Timothy Sumer

🏦A custodial Roth IRA is a powerful retirement account that all grows tax free ! 💪If you are self employed you can hire your child to help with small tasks or even if you start them later in their teens when they get a job, it’s still a great way to get them started saving and investing for their future 💰💰But once the money is in the Roth you still need to invest it! Index funds are a great and easy investment, something tracking the s&p 500, or the total stock market 🔥🔥 You can open one up at fidelity.com , but make sure you are only contributing earned income. I’ll post a YouTube with more details so make sure to follow me on YT link in bio What do you think, help get them started 👍or nope they are in their own 👎??? #personalfinance #personalfinanceforfamilies #retirerich #saveandinvest #indexfunds #investingforbeginners #investingforkids #financialliteracy... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Accou

Roth or Traditional IRA/401k Welcome everyone! In today’s video we are going to discuss the differences between a Roth IRA and a traditional IRA or 401k. We are going to go over the benefits of each, and determine the optimal strategy for saving and investing money for our retirement. What is an IRA? Individual retirement account that allows annual contributions up to 6,000, or 7,000 if over the age of 50. What is a ROTH IRA? a special tax advantaged retirement account that you can make contributions to post tax, but withdraw from tax-free. Any gains you make are all tax-free after 59.5 and as long as the account is at least 5 years old. If you withdraw prior to 59.5 or prior to the account being 5 years old, you could face a 10% penalty and pay income tax unless you meet a few specific circumstances. There are many circumstances, so if interested please check out the link below. What is a Traditional IRA? an individual retirement account that provides a tax advanta