Fidelity Roth IRA For Beginners | Step By Step Tutorial

Fidelity Roth IRA For Beginners: Roth IRA's are extremely important when it comes to planning retirement. A Roth IRA is an individual retirement account that allows you to invest after tax income for retirement that when the time comes to withdrawal, is completely TAX FREE.
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⏰ Timestamps ⏰
00:00 Roth IRA Intro
02:41 How To Start
04:07 How To Invest
09:25 Summary
📝 What is a Roth IRA?
A Roth IRA is an individual retirement account that by the United States law allows one to invest after tax money to withdrawal for retirement tax free.
Link to open up a Roth IRA on Fidelity: www.fidelity.com/retirement-i...
Pros:
1. Withdrawal Tax Free
2. Time for investments to grow
3. You can withdrawal contributions any time penalty free
4. You have control on how you want to manage the account
Cons:
1. Income Limit: If you have to high of an income then you are unable to contribute to a Roth IRA.
2. Contribution Limit: How much you are able to contribute to the account every year.
3. Can't withdrawal earnings before 59.5
4. Withdrawal earnings early and pay taxes and 10% penalty.
Why are Roth IRA's a great approach when planning retirement?
With proper planning and discipline, a Roth IRA by the time you could retire could truly save you hundreds of thousands of dollars from paying taxes but also the benefit of holding onto investments over the long term.
WHY?
If you were to invest for 20, 30, even 40 years and hit the max contribution every year when investing in strong funds, the chances of your accounts value being high is likely. Paying taxes on a portfolio that high would come with an extremely heavy cost, but paying no taxes would save you many years of working.
Don't let time keep passing, let your money work for you. If you found any value in this content please consider hitting the like button and subscribing as I continue spreading the highest quality content related to "money talk" to impact as many lives as possible.
Sources:
- www.fool.com/investing/2021/0...
- dqydj.com/historical-ira-cont...
- www.schwab.com/ira/roth-ira/c....
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Disclaimer: The information provided in this video does not, and is not intended to, constitute legal, tax or financial advice; instead, all information, content, and materials available on this video and on this channel are for general informational purposes only. The presenter is not an attorney, accountant or financial advisor. Viewers of this video should contact their attorney, accountant or financial advisor to obtain advice with respect to any particular legal, tax or financial matter.

[@DannySully]

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[@JoTheCreativeOne]

For anyone viewing this in 2024, the "Set Up Recurring Investments" is now under "Invest & Trade" not Transfers. Great video!

[@DannySully]

Thank you for adding this!!

[@leahoh4]

I opened my fidelity account 3 years ago and was so overwhelmed I had no idea how to even use it. Now I do! Thank you

[@DannySully]

I’m happy to hear that, thank you!

[@ArtTheSinger]

Same here!😅

[@republicunited2183]

I have Fidelity and Vanguard. VG's site is much easier to navigate.

[@ivanlopez3555]

That's me right now 😢

[@SoYourMimi]

Please keep producing similar content. I just started and this was perfect beginner friendly for me.

[@DannySully]

I will do my best for you! Thank you!

[@shamelesscaffination]

@@DannySully Agreed! Really helped me out as a beginner. Thank you!

[@DannySully]

Thank you! :)

[@Kurt5Dobson]

Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to maneuver in this present market but these strategies doesn't come common to the average folk, or am I better off putting my money elsewhere?

[@Kurt5Dobson]

@Azeez Nafiu The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $1.5m in return on investment, since using a coach for about 2years.

[@Kurt5Dobson]

@Azeez Nafiu

[@willdemaray774]

11 months later I can confirm, it was a good time to buy stocks

[@stop08it]

Your videos are so awesome, thanks for showing how do all this step by step. I've been SO CONFUSED by IRA's in general and all your videos on fidelity and roth ira's have been awesome.

[@DannySully]

That means so much to me to hear! Thank you so much :)

[@JagLite]

Excellent information! Like so many, I wish I'd known about this 5 years ago but I'm learning now and feel confident for my retirement.

[@DannySully]

Thank you! And that's great to hear!

[@bluewall5505]

super helpful, thank so much!

[@DannySully]

I appreciate that, thank you!

[@juliehawj3385]

Subscribed and liked! Have been looking into ROTH IRA. Love the details of how to sign up and invest. Takes away the questions I have. Thank you!

[@DannySully]

Thank you so much! I appreciate that a ton and am happy to hear it helped.

[@laura_argsyan]

Thanks for the video. It was very informative for me 🎉

[@lunameimei]

This was really helpful! Thank you!

[@DannySully]

Thank you! And of course!

[@MrJchris97]

Thank you. Very informative

[@DannySully]

Thank you very much!! :)

[@AnthonyFlannigan]

Set up my account today! Thanks for the video. Made me feel more confident in what I was doing.

[@DannySully]

Thank you for your kind words, that's great to hear!

[@christophervu2462]

Ty btw for all of this. You earned a sub!

[@DannySully]

Thank you! That means a lot to me!

[@carlapopper]

Just discovered your channel. I just set up my account with your instructions! THANKKKKKK YOUUUUU!

[@DannySully]

I'm so glad to hear that, thank you so much for letting me know!!!

[@suncityrick5461]

Great tutorial, thanks!

[@DannySully]

Thank you!

[@jjoiner10jj]

Amazing video !

[@DannySully]

Thank you so much!

[@ZAGIDI]

Great video and well presented 👏🏿👍🏿

[@DannySully]

Thank you!!

[@salcastanon9905]

Awesome information thanks man👍🏽

[@DannySully]

I appreciate that, thank you!!

[@user-dz7ez3re7o]

This is so helpful!!!

[@DannySully]

I’m glad to hear that! Thank you!!

[@pierstonsalinas940]

This video is clutch. Just set one up from start to finish with this video.

[@DannySully]

I appreciate that!!! Glad to hear you’re getting started!!!👌

[@Vegas-Must-Try]

Fire video brother! New sub

[@DannySully]

Thank you!! Very much appreciated!!👌

[@joannemaeraneses9711]

This is amazing video!!! very easy to understand🥰👏🏻

[@DannySully]

Thank you so much!

[@susycorrea2358]

Very helpful!

[@DannySully]

Thank you!!

[@alyssiaalexandria3553]

Thank you for much super helpful, appreciated:)!

[@DannySully]

I'm glad to hear that, thank you!

[@josephsaeteurn9158]

very helpful video..

[@DannySully]

Thank you!

[@rana_ny]

thanks ..its help lots

[@DannySully]

Of course! Thanks for watching :)

[@SimplyMillie2003]

Thank you Danny❤️🙏🏻😇

[@DannySully]

Of course! Thank you for watching :)

[@dhudson225]

Any idea how much money this saves you vs having an advisor. Or, vs the go account?

[@Islena617]

Thank you for this detailed video.. Question, any particular reason why not to chose Fidelity to do the investment for you? I'm still learning and I trying to understand my choices. Thanks again.

[@powerhouse884]

I have Fidelity, they are one of the Pioneers in the business and have a lot of products that other institutions don’t. They have been modernizing their platform to compete with more User friendly competition like Robinhood. I like them, their website is robust with a lot of info and tools to study Trades and stuff.

[@hollindaniel8313]

Could you do a video on how to read and understand the "positions" after you have invested? I have no idea how to make sense.. Like how can I easily see the total amount I have invested versus net gains or net loss? I need the big picture

[@janelleLOVESudon]

Hello I'm new to investing! This was great and the visuals made it easier to follow along

[@DannySully]

Thank you very much! I really appreciate that :)

[@qwill7779]

I have a Fidelity Go Roth IRA, will I be able to move that into a regular Roth IRA on Fidelity once I'm ready?

[@edwinhargrave679]

This is one of the better investment options that you can have.

[@777robocop]

If you plan to use automatic investments for hands off account management keep in mind: Fidelity only currently allows reinvestment into Mutual Funds for ROTH IRA accounts.

[@DannySully]

Thank you for the note, it is a great advantage to use though in my opinion!

[@lanaslv32]

Great video, tku

[@DannySully]

Thank you!

[@westdeaton4127]

I'm assuming you can sell a stock, As long as you don"t pull the money out of your account correct??

[@TheSubjectTrek]

Great video, man. Super clear. Just set up my Roth. Thanks!

[@DannySully]

I’m glad to hear that! Thank you for your kind words, I appreciate it a ton!

[@willblack2502]

You’ve been helping me a lot with these videos to get my fidelity Roth started since I have a 401k with my company. I just linked my bank account to contribute to 2023 before it’s too late. I checked the timeframe cause I saw another one of your video and your funds seemed a lil different and it was April 2nd as well it is rn, it was destined. Thank you for the help understanding the app.

[@willblack2502]

Whoops went to the next video

[@DannySully]

Thank you for your words, I am grateful to hear it is helping you! In regards to portfolio, many are just a general guideline toward the right direction. Nothing I am saying to do exactly for someone! Must do more research, etc. what are the odds about April 2nd, thanks again!

[@willblack2502]

@@DannySully Yeah I hear ya, I do appreciate the suggestions and am interest in using that screener tool myself. Ik I just really found that wild that you made the video a year ago the same day I open mine.

[@willblack2502]

@@DannySully Hey man, I just recently put some money into the fidelity account yesterday and I see it went through but I can’t adjust the capital gains and dividends. How long should it take?

[@AndrewSeaman-hn1ym]

@@willblack2502 did you get any feedback?

[@Imran-Lalani]

I have 100% FZROX for Roth IRA. Thoughts?

[@jansan9125]

Ty! Does this work the same for 403b and roth you habe through employer? Also are the IRAs payable upon death or can you habe a bene listed?

[@Quangcurry13524]

I bought fxaix and it says prospectus under separate cover. What does they mean?

[@edwinhargrave679]

Young folks jump on this investment quickly.

[@eliseomedina149]

This is what i freaking needed!!!! Thank you very much for going through the steps of setting monthly withdraws and reinvesting.

[@DannySully]

I love to hear that! Thank you for letting me know, I’m glad it helped you!

[@jansan9125]

On employer matched roth when you take out is the employer contribution taxed or only the interest on eployer and your contribution?

[@Sloba1992]

How many times I can sell and buy different indexes or stocks per year? What If I buy Tesla in January and sell in jun and make 80% or profit? Is there any limitations how many times I can buy and sell? Is there any tax if I sell it and make profit?

[@408Machine]

Does the maximum salary take deferred compensation contributions into account?

[@mattpredictsofm.]

Impressive video. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable with investing, so I have all my capital currently vested in index funds but considering the dollar dumping and current inflation crisis. How optimal would this be beneficial long term?

[@mvanwie]

Ever considered financial planning? There’s a vast amount of ways to yielding a high income in the financial market but that you’d need to pick out an asset first, how much you want to invest & how you wanna invest.

[@joecaruso06]

@@mvanwie Markets are oceans not lakes. The aid of an institutional or basic financial managers cannot be over expressed. Take myself, having encountered quite a number of bad trades, I realized following my current Portfolio managerr, how entry, capital, exit, goal and more differ on each assets. Currently hold , I have a $122k portfolio averaging a 12% monthly roi in less than a year following - Yvonne Annette Lively -so I do know the importance of basic knowledge and delegation.

[@tommyfisher277]

@@joecaruso06 Hold on, the portfolio manager with Morgan stanley? Was recently on a finup with Tate?

[@aliyunko9689]

@@joecaruso06 Can u share info please

[@Bianca.rantzsch]

@@joecaruso06 Her website & resume seems detailed but sure is wild averaging a 15% mroi. I mean the Pm, Yvonne Annette Lively.

[@187Donnie]

Hello first off great content as always I have learned quite a bit from your videos I have a question I have a Roth IRA with fidelity and a bloom account would you advise I keep the gloom account and the money market spaxx and invest with my IRA? Or should I invest my spend or save account on bloom are just one of the accounts? Because first I thought of investing my save account in the Fidelity 500 index fund? Then I thought maybe leave it in the money market and invest only the IRA? I'm currently putting $350 a month from my brick and mortar Bank to my fidelity bloom. Any advice or suggestions would be greatly appreciated thank you and have a blessed day.

[@DannySully]

Hey, thank you so much for your kind words and following my content! Unfortunately, I can't tell you what to do with your money. But I will say currently SPAXX is giving out a great yield and is a great option for your savings at the moment. In regards to the IRA, since you won't be withdrawing for awhile (assumption), then I would say investing long term growth is a solid approach since that's the retirement money you will eventually rely on. Personally, I prefer long term growth and aggressive long term investments to go toward my Roth IRA since I won't be touching it for a long time. Great approach to be investing monthly and a set amount as well. I hope this helps and thanks again for watching my content!

[@trippleaj]

What’s your thoughts on Robinhood ira?

[@jadey_jade15]

How to get out of Fidelity Go? I want to manually invest again but don’t know how to?

[@blairf7118]

When you initially contribute, should you spend the entire amount on stock of partial?

[@yaneece]

I’m curious to

[@NoneYa899]

For the automatic investment, do you have to schedule an automatic transfer as well or does the automatic investment automatically pull from your bank account and invest all in one swing?

[@DannySully]

You have to schedule an automatic transfer with it, great question!

[@ysndarius1464]

I recently opened up my Roth IRA do I contribute money in the transfer way as you showed or do I do recurring investments with the “Core”? whatever that is

[@DannySully]

Of course! Thank you for watching my video!

[@Jonathan-pe5bj]

So when I transfer money from my bank to the Roth IRA, do I invest all of the money into stocks or just a portion of it?

[@jnordman86]

Love it! Some more research to do, but I'm thinking seriously about opening an IRA for my kids instead of the government college account for autodraft and investing. Also, didn't know Roth's were so flexible (also have Fidelity) so I'm checking my limits to see if I can get into that too. Seems like a no-brainer to switch from average brokerage to a Roth IRA if eligible.

[@alrocky]

@ 2:25 Website shows "Minors must have employment compensation." DMT neglects to specify that your kids need earned income (a job) to qualify for Roth IRA.

[@juliel7775]

QUESTION - are you supposed to buy more shares of, let's say, index funds, every month? Or are you just supposed to be transferring money from a primary checking account every month? I have one share of fidelity 500 (FXAIX) and I was under the impression that that one share alone would grow for me so long as I'm still transferring money from my checking into this Roth IRA.

[@marcussavina4080]

Pretty sure not. I think you have to keep buying the fxaix etf stock. Don't quote me but i would call fidelity

[@alrocky]

You may contribute up to $6,500 to your Roth IRA. You eventually want to invest all that money by buying additional shares of FXAIX, others index/mutual funds ETFs stocks etc.

[@powerhouse884]

@@alrockySo let me get this straight, you pass the dividend to the IRA account… right? Then once you reach the limit you use the money to buy more shares and then transfer the dividends again to the IRA until its filled again….? Is that how that works?

[@alrocky]

@@powerhouse884 You may contribute up to $6,500 to your 2023 IRA. You may contribute up to $6,500 to your 2024 IRA. The investments you select in your IRA typically either increase in share price and typically may distribute dividends and perhaps LT/ST capital gains. With those dividends and capital gains you can purchase additional shares of your investments. All of this occurs within your IRA account.

[@deborahlewis9945]

I was trying to lonk my bank wirh mu fidelity account and it requested my bank login password and id. Has anyone else experienced this?

[@russellsverse]

Could you describe how to change the investment for an existing Fidelity Roth IRA? I already have a Roth IRA at Fidelity that has been invested in the same fund for many years. I'd like to change what fund it is currently invested in to another that I have already selected, but have been unable to figure out how to do that myself on the Fidelity website. There is no 'Change Investments' option that I can find like there is on my Fidelity 401K. I am over 60 so shouldn't have age restrictions, though I don't plan to do any withdrawals yet; I simply want to change what it is invested in. Are there special restrictions that I am unaware of. It seems like this should be an easy thing to do. Thanks.

[@AllThingsRealEstate-BrentSena]

@DannysMoneyTalk would be interested in this too. I've been all over the site and can't figure it out. Thank you

[@Nsayles]

Just opened one yesterday

[@DannySully]

Nice!

[@shujayethossain6554]

Hi For the S&P 500, can I just buy them anytime into the ROTH IRA or should I wait for the price to go down like stocks? I am new so excuse any silliness!

[@DannySully]

Hey great question! You can buy it whenever you want! It could be every week, month, it does not matter!

[@ChrisWilliams-vm1do]

What about automatically reinvesting dividends? How do you set that up?

[@DannySully]

Hey when you are on the fidelity positions page that shows all of your investments. You can see a button that says manage dividends above the investments. From there you can select and manage how you'd like.

[@alyssacox7833]

I have a Fidelity account but have not opened or contributed to my Roth IRA yet. Do I have to wait until after April 18, 2023, to start investing?

[@DannySully]

I’m glad you reached out! If you open a Roth IRA account before April 18th, 2023 then you can actually contribute up to the limit for the year of 2022 (you have until April 18th to contribute). You can also contribute to 2023 whenever you want during the year!

[@shawnallen7991]

So if I have contributed from a company match already but not in Fidelity. Will Fidelity already provide what I have contributed?? Someone please answer, thank you

[@robbiephantom]

Great video, I opened a Roth IRA with fidelity but since we’re still in the 2022 tax window, will my Roth IRA automatically be changed to 2023 after April 18th or do I have to manually change it myself?

[@DannySully]

Thank you! The Roth IRA will automatically change it to only allow contributions for 2023 after April 18th.

[@trippywonderland846]

I don’t know anything about this honestly from my understanding the Roth IRA is a retirement account, my question is the contribution limit for this year 2024 is 7,000 am I able to just put that money in & leave it their & not invest it. For instance the 7,000 that is needed this year. I’m new to all of this & can’t seem to get the hang of it so far I’ve put $500 in. Planning on investing until I understand this topic fully.

[@VeronicaGonzalez-gd7yk]

I have a traditional IRA with my bank. Is it possible to transfer those funds into a Roth IRA? First time learning about a Roth IRA. Thank you for making those videos. They are so helpful.'

[@DannySully]

Yes you can convert it to a Roth IRA! Thank you for your kind words and for watching my content :)

[@dave23024]

IRAs are just peachy until you read the fine print. "You can't do this, you can't do that, etc..." It's only a matter of time until you realize the taxes you would have paid for a regular brokerage account would actually cost less than all the questionable "penalties" that come with IRAs.

[@hannahw2697]

I have a targeted date index fund with fidelity. Is it advisable to only have this, or should I purchase any of the other index funds you suggested in your other videos??

[@DannySully]

target date funds are solid options! I can not say exactly for you since its a personal decision based on many factors. As far as the video, use the options as information and continue to search and learn more about others before you decide on any!

[@brokenlotproductions]

I heard that with roth IRAs, it grows every year by a certain percentage. Does only the money in the core of the account go up? or does all of your investments go up every year?

[@DannySully]

Hey great question. So with a roth ira, the only way for the account to grow in value is by owning securities like stocks, bonds, index funds for example.

[@tolyvelichko8375]

33 years old and just opened up a ROTH IRA with fidelity and bought into the S&P500 mutual index fund (fractional purchase of $100). After all bills and other carefully managed expenses, I can afford to invest $100/month at 100% into the S&P500 for the next 30+ years hopefully. That’s the goal……Should I just keep dumping $100 every month into s&p, or should I diversify a little, let’s say a 2 fund portfolio? If so, which other index funds should I buy that will go well with the s&p? My goal is to accrue a good chunk towards retirement. I plan to keep the investments as simple as possible. Thanks!!

[@DannySully]

That is great you were getting started and staying consistent with this. In regards to actual investments I cannot say for sure, but I will leave if you links to other recommended videos that include other fund portfolios for you to look at if interested. Thank you so much for watching my video! kzbin.info/www/bejne/eaDHo6Coiqukqrcsi=keLMz2l27e8u83to kzbin.info/www/bejne/gmLVh5irYtqkrJYsi=LnhE-7Sj7qHOa6bw kzbin.info/www/bejne/eaGUnH2CeLVsmsksi=SJ-aLh4FkXHAlaAP kzbin.info/www/bejne/g4CZnoqXp52Yr6ssi=OLYztWjtnYlJ1KAT kzbin.info/www/bejne/n2aZhYhpedKhrJosi=Z-qNNvkjwQLxlNaK

[@user-ps2ho5iv3u]

Can I open a Roth IRA even though I already have 401k ?

[@caidenenriquez4228]

So if you are barely starting off with your ROTH IRA, do you set up automatic investments from your bank account to your ROTH IRA? And then when your ROTH IRA grows, you can start investing with the money already in your ROTH IRA?

[@salemdesigns65]

Invest the minute you put the money in the Roth IRA. Even if you start with $100, and invest in only 6 shares of something AND reinvest the dividend, is better than nothing over time. THATS the key... Just keep contributing into the Roth IRA weekly or monthly, whichever. I don't miss my $40 bi-weekly contribution at all...

[@summerlove2622]

Can you tell me how do taxes work with the Roth IRA account? I know it's all taxed ahead of time but how exactly does it work? Like if I buy index funds with the max $6000 per year, does a portion of that money go to taxes somehow? And if I'm investing on index funds from my Roth IRA account each year, are there additional tax forms that I need to fill out/have when filing my taxes each year? or is that only applicable when I am actually withdrawing from the Roth IRA account during retirement? And lastly, when the money grows in the Roth IRA account, is the profit from that taxed separately or is it like once you've done your taxes during the investment, you're good to pull out money during retirement without any additional taxes? P.S. Sorry for all the questions. I'm still learning all of the details of Roth IRAs and investing.

[@DannySully]

Great questions, hope this helps you out! 1. Roth IRA, you need income during the calendar year that you are going to be contributing. 2. You need to pay taxes on that money (say $7,000). 3. Say you are 30 and do this until 60, you don't pay any taxes throughout the years of having the account. Must have account for 5 years and be over 59.5 to get the tax free benefits at retirement. Any income in the account is noted as "tax-free" on any reports that come out of the Roth account (assuming you stay within the guidelines). The reports the firm will compute are very interesting to check out, I recommend looking at one. On the account click documents and you can see a report.

[@bryantorres1011]

Say I’m investing in my Roth IRA and I start makin over the income that you can earn to invest in a Roth IRA do I still keep the Roth IRA I just can’t invest in it anymore since I’m making more than the income limit? Also is there ways that I can still Invest in my Roth IRA even though I make more than the income limit?

[@DannySully]

Hey Bryan, great questions. You can still keep your Roth IRA no matter the income. If you exceed the income limit, you can do a backdoor Roth IRA with is contributing to a traditional and rolling it over to your Roth. I will definitely be making a video specifically on that in the future but there are sources online to learn more about that

[@jrplantito1977]

Just in case i have fedility investment

[@sinzinn5071]

Is it better to have a Roth IRA or a brokerage acct I’m just gettin started as a 19 year old with stocks I’m thinking the brokerage one is the best but idk I’m buying the s&p fidelity but I’m just wondering if it’s better to buy on Roth or investments brokerage acct?

[@DannySully]

This comes down to a personal opinion. Roth you can always withdraw what you contributed. Roth is also extremely beneficial to avoid taxes when retirement comes. If you are one that can save this money and invest it for a long time without needing it, Roth would be my way to go. If not, at least investing is putting you in the right direction (assuming proper investments). Hope this helps!

[@peterokpara4451]

Do you have a video on Vanguard Roth IRA

[@DannySully]

No unfortunately I don’t. I only have experience using fidelitys Roth IRA.

[@ontherun5937]

Can you buy the same fund for a Roth IRA & standard Brokerage account simultaneously (e.g. have FDVV in both)? Reason being, if someone is trying the play catch-up & contribute more than $6500 per year (e.g. dividend income). I realize taxes would be incurred for non-Roth.

[@DannySully]

Yes there are no limits to how much of any particular fund you own. You can certainly have the same fund in a roth and brokerage account! :)

[@jose11874]

If I don’t buy stocks manually like you do, does fidelity buys them for you or how does it work?

[@DannySully]

You have to buy them manually unless you get a managed account when you sign up. For example, Fidelity Go, there robo-advisor.

[@janelleLOVESudon]

I'm still learning so in the Roth IRA, when u buy stocks u can gain or lose the money? And the money u contribute from ur bank acct, ur guarenteed to gain from it? I'm also wondeing if you know what a 457b is because my employer offers it. I currently have a CalPERS pension

[@DannySully]

Hi there, with a roth ira you have to invest the money into investments that you pick. The investments are not guaranteed to make you money. Yes, when you buy stocks you can gain or lose money. And i don't know much about the 457b but believe it is similar to a 401k.

[@nikkiolive1979]

What is usually the amount you need to put in to open the account

[@DannySully]

You can do any amount! But there is a max contribution. Under 50 in 2024 is $7,000.

[@jesskulls]

I am using Fidelity. How do you see the IRA contributions box on the page with the profile?

[@DannySully]

It should appear on the main page on the upper right side. That is if you are on the web platform!

[@phillipellingson8556]

So what if you filed your taxes in February for the previous year but can still contribute for that year up until April 15?

[@DannySully]

Hey that is a great question.if you already filed you don't need to amend your return. What's important to understand here is that you need to fund the account with income from the previous tax year so most people may have a good idea whether they may be able to before the end of April 15 time. With that said, when you file taxes, many times you will be asked if you have fully contributed the max and/or if you plan to do so in the upcoming future before the deadline. All in all, since you are using income that is about to be taxed from the previous year, it does not matter whether you file before or after. The taxed income will either go to your roth ira or to your groceries, etc. Just remember the money you contribute will be taxed from the previous tax year, so whether you file early or not, that money "should" already be considered into the taxes. Thanks for the questions! Here's a good article if you are still confused: www.investopedia.com/can-you-fund-a-roth-ira-after-filing-taxes-4770667#:~:text=You%20can%20contribute%20to%20a,need%20to%20amend%20your%20return.

[@josephsaeteurn9158]

59.5 year min age to withdrawal is very nice.. i like

[@DannySully]

I agree!!

[@randallsavage2658]

0:59 I never Pull Out 😤😂

[@REDCONone]

I have a ROTH but only invest in FSKAX. I'm new at this so any advice on other stocks to buy?

[@michaelkobulnicky3399]

Many. Can't go wrong with many. Do some research what a lot of others buy to get some ideas, then research them.

[@austinschafer8744]

So do I need to put money into the Roth and then purchase stocks/ETFs/etc.?

[@DannySully]

Yes you first need to deposit money and thereafter can purchase investments with it In the account. Assuming you choose to manage your own account.

[@MissPinkapples]

Thank you! I just need stocks to invest in now! I’m confused. Like I why does it have to be so hard

[@Abelsgarage_]

@@DannySully what funds have you invested in ? I want to open an IRA to better my future down the road but don’t know where to start after the account is made

[@Mufaroo7]

I see potential in this Man

[@DannySully]

Thank you! That means a lot, seriously.

[@DannySully]

I saw your message, can you please contact me through discord

[@Mufaroo7]

@@DannySully I don't use discord. Maybe Whatsapp,Instagram or even skype?

[@Mufaroo7]

or just on Upwork itself?

[@Mufaroo7]

@@DannySully what is your discord?

[@KenLahne2]

Can I trade leaps inside the Roth Ira and withdraw tax free at 59 years old? What other instruments can be traded through Fidelity?

[@DannySully]

You should be able to do nearly all types of investments in the fidelity Roth IRA. Options, treasuries, stocks, etc. it’s the same structure as a normal brokerage account just with the tax rules and benefits.

[@sneakysnake2866]

If I open a Roth IRA now and am within the income bracket, no problem. What happens, when in 10 years, I am making more than 150k a year… I can no longer contribute but my Roth IRA will still grow?

[@DannySully]

You can do what's called a backdoor Roth IRA to still contribute each year. Research before doing though. And yes your Roth IRA can still grow and you can invest however you'd like.

[@CryptoCwis]

Can I get some help? I thought it invest’s automatically when I deposit money? Do we have that option without having to choose the stock or index fund? Thank you

[@DannySully]

You could get a robo advisor but if not you will have to purchase your own index funds, stocks, etc.

[@CryptoCwis]

@@DannySully I’m not asking for financial advice but I’m 29 currently. Just opened up a Roth IRA.. A calculator online says if I max it out each year I would end of with 1.3M$ at 65. Do you think this is accurate? My main fund in the account would be FXAIX so I’m not sure if I’m too late for a good amount … thanks

[@hoosier8729]

I recently opened a roth ira through fidelity. I made a deposit and distributed it amongst a few funds , do I have to distribute my deposits every time or would they automatically drop into those previously funded funds

[@DannySully]

You will have to set up an automatic transfer for the funds. It would not automatically unless you set it up. I mention it in the video i'll leave attached below. If you do not, you will have to buy each fund every time you deposit yourself. Hope this helps, thanks for watching! kzbin.info/www/bejne/nKO7mY2Yrt9rZtk

[@kfranklin308]

I just opened a Roth. I know absolutely nothing about stocks and ira’s. If I add money to the Roth and do nothing else will it grow or do I need to use it to invest? Also if I add the maximum amount and then buy stocks with the Roth will that lower the amount of money in the Roth?

[@mystearicanohr9521]

If you do nothing with the money in a Roth IRA, it will just be like a savings account barely grow at all. You have to invest the money in it and those investments are what “grow”. Buying investments does not reduce what you originally contributed to the Roth IRA. So if you contribute the $6500 max, you can’t add more whether you buy stocks or not.

[@tolyvelichko8375]

@@mystearicanohr9521if I plan to contribute about $50-100/month into my ROTH IRA, what bonds, etf, mutual funds would you say are good to buy? Also, do I use the Roth funds I deposit to make those investment purchases?

[@lrigdrenlrigdren2147]

Thank you for showing actual screens, what to look for on each screen, how to find things to invest in, how to do actual investing. Most people don't share details that beginners really need. This is silly, but I didn't even realize it was a 2-step process. I thought you put in money and that was all .... didn't know you then had to say how to invest it!

[@DannySully]

Thank you so much for this comment, it means a lot to know my content is truly helping someone. Thank you, i'm very happy to hear that :)

[@cokiruiz]

Hey Danny, I have a stupid question. I am new with all this! If I do not invest or purchase anything, what happened with my money, stay the same? Do Fidelity give me some interest over the years? Or should I just risk and purchase stock?..Thanks!

[@DannySully]

No stupid questions! That is a great question! With Fidelity, you should have your cash position be a money market fund (I would confirm this if I were you, i'll leave a relevant video of mine below). Additionally, by having this you can earn interest over years but it may not be much compared to many other investment options. The only reason the interest currently is high is because of market conditions where the money market funds (core position) earns roughly 5% right now. If you plan to invest, I recommend planning out and learning how you want to go about your own situation! Hope this helps :) kzbin.info/www/bejne/ioSyqIOEo9p9pMksi=448yIX_XcXEhz16p

[@cokiruiz]

@@DannySully Thank you so much, I will have a look to that! :)

[@richardreyes2826]

Can you invest and contribute at the same time?

[@DannySully]

By going to "accounts & trades > transfers > recurring transfers" on the platform. Then click on schedule a new transfer and you can see features you can have to automate your transfers/investments for you. Does that help answer your question?

[@ConstantlyVivid]

Hello I was told about Roth IRA and I’m confused as I am 23 and young but I wanna start early and have something for my future as much I still am quite scared but was told by my parents it’s not worth it at all just work but idk were to come from as I wanna start saving money i wanted to know what is the interest rate for someone as young as me or what I wanna look for as I’m trying to put a large sum of cash in but don’t know if it’s worth as I’m being told by family members that I could possibly be throwing my money away but I’ve been researching all day for a couple days and just need a little guidance from people that already know what they are doing or talking about

[@DannySully]

Hey great questions and high respect for you to reach out in regards to this! It is very important to put your money in the right place so it can grow (asset: stocks, real estate, etc.) instead of depreciate (liability: cars, boats, etc.). I can not tell you what to do with your money but I will inform you that a Roth IRA is great for the long term. You get the tax advantage features that can seriously help you out when it comes to retirement (age 60 and up to withdraw tax free). I highly recommend you check out some of my videos i'll have linked below. Either way, putting your money to work somewhere is much better than having it sit. Even a High Yield Savings Account (HYSA) right now yieldinng 4.5-5.5% over a traditional savings account like Chase, Wells Fargo is also an easy adjustment that can help over time. I hope this helps and below are some videos I think you may benefit from greatly. Roth IRA For Beginners (Tax Free Millionaire): kzbin.info/www/bejne/mWeziqh9j51gmsU Traditional vs Roth IRA: kzbin.info/www/bejne/sHS3eah_rLB4hZY Best HYSA For 2024: kzbin.info/www/bejne/np2monauerujetk HYSA For Beginners: kzbin.info/www/bejne/i3TNgWttYtpqarM Investing Mistakes You Must Avoid: kzbin.info/www/bejne/m57Hi2WXiKuEpdk

[@adrianmadrigal6616]

Is the money I deposit into my Roth IRA the same money I can use for investments?

[@DannySully]

Yes, after you deposit to the Roth IRA you can then use that cash to invest in whatever you'd like similar to a traditional brokerage account!