We’re an investing service that also helps you keep your dough straight. We’ll manage your retirement investments and, using NestEgg we can help you with every penny!
—Ready to subscribe—
For more information visit:
www.JazzWealth.com
— Instagram @jazzWealth
— Twitter @jazzWealth
Investment related questions 📧 Dustin@JazzWealth.com
Business Affairs 📧Carolyn@JazzWealth.com…(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
When it comes to retirement planning, a Roth IRA can be a popular choice for many individuals. However, it’s not always the best option for everyone. Here are four reasons why a Roth IRA may not be the best choice for you:
1. You need tax deductions now
One of the key advantages of a traditional IRA is that it allows you to claim tax deductions on your contributions. This means that your taxable income for the year is reduced by the amount you put into your account. With a Roth IRA, you don’t get any tax deductions on your contributions. This can be a disadvantage if you need tax deductions now to reduce your taxable income.
2. You’re nearing retirement
If you’re already near retirement, the benefits of a Roth IRA may not be as significant. Roth IRAs are best for individuals who have a long time horizon before they plan to retire. This is because the longer your money is invested in a Roth IRA, the more time it has to grow tax-free. If you’re nearing retirement, you may not have enough time to reap the full benefits of a Roth IRA.
3. You expect a higher tax rate in retirement
While a Roth IRA allows you to withdraw your money tax-free in retirement, it assumes that your tax rate will be the same or higher in retirement than it is now. If you expect your tax rate to be lower in retirement, a traditional IRA may be a better choice. This is because you’ll be able to claim tax deductions on your contributions now, and when you withdraw the money in retirement, you’ll be taxed at a lower rate.
4. You have limited investment options
Another potential downside to a Roth IRA is that you may have limited investment options compared to other retirement accounts. For example, if you have a 401(k) plan through your employer, you may have access to a wider range of investment options. If you prefer to have more control over your investments, you may want to consider other retirement accounts that allow for more flexibility.
Ultimately, the decision of which retirement account to choose depends on your specific financial situation and goals. While a Roth IRA can be a great option for many individuals, it’s important to explore all of your options before making a decision.
Dont do it! Terrible idea! (Wink Wink, just kidding)
How much is too high? 80k a year?
I am still wanting to open one but I am not sure if I have invest in a roth ira first or something like mutual funds.
What is the best Roth portfolo for a person 60 years old.p.s. am scare of losing to stocks.
Hi, when you open a Roth IRA and you lose money do they take it out of the earnings or the contribution as well? Also am 60 and I am planning to retire at 69 70 do you think I should save in a Roth ira or a high yield savings account because am scare of losing money I don't have?
What if I already have a Roth IRA, I can’t do 401k at my employer?
kool video
Well what if i have students loans? Should i open up a rotth ira and say invest in index funds or use that 3k to help pay off my debt (7%interest). Pls help lol
Roth ira may NOT be your best choice if:
1. If you may have too high of an income.
2. If you have a history of taking money out of your retirement accounts.
3. If you have a company plan at work that you haven't started with. Eg. 401(k)
4. If you think you're gonna get a tax break or need a tax break now
Only thing that’s shady is the IRS! Arbitrary laws don’t make them morally ethical…. government is just a large mob.
Can your ira be garnished from creditors ?
I like my Roth(maxed out in 19). Got my 401k max( $2,100,,match…$6k in) ,
We started late on our retirement savings that is why we are aggressive with our portfolio. Im contributing max for catchup 401K $25 T, husband contributing about $12 T which is 33% of pay. 1) Should I start switching to Roth 401 at work versus regular 401K at age 57? 2) if we can handle , would maxing my husbands contribution be better? And should he contribute to Roth 401 as he still have room to contribute and leave his 12 -18 grand a year to 401k?
#5 Your tax filing status. Married filing separately – not eligible.
There's the Backdoor Roth IRA if you make too much.
I have a TSP (Thrift Savings Plan) Roth through my job that I Max out. Can I open a second Roth IRA account and max that out on my own?
I make mid $50's is a roth a good idea at 55 years old, I'll make a less in retirement with SS and my 401K. wouldn't I pay less in taxes then?
Great content
My question is ,what if I cannot put 6,000 within a year,what will happen?
I need help! Lol seriously
you can lose money in roth IRA if the stock market crashes. Yes, hostorically, ther was 8% growth, but that is historically
Question, can I open an account being married and filing jointly? I’m new to this lol