Roth, Who?

June 1998
Journal of Financial Planning;Jun98, Vol. 11 Issue 3, p17
Academic Journal
This article provides information on Roth individual retirement accounts (IRA). As of June 1998, investors have been flocking to Roth IRA, either converting existing deductible IRA or staring from scratch. Mutual funds are having problems handling the load. The question is not the merits of the new Roth, though there is room for more debate than there has been on the subject, but why are people snapping them up when they apparently do not know what they are? American Century Investments gave an IRA test to consumers who described themselves as active retirement savers. Only 26% got at least half of the questions right. More puzzling, only 18% understood that Roth contributions are not tax deductible and that one generally has to wait five years and reach age 59.5 before making tax-free withdrawals.


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