Five facts about Roth IRAs

By Ehab Alalfey Azzad Investment Advisor Fresh off a trip to an IRA conference organized by consumer advocate and IRA expert Ed Slott, Azzad’s Ehab Alalfey shares with you five facts about Roth IRAs that you may not know. Do you have a Roth IRA? Do you know how it’s different from a traditional IRA? There’s much to learn about Roth IRAs, but we’ve got you covered at Azzad. We make it a point to stay on top of trends and changes in the industry. Here are five facts about Roths you might not know: You can withdraw your contributions any time–tax and penalty free. This is true regardless of your age and what you intend to do with the money. This only applies to the money you contributed to the account but not to the investment earnings, which causes confusion for many people. So don’t let not knowing if you might need the money later stop you from making a contribution. You can always withdraw it later, no strings attached. You are never too old to contribute. Unlike traditional IRAs, which don’t allow contributions after the year you turn 70.5, Roth IRAs allow you to make tax year contributions regardless