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Roth IRA

Don't put all your eggs in one basket. We've all heard this saying. We'll it's especially important with retirement savings. And, a Roth IRA account is a great way to diversify. Insight Wealth Group has provided this Roth IRA calculator to give you an idea of what you can expect your account balance to be in 10, 20 or even 30 years.

To get started, enter current IRA balance, the amount you plan to contribute each year, your expected rate of return and the number of years you have before retirement. In seconds, the calculator will let you know what you can expect your Roth IRA account balance to be at the time of your retirement.

Are you on track? The answer to that question depends on you and your retirement savings goals. That’s a question that you and your financial advisor at Insight Wealth Group can answer together. Contact us at (515) 273-1333 to start the discussion.

Benefits of a Roth IRA

The greatest benefit to a Roth IRA is the future tax break: tax-free income in retirement. Beyond the tax efficiency, Roth IRAs offer:

  • Flexibility: You can normally withdraw your contributions at any time without taxes or penalty. Plus, you can use up to $10,000 of your account balance to purchase a first home. In addition, you can forego the 10% early withdrawal penalty when you withdraw earnings to pay for higher education.
  • No mandatory withdrawals: Roth account do not have required minimum distributions like traditional IRAs. This is particularly useful for estate planning purposes because it allows the account balance to continue to grow.
  • Saving during retirement: You can make contributions to a Roth if you continue to work in retirement as long as you stay within the income limits.