Fidelity Roth IRA For Beginners | Step By Step Tutorial

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Fidelity Roth IRA For Beginners: Roth IRA's are extremely important when it comes to planning retirement. A Roth IRA is an individual retirement account that allows you to invest after tax income for retirement that when the time comes to withdrawal, is completely TAX FREE.

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⏰ Timestamps ⏰
00:00 Roth IRA Intro
02:41 How To Start
04:07 How To Invest
09:25 Summary

📝 What is a Roth IRA?
A Roth IRA is an individual retirement account that by the United States law allows one to invest after tax money to withdrawal for retirement tax free.

Pros:
1. Withdrawal Tax Free
2. Time for investments to grow
3. You can withdrawal contributions any time penalty free
4. You have control on how you want to manage the account

Cons:
1. Income Limit: If you have to high of an income then you are unable to contribute to a Roth IRA.
2. Contribution Limit: How much you are able to contribute to the account every year.
3. Can't withdrawal earnings before 59.5
4. Withdrawal earnings early and pay taxes and 10% penalty.

Why are Roth IRA's a great approach when planning retirement?
With proper planning and discipline, a Roth IRA by the time you could retire could truly save you hundreds of thousands of dollars from paying taxes but also the benefit of holding onto investments over the long term.
WHY?
If you were to invest for 20, 30, even 40 years and hit the max contribution every year when investing in strong funds, the chances of your accounts value being high is likely. Paying taxes on a portfolio that high would come with an extremely heavy cost, but paying no taxes would save you many years of working.

Don't let time keep passing, let your money work for you. If you found any value in this content please consider hitting the like button and subscribing as I continue spreading the highest quality content related to "money talk" to impact as many lives as possible.

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Disclaimer: The information provided in this video does not, and is not intended to, constitute legal, tax or financial advice; instead, all information, content, and materials available on this video and on this channel are for general informational purposes only. The presenter is not an attorney, accountant or financial advisor. Viewers of this video should contact their attorney, accountant or financial advisor to obtain advice with respect to any particular legal, tax or financial matter.

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For anyone viewing this in 2024, the "Set Up Recurring Investments" is now under "Invest & Trade" not Transfers. Great video!

JoTheCreativeOne

I opened my fidelity account 3 years ago and was so overwhelmed I had no idea how to even use it. Now I do! Thank you

leahoh

Please keep producing similar content. I just started and this was perfect beginner friendly for me.

SoYourMimi

Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to maneuver in this present market but these strategies doesn't come common to the average folk, or am I better off putting my money elsewhere?

MaryTongx

Your videos are so awesome, thanks for showing how do all this step by step. I've been SO CONFUSED by IRA's in general and all your videos on fidelity and roth ira's have been awesome.

stopit

Young folks jump on this investment quickly.

edwinhargrave

You’ve been helping me a lot with these videos to get my fidelity Roth started since I have a 401k with my company. I just linked my bank account to contribute to 2023 before it’s too late. I checked the timeframe cause I saw another one of your video and your funds seemed a lil different and it was April 2nd as well it is rn, it was destined. Thank you for the help understanding the app.

willblack

Excellent information! Like so many, I wish I'd known about this 5 years ago but I'm learning now and feel confident for my retirement.

JagLite

Just discovered your channel. I just set up my account with your instructions!

carlapopper

33 years old and just opened up a ROTH IRA with fidelity and bought into the S&P500 mutual index fund (fractional purchase of $100). After all bills and other carefully managed expenses, I can afford to invest $100/month at 100% into the S&P500 for the next 30+ years hopefully. That’s the goal……Should I just keep dumping $100 every month into s&p, or should I diversify a little, let’s say a 2 fund portfolio? If so, which other index funds should I buy that will go well with the s&p? My goal is to accrue a good chunk towards retirement. I plan to keep the investments as simple as possible. Thanks!!

tolyvelichko

Impressive video. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable with investing, so I have all my capital currently vested in index funds but considering the dollar dumping and current inflation crisis. How optimal would this be beneficial long term?

mattpredictsofm.

Hello I'm new to investing! This was great and the visuals made it easier to follow along

janelleLOVESudon

Subscribed and liked! Have been looking into ROTH IRA. Love the details of how to sign up and invest. Takes away the questions I have. Thank you!

juliehawj

If you plan to use automatic investments for hands off account management keep in mind: Fidelity only currently allows reinvestment into Mutual Funds for ROTH IRA accounts.

robocop