Roth IRA Explained in 60 Seconds. In this video, I will explain the Roth IRA in seconds! All my recommendations 👉🏾

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A Roth IRA is a type of individual retirement account. In this type of account you pay taxes on the money going into this retirement account first, and when you withdraw your money, contributions and earnings are tax free.

This account is the best if you think you will be in a higher tax bracket once you retire. The Roth IRA is different from other retirement plans is that you can continue to put money in once your over the age of 70 and a half, as long as you’re still making income. There are no required minimum distributions.

Similar to other retirement plans, you must be over the age of 59 and a half to withdraw your contributions and earnings to avoid penalties. But you can withdraw any money that you put in, tax and penalty-free.

If any of that money that you put in had earnings, you have to wait at least five years and meet a certain condition, such as Being over 59 ½, use it for a first home purchase, become disabled, or die or avoid penalties.

The downside of a Roth IRA is that if you make too much money, you cannot contribute. In 2019 if you’re single you can’t make over $137,000 a year. And for married couples, it is about $200,000.

In 2019 you can put a maximum of $6,000 a year and if you’re over the age of 50, you can put up to $7,000.

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A Roth IRA is a type of individual retirement account that allows you to save for retirement with after-tax money. This means that any contributions you make to a Roth IRA are not tax-deductible, but the withdrawals you make in retirement are tax-free.

You can contribute up to $6,000 per year to a Roth IRA if you’re under age 50, and up to $7,000 per year if you’re 50 or older. Your contributions can be invested in a variety of assets, such as stocks, bonds, and mutual funds, to help your savings grow over time.

One of the key advantages of a Roth IRA is that you can withdraw your contributions at any time without penalty, making it a flexible option for saving for retirement. Additionally, you are not required to start taking withdrawals at a certain age, unlike traditional IRAs.

Overall, a Roth IRA can be a valuable tool for saving for retirement and providing tax-free income in your golden years.