How much have you saved up in your Roth?
If you are like most people in the finance community, you love the Roth. And you probably try to max it out every single year. And that is an admirable goal!
The Roth IRA is a wonderful, tax-advantaged account that was established to help middle class American's save money for their retirement. Yes there are limits on how much you can contribute every single year, as of 2021, that limit is $6,000/year for those under the age of 50 and those 50 and older are able to make an additional $1,000 in contribution each year on top of that $6,000.
BUT, once that money is in the account, there is no limit to what it can grow to!
You may have heard that it is fairly easy to become a tax free millionaire by investing in the Roth IRA, simply by investing in the Total Stock Market Funds or S&P 500 funds. Easily available with the Vanguard Roth IRA or the Fidelity Roth IRA, but the Roth IRA isn't simply limited to those middle class aspiring millionaires.
America's wealthiest, think men like Warren Buffett, even have started their very own Roth, because why not take advantage of the tax free growth?!?!
These already wealthy people are becoming even wealthier through these tax advantaged accounts - they are amassing Roths that have several millions if not billions of dollars.
But new proposed changes to the Roth are attempting to put a stop to these Roth accounts. What are these new changes? And they are going to affect more than just America's millionaires and billionaires - they are also going to affect many upper middles class American's land stop them from utilized the Roth if they are passed. Tune in to find out how...
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While you are here, why not check out some of my other videos:
Wonder how much you need for retirement, here’s what the experts have to say: https://www.youtube.com/watch?v=NyC-5mEDJPk
What is the average net worth an income to be in the top 1%: https://www.youtube.com/watch?v=Y3uAlGLNQhw
What's the BEST investment you can ever make: https://www.youtube.com/watch?v=Y3uAlGLNQhw
What is the income for the average American: https://www.youtube.com/watch?v=51rUkqB14kk&t=161s
What if you invested at the absolute worst time: https://www.youtube.com/watch?v=Oku_hG5h7H4
Have you ever heard of a mini-retirement: https://www.youtube.com/watch?v=ALBy6pIv8xY
Looking to start investing in individual stocks, join Robinhood and get a free stock: https://join.robinhood.com/erinm1666
#RothIRA #personalfinance #retirement
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