Ed Slott

speaker
299 appearances 3 recordings 1 series first heard Jan 2018 last heard Apr 2022

Ed Slott’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Little-Known Tactic Lets Retirement Savings Grow Tax-Free · 16 Jul 2021 podcast
No, it's just 130,000.
To me, especially you take places like New York City, I mean, you need at least that to live, to survive.
Those rules don't change.
There are limits on making contributions to your own Roth IRA.
And there are income limits.
For example, for the year 2021, if you're married filing joint, once your income exceeds $208,000, you can't contribute to a Roth IRA.
If you're single, that's $140,000.
but that has no effect on money coming from a plan being rolled over that after tax i talked about into your roth ira first of all the roth contributions that we were talking about are limited to 6 000 a year for 2021 or an extra thousand bringing you to 7 000 if you're 50 or over that extra thousand is called a catch-up contribution for people 50 or over
So if you're 50 or over, the most you can contribute to your own Roth IRA is $7,000.
If you qualify to do that, you can still, if you have the money, obviously, and you have that job at the company that sponsors the 401k, and that company allows after-tax funds, and it passes the discrimination testing, and it allows in-service withdrawals, and you have the money to load it up in there –
Then once you pass all of those hurdles, then you're home free.
Then it's easy once you get through all of that.
All he did was invest his Roth IRA money.
He didn't have a 401k.
He didn't have a Roth 401k.
He didn't have after-tax money.
In 1999, he simply contributed $2,000 to his Roth IRA.
which he qualified for because he didn't have large income then.
And then he took $1,700 of that money and bought this startup PayPal stock.
And then the rest is history.
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