Passing on financial wisdom # 4
March 5, 2021
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money
M There are great tools available to use for passing on financial wisdom to our children and grandchildren. Val, thanks for prompting me and educating me on Roth IRA’s.
V Roth IRAs remain a vastly underutilized retirement savings and investment vehicle. Instead, most people tend to rely on a traditional IRA or 401(k) accounts. They may not realize that a Roth IRA can offer tax benefits, and access to funds. They are easy to use, and the benefits are too attractive to ignore. A Roth IRA gives investors a ‘pay tax now, save taxes later’ advantage, unlike 401(k)s or traditional IRAs, with a Roth you pay no taxes on distributions — including your investment growth — when you reach retirement age.