Roth IRA Explained in 60 Seconds (2023 Rules)

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Комментарии : 308

@alexsteven.m6414 17 дней назад

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

@MarcyLoccy 17 дней назад

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

@belobelonce35 17 дней назад

I wholeheartedly concur. At 40+ years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

@Tanner-c2m 17 дней назад

Impressive can you share more info?

@belobelonce35 17 дней назад

Sharon Marissa Wolfe is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

@PremSteve-yg4de 17 дней назад

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@HugoBergmann-lu4nd 2 месяца назад

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars

@StocksWolf752 2 месяца назад

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

@cowell621 2 месяца назад

On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then

@LiaStrings 2 месяца назад

Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?

@cowell621 2 месяца назад

Finding financial advisors like Sonya Lee Mitchell who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@VictorBiggerstaff Месяц назад

I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

@Biggerstaff4 Месяц назад

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement in 3 years.

@albertzalez32 Месяц назад

consider financial advisory so you don’t keep switching it up... those sound like great picks anyways, not bad for 350k

@StephenTho42 Месяц назад

Agreed, I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has 5X in barely 5 years, summing up nearly $1m as of today.

@Scarborough-c26 Месяц назад

@@StephenTho42 this is huge! would you mind revealing info of your advisor here please? in dire need of portfolio rebalancing

@StephenTho42 Месяц назад

She goes by ''Katherine Nance Dietz'' a renowned figure in the financial industry with over two decades of experience. I'd suggest you research her further on the internet.

@JayMomoa-4 Месяц назад

thanks for putting this out, curiously inputted Katherine Nance Dietz on the web, and spotted her consulting page no sweat.. was able to schedule a call session with her, she actually shows a great deal of expertise

@caseybills5517 6 дней назад

So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?

@JamesLongman-v5r 6 дней назад

In my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor

@LiaStrings 6 дней назад

Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)

@Wellerpage 6 дней назад

Could you possibly recommend a CFA you've consulted with?

@LiaStrings 6 дней назад

Her name is Rebecca Nassar Dunne can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

@PennyBernadette 4 дня назад

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

@dwade3 10 месяцев назад

*half the video* "Makes perfect sense" *Phased out Contribution Calculator* "😵‍💫"

@Andrew-it7fb 8 дней назад

What he means is that as your income increases over a certain amount, the amount you're allowed to contribute goes down.

@MUP-kn4np 10 месяцев назад

The Roth IRA explained *makes it even more confusing*

@user-qz1iu9nk4k 7 месяцев назад

literally lol

@WagwanHappyPappyHapPap 6 месяцев назад

Terribly fast and not explained at all, let alone well

@mastershredder2002 6 месяцев назад

Bruh, I'm just dying poor.

@troymorgan6206 17 дней назад

@@WagwanHappyPappyHapPapjust contribute whatever amount you can, on a regular basis

@MegatPage 2 месяца назад

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

@StacieBMui 2 месяца назад

Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, its advisable you work with a financial advisor to help set up a well-structured portfolio.

@cowell621 2 месяца назад

I agree. Based on personal experience working with a financial advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

@FarrahBaker467 2 месяца назад

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

@cowell621 2 месяца назад

Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@crystalcassandra5597 Месяц назад

I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

@natelammers652 9 месяцев назад

You missed explaining the back door roth for a way to contribute if you’re over the income limit.

@thejakelegion 5 месяцев назад

I need to know this because I'm 6 months away from being over 238k

@brandonl4663 3 месяца назад

@@thejakelegion contribute to a traditional ira then do a roth conversion from trad to roth thats a fancy way to say move funds from tradition to roth

@yourhollywooddream 8 месяцев назад

You have to make sure once your money is in the Roth IRA that you are actively investing it. About 30% of people put money into Roth IRAs thinking that is all you have to do. If you don’t actively choose a stock, index fund, ETF etc., then the money literally sits there and does nothing. Pick top stocks which are in the S&P 500 index such as Apple, Microsoft, Cosco, etc. Or put the money into an S&P 500 Index fund. Your money will grow really well by making sure you invest it and then at 59 1/2 years of age, no taxes ever on the money in the Roth account.

@ro866432 8 месяцев назад

Thanks

@phorqueselantro3566 8 месяцев назад

Is this what they mean when they say “start investing”??? Like in those big name companies ?

@yourhollywooddream 8 месяцев назад

@@phorqueselantro3566 Yes

@3nigma.3nc 6 месяцев назад

I mean yeah, some people are retarded..

@smackatoo 5 месяцев назад

Wait, so the money in the Roth is being funneled into something like the S&P instead of directly investing in the S&P?

@generosityliveson 9 месяцев назад

I'm 55 and semi-retired with IRA sitting in cash, but not impressed with growth so far. Please, how can I take advantage of the current market to make gross profits and retire comfortably rich? Heard of folks that turned millionaires in shaky times like this

@LaurenGilmor 9 месяцев назад

depends how much is 'comfortably rich' if you pinpoint a particular amount to retire with, then it's ideal to plan with a trusted advisor

@dontlookbackwards 9 месяцев назад

I see no other way to maneuver steady profit and steer off losses in this current market except by expertise assistance, would you mind connecting mw with your advisr please? i'm in dire need of proper asset allocation

@fromthebirchwood 9 месяцев назад

thanks for the hint, just inputted Katherine Nance Dietz on my browser and found her consulting page, no sweat.. she seems valid

@bemilli 4 месяца назад

Try learning how to day trade maybe. It can be super risky but if you are retired and have free time to learn a new skill maybe day tradings the move

@joynesshappy9835 5 месяцев назад

Opening a Roth IRA account is such a fundamental step on the path to financial success. It's not just about storing your money; it's about making your money work for you. wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made

@smackatoo 5 месяцев назад

What do/did you do for a living?

@WagwanHappyPappyHapPap 4 месяца назад

You sound like a copy and pasted Dave ad. Maybe even Caleb hammer. Lmao

@shalinireddy8059 Месяц назад

Saw the exact same comment on other financial videos. Sound like an ad

@bridgesbane7032 Год назад

Yeah. I still don't understand.

@afridgetoofar1818 8 месяцев назад

Why? It could not be any easier 😂

@yavuz9038 8 месяцев назад

it says there is a limit each year which is 6500 if you are below 50 if you are above it is 7500. And what roth is after tax. So you put your money into an account with the money you already paid tax off of and it grows tax free which means after the age of 59 and half you can retrieve that money without paying tax for it. If you take it before 59 then you have to pay 10% fee which sucks so put your money into it and forget about it for a long time especially if you are 20 or something because it will take about 40 years for you to eat fruits of the money you put. But it might be advantageous because if you are in the lower tax breackate right now and you believe you will earn more money or government will increase taxes by the time you are 60 then it is very worth it since with a regular ira and 401k you will pay taxes when you retrieve your money. Hope this makes it easier.

@Uvvibes 7 месяцев назад

It’s compound interest it’s hard for human minds to comprehend but it works

@Uvvibes 7 месяцев назад

@@yavuz9038it’s more than just a 10% fee though what you take out also gets taxed as income double whammy

@venzenbroshighlights3259 3 месяца назад

What part don’t you understand?

@greekbarrios 10 месяцев назад

Why are IRA contribution limits kept so LOW ($6K/$7K)? They should be made the SAME as 401k limits so that folks without a 401K can be on equal footing! Somehow this video has helped shed light on some things cos I'm aiming to create a portfolio worth not less than $1M before I turn 60.

@Curbalnk 10 месяцев назад

For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why retirees are turning towards advisors in retirement planning

@colleen.odegaard 10 месяцев назад

True, proper asset allocation is critical. Furthermore, some fund mangers employ hedging strategies or devote a portion of their portfolio to defensive assets that perform well during market downturns. Individuals who rely on pensions should understand their funds investment strategies. Having an advisor assisted me in garnering up to $3 million for retirement.

@blaquopaque 10 месяцев назад

This conversation makes me realize how important it is to monitor the financial health of pension plans and understand how they're invested. It's not something we should take for granted. Please who is the advisor that guides you?

@gthree0239 8 месяцев назад

Just open a brokerage account. It’s like Roth where you’ll pay the taxes now, no limits on contributions, no limits on when you can withdraw the money and it’s not taxed at ordinary income like a traditional 401k/ira is. You’re only taxed at capital gains rates. It’s not as good as a Roth 401k but there are advantages to it too.

@NeoAndersonReloaded 7 месяцев назад

Because they want u to be a slave to a company

@Reef_Runner 8 месяцев назад

“You can’t have one, you make too much money” Life always has to have ways of keeping you down. Smh

@paquesepas6696 Месяц назад

Lol please reread your comment and see how it doesn't make a lick of sense

@Yugiboii 6 дней назад

There’s the back door route though

@TwoPyramid 2 месяца назад

Your money grows tax free, not tax deferred. You already paid the tax, there's nothing to defer.

@MRkriegs 16 дней назад

no hes correct. if u take the gains out early u still pay taxes

@chrisbrotherton 4 дня назад

@@MRkriegsif you take gains out early you pay a penalty, not a tax

@MRkriegs 4 дня назад

@@chrisbrotherton who does that penalty go to?

@A-t-r-u-s 11 месяцев назад

Those limits are so low, I honestly feel it's intentional, to hinder any significant compound growth and dividend receivables.

@cbreeze123 10 месяцев назад

ok i thought it was just me, doesn't sound smart long term

@brendanhorner5727 10 месяцев назад

The money you put in when you're young and make less than that still grows tax free

@MRkriegs 16 дней назад

@@cbreeze123 u don't think a roth IRA sounds smart long term?! lol maybe ur opinion has changed in the last 9 months

@cbreeze123 16 дней назад

@@MRkriegsI’m starting to believe anything they promote to the masses is never the best option. It’s been true with everything else I’ve experienced

@EsteGuey00 7 месяцев назад

It's based on adjusted gross income, not salary. You didn't mention that My salary would limit my contribution, but (based on the IRS website calculator) because of my AGI, I can contribute the full $6.5k

@nuclearknight8543 День назад

The company I work for just got bought out and we’re switching to a new company. I used to never worry about retirement or any of this trash. It’s a complete waste of my time. Because I’m not out chasing money I’m not out to be a mega millionaire when I’m 65 because honestly, I’m not gonna use even a quarter of that money before I die. Of course, I could give that money to family members, but I don’t have any family members. The company I work for is trying to pressure me into doing one of their 401(k) accounts. I told them that I would prefer not to have any retirement plan through or with the company? It absolutely blows their mind.

@auomi8762 Месяц назад

If you are single and above the limit, could you, in theory, open up a Roth IRA, Max out your 401k either traditional or Roth to lower your taxable income, make after tax contributions and then invest in your ROTH IRA?

@Andrew-it7fb 8 дней назад

Yes. It's your taxable income that is considered. One thing to keep in kind though is that the contribution limits for IRA is for all of your IRAs combined, traditional and Roth. So since the limit is $7,000 in 2024, you could put $3,500 in a traditional IRA and $3,500 in a roth.

@Yugiboii 6 дней назад

You can make a pretax contribution to your 401k to reduce your taxable income to be under the limit for direct contribution into a Roth IRA

@BoxMountainLLC 8 часов назад

Yes you do!! This happened to us! Our agi was on the high side of the limit. Instead of leaving it there until we needed it and then figure out what the taxes would be for the excess contributions, we each had to transfer 7,000. into a non-deductable IRA. Going forward we will NOT add to this IRA...it will invest the 7K and just sit until we retire and need to access. Let's just hope we can find an intelligent tax accountant to figure this out! LOL

@lorenzoarevalo7387 Год назад

What if you make less that those limits ?

@justanotherweirdo11 11 месяцев назад

You can contribute the full limit ($6500).

@Libertyfirstrye 8 месяцев назад

This makes sense

@JuiceBox22 5 месяцев назад

@@justanotherweirdo11thank you

@JoyceWealth 10 месяцев назад

Backdoor Roth contributions bypass income restrictions.

@edmandell3064 8 месяцев назад

Ron Legrand has a video out saying taking $100 from a Roth IRA to put into a wholesale deal and if you made 20,000 profit from that deal the 20k goes back into the Roth IRA tax free now and later at 59.5....can you explain this ?

@sarasandbom 9 месяцев назад

What if you were previously making 120k, now all of the sudden you’re making 200k. Can you still contribute, or will the money you already put in just continue to sit there, or do you have to take it out and possibly switch to a Traditional IRA?

@bidmcms3 4 месяца назад

No you don’t have to take out money you contributed previously. Just can’t contribute more, once your annual income exceeds the limit

@Javier_Rodri Год назад

I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet

@IshaanArtharv Год назад

Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning

@benalfredo Год назад

Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.

@_davidturner Год назад

@@benalfredo this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?

@_davidturner Год назад

@@benalfredo thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished

@RYANFERNS19 Год назад

I saw this exact comment by a different person in the same format lol. what's happening

@JRis44 5 месяцев назад

So if you are poor and young you get to contribute up to $6500. If you are poor and old you get to contribute an extra $1k than the young. However, there is a maximum income you are allowed to make until we start limiting how much you can contribute. Maximum for single people is $138k annually and for married or joint couples its $228k annually. After that your contributions will be limited up to $15k past the maximum allowed income. For example. If you are single and make $145k you will notice that is $7k over the maximum annual income you are allowed to have before we limit your contributions. So $7k *divided* by $15k *equals* 0.467 You take the 0.467 and *multiply* it to the maximum contribution you are allow which is $6500. That should equal 3033.33 and you subtract that from your maximum contribution which again is $6500 and you are now limited to contributing $3466.66. Once you retire after 59.5 years old the Roth IRA is tax free and you can do what you want if you are still alive and assuming retirement age isnt changed to 80.

@cantgetright742 4 месяца назад

Did you transcript that? Lol

@robertm8380 4 месяца назад

You can have traditional and still save its the same thing. If you know when taxes go up when its announced then you just move the money into something else or take it out early before the taxes go up and save that way.

@lemind05 7 месяцев назад

If you make over the limit look up backdoor Roth IRA pretty simple to do.

@jtixtlan 6 месяцев назад

What if it is February, married filing jointly, and you are not sure if your combined income is over or under that limit? My husband never really knows for sure what he’s going to make for any given year until the end of December. His boss pays a chunk of salary in a bonus in December each year and there is no formula for it. It is at the company owner’s whim.

@damondiehl5637 Месяц назад

You have until April 15th to make a contribution for the previous year. So you have a short window to figure out how much you made and made a contribution.

@avitony35 3 месяца назад

If you understand it, it’s not so overwhelming. Start young and ride the wave :) good video ty

@FrankBatistaElJibaro 8 месяцев назад

@wealthhacker Please do a quickie on HSA.

@helprehouseourvets6919 Год назад

So..if your 65 & start a business that you've turned into an S-corp thus giving you a paycheck..now how does this work?

@theologamer 3 месяца назад

A Roth IRA wouldn't be "Tax deferred," It would be be tax preferred. Roth and traditional IRAs are both tax PREferred vehicles, But only traditional ones are DEferred. Deferred means "later"

@shujayethossain6554 Год назад

Hi Do I have to invest it or just deposit the money and just leave it there like that and let it grow?

@bridgesbane7032 Год назад

I been wondering the same thing this whole time.

@Itsharcharan Год назад

You have to Invest it ( Stocks/ETFs/Index Funds) Best thing is to invest in Index funds.

@cathy349 5 месяцев назад

I dont understand the phased out contribution part

@MRkriegs 16 дней назад

it means if ur income is within those limits u can't contribute the full amount. if its over the limit u can't contribute at all

@luckynicky13 5 дней назад

What happens if I have a Roth IRA now and then I get a raise at work and start making above the limit ?

@chasewrenn7109 4 месяца назад

Short video I get it, big ones missed is Backdoor Roth for high income earners and contributions are tax/penalty free after 5 years

@luketagarao9787 4 месяца назад

There’s a way you can bypass not being about to contribute if you make “too much” money.

@slapshot1373 8 месяцев назад

The income limits are based on AGI (Adjusted Gross Income)

@bryceimel3655 Год назад

If I currently make less than those limits but one day come to make more what will happen to my money that I had in the Roth IRA?

@wilsonstrickland4888 11 месяцев назад

I want to know as well, I was thinking the exact thing

@zitchzitch9524 10 месяцев назад

@@wilsonstrickland4888u can’t add more money if that happens but the money stays

@SuperT 9 месяцев назад

it stays in there you just cannot make a roth contribution for years where your income exceeds the limit

@Yugiboii 6 дней назад

You will have to pull out the contribution from the current year as your MAGI will now exceed the amount for direct contributions… you will have to go the back door contribution route

@airless818 11 месяцев назад

Can you write off losses? Im down 5k on a company and want to get out of it completely

@FioneyMoney Год назад

The best is when you can contibute to a Roth IRA and still get a Saver's Credit 😍 Well, actually, making more money would be better... but that is a nice bonus.

@strangergranger10 Год назад

1)As a single tax filer, if I make $200k short term capital gains(investment income), no job, can I use that to fund a Roth IRA account??? 2) Or if I have a job making $40k a year (earned income) and make $200k on short term capital gains (investment income), will it affect my qualifications to open up a Roth IRA???

@strangergranger10 4 месяца назад

@@ChefJeff003 that is very informative, the reason I asked about it because of MAGI (Modified Adjusted Gross Income) will affect the eligibility to fund the Roth in my understanding. Let’s say, $40k earned income and $200k on investment income. The total MAGI will be $240k. In summary, MAGI determines the eligibility to make contributions to Roth IRA????

@Yugiboii 6 дней назад

@@strangergranger10correct MAGI affects the ability for direct contributions

@strangergranger10 6 дней назад

@@Yugiboii that’s messed up. How about if you maxed out your tax deductible like 401k, does the contribution will be counted for MAGI??? I only make $31,200 on my job or $15/hr, but if luck hits and exceeds MAGI, through capital gains, am I still qualified for Roth IRA???

@Martindaskomedia Год назад

Thanks for simplifying for us Canadians

@jodewitt 8 месяцев назад

When is the best time of year to invest in your Roth? If I want to contribute all at once.

@HHH-nv9xb 25 дней назад

Isn't Traditional verses Roth is just speculation of our tax bracket going to be relative to our current tax bracket? Is your tax bracket going to be higher or lower?

@Yugiboii 6 дней назад

Well we can’t really predict if legislation will increase or lower the marginal tax rate in 30 years right

@melrose031 9 месяцев назад

What about if you make less than that income?

@daury.__1860 7 месяцев назад

What happens if I paid off my contributions last year but this year I make over 200k a year? Should I switch to rollover or traditional IRA?

@alexcamp4026 Год назад

Not sure if I'm thinking correctly but it sounds like to me only a certain amount class person can start a Roth. Why not everybody? I don't have alot of money so I get skeptical. Maybe it's because banks take your saved money and invented. I could wrong just what make the best choice.

@SuperT 9 месяцев назад

If you have income you can open a roth. If you made $1 per year (after tax) you could contribute $1. I made a couple hundred at 17 and put it into a roth. It's not much but it's worth like 80x its value in 40 years

@lapprentice 6 месяцев назад

Then, you can always backdoor roth contributions if you hit over the income limit.

@erictorres6649 5 месяцев назад

So do I let the money sit? Or do I invest what is in my ROTH IRA?

@suv27 8 месяцев назад

How and when they determine how much I make if I can start contributing in January ? I’m asking since my salary went up and I feel I can get stopped from contributing so would like to understand when I will be stopped since I haven’t filled the taxes for 2023 saying I make more than 153K. Thanks

@ROMEKBNY 9 месяцев назад

I guess the part that I’m unsure about is tax deferred. Is the tax deferred or will I not have to pay tax at all later? When I start making withdrawals after 59 1/2, will I have to pay tax?

@dylanbrown3869 2 месяца назад

Does VA disability count toward total income when calculating what you can contribute

@damondiehl5637 Месяц назад

@Undefined9 4 месяца назад

So, if your paycheck reflects your contribution, that money shows that was put in is after tax which means you already paid taxes on it? Reason I ask is because this seemingly replaced where I contribute fed tax on my paycheck.

@hillsong20102 Месяц назад

Maybe contact HR or your payroll clerk and ask how to contribute to your 401k pretax.

@GGelatoW 5 месяцев назад

What if you have one and later on in life start making more than that? Do I have to wait until I'm 60 to touch that money even though I can't contribute anymore? Or can I then rollover into something else?

@oman4229 3 месяца назад

Question, what happens if I qualify for a Roth IRA now but later in life I exceed the threshold? Am I forced to withdraw my funds or just forced to stop investing into the Roth?

@MRkriegs 16 дней назад

no, if ur income is over the limit for a period of time its ok, u keep ur roth ira u just cant contribute any more until ur income is in, or under the threshold

@user-tt8ii6tm5s 7 месяцев назад

What if when you start it off you make under the amount but later in life you get a job that pays over the amount ?

@Perplexual5 7 месяцев назад

it goes year by year. as long as you made less than the amount you could contribute the maximum. once you hit that range, you can only do a portion of the yearly Roth maximum. it doesn't affect the money that's already in there.

@gthree0239 8 месяцев назад

Couple things wrong. It’s the year you turn 50 so if your birthday is 12/31/1973 this year you are turning 50, but you’re 49 for most of the year. This doesn’t matter though it is that year in which you turn 50 that you can start taking catch up contributions (the extra 1000 in the IRA and also into the 401k) You also can contribute the full 6500 or 7500 into the Roth it’s called a conversion or back door funding.

@Monkey-ut6ns 6 месяцев назад

What if ur under the income limit as a single person or married person?

@owenmerz737 10 месяцев назад

so the taxed contribution takes half of what you put in? and what’s left is invested?

@dawnt5587 9 месяцев назад

It has to be earned income and it has to be in the account for 5 yrs before you can withdrawal it.

@user-yp8hc8gz2x 9 месяцев назад

Backdoor Roth???

@loveydovey4u 2 месяца назад

Yeah that's dirty!

@Heatherbailey1 3 месяца назад

Where did the $15k number come from? Did you call it a rate or a range?

@SometimesImEpic 4 месяца назад

Money is dumb, gain love. Love is wealth. Everything else is noise.

@richhenry8004 4 месяца назад

Perfect short, thanks.

@fahrbierde 6 месяцев назад

MFJ is ≥ $218,000 but < $228,000 for phased out contribution, isn't it?

@maximumoverload5134 13 дней назад

Can you contribute to a roth ira with disability payments from ss ?

@roozavelt Год назад

You do not know the backdoor method, you can make as much as you can over the limit and still do roth ira. Look up mark j kohler, backdoor roth

@RAWxILLIST Месяц назад

If you can't explain something to a six year old, you do not yet know enough about it. - Einstein

@mikegreen8611 6 месяцев назад

What's the 5year rule, I thought u can take out without tax penalties

@user-jw1df9bh2q 7 месяцев назад

What if you make less than $138k? What do you suggest?!

@wealthhacker 7 месяцев назад

you can still do a roth

@jjmeara26 3 месяца назад

What happens if I do end up making more than the allowed annual income

@Perplexual5 7 месяцев назад

what if I put too much money in the Roth IRA? How do I avoid the tax penalty?

@wealthhacker 7 месяцев назад

You can take it out

@user-sj3uf2ld5e 18 дней назад

This man talks faster than time flys.

@daajewwish123 6 месяцев назад

You forgot backdoor contrabutions.

@wealthhacker 6 месяцев назад

I had 60 seconds

@daajewwish123 6 месяцев назад

@@wealthhacker Touché 😏

@vidsbynick3082 6 месяцев назад

Do some research into “Back Door Roth IRA”. No income limits.

@wealthhacker 6 месяцев назад

No income limits. Potential large tax bill

@gladismonterrosa7751 7 месяцев назад

Awesome info thanks

@wealthhacker 7 месяцев назад

No problem!

@aviatrix59 7 месяцев назад

What’s the 15k part??

@theeverythingdoer7936 6 месяцев назад

Did you get it???? 😅

@Heatherbailey1 3 месяца назад

I have the same question

@Martin-og9zg 4 месяца назад

People who make too much to do Roth IRA should talk to a CPA about doing Mega Roth IRA/Mega Backdoor Roth IRA.

@joeartgarrido007 Год назад

Why did you divide the 7k by 15k ? Where did the 15k come into the equation ?

@joeartgarrido007 Год назад

Nvm I watched someone else’s video and I understood from them instead

@jusxi 11 месяцев назад

@@joeartgarrido007what video did you watch to understand it more ?

@alant3985 Год назад

Thanks for the information,

@wealthhacker Год назад

You're welcome

@Dansull123 14 дней назад

What happens if you started a ROTH and end up earning more than $153K?

@davidbaker9943 16 дней назад

You forgot the backdoor Roth IRA but that would probably be more than 60 seconds

@insomnia9999 Месяц назад

Is that pre or post tax income?

@gobot4455 4 месяца назад

Note: there is NO income limit in a Roth 401k. This rule only applies to Roth IRAs.

@Nobody18718 7 месяцев назад

What if you are below the amount the recommended amount

@lifewithclaudine8029 4 месяца назад

And thats the adjusted gross income limits

@kennethmcdonald4411 Месяц назад

What is with the last part, this is the first time I am hearing anything like that. Does this mean I can't contribute $7k for 2024 or not?

@cam-inf-4w5 8 месяцев назад

Do you have to keep paying every year?

@JakeTreadway 8 месяцев назад

You can do backdoor Roth

@Spacecow-ft1cr Год назад

If I don’t make 138 to 158 or whatever now but will in the future do i just still have the ACC and just can’t add or will i have to get rid of it?

@alrocky Год назад

Once your income is too high to *directly* contribute to Roth IRA, you may *indirectly* contribute to Roth IRA by *_back door_* Roth IRA process.

@psylentsage 11 месяцев назад

So the amount your allowed to put in is based off your income? So if I’m 23 making 125K a year I can’t put 6,000? Or do I have to use the formula presented in the video? Sorry I am not the best at math 😅

@rexrandall33 9 месяцев назад

You said the money grows tax deferred to me that means you have to pay taxes later like in a traditional IRA but in a ROTH the money grows tax free?

@financerox Год назад

Is this sped up or can you talk that quickly? May have career opportunity as auctioneer

@wealthhacker Год назад

Haha! Had to speed ramp this one to get under 60 seconds 😂

@HighTotally420 7 месяцев назад

“It means we can put in --- in 2023” no you can put in more than that or less than that. Also I’m below the income limit low side and I have a Roth IRA that I contribute to by myself and have already put $600 in mine this year