view transcript

Ed Slott: Every young person should be doing only Roths. The tax deduction at lower rates isn't worth as much. Plus they probably have lower income. They should be doing Roth four zero one ks at work or a Roth four zero three B's. Roth Iras, they have the ability to build a tax free savings account that we never have. We have savings accounts or retirement say, but we have to now pay to convert that money. Imagine if we got the chance to start from dollar one to build up Roth Iras.

Ed Slott:

These kids now can be Roth IRA millionaires. So here's my advice to the millennials. Our kids stop taking pictures of your food and open a Roth Ira. Now that it's good advice. I have kids in my, in their twenties and they send me pictures of them. Ooh, Hammer. And you have to La Hanberg. I never saw one of those. And you have to respond. Oh, that's very good. Nice, Nice. Oh, happy face. Oh yeah, I had a hamburger. You know what do you respond to that you have to say something, right? All right, so that's good advice for every young person.

Food Porn.

C'mon admit it.  Who doesn't like spending countless hours swiping and liking those satiable food photos on Snap (SNAP - Get Report) Pinterest (PINS , Facebook (FB - Get Report) and more.

If you're a millennial and among the Well, if you are, listen up! Instead of taking Snap's  (SNAP - Get Report)  of that n something else. That something else is Roth IRA.

Ed Slott, the founder of Ed Slott & Company, urged millennials to stop playing with their food and start investing in Roth IRAs.  Slott was the Keynote Speaker at TheStreet's Retirement, Taxes & Income Strategies Symposium, Prepare for the Lifestyle You Want, held recently at New York City.

Emphasizing the positive aspects of Roth IRAs Slott said, " Every young person should be doing only Roths." 

FREE WEBINAR: TheStreet and TurboTax Tackle Tax Tips for Retirees

 

Video Transcript

How Millennials Can Become Millionaires

Ed Slott: "These kids now can be Roth IRA millionaires. So here's my advice to the millennials. Our kids stop taking pictures of your food and open a Roth Ira. Now that it's good advice.

I have kids in my, in their twenties and they send me pictures of them. Ooh, a picture of a hamburger! I never saw one of those. And you have to respond.

Oh, that's very good. Nice, Nice. Oh, happy face. Oh yeah, I had a hamburger. You know what do you respond to that you have to say something, right? All right, so that's good advice for every young person."

FREE WEBINAR: TheStreet and TurboTax on the Top Overlooked Tax Deductions

Roth IRAs and Roth 401ks

Ed Slott: Every young person should be doing only Roths.

The tax deduction at lower rates isn't worth as much. Plus they probably have lower income. They should be doing Roth IRAs and Roth 401ks. Roth Iras, they have the ability to build a tax free savings account that we never have. We have savings accounts or retirement say, but we have to now pay to convert that money. Imagine if we got the chance to start from dollar one to build up Roth Iras.

 

FREE WEBINAR. TheStreet and TurboTax on Navigating Tax Reform

Jim Cramer's 5 Things to Watch During Earnings Season