Quote:
Originally Posted by Rose76
If it's Roth money, you won't get taxed on the money you, yourself, put in there. (It was already taxed before you put it in the Roth, assuming it was money you earned.) But you will get taxed on the interest/dividends that your investment in the Roth earned . . . when you take out those earnings. .
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Thanks your post was helpful but I guess i still don't see that a Roth IRA is even worth it... I mean yes.. you might save some money but I don't understand what everyone is on about. Like it is the greatest thing since sliced bread. I suppose I am still going to do it so I can have some source of income that won't be factored into taxes and can drop my tax bill. I already have a Roth in the form of my workplace retirement plan. But it has only been around for a few years and doesn't have as much as my non taxable retirement money.
I am currently looking to find a "self directed" Roth IRA so I can put a lot of good investments in there. But honestly it has been hard to find.
I still think the amount of taxes on the elderly is insane.