They encourage people already retired or with the highest eligible incomes to set up a Roth. Start with estate planning. So you can let it keep growing tax free as long as you live. It might even pay for your heirs to pick up the tax bill on the conversion, if they can afford it and you can't. The savings are that dramatic over long periods of time.
Early withdrawal is permitted for education too, but the investment gains are taxed.
I think parents and grandparents should consider funding a Roth for youngsters as soon as the kids have earned income from cutting grass or baby sitting. All Rights Reserved. Terms under which this information is provided to you. Read our privacy guidelines. Who we are.