A Roth IRA is arguably the best retirement tool available to Americans.
Roth IRA stands for Individual retirement account where you contribute after-tax dollars.
Here’s how the Roth IRA works:
You’re able to open up one of these accounts and deposit up to $6k PER YEAR if you’re under the age of 50 and $7k if you’re over 50.
The advantage to doing this is that all the money you deposit into this account will grow entirely TAX FREE.
Even more remarkable, if you contribute the maximum of $6k per year starting at the age of 18 and you average a 7% return, you’ll have $2.9 MILLION dollars by the age of 65!
Another big benefit to the Roth IRA is that you can withdraw money you put in any time, tax and penalty free.
Signup for a Roth IRA through Fidelity:
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How come no one breaks down numbers on these explanations. All of that was very informative but the only thing I care about is the return. With that being said, if someone contributes let’s say, 1,200 dollars a year into their Roth account. How much would the return be for 5 years given set amount???? Wtf lol
Hello, by any chance do you know if having a Roth IRA will affect my eligibility to Medi-Cal insurance? Thanks in advance!
Whats going on brotha1 Thanks for making this video, you did a great job explaining the five year rule, I hope your doing well
love your glasses mate
Great explanation. Roth IRA is such a great tool to use! liked and subbed!
Ahhhh vinny was barking :D. Great video Joon! I love Roth IRA's and I'm really glad my dad got me started investing in a Roth IRA when I was in my early twenties. I am curious how you distriguish between taking out only the principle amount verus the gains. I was thinking about a rolling Roth IRA for FIRE. If I ever get to that :D. Like-16
Pretty cool to see the ways ypu can withdrawal without penalty. Thanks for sharing man!
My only investment so far and it hasn't failed at all! Haha thanks for sharing!
IRA
IRA
IRA
IRA
IRA
IRA
IS THE WAY TO GO AT LEAST WHEN YOU START
I started my 401k at age 21 but didn't open my Roth IRA til around age 28. But now I'm glad I have both because I have no clue what my tax bracket will be in retirement. But I'd like to think I will be making MUCH MORE 30 years from now!
Nice breakdown mate! We have something similar in the uk, called lifetime isa
Dude! Love your channel! found you through Nathan Sloan's. Love your take on the ROTH. Just had a convo with a friend contributing 10% of his income to a NON matching 403b, but 0 into a ROTH IRA. I'll send him this video. Following you and VINNY ahahah subbed and liked! Also, your set up is legit. We are trying to get all the lighting/camera right. love yours!