Roth 403(b) option offers the potential for tax-free retirement income
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- Hubert Gaines
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1 Roth 403(b) option offers the potential for tax-free retirement income About the Roth 403(b) option: Your plan now gives you the option of contributing to a Roth 403(b) through your retirement savings plan. An additional way to save in your plan Unlike a traditional pretax 403(b), the Roth 403(b) allows you to contribute after-tax dollars and then withdraw taxfree dollars from your account when you retire.* ACTION PLAN Read this information about the Roth 403(b) option Contact a tax professional for specific advice on your personal situation How the Roth 403(b) compares with a traditional pretax 403(b) Just as with a traditional pretax 403(b): You elect how much of your salary you wish to contribute. Your contributions to a Roth 403(b) and traditional pretax 403(b) cannot exceed IRS limits. Your contribution is based on your eligible compensation. Unlike a traditional pretax 403(b), the Roth 403(b) allows you to withdraw your money tax free when you retire.* But it will also require you to make after-tax contributions now. Who might benefit from a Roth 403(b)? Younger employees who have a longer retirement horizon and more time to accumulate tax-free earnings. Highly compensated individuals who aren t eligible for Roth IRAs, but who want a pool of tax-free money to draw on in retirement. Taxes: Pay now or pay later Employee contributions Employee withdrawals Traditional Pretax 403(b) Pretax dollars Taxable upon withdrawal Roth 403(b) After-tax dollars Tax free upon withdrawal* *In the event of either retirement or termination, your earnings can be withdrawn tax free as long as it has been five tax years since your first Roth 403(b) contribution and you are at least 59½ years old. In the event of death, beneficiaries may be able to receive distributions tax free if the deceased started making Roth contributions more than five tax years prior to the distribution. In the event of disability, your earnings can be withdrawn tax free if it has been five tax years from your first Roth 403(b) contribution. Employees who want to leave tax-free money to their heirs.
2 The Roth 403(b): Four questions to consider. The Roth 403(b) was designed to combine the benefits of saving in your tax-deferred workplace retirement plan with the advantage of avoiding taxes on your money when you withdraw it at retirement. Will I be in a higher marginal tax rate in retirement 1 than I will be during my working years? This is a question that nobody can answer with certainty. Marginal income tax rates have declined over the last two decades. If tax rates were to continue to decline, a traditional pretax 403(b) might be the better option. The same is true for individuals who expect their marginal tax rate to be lower in retirement as the result of a lower income. Generally: If tax rates stay the same, a traditional pretax or Roth 403(b) will likely yield the same nest egg after taxes. If tax rates rise, paying taxes now through a Roth 403(b) will likely yield a higher after-tax retirement benefit than a traditional pretax 403(b). If tax rates decrease, deferring taxes now in a traditional pretax 403(b) will likely benefit you more at retirement. 2 Can I afford to maximize my contributions and save up to the IRS limit? If you can afford it, making maximum contributions to a Roth 403(b) may be a good option. Since earnings may be tax free, a qualified Roth 403(b) distribution 1 could provide more cash upon retirement than an equivalent traditional pretax 403(b) distribution would. 3 Do I want to leave tax-free money to my heirs? Your beneficiaries may be able to receive your Roth account tax free if you die. Additionally, you can roll Roth 403(b) funds into a Roth IRA, potentially delaying minimum required distributions from those amounts during your lifetime. 4 Do I make too much money today to invest in a Roth IRA? Unlike Roth IRAs, there are no maximum income limits for Roth 403(b) contributions. Even if your income is too high to qualify for a Roth IRA, you can make Roth 403(b) contributions. Things to remember: Because Roth contributions are under the same IRS limits as pretax contributions to your plan, each dollar of a Roth contribution reduces the amount that can be contributed pretax (and vice versa). Your take-home pay will be less than it would be if you made an equivalent traditional pretax 403(b) contribution, because income taxes must be currently withheld and paid on after-tax Roth 403(b) contributions. Sally s story Sally earns $40,000 annually and has elected to put 6% in her Roth 403(b) and 6% in her traditional pretax 403(b) each month. Sally s monthly contribution into each account Sally s reduction in takehome pay is different Roth 403(b) Traditional Pretax 403(b) $200 $200 $200 $156 This hypothetical example is based solely on an assumed federal income tax rate of 22%. No other payroll deductions are taken into account. Your own results will be based on your individual tax situation.
3 Make an informed decision for your retirement readiness. Your retirement plan now gives you the choice of contributing to a traditional pretax 403(b) option, a Roth 403(b), or a combination of the two. It makes sense to consult a personal tax advisor before making a final decision, but this short checklist can help focus on the key considerations: Decision checklist 1. Do you expect to be in a higher tax bracket in retirement than you are now? 2. Can you afford to maximize your contributions now? 3. Do you want to leave tax-free money to your heirs? 4. Do you earn too much to be eligible for a Roth IRA?
4 This information is intended to be educational and is not tailored to the investment needs of any specific investor. Investing involves risk, including risk of loss. Approved for use in Advisor and 401(k) markets. Firm review may apply. 1 A qualified withdrawal in this case, is one that is taken at least 5 tax years after the year of your first Roth contribution and after you have attained age 59½, become disabled or deceased. Contributions to the plan are subject to the annual IRS limits. The aggregate of both pretax and Roth 403(b) contributions is subject to the annual IRS dollar limit. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved
5 Roth In-Plan Conversion offers the potential for tax-free retirement income on assets targeted for distribution About the In-Plan Conversion: Your plan now gives you the option to potentially reduce future income taxes on assets eligible to be distributed. 1 An additional way to save Directly convert assets that are eligible to be distributed to a designated Roth account within your workplace savings plan. Examples of eligible assets in your 401(k) or 403(b) plan may include: Assets left in an eligible former employer s plan Assets rolled over from a former employer s plan into your current employer s plan, as long as the assets are held separately Assets in your plan if you are over age 59½ and the plan allows it also known as an in-service withdrawal Certain other employer contributions, such as profit sharing or matching contributions, provided certain conditions are met and distribution is allowed by your plan Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets. With a Roth In-Plan Conversion feature, your employer provides you with the option to: Diversify your retirement assets between Roth and non- Roth accounts Questions to consider There are three key questions to consider before converting your eligible workplace savings to a Roth account. The decision to convert needs to be made carefully and should include a consultation with your tax advisor. 1 Do you expect to pay higher taxes in the future? If you think that you will be in a higher tax bracket after you retire, or if you plan to leave a substantial amount of your retirement assets to your heirs, you may want to consider a Roth conversion. This is because you may pay lower taxes now than if you wait until retirement to begin taking taxable withdrawals. 2 Do you have a long investment time frame? The relative benefits of conversion will increase the longer your money remains in the Roth account. Generally, conversion may not make sense if your time horizon is less than five years, as amounts withdrawn may be subject to a 10% penalty. 3 Can you pay the taxes on the conversion? This is one of the most critical factors when considering a Roth conversion. You will need to be sure you can pay the current income taxes related to any taxable Roth conversion. Receive potentially federally tax-free earnings and withdrawals 1 Reduce future income taxes
6 This information is intended to be educational and is not tailored to the investment needs of any specific investor. Investing involves risk, including risk of loss. Approved for use in Advisor and 401(k) markets. Firm review may apply. 1 A distribution from a Roth 401(k), 403(b) or governmental 457(b) plan is tax-free and penalty free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI FMR LLC. All rights reserved _01/1216
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