In this video, I give a crash course on individual retirement accounts. I compare Roth IRAs with Traditional IRAs with 401ks. I analyze the tax advantages of each of these retirement accounts and when you should use each based on their tax advantages. I also look at the contribution limits for different IRA retirement accounts, when you can pull your money from a Roth IRA both penalty and tax-free. I point out that you can pull your principal out of your Roth IRA penalty and tax-free at any time.
How much do you need to contribute to become a millionaire in your IRA savings by the time you are 65? I analyze what it would take to get to $1 million in retirement savings if you start at 20, 30, 40, 50 and 60 starting with $0 in savings.
I cover the order in which you should contribute to your IRA accounts starting with getting all of your employer’s match in your 401(k), then contributing to your IRA until you max it out and then contributing to your 401(k) until you reach its limit.
After watching this video, make sure you take action, open an IRA account whether Roth or Traditional and set up automatic contributions!
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LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
Saving for retirement is one of the most important financial goals anyone can have. One of the best ways to save for retirement is to invest in an Individual retirement account (IRA). An IRA is a type of investment account that provides tax advantages for retirement savings. Over time, if managed effectively, an IRA can grow into a substantial nest-egg. Here are some tips on how to retire as an IRA millionaire.
1. Start early
The earlier you start saving for retirement, the more time your investments have to grow. Consider setting up an IRA as soon as you enter the workforce, even if you start with just a small contribution amount.
2. Contribute regularly
Make contributions to your IRA on a consistent basis. One strategy is to set up automatic contributions that are deducted from your paycheck. This way, you won’t even notice the money going out of your account, and you’ll be consistently building your retirement nest-egg.
3. Choose the right investments
Investing in the right mix of stocks, bonds, and other assets is essential for maximizing your portfolio’s growth potential. A financial advisor can help you choose the right investments to fit your retirement goals.
4. Minimize fees
Be aware of all the fees associated with your IRA investments. Even small fees can add up over time and eat into your investment returns. Choosing low-cost index funds or ETFs can help you minimize fees and maximize your investment returns.
5. Withdraw strategically
Once you retire and begin withdrawing money from your IRA, make sure to do so in a strategic way. Withdrawing too much too early can deplete your retirement savings, while withdrawing too little can mean not taking advantage of your hard-earned savings. A financial advisor can help you develop a withdrawal strategy that fits your retirement goals.
6. Keep taxes in mind
As with any investment account, taxes are an important consideration. Consider strategies such as Roth IRA conversions or tax-loss harvesting to help minimize your tax liabilities.
In conclusion, becoming an IRA millionaire can be a realistic goal with the right planning and execution. Starting early, contributing regularly, choosing the right investments, minimizing fees, withdrawing strategically, and keeping taxes in mind are all key strategies for building wealth in an IRA. With these tips in mind, you can set yourself on the path to a successful retirement as an IRA millionaire.
what's the best route to invest your money if you employer doesn't offer any halal investment options?
Does the IRA account get charged interest when cash isn’t being invested?
Biggest problem with investing in a Roth IRA is not knowing what to invest in especially when you are new to the game like me. I signed up with fidelity but am lost when it comes to investing. In the beginning I was on the right track but then remembered wait can’t invest in liquor, gambling etc. After that I got stuck. Not easy to figure out what is the best to invest in.
Can we book a consultation with you regards best halal retirement plans?
It’s interesting that you recommend 401k despite the fact 100% of our employer’s are non Muslim hence they invest mostly in non halal sources !
Salam Raakan,
I know that you asked us to search on Google for the "best places to open an IRA" but would kindly suggest or advise few possible ones?
Hi, I was hoping in the video you would address how that the retirement plan such as the IRA accumulates by interest. I've been searching about retirement plan to understand what to do in terms of making the money halal without interest. I'm kinda lost on where to go in allocating the investments to brokers account such as Vanguard or Wahed for IRA to be halal? Please expand on this topic clearing up the confusion in simple ways for me and many youths. Thank you !
How the amount 193500 dollars changes to 1 million dollar in retirement? I need some assistance. Will I be able to contact you in fundmebff.com
Thanks brother, any recommandation for investments such as stocks to use for IRA acount?
Salam Rakaan, for the action part – dont we have to be cognizant of which company that we use to hold our IRA account? A halal one vs a none halal one? I'm interested in using wahed but not sure about their .79% fee..
Great advise and thanks for sharing this free information
salam these videos are extremely helpful. thank you so much for posting them. i have a few questions: what are your top picks for ira set ups? I've been with fidelity & vanguard before for employer based 401ks but not IRAs.
what investments do you recommend to put in an IRA? are there recommendations in the percentages for types of investments? i am green despite learning and relearning this info. thank you again
Your videos are very helpful for all Muslims whom live in a country where the interest is laying on everything. Therefore, I always want to invest on any retirement plan but I was not sure if those retirements are allowed or prohibited , and based on interest free. My question is : 1/ Investing in 401K is it Halal or Haram ? what about the IRAs? Thanks I would also love to have your email in order to ask you other personal questions that I have . Thanks again and God bless you
Have you made a video on tawarruq transactions?
Where did you do your Islamic studies/who did you learn from? I was not able to find your biography anywhere. I would like to know so that I can benefit from your channel. Jazakallah Khair
Great video!
Nice video brother
Question:- Is the world currency based on debt is halal ?
Surely all currencies based on debt are 'usury' and thus 'haram' ab initio.
So the next question, can your 'shariah complance' make an 'haram' goods or services become 'halal'?
Isn't the interest Haram?