True or False? Take This IRA Quiz to Get the Maximum Benefits From Your IRA! (Page 4 of 12)
Categories: Invest Wisely IRA Retirement Center Taxes
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Survey Says:
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True or False:
A Roth IRA is your best choice if you expect to be in the same tax bracket at retirement
TRUE. Since you're paying taxes on the front end with a Roth IRA, you won't be paying any more than if you had invested in a traditional, SEP, or simple IRA (where you pay taxes on your withdrawals AFTER retirement). That is, IF you expect your income to remain unchanged after retirement.
On the other hand, if you think you'll be in a lower tax bracket at retirement, why pay a higher amount in taxes (based on your higher current income) NOW with a ROTH IRA?
Is a Roth IRA right for you? Can you (and should you) switch to one? Let us help you figure out if you should convert to a Roth IRA.
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