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Experts' favorite retirement savings account comes with a huge catch
Source:
businessinsider.com
- Aug 22, 2017
The more money you make, the easier it should be to save for retirement.
But the Roth IRA — a popular retirement account recommended often by financial experts — presents a challenge for high earners, thanks to IRS-imposed income restrictions for who can contribute, and how much.
The Roth IRA is one of two types of IRAs that are opposites when it comes to paying taxes. With a traditional IRA, you can save money on taxes this year, but you'll make up for it by paying taxes when you withdraw the money in retirement. The Roth IRA is the reverse: you won't get a tax break this year, but future withdrawals from the account are tax-free.
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Category: General Business
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