👇Here’s how to set up a Roth IRA

🏁Go to fidelity.com or Vanguard.com and select open an account, when it asks account type, select Roth IRA

👀Make sure to check your contribution limits – ask your cpa or check Irs.gov – retirement plans- retirement plan types- Roth IRA-20232 ROTH IRA limits for 2022

🙇‍♂️If you exceed the contribution limits check out my video on a backdoor Roth IRA

✅Once the account is opened, you can contribute up to the max (6k a year for most individuals)

📈Then you have to make sure to buy some stocks , ETFs/ index funds, or mutual funds …. I personally just set it and forget it with an s&p 500 index fund (FXAIX through fidelity or VOO through vanguard )

💍You can contribute up to your maximum each year for yourself AND your spouse, even if only 1 of you is working/ but at least 1 of you has to have earned income to contribute.

💪This has no ties to your employer so you control it and if you change jobs nothing changes with your account

💰This all grows tax free as long as you do not withdraw any of the gains on your money until 59½ but again at retirement, you get 100% tax free money on all that growth over the years

BUT you can take out your principal from a Roth without any penalties or taxes after 5 years, you just cant take the profit/gains from the money until retirement age
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Link in BIO for a great cheap personal finance course that will walk you through everything you need to know !

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