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October 14, 2023 10:00 am
We talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax free in retirement.
There are also several benefits to inheriting a Roth IRA, as Peter with Richon Planning explains to Erin Kennedy; the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years.
If you are inheriting a Roth IRA, here's a quick action plan:
As with all inheritances, it's important to know how distributions will affect your taxes and how to best invest that money. If you'd like to talk through the benefits of a Roth account, or if you recently inherited a tax-free or tax-deferred retirement account, please reach out to Peter to talk through the best options specifically tailored to your financial situation and goals. Call him at (919) 300-5886 or visit www.RichonPlanning.com