest in a Roth IRA over a normal IRA account. You save substantial amounts of money by paying taxes at a low tax bracket, and withdrawing money untaxed at a higher tax bracket.

IRA Beneficiaries

You might die before your Roth IRA is empty. In this case, your assets will be inherited by your beneficiary. Note that your beneficiary is not designated by your will. You must entitle your beneficiary in the Roth IRA’s forms. If you want to change who inherits your funds, you must update the beneficiary. No other document will impact who receives your funds in the case of your death. If your beneficiary is younger than 18 you will need to assign them an account custodian until they become an adult.

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