Traditional IRA Explained | How Does a Traditional IRA Work

A Traditional IRA sounds so simple, yet can be so confusing. In this video, I explain what a Traditional IRA is, how it works, and the rules that are set in place. For 2020, a lot has changed when it comes to accessing retirement accounts. This video is based on the general rules and not the temporary changes. Ready to start investing or looking for financial advice: **Disclaimer** This video and channel and the information contained herein is not intended to be a source of advice or analysis with respect to the material presented, and the information and/or documents contained in this video and channel do not constitute investment advice...(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

A traditional IRA (Individual retirement account) is a retirement savings plan that allows individuals to save money for retirement on a tax-deferred basis. It is one of the most popular retirement savings options available, and it offers a variety of tax benefits. Traditional IRAs are funded with pre-tax contributions, which means that the money you contribute to your IRA is not subject to income tax when it is deposited. This allows you to save more money for retirement, as the money you contribute is not subject to the same taxes as your income. The money you contribute to a traditional IRA is tax-deferred, meaning that you do not pay taxes on it until you withdraw it from the account. With a traditional IRA, you can invest in a wide variety of investments, including stocks, bonds, mutual funds, and exchange-traded funds. When you withdraw money from your traditional IRA, it is subject to income tax. However, if you withdraw money before the age of 59 1/2, you may be subject to an additional 10% penalty. Traditional IRAs offer a variety of other benefits, including the ability to take a tax deduction for your contributions. The amount of the deduction depends on your income and filing status. Additionally, if you are covered by a retirement plan at work, you may still be eligible for a partial deduction. Traditional IRAs also offer the ability to pass on your retirement savings to your heirs. When you pass away, your beneficiaries can inherit the money in your traditional IRA and use it for their own retirement needs. Overall, a traditional IRA is a great way to save for retirement. It offers tax-deferred growth, the ability to take a tax deduction for your contributions, and the ability to pass on your savings to your heirs. If you are looking for a way to save for retirement, a traditional IRA is an excellent option. https://inflationprotection.org/traditional-ira-explained-how-does-a-traditional-ira-work/?feed_id=75055&_unique_id=6400395cb95d6 #Inflation #Retirement #GoldIRA #Wealth #Investing #investing #ira #Retirement #Rollover #rollover401k #taxdeferred #taxdeferral #thefuturemill #traditionalIRA #traditionalirabasics #traditionaliraexplained #traditionalirafordummies #TraditionalIRA #investing #ira #Retirement #Rollover #rollover401k #taxdeferred #taxdeferral #thefuturemill #traditionalIRA #traditionalirabasics #traditionaliraexplained #traditionalirafordummies

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

Search This Blog