Roth IRA Strategies Other Than Retirement | Jazz After Dark

[@Chris-wb7wf]

ill max it out because there ie something called Compound Interest!!

[@geopepsi3524]

Want to go dark, then follow this :) Captain Morgan Black, Dr. Pepper mix, crushed ice. Want to go more sharp side, Woodford Reserve, Pepsi, cube ice. Roth IRA, max always, so much flexibility, contributions always available. Thanks for saying it!

[@kckuc310]

The market and the economy are not going anywhere anytime soon with the feds position. It’s perfect time to buy low.

[@genxretiree]

Ha I had a cigar and a drink so I know where that glass was going. We’re there but we’ve got enough cushion to max out Roth assets and still be at a 3 to 1 ratio (3 months expenses covered with one month income after max Roth/HSA contributions). So it’s about the balance for us (and doing some legacy planning).

[@bobpug]

thanks Dustin!

[@marksweetser6312]

My current cheat code is after tax 401k contributions 75% of salary, mega backdoor roth conversions and highish dividend paying ETFs in the roth ira. Tax free dividends reinvesting. Sprinkle in some total market for growth ish

[@kbgagt]

I put money in a Roth IRA last year. It lost money. Then I pulled out less than what I put in that year. And I was still charged a penalty. Not sure what you said about withdrawing your contributions is accurate. Under 59.5, you can't just withdraw what you put in without penalty

[@chrisofnyc]

If I’m not mistaken it’s every 5 years. So whatever contributions you withdraw would have to be 5 years from that year’s contribution to avoid any penalty.

[@stevenobrien595]

Yes 5 year clock starts Jan 1st of the year you made the contribution.

[@charlesbyrneShowComments4all]

Sounds like the 5 year penalty. As soon as you setup a Roth there is a onetime clock that starts. Once the funds have been in place for 5 years you have met your requirements for the 5 year rule for the rest of your career. So for young workers go ahead and create a Roth IRA when you first start working. If you can't regularly contribute then put the minimum balance allowed. Some brokerages allow very low minimum balances. Then you will easily meet the 5 year rule once that small balance has been in there for 5 years.

[@alrocky]

@@chrisofnyc No, you're mistaken as there is NO 5 year wait to withdraw Roth IRA contributions. There no tax no penalty regarding withdrawing contributions from Roth IRA.

[@saqibtalibi2968]

Is that planner available to all your clients or is there an AUM minimum?

[@davidmason1043]

Very good topic, thanks for covering it. I think the Roth is underrated for it's unique characteristics and flexibility.

[@carlosamaldonado2910]

I don’t qualify for the HSA because my deductible is low , there’s something else to save on taxes?? Thank you for your info Jazz.

[@brandonblahnik6002]

A Flexible Spending Account (FSA) might be what you are looking for.

[@charlesbyrneShowComments4all]

@@brandonblahnik6002 it is what we have because we have low deductible plan. The only con is that very little money carries over each year and what does has to be spent or you lose it. My wife and I have different open enrollment periods with different fiscal calendars and we both have FSAs. My plan is Jan - Dec and her plan is Sep - Aug. So we cover planned medical expenses and if something unexpected medical event happens we have post tax funds to help. If we can plan it like dental work we then increase the next FSA during open enrollment. Ours is primarily for dental, because the dental plans offered at our workplace aren't good or we prefer to choose our dentists instead of finding a good one that accepts the plan. They used to be $5,000 max and it would have allowed use to cover up to 10K if needed with a little bit of planning, but Obamacare reduced them to 2,500. This year they are 3,000 due to inflation.

[@FrankieFinance]

Clarification please!! With a $2000 contribution. I bought a stock that did well then I sold that stock to recoup my $2000. Can I withdraw the he $2000 and call it contribution.

[@craighill842]

We got to get the whiskey grading to a two decimal system. 8.25 out of 10.00. 😂