What is the difference between a Roth IRA and Robinhood? With so many accounts out there and even more stock trading platforms it can get super confusing when it comes to account types. In this video I’m explaining the difference between a non-retirement account and retirement accounts like the Roth IRA.
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Investing can be a great way to save for retirement, but there are many different investment options available. Two of the more popular options are Roth IRAs and Robinhood. While they both offer different advantages, there are some key differences between the two that you should consider when deciding which is right for you.
Roth IRAs are retirement accounts that are funded with after-tax dollars. This means that you pay taxes on the money you contribute to the account, but the money in the account grows tax-free. You can withdraw money from the account without paying taxes or penalties, as long as you meet certain conditions. This makes Roth IRAs a great way to save for retirement, as you can save money without having to worry about taxes.
Robinhood is an online investment platform that allows you to buy and sell stocks, ETFs, and options. Unlike a Roth IRA, Robinhood does not offer tax advantages. You will pay taxes on any profits you make from the investments you make on the platform. However, Robinhood does offer some advantages over a Roth IRA. For example, it is easy to use and provides access to a wide variety of investments.
When deciding between a Roth IRA and Robinhood, you should consider your goals and risk tolerance. If you are looking for a way to save for retirement, then a Roth IRA may be the best option. However, if you are looking for a more active approach to investing, then Robinhood may be a better choice. Ultimately, the decision is up to you, so make sure to do your research and make an informed decision.
Question I have Robinhood & A Roth In Schwab. If I invest in let’s say in the same stock or index fund and make 100k in each which one would I save more money? I ask because I was told the IRA is taxed as wage and regular brokerage is taxed as capital gains rate.
Roth IRA vs individual IRA?
great vid.. robin hood really needs to make Roth IRA available on their platform they are missing out on customers
i remember robinhood having a ROTH account
Thanks man this was very helpful
thank you for this. I am lost in the sauce so this was super helpful
this was very helpful, thx
If anyone was wondering…I'm taylor.
Thanks for the answer!