Who loves taxes? A lot of us don’t know even why we have taxes. Why Do I need to pay taxes on money that I worked so hard to make?
So, how can you get tax-free money? In this article, we will break it all down for you and explain to you how to get Tax-Free Money. What if I tell you that you can invest and make more money without paying any taxes, yes zero taxes.
In order to save for retirement, the best choice that you need to do, is to start your money on a Roth IRA account. Which will allow you to get zero taxes on your invested money.
The Roth IRA, is an individual retirement plan, your contributions will not be tax deductible and qualified distributions are tax free. Which mean, that is the best tax-efficient way to start saving for your retirement.
You can put the money on the Roth IRA, with post-tax income. And, you can make contributions directly from your income. All future withdrawals are tax free.
So, by using a Roth IRA, you can potentially save a massive amount of money and access it tax-free when the time comes.
An important thing, to keep in mind, that the Roth IRA, is not an investment. It is an account type, you can put your money there, and invest in mutual fund or ETFs.
Keep in mind, that if you are under the age of 50 years old, you can put up to $5500 a year on your account. And, over the age of 50, you will be able to put $6500 per year.
The last thing, is that you can check with an online broker, he will allow you to have more choices and explanations. But, check with them and make sure that they are selling you the right thing.