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Fans of the Roth IRA may want to think about acting on a provision in the Economic Growth and Tax Relief Reconciliation Act of 2001 that lets employers offer employees a similar retirement-savings vehicle within their 401(k) plans beginning in 2006.
As with a Roth IRA, a Roth 401(k) enables taxpayers to contribute after-tax retirement savings that then grow and are disbursed, tax-free, in retirement. Open to taxpayers at all income levels, Roth 401(k)s can be a powerful retirement tool for business owners and employee participants, who are able to direct up to $15,000 into any combination of a regular 401(k) and the Roth 401(k).
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