Do you have a video where and how to open this account ? Should I just go to my bank or my credit union and ask them to open one ? Sorry ..I only had 401k from my work ..not sure how to open this one . Great video as always , super motivated !
If I move to Florida when I retire, will I be able to withdraw from my 401k and traditional IRA tax free? Not sure if this is true or am I misunderstanding something?
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, and 20% SCHG. 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 within 3-5 years before retirement.
@arlenehill4ril truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
@arlenehill4ril thanks for sharing, I must say Sophia appears to be quite knowledgeable.. just inputted her full name on the web and at once came across her consulting page, no bs!
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Retirees who face hard times to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my dad through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.
For retirees and those close to retiring, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
It depends on your personal choices and comfort level. However, one option is to keep things simple and consult an asset manager. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape. I have about ($1.25m) in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little in retirement accounts. To be honest, the information provided by managers can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
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.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@@devereauxjnr It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@viewfromthehighchairr I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
@@billclinton-f8n I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “NICOLE DESIREE SIMON”, and she's really good.
@@viewfromthehighchairr I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?
Surely I really can't believe I just recently hit my early thirties with my lovely wife of about 29 years of age with our kids in school . We're both worth over $1M with no single debt. We're living quite smart and careful with spending. Before we were struggling to raise the kids with the family bills and in deep debt. Now everything is going great, we now even contribute actively to community development in our neighborhood.
@@sonlee8066 Most definitely I have a strong belief that you will be able to go far. You need skilled people in life. This is what I found out many years ago which is the reason I chose my coach. He goes by the name William Alex Jude. You may have probably seen him online.
@Van Drex I'd always be willing to do this and invezt for the long term as long as I'm assured of success. I think I've heard WILLIAM ALEX JUDE mentioned a few times before and I reckon this number of people talking about one person can't be wrong about their experiences.
@@sonlee8066 William Alex Jude's financial advice is unbelievably profitable, I still can't believe the level of growth I've attained this year with his help.
Can’t believe I didn’t look into this in my early 20’s. At 36 I just opened my 1st Roth IRA, I guess better late than never. Love your channel new sub :-)
Thanks for the info. I ask fidelity if I can take money out of the account and said only after 59.5 years. Which one is the one you can withdraw money out incase you need it before 59.5. Thanks
Only if you sell when it's down. Say you put $5K into your Roth IRA, and you buy a stock with it. Now you have $5K worth of that stock. If the price of that stock drops 20% and you sell it, you'll then only have $4K left. So yes you can lose money in a Roth IRA.
Hi Marko so to start an IRA you are putting money into an account that grows over time as you get older. If that's the case can I start with a small amount. Just trying to understand it all. The video was great.
Great Video!!! Simple and easy to understand.. Mt biggest question is why most people don't invest in their IRA? Is it lack of funds or? Realistically what can u loose long term 30 years plus?
I have a question i'm on social security disability ssdi and i'm thinking of starting a part time job which is perfectly legal as long as i stay within the guidelines of the social security requirements my question is if i start making money with this job it will affect the taxation on my social security i'm wondering if i can come back that by opening up a roth account can i lower my income with my contributions in respect to the income threshold for social security taxation
Thank you so much Marco , Question : if your Roth IRA has 4 index funds , can you sell 3 of them and buy more of the 4th one . I got bonds , international , S&P 500 , and total stock market index . I am thinking to sell the first three and buy with the money more of the total stock market index ??? is there a penalty , or taxes apply ???
If you can only put in 6k in the IRA annually, does this mean the amount you open with is a really meaningful starting point? Like you want to open with as much as possible? Or can your starting point only be 6k anyway as well? Thanks
You can only put max 6k until 2023.it goes to 6500. Regardless of if you just opened it or currently using it ,the most you could contribute a year is 6k
I have a question for you, or anyone that can answer. I recently opened a roth ira with schwab and it gives me the option to contribute to 2020, 2021, and 2022. I will contribute to 2020 first am I still allowed to invest the 2020 contribution into the an etf or mutual fund even though its 2021?
Question..!! if someone can pls answer, I am 56y/o, i had been contributed thru my employer on 401k for 30 years and i don't even have 100k yet. Now my question is: is it possible to transfer that 401k balance to a Roth IRA account. Thank you.
I interested a Roth IRA...however with my last employer they matched at 6% I want to roll over should it be with my now new Employer’s 401k or should I put it in a Roth IRA. I am interested in info for M1
@@orangemountain457 awesome. Thanks. I looked through his videos and didn’t see this one. Yes, my account said to contribute to a Traditional IRA this year to help cut down my taxes. Thanks again
Marko. Have you ever thought Investing into a Traditional-IRA for the upfront tax break. From there, when it’s your time to retire, look into the Roth conversion ladder. Any input from you or anyone else?
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My FREE M1 Finance Training Video!
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GREAT INFO!!
Do you have a video where and how to open this account ? Should I just go to my bank or my credit union and ask them to open one ? Sorry ..I only had 401k from my work ..not sure how to open this one .
Great video as always , super motivated !
Will you make a video on who should do a backdoor Roth IRA?
If I move to Florida when I retire, will I be able to withdraw from my 401k and traditional IRA tax free? Not sure if this is true or am I misunderstanding something?
Outstanding presentation young man..
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, and 20% SCHG. 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 within 3-5 years before retirement.
these are dividend stocks not growth, but not bad for 350k
I think you should consider financial advisory so you don’t keep switching it up !
@arlenehill4ril truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
@arlenehill4ril thanks for sharing, I must say Sophia appears to be quite knowledgeable.. just inputted her full name on the web and at once came across her consulting page, no bs!
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Retirees who face hard times to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my dad through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.
For retirees and those close to retiring, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
It depends on your personal choices and comfort level. However, one option is to keep things simple and consult an asset manager. They can help you determine your risk appetite, avoid common mistakes, and provide a broader perspective on your investment landscape. I have about ($1.25m) in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little in retirement accounts. To be honest, the information provided by managers can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
That's Impressive. can you share more info?
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
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.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@@devereauxjnr It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@viewfromthehighchairr I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
@@billclinton-f8n I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “NICOLE DESIREE SIMON”, and she's really good.
@@viewfromthehighchairr I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?
My oldest son just turned 18 we setting him up today 🙌🏾
Surely I really can't believe I just recently hit my early thirties with my lovely wife of about 29 years of age with our kids in school .
We're both worth over $1M with no single debt. We're living quite smart and careful with spending. Before we were struggling to raise the kids with the family bills and in deep debt.
Now everything is going great, we now even contribute actively to community development in our neighborhood.
Wow this is great Van, Any investment tip for me? Would like to know how you came this far.
@@sonlee8066
Most definitely I have a strong belief that you will be able to go far. You need skilled people in life. This is what I found out many years ago which is the reason I chose my coach.
He goes by the name William Alex Jude. You may have probably seen him online.
@@vandrex234
Thanks so much, I really do appreciate your comment. Can I connect with your inveztment advisor if you don't mind ?
@Van Drex
I'd always be willing to do this and invezt for the long term as long as I'm assured of success. I think I've heard WILLIAM ALEX JUDE mentioned a few times before and I reckon this number of people talking about one person can't be wrong about their experiences.
@@sonlee8066
William Alex Jude's financial advice is unbelievably profitable, I still can't believe the level of growth I've attained this year with his help.
I'm 28 years old and I opened my Roth IRA this year. I have plans and am ready for the long game! Thanks for the info Marko!
Can’t believe I didn’t look into this in my early 20’s. At 36 I just opened my 1st Roth IRA, I guess better late than never. Love your channel new sub :-)
Orange Mountain thank you I’ll check it out.
Same here. Definitely a conversation I'll have with my son. Wish I had known more.
I'm 36 And watching this too, will open this week
29 for me. I’d been working since 15. My dad didn’t even believe me this exists - too good to be true. Rofl
I'm 41. If you're late. Then I'm F ed
Great video, thank you❤
thank you for the infomation!!!!
You bet!
Great presentation🤛🏾 Marko
To clarify, Roth doesn't mean "after-tax." Rather, it was named after former U.S. Republican Senator William Roth who helped created the Roth IRA.
Can’t wait to start making one of these. I’m 24 can’t believe I haven’t seen this sooner!
Marko, killing it again. Im becoming such an old man watching your videos but Im loving it.
Great info thanks for sharing
Excellent delivery. Thank you.
thank you brother. Answered so many questions.
The best videos! 🙌🏽
Wow Thank you for explaining this so well!
Great video bro... I was going to share with my friend you forgot to mention the $ limits and possible backdoor Roth if over the limit?
I learned so many things from this video. My all confused 🤷♀️ solve. Thank you so much !
Thanks Marko
Helpful interesting and so important
Great video dude. Roth IRAs are dope, I only with the max contribution limit was much higher lol.
23 and just opened my 1st. Looking forward to the future 🤞🏽
Excellent video! Best explanation of Roth IRA’s I’ve seen!
Thank you 😊
Wow wish I knew this 10 yrs ago. 🔥🔥🔥
I’m opening a Roth IRA in December 2020. I’m excited. I finally feel like an adult.😁
🙌🏾
Really like your videos!
Thank you
Thanks man!! Great video.
Hi Did you skip #2 in this lesson?
Very informative video. Thank you.
Great advice Marko! I got a Roth IRA when I was 21 with T.Rowe Price. I’m 36 now and still contributing.
👏🏿👏🏿👏🏿👏🏿
Really good and informative video. Ty !
Your videos makes me giggle everytime i watch them . Especially the endings :)
i see it now.... my question is what if i cannot contribute for this year? and the next year?
I was worried Marko wouldn't write on the whiteboard - keep bringing that financial ASMR!
great videos
@marko Why does the video skip from #1 to #3? What happened to Number 2???
Great video
Great video. This is all assuming you make less than 125k annually(single) for you to even contribute the full 6k a year.
Nice! Can a 401K plan be rolled over to an Roth IRA?
I opened one because of Graham Stephen
I didn’t know I could withdraw contributions. Thank you! .... or no NO RMDs.
My credit union states that any withdrawal, contributions or earnings, are taxed and subject to penalties prior to the age of 59 1/2
your contributions are already post tax.
Thank you, I learned a lot watching! Also RIP grandma xD
Thanks for the info. I ask fidelity if I can take money out of the account and said only after 59.5 years. Which one is the one you can withdraw money out incase you need it before 59.5. Thanks
Off subject but ppl keep saying we didn’t learn this in high school but I did and it was public schooling
Can a person lose money in a Roth IRA? If so how?
Only if you sell when it's down. Say you put $5K into your Roth IRA, and you buy a stock with it. Now you have $5K worth of that stock. If the price of that stock drops 20% and you sell it, you'll then only have $4K left. So yes you can lose money in a Roth IRA.
Thank you very much. Your explanation of IRA and Roth IRA is excellent and very easy to understand for a beginner in investing,
So if I’m not good at choosing what to invest in I could lose money? And you have to choose what to invest in yourself?
So i just put money on the account every month and it will grow or do i need to pick a stock or something to make it grow?
What type of stocks do you put in different types of acct. Roth, traditional, etc.
Soooo, what was reason #2? You did 1, 3, 4, & 5😩
What if the investments are doing bad??? How much can I lose??? Will I lose it all like in 401k?
Depends on how much you bought it for. Whatever the difference is between what you paid for and what you sell it for, that's what you'd lose.
Hi Marko so to start an IRA you are putting money into an account that grows over time as you get older. If that's the case can I start with a small amount. Just trying to understand it all. The video was great.
You can start with any amount up to max contribution limit for that year, so yes you can start with a small amount.
Great Video!!! Simple and easy to understand.. Mt biggest question is why most people don't invest in their IRA? Is it lack of funds or? Realistically what can u loose long term 30 years plus?
I didn't know about until years ago. I only had 401ks
Plus you need a few thousand dollars. An emergency fund. Then invest
If you have monthly dividends as your Ira portfolio with automated reinvestment going through the Roth until the 6k point and then…?
Good stuff. My 19 yo has a TD acct with 12K. Maybe we should switch to a Roth to better save for a house.
I have a question i'm on social security disability ssdi and i'm thinking of starting a part time job which is perfectly legal as long as i stay within the guidelines of the social security requirements my question is if i start making money with this job it will affect the taxation on my social security i'm wondering if i can come back that by opening up a roth account can i lower my income with my contributions in respect to the income threshold for social security taxation
Love it
What about iul(7702)?
Great video once again! Does this apply to SEP IRA's? Thanks
Gains are also tax-free after the age of 59.5?
Thank you so much Marco , Question : if your Roth IRA has 4 index funds , can you sell 3 of them and buy more of the 4th one . I got bonds , international , S&P 500 , and total stock market index . I am thinking to sell the first three and buy with the money more of the total stock market index ??? is there a penalty , or taxes apply ???
As long as it's all done in a Roth IRA account then there's no penalities or taxes.
Don’t forget income limits on contributions
Hey Marko, off topic... but can you tell me the type of lapel mic you use? It sounds great and its classy looking. Thank you
Hi Marko, I'm 55 yrs old am I too late to open a roth ira?
Love that joke at 7:22 hahaha
I’m on my credit unions website it is asking me about withholding for a Roth IRA not sure if I understand since it’s tax free
If you can only put in 6k in the IRA annually, does this mean the amount you open with is a really meaningful starting point? Like you want to open with as much as possible? Or can your starting point only be 6k anyway as well? Thanks
You can only put max 6k until 2023.it goes to 6500. Regardless of if you just opened it or currently using it ,the most you could contribute a year is 6k
@@Leclaudservices ok got it, thanks so much
Who pays tax on employer Match if put into Roth, the employee or employer? Also can you withdraw employer contribution as well?
Hi, is there a certain amount required to open a Roth IRA?
wait, is there a way to have more than one roth ira or is that illegal?
I have a question for you, or anyone that can answer. I recently opened a roth ira with schwab and it gives me the option to contribute to 2020, 2021, and 2022. I will contribute to 2020 first am I still allowed to invest the 2020 contribution into the an etf or mutual fund even though its 2021?
Once you hit the max contribution limit for that year, any more contributions will have to be for a different year.
Thank you for this! My 12 year old was able to comprehend your video.
Marko you still recommend M1 Finance in 2023 for a beginner interested in opening in a Roth account ?
I still use it and have a big chunk of savings in their 5% HYSA
I just heard about an MPI. Is it better than a Roth IRA?
Would you recommend putting all stocks in
Does the 6k a year max include a company match? ?
Question right, so the $6000 i put in every year do i need to do my own stocks and investments or is that automatic?
Question..!! if someone can pls answer, I am 56y/o, i had been contributed thru my employer on 401k for 30 years and i don't even have 100k yet. Now my question is: is it possible to transfer that 401k balance to a Roth IRA account. Thank you.
Hey Mark - I started a traditional IRA on Wealthfront . Is that the same or how different is that from Roth?
Question if you dont have steady income would you suggest still opening a Roth ira
You need to be able to provide for yourself today.
Does the IRS considered it income when you withdraw from your Roth IRA?
The tax credit is a good benefit too.
Ok. I can leave the money in without penalty or fees even if I'm much older than 59?
yes
rolled over a 401k to roth ira,i have to pay the up front tax for my roth ira, what is the process ? thanks
What's your opinion on pros & cons for each of Roth IRA providers in your thumbnail?
I’m confused
Do I put assets into the Roth
Or do I use the Roth for assets
A Roth is a retirement account and after you contribute money you buy investments inside it
I really appreciate your videos boss. Simple, transparent. Straight to it! Thanks 🙏🏾
Can I have a Us individual retirement account as an African
I interested a Roth IRA...however with my last employer they matched at 6% I want to roll over should it be with my now new Employer’s 401k or should I put it in a Roth IRA. I am interested in info for M1
Marko! I opened a traditional IRA for the upfront tax break and I am wondering which fund you would invest in? Thanks
@@orangemountain457 awesome. Thanks. I looked through his videos and didn’t see this one. Yes, my account said to contribute to a Traditional IRA this year to help cut down my taxes. Thanks again
Marko. Have you ever thought Investing into a Traditional-IRA for the upfront tax break. From there, when it’s your time to retire, look into the Roth conversion ladder.
Any input from you or anyone else?
can you still have a roth IRA if you contribute to employers roth 401k?
since I am over 59.5, how long must I wait (after depositing), to withdraw dividend payouts from a Roth IRA, without a tax hit?
I’m wondering if I should switch from my 401k to Roth IRA