retirement

6 advantages of Roth IRAs

Retirement » 6 advantages of Roth IRAs

How do I love thee, Roth?
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How do I love thee, Roth? © michaeljung/Shutterstock.com

How do I love thee, Roth?

Most investment vehicles don't inspire starry-eyed adoration, but if any are deserving of that kind of attention, it would be the Roth IRA.

The Roth version of the individual retirement account lets investors put away $5,500 in 2015; those over age 50 can put in an extra $1,000 in catch-up contributions. But that's no different from the traditional IRA. The significant differences between the Roth and the traditional IRA hinge on when you pay taxes and how much money ultimately goes to Uncle Sam.

Financial planners routinely say that younger people should invest in a Roth because they would benefit most from its many wonderful qualities. But the truth is, Roth IRAs make a good choice for people of all ages.

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