There are a number of reasons to go with a Roth IRA as opposed to the other types of retirement accounts out there. One of the best is the fact that they are so flexible. You will not get the tax breaks you would on a typical retirement account, but you only pay the taxes once and that is when you put the money into that account. There is also the flexibility of being able to take money out of the account with no penalties. This means you can borrow the money you already paid taxes on if necessary for things such as buying a house. There are other benefits that you can have as well when you are considering which retirement plan to choose. Such as being able to take out all of the money at 59 ½ or the fact you decide how much you want to put in annually and do not need to commit to a certain amount out of every paycheck.
Joseph Leonard is a registered Investment Advisor in North Carolina, author of The Retirement Vault and founder and CEO of the Financial Management Company in North Carolina, Coastal Financial Associates.
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