In this week’s 60-second question countdown, Joe answers a viewer’s question: “With more people discovering the tax benefits of a Roth IRA, will the IRS ever take it away?” Find out in this short video.
0:10 “Joe, I have a question. I have a fair amount of money in my Roth IRA, and I’m concerned that the Roth IRA might go away. What do I do?”
0:31 “The Roth IRA conversion and contribution is the golden goose right now because it’s good for consumers and good for the IRS because they’re getting their tax money now versus letting that money grow forever”
0:59 “The younger generations – the millennials (Generation Y) are putting money into Roth IRAs – they’re letting the money grow tax-free”
1:36 “Any time in the past when the IRS changed a retirement law – they grandfathered in the old rule. I think it’s likely that they’ll limit our ability to put money into a Roth, but as far as what’s in a Roth I feel pretty confident it will stay tax-free”
