The Advantages Of Opening Up A Roth IRA

[jamesbond]

A Roth IRA is a type of investment account that you can set up where you invest your money today - up to $5500 per year with no immediate tax deductions - and can pull out your profits and earnings tax free when you’re 59.5. That means you pay NO TAX on YEARS of compounded interest and earnings.

[Cornfed]

You're sounding like a boomer.

[MrLee4u]

f**k that, I like being a millionaire in my 30s.

[Cornfed]

f**k that, I like being a millionaire in my 30s.

Just lifting those boxes for fun then?

[CannedHam]

On top of the tax-free growth, you could actually pull out the principle anytime w/o any penalties. There are even some situations where the earnings can be pulled out w/o penalty (e.g. buying a home).

[MrLee4u]

f**k that, I like being a millionaire in my 30s.

Just lifting those boxes for fun then?

I'm sure Jeff Bezos in the early days of Amazon was lifting a few boxes. I believe he started in his garage. Now he's got billions. Maybe you should lift boxes? Maybe you wouldn't be such a defeatist queer. If you don't have enough testosterone in your system you turn into a pedophile and lose drive. Anyone seriously interested in reversing "white decline" would immediately identify its cause is a radical collapse in motivation – an unwilling to do the incredibly hard work needed to gain and keep power, an unwillingness to “grind” – and not console oneself with fairy tales of an effortless "white" rise without insane amounts of hard work.

[Adama]

My only question is, why do they limit it to only $5500 a year?

[CannedHam]

My only question is, why do they limit it to only $5500 a year?

Taxes. Too high of a limit means less capital gains and dividend taxes for the gov't when it comes time to take the money out. The limit for those over 50 y/o is $6,500.

The Roth (or traditional) IRA is one of a few tax-advantaged accounts. There are also 401k/403b, HSA, FSAs, 529s etc. There are quite a bit of places to stash your money to avoid or reduce taxes.

[MrMan]

f**k that, I like being a millionaire in my 30s.

A false dichotomy.

[jamesbond]

This quick video explains how to get started with a Roth IRA.