This is a rather poor explanation of the differences between a Roth IRA and a Traditional IRA. Luckily there are better videos on our channel that do a much better job then Dustin did on this video. To give him some grief tweet him @JazzWealth We are a wealth management firm that works with those that are just getting started, or have 10+ years until retirement For more information call us at 727.492.0314 or visit www.JazzWealth.com Facebook Investment related questions 📧 Dustin@JazzWealth.com Business Affairs 📧Carolyn@JazzWealth.com...(read more)
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When it comes to planning for retirement, one of the most important decisions you can make is which type of retirement account to use. Two of the most popular retirement accounts are Roth IRAs and Traditional IRAs. Both of these accounts can help you save for retirement, but they have some key differences that you should understand before deciding which one is best for you. A Traditional IRA is a retirement account that allows you to save money on a pre-tax basis. This means that you can deduct your contributions from your taxable income, which can reduce your taxes in the year that you make the contribution. When you withdraw money from a Traditional IRA in retirement, you will pay taxes on the amount withdrawn. A Roth IRA is a retirement account that allows you to save money on an after-tax basis. This means that you do not get an immediate tax break for contributing to a Roth IRA, but you will not have to pay taxes when you withdraw money from the account in retirement. When it comes to deciding which type of retirement account is best for you, there are several factors to consider. One important factor is your current income and tax rate. If you are in a high tax bracket now, a Traditional IRA may be more beneficial because you can get an immediate tax break. On the other hand, if you are in a lower tax bracket now, a Roth IRA may be better because you will not have to pay taxes on withdrawals in retirement. Another factor to consider is whether you expect your tax rate to be higher or lower in retirement. If you expect your tax rate to be higher in retirement, a Roth IRA may be the better choice because you can lock in a lower tax rate now. If you expect your tax rate to be lower in retirement, a Traditional IRA may be the better choice because you can get an immediate tax break now. Finally, you should consider how much time you have until retirement. If you have many years until retirement, a Roth IRA may be the better choice because you can take advantage of the tax benefits over a longer period of time. If you are closer to retirement, a Traditional IRA may be the better choice because you can get an immediate tax break. Ultimately, the best retirement account for you will depend on your individual situation. It is important to consider your current income and tax rate, as well as your expectations for the future. By understanding the differences between Roth and Traditional IRAs, you can make an informed decision about which retirement account is best for you. https://inflationprotection.org/roth-ira-vs-traditional-ira-which-retirement-account-is-best-for-you/?feed_id=73459&_unique_id=63f8f6bb10711 #Inflation #Retirement #GoldIRA #Wealth #Investing #howtochooseretirementaccount #howtoinvestrothira #rothiraexplained #rothirafordummies #rothirainvesting #rothiravstraditionalira #whichretirementaccounttochoose #TraditionalIRA #howtochooseretirementaccount #howtoinvestrothira #rothiraexplained #rothirafordummies #rothirainvesting #rothiravstraditionalira #whichretirementaccounttochoose
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