Planning for retirement means thinking about how much money you’re going to put away, for how long, and which type of investment option is best for you. Using a Roth IRA is a great option, but many people are unsure of how much they should put away and when they should start investing. For investment help, reach out to our team at Harvest Wealth Partners. In the meantime, here’s some investment advice regarding how much to put into your Roth IRA each month to consider–
A Roth IRA is a type of retirement savings account that is tax-advantaged. This means that you can withdraw your savings without paying any taxes on those withdrawals; however, the contributions that you make are not tax-deductible. Each year, the amount that you can contribute to a Roth IRA changes, as does the income limit for who can contribute (if you make too much money, you can’t put money into a Roth IRA).
A Roth IRA is a good choice if you think that your tax burden will be higher in retirement than it is now, as you’ll be allowed to withdraw IRA savings tax-free. As you think about how much money to put into your Roth IRA, here are some things to consider:
Our final piece of advice is this: contribute as early as possible so that your money has more time to grow. If you can contribute the maximum amount at the beginning of the year, do so; if you can’t, try to make monthly contributions regularly.
To learn more about investing in a Roth IRA and planning for retirement, reach out to our team at Harvest Wealth Partners. We are available over the phone or online.
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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