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BIGGEST Roth IRA Mistakes That Will Cost You MILLIONS
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BIGGEST Roth IRA Mistakes That Will Cost You MILLIONS
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#1: Not Having a Roth IRA!
Yes, you should be contributing to a Roth IRA, yes you can have a Roth IRA and a ton of other retirement vehicles and in fact, you can even have multiple Roth IRA accounts as long as your total contributions are below the annual contribution limit of $6000 per year. Now it's important to talk to a financial professional or an accountant because there are certain income limitations on the Roth IRA but for most of us it is the best retirement vehicle and even if you are above those income limits, you’ve still got something like a backdoor Roth IRA and other tools that you can leverage. So mistake number one is not contributing so the obvious solution is to start contributing to your Roth IRA immediately.
#2: Contributing Too Much or Not Enough
Now like I just said the maximum contribution limit is $6000 per year or $7000 per year if you're 50 or older. 6000 a year might sound like a lot to some of you and it might sound like nothing to others but if you look at that compared to the average annual income here in the US, $6000 is not that high of a percentage of investing. On the flip side of the coin if you contribute too much then you can actually have to pay penalties and other fees so again talk to a tax professional or financial advisor.
#3: Not Investing Your Contribution
If you are making this mistake please don't worry about it because you are not alone but remember that a Roth IRA is simply an investment vehicle like a regular brokerage account but within that you still have to actually invest that money. It's incredible how often I hear people contributing their $6000 to the Roth IRA and then getting confused when they don't see it growing It's because you actually have to invest that money. So this one is pretty self-explanatory but if you've opened your Roth IRA and you've made your contributions then you need to make sure that you are actually investing that money so that it can grow and go to work for you.
#4: Cashing Out Too Early
In order to withdraw the gains or profits from your Roth IRA the owner has to be at least 59 and a half or older. I don't know why it is such a specific age don't ask me but that's just how it is so if you are not 59 and a half then you cannot withdraw your profits without paying a penalty. Now to clarify you can always withdraw your contributions without any penalty meaning if I put $6000 into my Roth IRA and that grows to $10,000 well I can always take my $6000 out but I cannot take out the $4000 in profit without paying income taxes on those profits plus a 10% penalty which is going to negate most of the benefit that you get out of your investment.
#5: Not Considering Other Retirement Vehicles
I actually mean this in two different ways. First of all like I said earlier in the video you can and probably should have a Roth IRA as well as other retirement vehicles like a 401K, 403 B, or a pension plan. But what I also mean by this mistake is that in some cases, the Roth IRA is not the right retirement vehicle and you might instead want to use a Traditional IRA or a backdoor ira.
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Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
Click “Show More” to see my Favorite Financial Tools
▽MY FINANCIAL TOOLS▽
🏦 SoFi Complete Money Management
----------
💰 Chime Fully Online Banking
----------
💳 Favorite Credit Cards
----------
📊 Wealthfront Automated Investing
----------
💵 Current Card
----------
📸 MY CAMERA GEAR
#1: Not Having a Roth IRA!
Yes, you should be contributing to a Roth IRA, yes you can have a Roth IRA and a ton of other retirement vehicles and in fact, you can even have multiple Roth IRA accounts as long as your total contributions are below the annual contribution limit of $6000 per year. Now it's important to talk to a financial professional or an accountant because there are certain income limitations on the Roth IRA but for most of us it is the best retirement vehicle and even if you are above those income limits, you’ve still got something like a backdoor Roth IRA and other tools that you can leverage. So mistake number one is not contributing so the obvious solution is to start contributing to your Roth IRA immediately.
#2: Contributing Too Much or Not Enough
Now like I just said the maximum contribution limit is $6000 per year or $7000 per year if you're 50 or older. 6000 a year might sound like a lot to some of you and it might sound like nothing to others but if you look at that compared to the average annual income here in the US, $6000 is not that high of a percentage of investing. On the flip side of the coin if you contribute too much then you can actually have to pay penalties and other fees so again talk to a tax professional or financial advisor.
#3: Not Investing Your Contribution
If you are making this mistake please don't worry about it because you are not alone but remember that a Roth IRA is simply an investment vehicle like a regular brokerage account but within that you still have to actually invest that money. It's incredible how often I hear people contributing their $6000 to the Roth IRA and then getting confused when they don't see it growing It's because you actually have to invest that money. So this one is pretty self-explanatory but if you've opened your Roth IRA and you've made your contributions then you need to make sure that you are actually investing that money so that it can grow and go to work for you.
#4: Cashing Out Too Early
In order to withdraw the gains or profits from your Roth IRA the owner has to be at least 59 and a half or older. I don't know why it is such a specific age don't ask me but that's just how it is so if you are not 59 and a half then you cannot withdraw your profits without paying a penalty. Now to clarify you can always withdraw your contributions without any penalty meaning if I put $6000 into my Roth IRA and that grows to $10,000 well I can always take my $6000 out but I cannot take out the $4000 in profit without paying income taxes on those profits plus a 10% penalty which is going to negate most of the benefit that you get out of your investment.
#5: Not Considering Other Retirement Vehicles
I actually mean this in two different ways. First of all like I said earlier in the video you can and probably should have a Roth IRA as well as other retirement vehicles like a 401K, 403 B, or a pension plan. But what I also mean by this mistake is that in some cases, the Roth IRA is not the right retirement vehicle and you might instead want to use a Traditional IRA or a backdoor ira.
Music from Epidemic Sound
Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
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