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Tax Free Retirement Income with the Roth IRA and Roth 401(k) Florida

Under this year's new tax rules it's possible to have a Roth 401(k) in addition to a Roth IRA for Tax Free Retirement Income.

Local Companies

Merrill Lynch
727-462-2308
601 Cleveland St
Clearwater, FL
Allgen Financial Services, Inc.
(407) 210-3888
301 E. Pine Street
Orlando, FL
Oasis Outsourcing
1-866-286-2747
2054 Vista Parkway
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Allgen Financial Services, Inc.
888-625-5436
797 North Orange Ave
Orlando, FL
Troyan
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1133 Bal Harbor Blvd Unit 1145
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Erisa Pension Systems Inc
(305) 895-4949
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Fdp Corp
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Perr & Knight Inc
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1200 N Federal Hwy Ste 309
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Goldberg Michael C Actuary
(305) 858-8221
2000 S Dixie Hwy
Miami, FL


Tax Free Retirement Income with the Roth IRA and Roth 401(k)

Under this year's new tax rules it's possible to have a Roth 401(k) in addition to a Roth IRA for Tax Free Retirement Income.

Unique to the Roth retirement accounts - Roth 401(k) and Roth IRA - participants save part of their salary on an after-tax basis and their money in the Roth accounts can grow and remain tax-free. That's right; the principal and accumulated earnings of a Roth account can be withdrawn tax-free, provided that certain qualifications are met. In contrast, contributions to a traditional IRA, 401(k), etc, are on a pre-tax basis but withdrawals of every dollar in the traditional accounts are taxed as ordinary income.

Most employees will have to wait awhile to participate in a Roth 401(k) because employers have been slow to make the necessary amendments so that their 401(k) can accept Roth contributions, according to a Hewitt Associates survey. But the self-employed, independent contractors and other business owners with no employees can get a Roth 401(k) as a feature in their Self-Employed 401(k) right away.

A Roth 401(k) is like the luxury version of the Roth IRA. For example, in 2006, the Roth 401(k) salary deferral limit is $15,000 vs. $4,000 for the Roth IRA, and the "catch up" for those 50 and older is $5,000 vs. $1,000 for the Roth IRA. Loans can be taken from a Roth 401(k) account, but not from a Roth IRA. And, unlike the Roth IRA high income earners are not restricted from having a Roth 401(k).

401(k) contributions can be split between the pre-tax account and the Roth after-tax account. However, the aggregate contributions must not exceed the elective deferral limit. Profit sharing or employer contributions must be made on a pre-tax basis.

The Roth 401(k) feature would probably appeal most to:

  • Individuals who think that their tax rate may be higher when they are ready to retire.

  • Long term investors that have the potential to accumulate considerable compounded earnings in their account over time and never want to pay tax on those gains.

  • Those concerned with passing some their retirement funds tax-free to their beneficiaries.

  • High income earners who do not qualify for the Roth IRA.


    The Roth feature of the Self-Employed 401(k) is valuable tool which allows the small business owner to tailor his investment strategy. The Self-Employed 401(k) can be started by any business that employs only owners, or owners and their spouses, including C corp, S corp, partnerships, and even sole proprietors working from home.

    Given the complexities of tax rules before reaching a conclusion one should contact his tax advisor regarding his specific legal, investment or tax situation.

    Copyright: Copyright © 2006-2008 Daniel Lamaute

    About the Author:
    One can visit http://www.investsafe.com to request a free information kit on the Self-Employed 401(k) with the Roth and loan features.


    Article Source: thePhantomWriters Article Submission Service

    • Featured Local Company

    Allgen Financial Services, Inc.

    888-625-5436
    797 North Orange Ave
    Orlando, FL
    http://www.allgenfinancial.com

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