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This is money talks with Chad Olivier, sponsored by Olivier Group.
Hi. I’m Chad Olivier, certified financial planner and CEO with Olivier Group. Today, we’re gonna dive into the benefits of a Roth IRA conversion.
Converting your traditional IRA or four zero one k to a Roth IRA can offer significant advantages for your financial future.
Here are the key pros to consider.
First, tax free growth and withdrawals. One of the biggest advantages of a Roth IRA is that your investments grow tax free, and withdrawals in retirement are also tax free. This can provide peace of mind knowing that you won’t owe any taxes on the money you’ve worked so hard to save. Next, there are no required minimum distributions.
Unlike traditional retirement accounts, Roth IRAs do not require you to take minimum distributions at age seventy three. This means you can leave your money in the account to grow as long as you want, providing greater flexibility and possibly lowering your taxes in retirement.
And last but not least, this can be very beneficial for estate planning. When you pass on a Roth IRA to your heirs, they can withdraw the funds tax free. Keep in mind, all retirement accounts that are not distributed to a spouse or special needs individual would need to be distributed within ten years. This could cause a major tax burden, pushing the inheritors into higher tax brackets.
This makes a Roth IRA a powerful tool for transferring wealth to the next generation, income tax free. In summary, a Roth IRA conversion can be a smart move for those looking to maximize retirement savings and create a tax efficient legacy. Go to our website at Olivier Group dot com and reach out to one of our certified financial planners to discuss if Roth conversions are a viable strategy for your financial plan. And that’s why money talks, but planning pays.
This has been Money Talks with Chad Olivier.
