The Personal Finance Podcast - 13 COSTLY ROTH IRA Mistakes to AVOID

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Starting point is 00:01:26 What's up, everybody, and welcome to the Personal Finance Podcast. I'm your host, Andrew, founder of MasterMoney.com. And today on the Personal Finance Podcast, we're going to talk about the 13 costly Roth IRA mistakes to avoid. If you have any questions, hit me up on Instagram at Master Money Co. And we're also on TikTok at Master Money Co as well. And follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to this podcast to. And if you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. Spotify has ratings and reviews now.

Starting point is 00:02:06 So we would love it if you guys would leave us a review if you're a Spotify listener. And check us out on YouTube at Master Money. on YouTube. We're coming out with two videos every single week, fresh content for you guys. So check that out as well. So today, what I'm going to do is I'm going to go through the 13 costly Roth IRA mistakes to avoid. Now, these are very important to understand. And what we're going to do is we're going to give you some ideas of things. Maybe you're not maximizing your Roth IRA if you have one open. And we're going to give you a bunch of different ideas on how to do that. And if you may not have a Roth IRA open because you think that there are a certain restrictions,

Starting point is 00:02:43 and that's the reason why you don't have it open, and we're going to talk through some of those as well. But the first thing that I want to do before I jump into the 13 mistakes to avoid is that I want to talk through what a Roth IRA is. Now, if you know what a Roth IRA already is, skip over the next two to three minutes. But if you don't know what a Roth IRA is, I'm going to go through it just so you have an understanding

Starting point is 00:03:04 before we get into the meat and potatoes here. So a Roth IRA is a retirement account. And it's very simple to understand, once you understand the major tax benefits. So it's an individual retirement account, and it's really good for people who believes that their taxes are going to be much higher later on than they are right now. Let me explain that, because what happens with the Roth IRA is that you put money in and that money has been taxed, but the money grows tax-free and you can pull the money out tax-free.

Starting point is 00:03:36 Now, why is this extremely powerful? Well, if you look at a standard portfolio, let's say you had a Roth IRA that you built, up over time over the course of, say, 30 years of $1.1 million. Well, of that $1.1 million, over $800,000 of that is actually the growth of the portfolio. If you max that Roth IRA out. What does that mean? That means you have $800,000 that you preserved tax-free because the growth on your money is what is tax-free. So if you're in a lower tax bracket right now, you absolutely should be looking at opening a Roth IRA. And that's the major reason why, because if your bracket is lower than it's great to start a Roth IRA and max it out every single year.

Starting point is 00:04:16 Now, how much can you put into a Roth IRA? It varies every year and it goes up all the time. At the time I'm recording this, it's $6,000 a year. And if you're over the age of 50, it's $7,000. But I'll leave a link down below so you can check the current limits because at any point in time, they could raise those limits as well. And then there's a number of places to open up a Roth IRA. If you're thinking about opening up a Roth IRA, my favorite place, and this is where I've moved

Starting point is 00:04:41 mine too is M1 Finance. So for the longest time I had mine at older brokerages that just didn't give me enough. So now I've moved mine over to M1 Finance. M1 Finance is linked up in the show notes as well. We have it in every episode linked down below. But that's where I've moved mine. They have a very cool dashboard that shows the pies and all the different stuff that you can do right in there with M1 Finance. So those are the major factors with a Roth IRA. I would check that out if you don't know what a Roth IRA is or if you've never heard of it. Listen to this episode. You're going to learn a lot as we go through some of these things so that you can understand because this is a major wealth building tool. The Roth IRA is a major wealth building tool. You say, well, I already

Starting point is 00:05:20 have a 401k. Should I open a Roth IRA? If you can contribute to both, I absolutely would. Because you want to preserve as much capital as possible and shelter it from taxes. So that's incredibly important for you to understand. It's something you definitely want to be contributing to. And we'll talk about a number of reasons why today. So if that's something you're into, let's get into it. So the first mistake is not contributing for your spouse. So what do I mean by that? If you didn't know this already, and you may already know this, a lot of you have asked this question in the past,

Starting point is 00:05:51 but you can have two Roth IRAs if you're married, one for you and one for your spouse. Now, the key thing here with a Roth IRA is you can double up on your money if you have two Roth IRA. Say you max it out for both people. You can have a Roth, your spouse can have a Roth. Your children can have a Roth. Everybody can have a Roth.

Starting point is 00:06:09 I feel like Oprah, just throwing out Roths all day long. But what this means is that if you have two Roth IRAs for one for you, one for your spouse, I mean you can get $12,000 a year into a Roth IRA and have that tax-free growth benefit. Now, why is this so incredibly powerful? Let me explain the numbers to you. Let's run some math. If you got a 10% rate of return and you invested that money in the S&P 500,

Starting point is 00:06:32 something like VO or any other index fund that tracks the S&P 500, in 30 years, if you had one Roth IRA, you'd have one. $1,31,000. In 30 years, if you had two Roth IRAs, you'd have $2,062,000. Now, here is where it becomes incredibly powerful because having a multi-million dollar Roth IRA is absolutely amazing.

Starting point is 00:06:56 But let's say you're even younger and you have a longer time horizon. In 35 years, if you had one Roth IRA, you'd have $1.6 million. And in 30 years, if you had two Roth IRAs, you'd have $3.398 million. See the massive difference there? You go from $1.6 to $3.3 million in retirement.

Starting point is 00:07:16 $3.3 million in retirement means that you can draw down well above $120,000 in retirement because of the 4% rule. Let's say you have an even longer time horizon. With one of Roth IRA in 40 years, you'd have $2.7 million if you got that 10% rate of return. But if you had two Roth IRAs in 40 years, you'd have 5.5.4. $5 million. Now, this is absolutely incredible. It's the power of investing your money for the long term. This is why we always talk about investing our money for the long term.

Starting point is 00:07:49 You can see the numeric difference there. So in 30 years, you'll have $2 million in your Roth IRA. In 40 years, you'll have $5.5 million if you have two Roth IRAs. That is the power. At the end, it all comes at once. It's like an avalanche when compound interest starts to get to work. And that is why it's so incredibly important. to look at the long time horizon, say,

Starting point is 00:08:09 how much money can I get into these things for the long term? Now, what if your spouse doesn't work? Because there's a key caveat to the Roth IRA. You have to have earned income to open a Roth IRA. You can't just open a Roth IRA for anybody. So if you're thinking of like opening a Roth IRA for a baby, you can't do that. Well, there's caveat.

Starting point is 00:08:27 So that we'll talk about that in a second. But if your spouse doesn't work, if your spouse doesn't work, there's an important exception for non-working spouses. As long as they are legally married to you and you file a joint tax return. So there's no such thing as a joint IRA, but you may be able to consider a spousal IRA.

Starting point is 00:08:45 So what this option does is it allows a non-working spouse to establish an account and have a working spouse make contributions to it as well as to their own Roth IRA. And the working spouse's income must be enough to cover both contributions. But what this does is it allows you to have a non-working spouse still open a Roth IRA and a spousal IRA and be able to contribute money that way. So this is a really cool option if you have a spouse and you've been thinking,

Starting point is 00:09:11 well, my spouse doesn't work, they don't have earned income so I can't open the IRA. Well, this is a great workaround for that, and it's a great hack to be able to do that. The second one is not contributing at all. So not contributing it at all means that you're going to lose out on a lot of things. A, you're going to lose out on tax benefits. You're going to lose out on the long-term gains of your money. You're going to lose out on the tax-free money, the tax-free growth when you contribute your money to a Roth IRA. So all of these things are going to have a major impact if you're not contributing at all.

Starting point is 00:09:39 Because it's something that if you look at the stairway to wealth, and if you've never heard the episode called the stairway to wealth, it's the order to put your money in. That's what we talk about. It's the order to put your money in. And once you get your emergency fund set up, you make sure that you get your employer contribution set up, then the Roth IRA is the first major investment step. And this is why, because you're going to literally have tax-free growth over time. The third mistake is skipping years.

Starting point is 00:10:06 So if you skip years with your Roth IRA, maybe you just spent too much money one year. What happens is you can't get those years back. You can't go backwards in time and put an additional $6,000 into your Roth IRA. Once that year is gone, that year is gone. Now, a lot of people think that the Roth IRA, you can't contribute after December 31st of each given year. You can actually contribute for the previous year within the first couple of months of the year. because once tax day hits, then you can't contribute anymore. So right now I'm recording this episode in February of 2022.

Starting point is 00:10:40 So you can still contribute to your Roth IRA for 2021 because it hasn't been tax day yet. So that's something to keep in mind. But skipping years also takes that $6,000 per year that you could be putting in your Roth IRA or less, whatever amount that you can afford. And it doesn't allow it to start compounding. And compound interest is absolutely your friend. And the earlier you get those dollars into your Roth IRA, the more they can compound over time. And it fuels the fire.

Starting point is 00:11:05 It fuels the fire to allow you not have to work anymore because that's what these retirement accounts are there to do. So this is incredibly important to understand that you don't want to skip yours unless you absolutely have to because you're losing out on the gains that you can have on your money. The fourth one is dipping into your Roth before retirement. So one of the best things about a Roth IRA is there is no penalty when you take out the money you contributed. But you don't want to do this because you're going to interrupt compound interest unnecessarily. And one of our number one rules here at the Personal Finance Podcast and Master Money is do not interrupt compound interest unnecessarily. Now, if you've made gains on your money and you pull your money out too early before you're 59 and a half,

Starting point is 00:11:48 then you're going to have to pay a 10% penalty on that money. And this is just another key. You do not want to interrupt compound interest unnecessarily. So do not get in the way of compound interest. Don't pull your money too early. Make sure you're disciplined and keep that money in your Roth IRA for the long term. And we'll get into, if you want to retire early, you can still contribute to a Roth IRA and get that money out. And we'll get into that in just a few seconds.

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Starting point is 00:15:16 Find your advisor at IGPrivatewealth.com. The next one is buying the wrong investments. So a Roth IRA is actually a long-term account. So it's made for things like a target date retirement fund is fantastic, especially if it's an index target date retirement fund. Index funds are fantastic. ETS are fantastic. Anything that can grow for the long term and give steady returns over time. The things you don't want to put into a Roth IRA are things like short-term bonds or not investing the money at all.

Starting point is 00:15:46 I've talked to people in the past who have been contributing to the Roth IRA, but they don't invest those dollars. So once your money is in the Roth IRA, you need to be. invest that money so you can reap the benefits of compound interest. Or you don't want to buy anything drastic like penny stocks or anything along those lines. The Roth IRA is powerful because it has a long time horizon that you can keep the money in the Roth. And it's definitely worth owning at any age. But specifically, if you're younger, then it's absolutely amazing to have a Roth IRA.

Starting point is 00:16:15 Now, if you're in your 40s and you're just getting started investing, absolutely open up a Roth IRA. You're still going to get those tax benefits and you're going to have a long time horizon. You can keep that money in that Roth for a long period of time, which is making sure you're making the right investments that you know will grow over the long term and things that you think are going to do well is very important. The sixth issue is not contributing because you make too much money. So there's income limits to the Roth IRA,

Starting point is 00:16:39 and the income limits change every single year. So for singles in 2022 at the time of recording this, the income limit is $144,000. And if you're filing jointly, it's $214,000. But what a lot of people don't know, and we had an entire episode on this, so if you want to know how to do this, I'll leave a link to it in the show notes. But what most people don't know is that there's a way to get money into a Roth if you make too much money. And it's called the backdoor Roth IRA. And there's also something called the mega backdoor Roth IRA, which we'll have an episode on in the future.

Starting point is 00:17:12 But the backdoor Roth IRA is a way to get your money into a Roth if you make too much money. And the way it works is you put your money into an IRA, a traditional IRA. you convert that traditional IRA to a Roth IRA. You're going to pay taxes on the gains if you had gains in that traditional Roth IRA. And then you have your money in a Roth IRA. So it's the backdoor way to get your money into a Roth. So if you make too much money, you can still get that money into a Roth. You're just going to have to do a backdoor Roth IRA.

Starting point is 00:17:40 So check that episode out if you want to listen to the steps on exactly how to do that. Number seven, not contributing because you want to retire early. So this is a huge one that I see a lot of people talk about. So if you want to retire early, what a lot of people think is I'm not going to put my money in retirement accounts because the age to pull my money out is 59.5. But what they don't understand is that you can still take advantage of a Roth IRA because what you can do is what is called a Roth conversion ladder. Now, we had an entire episode on how to do this, the Roth conversion ladder. It's very similar to the backdoor Roth IRA. But this allows you to get your money out early.

Starting point is 00:18:18 So check out that episode. I'll link it down below in the show notes because it's a systematic way to be able to do that. Because you always want to take advantage of tax advantage accounts. We've run the calculations in the past. Even if you took advantage of the tax advantage accounts and took the 10% penalty, the tax benefits are still great enough that you still come out ahead. So that episode, we talked about that a little bit as well. So make sure you check that out the Roth conversion ladder.

Starting point is 00:18:43 And that episode is called How to Access Your Retirement Funds Early. Number eight, paying annual fees on your Roth IRA. So you should not be paying any fees on your Roth IRA every single year. And there's brokerages out there that actually are starting to charge people for the Roth IRA. If they do, you need to move your Roth IRA and change your custodian to where your Roth IRA is. There's a bunch of amazing brokerages out there. I like M1 Finance. That's where mine is.

Starting point is 00:19:07 I've linked them up in the show notes below. But there's also Vanguard. There's Fidelity. There's Schwab. Whatever you pick, choose one that you know you're going to stay with in the long term. that doesn't charge fees because fees will absolutely kill your investment returns in the long run. We've talked about that a number of times. We have an episode on that I'll link it up in the show notes as well.

Starting point is 00:19:24 But fees will cost you hundreds of thousands of dollars if they're large enough. A 1% fee on any type of account will cost you six figures if you build up a million dollar portfolio. So a 1% fee doesn't sound like much. But once you see the compounding impact of that 1% fee, it's absolutely amazing how much it can kill your growth. The ninth mistake is contributing too much money to your Roth IRA. So sometimes this can happen where if you have more than one IRA and your income gets an unexpected boost, you could easily make the mistake of maxing out your Roth IRA and really you're not allowed to max out your Roth IRA if you make too much money. So what happens here is if you exceed the limit, it can cost you a 6% penalty on the excess cash each year until you rectify the mistake.

Starting point is 00:20:10 So this is something that you have to understand that if you put too much money in, your Roth over what you're qualified for, then you're going to have to pay a penalty. Now, what happens here is you can rectify the situation. You can fix this situation because this happens a lot. Sometimes, for example, what happens is you put your money in a Roth, you max it out. All of a sudden, you get a giant bonus at the end of the year and now you've made too much money. And when that happens, there's a couple of things that you can do.

Starting point is 00:20:33 So the first one is if you discover the mistake before filing your tax return, you can take the excess contribution plus any earnings on it out of the account. And you can actually withdraw some or all of your Roth IRA contributions up to six months after the original due date of the return. But you must file amended return. So what that means is you can pull the money out to try to rectify the mistake, but you must file an amended tax return stating what you did. And then you can also carry over the excess contribution to another tax year. But if you don't do that at the same time as the correction, it could trigger a penalty.

Starting point is 00:21:08 So a lot of times when this happens, if you overdo it, I'll leave a link to how you can actually do this step by step on the IRS website. But if you do this, because I've done it in the past before, early on in my investing career, this happened. And so what I had to do was talk to my accountant. He filled out of the paperwork for me and did that for me. So if you're worried or overwhelmed, just talk to an accountant, have them help you through the process so that you can rectify the mistake. So you don't have to pay that penalty. Number 10, withdrawing your earnings too early. So the withdrawal rules for the Roth IRA are a tad complicated.

Starting point is 00:21:41 That's why I want you guys to listen to those other episodes because we break them down. But here's how it works when you want to withdraw your earnings. First of all, you have to be 59.5 to do it the standard way. You can withdraw what you've contributed into the Roth IRA at any time and at any age. Because once you put your money into a Roth, one of the powers of having a Roth is that the money you've contributed, not the money that's grown, but the money you contributed, your $6,000 that you put in every single year, you can pull back out penalty free. Now, if you want to enjoy penalty-free withdrawals on any of the profits or income and investments generated,

Starting point is 00:22:13 the Roth IRA owner must be 59.5. And you must have owned the account for at least five years. So there's something called the five-year rule. So once you put your money into a Roth, and this is also for the backdoor conversion, we talk about this all the time in that episode, but you have to wait five years for that money to be in the Roth IRA before you can pull it out. So if you pull the money out before those two milestones, you could face some penalties. So making sure that you're not. So making sure, sure you're not withdrawing those earnings too early is incredibly important. The next mistake is skipping out on the Roth because you already have a 401k. So originally the IRA was there to provide an investment vehicle for Americans who didn't have a retirement plan through an employer.

Starting point is 00:22:52 But there's nothing in the law that prevents you from having a Roth IRA and an IRA. So having both is an extremely powerful strategy. And you'll see a lot of people out there, they recommend funding a Roth IRA after you've maxed out your IRA. So for us, which will do you build up first? In the stairway to wealth, we talk about building up the Roth IRA then moving on to your 401k or your IRA. So check out that episode if you have not checked that out yet. The 12th one, not contributing for your kids who have an earned income. So here is one that I want to talk about a little bit. Because if you have kids who are earning an income, maybe you have a teenager who's working at the local grocery store gets a job or they have an earned income in

Starting point is 00:23:32 some way, shape, shape, or form. It could be a baby who earns money from baby modeling. But the Benefits of having a Roth IRA for them for money that's going to grow tax-free for their entire life is absolutely amazing. Because the long-term benefits of the Roth, you've already seen the numbers, just 40 years alone, maxed out, becomes $5.5 million. Imagine if you had 50 years, if you're a teenager, or 60 years, the time horizon is absolutely amazing. And anybody can contribute to a Roth IRA regardless of age. That includes babies. It doesn't matter if you're a teenager, your great-grandparents. But they have to have the earned income for the year.

Starting point is 00:24:07 that they make the contribution. So they have to be earning income every single year when you make the contribution if you want to contribute to your children's Roth IRA. So here's how to open a Roth IRA for someone like a teenager or a kid. Is the adult has to open a custodial Roth IRA for a minor.

Starting point is 00:24:24 And these accounts are basically the same as standard Roths, but the minimum investment amounts may be lower. So you've got to check where you're going to be opening that up because the minimum investment amounts may be lower than the standard Roth IRA. So there are a lot of brokers out there that offer these custodial Roth IRAs. All the big standard brokers, Fidelity, Vanguard, Schwab, all offer them.

Starting point is 00:24:44 M.1 Finance offers them now. Merrill, TD Ameritrade, all of those offer custodial accounts. So that's where you can open one up. How it works is as the custodian, the adult controls the assets in the Roth IRA until your child reaches the age of the majority. And then at that point, it becomes their account. So the way that those are set up is that you open up the account until your kids, are at legal age.

Starting point is 00:25:09 In some states, it's 18, and some states is 19. It depends on your state. So look at your state to see what it is. And then once they're at that age, the account becomes theirs. That's how you can set it up. Now, your job is to teach them

Starting point is 00:25:20 not to pull this money out in the short term, but to make sure that you invest in the long term, and you can run these numbers and these calculations to show them, hey, here's how much money you're going to have in this Roth IRA if you just keep it invested for the long haul. And once you start to see multi-million dollar portfolios, it is very motivating to not take your money out of that portfolio if you think you're going to have a couple million dollars by the time you retire. And then one other thing to note is that they have to have enough earned income to equal the contribution. So for example, if you have a teenager who's working at the local store down the street, they have to make $3,000 to contribute $3,000. They have to make $4,000 to contribute $4,000. And you can make a contribution. The IRS doesn't care who makes that contribution. You can match whatever they make. But if they make $3,000 and you put $6,000 in there, then you could be facing penalties because they're not earning enough money

Starting point is 00:26:09 to put it in the Roth IRA. So they have to at least make the amount of money that you're putting in in that given year. And if you have questions about that, hit me up on Instagram at Master Money Co or on TikTok at Master Money Co. And I can explain it further. But that's exactly how it works. It's basically if you made $3,000 that year, you could put $3,000 in. If you made $4,000 that year, you can put $4,000 in. That's exactly how it works. And then the last one, number 13, is forgetting your beneficiary list. So a lot of people need to understand that once you start to build up this Roth IRA, you need to figure out who your beneficiaries are going to be. Is it going to be your spouse? Is it going to be your partner? Is it going to be your kids? Is it going to be your parents? Is it

Starting point is 00:26:49 going to be your Uncle Rico who could throw a pigskin across them mountains? It doesn't matter who it is. It needs to be somebody that you give that Roth IRA too if something happens. So making sure you have those beneficiaries in place is incredibly important. Now if you have kids or you have people who depend on you, then you absolutely should be looking at either getting a will or some sort of trust or putting something in place. Now, you can talk to a lawyer about that. There's online solutions, but making sure these assets are going to the people that you want them to go to. Because as you start building wealth, and we'll have an episode exactly on how to do this, but as you start building wealth, you want to make sure that your money's going where you

Starting point is 00:27:24 want it to go. And that's why we do all of this. That's why we work so hard to build up this wealth, is making sure that we can provide generational wealth for our families in the long run. So listen, you guys learn some new things about the Roth IRA in this episode. As always, if you have any questions, hit me up on Instagram at Master Money Co or on TikTok at Master Money Co and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to. And if you want to help out the show, leave a five star rating and review on Apple Podcasts or Spotify podcast and check us out on YouTube at Master Money on YouTube. Thank you guys so much for listening to this episode. I appreciate each and every single one of you. We've got big plans for this year.

Starting point is 00:28:08 We've got a lot of things that are coming out for you guys. We've got free courses coming out. We've got major courses that are going to be deep dives coming out. We've got all kinds of stuff that we're working on. So we are looking forward to bringing you guys as much information as possible so that you can build as much wealth as possible. That's our mission is for each and every one of you to become millionaires and build these multimillion dollar Roth IRAs as well. Thank you guys so much for listening to this episode. We will see you on the next episode. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo, the online casino with all the latest slot and live casino games.

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The Personal Finance Podcast - 13 COSTLY ROTH IRA Mistakes to AVOID

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