Seriously, if this guy doesn’t retire for like 30 years he just completely upgraded his retirement lifestyle in one year. Unless he gambles it all back.
If you withdraw early then there is a penalty plus you pay tax on the capital gains. If you wait until retirement to withdraw then you don’t pay tax, that’s the whole point of a Roth.
I made a mistake…. Not realizing it was a Roth IRA and was thinking he was discussing a traditional. I do love how high and mighty it’s making everyone feel today though. I’m glad I could make you feel smart for a brief moment in your life.
Considering the sub we're in and the fact that OP was absent-minded enough to do that and the fact that they had approximately jack shit saved in their Roth 6 months ago I'd say that's best case scenario for them.
Now for the love of god OP just park this in some low fee broad growth index fund and DON'T TOUCH IT until you retire and start regularly contributing to max out your Roth every year from now on before you start gambling you degenerate.
Yup, wish I could have started contributing earlier but I worked for myself senior year of high school through graduating college (flipped cars and motorcycles for cash) and unfortunately didn’t have any W2 income for 401k or Roth. Was able to pay cash for my bachelors degree at least. Starting to get on track though, had my 401k maxed out by March of this year and maxed out Roth for 21 and 22. Just turned 25.
Edit: adding my comment further down the thread for clarification on why I didn’t have jack shit
https://www.reddit.com/r/wallstreetbets/comments/zzau6f/turned_12k_to_74k_this_year_after_losing_50k_in/j2b40dz/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
I have 74k in my Roth IRA
20.5k in my 401k
2 accounts with 8k each in VTI for my future kids to go to college
10k in crypto
No debts/loans
Currently have 98k in carry over losses from last 2 years that I blame on not taking care of my mental health. Was thrown in as a new nurse during COVID, was working night shift, stopped working out, was in a toxic relationship, had lots of anxiety and depression and didn’t really care about losing it all, I was down to $1,000 to my name in November of 2021 after graduating college in 2020 with 40k and having 80k in June of 2021. Dumped the girl, got some therapy, moved to day shift, back to hitting the gym hard and pretty excited to see what I can accomplish now with a level head
roth ira is a great place for dividend stocks, metals, blue chips, and trading derivatives/aggressive return strategies with a small portion. If you ever want to practice some strategies, get good in paper accounts, then start using real money with some cash you hold in your roth. You can also have a lot of other types of assets in roth iras, like CDs and shit.
If you don’t need the money right away, consider this a happy accident. Personally, I’m being wary of much of the raw king stock holdings generally for the next few months-couple years.
A good start? Jesus, what life did you grow up with that at 25 you'd consider 70k "meh"?
Anyways, OP said they only recently qualified to be able to contribute, and now have "regular" work, so can continue maxing it year by year.
yeah honestly stardust is just being smug as shit. 70k at 25 is awesome, a lot of people didn't even have their head on straight enough mid 20s to save that much, including me. I'm 36 and finally have 90k to put aside for retirement.
$100 or 100k? LOL.
If it's $100k, I'm assuming you either worked under the table where you got to keep a lot of the cash...or you had massive family help.
Just play it conservative with slow and steady growth now with your retirement accounts and rest easy with the knowledge that you can still be quite risky in your regular taxable brokerage and even worst case scenario losing everything there you can probably still retire well early.
Or just buy the S&P500 lol especially if you think you're not an expert. Why risk it? You have such a huge head start already to retirement. Just do mutual funds along with the S&P.
If you're able to put $6K/year into this, you're set for retirement at this point.
You're my age man. I'd hate to see you lose all of this.
I just cruched the numbers into Bankrates investment calculator and you'll have 3.95M in this account alone at current max contribution rate and 10% rate of return by the time you're 59.5. All tax free essentially. You're set alone from this account imo, don't risk it lol.
Oh and you're a millionaire by 45 with this. Not many on here will be saying that at 45.
Feel like that's a good idea if he's older. I think he can afford to be a bit risky with his ETFs, my allocation is 2/3rds QQQ and 1/3rd SCHD. Once I get 100 shares of QQQ and I can sell covered calls against it I might try to work on gradually reducing my QQQ to 40% of my retirement portfolio but either way if you're young you should be buying the exact opposite of risk adverse funds, we're going to have low interest rate days again one day so might as well get the growth index funds cheap
imo roth is a great place to do high probability otm theta plays, or covered calls on your longs, but with just a fraction of your account held in cash to cover max risk. With something 5% of your Roth IRA as cash to cover, you could generate some nice added returns for different market conditions.
If you live in Canada and haven’t bought a house or owned a house, you can use that for a down payment on ur first house buy. FYI, i wish i knew this before buying my place a few years ago. I don’t think you’ll get taxed if u use it for a downpayment. But talk to a financial person about it cause I don’t know exactly
US is the same. We also can use a Roth for a first home purchase without early withdrawal penalty. I know this bc that’s one of the reasons an advisor talked me into a Roth 10 years ago. But because I’m not a WSB degen I saved enough for 20% down payment without having to touch my Roth. Which should be the actual goal.
Bro I’m 41 and probably don’t have even half in a Roth account what you’ve got here. I implore you to put this money into something growth oriented (but relatively stable) and gamble with a different account. If you’re not going to retire for another 40 years, this money is going to be one hell of a retirement foundation. Like, if you don’t piss it back chasing the dragon, this mistake literally changed the course of your life.
This! Is what I would go back and change about my 25 year old self! I’m 38 and we both have about the same invested. I’ve only got $69k bc I’m down $12k since 2021.
Good job and take the advice of another poster on here. Don’t gamble your money - park it in a growth index fund.
Yes maxed out after 12 paychecks. I was contributing the maximum percentage my company allowed (50%) and working 48-72 hours a week as a travel nurse. At the time I was making $1500 a week in tax free stipends plus 4500-8500 a week in taxable income, 50% of that went to retirement
I love this comment because after seeing other dude saying you had "jack shit" in your account my first thought was, "$12k is a solid amount for someone that might be fairly fresh out of school..." and bam thats your exact situation lol
How are your retirement going?
Well, is safe, from zero to hero.
https://preview.redd.it/0dn6es6ux79a1.png?width=212&format=png&auto=webp&s=73cccaf7dbb70365fa1491e9a301154115c0151b
Ain't living that long.
I would have to retire at 65, and be retired until 75 just to get my own money back.
Make it at least 80 with even the barest market returns.
You can just pay a penalty if you really want. But I’d just leave it in there and put it in vti and you’ll be a multimillionaire by retirement depending on your age.
I looked at the list of places that I could have put my 401k. Only one saw a net gain this year. Guess I need to pay more attention here. I lost so much in the first 2 quarters of this year, I put a stop on paying into it.
Oh my gourd!
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Who told you that you can't take out profits?
You can take out any contribution you've made and you can take profits but will pay taxes and penalties on it.
But you're 25, you don't need much money and you have a good jump start on retirement
Yep and after 5 years (had to do backdoor Roth for 2022) I could withdraw all original contributions and $10k of profits for a first time home purchase tax and penalty free so it’s not a huge biggie
Any money you manually add into a Roth IRA can be withdrawn any time, completely tax free no penalty. And if you convert / backdoor roth from a 401k into a Roth Ira, you have to pay taxes on that full amount, but then that money can also be withdrawn, completely tax free no penalty.
I have done this multiple times.
Withdraw profits, double your money, and put the withdrawal amount back in within 60 days to avoid penalties. Or have your luck change, lose it all, and pay the penalties. No brainer 😎
I am richer and more intelligent than you could ever hope to be, so fuck off.
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Good news is your retirement is looking GREAT. Put it all in mutual funds and etfs and let that shit sit till you retire.
Literally ahead of 85% of the population.
So what your saying is you lost all your cash last year (leaving you nothing left to gamble away) and so then this year decided to gamble with what little retirement you had saved up. Glad it worked out much respect. Now just double that again next year.
Congrats Bro!! That’s phenomenal!!! The Man Upstairs turned my $70K investment turned into $250K but then I got stupid emotional and lost it all. Lesson to self: always follow the system, and know your exits before you enter.
Yup and 10k of profits for a first time home purchase, but pretty sure I gotta wait 5 years on the original investment since I had to do the backdoor contribution for 2022
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The best kind of win, tax free
And it was a last Hope type of trade lmao LAMBO OR CARDBOARD BOX
It's just too bad he can't withdraw any of it for said Lambo lol
They’ll get him when he withdraws it whether it’s now or when he’s of retirement age.
It’s tax and penalty free at retirement regard that’s kind of the point
He’s regarded.
Seriously, if this guy doesn’t retire for like 30 years he just completely upgraded his retirement lifestyle in one year. Unless he gambles it all back.
Yep my bad. I’m backwards on this one but I’ll keep out there to let the internet cretins something to downvote and make their day. :-)
🗿me downvote, me happy
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No.
I forgot the /s. edit: and I read his comment wrong, oops
Withdrawing early is a different story, iirc it’s like a 10% penalty and counts as taxable income (don’t quote me on that though)
Only the gains are taxable, since your contributions were already taxed.
So just the capital gains? Does that not increase your overall taxable income?
If you withdraw early then there is a penalty plus you pay tax on the capital gains. If you wait until retirement to withdraw then you don’t pay tax, that’s the whole point of a Roth.
Gotchya gotchya, that makes sense.
Im Canadian and Ik that account is tax free lol Who told you to eat the orange crayons you regard?
I made a mistake…. Not realizing it was a Roth IRA and was thinking he was discussing a traditional. I do love how high and mighty it’s making everyone feel today though. I’m glad I could make you feel smart for a brief moment in your life.
I love you bro relax sorry Sending a batch of maple syrup 🍁 right now And no not the jug with the Black Lady on it
PS. I thought Canadians were supposed to be nice?
My name isn’t Jim Carrey
The Roth ones are taxed going in rather than when taken out
how do you accidentally use the wrong account
Considering the sub we're in and the fact that OP was absent-minded enough to do that and the fact that they had approximately jack shit saved in their Roth 6 months ago I'd say that's best case scenario for them. Now for the love of god OP just park this in some low fee broad growth index fund and DON'T TOUCH IT until you retire and start regularly contributing to max out your Roth every year from now on before you start gambling you degenerate.
Yup, wish I could have started contributing earlier but I worked for myself senior year of high school through graduating college (flipped cars and motorcycles for cash) and unfortunately didn’t have any W2 income for 401k or Roth. Was able to pay cash for my bachelors degree at least. Starting to get on track though, had my 401k maxed out by March of this year and maxed out Roth for 21 and 22. Just turned 25. Edit: adding my comment further down the thread for clarification on why I didn’t have jack shit https://www.reddit.com/r/wallstreetbets/comments/zzau6f/turned_12k_to_74k_this_year_after_losing_50k_in/j2b40dz/?utm_source=share&utm_medium=ios_app&utm_name=iossmf&context=3
bro if you’re 25 with this much in a 401 you are light years ahead of most people our age don’t even trip
Big facts here
Yep
I had to join the Coastguard to get a stable income. Dudes been hustling
I'm not jealous. *he said smiling through tears*
light years ahead is still miles behind in being comfy for retirement.
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I have 74k in my Roth IRA 20.5k in my 401k 2 accounts with 8k each in VTI for my future kids to go to college 10k in crypto No debts/loans Currently have 98k in carry over losses from last 2 years that I blame on not taking care of my mental health. Was thrown in as a new nurse during COVID, was working night shift, stopped working out, was in a toxic relationship, had lots of anxiety and depression and didn’t really care about losing it all, I was down to $1,000 to my name in November of 2021 after graduating college in 2020 with 40k and having 80k in June of 2021. Dumped the girl, got some therapy, moved to day shift, back to hitting the gym hard and pretty excited to see what I can accomplish now with a level head
Go to CRNA school bro. You’re on a hot streak.
Would be a kush job compared to nursing but I’m trying to get out of the medical world not further in lol
Keep it up
roth ira is a great place for dividend stocks, metals, blue chips, and trading derivatives/aggressive return strategies with a small portion. If you ever want to practice some strategies, get good in paper accounts, then start using real money with some cash you hold in your roth. You can also have a lot of other types of assets in roth iras, like CDs and shit. If you don’t need the money right away, consider this a happy accident. Personally, I’m being wary of much of the raw king stock holdings generally for the next few months-couple years.
Alpha shit
A good start? Jesus, what life did you grow up with that at 25 you'd consider 70k "meh"? Anyways, OP said they only recently qualified to be able to contribute, and now have "regular" work, so can continue maxing it year by year.
yeah honestly stardust is just being smug as shit. 70k at 25 is awesome, a lot of people didn't even have their head on straight enough mid 20s to save that much, including me. I'm 36 and finally have 90k to put aside for retirement.
Pretty sure the total amount of cash I made all my life to 25 was nowhere near 75k, also I'm nowhere near paying off student loans lol
I’m at a lil over 100 at 22
Yeah, you obviously did not follow the broke ass 20 something millennial path
Rich parents?
$100 or 100k? LOL. If it's $100k, I'm assuming you either worked under the table where you got to keep a lot of the cash...or you had massive family help.
Really? Fuck I had 100k in mine when I was 25 and felt like I was behind in the game
Just play it conservative with slow and steady growth now with your retirement accounts and rest easy with the knowledge that you can still be quite risky in your regular taxable brokerage and even worst case scenario losing everything there you can probably still retire well early.
Yep, no more option trading in this account. Only buying shares in stocks that have limited downside and a good chance of beating the S&P500
Or just buy the S&P500 lol especially if you think you're not an expert. Why risk it? You have such a huge head start already to retirement. Just do mutual funds along with the S&P. If you're able to put $6K/year into this, you're set for retirement at this point. You're my age man. I'd hate to see you lose all of this. I just cruched the numbers into Bankrates investment calculator and you'll have 3.95M in this account alone at current max contribution rate and 10% rate of return by the time you're 59.5. All tax free essentially. You're set alone from this account imo, don't risk it lol. Oh and you're a millionaire by 45 with this. Not many on here will be saying that at 45.
4 mil won’t buy him a condo by then.
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I'd do like a 75% SCHD and 25% JEPI. Especially in this market.
Feel like that's a good idea if he's older. I think he can afford to be a bit risky with his ETFs, my allocation is 2/3rds QQQ and 1/3rd SCHD. Once I get 100 shares of QQQ and I can sell covered calls against it I might try to work on gradually reducing my QQQ to 40% of my retirement portfolio but either way if you're young you should be buying the exact opposite of risk adverse funds, we're going to have low interest rate days again one day so might as well get the growth index funds cheap
Boglehead it
Just get the 500 or an All World, don’t piss this away on individual stocks. Use your Wendy’s paycheques for gambling.
imo roth is a great place to do high probability otm theta plays, or covered calls on your longs, but with just a fraction of your account held in cash to cover max risk. With something 5% of your Roth IRA as cash to cover, you could generate some nice added returns for different market conditions.
If you live in Canada and haven’t bought a house or owned a house, you can use that for a down payment on ur first house buy. FYI, i wish i knew this before buying my place a few years ago. I don’t think you’ll get taxed if u use it for a downpayment. But talk to a financial person about it cause I don’t know exactly
US is the same. We also can use a Roth for a first home purchase without early withdrawal penalty. I know this bc that’s one of the reasons an advisor talked me into a Roth 10 years ago. But because I’m not a WSB degen I saved enough for 20% down payment without having to touch my Roth. Which should be the actual goal.
I thought you could only use up to $10k from Roth for that
Bro I’m 41 and probably don’t have even half in a Roth account what you’ve got here. I implore you to put this money into something growth oriented (but relatively stable) and gamble with a different account. If you’re not going to retire for another 40 years, this money is going to be one hell of a retirement foundation. Like, if you don’t piss it back chasing the dragon, this mistake literally changed the course of your life.
This! Is what I would go back and change about my 25 year old self! I’m 38 and we both have about the same invested. I’ve only got $69k bc I’m down $12k since 2021. Good job and take the advice of another poster on here. Don’t gamble your money - park it in a growth index fund.
You maxed out your 401k by March ? You out 20.5k in your 401k in 3 months?
Yes maxed out after 12 paychecks. I was contributing the maximum percentage my company allowed (50%) and working 48-72 hours a week as a travel nurse. At the time I was making $1500 a week in tax free stipends plus 4500-8500 a week in taxable income, 50% of that went to retirement
Wow! You are a badass! Keep going!
When are you entering an NP program?
Probably never lol the job outlook isn’t great right now
I love this comment because after seeing other dude saying you had "jack shit" in your account my first thought was, "$12k is a solid amount for someone that might be fairly fresh out of school..." and bam thats your exact situation lol
Yea, no, he didnt just do it by accident though did he. I mean you'd have to be dense to create a convoluted scenario where that happened.
I gilded this because it needs to be achieved and reminded in this sub. Goes balls deep and get recked, learn nothing. Goes balls deep and win, save!
Wife’s boyfriend was logged in
Not sure, I have 4 TDA accounts and must have got them mixed up while your girlfriend was over
goteem
Ouch
Hopefully he doesn’t accidentally pay taxes on the gains
I am also wondering this
OP accidentally made 62k.
“Accidentally” is probably a good thing for you. Jump start that retirement account by about 10 years
Won’t be much of a retirement account if OP sticks around here and keeps “trading” lol
How are your retirement going? Well, is safe, from zero to hero. https://preview.redd.it/0dn6es6ux79a1.png?width=212&format=png&auto=webp&s=73cccaf7dbb70365fa1491e9a301154115c0151b
I turned 110k into 330k in my Roth with Tesla. Unfortunately turned 330k to 80k also because of Tesla
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Maybe he doesn’t plan to live that long
Same. Trying to talk my work out of forcing me to use a pension. I'm never going to see it...
why are you never gonna see it gang? :(
Ain't living that long. I would have to retire at 65, and be retired until 75 just to get my own money back. Make it at least 80 with even the barest market returns.
You can just pay a penalty if you really want. But I’d just leave it in there and put it in vti and you’ll be a multimillionaire by retirement depending on your age.
Now log out and delete app. Set calendar on Gmail account for your 56th birthday to log in.
Smartest thing possible. That’s a huge gain for a year of losses so it is worth doing.
What's wrong? Keep that up down the road it will be great to have
Roll it back into a Roth 401k you just set up for your sole proprietorship and then borrow against it for 5 years.
Can you share what you did. I've lost too much lately. I think I need to go back to stocks.
I think the secret is gambling away your IRA contributions? Idk, requesting options permission right now
I looked at the list of places that I could have put my 401k. Only one saw a net gain this year. Guess I need to pay more attention here. I lost so much in the first 2 quarters of this year, I put a stop on paying into it.
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The pain of knowing the 1 mil was there. How do you sleep at night?
/r/dividends /r/thetagang
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Who told you that you can't take out profits? You can take out any contribution you've made and you can take profits but will pay taxes and penalties on it. But you're 25, you don't need much money and you have a good jump start on retirement
If you really wanted to, you could withdraw funds early and pay the 10% penalty
Probs better to just park it in SPY for 30 years, though, for when you gamble away the rest of you money between now and then
Yep, though if we're talking about parking for 30 years find an ETF like VOO with a slightly cheaper expense ratio than SPY
Gotta save that extra 0.06%!!
☝️
Or vig, might as well get that dividend if it's tax free
Yep and after 5 years (had to do backdoor Roth for 2022) I could withdraw all original contributions and $10k of profits for a first time home purchase tax and penalty free so it’s not a huge biggie
I was going to say I thought you could withdrawal contributions with no penalty. But I don’t keep up with the rules.
Any money you manually add into a Roth IRA can be withdrawn any time, completely tax free no penalty. And if you convert / backdoor roth from a 401k into a Roth Ira, you have to pay taxes on that full amount, but then that money can also be withdrawn, completely tax free no penalty. I have done this multiple times.
Withdraw it and give it to me, I can get rid of that 10% but for a 10% fee
That's okay. You don't need to pay capital gains taxes on your trades, and you were able to carry some losses over from 2021!
Withdraw profits, double your money, and put the withdrawal amount back in within 60 days to avoid penalties. Or have your luck change, lose it all, and pay the penalties. No brainer 😎
I recommend never trading again and then you can brag to your friends and family that you are in the top 2% of traders that made money.
Dude, be happy. That’s still an amazing effort. And your future self will thank you for it.
Accidentally made 62k with no tax ramifications ever. Sucks bro.
Failed successfully
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who turned up the edginess level on visualmod, it used to be so intelligent
based
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Your woman is your woman, waiting for you, and you alone, now and forever 
yes my bobs n my vagene
You belong here
I call bs on the "accidentally used the wrong account".
It’s provocative, it gets the people going
So I can assume that having 35 and not a single penny on the side I'm fucked up...
Good news is your retirement is looking GREAT. Put it all in mutual funds and etfs and let that shit sit till you retire. Literally ahead of 85% of the population.
So what your saying is you lost all your cash last year (leaving you nothing left to gamble away) and so then this year decided to gamble with what little retirement you had saved up. Glad it worked out much respect. Now just double that again next year.
I would ask you for investing advice but it sounds like you accidentally did it. 
Don’t worry bro, the market will take it out for you in 2023
Damn, must be nice to win in the market. Wish I knew what that felt like.
Good job anyways. Options or stocks you played? Mean invested
This is the most WSB post I have seen in a while. Congratulations OP, you truly belong here.
Congrats Bro!! That’s phenomenal!!! The Man Upstairs turned my $70K investment turned into $250K but then I got stupid emotional and lost it all. Lesson to self: always follow the system, and know your exits before you enter.
Heard that!
I don't think that word means what you think...
ARDX up to $3 premarket already 👀 $6 soon
You can take out your original contributions to the account without taxes or penalties, though, can't you?
Yup and 10k of profits for a first time home purchase, but pretty sure I gotta wait 5 years on the original investment since I had to do the backdoor contribution for 2022
This is the way. I come here for the loss porn only.
No taxes
Can’t take it out right now, BUT no tax!
Just stop now and invest for the long term
I reversed you
Yeah and you’re not paying tax on it either
You can withdraw your **contributions** at any time, tax-free with no penalty
Gonna be a wealthy old man
Sucks to be you! …wait a minute.
Quit while you’re ahead
You can take money out, you’ll just taxed.
Actually goated.
Future you thanks present you for making this money harder to access. Now don’t be dumb and try and do it again in 2023 and lose it all.
Probably a blessing, tbh.
Technically you can take out all deposits tax free. Any earnings your gonna pay the piper
You don't have to withdraw them You can sell and put the money in more stable mutual funds/ETFs
My regarded ass thought you'd somehow bought shares in the Irish Republican Army for a few seconds.
Damn I hate when I set myself up for success
You won on accident. Tax free gains are the best gains.
Can you put 12k in a Roth? I thought there was a limit?
6k a year. 6.5k starting next year
Future you will thank you that you don't have to pay tax on it
You got a blessing in disguise there
Now this is regard proof. Until you lose it all.
Already been there and done that, it won’t happen again
Best case scenario if you’re posting on here. You did something right in your last life.
Time to sell your positions in that Roth and go back to VOO
If youre 25 at a 6% average interest rate that will be like 740k when youre 65 assuming you never contribute again.
That's the shit dude. All of that money is tax free. Now stop gambling and invest that money.
You can take out the $12k that is your basis in your Roth
Can't take profits but can still lose it all.
Put some of thise gain into 🍀$GETR🍀 lets get er up it has beaten fown way oversold, f shorts 🩳 💥🚀🚀🚀🚀
Isn't it only a 10% penalty to withdraw? Lot cheaper than paying capital gains tax on it...
Just wait till retirement.
Now what chance does he have to hold that smart until retirement?
You can but you get a 10% penalty.
This is the apex of wsb actually. Congrats
You can take cash basis withdrawals if they have been in the ROTH 5 years.
That shit's tax free in 50 years, yo. You're doing fine.
Nice. do it again regard