Financial PlanningInsuranceLeaving a Legacy: Life Insurance vs. Roth IRAs

September 15, 2022by Bailey Wealth Services

When considering the best way to leave your loved ones an inheritance, it’s important to be aware of the options available to you. While life insurance is a well-known option, Roth IRAs can be effective as well.

Both can provide a tax-free legacy, but you should know the different rules surrounding them before choosing one or the other.

Especially now under the SECURE Act, Congress has changed the rules late in the game requiring many retirees to revisit their legacy plans that have been set for generations!

To learn about the three differences between life insurance and Roth IRAs, click here to download “Leaving a Legacy: Life Insurance vs. Roth IRAs.”

For professional assistance with maximizing your legacy, contact our office at 425-252-4032 to schedule a time for a visit.

This material was prepared by Ed Slott. Ed Slott is not affiliated with Bailey Wealth Services or LPL Financial.

A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 1/2 or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. 

 

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