馃攳
New: 2022 Roth income and contribution numbers (and other info) - YouTube
Channel: Get Financial Strength Now
[4]
roth iras offer a great way to increase financial聽
strength and create a bucket of money for聽聽
[9]
retirement in this short video i'm going to share聽
the 2022 numbers both the roth income limit and聽聽
[16]
the roth contribution limit also i'm going to give聽
you a brief explanation about how roth accounts聽聽
[21]
differ from traditional accounts and lastly聽
whether this investment vehicle is right for you聽聽
[27]
for 2022 unfortunately sabres won't be able聽
to contribute more to these accounts in 2022聽聽
[34]
than they did in 2021 there is a bit of good聽
news the irs has increased the income limits for聽聽
[40]
contributing to a roth ira for 2022. so let's get聽
into those limits a little bit for contributions聽聽
[46]
the maximum amount you can contribute to six聽
thousand dollars for 2022 and if you're that's聽聽
[52]
if you're younger than age 50. if you're older聽
than 50 you have what's known as a catch-up聽聽
[55]
contribution you can add a thousand dollars聽
bringing the total contribution to seven thousand聽聽
[61]
dollars this remains unchanged it actually hasn't聽
changed in the last couple years the actual amount聽聽
[66]
that you're allowed to contribute to a roth ira is聽
based on your income to be eligible to contribute聽聽
[71]
the maximum amount in 2022 your modified adjusted聽
gross income must be less than 129 000 if you're聽聽
[79]
single or 204 000 if you're married and filing聽
jointly contributions begin to be phased out above聽聽
[86]
these amounts and you can't put any money into聽
a roth ira once your income reaches 144 000 if聽聽
[92]
you're a single filer or 214 000 if you're married聽
filing jointly these numbers are up slightly from聽聽
[99]
2021 so there's that thank you uncle sam so let's聽
get a little bit into roth iras versus traditional聽聽
[106]
iras so unlike contributions to a traditional聽
ira which may be tax deductible a roth i.r.a聽聽
[112]
has no upfront tax break so money goes into a roth聽
after it has already been taxed but when you start聽聽
[118]
pulling money out in retirement your withdrawals聽
are tax-free this is what everybody loves聽聽
[123]
also ross unlike traditional iras are not subject聽
to required minimum distributions at age 72聽聽
[130]
they're also more flexible than traditional聽
deductible iras you can withdraw contributions聽聽
[136]
to a roth account anytime tax and penalty free now聽
if you want to withdraw earnings text for evo you聽聽
[143]
must be at least 59 and a half and you must have聽
owned the roth account for at least five years聽聽
[148]
the clock on that five year holding period starts聽
ticking on january 1st of the year you open the聽聽
[154]
account now i want to be very specific here this聽
five-year rule can be kind of confusing if you聽聽
[160]
let it be don't let it be if i had a dollar at聽
for every time someone said roth accounts aren't聽聽
[166]
liquid i would be this guy do i want to be this聽
guy probably fun for a hot minute roth money is聽聽
[174]
liquid meaning you can take a distribution i don't聽
suggest it but it is possible it's the growth聽聽
[180]
of roth funds that are a bit more restricted聽
darrell do you think people like our videos聽聽
[184]
beats me how do we find out we can ask them聽
how like this if you like our videos give us a聽聽
[189]
thumbs up below anything else yes subscribe this聽
way you'll see our content right away tell the聽聽
[195]
viewers why we do this to help them create safety聽
simplicity most of all financial strength in the聽聽
[201]
future got it to subscribe just click the button聽
below now back to our regularly scheduled video
[210]
i'm going to open up a roth ira through a bank a聽
brokerage a mutual fund or an insurance company聽聽
[215]
and you can invest your retirement聽
money in stocks and bonds mutual funds聽聽
[219]
etfs and other approved investments it's just like聽
a normal account it's just different tax situation聽聽
[225]
you have until the federal tax filing deadline to聽
make your roth ira contribution for the prior year
[234]
is a roth ira right for you there isn't聽
a minimum age limit to open a roth ira聽聽
[240]
and you can contribute to another person's聽
roth account as a gift which is perfect for聽聽
[244]
parents looking to kick start a child's聽
retirement savings i hope my boys aren't聽聽
[249]
watching because their holiday gift this year is聽
a sweater from the gap no way they're watching聽聽
[256]
there are two caveats recipients must have earned聽
income and you can only contribute an amount up to聽聽
[262]
that person's actual earnings for that year or six聽
thousand dollars whichever is less ross can also聽聽
[269]
provide valuable tax diversification in retirement聽
and can be a great way to balance other sources of聽聽
[275]
income such as withdrawals from pensions 401k聽
social security and those types of accounts聽聽
[283]
i want to finally note that if you invest聽
in both a roth ira and a traditional ira聽聽
[288]
the total amount of money you contribute to聽
both accounts can't exceed the annual limit聽聽
[294]
if you do exceed it the irs might hit you with a聽
with a six percent excessive contribution penalty聽聽
[300]
if you want to know more about roth conversions聽
watch this video or maybe it's over here i聽聽
[305]
don't know where i get in front of the white聽
board and share how the taxes on a conversion聽聽
[309]
are calculated is it an exciting video not so聽
much is it informative oh yeah thanks for watching
[331]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage