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Do you want to know the top 5 benefits to a ROTH IRA stay tuned for this episode of
The Money Mike Show!
A ROTH IRA is one of the most powerful investment vehicles you can use to build wealth.
A ROTH IRA is a type of retirement account but it differs from a traditional IRA and 401k
in the way that it is taxed.
With a ROTH IRA you are funding it with after tax dollars, this is money from your pay
check that you have already paid federal and state taxes on.
This enables you to get tax free income in retirement.
For example, let's say you fully funded your ROTH IRA for the next 40 years and contributed
$220,000.
Now let's say that $220,000 grew to $800,000.
In a ROTH IRA you could withdraw the entire $800,000 tax free and not owe any taxes on
it.
In the contrary with a 401k if you contributed $220,000 and it grew to the same $800,000
when you go to retire you would have to pay 15% taxes on it if not higher in the next
40 years.
Owing about $120,000 to the government.
Now do you see why a ROTH IRA is such a powerful investment vehicle?
A ROTH IRA is definitely one of the 1st type of investment accounts you should open up.
Not to mention, unlike a 401k where there is a tax penalty for early withdrawals, in
a ROTH IRA you can withdraw any contribution you make to it at any time for any reason
without a tax penalty, you just can't touch the gains.
This makes a ROTH IRA a perfect account for an emergency fund.
Now because the ROTH IRA is such a powerful investment vehicle the government has enacted
yearly contribution limits to it.
If you're under 50 years old you can contribute up to $5,500 per year if you're over 50
years old you can contribute up to $6,500 per year.
Your goal should be to fully fund your ROTH every single year.
There are also tax advantages to funding your ROTH IRA.
Any amount you contribute to your ROTH IRA throughout the year can be written off on
your taxes!
The federal government likes to reward people who fund their own retirement.
Because there is no taxes paid out on distributions of a ROTH IRA.
You can leave your ROTH balance to your kids by making them a beneficiary on your account
or through a will or trust!
This makes a ROTH IRA a perfect tool for legacy building and wealth creation.
Lastly, because the ROTH IRA is a type of retirement account you do have some protection
in bankruptcy proceedings.
In the future if you were to file bankruptcy your creditors could come after everything
you own but they could not touch the money in your ROTH IRA because it is a type of sacred
account.
There are a host of other benefits of having a ROTH IRA such as no minimum balance, and
the fact that it acts as a money market account, which means it pays you a higher interest
rate than your typical savings account.
In summary, there are many benefits to having a ROTH IRA:
A ROTH IRA is funded with after tax dollars allowing you to get tax free income in retirement.
ROTH contributions can be written off on your taxes allowing you to lower your taxable income.
ROTH contributions can be withdrawn at any time for any reason, allowing it to act as
a emergency fund or savings account.
There are tax advantages to funding a ROTH IRA that will allow you to lower your taxable
expenses.
ROTH IRA balances can be passed down to your children, making it a powerful tool for legacy
wealth building.
And, there is some protection in bankruptcy proceedings making your ROTH a sacred account
and untouchable to your creditors.
What are your thoughts about a ROTH IRA?
Do you have one?
Are you thinking about opening one up?
Tell me in the comments below!
If you found this video helpful make sure to LIKE this video, SHARE it with a friend,
and SUBSCRIBE to The Money Mike Show for more helpful personal finance videos!
I'm Money Mike "Helping You Reach a Financially Free Future"
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