The Roth 401(k) plan is a new plan that has been devised to enable people to have tax-free investments and savings while they are on the job. It also provides them with the opportunity of getting a tax-free income after their retirement. This plan has all the tax benefits of a standard Roth IRA, but allows more annual contributions without applying any income ceiling. The latest trends in the financial market have resulted in high tax brackets for retirees.
Many homeowners who are 62 years of age or above obtain reverse mortgage loans by using their home equity. Reverse mortgage refers to a plan wherein a mortgage company or lenders pay the homeowners to stay in the house. Typically, this loan becomes a source of tax-free income and the homeowners do not have to give up their title for the same. The only disadvantage of this type of loan is that in the event of the untimely death of the homeowner, the loan is passed on to the heirs. The heirs have the option of either repaying the loan on their own or sell the house and settle the loan.
Individuals can consult with a professional financial expert who can advise them about the various retirement plans.
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