Roth Retirement Accounts for Financial Freedom

For our family Roth IRA’s and Roth 401K’s are currently our best option. We are a huge fan of them. It isn’t for everyone but we stress to our boys to start with Roth Retirement Accounts early to help them towards their Financial Freedom goals.

Fidelity Investments say “With a Roth IRA, you make contributions with money on which you’ve already paid taxes. You’re able to withdraw your contributions tax- and penalty-free at any time, for any reason. Any earnings have the potential to be withdrawn tax-free in retirement, provided that certain conditions are met.”

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.

One Roth Advantage I like that some people may see as a disadvantage is that you pay the Taxes upfront. Some people don’t like the thought of not using that on their taxes for the year. But I would rather pay on $10,000 contributions for the year than pay taxes on $150,000 if that is what it grew to once retired.

Another Roth Advantage I like also is not only it is a powerful way to save for Retirement but you don’t have to do the required minimum distributions at retirement age.

In our situation I hope to keep living on our other Investments and not have to ever worry about using the money in my Roth Account until Darlene retires. Even after she retires the longer, we can go with out touching the money the better off we would be. Not having to do the required minimum distributions is huge in this case for us.

We are looking at other sources of Income and we want to only use Social Security and our Roth accounts as the last options. Of course, we will start taking out Social Security when we reach age 70.  Darlene could have a Pension from her job starting at age 62 also which will help. Plus, we have our Business Income and other Investments.

We are currently rolling over some of our money that wasn’t set up as a Roth into a Roth. After this year all of mine should be into a Roth and then we can focus on Darlene’s the following years.

If you don’t have one set up you can go to any Financial Planner to get setup if you don’t want to do it yourself online. Fidelity and Charles Schwab can be very helpful also.

I like the Roth Advantage of the savings growing tax-free. That is nice. Of course, I don’t have a crystal ball for the future but I hope the law makers will always keep the Roth rules in place.

There are Income limits and other factors that your Financial Company that you work with can help you with.

Another goal of ours for Financial Freedom that we teach our boys is to have ten times our projected future expenses for when Darlene turns age 60. For example, if our future expenses are $75,000 then we have a goal of $750,000 in our Roth Accounts. This is our last Action Step we are working towards achieving. Once the boy’s graduate college I am sure we can knock it out fast.

I sure wish Roth Accounts would have been available back when I started saving in Retirement accounts. They weren’t established until 1997, and it was named after William Roth, a former Delaware Senator. Even when it first came out some people were skeptical of it.

We want our boys to know about Roth’s Retirement Account advantages and get them set up while they are young so they can start saving for their future Retirement. Retirement wasn’t a subject my parents talked about. The same was for Saving and Investing money, just not a topic in our house. We want to teach our boys what I wasn’t taught.

Do you have Roth accounts? What are your views on them? How soon do you feel someone should start teaching their kids about saving for Retirement and Roth accounts?

Teaching your kids how to achieve Financial Freedom is important we feel. Like Proverbs 22:6 NIV said “Train up a child in a way he should go; and when he is old, he will not depart from it.”


Here are two positive quotes I like; “There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

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Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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