First Milli

💜 This post was inspired by a long-time follower. He asked if it's possible for his 70 year old parents to invest in Roth IRAs. He said the last post inspired him into thinking that it's never too late to invest and would prefer for SOME of his parent's money to grow in investments vs. sitting in a savings account.

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🥺 As First Gen wealth builders, we're not just thinking about our own wealth, but that of our dear families, especially our parents.

Our parents aren't as young as they use to be, many of them are now abuelitos and abuelitas.

It took me several years to convince my parents to invest in a Roth IRA. Finding enough money to part when you're making below $50k is very difficult.

Nonetheless, if you can fund a Roth IRA, even with a little as $100-$200 a month, you'll be enabling opportunity to grow wealth tax-free. Money that can then be used for growing medical insurance premiums, etc.

The Secures Act passed in 2019 has now allowed for those aged 70 1/2 to contribute to IRAs.

As always, this is not investment advice, talk to your personal professionals to see if this is the best decision for you. 💜😉

Try our calculator to see if it makes sense for you.

https://firstmilli.com/roth-ira-calculator/

💜 Have you opened a Roth IRA for your parents?

Think you know everything about a Roth IRA? Well did you know you're eligible to contribute more than $6k annually once you're past 50?

Or the fact that you can use up to $10k of your Roth IRA towards your first home within your lifetime? (If you already used your own, you can use your spouse's 😜).

Or rather the role of the 5 year rule?

Take our quiz, link in bio to test your knowledge.

https://firstmilli.com/quiz-do-you-know-everything-about-roth-iras/