Roth IRAs are preferred retirement accounts for those who are eligible to use them. These plans present unique savings and distributions terms not available in other plans. Eligibility for depends on two factors: you must have earned income, and your modified adjusted gross income (AGI) cannot exceed the limits set forth for Roth IRAs.
Unlike a Traditional IRA, you pay taxes on the money you contribute, so when you are eligible to take a distribution you won’t need to pay the taxes.
Who is eligible for a Roth IRA?
- Anyone with taxable compensation received during the given year.
- Those whose modified adjusted gross income (AGI) is within Roth limits.
- Midland self-directed Roth IRAs can invest in real estate, private equity, hedge funds, and many more alternative assets to build retirement wealth.