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Video instructions and help with filling out and completing simple ira contribution deadline 2021
Today I'm gonna talk about the Roth IRA contribution limits for 2021 I'm also going to go over as you can see up on the board some of the facts and figures how much you can save when to save how to save what is a Roth IRA good for if this is your first time at our channel or you haven't subscribed click on the subscribe button at the bottom my name is Travis sickles certified financial planner with sickle on are financial advisors so let's start out talking about what a Roth IRA is and how it works so it's a retirement account or primarily a retirement account that you can put in earned income so these are dollars that you're earning from a paycheck they put directly into the Roth IRA it's going to go in it with after-tax dollars which are dollars that you're getting in your paycheck so it's the money that you're getting from your paycheck those are after-tax dollars that go into the Roth IRA they're gonna grow tax-deferred and hopefully come out a hundred percent tax-free in retirement now there's a couple of ways that you can pull it out early which I'm going to go over in just a minute so before we do that let's talk about the contributions or the changes for 2021 as you can see up on the board contribution limits have increased by $500 to $6,000 so in 2021 and prior to that it was $5,500 a year now it's $6,000 that's kind of nice and if you're 50 and over so if you're 50 and over you can do an extra $1000 bringing the total to $7,000 it's important to know that it's 50 and over and not over 50 so if you're 50 or over you can contribute an additional $1,000 so that's the maximum contribution now what is a Roth I already good for so three things that I've pointed out right here anything that you put into the Roth IRA you can pull out of so that's that's called your contributions or your principal anything you put into the Roth IRA so if you put in $500 today in two weeks you wanted to pull that rock that money out of the Roth IRA you can so the money that you put into the Roth IRA you can pull out now the growth that is a different story so let's say let's rewind let's say that you put in five hundred dollars into the Roth IRA six months later you decide you know I really need that money for whatever reason I can pull it out tax and penalty free you've already paid tax on it so that's why you're not going to pay additional tax on it and it doesn't have a penalty because it's the contribution that you put into the Roth IRA now any of the growth that is what will have the penalty and the potential tax.