I Opened A Roth IRA. Now What? - AssetsandOpportunity.org

I Opened A Roth IRA. Now What? Opening a Roth IRA is a significant step toward achieving financial stability and planning for retirement. In this video, we will guide you through essential information regarding your newly opened Roth IRA. We will cover critical topics such as contribution limits, which for 2024 allow individuals under 50 to contribute up to $7,000 and those 50 and older to add an extra $1,000. Understanding income limits is also vital, as your Modified Adjusted Gross Income (MAGI) determines your eligibility to contribute fully. We will discuss the importance of contribution deadlines, investment options available within your Roth IRA, and the specific rules regarding withdrawals.

Additionally, we will explain the benefits of not having Required Minimum Distributions (RMDs) during your lifetime with a Roth IRA. As a bonus, we'll introduce you to new opportunities starting in 2024, such as using 529 rollover assets to enhance your retirement savings. By understanding these aspects, you can make informed decisions and build a robust retirement fund.

Join us for this informative discussion, and subscribe to our channel for more helpful information on wealth building and retirement planning.

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