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Traditional IRA vs Roth IRA Vs Back Door Roth IRA: Anybody Can Invest 2021


The Roth IRA and Traditional IRA are mega boosters to your retirement. -Get One Free Stock -Robinhood- -Life Insurance Quotes- -Budgeting-YNAB- 0:00 -Intro 0:30 -What is An IRA? 2:06 -Rules of an IRA 3:22 -Where To Get an IRA 4:08 -Traditional IRA 7:14 -Roth IRA 10:21 -IRA Warning 11:37 -Which is Best 12:43 -Backdoor Roth IRA 14:34 -BackDoor Roth IRA Drawbacks Contact: For business inquires nate.r.jackson88@gmail.com Tools I use to support the youtube channel: Website Hosting: Domain Registration: Camera: Canon M50 Microphone: Tascam DR-10L When it comes to the Traditional Vs Roth IRA it is a very simple process to start one. What is an IRA? An Individual retirement account is a tax sheltering account that can be used to invest and grow your money for retirement. You must be 59 1/2 in order to withdraw this money. The max that you can input for 2021 is $6,000. This must be earned income. If you make less than $6,000 then you can only put in what you make. If you have a spouse that doesn't work then you can input money on their behalf. A traditional IRA uses pre-tax money to invest. This money is tax-deferred and is tax-deductible. This money is taxed when it is withdrawn. At age 72 you are required to start making required minimum distributions. This is a certain amount each year that is required to be withdrawn. The Roth IRA uses after tax money. This money then grows and is withdrawn tax free. This is a better option if you think taxes will higher in your retirement years. There is no required minimum distributions for a Roth as it has already been taxed. The Backdoor Roth IRA is a loophole used by high income earners that do not qualify to put money in a Roth IRA. They invest in a traditional IRA and then roll over this money to a Roth IRA. This money is taxed upon rollover and cannot be touched for 5 years. This can be done all at once or incremental but you will be taxed on what is put in and also what the growth has been. So do it sooner than later. #NateJackson #PersonalFinance DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge for you! Thank you for supporting my channel so I can continue to provide you with free content each week! I am not a licensed financial advisor in any state. This video is made for informational purposes only. Always consult a professional before proceeding with any advice. Music: ...(read more)


LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
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