There are many people calling and emailing jazz wealth these days and I have to say you all are very creative and dedicated to your retirement investments.
The first question from people is, can I have a 401k at work and also a Roth IRA on the side?
The answer is yes you can.
Having a 401k at work and a Roth IRA with your own retirement investments are very complimentary. Having a Roth allows you more flexibility than a 401k, but of course if the 401k offers you a match then you have to start there.
The next retirement investing question I get the most of is, can I have more than one Roth? Many times people open one and contribute the max amount.
The next logical step is to open another Roth IRA and contribute to that one as well. While you can have multiple IRA’s, you need to stay within the max contribution as a combined total.
We’re an investing service that also helps you keep your dough straight. We’ll manage your retirement investments and, using NestEgg we can help you with every penny!
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Roth IRAs are an increasingly popular retirement savings vehicle due to their tax-advantaged status. But how many Roth IRAs can you have?
The short answer is that you can have as many Roth IRAs as you want, as long as you don’t exceed the annual contribution limit. That limit is currently $6,000 per year, or $7,000 if you’re age 50 or older. You can contribute to multiple Roth IRAs, but the total amount you contribute to all of them cannot exceed the annual limit.
It’s important to note that you can only contribute to one Roth IRA per year. If you have multiple accounts, you’ll need to spread your contributions out over the course of the year. It’s also important to note that if you have multiple Roth IRAs, you may need to do some extra paperwork to make sure that you don’t exceed the annual contribution limit.
If you’re looking to maximize your retirement savings, having multiple Roth IRAs can be a great way to do it. It allows you to diversify your investments and take advantage of different investment opportunities. Plus, it allows you to take advantage of the tax-free growth potential of a Roth IRA.
Just remember to keep track of your contributions and make sure that you don’t exceed the annual contribution limit. If you do, you may be subject to taxes and penalties.
Hi Jazz, I have a 401k at work, and a traditional IRA accountant which I haven't contributed in years. can I still open a new roth IRA still ? and what will you recommend on my traditional IRA to do with ?
Whats the point in the government saying we can only have a certain amount of money in our investments? I dont get it
Thank you for this video.
ok so, As a Single I can contribute no more than 6k in 2021. Can i do the same in 2022? Why do i keep hearing that i can contribute up to 140k in my Roth if i have a 6k limit?
Thanks. I thought I'd might start a 2nd Roth if I ever needed to contribute $ outside of the one I have at work. Mainly because I learned my IRA I started years ago kicks the tax can down the road to when I pull from it in retirement & I'd prefer to get the taxes gone today.
Can my spouse open a Roth Ira under her name and have a total contribution of 11k a year for the both of us?
Thanks! You've answered my question because I was wondering if you have more than 1 Roth IRAs. I want to invest into Vanguard Reits (fractional shares) but Charles Schwab Stock slices only allow you to invest fractional shares from the S&P companies while M1Finance have the Vanguard Reits option. I contribute to both accounts not exceeding $6,000 combined ($3,000 each).
Can you have more then one ROTH IRA at the same investment firm ?
This is the stuff rich people don’t teach the middle class and lower class
So I can’t put 6k in Vanguard IRA and 6k in M1 Finance IRA?
How will they c ce heck if I have contributed more than the max into multiple IRAs?
GREAT VIDEO, MATIE!!!!
Why would you have two when you have less compounded interest across both n make less money with them combined at the end of retirement?
Can you have a Roth IRA and a Roth 401k? And max out both
So you're saying if I have two Roth IRAs at two different brokerage places I can't Max both out with 5500 in each?together that would make 11000
When I hear about matching a 401k what does that mean ?
Thank you for this advice Jazz
Can I have two 401k accounts?
The ROTH IRA, is the only savings vehicle I wish I had started earlier. Everything else, I can catch up on easily enough, but the limitations with ROTH are a real bummer. I am now the old guy who walks around work trying to tell the younger generations they need to start their ROTHS's now…..
Should I open a Roth IRA through a different company outside of my work retirement program or should I use my works retirement program and just open a Roth IRA through them?
Can I open a roth ira if I'm not a US citizen?
I love the idea if a Roth ira, how ever being militarily mean I have access to a Roth tsp. Where my max contributions are at $18,000 a year instead of $5,500. My plan is to only use my TSP until I get closer to leaving the military. At which point I would roll over my account to a Roth ira.
Would that be anually? Or is that the limit?
I already have a roth IRA and I already reached the max contribution limit. I am thinking of opening a regular brokerage account and just buy and hold my shares. My question is will I get taxed yearly for that regular brokerage account eventhough I only buy and hold or I will only get taxed once I sell my shares?
Great video Roth IRA is the way to go tax implications are something not enough investors consider.
I had actually started the process the other day, yet the fees confused the heck outta me!
Great video. You should cover Backdoor IRAs and the legalities involved in them.