Just started on this year, I have a 401K and Roth through my employee, but plan on using the IRA as a tax-free wealth transfer to my children when I’m older
Absolutely have a roth ira. In fact, after hitting a nice milestone in my 401k I swapped all my contributions from trad to roth there also. At this point, I'd rather pay current taxes than expose myself to future tax risk with RMDs.
@optimizedportfolio, please help me to understand Roth IRA. What I would like to know if my Roth IRA have 1 million worth of dividend stock, which gives me 50k per year. If my Roth IRA account is more than 5 years old and I am 59.5 years old, will I be tax for future dividends (after age 59.5) if I retired and only take the 50k and leave my 1 million ? What I never take out the 1 million and live off the 50k per year. Where is the irs code can I read that identify the answer to the question I asked.
Is it still worth opening a Roth IRA if you're 43 years old? I'm currently debating whether to open an account with Fidelity, Wealthfront (with which I already have an individual and savings account), or Sofi. Any advice would be appreciated. Awesome videos.
Definitely can be! Tax-free growth, tax-free withdrawals, and no RMD's are some great benefits. I've got a separate video on the Traditional IRA if you think that might make more sense. Usually comes down to one's best guess about their future tax rate relative to current. Thanks!
@@OptimizedPortfolio I see, it's hard to show sarcasm through text. But what do you mean about tracking error regret? I do 100% S&P 500 through my work 401k. I want the roth to grow as big as possible. I'll probably stop doing 100% AVUV in there until I hit $50k of contributions.
Do you have a Roth IRA?
Just started on this year, I have a 401K and Roth through my employee, but plan on using the IRA as a tax-free wealth transfer to my children when I’m older
@@TonyCox1351 Awesome! Thanks for sharing!
Absolutely have a roth ira. In fact, after hitting a nice milestone in my 401k I swapped all my contributions from trad to roth there also. At this point, I'd rather pay current taxes than expose myself to future tax risk with RMDs.
Awesome!
The HSA and Roth IRA are the best investment vehicles for the avg joe
😎
@stevexracer4309 Explain yourself.
You answered one of my questions, that you cannot contribute with securities, thanks.
Awesome!
I have a Roth IRA in Firsttrade, Fidelity, Charles Schwab and Vanguard. Not sure if I should just keep them as is or to combine them into one account.
Sounds like a headache to manage.
@optimizedportfolio, please help me to understand Roth IRA. What I would like to know if my Roth IRA have 1 million worth of dividend stock, which gives me 50k per year. If my Roth IRA account is more than 5 years old and I am 59.5 years old, will I be tax for future dividends (after age 59.5) if I retired and only take the 50k and leave my 1 million ? What I never take out the 1 million and live off the 50k per year. Where is the irs code can I read that identify the answer to the question I asked.
No taxes on the qualified withdrawals you describe, because remember that money was already taxed before it went in.
What is better Roth or traditional?
Depends on highly personal circumstances. Video coming soon. See article here: www.optimizedportfolio.com/roth-vs-traditional-ira/
@@OptimizedPortfolio Thank you for providing that link.
@@dannyrand1733 Anytime!
Can I have 2 for 14k a year?
No
Thank you for the video. If married filing jointly, can each person have their own Roth IRA with a 7000 limit each?
Thanks for watching! And yes.
Yes, I have roughly 43k in mine at age 28. Ginger ale portfolio all the way 😎
Awesome!
congratulations! you are doing better than 80% of people over 50; keep up the great work in saving for your future
Is it still worth opening a Roth IRA if you're 43 years old? I'm currently debating whether to open an account with Fidelity, Wealthfront (with which I already have an individual and savings account), or Sofi. Any advice would be appreciated. Awesome videos.
Definitely can be! Tax-free growth, tax-free withdrawals, and no RMD's are some great benefits. I've got a separate video on the Traditional IRA if you think that might make more sense. Usually comes down to one's best guess about their future tax rate relative to current. Thanks!
@@OptimizedPortfolio Thank you so much!! I appreciate your feedback.
@@Ryan-iq2zd Anytime!
Roth IRA = 100% AVUV
Brave.
Why brave? Arent you invested in AVUV? 🤔@@OptimizedPortfolio
@@OptimizedPortfolio how is that brave? Don't you invest in AVUV?
@@Kep19901 Was mostly joking. Tracking error regret from having an entire account in 100% AVUV. I do.
@@OptimizedPortfolio I see, it's hard to show sarcasm through text. But what do you mean about tracking error regret? I do 100% S&P 500 through my work 401k. I want the roth to grow as big as possible. I'll probably stop doing 100% AVUV in there until I hit $50k of contributions.