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A non-working spouse can open a Roth IRA if their partner has taxable income and they are married and filing their taxes jointly. In 2023, the premium limit will be 6,500 for people under 50 years of age and 7,500 for people 50 years and older.
It is extremely important to maximize your Roth IRA every year. Because you can't go back and retroactively contribute money for previous years, you should try to contribute up to the limit each year. You have until the tax deadline (of the following year) to contribute to the current year.
I've seen many people forget to invest money once they put it into their Roth IRA. This is a big mistake that many people make because they expect to grow their money for retirement this way. It helps if you have set up automatic trading for your account so you can avoid this problem.
Withdrawals from a Roth IRA before age 59 1/2 are generally subject to taxes and penalties unless they meet certain exceptions. Some of the most common exceptions include the ability to withdraw your contributions. Another is for first home buyers, where you can withdraw up to 10,000 towards the purchase without having to pay taxes or penalties. There are a few more and there are limitations with each one, so do your own research on this.
Maximizing your Roth IRA before your Taxable Brokerage account is very important. A Roth IRA is tax exempt as long as the money grows and when you withdraw it. With a taxable investment account, you must pay taxes on the dividend payments as it grows and when you withdraw any gains from the account. From a tax perspective, it makes sense to ensure that you have contributed the maximum amount within your Roth IRA before investing in your taxable account.
It is very important to understand your personal risk tolerance so that you do not invest in a way that does not suit your personality and long-term goals. Because money with a Roth IRA is never taxed, you want this account to be as large as possible. This could lead some investors to take on more risk than they would normally try to grow this account very large. It's not worth it, so make sure you understand how much risk is right for you.
You must be under a certain income limit to contribute to a Roth IRA. I show what they look like in the video. If you happen to be above them, you can still contribute to a Roth IRA through something called a Backdoor Roth IRA. Make sure you understand the tax implications before doing this.
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Disclaimer: This video is for entertainment purposes only. Everyone's situation is different, so do your own research before making any decisions with your money. If you need help, contact a certified financial fiduciary before trying anything mentioned in this video. I prefer a fiduciary financial advisor who charges an hourly rate, rather than an ongoing fee based on a% of your portfolio.
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