Category: Retirement Planning
The Roth IRA has rules that benefit investors of all ages.
If you’re young and need extra cash, you may be able to extract Roth IRA contributions (tax- and penalty-free) to pay for a new house, car, or bicycle; if you’re retirement age, you may be able to withdraw money without paying taxes. Plus, there are beneficial rules for those who are between starting out and spending down assets.
When I was younger, I was often told by financial professionals that I needed to set financial goals. I heard that I should first define my life ambitions. Next, I needed to marry my professional and personal aims with specific financial goals. Then I could plot my path to achieving my dreams.
However, when I was in my early twenties, I hadn’t yet gotten clarity on exactly how I might spend the next 30 to 50 years of my life. More than three decades after my first awkward conversation with a financial professional, I’ve learned that I am (relatively) normal.