Roth Mistakes
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Suze Orman Media
4.8 • 4.2K Ratings
🗓️ 4 August 2019
⏱️ 18 minutes
🧾️ Download transcript
Summary
Many of you are still writing in and asking about Roth IRAs. In this episode, Suze does another mini "Suze School" about Roth IRAs and the mistakes you need to avoid. Get a pen and paper ready, take notes, and pay attention so your retirement can be solid.
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Transcript
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| 0:00.0 | Hey, everybody. I want you all to take advantage of the incredible interest rates that a |
| 0:05.7 | Lyon Credit Union is currently offering 4.5% for a three-month certificate, 4.75% for a six-month |
| 0:15.2 | certificate. But best of all, in my opinion, is 5% for a one-year certificate of deposit. |
| 0:24.4 | You can also purchase these in a retirement account. So go to myeliantaliant.com slash |
| 0:35.2 | ultimate and check it out now. Suzy Orman here and you are listening to the Women in Money Podcast. |
| 0:43.6 | Now this is not your ordinary money podcast, but there is nothing that I do that is ordinary. |
| 0:49.2 | So if you want to be the powerful woman that you were born to be in every aspect of your life, |
| 0:55.2 | then you have come to the right place. |
| 1:19.5 | So it seems that there's still a lot of confusion out there about a few things. So today's podcast |
| 1:35.7 | is about you not making this one mistake. Because if you make this mistake, it is a big, big mistake. |
| 1:46.2 | And I don't want you to make a big mistake. You don't have to make a big mistake, |
| 1:50.5 | but you're not listening. You're not hearing what I am saying to you. So you have got to sit down. |
| 1:57.9 | Right now, sit down. Clear your head. Shake your head so that you can hear what I am telling you. |
| 2:06.6 | And I'm talking to you now about the difference between a contributory Roth IRA, |
| 2:14.0 | a converted Roth IRA, a 401k Roth, and a 403b Roth or a TSP Roth, just because they all have the name |
| 2:29.5 | Roth in them does not mean that they all operate under the same tax guidelines because they do not, |
| 2:40.8 | they do not, they do not. Now why am I wanting to do this podcast about this today? |
| 2:48.2 | Because I get an email and I get an email from a woman by the name of Eve. And Eve says to me the |
| 2:57.3 | following, I have a Roth IRA. I call to see if I can take out my contributions and they inform me, |
| 3:07.2 | I have to fill out a hardship form and contact our third party to get that form. Well, my third |
| 3:14.7 | party inform me that although it's a Roth and since I'm taking it out early because I'm 37, |
| 3:20.4 | there will be a 10% penalty at the end of the year is that true. So she goes on and essentially what |
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