Home Articles Age 70 or 71? Where you should put your retirement savings now

Age 70 or 71? Where you should put your retirement savings now

2. Roth IRAs

Roth IRAs are retirement accounts that are not tax-deferred like traditional IRAs or 401ks. The money put into Roths is post-tax money. 

For this reason, Roth IRAs do not have RMDs. You are allowed to leave the money, as well as the growth on the money, in these accounts for as long as you want because the government has already collected the tax. 

If you are one of these people who need somewhere to put your retirement savings at age 70 and 71, Roths are a great option. 

When you actually start distributing the money from a Roth account, it creates a stream of tax-free income, allowing you the opportunity to create a tax-free retirement. 

You can also convert any money you have in a traditional IRA into a Roth. Though you have to pay the taxes when doing a Roth conversion, this is a great strategy for those preparing for retirement and wanting to make sure their IRA and RMDs do not create a tax bomb down the road. 

The Roth IRA strategy actually works for people of any age. Even if you are significantly younger than age 70 and 71, it could be really advantageous to look into Roth conversions as well as contributions to make your retirement more tax efficient.

If you make too much money to contribute to a Roth IRA, there is the possibility of a Backdoor Roth (contact Cardinal for more info on this). 

 


Listen To Finishing Well on Truth

Newest Live Episodes of Finishing Well are on The Truth Network

Finishing Well
Finishing Wellhttps://www.cardinalguide.com/finishing-well/
Retirement planning involves a lot more than just managing your money. This show is the complete guide to planning for and living in retirement, helping families finish well. Host Hans Scheil will discuss a new topic every week ranging from Social Security and Medicare to IRAs and taxes. Follow along each week by downloading the corresponding chapters below for free! New episodes air: Finishing Well Schedule on Truth Network
- Advertisment -

Recent Posts

The Second Coming | Sunday Message

How are you living your life in expectation of the Lord’s return? Pastor Greg Laurie says that how we feel about the coming of...

Come Unto Me – Part 1 of 2

"Come unto me, all ye that labour and are heavy laden, and I will give you rest. Take my yoke upon you, and learn of me; for I am meek and lowly in heart: and ye shall find rest unto your souls. For my yoke is easy, and my burden is light" (Matthew 11:28-

Mental Health in the Bible | Discover the Word

Dr. Christina Edmondson is convinced that since our brain is part of our body, we need to pursue good "brain health." Our brains are a gift from God and we need to be good stewards of our brains just like we need to be good stewards of our whole body....

WHAT Would Stop Superman?

Brought To You By The Hebrew Letter "AB"

Bootcamp Memories

Welcome to Masculine Journey fellow adventurers! The guys are back in studio talking about their memories from the bootcamp. The clips are from "Braveheart," "Freedom Writers," and "Invictus." The journey continues, so grab your gear and be blessed,...

Income Riders

Hans and Robby talk about income riders this week, and how they provide one of the only guarantees in making sure you don’t outlive your money.    Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living...

Bootcamp Memories After Hours

Welcome fellow adventurers! The guys continue sharing their memories from the bootcamp. The clips are from "Disney's The Kid," and "Bruce Almighty." There's no advertising or commercials, just men of God, talking and getting to the truth of the...

Wives (Part 1 of 2)

We’re frequently encouraged to strengthen our marriages. So why is it so difficult to stay on course? Discover what happens to a marriage when we shift our focus away from Christ. Join us on Truth For Life as Alistair Begg examines the Christian family.

What Moms Need for Mother’s Day: A Special Interview

In this special discussion with Cathe Laurie, Brittni Laurie, and Tiffany Velasquez, Pastor Greg Laurie asks what mothers need to feel appreciated and what...
%d bloggers like this: