How To Invest with a Roth IRA 2024 (Start to Finish) | NerdWallet

What if we told you there was a retirement account that allowed you to take out your investment gains, potentially a million dollars, completely tax-free? Let us introduce you to a Roth IRA. In this video, Finance Nerd Marko from Whiteboard Finance will teach you how it works, the pros (tax-free growth and withdrawals, no penalty on early withdrawals from contributions, no RMD's) and cons (no up front tax break, contribution limits, income limits, 10% early withdrawal penalty), and how to set one up step by step.

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Chapters:
0:00 - Intro
0:15 - Roth IRA Explained
1:50 - Tax-Free Calculation Example
3:14 - Pros and Cons of a Roth IRA
6:22 - Tutorial: How to Set Up a Roth IRA

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How To Invest with a Roth IRA 2024 (Start to Finish) | NerdWallet

[nerdwallet]

Thanks for watching! What other investing topic do you want us to talk about next?

[YinusaSaheed]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[Kemyale]

*Great video!! I have a Roth 401k with my company I contribute 8% of my income to; only need to contribute 7% to get a 50% match. So counting my Roth IRA contributions, my Roth 401K contributions and employer match. My total retirement contributions is 27.7% of a $43, 000 in earned income.*

[DainLaguna]

Marco making moves! Love that you’re partnering with nerdwallet!

[alphabeta]

3:20 Pros n cons
8:45 How to open one

[edwina]

How do you know what to buy? What if the stocks you buy go down

[alrocky]

3:39 "as long as your account is 5 years old you can take out your contributions at any time" There is no 5 year wait to take out your Roth contributions. You can take out Roth contributions one month later.

[edwina]

Do you have to buy stocks ? With your money you deposit ?

[jpatricksimmons]

Are you still an advocate of Target Date funds in your Roth IRA?

[ItsBigTexYall]

So if my wife and I gross over $240, 000 and we file taxes jointly, what actually stops us from being able to open a Roth IRA?

[rolandosouffrain]

Sorry to say that around 60% of Americans can't come up with$1k in case of an emergency. So not many especially no 23 yr old can max out thier Roth I.R.A. lol. Maybe one day. Lol 😂🤣