Tax-free withdrawals

One of the biggest advantages is that qualified withdrawals in retirement are tax-free.

Tax-free growth

You don't have to pay taxes on any investment gains or interest earned on your account.

No required minimum distributions (RMDs)

Unlike traditional IRAs, which require you to start taking RMDs at age 72, Roth IRAs have no RMDs.

Flexibility

Contributions to a Roth IRA can be withdrawn at any time, tax-free and penalty-free.

Estate planning

As the tax-free withdrawals can benefit your beneficiaries after you pass away.

No age limit

There's no age limit for contributing to a Roth IRA, as long as you have earned income and meet the income limits.

Annual Contribution Limits

For 2023, the maximum contribution to a Roth IRA is $6,000, with an additional $1,000 catch-up contribution allowed for those age 50 or older.

Tax Treatment

The pan are made with after-tax dollars. However, the earnings in the account grow tax-free and withdrawals in retirement are also tax-free, as long as certain requirements are met.

Withdrawal Rules

You can withdraw contributions to a Roth IRA at any time, tax-free and penalty-free. However, to withdraw earnings tax-free and penalty-free, you must be at least age 59 ½ and the account must have been open for at least five years.

Contribution deadline:

The deadline for contributing to a Roth IRA for a given tax year is the tax filing deadline, typically April 15th of the following year. For example, you can make a contribution for the 2023 tax year until April 15, 2024.

Eligibility

You must have earned income and meet certain income limits.

Age limit

You can contribute at any age, as long as you have earned income and meet the income limits.

Investment Options

A Roth IRA can be invested in a variety of assets, including stocks, bonds, and mutual funds.

Occupation
Modified adjusted gross income

Eligibility

Individuals with earned income (compensation) can generally use a Roth IRA (Individual Retirement Account). However, there are income limits that determine how much you can contribute to a Roth IRA.

Individuals

people who are employed, self-employed

Freelancing

freelancing, consulting, or gig work

Initial inquiry
Proposal review
TransGlobal service agreement
Plan setup
Plan implementation
Plan investments

Initial inquiry

STEP 1

Client or agent will complete the Pension Inquiry form or website application to provide information to TransGlobal. The information provided allows TransGlobal to generate a proposal with maximum contributions based on independent variables.

Start Inquiry