What is a Roth IRA?
- You can contribute up to $5500 into your IRA for tax year 2016 — and $6500 if you’re over 50.
- If you earn over a certain amount, you can’t contribute.
- Contribute at any age, even if you have a 403(b) or 401(k).
- Earnings can grow tax-free.
When can you make withdrawals
- Withdrawals are never required.
- Never pay taxes on qualified withdrawals after age 59 ½.
- More about Roth IRAs
Converting to a Roth IRA
- Receive income-tax-free earnings in retirement
- Keep funds in a retirement account as long as possible
- Leave income-tax-free assets to your family and your heirs
- Money converted today is taxed at your current income tax rate.
- Anyone can convert retirement savings to a Roth, regardless of income.
Give us a call at 844-TIAA-IRA and we’ll talk it through.