Here are 3 key differences between a Roth 401(k) and a Roth IRA.
In 2021, single taxpayers may contribute the maximum amount to a Roth IRA if their income is less than $125,000. They can't contribute at all once their income is $140,000 or more.
Regardless of income, workers can roll Roth 401 savings to a Roth IRA when they change jobs or retire.Roth IRAs don't carry annual required minimum distributions for their owners. As a result, savers don't need to withdraw money from the accounts during their lifetimes. Roth 401 accounts do require distributions starting at age 72, like savers in traditional, pre-tax retirement accounts. Unlike withdrawals from pre-tax accounts, Roth distributions after age 59½ are tax-free.
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