Roth IRA
Why should women consider a retirement plan?
An average woman is quite careful when it comes to handling her finances of course shoes are an exception; however, planning the finances right from the Grocery list to the kids’ college expenses the woman of the house is usually aware of the inflow and outflow of the funds when compared to Men.
However, often women are so caught up in taking care of others their parents, their husbands, their children or just about anyone that they end up losing themselves in the process and during times of retirement not only bad effects on health but bad effects on finances are also suffered from.
So, it is important for women to understand the importance of an appropriate retirement plan that matches their investment and saving needs so that they can take care of themselves and their loved ones even during the Grey years.
Roth IRA incepted during 1997 and enacted in 1998 is an excellent choice for women. The contribution made to Roth IRA is after taxes and the withdrawal can be made anytime without taxes for any reason for the principal amount. The earnings need to be withdrawn after 59 and half or else a ten percent penalty is incurred apart from federal and state taxes.
This penalty is exempted for women who are first time home owners up to the lifetime limit of $10,000 or people who suffered from disability or those living on unemployment benefits for at least 3 months to pay off medical insurance premiums.
Therefore, it is high time that women too took the reins of their later financial life in their own hands and plan it out wisely. Since, the structure of Roth IRA is so relaxed, it is definitely recommended for Women to consider Roth IRA for a better retired life.
However, often women are so caught up in taking care of others their parents, their husbands, their children or just about anyone that they end up losing themselves in the process and during times of retirement not only bad effects on health but bad effects on finances are also suffered from.
So, it is important for women to understand the importance of an appropriate retirement plan that matches their investment and saving needs so that they can take care of themselves and their loved ones even during the Grey years.
Roth IRA incepted during 1997 and enacted in 1998 is an excellent choice for women. The contribution made to Roth IRA is after taxes and the withdrawal can be made anytime without taxes for any reason for the principal amount. The earnings need to be withdrawn after 59 and half or else a ten percent penalty is incurred apart from federal and state taxes.
This penalty is exempted for women who are first time home owners up to the lifetime limit of $10,000 or people who suffered from disability or those living on unemployment benefits for at least 3 months to pay off medical insurance premiums.
Therefore, it is high time that women too took the reins of their later financial life in their own hands and plan it out wisely. Since, the structure of Roth IRA is so relaxed, it is definitely recommended for Women to consider Roth IRA for a better retired life.
