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Richia Allen
Financial Advisor
WCCU Wealth Managemet
Located at Westerly Community Credit Union
122 Granite Street, Westerly, RI 02891
Phone: 401-637-4487
Email: richia.allen@lpl.com
We constantly hear about the importance of saving for retirement and put a lot of effort into it during our working years. Yet, the final element of any retirement strategy is often neglected: distribution planning. This tax season, as you begin collecting the information you need to file, consider how you’ll take tax-efficient distributions in retirement.
Roth IRA accounts might be appropriate if you expect to have the same or higher income in retirement. In 2023, joint filers can contribute up to $6,500 — plus an extra $1,000 if age 50 or older and have an adjusted gross income of $218,000 or less ($138,000 or less if filing single). Make a partial contribution if your income is less than $228,000 (or $153,000, respectively).
Roth IRAs have no RMD rules during the life of the account owner, but Roth 401(k)s do through 2023.** There are no income restrictions if you have a Roth 401(k) so consider contributing the maximum the plan allows. Withdrawals for both types of Roth accounts are tax-free, subject to restrictions.
Make sure to contact your financial and tax professionals to help ensure you have a retirement distribution strategy that meets your unique needs.
*To qualify for tax and penalty-free withdrawals of earnings, a Roth IRA or 401(k) must be in place for at least five tax-years and the distribution generally must take place after age 59-1/2, with a few exceptions.
**Starting in 2024, Roth 401(k) accounts will be exempt from RMDs during the account owner's lifetime.
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Richia Allen is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Westerly Community Credit Union and WCCU Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using WCCU Wealth Management, and may also be employees of Westerly Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Westerly Community Credit Union or WCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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