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No age limit on contributions.
Assuming you have taxable income, you can continue to make contributions to a Roth IRA after you turn age 70 ½.
2.
No required distributions.
The Roth IRA does not require you to take distributions from the account at age 70 ½.
You may leave the assets in the account for as long as you live, allowing the account to continue to grow and, if you wish, pass on a larger tax-free account to your heirs.
3.
Tax diversification.
The Roth account allows you to hedge against the possibility of higher tax rates in the future.
Just as the Federal Government has lowered tax rates over the past several years, it's conceivable they could raise them later on.
After all, we do have a sizeable budget deficit.
4.
Lower the tax on your Social Security benefits.
Many retired people have income that is just below the level that would trigger a tax on their Social Security benefits.
A Roth IRA may make it easier for you to stay below that level, because the withdrawals will not be included in taxable income.
5.
Reduce estate taxes.
If you plan to pass an IRA on to your heirs, your estate tax will be lower for a Roth IRA.
By paying the income tax up front, you reduce the size of your estate.
Even though the advantage is partially offset at the federal level due to the recipients receiving an income tax deduction for the amount of the estate tax, it does not apply at the state level.
Nothing in this document should be construed as specific investment advice.
Please consult a professional to discuss your individual circumstances.
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