#083: The Beautiful Roth IRA
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 30 July 2018
⏱️ 43 minutes
🧾️ Download transcript
Summary
By the end of 2016, there was $660 BILLION dollars in Roth IRAs. So, lots of people are getting this right.
Where you can get some of it wrong
1.It lets you put the money in after tax, so you don't get to deduct the money from your income in the tax year. But, you get to take the money out tax free.
2.If you put money into a Roth, you can pull out your contributions at any time without taxes or penalties
3. You can withdraw from the Roth at any time to purchase a home
4. There's no required minimum distribution from a Roth IRA
For more information, visit the show notes at http://bigpictureretirement.net/083
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.5 | Hello, everyone. This is the Big Picture Retirement Show, the podcast for anyone who is planning for or living in retirement. |
| 0:20.4 | I'm Devin Carroll, and I'm here with my co-host, John Ross. |
| 0:23.8 | Howdy. |
| 0:27.8 | So, John, one of the best planning tools that we have in our toolbox when we're saving for retirement is a gift from Uncle Sam. |
| 0:35.5 | Now, how many gifts do we get from Uncle Sam? Well, I would say that depends on who you are. Okay. So, you know, when we look back over the course of our lives, when we go, you know, that was a gift from Uncle Sam. It just doesn't seem like that list is very long, right? No, that's true. Certainly. You know, you look back and it's like, |
| 0:59.7 | okay, my taxes have gone up. I've had to pay more here. I've had this taken away. But I'll tell you, there's one thing out there that I think is a gift from Uncle Sam that may be underutilized. |
| 1:05.4 | All right. Hit me. And that's the Roth IRA. Okay. The beautiful, beautiful Roth IRA. |
| 1:12.3 | Speaking lovingly of it. |
| 1:13.9 | But I think that this tool is something that it would surprise people. |
| 1:19.0 | It's something that can be used by the majority of Americans that work. |
| 1:24.7 | You know, as long as the income is there, you can just about find a way to get money |
| 1:31.0 | into a Roth. All right. And so we may have to split this up into a couple of episodes. We'll see as we |
| 1:35.9 | get closer. But first, I want to talk about the basics of the Roth IRA and really jump into, |
| 1:45.3 | you know, what are some of the benefits, |
| 1:50.1 | what some of the distribution options that are there, because it's completely different than what we have with the traditional IRA. |
| 1:53.3 | So let's dive back in real quick. |
| 1:55.8 | Originally, this was called the – so it reminds me of this podcast a bit. |
| 2:00.1 | So John Ross and Devin Carroll. Originally, |
| 2:02.6 | the Roth IRA was the Packwood Roth account. Okay. But who's got time to say that? |
| 2:09.3 | Right. So Senator Packwood, bless his heart, had his name dropped off. And it just became known |
... |
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