1. Roth IRAs
In case you didn’t know, Roth IRAs come with a big long-term tax advantage because all the contributions that go to Roth aren’t deductible. And it’s also tax free! But there are some important things about Roth IRAs that you should keep in mind.
In order to have the benefits, it’s mandatory to have the account for at least five years.
When you have your first deposition through any Roth IRA account, the years will begin to add up.
Another important thing that you should know about this program is that you can withdraw the amount you contributed at any time tax-free, but you have to be at least 59 years old to be able to withdraw all the gains without facing a 10% penalty (in case you want to withdraw them earlier).
