A ROTH IRA can be a powerful investment vehicle. But there are a lot of things about a ROTH IRA that few people know. This makes a Roth IRA very interesting compared to a Traditional IRA or a 401k. Check out today’s video for more info!

What if you make too much money to contribute to a Roth? Do a ROTH Backdoor contribution! Not sure what that is? Comment below and I’ll dedicate a video to it with enough interest.

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Everybody likes to talk about a Roth IRA, but there’s things that people don’t know about a Roth IRA. Like, let me just get right to the point and tell you the first one. Did you know that you can actually withdraw your contributions before you even reach the age of 59 and a half without paying penalties or taxes any time?

You heard that, right. That and so much more is going to be unpacked in today’s video. What we’re going to do is unpack the Roth IRA, things that you need to know, what exactly this is and others unique facts that you may not know about. The only thing I ask is that you share this with other people. Let’s spread the wealth on the importance of this particular investment vehicle.

Let’s get the basics out of the way. A Roth IRA stands for individual retirement account, but it can be used for so much more. Now I’m going to go over five unique facts of the Roth IRA in this video and comment down below if any of them were an aha moment for you. Now, there’s two terms you need to know.

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If you’re thinking about opening a Roth IRA, then you need to know these 5 surprising facts!

In this video, we’ll discuss the differences between a Roth IRA and a traditional IRA, as well as the benefits of each type of IRA. We’ll also talk about the Roth IRA Vanguard, which is an especially great option if you’re investable in stocks. After watching this video, you’ll have everything you need to make an informed decision about opening a Roth IRA!

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available….(read more)

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A Roth IRA is an investment tool that allows individuals to save for retirement while reaping certain tax benefits. However, many people may not be aware of the unique features that set a Roth IRA apart from other retirement accounts. Here are five facts about a Roth IRA that not enough people know about.

1. Contributions aren’t tax-deductible, but future withdrawals are tax-free – One common misconception about Roth IRAs is that contributions are tax-deductible, like with traditional IRAs and 401(k)s. However, contributions to a Roth IRA aren’t tax-deductible. Instead, the tax advantage comes later: when you withdraw the money, your earnings (including interest and investment gains) aren’t taxed. That means you can withdraw money from your account in retirement without worrying about paying taxes on it.

2. There are income limits for contributing to a Roth IRA – Unfortunately, not everyone can contribute to a Roth IRA. There are income limits that determine whether you’re eligible to contribute. For 2021, if your adjusted gross income (AGI) is above $140,000 (if you’re single) or $208,000 (if you’re married filing jointly), you can’t contribute to a Roth IRA.

3. You can withdraw your contributions penalty-free – Unlike with a traditional IRA or 401(k), you can withdraw your contributions to a Roth IRA at any time without paying taxes or penalties. Keep in mind that this only applies to contributions (not earnings) and that taking money out of your retirement account can hurt your long-term savings goals.

4. You can withdraw earnings penalty-free for certain expenses – In addition to being able to withdraw your contributions penalty-free, there are certain qualifying expenses (like buying a first home or paying for college) that allow you to withdraw any earnings from your Roth IRA without penalty, even if you haven’t reached retirement age.

5. A Roth IRA can be passed down to your heirs tax-free – Finally, one of the biggest advantages of a Roth IRA is that it can be passed down to your beneficiaries tax-free. This means that your heirs can withdraw money from the account without paying taxes on it, making a Roth IRA an excellent estate planning tool.

In summary, a Roth IRA is a powerful retirement savings tool that offers tax benefits that aren’t available with other types of accounts. Understanding these five unique features can help you make informed decisions about your retirement savings strategy and ensure you’re taking full advantage of the benefits a Roth IRA has to offer.