INDIANAPOLIS (WISH) — Alex Joyce, CEO of ReJoyce Financial, joined us today to give an introduction to a Roth IRA, or Individual Retirement Account. He opened with a unique question: would you rather pay taxes on the seed or the harvest?

For many people, the concept of a Roth IRA may be tough to understand, so Joyce advised seeking professional financial tax advice before jumping in. The team at ReJoyce Financial does Roth conversions every day, which makes them a great resource. The decision to create a Roth IRA is not one to take lightly, as Joyce said there is no redo and there is potential to hurt yourself financially.

Before you consider a Roth IRA, it’s important to understand how taxes work and how your marginal and progressive tax bracket works. The question he recommends asking is: how much money should we convert and how long should we convert it?

There’s no time like the present to consider professional financial advice. Whether you’re ready to create a Roth IRA or are just interested in learning more, ReJoyce Financial is here to help.