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Best Places to Open a Roth IRA:
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0:00 Intro
0:57 Best Roth IRA Account Intro
1:47 Option #1 – Best For Hands On
5:06 Option #2 – Best for Hands Off
7:24 Option #3 – Best Hybrid
10:09 Option #4 – Best for Real Estate
12:37 Option #5 – Best for Match
15:25 Option #6 – Best for Passive Investors
18:35 Best Overall Option for Roth IRA Accounts
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LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
When it comes to saving for retirement, investing in a Roth IRA can be a smart choice. With a Roth IRA, you contribute after-tax dollars, meaning your withdrawals in retirement are tax-free. This type of account is especially beneficial for individuals who expect to be in a higher tax bracket during retirement.
For beginners looking to open a Roth IRA account, it’s important to find one that suits your needs and offers a variety of investment options. To help you get started, here are six of the best Roth IRA accounts for beginners:
1. Vanguard Roth IRA: Vanguard is well-known for its low-cost, no-load mutual funds. With a wide range of investment options, including index funds, ETFs, and target-date funds, Vanguard offers excellent choices for beginners. Additionally, their customer service is highly rated, and they provide helpful educational resources.
2. Fidelity Roth IRA: Fidelity is another popular choice for Roth IRA accounts. With a broad range of investment options, including mutual funds, stocks, ETFs, and bonds, Fidelity allows beginners to build a diversified portfolio. They also provide robust research tools and have a user-friendly online platform.
3. Charles Schwab Roth IRA: Charles Schwab offers a wide variety of investment options, including mutual funds, ETFs, stocks, bonds, and options. They have no minimum investment requirement and offer low expense ratios. Schwab also provides a user-friendly interface and excellent customer service.
4. TD Ameritrade Roth IRA: TD Ameritrade is known for its extensive selection of commission-free ETFs and mutual funds. They offer a user-friendly platform and powerful research tools that are beneficial for beginners. TD Ameritrade also has no minimum investment requirement and provides 24/7 customer support.
5. Betterment Roth IRA: Betterment is a robo-advisor that uses algorithms to manage your investments. They offer a simple and hassle-free approach to investing, making it an excellent choice for beginners. Betterment creates a diversified portfolio based on your risk tolerance and automatically rebalances your investments.
6. Wealthfront Roth IRA: Wealthfront is another robo-advisor that offers a hands-off approach to investing. It automatically allocates your investments across a diversified portfolio of ETFs. Wealthfront also provides tax-optimized investing strategies to help maximize your returns.
When choosing a Roth IRA account, consider factors such as investment options, fees, customer service, and educational resources. It’s important to select an account that aligns with your investment goals and offers the support you need as a beginner.
It’s never too early to begin saving for retirement, and opening a Roth IRA account can set you on the right path. With these six options, beginners can choose the best Roth IRA account that matches their investment preferences and sets them up for a financially secure future.
Is Fidelity any good? Started with them, but I'm not sure it was a good choice
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
Thanks Jeff
I have a TD Waterhouse, but am considering sofi
can you go over the different types of investors such as Passive, Active, Hands off etc. idk what i am.
so could you do a fundrise account and a normal IRA?
I've owned a Roth IRA with Vangard for years. It's been in a target date fund which follows the 3 fund portfolio. Total Stock Market Fund, Total Bond Market Fund & Total International Market fund. Very low cost (key!) and index based. Has done very well!
It’s such a blessing that my wife and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what she lacks, she’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
Well explained, the best thing is investing your money rather than just leaving it in your bank accounts, where it ends up loosing it's value over time. I used to be a victim of this, until I met a financial advisor Christy Val D'souza , she explained to me why I must invest my money and have my retirement planned. Now I can proudly say I make so much every week from my investment and my retirement account is growing bigger and better. I am not worried of getting older anymore.
My second time watching this video so I could absorb all of the great info. I've been looking at lots of videos about starting a Roth IRA and i'd heard the name M1 Finance mentioned a few times. This video has convinced me to go with them! Thank you!!!
Great video on an important topic. I 2nd the request regarding backdoor Roth conversions. I have a taxable brokerage account with Fidelity that is largely dividend paying stocks. I am planning on holding the stocks for the L-T. Currently have about $100K with value below my cost basis. I'd like to sell these holdings and use the proceeds to fund an IRA. Should be no tax impact due to loss on sale. Then I'd like to backdoor convert the full IRA value to a Roth. Again…should be virtually no tax impact other than any gains occurring between funding IRA and conversion to Roth. This should allow me to get $100K into a Roth and then have no taxable impact on dividends moving forward. Is this doable or am I missing something (like a holding period prior to converting)? Thanks.
Hey Jeff! I hope you're doing well! I've been a fan of your content on financial advice. I wanted to reach out because I'm an aspiring graphic designer looking to gain experience in creating YouTube thumbnails. I'd be thrilled to collaborate with you and design eye-catching thumbnails that align with your channel's style. Since I'm building my portfolio, I'm offering my services for free to a select number of YouTubers. I believe together we can enhance the visual appeal of your videos and contribute to the growth of your channel.
Jeff, do you have a practical walk-through video on the back door Roth IRA? I have tried to understand it but I just can’t seem to wrap my head around it… basically you’re converting a tradition IRA to a Roth? does this conversion “count” in the $6,500/year contribution limit? Thank you so much!!!
AWESOME video! I love Robinhood for the match and the high interest rate on uninvested brokerage cash… 4.65% APY currently
I know it's out of topic. But which one is better? trad 401k or ROTH 401k??