Even if you have access to a 401k plan, funding a Roth IRA could make sense for your long-term financial plan. For starters, you don’t ever have to take required minimum distributions, unlike 401k and SEP-IRA plans, which require these RMDs beginning after you turn age 70.5. Additionally, your contributions and earnings grow tax-free, and you won’t have to pay tax when you ultimately take withdrawals.
If you don’t participate in a 401k plan, a Roth IRA might make even more sense, as it provides easy access to tax-advantaged savings. Learn how to find the best Roth IRA.
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