In today’s video, I show you how to open a Fidelity Roth IRA account. A Roth IRA is an individual retirement account. In this video, I show you the pros and cons of a Roth IRA, why you should choose Fidelity, what is needed to start the account and investments tips! Stay tuned to learn more about becoming a Tax-Free Millionaire!
Disclaimer: This information is up to date for the year 2020. The information may change in the future such as income limits and contribution limits.
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If you’re looking to start saving for your retirement and potentially become a tax-free millionaire, opening a Fidelity Roth IRA is a great place to start. This investment account offers tax-free growth and tax-free withdrawals in retirement, making it a smart choice for investors of all ages.
Here’s a beginner’s guide to opening a Fidelity Roth IRA and setting yourself up for a tax-free future.
1. Understand the basics of a Roth IRA
A Roth IRA is a type of individual retirement account that offers tax-free growth and tax-free withdrawals in retirement. Contributions to a Roth IRA are made with after-tax dollars, meaning you don’t get a tax deduction for your contributions like you would with a traditional IRA. However, the money in your Roth IRA grows tax-free, and you won’t owe any taxes on your withdrawals in retirement, as long as you meet certain requirements.
2. Decide if a Roth IRA is right for you
Before opening a Fidelity Roth IRA, it’s important to consider if this investment account is the right choice for your retirement savings. Roth IRAs are particularly beneficial for individuals who expect to be in a higher tax bracket in retirement and want to take advantage of tax-free withdrawals. They are also a good option for younger investors who have several decades for their investments to grow tax-free.
3. Open a Fidelity Roth IRA
To open a Fidelity Roth IRA, you’ll need to visit their website or contact their customer service to get started. You’ll need to provide your personal information, including your Social Security number, as well as information about your employment and income. Once your account is open, you can start making contributions and choosing investments for your Roth IRA.
4. Make contributions to your Roth IRA
You can contribute up to $6,000 per year to a Roth IRA if you’re under age 50, or up to $7,000 per year if you’re 50 or older. It’s important to make regular contributions to your Roth IRA to take advantage of the tax-free growth potential. You can set up automatic contributions from your bank account to ensure that you’re consistently adding to your retirement savings.
5. Choose investments for your Roth IRA
Fidelity offers a wide range of investment options for Roth IRAs, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). It’s important to choose investments that align with your retirement goals and risk tolerance. Fidelity also offers target date funds, which are designed to automatically adjust your investment mix as you get closer to retirement.
By following this beginner’s guide and opening a Fidelity Roth IRA, you can set yourself up for a tax-free future and potentially become a tax-free millionaire in retirement. Start saving today and take advantage of the benefits of a Roth IRA for your long-term financial success.
Im over 50 can I max out my Roth @7,000 then contribute 7,000 non Deductible to IRA then convert that to the Roth (backdoor Roth) as well for a Total of 14,000 every year?
Are you sure about the withdrawal information?
Cual es la diferencia de hacerlo con fidelity o robinhood?
Hello, i have opened and started to fund a Fidelity Roth with a 2060 freedom fund. this might sound like a stupid question, but how or when do i pay my taxes on it?
i deposited $250 into the account and to my knowledge it wasnt taxed,
Hola!! Podrias hacer algun video en espanol? Por favor
Suppose you are young and new to investing, FZROX in your Fidelity Roth as the only investment that you invest in as you are able as early in the year as possible is what I would do for my situation.
After you open the Roth IRA account, what kind of funds would you recommend? Can you invest in index fund from the Roth IRA? Which ones would you recommend?