Roth IRA Explained (do this ASAP)💵

➡️Financial Freedom Resources👇

[Javier_Rodri]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

[HugoBergmann-lund]

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

[AanyaDarika_]

I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.

[PurvisTwiggs]

My growth of 401k and Roth combined growth is 3.84% in the past year. In this environment does investing under a brokerage account with a custodian/retirement-planner outweigh a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement. Happy to discuss.

[LordKalerran]

If you make more than the income limit: Backdoor IRA

Deposit into Traditional IRA then convert to Roth IRA

[CliveBirse]

The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $890k when I retired.

[pnutparker]

I'd also point out that you can withdraw from your Roth prior to age 59.5 tax/penalty free. You can take out up to the amount you've put in without penalty. So if you put in $5k and it grows to $8k, you can withdraw that initial $5k penalty free if needed.

[ida]

Misleading, you can take money before you are 59 1/2, only your contributions not the the gains.

[vaughnbilbo]

60 yea then i only got 15 years to live "My Life."

[DanielleAlexandriaAlchemy]

What happens if you eventually make more than the income limit?

[timcarb]

I would just do all investing in a taxable account.. with index funds and dividend paying stock. Roth and Ira just aren’t worth it for me to wait in the long run. I will stay in long and just always invest and keep moving with the market

[puprilla]

Im going to open mine next week and do 300$ a month till i cant anymore.

[WalshWalsh-fyzh]

If you’re risk-averse and want a guaranteed income without any chance of loss, an IRA CD is a good option. This investment is just a CD inside an IRA. And inside a tax-friendly IRA, you’ll avoid taxes on the interest you accrue, as long as you stick to the plan’s rules.

[caseybills]

Investing in a Roth IRA is a great option because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you retire and start taking money out, you won’t owe taxes on your withdrawals, helping you hold onto more of your savings. I personally retired with $5 million.

[strangergranger]

Question???


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???

[youaregoingtolovethis]

Once you reach the age of 50 years old you can contribute up to $7500 a year.

[Tonyyyybologni]

So what should you invest in if you’re single and make more than the limit to invest in this ?

[randomcitizen]

The Roth IRA can also buy investment properties.

[bukki]

How do people manage in retirement since 401ks are nothing to write home about? My 800k turned to 250k in no time. Im 61, will I work till God calls me?

[siclose]

What’s the best platform to invest on roth ira?