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Bethany’s recent #SamsClubHaul 🤗 What have you been loving lately?!

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Bethany’s recent #SamsClubHaul 🤗 What have you been loving lately?! #samsclubscore #samsclub #deals #snacks #gap Tagged: SamsClubHaul samsclubscore samsclub deals snacks gap
The post Bethany’s recent #SamsClubHaul 🤗 What have you been loving lately?! appeared first on Whoa Wait Walmart.Read MoreSamsClubHaul, deals, Gap, samsclub, SamsClubScore, snacks

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Brokerage Account vs. Roth IRA: What's the Difference?

Pekic / Getty Images Fact checked by Suzanne KvilhaugReviewed by Margaret JamesBrokerage Account vs. Roth IRA: An OverviewWhile most people are familiar with employer-sponsored 401(k)s and individual retirement accounts (IRAs), alternative options exist that may serve you better when saving for retirement. Two such options to consider are the non-tax-advantaged brokerage account and the Roth IRA, each of which has its own set of pros and cons. Key TakeawaysStarting a brokerage account to save for the future or for retirement grants you access to the stock market, mutual funds, and other securities.Roth individual retirement accounts (Roth IRAs) allow you to contribute taxable money now so you can have access to tax-free money when you retire.Taxes for either option are handled differently, which may make you prefer one over the other. Brokerage AccountIf your idea of preparing for the future includes buying and selling a range of investments, then you likely will be interested in a brokerage account.Rather than personally handling the day-to-day trading yourself, you can use a brokerage account (also known as a taxable account) that requires you to deposit your money into an account with a licensed brokerage firm. That firm will then take your funds and use them to make various trades on your behalf.Any assets gained when sold are immediately taxable by the Internal Revenue Service (IRS) as capital gains. You also can manage the assets on your own, without paying the fees for asset management.Different types of brokerage accounts and brokerage firms can give investors varying degrees of control over their investments. For example, full-service brokers work to provide as much guidance as possible to their clients, albeit at a significantly marked-up rate.Within each brokerage are different types of accounts as well, such as the cash account and margin account. NoteCash accounts require that the investor pay for any purchased securities as they’re bought, while a margin account allows your brokerage firm to lend you cash to buy securities. Existing securities in your portfolio are then used as collateral against the loan that you receive for your portfolio. Benefits of a Brokerage AccountJust as there are multiple kinds of brokerage accounts, there are numerous reasons why opening one to plan for the future may be right for you. Here are some reasons why people find brokerage accounts to be an attractive option.No income requirements or contribution limits. Unlike retirement plans, a brokerage account doesn’t discriminate between people with very little income and people with large bank accounts. Nor do brokerage accounts set limits on how much money you can invest in your account.You can invest in nearly anything. One of the most enticing aspects of opening a brokerage account is the flexibility with which you can begin investing. You can build a diverse investment portfolio in which to buy and sell stocks, exchange-traded funds (ETFs), mutual funds, and other securities.You can withdraw funds early without repercussions. Most retirement plans set restrictions on when you can withdraw money from your savings, but nothing is stopping you from withdrawing money from your brokerage account as long as you pay your taxes.No mandatory distributions. It doesn’t matter how old you are at any given point. You won't be required to take money out of your brokerage account. In fact, if you have any retirement plans with mandatory distributions, you can easily deposit those required withdrawals into your brokerage account.Drawbacks of a Brokerage AccountWhile there’s plenty to like about a brokerage account, there are also factors contributing to why you may not want to open one.Returns aren't guaranteed. The stock market can be volatile. Whenever you put your money into the market, there is no guaranteed return on your investment.Income and capital gains are taxed directly. Unlike most other retirement investment plans, brokerage accounts are taxed at nearly all levels, including dividends, capital gains, and interest. ImportantRegardless of whether you invest in a brokerage account or a Roth IRA, you will benefit the most the earlier you invest due to compounding. Roth IRAA Roth IRA is a type of individual retirement account that provides tax-free withdrawals in the future in exchange for making after-tax contributions now. Growth within the IRA is also tax-free and can be started as early as you want, as long as you have qualifying earned income.Benefits of a Roth IRARoth IRAs are popular for their flexibility and ease of use. Here are some reasons why you may want to open a Roth IRA.Excellent tax benefits. One of the biggest reasons to use a Roth IRA is the tax benefit that it provides. You don’t pay tax on the earnings on your contributions, and all withdrawals are tax-free after you meet some criteria. Your contributions are yours to withdraw at any time.Zero required minimum distributions (RMDs). In some retirement plans, you must begin taking money out of your account at a certain age. Roth IRAs do not have this restriction, allowing you to continue growing your investment after retirement.Potential tax diversification if paired with other retirement plans. Roth IRAs can be combined with other retirement saving plans to diversify how taxes are calculated as money is withdrawn during retirement. Since you’ve already paid taxes on your contributions, any withdrawals from your Roth IRA will not be taxed.Drawbacks of a Roth IRAEven though Roth IRAs have many benefits, there are factors to consider before opening one.Taxes are charged as you deposit funds. To get the benefit of zero taxes on future withdrawals, your contributions to the Roth IRA are taxed upfront.The maximum contribution level is low. Depending on how much money you make each year, you may be limited on how much you can contribute. In 2024, the limit is $7,000. Those aged 50 and older can contribute an additional $1,000 as a catch-up contribution.Income limits can hamstring contributions. Depending on your modified adjusted gross income (MAGI), you may be limited in how much you can contribute to your Roth IRA. In 2024, the income phaseout limits for married couples filing jointly is between $230,000 and $240,000. For singles and heads of household, it is between $146,000 and $161,000.Special ConsiderationsWhile you can withdraw contributions from your Roth IRA at any time, you must wait at least five tax years and be at least 59½ years old to withdraw earnings if you want to do so without incurring taxes or penalties. This is known as the five-year rule.The only time consideration with a brokerage account is how long you have held onto specific investments due to tax considerations. Profits on assets held for less than a year will incur taxes at the individual's ordinary income tax brackets. Investments sold at a profit that were held for at least a year will incur capital gains taxes, which are much lower than ordinary taxes. Are There Fees Associated With a Brokerage Account? You will pay a range of fees if you open and maintain a brokerage account. Those fees include transaction costs like commissions and markups, as well as any extra fees associated with some investments. Most brokerage accounts today don't charge for transactions for stocks, ETFs, and mutual funds, so the cost of those is zero. How Does a Discount Brokerage Work? Do-it-yourself investors might consider a discount brokerage firm—such as Charles Schwab, E*TRADE, Vanguard, and Fidelity—which carries significantly lower fees than full-service brokerage firms. The price for lower fees tends to be fewer services, although investors who mainly want low-cost investment trades and easy-to-use online trading software might find this a fair tradeoff. How Does Growth Work in a Roth Individual Retirement Account (Roth IRA)? The rate of growth in your Roth IRA depends on when you start investing—and what you invest in. If you start early, then you have the benefits of time and compound interest on your side. Even a modest contribution will grow over time if invested in stocks, mutual funds, or exchange-traded funds (ETFs). Starting later will necessitate more up-front investment to reach the same goals.The Bottom LineThere are plenty of options when it comes to choosing a retirement plan. If your choice is narrowed to opening a brokerage account or starting a Roth IRA, it should come down to where you are in life and what you’re able to contribute. With a bit of research and some knowledge about your options, you can find the retirement plan that’s right for you. Read the original article on Investopedia.
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