Roth IRA Conversion in Boulder City, Nevada
It is usually a good idea for investors to include a Roth IRA in overall retirement planning. Roth IRAs have the potential to grow tax-free, which helps save more over time. Withdrawals aren’t mandatory during the original owner’s lifetime and Roth IRA assets can pass to heirs tax-free.
Anyone, despite of income or marital status, can convert their eligible IRA assets to a Roth IRA at Cornerstone Wealth Management in Las Vegas, Nevada. Roth IRAs are also completely reversible if your tax rate goes down or you can’t afford an immediate tax hit. However, there are certain factors you need to consider before making the decision to convert.
Considerations for Roth IRAs
Converted assets in the Roth IRA must typically remain there for five years to avoid taxes. Roth IRA distributions are tax-free and penalty-free, as long as the five-year aging requirement has been satisfied and one of the following has been met:
- You reach age 59 ½
- You pass away
- You are disabled
- You make a qualified first-time home purchase
Rules of a Roth IRA
The following specific rules apply to Roth IRAs:
- You cannot deduct contributions to a Roth IRA
- If you satisfy requirements, qualified distributions tax-free
- You can contribute to a Roth IRA after age 70 ½
- You can leave money in your Roth IRA as long as you live
- The account must be designated when the IRA is set up
Contact Us Today
If you would like to convert your traditional IRA to a Roth IRA and secure your retirement future, contact Cornerstone Wealth Management in Las Vegas today at 702-878-4742.