The Ultimate Strategy To Using A Roth IRA Successfully

[@DannySully]

How long have you been using a Roth IRA? - Enjoy! 🗞 My Newsletter: dannysully.link/Newsletter 📖 Free Learning Guides: dannysully.link/FreeGuides 🐦 Twitter - twitter.com/DannySully_

[@mikellock]

I really like the treasure chest analogy and I’ll use that especially when speaking with younger people starting out.

[@DannySully]

Thank you!! I really appreciate that. I know many refer to planting a tree but with a Roth IRA I especially like this analogy! Thank you!

[@1981fuentes]

Great content @DannySully quick ? For you .. I’m 43 and just starting Roth IRA .. to maximize 22 years of growth until 65 retirement .. what do you think of doing 50% FXAIX and 50% FSPGX?

[@nancydunn2620]

I'm 71 and going to open Roth IRA, wanting to do Roth conversions. Do I have to wait 5 years to touch my money? Thanks

[@nancydunn2620]

@@DannySully Can I take out the money I paid taxes on, but cant take the interest out for 5 years. Thanks so much for your help

[@DannySully]

Hi Nancy, this is actually a very interesting point that you have brought up. I highly recommend you confirm with a tax professional. Now since you are above 59.5, and you are paying taxes on the converted amount, you should be able to withdraw the converted amount penalty free. (If doing this under 59.5, you have to wait at least 5 years or until 59.5). Have you ever had a Roth IRA before? If you have for more than 5 years, you can withdraw earnings that you make in the account whenever you want. But if you have not, a 5 year rule for the earnings would apply and that means you have to wait 5 years to take any earnings from the account. But the 5 year rule for conversions after age 59.5 does not exist which means you should be able to withdraw any taxed conversions that you make. All in all, yes. I believe you can take out any of the conversions you paid taxes on, but if it's a brand new roth ira and you've never had it for more than 5 years, the earnings must wait 5 years. If you have had a roth for more than 5 years, you can take any earnings anytime you want. This was really interesting so i'm glad I got to learn about this. Thank you very much for making me aware! Hope this helps!

[@teresab208]

Yes you can get the dividends or cap gains

[@brucesmith8285]

You should fact check the roth ira and early distbutions. The earnings and growth are taxabke and get a penalty but the money put in can be taken out any time.

[@brucesmith8285]

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[@raidersacdc4892]

I’m 56 and just started a Roth a couple of months ago. I did add VICI to it $1.66 annual dividend for a $30.00 stock is solid. I’ve also added a few of Fidelity’s Freedom 2040 mutual funds. In all honesty this is actually about retirement for me. It’s about leaving something for my children when I’m gone. I’m gonna keep the DRIP going with the REIT.

[@DannySully]

That's a great idea, glad to hear you are getting started and have great meaning for it! I will look into VICI, thank you for mentioning this!

[@michaelglazer6846]

All my non qualifed dividends and cd interests are in Roth as well as all option trades

[@quanbowie1826]

So should I leave money in the Roth or invest it entirely into my etf’s?

[@teresab208]

Put the etfs in your roth

[@arturohernandez3887]

Hello what happen if the person is 60 years old. ? Could the person start with a regular IRA and then change to ROTH IRA ? What' d be the implications in terms of saving or paying taxes ? Thank you. By the way, I'm new to your channel.

[@DannySully]

Hey! Thanks for the great question. Any money transferred from a traditional is going to be taxed if putting in a roth ira. I'm personally a huge fan of the Roth but I made a video comparing the two (link below). if you are in your 50s and up and want a tax deduction, then a traditional isn't a bad choice. But the Roth for tax free benefits after is great! I hope this helps. kzbin.info/www/bejne/sHS3eah_rLB4hZYsi=Ta23wA9ZPwiGV8w_

[@vincemartinez82]

Would you choose FXAIX or SPY? Or does it really matter?

[@DannySully]

The returns are going to be extremely similar. The only thing is to understand is if this is in a normal taxable account. Personally, my roth ira is on fidelity and I prefer FXAIX.

[@vincemartinez82]

Great! Thanks so much for the insight!

[@DannySully]

Of course! Thanks for watching my content by the way :)

[@vincemartinez82]

Thanks Danny! Your videos are super helpful!

[@Bobbydigital23]

What is the fidelity sp 500 top choice? Thanks

[@DannySully]

Think you will like this! Top 5 Fidelity Index Funds To Buy Now For High Growth kzbin.info/www/bejne/bXjFqIiulLWgq9U

[@trrealestatenycrealestate200]

Danny you are extremely helpful , quick question ....I am 64 and bought voo for $505 today. I have money left over aprrox $165 , what do i do with it in order to max out my contributions. another question ...what happens if voo goes to $700 can i still buy voo , won't in put me over my 8000 max contribution ty !

[@DannySully]

Hi there, thank you very much for your kind words. In regards to your questions, when you contribute the funds into your Roth account that is considered the contribution. It does not matter whether you invest it or not. You can also buy other things with the cash if you would prefer. It is up to you! And the contribution amount is only what you contribute into the account, if the investments grow, that is not included in the contribution amount. Depending on the platform you use, it should show how much you have contributed so far out of the limit you are allowed. Hope this helps :) Thanks again!