Joel O'Leary
speaker
227 appearances
1 recordings
1 series
first heard Jul 2026
last heard 11 Jul
Joel O'Leary’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
I wish I could stuff more money into my Roth IRA.
They have limits for a reason because people that can gift large sums can move money around and take advantage.
So for all you like mega rich people out there trying to drop 50K into their kid's Trump account, you can't do that.
So the $5,000 max per year per kid, I will say that this account is basically designed so that you can slowly contribute to your kid and grow a retirement account over time.
It's not for large gifts or inheritance or things like that.
So that could be a drawback for people that really do want to, you know,
pass on their wealth.
This is not an account for doing massive amounts like that.
Yeah, you know, Rhoda, actually, let's dive into that because I was just thinking the other day.
People already are raiding their own 401ks and IRAs, their retirement accounts.
And this is money that they have personally saved and suffered to save.
And they're going and raiding that.
So imagine having money that you haven't personally saved that is literally gifted to you.
You're almost certainly going to raid that account for the same reasons.
And if you think about the penalty, which is 10%,
If we think of the flip side, it's only 10%.
So a kid who's 18, they got a $3,000 when they were a baby, they turn 18.
And even if they don't touch the account or put any other contributions, when they turn 18, it's probably got like five grand in it.
And the kid is thinking, it's only a 10% penalty to pull that fund.
That's only 500 bucks.
Showing 121–140 of 227 · page 7 of 12
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