The new RMD age of 73 for pretax retirement accounts highlights the benefits of Roth IRAs. Contributions are made with after-tax dollars, leading to tax-free withdrawals in retirement. Roth IRAs also offer tax-free growth for heirs and potential for longer-term compounding.
Since 2023, most retirees must take required minimum distributions, or RMDs, from pretax retirement accounts at age 73.
However, RMDs don't apply to Roth individual retirement accounts while the owner or surviving spouse is alive., more time in the market can be beneficial depending on your goals and risk tolerance. Generally, the longer your investing timeline, the greater the opportunity to save and the bigger risk you can afford to take.
RETIREMENT ROTH IRA TAXES INVESTING COLLEGE AID
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