Sea: 3- Ep - #10- Roth IRA Deep Dive (Traditional IRA's Also Discussed/Roth Conversions)
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Sea: 3- Ep - #10- Roth IRA Deep Dive (Traditional IRA's Also Discussed/Roth Conversions)
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Season 3, Episode #10, Not Me, But You! Podcast.
Connect with me/Follow me on X at: Waypa Today. I offer 1:1/small group coaching. You can email me at WaypaToday@gmail.com to set up a FREE 15 to 20 minute call to see if it makes sense for us to work together.
In this episode we do a deep dive on Roth IRA's. We also discuss Traditional IRA's and Roth Conversions. There are only TWO requirements in order for you to be able to withdraw 100% TAX FREE from your Roth IRA account: One -be age 59 1/2 or older and Two -have had your Roth IRA open for at least 5 years.
Remember that you can own income producing assets INSIDE of your Roth IRA so that you can eventually withdraw JUST The INCOME and pay ZERO TAX on it! How nice is that? Not even a Traditional IRA offers you chance to do that. My overal goal at Full Retirement (as when I stopped working forever) was to have MOST of my money/assets in the Roth IRA and have as LITTLE as possible in the Traditional IRA. You can have MULTIPLE Roth IRA's and MULTIPLE Traditional IRA's. You just have stay within the yearly contribution amounts ACROSS ALL of your IRA accounts.
Max amount you can contribute to ALL IRA's depends on your age. If younger than age 50 you can contribute $7500 per year. If you are older than age 50 you can contribute $8,600 per year. Those amounts are the MAX amount you can contribute. But they do NOT count against and are NOT part of ANY Roth Conversion amount. Roth conversions have NO dollar limit.
Have courage today, to pick one thing, and work on your dreams.
#Bitcoin, #Roth, #IRA, #Retirment, #Taxes, #No Tax, #MSTY, #ULTY, #contribution, #wealth, #back-door-Roth
I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.