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The Difference Between a Roth IRA and a Traditional IRA


On today's episode, we'll explore the difference between a Roth IRA and a traditional IRA. There seems to be a lot of confusion out there between these two very different retirement savings tools and we'll clear the big differences up today. Both IRAs and Roths have limits on the amount of money you can put away each year. The big difference between the two is when you'll pay taxes on that money. Join us today as we break down the essentials you need to know between these two retirement planning vehicles. Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ 0:00 - Roth vs. IRA 1:00 - Roth IRA 1:54 - Traditional IRA _______________________________ CONNECT 🤝 Facebook: Twitter: LinkedIn: _______________________________ CONTACT ☎ Website: Phone: (951) 652-1544 Email: info@ruggierifinancial.com Appointment: ...(read more)


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When it comes to retirement savings, many people are familiar with the term Individual retirement account (IRA). But what is the difference between a Roth IRA and a Traditional IRA? A Traditional IRA is a retirement account that allows you to save pre-tax dollars. This means that you can deduct the amount you contribute from your taxable income, reducing your tax liability. The money in the account grows tax-deferred, so you don't have to pay taxes on the gains until you withdraw the money. A Roth IRA, on the other hand, is a retirement account that allows you to save after-tax dollars. This means that you cannot deduct the amount you contribute from your taxable income. However, the money in the account grows tax-free, so you don't have to pay taxes on the gains when you withdraw the money. The main difference between a Traditional IRA and a Roth IRA is when you have to pay taxes. With a Traditional IRA, you pay taxes when you withdraw the money. With a Roth IRA, you pay taxes when you contribute the money. The other difference between the two accounts is the contribution limits. With a Traditional IRA, you can contribute up to $6,000 per year (or $7,000 if you’re over 50). With a Roth IRA, you can contribute up to $6,000 per year (or $7,000 if you’re over 50). When deciding which type of IRA is best for you, it’s important to consider your current tax rate and your expected tax rate in retirement. If you expect your tax rate to be higher in retirement, then a Roth IRA may be the better choice. If you expect your tax rate to be lower in retirement, then a Traditional IRA may be the better choice. No matter which type of IRA you choose, it’s important to start saving for retirement as soon as possible. With the right plan and discipline, you can ensure that you have a comfortable retirement. https://inflationprotection.org/the-difference-between-a-roth-ira-and-a-traditional-ira/?feed_id=74761&_unique_id=63fee77d5cfdc #Inflation #Retirement #GoldIRA #Wealth #Investing #401k #california #financial #hemet #insurance #ira #logansadler #pensions #Retirement #riverside #RothIRA #ruggierifinancial #sanbernardino #socialsecurity #taxes #thefinancialbeat #TraditionalIRA #401k #california #financial #hemet #insurance #ira #logansadler #pensions #Retirement #riverside #RothIRA #ruggierifinancial #sanbernardino #socialsecurity #taxes #thefinancialbeat

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