Roth IRA at Charles Schwab: 2024 UPDATED Guide (Open, Contribute, Invest)

This step-by-step video covers how to open, contribute to, and invest in a Roth IRA at Charles Schwab, updated entirely for 2024. Getting started investing can be daunting, but Roth IRAs are a great option for beginners. They are accessible to nearly everyone with earned income and allow you to grow and invest your money completely tax-free. After opening and contributing to a Roth IRA, it is really important for beginner investors to INVEST their money if they want it to grow for retirement. Charles Schwab makes this whole process very easy and this video walks through each step in detail. Roth IRAs are also great because unlike any other retirement account, the IRS allows you to withdraw your original contributions (not the gains) at any time, at any age, with no penalties or tax. Roth IRAs have some limitations like maximum annual contribution limits and a 10% early withdrawal penalty (for the gains) if you withdraw before age 59.5.

~~~~~~~~~~~~~~~~
⭐ USEFUL LINKS ⭐

~~~~~~~~~~~~~~~~
✔️ WATCH NEXT! ✔️

~~~~~~~~~~~~~~~~
🕒 TIMESTAMPS 🕒

0:00 Updated 2024 Charles Schwab Roth IRA Guide
0:39 Why are Roth IRAs so great?
3:58 Limitations of Roth IRAs
6:57 How much could you earn in a Roth IRA?
7:51 Step 1: Open a Roth IRA at Charles Schwab
10:46 Step 2: Contribute to a Roth IRA at Charles Schwab
12:17 Step 3: Invest in a Roth IRA at Charles Schwab
18:24 Automatic Investing in a Roth IRA

~~~~~~~~~~~~~~~~

Disclaimer: This video may contain affiliate links, meaning that if you purchase a product I may receive a commission at no additional cost to you. I do not share any resources, products, or services that I do not personally use and believe in. I am not a financial advisor nor a tax professional. The content presented in this video is for entertainment and educational purposes only.

[robertschrader]

I am embarrassed to say that I am 39 and just now getting a Roth IRA opened. I shouldn't still be a newbie at my age, but I'm so thankful I found your content to help me navigate these new seas.

[JoshyypooTCG]

Please dont stop making videos. been looking for a simply explanation on Roth IRAs and how they work and this did it! thank you!

[joycetheis]

Fantastic step-by-step guide to truly getting "invested" in IRA's, especially the ROTH IRA. Everyone who has not started investing for retirement, young or older, this is a MUST SEE! Great job, Alex Rae!!!

[maitriunjia]

Very detailed and well structured! Perfect video for beginners. Amazing job!

[chelseadarouse]

The most thorough, informative, and non-bullshit video on Roth IRA and what to do with it that I have come across. Bless you.

[slicklizardchamp]

I had my Roth with Schwab for 2 years but moved it to Robinhood because of three items: 1. No automatic investing on a scheduled basis. You can automatically add money to the account but you can’t automatically buy an ETF or whatever. So it was a pain to remind myself to buy.
2. Can’t buy a fractional share of an ETF, etc. Back to the pain in the butt thing above.
3. The 3% IRA march at RH is great and I also love their app layout and they have a widget feature so I can see my portfolio right on my Home Screen without going into the app.

Schwab is a good brokerage and I’d go back but they need to make automation easier because that is why I left!

[LostinMinnesota]

Stumbled upon your video on trying to learn how to get a Roth with Scwab. This was amazing. Thank you

[moniquemikayla]

I opened a ROTH IRA a few months ago and I didn't invest. I have done the research before, but I ended up having more questions. I didn't know what to invest in and you really helped with the next step. Thank you!!!

[CAO]

I started investing when I was 19-20ish when I was in the military. I am now 25 and starting a roth IRA today! thank you for the help!

[johnmccormick]

thank you for making this video! im going to setup my account and begin to invest tomorrow. im 30 years old and waited too long to get something like this started, and I look forward to learning more, investing and watching my money grow!

[VanessaGonzalez-ny]

You explain everything in much more detail than any video I have ever seen

[mariapedro]

I am 44 and just opened a Roth IRA acct, too. Better late than ever, indeed.Alex Rae, thank you very much for keeping us educated on this very important matter.

[rmp]

I cannot thank you enough for this video... I have been searching for weeks on how to actually make investments on the money I've invested into my Roth IRA and was not able to find anything until your video. THANK YOU!

[eightysevenhtx]

I found a new channel to watch as a beginner opening up a Roth IRA and brokerage account.

[chamo]

This was so incredibly helpful! I had no idea how to go about setting up an account at Schwab, much less funding it or investing in it. With your step-by-step, I was all set in a matter of minutes! (I do have to wait a couple of days till my first contribution clears, but other than that, I feel super comfortable navigating the account and ready to start investing. Thank you!

[youngryder]

Got really happy seeing a new video of yours on my feed 😊

Hope you’re doing well!

[km]

This video was very helpful and informative for someone who is opening an IRA for the first time!

[RiverWild]

Im 29, just opened the account but cant contribute yet. Need to link my accounts. Thank you for this. Truly ❤

[antonsawyer]

Thank you so much for this video, helps me clear lots fo confusion on how to open a roth ira. I'm going to try to watch more of your vids regarding 3 fund portfolio, , 👍

[Andygg]

At long last! A new Alex Rae - Personal Finance video! So glad to see you back!!!