Why You Need a Roth IRA

A Roth IRA is a powerful financial tool. A Roth IRA is a retirement account where the contributions are taxed. This allows for tax-free growth on your money, which is a huge benefit. If you are young, opening a Roth IRA is a wise decision as it allows for you to benefit from the power of compound interest.

One important item to note with a Roth IRA is that there are hands-on and hands-off accounts. A hands-on account means that you have to invest your money actively yourself. A hands-off account means that you have to deposit your money into your account, and the company will do it all for you for a small fee. The fees will depend on what brokerage you go with. It’s important to ensure that your money is being invested and not just sitting in your account as cash!

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