Today we’re talking about some VERY basic questions we get asked about the Roth IRA. The focus today is to help those that want to invest for retirement but are in the absolute beginning stages and have yet to learn much about the Roth IRA or other types of retirement accounts.
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Are you considering opening a Roth IRA but have no idea where to start? If so, you’re not alone. Many people are intimidated by the idea of investing in a Roth IRA, but it’s actually quite simple. To help you get started, here are some of the most common absolute beginner questions about the Roth IRA.
What is a Roth IRA?
A Roth IRA is a type of retirement account that allows you to save for retirement on a tax-advantaged basis. Contributions are made with after-tax dollars, meaning you don’t get a tax deduction for your contribution. However, the money grows tax-free and you can withdraw the funds tax-free in retirement.
Who can open a Roth IRA?
Anyone with earned income can open a Roth IRA. You must have earned income from a job or self-employment to be able to contribute to a Roth IRA. Additionally, there are income limits that apply to Roth IRA contributions.
How much can I contribute to a Roth IRA?
The maximum contribution to a Roth IRA is $6,000 per year (or $7,000 if you’re age 50 or older). However, this amount may be reduced if your income is above certain levels.
Where can I open a Roth IRA?
You can open a Roth IRA at most banks, brokerages, and other financial institutions. You’ll want to shop around to find the best option for you.
What investments can I hold in a Roth IRA?
You can hold a variety of investments in a Roth IRA, including stocks, bonds, mutual funds, ETFs, and more.
What are the tax benefits of a Roth IRA?
The main tax benefit of a Roth IRA is that contributions are made with after-tax dollars and the money grows tax-free. Additionally, withdrawals in retirement are not taxed.
Are there any other benefits of a Roth IRA?
Yes, there are a few other benefits of a Roth IRA. For example, you can withdraw your contributions at any time without penalty or tax. You can also use a Roth IRA to save for retirement and other goals, such as college tuition or a first-time home purchase.
Hopefully, these absolute beginner questions about the Roth IRA have helped you understand the basics of this type of retirement account. If you’re ready to get started, be sure to shop around to find the best option for you.
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What do I do, I opened 3 Roth IRA accounts accidentally.
My question is easy, how do I begin?
Why open a ROTH IRA if i can buy stocks by my own. I dont see any value of ROTH IRA. lol
I can now buy stocks of AAPL, AMZN ..etc
I wanted to open an account in vanguard but sadly I cant open account bec I dont live in US
Hey, another basic question here. If stocks pay dividends and I reinvest those dividends to buy more shares of a stock, where that dividend money go? To my cash account or it will automatically buy more stocks?
I'll admit, when I was first looking into a Roth IRA, I was snatched up by a friend who represented Primerica. A horrible mistake for the first two months. 5% fee on the contribution and a .25% annual. Got out of there real quick was even met with an exit fee. Thankfully I got out of there after two months!
If the show had ended at 7:20 LOL GET REKT
Dustin – Would your first point about taxes would be more clear if instead of saying "you'll pay no tax", you said "It is not taxed"?
@ 7:21 I actually lol because I thought it was intentional. Visualizing someone calling you with how their Roth went belly up and they hear that music. 🙂
can you trade Futures and options in Roth IRA? can u have something like margin account? can u short stock in roth IRA ? after 59.5 when u are allowed to take out the money, do u pay taxes on the gains ,like other traditional deferred employee benefit plans?
Hi … I have a question, can I have two Roth IRAs? I am using M1 Finance and I opened two Roth IRA accounts. in each account I have $ 3,700. I am married and I am the only one who is working for now … can I have two Roth IRA accounts in my name or should I have only one in my name and the other in my wife's name?
Haha was guna say, that's one hell of a way to end a video lol
"Yes, you'll lose everything" lol
Haha. "Yes, in theory you can lose everything…" Queue outro music
As a side note; all earnings inside a Roth IRA are growing tax free and there is no tax to withdrawal the earnings so again no taxes on the growth earnings in the ROTH IRA as long as you follow the rules and wait until 59.5 to take money out of earnings. Roth IRA is like an account that holds cash until you buy an investment within it. You get to choose what you invest in whether stocks, bonds, REITs, etc.
As Always Thanks For Taking the Time to Help us out Dustin.
Travis
Semper Fi
Monday money making day!