Roth IRAs made easy

[caseybills]

So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?

[HugoBergmann-lund]

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.

[NicholasBall]

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.

[NigelBaird-vylo]

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.

[christinad]

Roth IRAs can have a back door contribution erasing the income limits.

[rjoseph]

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 ❤

[anibalty]

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.

[sallu]

High income earners can also contribute to a Roth, just not directly. They can through a backdoor Roth.

[valmac]

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.

[amberlyn]

BACKDOOR Roth conversion. Contribution is different from conversion. I make too much money to contribute into my Roth, but I can back door 30, 000 into the Roth from my rollover/traditional account. Huge tax event, but who cares since you can cover it because it’s worth it in the end

[miabolte]

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?

[nickelplatefitness]

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?

[calidawl]

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?

[g.henson]

What about if you now in your career had a significant boost in wages, does Roth IRA count when u were saving making < 140k

[globalgoddess]

Question. What if you have one or two for decades… then start making more than $160k year ? What happens?

[robertogonzalo]

Curious, if you start making over 140k, will the Gov't make take it out or cash it out? Thanks!

[aleiaddisonpozniak]

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 ?!?

[SportsWithDJ]

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?

[oman]

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?

[COMTA]

So if you put a paycheck into this, you will get taxed again?