Timothy Sumer

The Backdoor Roth IRA is a great way to contribute to an IRA, even when you’re not eligible due to income contribution restrictions. Here we discuss how simple a Backdoor Roth IRA is, some potential tax threats to watch, and how to take advantage of a Mega-Backdoor Roth if you so desire. In this Video: 0:32 – Backdoor Roth IRA Explained 1:05 – Illustration: Backdoor Ben 2:10 – Watch Out for the Pro Rata Rule 3:34 – Avoiding the Pro Rata Rule 4:11 – The Mega-Backdoor Roth 6:12 – Backdoor Ben’s Mega Backdoor Roth 6:43 – A Few Things to Keep in Mind 7:37 – Wrap Up The blog post that accompanies this video: Our Roth Account Playlist: Other Related Videos: Other Related Blog Posts from MartinMoney.com: Can I Contribute to a Roth IRA and a Traditional IRA? Should I Have Both a Roth IRA and a 401(k)? Do I Have to Report My Roth IRA on My Tax Return? At What Age Does a Roth IRA Not Make Sense? Roth Vs Traditional IRA or 401(k) - Roth IRAs and the ...

In this informative video, Investment Advisor Justin Saffel explains the ins and outs of Roth IRAs and how they can help secure your financial future. Discover the advantages of tax-free retirement savings and learn how to maximize your investment. Whether you're planning for retirement or looking to grow your wealth, this comprehensive overview will provide you with the knowledge and strategies you need. Don't miss out on this opportunity to unlock the power of Roth IRAs and start building your long-term wealth today! Want more ways to create wealth? 📝 Join our FREE newsletter HERE: Get social with us: 📸 Instagram - 🐦 Twitter - WHO AM I? If we haven’t yet before - Hey 👋 I’m Justin Saffel, a engineer-turned-stock trader-turned-investment advisor. Through my videos here on this channel and my newsletter, I share evidence-based strategies and tools to help you build wealth and a life you love. 🔗 LINKS...

My wife had an old 401k from a previous employer. It was pretty small, but it was another account to keep track of. I called Fidelity and their customer service was great. They made the rollover a piece of cake. Want to get $10 free with M1 Finance ? The gear I use in my videos Canon Camcorder Vivitar Wide Angle lens USB Microphone Shotgun Microphone Green Screen Ring Light LED Video lights *these are affiliate links*... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Fidelity Made My 401k Rollover So Easy If you're like me, the thought of dealing with financial matters can be overwhelming. Between figuring out your retirement savings and navigating the complexities of investment options, it's easy to feel bogged down. However, when it came to rolling over my 401k, Fidelity made the process incredibly easy and hass...

The Roth IRA can be a viable emergency savings backup plan because of its flexibility. In fact, there are a lot of people who intentionally plan to use their Roth as an emergency fund or to save for house downpayment. The Roth has the most flexibility. Roth contributions can be withdrawn tax and penalty free at any time – and at any age – because you contribute after-tax dollars as opposed to the traditional IRA where you contribute before taxes and get to write off those contributions on your tax return. #rothira #RothIraHacks #taxfreewithdrawal #rothirawithdrawal #emergencysavings #personalfinancetips... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Raiding Your Roth IRA for Emergencies: A Last Resort Option A Roth IRA is a retirement savings account that provides individuals with tax-free growth and tax-free withdrawals in retir...

We talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax free in retirement. There are also several benefits to inheriting a Roth IRA, as Shane with Winston and Companies explains to Erin Kennedy the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years. If you are inheriting a Roth IRA, here's a quick action plan: 1. Understand your beneficiary type (this will determine your distribution options) 2. Invest the money wisely 3. Get professional help As with all inheritances, it's important to know how distributions will affect your taxes and how to best invest that money. If you'd like to talk through the benefits of a Roth account, or if you recently inherited a tax-free or tax-deferred retirement a...

These are the six things I do every time I get paid! If you would like to support my channel!: Mint Mobile (save on your cell phone): Books I'm Reading The Dawn of Everything: Who Moved My Cheese: Outlier: The Story of Success: Chapters 00:00 Start Here 00:30 Take Out Taxes 01:58 Contribute To Roth IRA 03:34 Pay Off Credit Card 05:09 Pay Non Credit Card Expenses 06:42 Move Money To Savings 08:15 Notice Financial Trajectory Once a month, every time I get paid, I sit down and do six things that help me stay organized and avoid any bad financial surprises. In this video, I share those six things. 1. Take Out Taxes Whether you are self employed or employed with a company, it is important to make sure that you are setting aside enough money from each paycheck for taxes. This amount varies from person to person; however, it's important to take the time to make sure you're setting aside the right amount to avoid a large tax bill at the end of the year....

Embark on the journey to a secure and wealthy retirement by mastering the basics of Roth IRA in this informative and engaging YouTube Short! Learn the essentials of this powerful retirement savings vehicle, from its tax advantages to contribution limits, and understand how it can play a pivotal role in your long-term financial planning. Discover the key differences between a Roth IRA and a Traditional IRA, and find out which one best suits your unique financial goals. Unveil the secrets to making the most of your Roth IRA and ensuring a comfortable and financially independent retirement. Don't miss the opportunity to take charge of your financial future! Watch this video now and unlock the power of Roth IRA for a retirement full of abundance and security! 💰🌟🏦 #RothIRABasics #SecureRetirement #WealthyRetirement... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SI...

We talk a lot about the benefits of Roth accounts. A Roth IRA allows you to save for retirement with after-tax dollars. That means you pay taxes on your contributions now, but your withdrawals are tax-free in retirement. There are also several benefits to inheriting a Roth IRA, as @John with @SecurusFinancial explains to @erinkennedy; the distributions are tax-free, and they won't affect your taxable income. However, with a few exceptions, you'll still have to drain the inherited account within 10 years. If you are inheriting a Roth IRA, here's a quick action plan: 1. Understand your beneficiary type (this will determine your distribution options) 2. Consider your tax situation 3. Invest the money wisely 4. Get professional help As with all inheritances, it's important to know how distributions will affect your taxes and how to best invest that money. If you'd like to talk through the benefits of a Roth account, or if you recently inherited a ta...

Where should you open a Roth IRA? This video covers the 3 BEST Roth IRA Accounts to choose from for beginners, including everything you need to know about Roth IRA's - Enjoy! A recent poll on my channel showed 33% of people don't have a Roth IRA. Roth IRA's could reap tremendous rewards as you plan for retirement since your entire account will be TAX FREE. Relevant Videos: - Fidelity Playlist To Learn More - Fidelity Roth IRA For Beginners - Roth IRA | How To Become A TAX FREE Millionaire - Traditional vs Roth IRA | Which Is Better For You? - Mutual Funds vs Index Funds vs ETFs Not Affiliated: 1. Sign up on Fidelity: 2. Sign up on Vanguard: 3. Sign up on Charles Schwab: Resources: 🗞️ Get My Free Weekly Newsletter: 🔑 My Exclusive Content: 📝 X: 🌐 My Website: dannysmoneytalk.com 📕 Books I Have Read: 🎙️ My ENTIRE YouTube Setup: Free Learning Guides/Templates: 💸 In...

Hey there, investors! 🌟 It's Wythdrawl Investing Insights, and today we're diving deep into What is a Roth IRA?. Whether you're a beginner or just looking to refresh your knowledge, this is the video for you. 💼🚀 🔹 Timestamps 🔹 00:00 What is a Roth IRA? 00:35 Roth vs. Traditional Pros and Cons 01:28 Income Restrictions for Roth IRAs 01:45 Backdoor Roth Strategy 02:12 Taxes and Growth 02:34 Where a Roth May Not Be Optimal? 02:53 Getting Started 03:14 Bonus: Roth 401k 04:12 Asset Location 04:57 In Closing Don't forget to LIKE, SHARE and SUBSCRIBE for more insightful investing content! 👍📈 Every like and share helps our community grow. Have a topic or question you want us to cover? Drop a comment below or send us a message directly. We're here to help you navigate the financial waters. 🛥️💵 #RothIRA #InvestingInsights #RetirementPlanning #FinancialLit...

Roth IRA's are a great way of maximizing your investment income for retirement. Watch my other video on how to invest! Roth IRA roth ira explainedinvesting for beginnersstock marketbest credit cards 2023stock market for beginners #Shorts #IRA #Investing Financial educationbitcoin... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The Truth About Roth IRAs #shorts When it comes to retirement savings, one common option that often comes up is a Roth IRA. Roth IRAs have gained popularity over the years, but what is the truth about these retirement accounts? Let's dive in and explore the benefits, limitations, and considerations associated with Roth IRAs. First and foremost, what sets Roth IRAs apart from traditional IRAs is the tax treatment. Contributions to a Roth IRA are made with after-tax dollars, meaning you don't get a...

This is the power💥 of a Roth IRA #RothIRA #roth #ira #makemoney #moneymindset #moneymaker #moneytips... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA This is the power💥 of a Roth IRA When it comes to saving for retirement, there are numerous options available, including employer-sponsored 401(k) plans, traditional IRAs, and Roth IRAs. While all of these instruments come with their own advantages, the power of a Roth IRA cannot be underestimated. So, what exactly makes a Roth IRA so powerful? Well, one of the key benefits of a Roth IRA is that all qualified withdrawals in retirement are tax-free. Yes, you read that right. Unlike traditional IRAs or 401(k) plans, where you pay taxes when you withdraw the money, a Roth IRA allows you to withdraw the funds without paying any taxes. This can have a substantial impac...

... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Roth IRA | 4 Steps To Start An Account Are you looking for a smart way to save for retirement while enjoying the benefits of tax-free growth? Look no further than a Roth IRA. A Roth IRA is a popular retirement savings account that offers individuals the chance to contribute after-tax money, which then grows tax-free, and withdrawals are tax-free as well, provided certain conditions are met. It's a fantastic tool to grow your wealth over time, and in this article, we'll outline the four simple steps to start your own Roth IRA. Step 1: Determine Your Eligibility Before diving into the process of opening a Roth IRA, it's essential to determine if you're eligible. In general, anyone with earned income can contribute to a Roth IRA, as long as their modified adjusted gross in...

Here's another quick tip from Andrew Rosen, President of Diversified, LLC. There’s still time to make backdoor Roth contributions this year. For more quick tips: Visit our website for more information: ... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Quick tip! There’s still time to make backdoor Roth contributions this year. If you haven't made your Roth IRA contributions for this year, don't worry! There is still time to take advantage of a backdoor Roth contribution before the year ends. Let's dive into what this means and how you can benefit from it. Firstly, let's understand what a backdoor Roth contribution is. A Roth IRA is an individual retirement account that allows you to contribute after-tax dollars, meaning that you won't be taxed on the withdrawals in retirement. However, there are income limits...

roth ira introduction #ira #rothira 🔔 Subscribe for more financial ideas: 📺 Check out our other videos on business tips: ... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Roth IRA Introduction #Shorts: A Smart Way to Secure Your Future Planning for your retirement is a vital step in ensuring a financially secure future. One popular option to consider is a Roth IRA (Individual retirement account ). In this #Shorts article, we will introduce the basics, benefits, and eligibility criteria for opening a Roth IRA. What is a Roth IRA? A Roth IRA is a type of retirement account that offers tax advantages to individuals saving for their future. Unlike a traditional IRA, contributions to a Roth IRA are made with after-tax dollars, meaning they are not tax-deductible. However, the real benefit lies in the tax-free gr...

Which IRA is best. Beyond the basics: A comprehensive guide to understanding often overlooked tax strategies between a Traditional IRA and a Roth IRA. Learn the differences between Traditional IRAs and Roth IRAs, discover advanced tax strategies for individual retirement accounts that can potentially minimize taxable income and shield you from capital gains taxes. Understand how your IRA choice can impact your Social Security taxes. Weigh the advantages and disadvantages between the two accounts. Make a more informed choice for your retirement and wealth-building strategies. Learn which IRA is best and why the Roth IRA is so great. ✅ SUBSCRIBE SUBSCRIBE SUBSCRIBE ✅ #retirement #retirementplanning #rothira #personalfinance #financialfreedom Timestamps: 0:00 Intro 0:55 Examples Comparing Taxes 6:32 Contribution Limits 7:00 Doing Both? 7:18 IRA Tax Strategies 13:35 IRA Restrictions 15:19 Withdrawing IRA Funds 16:20 Distribution Rules 16:47 Future Taxes...