The 5 BIGGEST Roth IRA Mistakes That DESTROY Retirement
This video covers The 5 BIGGEST Roth IRA Mistakes That DESTROY Retirement. By understanding these Roth IRA Mistakes and taking further action, you could have hundreds of thousands of dollars more at retirement! - Enjoy!
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⏰ Timestamps ⏰
00:00 Intro
00:19 1. Not Using A Roth IRA
02:15 2. Excessive Fees
05:01 3. Speculative Investments
06:50 4. Withdrawing Early
08:06 5. Breaking The Contribution Rules
📝 What is a Roth IRA?
A Roth IRA is an individual retirement account that by U.S. law allows you to invest after tax money for the benefit to withdrawal at retirement (minimum 59.5) TAX FREE, assuming you meet the 5 year rule.
What is the Roth IRA 5 year rule?
The Roth IRA 5-year rule requires that you wait five years after your first contribution to withdraw earnings tax-free, regardless of your age at the time of withdrawal.
In fact, if you are above 59.5 and you rollover money into the Roth IRA, you can withdraw any of the amount that you contributed, as long as you pay the taxes (Earnings must still be 5 years though).
Why are Roth IRA's a great approach when planning retirement?
With proper planning and discipline, a Roth IRA by the time you could retire could truly save you tens to hundreds of thousands of dollars from paying taxes but also the benefit of holding onto investments over the long term.
Why?
If you were to invest for 20, 30, even 40 years and hit the max contribution every year when investing in strong funds, the chances of your accounts value being high is extremely likely. Paying taxes on a portfolio that high, would come with an extremely heavy cost, but paying no taxes would save you many years of working.
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This content is for entertainment only and does not constitute legal, tax, or financial advice. It is for general informational purposes. The presenter is not a licensed professional. Viewers should consult their attorney, accountant, or financial advisor for advice on specific legal, tax, or financial issues.
