angelicahouston5036 angelicahouston5036

18-02-2020
Social Studies

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Pam and Jim have been happily married for 30 years and have been successful as partners in a family scrapbooking company. Now they are ready to retire, and their residual income will put them in the 35% marginal tax bracket. Thankfully they made a wise investing decision in the lean, early years when their tax rate was only 10%. Now they will save greatly on their tax liability. What type of investment account will allow them to make tax-free withdrawals?

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imustapha180 imustapha180

20-02-2020

Answer: Roth IRA

Explanation:

A Roth IRA is a special retirement account where you pay taxes on money going into your account and then all future withdrawals are tax-free. Roth IRAs are best when you think your taxes will be higher in retirement than they are right now. You can't contribute to a Roth IRA if you make too much money.

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