According to Fidelity Investments, in the first quarter of 2021, the number of IRA with a balance of $1 million or more jumped up to 307,600 people. However, half of the millennial generation missed out on investing into their retirement due to student debt, personal loans, and high-interest credit cards. Roth IRA is the easiest way to grow your wealth tax-free. In this video, you will learn what an IRA is and how you can contribute to your Traditional or Roth IRA every year. Make your money work for you tax free in a Roth IRA with compound interest growth by contributing $17 a day.
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⏰ Table of Contents ⏰
0:00 Introduction
1:35 What is an IRA?
3:18 Traditional IRA Income Tax Deduction
4:29 Roth IRA Tax Benefits
5:35 IRA Withdrawal Rules
7:50 Roth IRA Income Limits
8:53 Backdoor Roth IRA
9:42 Compound Interest
11:15 Conclusion
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LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
What type of IRA do you own? What do you like to invest in? Let me know in the comment section down below if you want to see more videos about IRAs. Check out my other financial independence retire early videos in the description.
So much information packed into this video . Thanks and I subscribed!
Great video. Through my employer I have a 401k and Roth 401k, I just learned about fire. My employer match is 3% (safe harbor) they put in 3 even if I don’t match. How do you think I should handle these accounts while pursing Fire.
Hello! Thank you for this wonderful video! Can you please explain what the dollar cost average is ?
Also can you do a tutorial and explain how your investing into the VTSAX and VFIAX? Like how are you doing this for each paycheck? I am not sure how to do this .