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Video - Money: Know It to Grow It -- Roth IRA

By Synchrony Staff

  • PUBLISHED May 07
  • |
  • 1 MINUTE VIDEO

Transcript:

What is a Roth IRA?

A Roth IRA is a type of retirement account…

…named after U.S. Senator William Roth, the person who created it.

A big difference between a Roth IRA and other retirement accounts…

…is that you pay taxes on money BEFORE it goes into the account.

This gives you a couple of key benefits for retirement.

Your money gets to grow tax free.

And, when qualified, you can withdraw and spend it tax free, too.

So, if you put $100 into a Roth IRA and it grows to $1,000…

…by the time you retire, you don't have to pay taxes on that $900 growth.

A little extra to help make retirement a little easier.

So that's a Roth IRA. Find more ways to know and grow your money at synchronybank.com.

READ MORE: Video - Money - Know It to Grow It - Interest