Roth IRA Explained – Everything You Need To Know: Schedule Your FREE Retirement Assessment Today
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Roth accounts are a powerful investment tool that can benefit some people. Whether it is the Roth IRS, Roth 401k, Back Door Roth, or Roth Conversion, these options should be selected based on everyone’s own specific financial situation. With so many different Roth Accounts to choose from and all of them having their own small nuances, join Johnathan and Melissa Rankin as they go over 5 Roth Account types and strategies.

Submit questions to the show at Retire@theoremwm.com

– Johnathan Rankin CRPC® CEPA®, Founder & CEO,
– Melissa Rankin – Wealth Management Advisor
– Theorem Wealth Management, Financial Advisor Dallas, Texas
– Retire Once Show – 2022 Retirement Podcast Series
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CHAPTERS
0:00 – Introduction
1:48 – What is a Roth Account?
3:37 – Roth Account vs Traditional Account
8:25 – Roth Conversions
12:46 – Backdoor Roth IRA
16:17 – Mega Backdoor Roth IRA
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Disclaimer: Johnathan Rankin is a Registered Representative of Sanctuary Securities Inc. and an Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Theorem Wealth Management is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.

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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

A Roth IRA is an individual retirement account that offers several tax benefits to the account holder. Unlike other retirement accounts, the Roth IRA is funded with after-tax dollars and grows tax-free. This means that you won’t pay taxes on your earnings when you withdraw them in retirement.

Here’s a breakdown of everything about Roth IRA explained:

Eligibility

To be eligible for a Roth IRA, you must have earned income and your modified adjusted gross income (MAGI) must be below a certain limit. The current limits, as of 2021, are $140,000 for single filers and $208,000 for married filing jointly. Additionally, there are contribution limits of $6,000 per year for individuals under 50 and $7,000 per year for those over 50.

Taxation

One of the most significant benefits of a Roth IRA is that all of your earnings grow tax-free. This means that when you withdraw money in retirement, you won’t owe any taxes on the principal or the earnings.

Another benefit of the Roth IRA is that you can withdraw your contributions at any time without penalty or taxes. However, if you withdraw the earnings before you’re 59½, you may be subject to taxes and penalties.

Investment Options

A Roth IRA allows you to invest in a wide range of investments, including stocks, bonds, mutual funds, ETFs, and more. This means you have more control over your retirement savings and can make investment decisions that align with your financial goals.

Rollover Options

Another option with a Roth IRA is to roll over funds from other retirement accounts, such as a traditional IRA or 401(k). You will pay taxes on the amount you convert, but once the money is in your Roth IRA, it will grow tax-free.

Inheriting a Roth IRA

If you inherit a Roth IRA, the funds will continue to grow tax-free, and you won’t be required to take minimum distributions until you reach age 72. Additionally, you won’t owe any taxes on the withdrawals unless your inheritance is from someone who passed away before the age of 59½.

Overall, a Roth IRA is an excellent retirement savings option for anyone who wants tax-free growth and more control over their investments. With the proper planning and contributions, a Roth IRA can provide a significant income stream in retirement and help you reach your financial goals.