💰Get $100 Here with your Roth IRA: Video Outline 0:00 Introduction 0:35 What is a Roth IRA? 2:28 Mistake #1 4:40 Mistake #2 6:19 Mistake #3 7:25 Mistake #4 9:11 Mistake #5 10:30 Outro Social Media: ⮕ 🖤 Follow Me on Twitter: ⮕ 🖤 Follow Me on IG: ⮕ 🖤 Website: — This video may contain links through which we are compensated when you click on or are approved for offers. The information in this video was not provided by any of the companies mentioned and has not been reviewed, approved, or otherwise endorsed by any of these entities. Offers are current only as the time of the video publishing date and may have changed by the time you watch it. Advertiser Disclosure: Some of the links and other products that appear are from companies which Brian Jung may earn a small affiliate commission. The offers shown in these videos are competitively the best offers you can find all while supporting this channel. Disclaimer: I am not a financial advisor. Brian Jung does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction....(read more)
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When it comes to planning for retirement, Roth IRAs can be a great investment tool. Roth IRAs are tax-free, meaning that any money that you contribute to the account grows tax-free, as does any money that you withdraw from the account after age 59 ½. However, there are some major mistakes that investors can make when it comes to Roth IRAs. Here are the top 5 major Roth IRA mistakes to avoid in 2023. 1. Not Contributing to a Roth IRA at All One of the biggest mistakes investors can make when it comes to Roth IRAs is not contributing to one at all. Many investors assume that they don't make enough money to contribute to a Roth IRA, or that they'll start contributing later. However, the earlier you start contributing to a Roth IRA, the more potential growth your money will have over time. 2. Not Fully Understanding the Income Limits Another mistake that investors can make is not fully understanding the income limits for Roth IRA contributions. Currently, individuals who earn less than $124,000 per year and married couples who earn less than $196,000 jointly can contribute the full amount to a Roth IRA. If you earn more than that, you may still be able to contribute, but the amount you can contribute will be reduced or eliminated altogether. 3. Not Knowing the Withdrawal Rules Another major mistake that investors can make when it comes to Roth IRAs is not understanding the withdrawal rules. For example, if you withdraw money from your Roth IRA before age 59 ½, you may be subject to a penalty. Similarly, there are also rules around how long you need to hold the account before you can start withdrawing money tax-free. 4. Not Diversifying Your Investments Another mistake that investors can make is not diversifying their Roth IRA investments. While it can be tempting to put all of your money into one high-performing stock or mutual fund, this can be risky. By diversifying your investments, you can help mitigate some of that risk. 5. Not Rebalancing Your Portfolio Finally, another mistake that investors can make is not rebalancing their Roth IRA portfolio regularly. Over time, certain investments may perform better or worse than others, and this can cause your portfolio to become unbalanced. By rebalancing your portfolio regularly, you can help ensure that it stays aligned with your investment goals. In conclusion, while Roth IRAs can be a great investment tool, there are some major mistakes that investors need to avoid. By understanding the income limits, withdrawal rules, and diversifying and rebalancing your portfolio, you can help ensure that your Roth IRA is working effectively for your retirement goals. https://inflationprotection.org/5-common-roth-ira-mistakes-to-steer-clear-of-in-2023/?feed_id=98841&_unique_id=646643e875e88 #Inflation #Retirement #GoldIRA #Wealth #Investing #10habitsofamillionaire #Habitsofamillionaire #Habitsofsuccesfullpeople #habitsofsuccessfulpeople #howtobeamillionaire #howtobecomeamillionaire #Milliondollarhabits #Selfdevelopment #RothIRA #10habitsofamillionaire #Habitsofamillionaire #Habitsofsuccesfullpeople #habitsofsuccessfulpeople #howtobeamillionaire #howtobecomeamillionaire #Milliondollarhabits #Selfdevelopment
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