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I DRAINED My Traditional IRA (Here's Why)


I fully depleted my Traditional IRA, there is a $0 balance now. However, I actually did this on purpose for a very good reason. I am utilizing a really awesome strategy for early retirement known as the Roth IRA Ladder. I love talking about the Roth IRA ladder strategy because it can allow you to retire YEARS earlier than someone else that is not planning on using the Roth IRA ladder because it saves you from paying a lot of federal income tax AND the dreaded early withdrawal penalty associated with retirement accounts. Check out my video on how I am using the Roth IRA Ladder in early retirement! ************************************************************ Track Your Investments For Free Using Personal Capital: Automate Your Investments Using M1 Finance: Save Money With My Recommended Products On Amazon! Check Out All My Favorite Financial Resources! Get Personalized Consulting From Me: ************************************************************ #TraditionalIRA #RothIRA #EarlyRetirement ************************************************************ On Cash Flow is owned and operated by On Cash Flow LLC, a limited liability company headquartered in the state of Tennessee, USA. This content is for informational purposes only. Some links provided may be part of an affiliate advertising program designed to provide a means of compensation for referring traffic and business to other companies....(read more)


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If you are considering draining your traditional IRA, you may be wondering if it is a good idea. After all, traditional IRAs are meant to be long-term investments, and draining them means you are taking money out before it has had a chance to grow. However, there are some situations in which draining your traditional IRA can be a smart decision. First of all, if you are facing a financial emergency and have no other source of money, you may need to tap into your IRA. This could be due to a medical emergency, job loss, or other unexpected expense. In these cases, draining your traditional IRA may be the only way to get the money you need. Another situation in which draining your traditional IRA may be a good idea is if you need to pay off high-interest debt. If you have credit card debt or other high-interest debt, it may make sense to use the money from your traditional IRA to pay it off. This can help you save money in the long run, as you will no longer have to pay interest on the debt. However, there are some drawbacks to draining your traditional IRA. For one, you will be subject to taxes and penalties on the money you withdraw. Additionally, you will be missing out on the potential growth of the money in your IRA. Ultimately, draining your traditional IRA is a decision that should not be taken lightly. You should consider all of your options and weigh the pros and cons before making a decision. If you do decide to drain your traditional IRA, make sure you are doing it for the right reasons and that you understand the consequences. https://inflationprotection.org/i-drained-my-traditional-ira-heres-why/?feed_id=73893&_unique_id=63faf187d9e4a #Inflation #Retirement #GoldIRA #Wealth #Investing #Bonds #BuildingWealth #cash #CashFlow #compoundinterest #debt #DebtFree #F.I.R.E #Finance #Finances #financialfreedom #FinancialIndependence #FinancialIndependenceRetireEarly #FinanciallyIndependent #FIRE #GetRich #GetRichSlowly #indexfunds #interest #invest #investmoney #investing #Investments #money #MutualFunds #NetWorth #OnCashFlow #OnCashFlow #personalfinance #ReduceTaxes #retire #retireearly #Retired #Retirement #Rich #SaveMoney #Stocks #tax #taxes #wealth #Wealthy #TraditionalIRA #Bonds #BuildingWealth #cash #CashFlow #compoundinterest #debt #DebtFree #F.I.R.E #Finance #Finances #financialfreedom #FinancialIndependence #FinancialIndependenceRetireEarly #FinanciallyIndependent #FIRE #GetRich #GetRichSlowly #indexfunds #interest #invest #investmoney #investing #Investments #money #MutualFunds #NetWorth #OnCashFlow #OnCashFlow #personalfinance #ReduceTaxes #retire #retireearly #Retired #Retirement #Rich #SaveMoney #Stocks #tax #taxes #wealth #Wealthy
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