How to use Roth IRA dollars BEFORE retirement PENALTY FREE! #money #finance #rothira

[JayMomoa-]

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement in 3 years.

[NicholasBall]

Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.

[youaregoingtolovethis]

Finally first YoutTuber I've seen mention this. Most incorrectly say you will get penalize no matter what. I had to correct a lot of them since I don't want people getting the wrong advice. I only found out last year while doing my own research. Even many financial website don't know this or fail to mention this important distinction.

[bro]

I really needed to know this right now 🙏🏼❤️❤️❤️

[melforjesus]

I didn’t know this. Thank you! Great info.

[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

[lucasasselmeier]

And you can use Ira to compound dividends and take distributions when we you would need. Works well for higher yielding assets

[zerennadi]

First off, biggest shoutout to our Asian Queen Vivian for showing us how to get the guap!!!💯❤️💰 second, what if you’re married but your partner has a 401k and I have a 403b, should we both all that money together into one Roth IRA, or is it not that simple?! Much love 💯❤️💰

[RUMBLEFH]

Purchasing a primary residence has a tax reduction for the earnings also.

[lasurfette]

Yep. I just took out several thousand dollars because I’m unemployed and running out of savings.

[bridgecross]

Since all Roth growth is tax free, why on earth would you want to take the money out earlier? Draw from your other sources first, maximize the amount of time you hold the Roth. Holding a Roth for an additional 5 or 10 years into retirement might mean an entire year tax free at some point.

[ZavHustles]

What happens to my Roth IRA account if in a few years I start earning more than the max allowed for the Roth IRA?

[GoldCardHunt]

Hello, thanks for your content! What company did you start your IRA with?

[Duran]

What if it’s a back door Roth? Can I still withdraw the traditional contributions without tax or penalty?

[PFGrillKing]

Why is the customer teaching the teller? 😂😂😂

[kevinulmer]

Can you do covered calls in a robinhood roth ?

[marythetallone]

I'm trying to figure out the right way to take my contributions out of my robinhood roth, do I have to sell off the exact amounts I bought of different ETFs?

[jeanebomfim]

You did not mention that need to wait 5years after contribution to withdraw

[WEFAbender]

So the $80 i put in thats just sitting there as cash value can be withdrawn without tax penalty? Because im doing my taxes right now and its saying i might have to pay taxes on the money, granted im still trying to figure out my basis amount

[NoorD]

Can you withdraw dividends in your money market account in a Roth IRA? If so, is that tax free?