Roth IRAs are different from normal IRA funds. Generally, the main advantage is that Roth IRAs have their tax advantages deferred to money withdrawn from the plan instead of when money is put into them.
This tax season, for 2016, in order to contribute to a Roth IRA you have to have earnings under $132,000 if you’re single, or $194,000 if you’re married.
If you have a normal IRA though, you can convert that into a Roth IRA no matter how high your income is. That is a taxable event, but it might help you save money in the end.
If you’d like more information on Roth IRAs, or the differences between normal IRAs and Roth IRAs, please give us a call.