Step-by-step guide on opening an account and making a Roth IRA on M1 Finance on your phone. Very similar to do on your computer so you can still use this as a guide for that too.

Link for M1 Finance:

Timestamps

0:00 Intro
0:35 What is a Roth IRA and its benefits
1:53 Step By Step How to open a Roth IRA on M1 Finance
8:56 How to set up reoccurring transfers on M1 Finance

-This is not Financial advice and is only for entertainment and inspiration. The links above are Affiliate links meaning I receive some commissions. Everything is accurate as of posting but could change in the future….(read more)

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How To Open A Roth IRA Step By Step (M1 Finance) 2023

A Roth IRA is a retirement savings account that offers tax-free growth and withdrawals, making it an excellent option for individuals looking to save for their retirement. Opening a Roth IRA can seem like a daunting task, but with the right guidance, it can be a relatively straightforward process. In this article, we will take you through the step-by-step process of opening a Roth IRA with M1 Finance, a popular brokerage platform that offers a seamless and user-friendly experience.

Step 1: Decide If A Roth IRA Is Right For You
Before opening a Roth IRA, it’s important to consider whether it’s the right retirement savings account for you. A Roth IRA is a great option if you expect to be in a higher tax bracket in retirement and want to take advantage of tax-free withdrawals. Additionally, if you anticipate needing access to your contributions before retirement, a Roth IRA allows you to withdraw contributions (but not earnings) penalty-free. However, if you are eligible for a traditional IRA or a 401(k), you may want to explore those options as well.

Step 2: Meet the Eligibility Requirements
To open a Roth IRA, you must meet certain eligibility requirements. You must have earned income, such as wages, salaries, tips, bonuses, or self-employment income. Additionally, your modified adjusted gross income (MAGI) must fall within the limits set by the IRS. For 2023, the income limits for contributing to a Roth IRA are $125,000 to $140,000 for single filers and $198,000 to $208,000 for married filers.

Step 3: Choose A Provider
Once you’ve determined that a Roth IRA is right for you and you meet the eligibility requirements, it’s time to choose a provider. M1 Finance is a popular brokerage platform that offers a user-friendly interface and a wide range of investment options, making it a great choice for opening a Roth IRA.

Step 4: Gather Your Information
Before opening a Roth IRA, you’ll need to have certain information on hand. This includes your Social Security number, a valid form of identification, and your bank account information for funding your Roth IRA.

Step 5: Open Your Account
To open a Roth IRA with M1 Finance, you can do so online by visiting their website or downloading their mobile app. Once on their platform, you will be prompted to provide the necessary information to open your account. This may include personal details, financial information, and your investment goals.

Step 6: Fund Your Account
After your account is open, you’ll need to fund your Roth IRA. M1 Finance allows you to fund your account through electronic bank transfers, wire transfers, or by rolling over funds from an existing retirement account. You can choose to make a one-time contribution or set up automatic contributions to make saving for retirement more convenient.

Step 7: Start Investing
Once your Roth IRA is funded, it’s time to start investing. M1 Finance offers a wide range of investment options, including individual stocks, exchange-traded funds (ETFs), and curated investment portfolios. You can build your own portfolio or choose from one of their expertly crafted portfolios to meet your investment objectives.

In conclusion, opening a Roth IRA with M1 Finance is a simple and straightforward process. By following these step-by-step instructions, you can be on your way to saving for a secure retirement with the added benefit of tax-free growth and withdrawals. Remember to consult with a financial advisor if you have any questions or concerns about opening a Roth IRA and investing for your retirement.