If you want a more secure financial future and retirement, it is time to consider using a Roth IRA. According to the 2018 tax rules, you can invest up to $5,500 a year in a Roth IRA; if you are over age 50, you can put an additional $1,000 into a Roth IRA for a total of $6,500. For those married and filing jointly, the phase-out range for Roth IRA contributions is $189,000 to $199,000. Having tax-free access to Roth IRA savings helped her save around $10,000 in taxes.”No RMDs: Another benefit of a Roth IRA is that the account balance is not subjected to required minimum distributions after the owner of the account reaches age 70.5. A Roth IRA means that seniors have more control over when they spend their money, and are not forced to take withdrawals.

Source: Forbes December 21, 2017 11:48 UTC