How To Open A Roth IRA With $100 | Step By Step Guide

Опубликовано: 30 Октябрь 2024
на канале: Danny Sully

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This video covers a complete step by step guide on How To Open A Roth IRA With $100. No matter the amount you have to start a Roth IRA, this video will teach you everything you need to know to master your own. - Enjoy!

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⏰ Timestamps ⏰
00:00 Roth IRA Overview
01:39 Why Roth IRA?
02:32 How To Get Started
07:54 How To Invest

📝 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.

Pros:
1. Retire 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. Pay taxes upfront
2. Income Limit: If you have to high of an income, you are unable to contribute to a Roth IRA (Can do backdoor Roth IRA)
3. Contribution Limit: How much you are able to contribute to the account every year (Goes up over time)
4. Can't withdrawal earnings before 59.5
5. Withdrawal earnings early, you 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 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.