In today’s world, people have access to a nearly infinite amount of information with the click of a few buttons. However, with so much info out there, sometimes it can be challenging to find sources you can trust. When researching big decisions like investing in a Roth IRA, sometimes it’s helpful to get information directly from people with personal experience.
While friends and family are an option for some people, people of all ages are more regularly turning to Reddit for first-person information. Reddit is a great place to research just about anything–from sporting goods and stocks to family planning and financial advice and Roth IRAs are no exception.
While we definitely don’t advise getting all your financial information exclusively from people on Reddit, we always encourage investors to explore as many potential sources of information as possible to make the most well-rounded investment decisions. Keep reading for some of the best Roth IRA Reddit resources to get you started.
How Does Reddit Work?
Reddit is a social media platform that consists of a series of forums called “subreddits,” where users can post and discuss content. In many ways, it functions like a traditional forum but with a few key differences.
First, Reddit’s upvote/downvote system allows users to signal whether they like or dislike a particular post. This helps to surface the most popular and relevant content. Second, Reddit is organized around topics, so it’s easy to find information on specific topics of interest.
While the content is entirely user-generated, the top comments are usually reasonably accurate and well-informed viewpoints based on how the algorithm calculates upvotes and other user interactions.
Popular Subreddits Discussing IRAs and Roth IRAs
Now that you have a general understanding of what Reddit is and how it works, we’ve put together a few well-known subreddits to get you started on your Reddit deep-dive. All of these subreddits deal with finance, investing, retirement, IRAs (and, sometimes, other interesting and relevant subjects too).
r/personalfinance
r/personalfinance is one of the best Roth IRA Reddit channels and should probably be your first port of call when it comes to getting financial opinions on Reddit. It has a massive user base with 16.7 million active members and has been around since the beginning of 2009.
As one of the most popular subreddits on the website, you will often see top comments from users purporting to be financial advisors, stock brokers, investors, accountants, and more. While it’s always important to take things with a grain of salt, many members do go through a rigorous verification process to display “badges” certifying their expertise, so you can verify that certain members are more reliable than others.
r/FluentInFinance
Although much smaller than r/personalfinance, r/FluentInFinance is still in the top 5% of all subreddits by size, with over 55,000 users. As well as being smaller, it is also younger, starting in 2021. So, why does it rank on our list? Because it brings something different to the table.
r/FluentInFinance describes itself as welcoming “different points of view” on various topics and says that “challenging conventional thinking is welcomed.” While that might sometimes lead to questionable advice (we suggest you double-check a lot of the material here),
it also leads to fascinatingly articulated contrarian perspectives and niche knowledge–something more advanced investors can often benefit from.
r/investing
The oldest of our subreddit selection, dating back to 2008, r/investing sits between r/personalfinance and r/FluentInFinance when it comes to size, with 2.1 million members. r/investing is helpful because it has specific advice on investment products like Roth IRAs and up-to-date commentary on money, markets, and geopolitics.
In short, it has many resources to help you make smarter investment decisions. One of its most attractive features, though, is simply that it is a dedicated space where you can talk to thousands of people who are doing exactly what you’re doing–making the most of investment vehicles to prepare for their retirement.
Top Reddit Posts About IRAs and Roth IRAs
While jumping straight into the subreddits above could be interesting, it could also be overwhelming. Each subreddit does give you the option to search, sort, and filter posts, but to save you some time, we’ve curated a short list of our favorite posts to help you get started.
The Subreddit Wiki For r/personalfinance
The first post we’re linking to is not a “post” at all in the ordinary sense. Instead, it’s the IRA “wiki” on r/personalfinance. “Wiki” is a term that is often used to describe more comprehensive guide posts written and evaluated by the moderators of the subreddit in question.
This wiki is an “Explain Like I’m Five” on IRAs that tells you everything you need to know to get started in terms that a five-year-old could understand (well, figuratively–most five-year-olds probably couldn’t get on Reddit in the first place!).
Topics include how IRAs work, contribution limits, asset allocations, and more. And (of course, given the subject of this article) Roth IRAs are dealt with in detail. If you’re still new to retirement investing and need to get a better understanding of what an IRA is, this is a great place to start.
“Roth IRA Retirement Planning” Megathread On r/FluentInFinance
The simple post “Roth IRA retirement planning” on r/FluentInFinance paints a compelling picture of this investment product. It shows what happens when you contribute $6,000 to your Roth IRA annually, assuming market returns of 10% per year.
In this scenario, you’d have a pot worth $106,484 after ten years, rising to $381,379 after 20 years, $1,094,386 after 30 years, and, finally, after 40 years, your pot would be worth an impressive $2,943,741.
Admittedly, the top comment on this post makes a valid point, “where are you getting 10% annual returns a year for 40 years?” and an interesting discussion about inflation-adjusted returns follows.
There is a lot to learn from this conversation, but none of it detracts from the original poster’s point: Maximize your Roth IRA contributions, let interest compound, and you will wind up with a lot more silver in your silver age!
“I Don’t Understand ROTH IRA” On r/investing
In a post titled “I don’t understand ROTH IRA,” a Reddit user states: “I’m trying to wrap my head around why people get all excited about Roth IRAs,” and asks for some insights.
What follows are more than 300 comments providing opinions and viewpoints for the original poster (as well as any other readers) to consider in their decision-making process.
Plenty of comments make it plain how useful Roth IRAs can be, with users pointing out the potential upside to savings in a Roth IRA not counting as income, noting that it’s an excellent way to invest post-tax money and shelter capital gains at no cost against alternatives, and more.
Investing in a Self-Directed IRA
One popular retirement planning option to consider is a self-directed IRA. One of the main benefits of investing in a self-directed IRA is that it offers greater control over investment choices.
With a conventional IRA, the investment options are typically limited to stocks, bonds, and mutual funds. However, a self-directed IRA allows investors to choose from a wider range of options, such as precious metals like gold, silver, platinum, and more.
This can be especially beneficial for those who want to take a more active role in managing their retirement savings. Another advantage of self-directed IRAs is that they often have lower fees than other types of retirement accounts. This is because there is no need to pay a financial advisor to manage the account.
Open a Gold and Silver IRA Today
If you’re ready to start saving for retirement and considering a self-directed IRA, you should consider opening a gold IRA with SpaceXgold.
Gold has long been considered a “safe-haven” investment and a good hedge against inflation. When the value of paper currency declines and traditional investment options usually underperform, the price of gold tends to go up. This makes gold a good option for those worried about the possibility of inflation reducing the buying power of their retirement savings.
Second, gold is a tangible asset that can be easily converted into cash if needed. This makes it a good option for those worried about the stock market’s stability or who want easy access to their money in retirement.
If you’d like to speak to one of our support team members about investing in gold, how a gold IRA works, or just need help opening an account, call SpaceXgold today at (877)646-5347.
