In this video, “Roth IRA Rules and Mistakes That Will Cost You Money”, we talk about the top 7 Roth IRA mistakes to avoid. Roth IRA explained like never before! We’ll go through: - What is a Roth IRA is and how does it work - Roth IRA contribution rules - Roth IRA withdrawal rules - What happens with a Roth IRA early withdrawal (e.g., Roth IRA early withdrawal taxes, Roth IRA penalty, Roth IRA without penalty) - Roth IRA distribution rules By the end of this retirement 101 video, you’ll be able to answer these personal finance questions: - How does Roth IRA work? - What should you (not) do to maximize your retirement savings? Check out our Roth IRA withdrawal rules video: or full retirement playlist: 0:00 Intro 3:00 Mistake #1 3:47 Mistake #2 5:43 Mistake #3 6:51 Mistake #4 8:12 Mistake #5 9:36 Mistake #6 10:32 Mistake #7 WATCH NEXT ⭐ 2022 November I-Bond Rate Prediction: ⭐ How To Buy An I Bond (step-by-step tutorial) via TreasuryDirect: ⭐ How Is I-Bond Interest Formula Calculated & When Does It Show Up In Your Account: ⭐ How To Buy More/ Gift I Bonds (For Spouses & Married Couples): 👉 Subscribe to our channel for all things inflation, retirement planning & building generational wealth! #jenniferlammer #firstgeneration #bonds __________ 🎯 GRAB YOUR COMPLIMENTARY FINANCIAL GUIDES & TEMPLATES! __________ DISCLAIMER EVERYONE'S FINANCIAL JOURNEY IS DIFFERENT. YOUR PERSONAL FINANCIAL SITUATION IS UNIQUE. NEITHER DIAMOND NESTEGG, LLC, OUR WEBSITE, OUR YOUTUBE CHANNEL, OUR OTHER SOCIAL MEDIA CHANNELS, NOR THIS CONTENT & INFORMATION (THE “SERVICE”) ARE INTENDED TO PROVIDE FINANCIAL, LEGAL, TAX OR OTHER ADVICE. NO FINANCIAL DECISIONS SHOULD BE MADE SOLELY BASED ON THE SERVICE. THE SERVICE IS PROVIDED FOR INFORMATIONAL & ENTERTAINMENT PURPOSES ONLY & IS NOT INTENDED TO BE A SUBSTITUTE FOR ADVICE FROM A PROFESSIONAL FINANCIAL ADVISER OR QUALIFIED EXPERT. ALL OPINIONS & FORWARD-LOOKING STATEMENTS OF THE SERVICE EXPRESSED HEREIN ARE AS OF THE DATE OF PUBLICATION & SUBJECT TO CHANGE. IT IS YOUR RESPONSIBILITY TO VERIFY ALL INFORMATION YOURSELF. ANY INFORMATION PRESENTED BY THE SERVICE IS NOT AN OFFER TO BUY OR SELL, NOR A SOLICITATION TO BUY OR SELL ANY SECURITIES OR PRODUCTS MENTIONED. DIFFERENT INVESTMENTS HAVE VARYING DEGREES OF RISK & THERE IS NO ASSURANCE THAT THEY WILL BE SUITABLE FOR YOUR PORTFOLIO. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. ALWAYS CONSULT A QUALIFIED FINANCIAL, LEGAL, OR TAX PROFESSIONAL REGARDING YOUR SPECIFIC SITUATION. DIAMOND NESTEGG, LLC IS A REGISTERED INVESTMENT ADVISER IN THE STATE OF NEW YORK AND OTHER STATES WHERE IT IS EXCLUDED OR EXEMPTED FROM REGISTRATION REQUIREMENTS. REGISTRATION AS AN INVESTMENT ADVISER DOES NOT CONSTITUTE AN ENDORSEMENT FROM SECURITIES REGULATORS. DIAMOND NESTEGG, LLC RECEIVES COMPENSATION FROM YOUTUBE FOR THE PRESENCE OF ADVERTISING BEFORE, AFTER, AND DURING THIS VIDEO CONTENT AS WELL AS VIA YOUTUBE’S SUPER THANKS FEATURE. DIAMOND NESTEGG, LLC DOES NOT CONTROL THE CONTENT OR PRESENCE OF ANY ADVERTISEMENTS. THE PRESENCE OF ANY ADVERTISEMENT DOES NOT CONSTITUTE AN ENDORSEMENT OF THE AD, COMPANY, ENTITY, OR PRODUCT BY DIAMOND NESTEGG, LLC. ---------- CONTENT DISCLAIMER THE VIEWS & OPINIONS EXPRESSED THROUGH THE SERVICE ARE SOLELY THOSE OF DIAMOND NESTEGG, UNLESS OTHERWISE SPECIFICALLY CITED. MATERIAL PRESENTED IS BELIEVED TO BE FROM RELIABLE SOURCES & NO REPRESENTATIONS ARE MADE BY DIAMOND NESTEGG AS TO OTHER PARTIES' INFORMATIONAL ACCURACY OR COMPLETENESS. ALL INFORMATION OR IDEAS PROVIDED SHOULD BE DISCUSSED IN DETAIL WITH A QUALIFIED ADVISER, TAX OR LEGAL PROFESSIONAL PRIOR TO IMPLEMENTATION. OUR YOUTUBE CHANNEL MAY PROVIDE LINKS TO THIRD-PARTY WEBSITES FOR YOUR CONVENIENCE. WE HAVE NO CONTROL OVER THE ACCURACY OR CONTENT OF THESE LINKS. THE COMMENTS ON THIS CHANNEL, AND OUR OTHER SOCIAL MEDIA CHANNELS, ARE THOSE OF THE CREATORS & DO NOT NECESSARILY REFLECT THE VIEWS & OPINIONS HELD BY DIAMOND NESTEGG, LLC. DUE TO THE SOCIAL NATURE OF THE SERVICE, THESE VIDEOS MAY CONTAIN CONTENT COPYRIGHTED BY ANOTHER PERSON OR ENTITY. DIAMOND NESTEGG, LLC CLAIMS NO COPYRIGHT TO SAID CONTENT & CANNOT BE HELD ACCOUNTABLE FOR THE COPYRIGHTED CONTENT. DIAMOND NESTEGG SHARES & STRIVES TO VERIFY INFORMATION BUT CANNOT WARRANT THE ACCURACY OF COPYRIGHTS OR COMPLETENESS OF THE INFORMATION ON OUR SERVICE. ANY COPYRIGHTED MATERIAL SHARED ON THIS SERVICE IS INTENDED TO BE SHARED BY FAIR USE. IF YOU HAVE A COMPLAINT ABOUT THE USE OF COPYRIGHTED MATERIAL, PLEASE CONTACT DIAMOND NESTEGG PRIOR TO MAKING A COPYRIGHT CLAIM. ANY INFRINGEMENT IS UNINTENTIONAL & WILL BE RECTIFIED TO ALL PARTIES' SATISFACTION. PLEASE REFER TO OUR TERMS OF SERVICE & PRIVACY POLICY LINKS FROM OUR WEBSITE FOR MORE INFORMATION....(read more)
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retirement planning is all about giving yourself the best chance of a comfortable and stress-free future. It requires careful consideration of many factors, such as savings, investments, and budgeting. However, there are also many common mistakes that people make, which can derail their retirement plans. One significant area of concern is the rules surrounding Roth IRA withdrawals. A Roth IRA is one of the most popular retirement savings vehicles. It allows you to save money on a tax-free basis, so you do not have to pay taxes on the money when you withdraw it in retirement. However, it is essential to understand the rules regarding Roth IRA withdrawals to avoid significant penalties and avoid other common mistakes. Withdrawal Rules for Roth IRA The first thing to understand about Roth IRA withdrawals is that there are no age requirements for making withdrawals. Unlike traditional IRAs, there are no mandatory minimum distributions (RMDs) at any specific age. This can be great news for people who want the flexibility to use their savings when they need it. However, there are some limitations to keep in mind. First, you must have held the account for at least five years before taking withdrawals. If you withdraw money before this period, you will be subject to penalties and taxes on the earnings you withdraw. Second, you can only withdraw contributions to your Roth IRA tax-free. Any earnings you take out before meeting the five-year period will be taxed and penalized. Afterward, you can withdraw earnings tax-free if you meet the criteria mentioned earlier. Other Common Retirement Mistakes To Avoid Along with understanding the rules regarding Roth IRA withdrawals, there are a few other common mistakes you should avoid when planning for retirement: Not Saving Enough Early on Many workers believe that they have plenty of time to save for retirement later. However, the earlier you start, the easier it becomes to accumulate wealth and have it work for you over the long term. This means that you should start saving as early as possible, ideally in your 20s or 30s. Failing to Diversify Your Investments Putting all your eggs in one basket can be disastrous if that investment performs poorly. Diversifying your investments helps to reduce the risk of loss and increase the potential for gains. It is also important to adjust your portfolio as you get closer to retirement to help you preserve your savings. Lifestyle Inflation Finally, avoiding lifestyle inflation can be challenging but vital for reaching your retirement goals. Lifestyle inflation refers to the tendency to increase spending as you earn more. However, this can make it challenging to maintain a healthy savings rate over time. In conclusion, by understanding Roth IRA withdrawal rules, and avoiding other common mistakes, you can give yourself the best chance of a comfortable retirement. It's essential to start planning early, diversify your investments, and avoid lifestyle inflation. By doing so, you can build a strong financial foundation and enjoy your golden years with peace of mind. https://inflationprotection.org/avoiding-common-retirement-mistakes-understand-the-roth-ira-withdrawal-rules/?feed_id=102075&_unique_id=6473782424ca2 #Inflation #Retirement #GoldIRA #Wealth #Investing #diamondnestegg #howdoesrothirawork #jenniferlammer #personalfinance #retirement101 #retirementsavings #ROTH #rothiracontributionrules #rothiradistributionrules #rothiraearlywithdrawal #rothiraearlywithdrawaltaxes #rothiraexplained #RothIRAMistakes #rothirapenalty #rothirarules #Rothirarulesandmistakesthatwillcostyoumoney #rothirawithdrawal #rothirawithdrawalrules #rothirawithoutpenalty #whatisarothiraandhowdoesitwork #RothIRA #diamondnestegg #howdoesrothirawork #jenniferlammer #personalfinance #retirement101 #retirementsavings #ROTH #rothiracontributionrules #rothiradistributionrules #rothiraearlywithdrawal #rothiraearlywithdrawaltaxes #rothiraexplained #RothIRAMistakes #rothirapenalty #rothirarules #Rothirarulesandmistakesthatwillcostyoumoney #rothirawithdrawal #rothirawithdrawalrules #rothirawithoutpenalty #whatisarothiraandhowdoesitwork
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