A Roth IRA a perfect solution for a tax-free retirement (subject to IRS rules) and is good for your estate when transferring money assets to your heirs. A Roth IRA earnings are tax-free because the deposits are from after-tax dollars. When you have reached 59 1/2 years of age, you can begin withdrawing your earnings providing at least one Roth IRA account has been opened for at least 5 years. If you have already reached 59 1/2 years of age, you can still open a Roth IRA but must wait for 5 years to begin any withdrawals. The quickest method for opening a Roth IRA is through American Express Personal Savings. American Express has both high yield savings and retirement accounts. You should open a personal savings account first, then open the Roth IRA. You can also link your other bank accounts with your American Express Personal Savings for deposits and withdrawals. By the way, there is no credit check or chexsystems verification performed when you opened an American Express Personal Savings account. While withdrawal from your American Express Personal Savings account to another bank can take a few days, there is another method for faster access to your funds as quick as 24 hours. This faster method is withdrawing to an American Express prepaid card like the American Express Serve or BlueBird card. A note about prepaid card fees: There is a fee when you load the card from a local merchant but no fee when you used an existing bank account. The American Express Serve Card has a monthly maintenance fee. There is no maintenance fee for residents with a physical address in the State of New York and Texas. The American Express BlueBird prepaid card does not have any maintenance fee but if you buy the American Express BlueBird card from your local merchant, there are fees. However, if you order the American Express BlueBird card directly from American Express, there are no fees and will come unloaded without funds for you to add funds at a later date. Once you have received your American Express Serve or BlueBird card, you will add that card to your linked account profiles. The American Express Roth IRA is a savings account ONLY! You cannot trade equities on the account. There are no maintenance fees with the American Express Roth IRA, so if this is your first Roth IRA, you will satisfy the five year minimum account term for withdrawals. The dividends you earned from your Cash.app equity account can be deposited into your American Express Roth IRA since the dividends are not earning any interest sitting in your Cash.app balance.
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