We all work hard for our money, right? So we can do all the things we want to do, but most importantly, we do it so we can retire comfortably. There’s this “savings account” and that “retirement plan,” but many people miss out on opportunities to maximize their savings.
One of the most coveted ways, or shall we say retirement accounts, out there is the Roth IRA. This account offers tax-free income after age 59 ½. But, quite honestly, if you don’t know how it works, or you don’t have a game plan, you’re potentially leaving thousands on the table that could end up becoming a mountain of tax-free money.
Now, don’t panic if you feel like you’re missing out. Sure, it’s always best to start as early as possible, but there are also opportunities to be had no matter what stage of life you’re in.
In today’s episode, we’re going to walk you through the basics of a Roth IRA.
This Includes:
- How to get started with this type of retirement account.
- The benefits of tax-free income.
- Contribution limits.
- Distributions – the rules and regulations for when you can withdraw money and exceptions to the rules.
- Back Door Strategies if you make too much to qualify.
- Roth conversion.
And more!
It’s hard to drive home the importance of just how big of a deal this account is. Need we repeat it? TAX-FREE INCOME DURING RETIREMENT?! Come on! Who is going to say no to that? We can guarantee that you, yes, you are missing out on this gem, so download our Know Your Possibilities Guide, find a quiet corner, and listen in. Your future just might depend on it.
P.S. Looking to meet with Richard or Angela? Want to discuss more of what you heard in this episode? Wondering where the heck you need to get started or what all of this means for your retirement plans? Scheduled free 30-minute session and find the peace of mind you deserve for the rest of your life.
“There’s another angle, of course, right? We’re full of angles here. This is a place of possibility. We know all the angles, and we’re always exploring to find more.”
Did you mention “Guide” above? Why yes, yes we did. We’re proud to present you with our “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, keep on hand, or even share with your friends and family. So grab your copy, click the play button and follow along. You’re just minutes away from discovering your next Place of Possibility.
A Glance at this Episode:
3:12 – Wondering why you would use a Roth IRA as a retirement account?
5:21 – Richard and Angela break down how long you must wait to get your money out of a Roth IRA and what qualifies you for early withdraw.
11:14 – Have you contributed to an IRA? Most people don’t know this about their contributions. Listen here to find out more!
11:38 – It is not recommended to spend your retirement savings before you retire, but should you need the money in case of emergency, it’s there. AND here are some reasons you might pull money out in your younger years.
13:56 – Are you eligible for a Roth IRA? Can anyone contribute to a Roth IRA? You’ll want to hit play here.
15:30 – Hold up, wait a minute. If I can’t contribute to a Roth IRA, there might be a workaround? Yes! Let’s discuss the details!
20:23 – Let’s expand the “Roth” horizons and talk about making contributions to a Roth 401k – what’s that? Start listening here.
23:47 – A Roth is a type of account where you have to choose some investments for your money. Let’s talk about the do’s, don’ts, and how to maximize the money you are putting in.
26:47 – When does it make sense to do a Roth conversion? Find out more about that here.
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Links/Resources Mentioned in this Episode:
Wall Street Journal Article – A Little Known ‘Back Door' Trick For Boosting Your Roth Contributions
Calling all neighbors in the Alamo, CA area and beyond! You work hard for your money, and now we want to help make it work for you. At Del Monte Group, we offer out-of-the-box wealth management planning that is clear and actionable at every step. If this sounds like the type of financial support you need, schedule an appointment to meet with Richard or Angela today. Visit APlaceOfPossibility.com/Calendar to get your meeting on the books. Need more help or have another question? Feel free to contact our team by calling 925.736.6410 or sending an email to Info@APlaceOfPossibility.com.
