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5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
Tax-free withdrawals and no required minimum distributions (RMDs) at any age are two characteristics that make Roth individual retirement accounts (IRAs) popular with investors. Current relatively favorable tax rates have made rollovers from traditional IRAs an option to consider. But, as with any investment, it’s important not to rush into a rollover without first taking into account the possible effects of such a move.
Alternatively, contributions to a Roth are made with after-tax dollars, so withdrawals of earnings are tax free after age 59½, as long as you’ve had the Roth IRA for five years. (Roth contributions can be withdrawn tax free at any time, but an early withdrawal penalty may apply.) And you are not required to take distributions during your lifetime, so, if you don’t need the money, you can pass along the Roth account to your heirs.
If you’re enrolled in Medicare Part B, the income from converting a traditional IRA could also result in a high-income surcharge on your premium in a future year.
*Taxpayers born before June 30th, 1949 must still use age 70 1/2 to start taking required minimum distributions.
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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
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