Roth IRAs are an excellent retirement planning tool offered by North Shore Federal.  Roth IRAs allow most taxpayers to contribute up to $3,000 per tax year.  While a contribution to a Roth IRA does not provide you with a tax deduction for the current year, the real benefit comes later.  All earnings in a Roth IRA are tax free.  This means that at retirement age, you may withdraw all the money from a Roth IRA without paying any taxes.

As you may be aware, earnings usually represent the majority of a retirement savings portfolio.  This is the reason why Roth IRAs are so powerful, especially if you start saving in a Roth IRA at an earlier age.

Last, but not least, Roth IRAs contain provisions that allow for withdrawals for specified reasons after the account has been open for five years.  Early withdrawals are allowed: for the purchase of a first home; to pay health insurance premiums if you have received unemployment for 12 weeks or longer; to pay qualified higher education expenses; and in the event of disability.

Roth IRAs are an integral part in any successful retirement program.

Money Tip:
If you are interested in a Roth IRA, make your initial deposit right away, even for a small amount.
This "starts the clock" on your 5 year waiting period for early withdrawals for allowable reasons.

Did You Know?
The vast majority of a long-term retirement portfolio is earnings, making the Roth IRA very attractive.