Where To Open A Roth IRA | 3 BEST Roth IRA Accounts
Where should you open a Roth IRA? This video covers the 3 BEST Roth IRA Accounts to choose from for beginners, including everything you need to know about Roth IRA's - Enjoy!
A recent poll on my channel showed 33% of people don't have a Roth IRA.
Roth IRA's could reap tremendous rewards as you plan for retirement since your entire account will be TAX FREE.
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⏰ Timestamps ⏰
00:00 Intro
02:09 1. Fidelity
05:23 2. Vanguard
09:22 3. Charles Schwab
11:33 Key Things To Know
13:55 Conclusion
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📝 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.
Where to open a Roth IRA?
There are 3 places I recommend to open a Roth IRA account and in this video I explain why I have narrowed it down to Fidelity Investments, Vanguard, and Charles Schwab.
Why?
Fidelity is among my favorite (not affiliated) and all three options are the largest in the industry and have been around for a long time. You can also utilize their in house index based mutual funds. These platforms are much more professional in my opinion and that is why an account like the Roth IRA to grow over the next 10,20,30+ years should go to one of these 3 places to start a Roth IRA.
I also recommend only picking one brokerage for Roth IRA's to keep things simple.
Pros:
1. Withdrawal Tax Free
2. Time for investments to grow
3. You can withdrawal contributions any time penalty free and tax free
4. You have control on how you want to manage the account
Cons:
1. Income Limit: If you have to high of an income then you are unable to contribute to a Roth IRA.
2. Contribution Limit: How much you are able to contribute to the account every year.
3. Can't withdrawal earnings before 59.5
4. Withdrawal earnings early and pay taxes and 10% penalty.
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 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 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.
