How to Correct Roth IRA Overcontributions and Maximize Your Savings

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 29 April 2024

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn about fundamentals to consider before buying an individual stock and what to do if you over-contribute to a Roth IRA. 00:58 This Week in Your Money: What fundamentals should you consider before buying an individual stock? What should you do if you accidentally over-contribute to a Roth IRA? Hosts Sean Pyles and Elizabeth Ayoola discuss cautionary tales from the stock market to help you understand how to safeguard your investments. They begin with a discussion of Trump Media & Technology Group Corp (NASDAQ: DJT) and evaluate its performance since going public, then share tips and tricks on the importance of fundamental analysis, the risks of meme stock frenzy, and the value of diversification. 09:21 Today’s Money Question: Investing writer June Sham and host Sara Rathner join Sean to answer a listener’s question about Roth IRA contribution limits. They offer a detailed breakdown of Roth IRA contribution limits, strategies for dealing with over-contributions, and ways to circumvent the 6% penalty tax. In their conversation, the Nerds discuss: stock market, Roth IRA, investment strategies, Roth IRA contributions, portfolio diversification, meme stocks, DJT, fundamental analysis, Trump Media, personal finance, retirement planning, stock trading, financial guidance, investing insights, stock values, market forces, retirement contributions, penalty tax, excess contributions, income thresholds, traditional IRA, financial decisions, investing pitfalls, stock bets, smart investing, retirement accounts, tax-efficient savings, share values, individual stocks, stock performance, and avoid IRS penalties. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Prime Video brings thrilling entertainment.
0:03.0	Watch Heavyweight Detective Breacher, Season 3 included with Prime.
0:07.0	Exactly how much danger is this job putting me in.
0:10.0	Treat yourself to the lovably chaotic Bridget Jones mad about the boy available to buy.
0:15.0	Did you have sex? Did you have sex?
0:17.0	Did you have sex last night?
0:19.0	Yes! And it was amazing!
0:23.0	Whatever you're into, it's right here.
0:25.3	Prime Video.
0:27.1	Click or tap the banner to find out more.
0:29.7	The fundamentals are now and will always remain the fundamentals.
0:34.5	Especially when it comes to investing, it's important to do your homework before
0:38.3	investing in any stock. If you don't, you could end up buying into something just because you
0:42.7	like it, regardless of those fundamentals. In this episode, Cautionary Tales from the Stock Market.
0:51.6	Welcome to NerdWallet's Smart Money Podcast, where we help you make smarter financial decisions, one money question at a time.
0:58.2	I'm Sean Piles.
0:59.1	And I'm Elizabeth Ayola.
1:01.3	This episode, we answer a listener's question about what happens when you contribute too much to accounts like HSAs or IRAs.
1:08.2	But first, Elizabeth, if there's any show on earth that tries to avoid politics more
1:12.1	than we do, I don't know of it. Yeah, I mean, we're political agnostics here at NerdWallet. Politics?
1:18.6	What's that? But I feel compelled to address an elephant in the investing room. An elephant,
1:23.8	Sean. I see what you did there. Thank you. Thank you. I will be here all week and I do take tips.
	...

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