Timothy Sumer

A Roth IRA is a special individual retirement account (IRA) where you pay taxes on money going into your account, and then all future withdrawals are tax free. Roth IRAs are best when you think your marginal taxes will be higher in retirement than they are right now. Single filers can’t contribute to a Roth IRA if they earn more than $144,000 in 2022 ($153,000 in 2023). For married couples filing jointly, the limit is $214,000 ($228,000 in 2023). The deductible amount that you can contribute changes periodically. In 2022, the contribution limit is $6,000 a year unless you are age 50 or older—in which case, you can deposit up to $7,000. In 2023, the limit increases to $6,500 (plus the additional $1,000 for those 50 and older.) Almost all brokerage firms, both brick-and-mortar and online, offer a Roth IRA. So do most banks and investment companies. #rothira #ira #personalfinance #personalfinancetips #financebasics #InvestingBasics #investing101 #stockmarket #stocks #person

What types of Investment Accounts. Here’s What You Should Know. IRA vs Roth IRA, Roth 401-k, HSA. Thank you for watching this video with the Simple Happy Learning channel. Please subscribe to my YouTube channel. Your investment account can be an IRA, 401k, or any brokerage account that hold funds made up of stocks, bonds, and other investments.The right type of investment account will accommodate your savings goals, investing style and account ownership wishes. If you like having options, you’ve got plenty when it comes to investment account types. What’ll it be, an IRA? Taxable account? That’s one of the first questions financial firms ask when you set up an account. This guide to the various types of investment accounts will help you find the best one based on your savings goals, eligibility, and who you want to retain ownership of the account (yourself, you and someone else, or even a minor). #Roth IRA #401k #Investment Accounts... ( read more ) LEARN MORE ABOU