June 9, 2021
About your Roth IRA retirement account: what is it?
Texas Insurance Agency prides itself on providing comprehensive and affordable insurance plans for every customer we serve. As the number one brokerage in Greater Houston, we are sure to match you up with an agency that can provide you with exactly what you need to become successful in your endeavors. When it comes time to start looking at retirement accounts, we are the best team around. We’ll help ensure that you’re getting the most out of your money.
When discussing retirement, we find that many customers are not aware of the options they have. Many customers are aware of a traditional retirement account, but did you know that there are many more options out there for you, such as a Roth IRA account?
Below, we are going to discuss one of the popular retirement account options that might be able to benefit you. In the long run the moment you start making deposits you’re saving money.
What is a Roth IRA retirement account?
Regardless of when you decide to start saving for retirement, you should looking into investing your money into a Roth IRA account. A Roth IRA is a retirement account that allows you to pay taxes on every deposit that you make into your account. The benefit to this account is that later on, you will not be required to pay a large lump-some in taxes.
The one benefit that comes with this account is that sometimes your taxes might be higher when it comes time to pull out the money as opposed to when you’re depositing it. Therefore, many customers choose this option to bring more financial benefits to themselves.
However, a downfall to the Roth IRA account is that you cannot actually utilize one if you are said to make too much money. The current monetary income threshold is set at $140,000 for single tax filers and $208,000 for married couples.
Additionally, the amount that you can contribute will also change depending on your age and income. Currently, for the 2021 year, you can only contribute $6,000 to your Roth IRA unless you are 50+ years. Then your contribution increases to $7,000.
More benefits to a Roth IRA account
Roth IRA accounts are so popular because they are the least restrictive account available. However, as a result, there are more specifications to be able to qualify for this account. Anyone can make contributions to your account by individual contributions, spousal contributions, transfers, or rollovers. Any contributions have to be made in cash, though.
Finally, to open a Roth IRA account, you must get approval from a company like ours that has IRS approval. As a brokerage, we are the number one team able to help you out.
If you are ready to start saving for retirement, get in touch with our team today at 281-398-1010. From there, we can match you up with a broker that can help you out!