Retiring at age 62 and filing for Social Security will reduce a person’s lifetime benefits by up to 30% compared to waiting until their full retirement age. However, a person with $2.5 million in a Roth IRA may feel more comfortable retiring at age 62,

Consider your current tax bracket, future tax rate projections and the benefits of tax-free withdrawals in retirement

One of the most important things to keep in mind before you start your IRA journey is that the path to becoming an IRA millionaire isn't likely to be a straight line. Especially if you are still decades away from retirement, there are likely to be stock market crashes and corrections, and other periods of high volatility along the way.

A Roth IRA, 401(k), and Social Security benefits can work together seamlessly to secure your retirement. Strategic planning helps minimize taxes and maximize income.

Converting IRA funds to a Roth account sooner rather than later can be useful, especially if you're currently in a favorable tax bracket.  By converting to Roth accounts now, your investments can continue to grow tax-free for a long period.

The right answer varies by individual, but here are three signs a Roth IRA could be your best option in 2025. The main advantage of Roth IRAs is that you get tax-free withdrawals in retirement, as long as you're at least 59 1/2 years old and have had the account for at least five years.