I noticed that one of the retirements accounts I recommend the most, a Roth ira, that I’ve never made a step by step video on how to open one and where to go to open.

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1. Apps that I like and why
– Now these are 3 apps that I recommend just in case you want to have multiple options
– But theirs really only one that I would use

Options: All of these options have fractional shares, that way you don’t need to have a ton of money

M1 Finance: Dynamic rebalancing, Easy to use, and a lot of investments options ( can start with 10%)
Fidelity and Schwab: also solid options with great reputations

Tip: Notice that I didn’t recommend vanguard, because I strongly believe they are one of the best, but not having fractional shares, hold it back from more investors.

2. You still have to pick investments ( Ramit story)
– Theirs a very crazy story about this lady, she spent 6 years sending money over to her Roth ira account thinking she was earning money
– But she never selected any investments and lost out on all those gains because she didn’t understand
– So make sure to select your long term investments well

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3. How to qualify
– You have to have a MAGI ( modified adjusted gross income ) of less than 139k if your single and 206k if your married
– If you make more than that then you can’t qualify to open one
– But only 15.5% of households have an income that high ( and if you, that’s a good problem to have)

Keep mind also:
– That every year they tend to raise the amount for the MAGI
– So if you don’t qualify but just by a few thousand dollars eventually you will most likely

4. Alternatives
– In case you have a high income
– In case you contribute more money
– And and want to get creative

Example:
– Roth 401k: if your company offers a Roth 401k option this is virtually a combination of a 401k and Roth put together. This means you get to invest you’re after tax income and have it grow 100% tax-free.

– Roth conversions: If you already have a 401k or traditional ira and want to roll over that money to a roth ira. You can by rolling the money from a 401k to traditional ira and then rolling over small amounts into a roth ira ( you will be taxed but not that much because of the small amount and also no penalties) – I would roll over what I need for retirement every year. SO 50k a year ( and pay the taxes out of pocket)

– Non-dedutible ira: and if you don’t want to do any of this, you can always contribute into a traditional ira no matter your income, But you might not be able to deduct contributions.

5. Rules and benefits
– Although a Roth is awesome
– It comes with rules and tricks like ever government-issued plan

Rules:
– You can only contribute up to 6k a year and 7k if you are 50 and older (catch up)
– Income too high and you can’t have one
– 5-year rule: wait 5 years per contribution if you converted an ira into a Roth, also to withdraw earning, and if you inherited it ( 10% penalty if not followed)

Benefits:
– Your money grows 100% tax-free
– No RMD ( you can hold forever and past it on to your kids if you wanted to
– No taxes ever again

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How to Open a Roth IRA (3 Best Places for Beginners)

Saving for retirement is a crucial aspect of financial planning, and opening a Roth Individual retirement account (IRA) is one of the most popular and advantageous options available. A Roth IRA offers tax-free growth and tax-free withdrawals during retirement, which can be incredibly beneficial. If you are a beginner looking to open a Roth IRA, here are the three best places to consider:

1. Vanguard:

Vanguard is renowned for its low-cost investment options and exceptional customer service, making it an ideal choice for beginners exploring Roth IRA accounts. They offer a wide range of funds, including index funds and target-date funds, which are suitable for investors with varying risk tolerances. Furthermore, Vanguard does not charge any annual account maintenance fees, making it an excellent option for those just starting their retirement savings journey. With a user-friendly interface and educational resources available on their website, Vanguard provides all the assistance a beginner might require.

2. Fidelity:

Fidelity is another reputable and reliable brokerage firm that offers excellent options for beginners looking to open a Roth IRA. They offer a variety of investment options, including mutual funds, stocks, and bond funds, catering to both conservative and growth-oriented investors. Fidelity also provides access to research tools and resources to help you make informed investment decisions. Moreover, their customer service is highly regarded, ensuring that any doubts or queries you have will be addressed promptly. Fidelity may charge fees for certain services, so it is important to thoroughly review their fee structure before opening an account.

3. Charles Schwab:

Charles Schwab is one of the most well-established and respected brokerage firms in the industry, making it a recommended choice for beginners seeking to open a Roth IRA. They provide a vast array of investment options, including low-cost index funds and exchange-traded funds (ETFs), allowing investors to diversify their portfolio effectively. Charles Schwab has a user-friendly platform and offers excellent customer service, with representatives available to assist you with any questions or concerns. While they have a straightforward fee structure, it is important to review any associated costs before committing to opening an account.

Before selecting a provider, it is essential to consider a few factors to ensure you make an informed decision:

1. Fees and expenses: Review the fee structure of each provider to understand any charges that may be applicable. Look for providers with low or no account maintenance fees, as this can significantly impact your returns over time.

2. Investment options: Evaluate the investment options available, including funds, stocks, and bonds, and ensure they align with your risk tolerance and long-term goals. Diversification is crucial, and having access to a wide range of investment options is beneficial.

3. Account minimums: Some providers may have minimum requirements for opening an account. Determine the minimums and ensure they are attainable for you as a beginner investor.

Opening a Roth IRA is an important step in securing your financial future. Consider the aforementioned providers, Vanguard, Fidelity, and Charles Schwab, as they offer excellent options for beginners. However, always conduct thorough research and review the individual features and services provided by each institution to find the best fit for your specific needs. With the right research and due diligence, you can open a Roth IRA confidently and start your journey towards a secure retirement.