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The Greatest Thing Since Sliced Bread?

 

May 25, 2020

 

The idiom ‘the greatest thing since sliced bread’ means that something is the best and most useful innovation or development invented for a long time.  In the financial and retirement planning world, many people feel the Roth IRA is meeting this definition.  Why is that?  Well, look at its characteristics: tax-free growth, tax-free withdrawals and it passes on to heirs tax free.  This sounds pretty good.  So, is it the greatest thing since sliced bread?

 

The Roth IRA has been around since 1997.  It was born as part of the Taxpayer Relief Act of 1997.  It took awhile for it to gain a lot of traction, but it is now quickly becoming a staple in retirement planning and is one of the most popular and most used retirement tools.  This is not from a popularity standpoint as many people still don’t know what a Roth IRA is and/or how to use it effectively.  But it has become popular from a numbers standpoint as a lot of money from wealthy people has transitioned from pre-taxed IRAs into Roth IRAs over the last several years.  Why is this happening?

 

The tax-free benefits that Roth IRAs offer are attractive to people who believe taxes will be higher in the future.  With the massive national debt continuing to increase at a rapid pace, along with all the stimulus packages that have recently been introduced, in all likelihood tax rates will have to be increased in the future.  Coupled with the fact that our current tax code is set to expire at the end of 2025 and tax rates are set to revert back up to higher rates.  Thus, many people are seeing the writing on the wall about future tax increases and are making moves now to protect themselves.

 

So a tax-free Roth IRA could be a very effective and beneficial tool to protect yourself, your spouse, and your heirs from higher taxes now and in the future.  But you have to make sure you use this tool properly in order to reap the benefits.  The key to doing that is avoiding mistakes.  

To learn of the many mistakes people make with Roth IRAs as well as the most proper and effective ways to use this tool to really enhance your retirement plan and become as tax efficient as possible, feel free to reach out to us at Heritage SolutionsGroup at (801) 727-8780.

Investment Advisory Services offered through Brookstone Capital Management LLC, a Registered Investment Advisor. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Content is provided by third parties for informational purposes only and is not a solicitation to buy or sell any products mentioned.

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Investment Advisory Services offered through Brookstone Capital Management LLC (BCM), a SEC Registered Investment Advisor.  Heritage Solutions Group and BCM are independent of each other.