Roth IRA vs Traditional IRA: Which Is Better?

[@caseybills5517]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 5 million dollars

[@JamesLongman-v5r]

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

[@TylerJamestown]

On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then

[@LiaStrings]

Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?

[@TylerJamestown]

Her name is Rebecca Nassar Dunne can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@lolitashaniel2342]

Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.

[@NicholasBall130]

The most significant financial mistake I made was with my 401k. My company offered a Roth 401k when my kids were in college, but I didn't start contributing until the third year of the six years they were in school. Since I was helping them with expenses, I qualified for tax credits, resulting in an extremely low effective tax rate. That period was precisely when a Roth 401k would have been most beneficial! Despite this, I still retired with approximately $350k in my 401k.

[@StocksWolf752]

People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.

[@EleanorBaker474]

I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.

[@StacieBMui]

Could you kindly elaborate on the advisor's background and qualifications?

[@EleanorBaker474]

The advisor that guides me is Sonya lee Mitchell, most likely the internet is where to find her basic info, just search her name, She's established.

[@VictorBiggerstaff]

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@WilliamsJones-jx1ce]

The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

[@LiamThompson-cv9xy]

Pre-tax contribution may help reduce tax in you pre-retirement years. While after-tax-contribution may help reduce your income tax burden during retirement.

[@AmeliaClerk]

I have always thought of getting a financial guide, but I didn't know the way to go about it. I stay in a small town outside the big city.

[@AmeliaClerk]

I am very keen to my financial objectives. I would like to work with someone who understands them and work with strategies that aligns with them.

[@AmeliaClerk]

Thanks. I ran a google search on him. He is quite the subject matter expert. I have book an appointment with him. Thanks again.

[@skpsr44]

So did you get taxed on the 401k pre-tax dollars when moving them to the Roth? I am in the exact situation. I moved the 401k $ to my traditional IRA but it's sitting as cash. I am considering moving it to the Roth but I assume it would be taxed at some point. Or am I mistaken?

[@purplefan26]

This is what should be taught at schools

[@TradingGzwithG]

K-12, 4 year universities never taught me nothing about this 💀 KZbin University is the best school i ever enrolled for 4 free. The education system was a set up by the Rocafellers to keep us thinking as workers not thinkers

[@berniebee88]

Nope. DEI, LGBTQAEIOU^%#

[@doctorhorton]

Humphrey - “So you clicked this video” Me - “How did he know?”

[@humphrey]

LOL

[@ironface76f]

😂

[@treychatterton6553]

@@humphrey your video is great, thank you

[@berkeleybernie]

I appreciate the clear and to-the-point explanation. As good as it gets for this kind of instructional video. Thank you.

[@RubyOliverm5l]

Investments are the roots of financial security; the deeper they grow, the stronger your future will be."

[@DeborahMicheal6k]

The deeper your investment roots, the stronger your financial security will be in the future.

[@JulianBenjamin3d]

Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.

[@SebastianNoah5e]

Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.

[@JulianBenjamin3d]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

[@SebastianNoah5e]

Thank you for this amazing tip. I just looked the name up and wrote her.

[@ChristopherAbelman]

I’d be retiring or working less in 10 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.

[@HildaBennet]

Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning

[@PennyBergeron-os4ch]

Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.

[@bartlyAD]

This is huge, I have seen a lot about FAs and actually want to consult some pro.

[@PennyBergeron-os4ch]

Her name is DIANA CASTEEL LYNCH. I can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@bartlyAD]

Thanks for the share! copied and pasted full name on my browser, effortlessly found her site, very professional. I got some feedback hope to speak on the phone soon.

[@rickmcdonald23j5]

I've been reconsidering my retirement strategy, questioning if my 401(k) and IRA are enough for a secure future. I’ve also invested $300K in the stock market, but the returns have been inconsistent and modest. I'm looking for an investment approach that better aligns with my risk tolerance and financial objectives.

[@johntnguyen9917]

Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management.

[@JeffreyTuck-x4f]

Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a year now. Starting with less than $200k and being just $19,000 away from making half a million in profit.

[@roarodneal3390]

I've stuck with "Graham David Fullerton" for 4 years now, and his performance has been consistently impressive. He’s quite known in his field, you can confirm him on the internet.

[@LilyBarnes-wk1io]

Despite lacking the flexibility that most brokerage accounts provide, IRAs offer unique tax benefits that make them particularly useful. All the same, having such a retirement plan is advisable.

[@OliviaJones-ky8fi]

One should be conscious that investing through self-directed IRAs puts up risks, including fraudulent schemes, high fees, and volatile performance. Market oscillations and early withdrawal penalties can cause a Roth IRA to forfeit money. Investing late or contributing too much can also result in potential losses. This is why one needs to seek guidance and stick to a plan.

[@MartinRichardson-be6nu]

I have lost quite a ton, but I have an IRA account but how do I know when to open my IRA

[@BrianSmith-zxx]

I need proper guidance to know the differences in the different IRAs and can someone help with more

[@DavisMiller-yh6bc]

Retirement connoisseurs often recommend the Roth IRA, but it's not always the better choice, depending on your monetary situation.

[@DavisMiller-yh6bc]

​@@BrianSmith-zxxBut if you still have problems understanding which portfolio to go for then Jason Herman Pierce is the best expert to follow for proper advice. You can look him up on the net.

[@mclovin_it8872]

Just started looking into an IRA im 26 and couldnt decide which i should choose between traditional or roth. And watching this video im leaning towards “roth” like you said life takes crazy turns an if you need the $$ then there shouldnt be a penalty when withdrawing.

[@bethalunerstar4635]

Yes please do a follow up Roth IRA video!

[@humphrey]

Will most likely do :D

[@alishabanskota9476]

I have been trying to understand this for hours and you did it in less than 10 minutes! Thank you!

[@humphrey]

no prob!!

[@joshsolso1909]

Best personal finance advisor on the Internet🤙🏼

[@CadedraForReal]

Thank you so much! This is the ONLY vid I’ve found that is giving me FACTS only!!! Plus it’s simple. No rambling etc.❤️

[@anthonywatson163]

Thank you for your video and information ❤😊

[@epauloconnor]

I was hoping this video would break down if you contributed the same amount, what they'd look like... Like, if you had $500 to contribute (per month or per check), what it would look like in 30 years. How much the accounts would grow over that period vs how much you would have overall. Like... if you contribute $500 every check with a traditional (pre-tax) based on a $50,000 or $75,000 or $100,000 income, it would lower your tax basis when filing your income taxes. But you'd have $500 in the market as opposed to only having $350 in the market (every Roth deposit after 30% tax)... That's the breakdown that I was looking for.

[@AfterDark6]

Then go find it lol this ain’t it. 😂

[@jeany2023]

Brilliant!!! Thank you for making this video for newbies!

[@jaysingh7995]

I was told from this video, I'd be "an expert Roth vs. Traditional IRA...". I am not after watching. Still confused on which on is best so, I can't advise friends and family. I watched 'Rob CPA' who explained it better and highlighted some key things to keep in mind, not mentioned here! Much better informed now.

[@cici-lx6np]

You make this so clear and simple. Thank you!

[@OwODonut87]

Thanks for sharing 🙏 It really helps me decide which IRA benefits me the most

[@Tblade_DareToBeDifferent]

This was a great video that was both knowledgeable and entertaining.

[@viclucy-personalfinanceinv7533]

You summed up the extensive research i've done for hours! I really wish I had opened a roth when I first started working at 16 but i didnt open one until I was 18-19 years old. Must make use of the time now. Great video Humphrey! :) im also a yang! haha

[@humphrey]

Glad it was helpful! Hello fellow Yang!!

[@Aye.Alexandria]

You’re still way ahead of the game ! I’m just learning about an ira at 34! I wish I started at 18! I been working since 16 too 😩

[@girlbossniya5993]

How do you determine whether or not youll be taxed higher when you’re older

[@christianpalmer8444]

Great video. Explained the details very well.

[@Mistah_j74]

Thank you for the explanation! Super helpful.

[@KonRakBanGerd]

Thanks for sharing, the way you explained really help me to understand better than other Chanels.

[@Jow_Rd]

Thanks for the video!

[@PrivacyKingdoms]

4:55 why did Humphrey say you should go with a ROTH IRA if you are going to be working until 70?

[@alrocky]

He is mistaken as age is not primary rationale for Roth vs traditional, tax bracket is. Favor contributing to Roth when in relatively low tax bracket and favor traditional when in relatively high tax bracket. If have access to 401(k), as default contribute as much as possible to traditional 401(k) and to Roth IRA. If in 12% Federal Tax Bracket favor Roth, so Roth 401(k) and Roth IRA.

[@broskie_ceo1825]

yes please make a video on your ROTH IRA

[@humphrey]

Will most likely do! :D

[@keithmiddlechilddesantis8814]

Thanks Humphrey

[@libertyloveslife5602]

Thanks hubby is a doc and we are trying to figure out the back door Roth conversion

[@holdencawffle626]

Not buying it

[@Tblade_DareToBeDifferent]

Thanks for the comparisons.

[@baymaxred4632]

thanks for this vid. I'm a 30 year old loser who just found out about this stuff.. man glad you doing good god works

[@sshukla111]

Best video explaining Traditional vs Roth IRA. Thank you!

[@abcd8132]

Do u know how many videos I watched and they don't explain the way u did. You re genius 👏 🙌 thank you 💞 😊 thank you

[@StopBeingSoldMedia]

Great explanation...

[@humphrey]

Glad you liked it

[@thesolojourney8955]

Might as well do both if we want to keep it diverse and expand in all ways.

[@Royals_Mindset]

Is Forex trading income considered "earned income"??? 🤔 I plan to go full-time as a trader and I'm curious how this type of income is classified when adding to a Roth IRA every month...

[@EchadLevShtim]

I have multiple personalities. Normally Im quite Traditional, but then... there's ROTH!!

[@robertnickerson]

Would love to see more information on where to invest, i.e Vanguard, Fidelity, etc. As always, thanks for the great info!

[@humphrey]

Noted!

[@wayneaustin5533]

Doesn't matter

[@neckofthewoods24]

but what happens if you do a backdoor? put it into the traditional which you say is tax deductible, then switch it to a roth which will be tax free later. did you just avoid all taxes?

[@minxp5118]

No; to convert to a Roth, you have to pay taxes at the time of conversion. It's similar to funding a Roth with after-tax dollars which is why the loophole is inane. Either do away with the loophole altogether or remove the income limits for the Roth IRA.

[@kyoungheehong5626]

Thank you so much. This video clip was my first step!

[@lizaorlina]

LOVE the posters in the bg

[@JakeUpV]

Great video Thank for the help

[@OscarMedina-l5z]

Thanks for the video

[@Ognica]

I like how I saw this video already but it's such good information I'm back to check if I retained it all. Lol

[@andreattai7481]

simple question. My traditional IRA is down 35% ( in red) I am 62.5 yrs old. Can I cash out this account and use the losses toward my income and/or profits from my cash broker account? I don’t see how I need to pay taxes on a retirement account if I am down so much? I know you don’t give tax advice but what would you do? Thx

[@barthill9118]

Very clear. Thank you

[@ceciliaespinoza8198]

OMG THE REPUTATION BOX!!!!!! HELLO SWIFTIE!

[@ChopsOnTheBlade]

This may be a dumb question, but, considering that your Roth contributions are taxed on their way in, why would you choose a Roth and be taxed when your income is (for example) $100k/year instead of choosing a Traditional IRA and being taxed when you withdraw when your income is (for example) $20k/year?

[@cd0999]

The contribution limits are significantly higher than what you list. People need to check with the IRS each year to see what the contribution limits are as they do change year to year.

[@joseCalderon1976]

I haven't saved enough for early retirement due to bonehead decisions (I have around $60k in my TSP (tradicional IRA from the Feds) so I think that I'll be working up to 65 years old. So I believe that the traditional IRA would probably be my best option. Great info! Subscribed.

[@adamlynch9153]

At least you have something. My grandparents didnt save a dime they have 10 kids who are paying for them now.

[@alrocky]

Traditional Thrift Savings Plan is akin to traditional 401(k) not traditional IRA. You receive 5% gov TSP match so contributing at least 5% of salary is your your best option. Contributing $22,500 to traditional TSP and $6,500 to Roth IRA is good default choice. You have time to contribute $6,000 to your 2022 Roth IRA.

[@beatsbyjules.]

@@adamlynch9153 10 kids… that’s where their money went lol

[@TheOMGRamen]

​@@adamlynch9153Yeah that happens when you have 10 kids. You have depleted money.😂

[@AnonMemSoc]

Thx for the synopsis

[@kristiancooper8467]

say you max out contributions on your Roth IRA and with time your income exceeds the limitations , can you then start a traditional IRA and convert it/roll it over into your existing Roth IRA?

[@kristiancooper8467]

or would it be better to initially have just a traditional IRA and then convert it to a Roth IRA whenever you’re expecting to want to make withdrawals? that way you get the tax deductible on the contributions upfront and also get tax free withdrawals in the end . or is there an extensive amount of time between from when you convert a traditional to a Roth and can withdrawal without penalty?

[@damondiehl5637]

@@kristiancooper8467 You create a tax event when you rollover from Traditional to Roth. Also, as a general rule, you need to leave your Roth account alone for about ten years for there to be any benefit to switching to a Roth. Ten years is roughly the amount of time it takes for an investment to double. (Rule of 72: divide the interest rate into 72 to see how long it takes for an investment to double. At 8%, it takes 9 years, at 7%, it takes 10 years, at 10% it takes 7 years, etc.) If you can leave it alone for at least 10 years, your investment will at least double, and the real benefit of the Roth is that your growth is not taxed. So, it is generally better to use a Roth account early in your career and switch over to Traditional as your income increases and you are about to start withdrawing money. When your incomes starts to get into the 24%, 32%, 35% tax brackets, contributions to a Traditional account will potentially reduce your taxable income enough to keep you out of the higher brackets.

[@idkyoo]

If you can convert a Traditional to Roth then does this mean technically you write off the money if put into a traditional and then withdraw tax free after converting it to Roth? Is this a one time switch or can you open up both accounts the same time and convert the deposits once a month?

[@damondiehl5637]

Every time you convert from Traditional to Roth you create a tax event. You cannot avoid taxes by starting in Traditional and then converting to Roth. You can convert as much or as little as you want.

[@User-dh4xj]

If you have a Roth 401(k), would you recommend maxing out the Roth IRA or Traditional IRA after contributing the minimum amount in your 401(k) to get your employer contribution but before maxing out your 401(k)? Or would you recommend maxing out your 401(k) before maxing out your IRA?

[@mrtoopoor3958]

So what do the company’s where u set up an IRA with get out of it? How r they paid out and whatnot?

[@veronicavance8171]

Question: If a withdrawal from a Roth IRA exceeds personal contributions and dips into the investment earnings, do you still pay penalties even after the 5 year mark? Are you only able to access the investment earnings once you hit 59 and a half or buy a first home?

[@dominicbagira2011]

yes sir, we would like to see that video.

[@humphrey]

sounds good!

[@skullcrunnch3r153]

Great video thank you.😊 especially OK the conversion from traditional to Roth.

[@dennischang5296]

If you make a lot of money right now, is the “better” to open traditional IRA? If you’re in a higher tax bracket you can pay less taxes from deduction? When you are retired and make no money your tax bracket will be very low and you wont need to withdraw a lot of money?

[@humphrey]

This is true, I anticipate to still be working when im 59.5 so i like the Roth.

[@macoy321]

So what income $$ bracket is considered high income?

[@johngill2853]

@@macoy321 when people say higher tax bracket they mean higher tax bracket than working years. Most people pay less tax in retirement but this doesn't mean you're most people

[@NormaTu545]

yes please! Would love to see best places to open a Roth IRA. I was considering Vanguard cuz of Graham Stephen

[@humphrey]

Vanguard is one of the best places :) I will consider making that video shortly in the future.

[@neita987]

quick question, in your example for the roth ira, the 10,000 dlls that was penalized with 10%, will those 10,000 dlls also count as income when doing my taxes at the end of the year? or just the 10% penalization will take place and no other tax is to be paid?

[@emilioespinoza9937]

Trying to open a ROTH IRA but what would be better SPAXX OR FDIC. Is making me chose one

[@RMBOYD81]

There’s also a maximum amount you make in a year which denies your ability to contribute to a Roth. You can be fined a substantial amount over and over until you recharacterize or withdraw

[@KalchykDen]

Can I set up my Roth IRA account to be funded from my business checking account? Or it’s only has to be from personal bank account?

[@sufyankhanafridi302]

Cant find the video of backdoor roth IRA. I wanna watch and i will only watch your video. You are inspiring man and you sound so positive

[@DennisFinancialDoctor]

Thanks a lot. This helps immensely.

[@NekoMableFan]

Love and appreciate all your videos ✨✨💕 ty for linking so many resources!

[@humphrey]

You are so welcome!

[@yonniad7838]

Hi I am self employed and what is the best IRA to open

[@rland503]

I opened a traditional ira with BoA, which is not FDIC insured. At the time when I opened it, i had no idea what FDIC was, hadn't done much research. Luckily, it's only been less than a year. What would you recommend? Any bank suggestions on where to open with that are FDIC insured? Thanks.

[@brianmcg321]

No investment account is FDIC insured.

[@mazinio81]

Thank you so much for this video. My only question is what if open a ROTH IRA and my income goes up in the future and I am no longer in the threshold? Am I still able to contribute as I have opened it in the past when I was in the correct threshold?

[@damondiehl5637]

No. You can only contribute while your earned income is under the threshhold. Once you start making too much, you have to start looking at the backdoor Roth maneuver.

[@TheTruthSeeker756]

I’m going to simplify this. If you’re in a low income tax bracket now and you think you will be in a significantly higher one in the future do the Roth now and switch to the regular when you’re in a higher tax bracket. Withdraw the non taxable Roth first when you’re old and probably still working part time and then withdraw the regular taxable when you’re not working at all

[@krakken11354]

Yes please do video on where best place to put your IRA

[@humphrey]

Yes will def consider :)

[@shinymarshtop2]

@@humphrey Def interested!

[@lilianab4258]

This is hands down the best explanation video on this topic!! Thank you

[@wallys7016]

Thought you could contribute to a 401k, Traditional IRA max, and Roth IRA max?

[@erwinquizon873]

Do the Vanguard video yes please

[@Sean-Seymour]

Great video. I hope I'm not too late to get an answer here. If I have a traditional IRA that I convert to a Roth IRA (Backdoor IRA), can I still contribute to the Roth every year after even though I'm above the income limit? Great content thank you very much. You make it simple and easy to understand.

[@brijohnson1994]

I really hope your question gets answered, because I would like to know as well. Lol

[@358studios]

@@brijohnson1994 Hey Bri, I think I figured it out on my own. It doesn't look like you can continue to contribute to the backdoor Roth IRA once created, but it does look like each year you can create a new backdoor Roth IRA. Seems like a lot of paperwork but I think the benefits outweigh the added work. Please let me know if you find out differently. Cheers.

[@nathanyork2358]

My 401k became a Rollover IRA when I changed careers. The Roth seems better, though. Am I able to convert or transfer the balance from the Rollover to a Roth?

[@damondiehl5637]

You can do a Roth conversion, but be aware that you create a tax event when you do that. When the money comes out of the Traditional account, the government wants the tax to be paid, whether that is withdrawing into your pocket or moving it to a Roth account. You can have part of the conversion withheld to pay the estimated tax, or you can pay it with money you have saved. You need to do an estimated tax payment in the SAME quarter that you do the conversion, to avoid potential penalties. DO NOT wait until you file your tax return to make this payment.

[@Laura-ns6ys]

Can you have multiple ira accounts through different entities?

[@alrocky]

Q1 Yes however the total annual contribution limit is $6,500 per year not per IRA account.

[@Laura-ns6ys]

@@alrocky thank you

[@karlakruvalcaba7002]

Hi! So what happens after you open a Roth IRA? Do we start buying/selling? I opened mine last week, and I don't know what the next step is. Please HELP!! 🙏🏽

[@humphrey]

Yeah the next step is to buy investments for the long term. I'll have a video out on "Whats in my Roth IRA" coming out on Friday, so stay tuned for that Karla.

[@karlakruvalcaba7002]

@@humphrey thank you!

[@deltaboy2011]

@@humphrey Can you open multiple IRAs in different brokerages?

[@superblump87]

@@deltaboy2011 yes, but the annual contribution limit applies across all IRAs.

[@barbfroede1343]

Humphrey, do you have any opinion on r/o an IRA into gold & silver?

[@humphrey]

Not a super passionate opinion: Gold and Silver are safe investments that, depending on the stretch of time we look at, coudl either perform way above the market or way below the market. I would google this specifically "Has Gold Been a Good Investment Over the Long Term?", and see what results pop up. I do think it's good to have as a hedge against inflation but overall I'm personally not too crazy about gold or silver.

[@nebojsa1976]

Can I buy any stock, ETF or covered call ETF or REIT or other dividend stocks in Roth IRA? Just as I would in my trading individual account at Schwab.

[@damondiehl5637]

Yes

[@listenHerr]

Are you taxed on just the earnings/gains or on the entire amount you withdraw? The oral words said earnings while the typed words says taxed at withdrawal, so I was not clear.

[@alrocky]

Are you asking about traditional IRA or Roth IRA?

[@jasonrolf8207]

Thanks. Explained perfectly for my needs

[@mountainman980]

As for trading, both types are same right? No gain loss need to be reported for tax.

[@ahernandez2303]

Taking notes 📝

[@humphrey]

Yes!

[@kingj6626]

So the money I been collecting from unemployment and been investing I can’t use it ?

[@humphrey]

Correct that is not counted as earned income.

[@alrocky]

You can use it for investing but you or your spouse needs earned income to qualify to contribute to an IRA.

[@slbalka]

I have chosen a Traditional IRA as I am self-employed and really am looking for all the deductions to help me at tax time each year

[@martinhirineo-ortiz1105]

I use fidelity to buy company stock Is there a way I can use that in other platforms.

[@phillipellingson8556]

What about taxes on a backdoor Roth IRA? I have 2 RO IRA and I would like to convert to a Roth IRA. Would there be tax on the conversion?

[@Gloppp]

Thinking about transferring my 457b $$ into a Roth or IRA when I retire at 59.5 - Humm 🤔

[@colomagonzalez9281]

How soon can I transfer from a traditional to a Roth ?

[@josephsaeteurn9158]

but don't you pay tax on the conversation from traditional to Roth? always get confusing for me.. and i know this old video but i need answer lolz

[@alrocky]

Converting traditional IRA to Roth IRA is a taxable event

[@anastasiaduchess]

Sorry can you clarify cause I read online that you cant withdraw from a Roth early without penalty?

[@alrocky]

*_contributions_* to Roth IRA may be withdrawn at any time no tax no penalty

[@daved7231]

When IRA is maxed out what’s the best investment vehicle? I have a brokerage acct but I hate paying taxes on the gains.

[@alrocky]

Does your employer offer a 401(k) with a company match?

[@daved7231]

Yes sir that’s maxed as well by April usually.

[@alrocky]

@@daved7231 Your 401(k) is "maxed by April"? Generally you want to contribute $20,500 to 401(k) and $6,000 to IRA before considering contributing to taxable brokerage account.

[@melodywertz3734]

This is very educational! Thank youu

[@Joshua_t721]

Love vid

[@humphrey]

ty!

[@Pink03ish]

What if you open a Roth IRA and your income surpasses $139,000 after a few years of having it? Can you still keep the account and contribute to it ?

[@alrocky]

Yes via *_back door_* Roth IRA process