Roth IRAs

Direct contributions that are added to a Roth IRA as principal are eligible for withdrawing at any time without taxes or penalties. Once you reach the age of 59½, any earnings can then also be withdrawn tax-free as long as the plan was established 5 years prior. This is a clear difference when compared to a traditional IRA in which all disbursements are taxed as normal income in accordance with the current tax brackets. By paying taxes prior to contributions, you are able to eliminate the need for a double-tax at disbursement.

No matter what age you are at, there has never been a better time to start planning for your financial future. If you are interested in learning about the benefits of a Roth IRA to determine whether or not it is the correct plan to meet your retirement goals, the experts at Anchor Financial Group are here to help. We can help explain the ins and outs of these lucrative retirement plans, find a different plan that may be more suitable for your goals and help you establish one to prepare for the future. No matter what your financial needs are, we are ready to help.