In this video, I want to talk about Roth IRA mistakes that you could be making that could cost you thousands of dollars and tax dollars in retirement.
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What is a Roth IRA?
A Roth IRA is an individual retirement investing account where your Roth IRA contributions and Roth IRA conversions grow tax free.
A Roth IRA offers tax free growth and tax free retirement income as long as you follow the Roth IRA retirement rules set out by the IRS. Roth IRA rules, set by the IRS, dictate that as long as you’ve owned your account for 5 years and you are age 59½ or older, you can withdraw your contributions when you want without paying federal income taxes.
Any Roth IRA Conversion dollars can be used for retirement income at any time as long as you satisfy the 5 year waiting period for each individual Roth IRA conversion.
BUT what are some of the mistakes you could be making in your Roth IRA?
1. Using Your Traditional IRA to pay Roth IRA Conversion taxes
2. Not Understanding Your Tax Bracket When Completing Roth IRA Conversions
3. Not Understanding IRMMA Retirement Taxes When Completing Roth IRA Conversion.
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
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