It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Sharon Lee Peoples is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Investing in a Roth IRA offers significant benefits. Because they're funded with after-tax dollars, your contributions have the potential to grow tax-free over time. When you eventually withdraw funds from your Roth IRA during retirement, you won't be subjected to taxes on those withdrawals. This allows you to retain more of your retirement savings. For instance, I retired with $5 million, and having utilized a Roth IRA was definitely advantageous.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Roth IRA is not an investment exactly, but rather a wrapper around your account that gives it special tax and legal advantages. So if you have your account at one of the best brokerages for Roth IRAs, you can invest in almost anything that fits your needs.
I was interested in using my retirement funds to invest in real estate but I didn't have enough in my retirement account to cover the purchase of a piece of a real estate, but this would hold me back.
My husband and I with the assistance of Bianca Harley Doran used self-directed Roth IRAs to invest in two condos, but my husband and I didn't have enough to cover the full amount for of the respective purchases. We had to look outside of retirement accounts and combined funds with another source...
@@GalCohen-vy8uo Her Passion, knowledge and a genuine interest in achieving the best for clients is what makes a truly professional Financial Adviser. Bianca Harley Doran had this and more. Her dedication to clients, business excellence and education sets her apart and I would highly recommend her to anyone wanting to achieve better financial outcomes.
After years of saving and investing in the tax-free environment of a Roth IRA, the end result is tax-free income. Distributions from a Roth IRA are tax-free after age 59½ if the funds have been in the account for at least five years.
Opening a Roth IRA account is such a fundamental step on the path to financial success. It's not just about storing your money; it's about making your money work for you. wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
I highly endorse the services of Regina Louise Collaro, a US-based financial advisor and consultant. Partnering with an international organization, she has been instrumental in guiding my financial journey with unwavering support until my goals are met. Selecting the right financial consultant is as crucial as finding the right life partner, as both can significantly impact your life's trajectory. I'm grateful to have found the perfect financial consultant who has helped me achieve my financial objectives, from education to nearing retirement.
I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I follow you. I am so grateful for the information. I am 59 and have zero savings. I took care of my Mom. Her care was so expensive. I would love advice. I love all your tips ❤
With my pension and Social Security totaling about $1.1 mil over 20 years and a $350K IRA, although I won't have the full $1.1 mil at the beginning, it will be distributed throughout my retirement. I intend to retire in July 🎉, get re-hired in the fall while still receiving the pension, and channel as much Social Security as possible into savings. The plan is to retire again by next summer and embark on some travel adventures! Assisted by David Marvin Willis, a legal advisor, I am confident in the strategic aspects of my retirement plan.
Be aware if you have any plans to live anywhere else long term your ROTH may be taxed in that country. They don't have a comparable plan and lump it with government pensions. You need to keep ALL your docs so you will only be taxed on the growth. Keep treck of your contributions. My current eyes are on Portugal, and they do this.
You rock! Will you please show how to invest and existing ROTH IRA that has NOT been invested? It was a mistake to let it sit. How to now get it invested in the S+P?
Just go into your account and buy an ETF/index fund like VOO. It’s an S&P 500 index fund and just follows the S&P. There are other approaches but honestly if you just invest in the S&P you’ll be just fine and it’s a very diversified fund.
You can recharacterize the contribution as a traditional contribution, and do a backdoor Roth in many cases. If there is any question that you'll be over the income limit, consider doing a backdoor Roth IRA to start, or wait until the end of the year to contribute
Hey Vivian love your channel. Quick question, what happens if we qualify for a Roth IRA now but in the future we start making more than the maximum qualified amount? Also how do stocks with dividends work in a Roth? Are the dividends permanently in reinvestment mode or are they applied to your purchasing power? Also will dividends count against how much you can invest?
Do we pay taxes on the growth of our Roth IRA when we use it later in life? I know we don’t get taxed on our contributions but what about the interest it gained over decades, does that part get taxed?
I am 19. I work at a deli and make around 500 per week. I’m not in school, I am considering college but still figuring stuff out. I have a car payment of 345 per month. I still live at home so I have little expenses. Is a Roth IRA good for me?
What if I wanna use the Roth for big expenses like a down payment on a house? What do you recommend % to contribute to Roth and traditional 401k. I currently have them both at 15% but I still get taxed hard since I do a lot of overtime and I file single, with no dependents. My goal is make enough to cover my monthly expenses and then the rest go into savings. I know there’s a maximum / limit contribution before 60, but I’d like to max them out. Or should I get an additional savings account?
1)As a single tax filer, if I make $200k short term capital gains, no job, can I use that to fund a Roth IRA account??? 2) Or if I have a job making $40k a year and make $200k on short term capital gains, will it affect my qualifications to open up a Roth IRA???
I don’t have a retirement fund at all but I think I would rather pass on my contributions to my kids so they can start early and set up a Roth for each child. Is this allowed or recommended. I feel like I’m too old to save so might as well start them off right ?!?
You get to keep the account, but you cant contribute to it anymore (unless you do a backdoor ira). Your previous investments can still grow in the account.
@@amandab.3100 but I can still take the money out once I hit the required age to withdraw right? Even if I’m still earning more than the limit annually?
@@beptex2858 You might want to ask a financial advisor or send this question to the Money Guys (this is a youtube show). From my understanding, the answer is yes, you can withdraw from it once you meet the requirements. It's your money, but I don't know for sure.
Good advice on the Roth IRA, especially for the people that didn't know that about the Roth IRA and how it works. DEFINITELY DIG HOW YOU GET TO THE POINT RIGHT AWAY GIRLIE, AND YOUR SKIN IS GLOWING I DON'T KNOW WHAT IT IS, BUT YOU'RE OH SO CUTE GIRLY, AND YOU KNOW THAT'S NO DISRESPECT TO THE BOYFRIEND I'M JUST SAYING IN GENERAL GIRLY KEEP PUMPING THOSE VIDEOS OUT VIVIAN DOING A GREAT JOB YOU'RE MADE FOR THIS!!
Everything you put into the Roth IRA I can understand you don't have to pay taxes on it when you take it out but anything that it gained wouldn't you have to pay taxes on it?
If pay my kids who are 12 and 14 frim my business, can i make a roth ira for them with their wage money and if so what kind of documentation do i need to show for thei wages?
The money you put into the account is already taxed. If you put in 100, and it makes you 200, then you pull out 300 you pay taxes on the EARNINGS of 200. Not contribution of 100
You get taxed on it this year. Then it grows tax free forever. A traditional IRA is the opposite. You don’t pay taxes this year. Instead you pay taxes when you take the money out at retirement.
@@ronnyatdrik4700pretty sure they end up getting withdrawn from your pay stubs as you see health insurance, social security etc end up taking portions out every paystub
It's after tax contributions meaning in simple terms the money you put it is taxed from your earned income job. You won't get a tax deduction each year unlike a traditional ira or a regular 401k but your investments grow tax free and you pay no taxes on the gains or anything in the account after 59 1/2 age. The after tax confuses a lot of people, especially me but it's money that's essentially already tax from your paycheck that you contribute to the Roth. Hope that makes sense
What happens when someone has a Roth and they increase their income passed the limit? Is the ROTH closed? Is there another type of account for higher earners?
I use fidelity using their app for investments they do it for you and you can keep track of earnings, once you’re done filing for roth ira it’ll give you the option to start investing towards your roth ira through them
How many Roths can you have? If you have one and then go on to earn more than $140k, what happens with your Roths? Do they freeze? Can you continue contributing to it?
So if i start a roth ira at 30 can I withdraw a small percent of the profit it makes monthly? I would want to put more into it then what i would take out. I hope my question makes since, i have no experience with this
Hello, I would like to be able to speak to you. I have 6 digit numbers sitting with a LLC check book. I just need some advice where to turn to. Can you shed some advice? Thank you!?? 🙏
😮what are the penalties for early withdrawal from a traditional IRA. I've run into financial troubles. And I know there is 10% penalties but is there additional taxes at the end of the year when filing.
So about the income limit, what happens if you have a Roth IRA, and then later you start making more than $140k per year? Do you have to move the funds to a different type of retirement account and close the Roth IRA? Or just stop making contributions to the Roth IRA? Not that this applies to me yet, but I can hope that it one day will.
Can you do a video fir a special demographic? Women who get free from abusive marriages in their 40’s - there are a LOT of us. Very very common that you’ve been told to be a stay at home wife/mom for decades as part of the control pattern, so, minimal resume. Also extremely common is that the husband keeps everything. We’re just trying to get free. So, yay for that. But now I’m in my 40’s with a totally blank book to write for my future. I’m earning my living, rebuilding my soul and my credit score after his gambling addiction drove us to bankruptcy before the split. What do I do now to begin to save for my old age when I’m already middle aged?
If by some chance you have money after paying necessary living expenses, contribute to a Roth. Even a few dollars on a regular basis is better than nothing at all. Don't feel dismayed
So what happens if you open one and contribute when you earn say $100,000 and then 3-4 years later you get another position or raise and make say $160,000 what happens to that account and money you already contributed
Ive heard about these backdoor roths and Im interested about learning more. say I opened a roth ira before earning the maximum amount and then later on ended up earning over 140k. would I be safe
@@Jacqueline.Guerra look up "Roth conversion" that's what a backdoor Roth contribution is. As for your question regarding income: you're only disqualified from contributing if you earn over 140 and actually that number might have been up. Contributions are on a year-to-year basis so you could start a Roth and fund it in a traditional way and then later just find out that you're no longer able to contribute but at that point you just stopped contributing or you do Roth conversions. The great thing about Roth conversions is there is no limit you could literally convert a million dollars everyday of the year if you have that much money
Same. We could’ve started early. High school really does waste our time with unimportant sht we don’t need in life. It sucks. I’m 23 and I’m sure people are like you’re late to this but I feel like I’m still super young to start now.
If for any given year you might go over income limit, a better alternative is to "back door" Roth IRA process - contribute to traditional IRA and promptly convert that t-IRA to Roth IRA.
Yeah you just won’t be able to contribute. Remember, you are allowed to contribute to the 2023 tax year by like April 8 2024 or something. So if you’re unsure where your adjusted gross income will be, just do your taxes early in 2024 and if you qualify, you can still contribute for 2023 in February 2024 for example.
I need some help! Please help, I’m soo lost at doing these. I did the stocks you recommended and started a Roth IRA and A Traditional one… am I doing it right?! Lol
Wait. I thought you had to make a certain minimum with Roth IRA. As in, you can’t make LESS THAN 140k per year. Are you saying that I can’t make MORE THAN 140k per year? I mean, I know you still have to contribute at least 6k per year and I don’t got that kind of money just lying around…. These still feel impossible to get. Got any saving tips? Like, how can I save my money without incredible sacrifice? I still want to have fun occasionally. I know not less than 10%, but if it takes me several years to accumulate several hundred, am I totally screwed for investing until then? How does this work?
Yes you can't make more than 140k. 6k is the max a person can contribute annually. It can change every year bc the IRS says what the max is. I personally think start with 401k with an employer bc it's pre-tax money. It just comes out of your paycheck before your money comes to you from the employer, some companies match which means they contribute some percentage too bc you're putting in money, and you would have had to pick an investing option with the employer when you sign up for their 401k so your money isn't accidentally sitting there not invested. 401k has an annual max too and if you reach that max in a year then consider the Roth. And I'm only giving this advice bc you sound at the beginning of your journey. So just invest what you can - it can be like $50/month, just a thing to get you started and you'll start to see/learn with experience and get your feet wet until you're able to invest more
@@roxannef3964 Do all employers provide a 401k? Do we really need a 401k or can we just open a Roth IRA? Also, do we open both the traditional and the other Roth IRA. It’s confusing to me.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?
Sharon Lee Peoples is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Investing in a Roth IRA offers significant benefits. Because they're funded with after-tax dollars, your contributions have the potential to grow tax-free over time. When you eventually withdraw funds from your Roth IRA during retirement, you won't be subjected to taxes on those withdrawals. This allows you to retain more of your retirement savings. For instance, I retired with $5 million, and having utilized a Roth IRA was definitely advantageous.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Roth IRA is not an investment exactly, but rather a wrapper around your account that gives it special tax and legal advantages. So if you have your account at one of the best brokerages for Roth IRAs, you can invest in almost anything that fits your needs.
I was interested in using my retirement funds to invest in real estate but I didn't have enough in my retirement account to cover the purchase of a piece of a real estate, but this would hold me back.
My husband and I with the assistance of Bianca Harley Doran used self-directed Roth IRAs to invest in two condos, but my husband and I didn't have enough to cover the full amount for of the respective purchases. We had to look outside of retirement accounts and combined funds with another source...
@@GalCohen-vy8uo This is wonderful, I'm glad you got to put your money to good use. Enjoy the good life.
@@GalCohen-vy8uo Her Passion, knowledge and a genuine interest in achieving the best for clients is what makes a truly professional Financial Adviser. Bianca Harley Doran had this and more. Her dedication to clients, business excellence and education sets her apart and I would highly recommend her to anyone wanting to achieve better financial outcomes.
After years of saving and investing in the tax-free environment of a Roth IRA, the end result is tax-free income. Distributions from a Roth IRA are tax-free after age 59½ if the funds have been in the account for at least five years.
Roth IRAs can have a back door contribution erasing the income limits.
Opening a Roth IRA account is such a fundamental step on the path to financial success. It's not just about storing your money; it's about making your money work for you. wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
I highly endorse the services of Regina Louise Collaro, a US-based financial advisor and consultant. Partnering with an international organization, she has been instrumental in guiding my financial journey with unwavering support until my goals are met. Selecting the right financial consultant is as crucial as finding the right life partner, as both can significantly impact your life's trajectory. I'm grateful to have found the perfect financial consultant who has helped me achieve my financial objectives, from education to nearing retirement.
I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.
Alright, you can easily find her information by doing a quick 🔍 search. Feel free to reach out to her directly with any questions you may have.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I follow you. I am so grateful for the information. I am 59 and have zero savings. I took care of my Mom. Her care was so expensive. I would love advice. I love all your tips ❤
High income earners can also contribute to a Roth, just not directly. They can through a backdoor Roth.
With my pension and Social Security totaling about $1.1 mil over 20 years and a $350K IRA, although I won't have the full $1.1 mil at the beginning, it will be distributed throughout my retirement. I intend to retire in July 🎉, get re-hired in the fall while still receiving the pension, and channel as much Social Security as possible into savings. The plan is to retire again by next summer and embark on some travel adventures! Assisted by David Marvin Willis, a legal advisor, I am confident in the strategic aspects of my retirement plan.
Be aware if you have any plans to live anywhere else long term your ROTH may be taxed in that country. They don't have a comparable plan and lump it with government pensions. You need to keep ALL your docs so you will only be taxed on the growth. Keep treck of your contributions. My current eyes are on Portugal, and they do this.
You rock! Will you please show how to invest and existing ROTH IRA that has NOT been invested? It was a mistake to let it sit. How to now get it invested in the S+P?
Just go into your account and buy an ETF/index fund like VOO. It’s an S&P 500 index fund and just follows the S&P. There are other approaches but honestly if you just invest in the S&P you’ll be just fine and it’s a very diversified fund.
Simple and straightforward thank you
Curious, if you start making over 140k, will the Gov't make take it out or cash it out? Thanks!
Is there any work going on the increase the income limit? That would actually be helpful for many
Others were saying there is a backdoor to work around it.
What happens if you start while making less than 140,000 and then your salary increases. So you have to withdraw all of it with the tax penalty fees??
I heard theres loopholes around it that you still can do it,theres Vids out there on CZcams
You can recharacterize the contribution as a traditional contribution, and do a backdoor Roth in many cases. If there is any question that you'll be over the income limit, consider doing a backdoor Roth IRA to start, or wait until the end of the year to contribute
Question. What if you have one or two for decades… then start making more than $160k year ? What happens?
If you make over the income limit just do a back door Roth contribution
Hey Vivian love your channel. Quick question, what happens if we qualify for a Roth IRA now but in the future we start making more than the maximum qualified amount?
Also how do stocks with dividends work in a Roth? Are the dividends permanently in reinvestment mode or are they applied to your purchasing power? Also will dividends count against how much you can invest?
It is $6500 now. :) great breakdown and appreciate your content.
It’s $7000 now
Do we pay taxes on the growth of our Roth IRA when we use it later in life? I know we don’t get taxed on our contributions but what about the interest it gained over decades, does that part get taxed?
Q1 no
Q2 no
Good to save on dividends especially since your taxed coming in... If you want to tax harvest better to have an individual taxable account...
I am 19. I work at a deli and make around 500 per week. I’m not in school, I am considering college but still figuring stuff out. I have a car payment of 345 per month. I still live at home so I have little expenses. Is a Roth IRA good for me?
absolutely! start now does not matter if you put in the whole $6500. something is better than nothing.
yes. absolutely start now with whatever you have & keep building up your contributions as you go. future you will be so grateful you did
Can you talk about Roth conversions?
What if I wanna use the Roth for big expenses like a down payment on a house? What do you recommend % to contribute to Roth and traditional 401k. I currently have them both at 15% but I still get taxed hard since I do a lot of overtime and I file single, with no dependents. My goal is make enough to cover my monthly expenses and then the rest go into savings. I know there’s a maximum / limit contribution before 60, but I’d like to max them out. Or should I get an additional savings account?
1)As a single tax filer, if I make $200k short term capital gains, no job, can I use that to fund a Roth IRA account???
2) Or if I have a job making $40k a year and make $200k on short term capital gains, will it affect my qualifications to open up a Roth IRA???
Short term capital gains are included in your ordinary income so no you would qualify under either of those circumstances
Should I invest in Roth or traditional IRA?
What good is investing for the future if you aren’t also investing in your health & fitness?
I don’t have a retirement fund at all but I think I would rather pass on my contributions to my kids so they can start early and set up a Roth for each child. Is this allowed or recommended. I feel like I’m too old to save so might as well start them off right ?!?
Why is paying taxes up front a con? That’s the whole point. Ideally, a retirement fund at 67 will only contain ~
Btw, the numbers here are not accurate, just guesstimates. Don’t @me for them, I’m just trying to demonstrate my point
What happens if you have a Roth IRA account but you start earning over 153k annually after you've opened one? I.e a promotion
^ same question
You get to keep the account, but you cant contribute to it anymore (unless you do a backdoor ira). Your previous investments can still grow in the account.
@@amandab.3100 but I can still take the money out once I hit the required age to withdraw right? Even if I’m still earning more than the limit annually?
@@beptex2858 You might want to ask a financial advisor or send this question to the Money Guys (this is a youtube show). From my understanding, the answer is yes, you can withdraw from it once you meet the requirements. It's your money, but I don't know for sure.
Next time you have a question..you can always use Google and just read
So if you put a paycheck into this, you will get taxed again?
Okay so if you did make over 140k a year what other kind of retirment funds could you have?
401k
Traditional IRA
SEP IRA
Good advice on the Roth IRA, especially for the people that didn't know that about the Roth IRA and how it works. DEFINITELY DIG HOW YOU GET TO THE POINT RIGHT AWAY GIRLIE, AND YOUR SKIN IS GLOWING I DON'T KNOW WHAT IT IS, BUT YOU'RE OH SO CUTE GIRLY, AND YOU KNOW THAT'S NO DISRESPECT TO THE BOYFRIEND I'M JUST SAYING IN GENERAL GIRLY KEEP PUMPING THOSE VIDEOS OUT VIVIAN DOING A GREAT JOB YOU'RE MADE FOR THIS!!
What am I suppose to invest in? Pick 5 for me. Thanks!
I invest in voo Vti schd
SOOOOOO, you still pay taxes, just not when you retire.
Which would be getting more depending on the growth or loss????
Can this Roth account be used to help me fund my volatile fertiliser experiments and car ignition surprises. Asking for a British friend of mine.
Everything you put into the Roth IRA I can understand you don't have to pay taxes on it when you take it out but anything that it gained wouldn't you have to pay taxes on it?
No
If pay my kids who are 12 and 14 frim my business, can i make a roth ira for them with their wage money and if so what kind of documentation do i need to show for thei wages?
Yes, you can create a custodial account
So I get paid by check and I deposit some of my $ into my Roth IRA do I have to pay taxes on that at the end of the year???
The money you put into the account is
already taxed. If you put in 100, and it makes you 200, then you pull out 300 you pay taxes on the EARNINGS of 200. Not contribution of 100
❤❤❤❤❤ you're beautiful
How much money do you need to open an account? Is there a minimum?
I live in Canada is any of this applicable to me??
Follow up needed to this video please: I need to know Vanguard or Fidelity and if I choose Fidelity do I have to go with their own mutual funds?
you have a device in your hand that answers questions
What happens if you have a Roth and then your salary increases over $140k?
THATS WHY I WANT TO KNOW TOO!!😭
you might not believe it but the device you're holding will answer that question..just type it in Google
Recharacterize your contributions as a traditional contribution and do a "back-door" Roth contribution
So the money is not taxed but I STILL have to pay taxes on it before I get it?
What?
your growth is tax free but when u cashing in you have to pay uncle same.
You get taxed on it this year.
Then it grows tax free forever.
A traditional IRA is the opposite. You don’t pay taxes this year. Instead you pay taxes when you take the money out at retirement.
Wait, how to you pay tax on your contributions?
@@ronnyatdrik4700pretty sure they end up getting withdrawn from your pay stubs as you see health insurance, social security etc end up taking portions out every paystub
It's after tax contributions meaning in simple terms the money you put it is taxed from your earned income job. You won't get a tax deduction each year unlike a traditional ira or a regular 401k but your investments grow tax free and you pay no taxes on the gains or anything in the account after 59 1/2 age. The after tax confuses a lot of people, especially me but it's money that's essentially already tax from your paycheck that you contribute to the Roth. Hope that makes sense
Can be withdrawn at 59.5 years of age tax free, NOT 72!
What happens when someone has a Roth and they increase their income passed the limit? Is the ROTH closed? Is there another type of account for higher earners?
Ive been saving up and have cash to contribute. Why do you have to pay taxes on contributions if they were already taxed?
Contributions to a Roth account are funded with after-tax dollars. Therefore, there is NO TAX paid on the withdrawal
Where can I connect with you to speak about early retirement pension help
I don’t get why roth ira are pre tax? Is it because the money invested came from salary which was already taxed?
Yes money invested came from the money it is pre taxed. There is no penalty fee or tax fee for taking it out after 5 years the account is open.
I get income from my dad's estate and I've paid the taxes on it. Can I put it in a Roth IRA?
Has to be earned Income, so need to get a job .
What happens if you start under 140k but you go over while you already had the IRA for let's say 10 years do you get all your money at that point ?
You just won’t be able to contribute more to the account. Everything in there is still allowed to grow tax free.
❤ vlog. Thank you. VG
What options outside of Roth IRA and 401k for those that make more than 140k?
Does the salary minimum include stock granted by your company?
Yes, that amount is "total compensation"
Is there a particular brokerage you recommend?
I use fidelity using their app for investments they do it for you and you can keep track of earnings, once you’re done filing for roth ira it’ll give you the option to start investing towards your roth ira through them
Are Roth IRA contribution limits independent of traditional IRA's, if you have both?
No, Roth IRA contribution + traditional IRA contribution may not exceed $7,000 for 2024.
What if you open the aant before the income limit?
How many Roths can you have? If you have one and then go on to earn more than $140k, what happens with your Roths? Do they freeze? Can you continue contributing to it?
Good question, I would also like to know
Fun fact: If you have a disability this money is also available at 50!
So if i start a roth ira at 30 can I withdraw a small percent of the profit it makes monthly? I would want to put more into it then what i would take out. I hope my question makes since, i have no experience with this
Hello, I would like to be able to speak to you. I have 6 digit numbers sitting with a LLC check book. I just need some advice where to turn to. Can you shed some advice? Thank you!?? 🙏
😮what are the penalties for early withdrawal from a traditional IRA. I've run into financial troubles. And I know there is 10% penalties but is there additional taxes at the end of the year when filing.
you owe tax on the amount withdrawn
You can get the disbursement with taxes taken out for you so you don’t get in trouble with irs later …
So about the income limit, what happens if you have a Roth IRA, and then later you start making more than $140k per year? Do you have to move the funds to a different type of retirement account and close the Roth IRA? Or just stop making contributions to the Roth IRA? Not that this applies to me yet, but I can hope that it one day will.
Stop making contributions
Just switch to a traditional IRA
Roth is good for everyone, if you think not, that just means you don’t know how to use it properly.
Some point you start making 140k what happens to your account,?
waiting for the reply
It’s still there you just can’t make any contributions.
They chop ur head off and take your money
@@stealthis 😢
You can take your contributions out but not your earnings. So basically you have wasted your time.
We can only withdraw the contribution only after 5years of contribution . So all previous contributions can be withdraw just a FYI 🙏🏼👍🏼
In green under "Pros: 3. You can withdraw Roth IRA contributions at any time." There is no 5 year wait regarding contributions to Roth.
Can you do a video fir a special demographic?
Women who get free from abusive marriages in their 40’s - there are a LOT of us. Very very common that you’ve been told to be a stay at home wife/mom for decades as part of the control pattern, so, minimal resume. Also extremely common is that the husband keeps everything. We’re just trying to get free.
So, yay for that. But now I’m in my 40’s with a totally blank book to write for my future. I’m earning my living, rebuilding my soul and my credit score after his gambling addiction drove us to bankruptcy before the split.
What do I do now to begin to save for my old age when I’m already middle aged?
Oh dang you had me sold until you said it's not available for people making over $140k.
This video is old. 2024 income limit is $161,000.
@@HappilyNeverAfter still can't get one.
huh ?
some people are saying 59 1/2 in order to not receive deductions
What other place can you roll your retirement over to
Soooo then what can I invest in if I only make 35,000 a year…?
Stocks obviously 🙄
If by some chance you have money after paying necessary living expenses, contribute to a Roth. Even a few dollars on a regular basis is better than nothing at all. Don't feel dismayed
So what happens if you open one and contribute when you earn say $100,000 and then 3-4 years later you get another position or raise and make say $160,000 what happens to that account and money you already contributed
^ same question
So do you have to pay taxes on the money earned when you withdraw
NO
Okay but what website do I need to go to, to open one?
is it true that if you make more that 140 you can't have a roth?
You forget to dicuss Backdoor Roth IRA
What about if I make 200000 dollars annual after t years of opening roth ira ?
Need more info on investing my $ that's just sitting there my company invests for me for a small fee but my account is sitting there .
start looking into index funds & etfs for long term
What if you contributed to a Roth IRA for like 10-20 years and you finally make over 140k so you don’t qualify to have one anymore. What happens then?
If this is so easy, why doesn't everyone do this?
Also, can the bank lose it?
Not everybody has 6K minimum to put away for year
@@stealthisit's 6k maximum
New limits for 2023! Under age 50 can contribute up to $6500, and over 50 is $7500!
How much u need to open one?
what video is the loophole?
Backdoor Roth works around the income limit, but you can't have any IRAs.
Ive heard about these backdoor roths and Im interested about learning more. say I opened a roth ira before earning the maximum amount and then later on ended up earning over 140k. would I be safe
You have to have a non Roth IRA (or a qualified retirement plan like 401k) in order to do the Roth conversion, though lol.
@@Jacqueline.Guerra look up "Roth conversion" that's what a backdoor Roth contribution is.
As for your question regarding income: you're only disqualified from contributing if you earn over 140 and actually that number might have been up. Contributions are on a year-to-year basis so you could start a Roth and fund it in a traditional way and then later just find out that you're no longer able to contribute but at that point you just stopped contributing or you do Roth conversions. The great thing about Roth conversions is there is no limit you could literally convert a million dollars everyday of the year if you have that much money
I wish they taught this to kids in high school. Great information.
Same. We could’ve started early. High school really does waste our time with unimportant sht we don’t need in life. It sucks. I’m 23 and I’m sure people are like you’re late to this but I feel like I’m still super young to start now.
Yes but how do you actually ✨open one✨
Very easy fidelity , Charles Schwab
Dumb question: If overtime while working you hit the Income limit with a Roth account, are you still allowed to keep your Roth account?
If for any given year you might go over income limit, a better alternative is to "back door" Roth IRA process - contribute to traditional IRA and promptly convert that t-IRA to Roth IRA.
Yeah you just won’t be able to contribute. Remember, you are allowed to contribute to the 2023 tax year by like April 8 2024 or something. So if you’re unsure where your adjusted gross income will be, just do your taxes early in 2024 and if you qualify, you can still contribute for 2023 in February 2024 for example.
What is the apy on a roth Ira?
YOU HAVE TO INVEST THE MONEY IN A ROTH IRA. If its in their money market account within the invested IRA, it is at 4.5% as of now.
Vivian plusses tell us about the loophole!
What do I do if I make over 140k then
Can a parent open a Roth for their underage (under 18) child?
If they have earned income yeah.
Can you please explain back door Roth IRA for those whose income is greater than income limit
What’s the loophole if you make over 140k?
are you familiar with *_backdoor_* Roth IRA process?
Whaaat? You can't have one if you make over a certain amount?😭😭😭😭 Now what?
401k, traditional IRA, invest in stocks, angel investments, real estate
This was NOT the type of IRA I was looking for
Why not?
72!!!!
Help me to sign in
I need some help! Please help, I’m soo lost at doing these. I did the stocks you recommended and started a Roth IRA and A Traditional one… am I doing it right?! Lol
Wait. I thought you had to make a certain minimum with Roth IRA. As in, you can’t make LESS THAN 140k per year. Are you saying that I can’t make MORE THAN 140k per year? I mean, I know you still have to contribute at least 6k per year and I don’t got that kind of money just lying around…. These still feel impossible to get. Got any saving tips? Like, how can I save my money without incredible sacrifice? I still want to have fun occasionally. I know not less than 10%, but if it takes me several years to accumulate several hundred, am I totally screwed for investing until then? How does this work?
Yes you can't make more than 140k. 6k is the max a person can contribute annually. It can change every year bc the IRS says what the max is.
I personally think start with 401k with an employer bc it's pre-tax money. It just comes out of your paycheck before your money comes to you from the employer, some companies match which means they contribute some percentage too bc you're putting in money, and you would have had to pick an investing option with the employer when you sign up for their 401k so your money isn't accidentally sitting there not invested. 401k has an annual max too and if you reach that max in a year then consider the Roth. And I'm only giving this advice bc you sound at the beginning of your journey. So just invest what you can - it can be like $50/month, just a thing to get you started and you'll start to see/learn with experience and get your feet wet until you're able to invest more
You got it all backwards. You can’t make more than $140,000 and you can’t put more than $6,000 into the Roth IRA in one year.
@@roxannef3964 Do all employers provide a 401k? Do we really need a 401k or can we just open a Roth IRA? Also, do we open both the traditional and the other Roth IRA. It’s confusing to me.
What about Roth inside your 401k AND you are over age 50?
This is so old. Those figures aren’t true any more.
Can l leverage my Roth to purchase investment properties ?
i's 73 now