As a business owner, you have an assortment of retirement options. These range from the straightforward, think an Individual or Simple 401 (k), to the more complex, such as a Money Purchase Plan or Profit Sharing. However, for many, the creme de la creme is a Roth IRA.
Why? Because not only is able to set and manage, it also comes with tax advantages. These are so favorable that a Roth IRA can help you save for retirement and build your wealth tax-free. But, before you you dump all of your savings into a Roth, you should familiarize yourself with it. After all, you want to get the most bang for your buck without getting penalized, right?
What is a Roth IRA?
Established in 1997, a Roth IRA is simply an individual retirement account (IRA). Named after it’s sponsor, Delaware Senator William Roth, it’s similar to a traditional IRA. Both have contribution limits and deadlines. There are also no minimum investments or fees. However, the key difference is how they’re taxed.
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