9 Roth IRA Mistakes Costing You Thousands

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✅ Not sure how to invest? Find advisors here: penniesnotperf...
✅ Roth IRA rules found here: www.irs.gov/re...
✅ Roth Savings Challenge plans: shop.penniesno...
Roth IRAs are amazing for investing for retirement, but many people make mistakes with these accounts. In this video I cover the most common Roth IRA mistakes I've seen.
Mistakes to avoid:
1. Not using a Roth IRA because you already have a 401k.
2. Not actually investing the money.
3. Not maxing out your account for the year.
4. Not contributing for both people if you are married.
5. Taking too much risk with investments.
6. Not considering your tax brackets.
7. Breaking the rules on contributions.
8. Investing before you paid off high interest debt like credit cards.
9. Not keeping your beneficiaries updated.
Want more Roth IRA info? Watch more of my Roth IRA 101 videos:
• Roth IRA 101
Roth IRA rules found here: www.irs.gov/re...
Roth Savings Challenge plans for weekly and biweekly contributions: shop.penniesno...
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**The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. I am not a professional and this channel is for entertainment purposes only. Do your own research!!
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Опубликовано:

8 сен 2024

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Комментарии : 26

@PenniesNotPerfection Год назад

✅ Not sure how to invest? Find advisors here: penniesnotperfection.com/nectarine ✅ Roth IRA rules found here: www.irs.gov/retirement-plans/roth-iras ✅ Roth Savings Challenge plans: shop.penniesnotperfection.com/products/roth-ira-challenges-printable ✅ Mistakes to avoid: 1. Not using a Roth IRA because you already have a 401k. 2. Not actually investing the money. 3. Not maxing out your account for the year. 4. Not contributing for both people if you are married. 5. Taking too much risk with investments. 6. Not considering your tax brackets. 7. Breaking the rules on contributions. 8. Investing before you paid off high interest debt like credit cards. 9. Not keeping your beneficiaries updated.

@desertrat5543 Год назад

Omg thank youuu! You explained this so well. I have been tripped up trying to decide what type of Roth IRA to get and you nailed it on the head. I wasn’t aware that we could have two separate IRA’s despite being a one income household. Just awesome. My son has special needs so I worry about his future, and this is great to know.

@PenniesNotPerfection Год назад

So happy to help a tiny bit!

@FyNest90 Год назад

HANDS DOWN the most important thing I wish I knew as soon as I started putting $ into my Roth IRA was that I actually needed to INVEST IT afterwards!!! I was always just told "max out your Roth IRA every year" so I did, only to realize YEARS later that I had left thousandsss of dollars just sitting in the account, doing nothing!!

@PenniesNotPerfection Год назад

This happens to more people than you think ands it’s why I always try to mention this exactly! You have to actually select the investments and make sure your money buys them instead of sitting in a settlement fund. Very important!

@BudgetandGrow Год назад

Thank you! I had no idea we can add more money than the limit onto the ROTH even if it’s not permitted an easy mistake to make and get in trouble. I would think the roth companies would cap you once you maxed out! I appreciate the info! ❤

@PenniesNotPerfection Год назад

Most do stop you but they also don’t track if you have another Roth IRA at a different brokerage. So you can’t be sneaky and put $6,500 in at four different companies.

@BudgetandGrow Год назад

@@PenniesNotPerfection oh I see! Okay fair enough! Good to know this year I am (hopefully) opening my first Roth IRA! I am 33 y/o so trying to play catch up! 🫶🏼

@PenniesNotPerfection Год назад

Great decision! You've got this!

@rebeccagrainger5258 Год назад

@@PenniesNotPerfection if I set up an auto draft and i reach the max for that year, will it start flowing into the next year automatically? this is the only thing that has kept me from setting up auto transfers.

@user-wy2ud4xx5q 9 месяцев назад

@@rebeccagrainger5258what I do is let the platform choose the weekly, biweekly, or monthly transfers into the IRA based on number of transfers left and my contribution limit. Then the brokerage platform automatically keeps transferring the required amount and no danger of going over the limit. This however will not take into account any other IRA you may have at other brokerage firms.

@jalyize 10 месяцев назад

Thank you for this video, interestingly amazing, i just learned a tonne of knowledge. Blessings sis

@sandrafromscotland Год назад

🌲 Beneficiary tip 👏

@LuigiScalise1 8 месяцев назад

What do you think of Robinhood’s Roth IRA vs M1Finance? I’m not sure which 1 to choose.

@mike7933 Год назад

I believe an IRA is not met for risk, I completely agree with you. Keep it as low risk as you can. If you want risk just do a regular investment account and buy individual stocks, crypto (if you are into that supply demand B.S) etc. Also, IRS does not limit individual stock purchases, usually the broker will impose trade limits for low level cash accounts.

@mannyqalc4624 7 месяцев назад

Quick question I’m investing 14% on my Roth tsp. If I use one of these services and set one up on my own is this allowed since it’s another Roth account?

@olgajimenez3713 Год назад

Thank you for the information. I believe my question is on mistake #6, I want to make sure what you meant with it, if in the future I surpass the eligible income what would happen with my account? Also if I’m investing on the Roth could I surpass at some point that allowed amount because earning with the investments and then the same not being able to contribute anymore or how does it work? And one more question, I haven’t filed yet yo the IRS for 2022, I’m going to ask for an extension and I know the deadline to contribute to the Roth is April 18, so can I still contribute or do I need to file first? THANKS

@alrocky Год назад

Q1 Once your income exceeds limit for _direct_ contribution to Roth IRA, you can perform a *_back door_* Roth IRA process. You can contribute $6,000 to your 2022 Roth IRA right now.

@PenniesNotPerfection Год назад

Your investment earnings don’t affect eligibility, only your income. Every year the IRS will publish the income numbers that determine if you are eligible. If you can’t contribute anymore then you either don’t contribute or learn about the “back door Roth IRA”. An extension on your taxes doesn’t effect the contribution deadline.

@olgajimenez3713 Год назад

@@PenniesNotPerfection THANK YOU SO MUCH FOR THIS REPLY. I’M SUPPER POSITIVE TO DO THIS. YOUR CHANNEL AND INFO. IS VERY VALUABLE. WISHING YOU BACK ALL THE GOOD THINGS YOU WANT TO ACHIEVE ❤️

@olgajimenez3713 Год назад

@@alrocky THANK YOU FOR YOUR COMMENT, I’LL CHECK ON BACK DOOR ROTH IRA.

@HiddenSoul444 Год назад

Can I still invest while having a car note?

@PenniesNotPerfection Год назад

Of course you can. Investing should be done with your whole financial picture considered. But based on the video generally car loans aren’t as high interest as credit cards. I personally invested when I had a car note!