Austin Frye Explores the Differences Between Traditional IRA and Roth IRA in an Official WPLG 10 News Story

Official WPLG Channel 10 news story featuring Frye Financial President and CEO, Austin A. Frye, JD, MBA, CFP. Interview covers the differences between a Traditional IRA and a ROTH IRA. Securities offered through LPL Financial, Member FINRA/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine with investment(s) may be appropriate for you, consult your financial advisor prior to investing....(read more)

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retirement planning can be a daunting task, and one of the most important decisions you will have to make is choosing between a Traditional IRA and a Roth IRA. WPLG 10 News spoke to financial advisor Austin Frye, who shared his insights on the differences between the two types of retirement accounts. Firstly, it's important to know that both types of accounts are designed to help you save for retirement. However, the main difference between a Traditional IRA and a Roth IRA lies in the tax benefits. With a Traditional IRA, you contribute pre-tax dollars into the account. This means that you reduce your taxable income for the year in which you made the contribution. The money inside the account grows tax-deferred, meaning you won't pay taxes on the funds until you withdraw them in retirement. However, once you take distributions from the account in retirement, the withdrawals are taxed as ordinary income. On the other hand, a Roth IRA requires you to contribute after-tax dollars. This means that you won't get a tax deduction when you make the contribution, but the money inside the account will grow tax-free. Additionally, when you withdraw money from the account in retirement, the withdrawals are tax-free as well. Frye shared that the decision between a Traditional IRA and a Roth IRA depends on a variety of factors, including your current tax bracket, your expected tax bracket in retirement, and your overall financial situation. He advised that younger individuals who are in a lower tax bracket may benefit more from a Roth IRA, as they will have more time for their investments to grow tax-free. Older individuals who are in a higher tax bracket may benefit more from a Traditional IRA, as they will receive the immediate tax deduction and may be in a lower tax bracket in retirement. It's also important to consider the rules surrounding the two types of accounts. With a Traditional IRA, you must start taking Required Minimum Distributions (RMDs) at age 72, meaning you will be required to take withdrawals from the account and, therefore, pay taxes on them. With a Roth IRA, there are no RMDs, so you can continue to let your money grow tax-free for as long as you want. In conclusion, there is no one-size-fits-all answer when it comes to choosing between a Traditional IRA and a Roth IRA. Your decision will depend on your unique financial situation, but speaking to a financial advisor can help you make the right choice for your retirement goals. https://inflationprotection.org/austin-frye-explores-the-differences-between-traditional-ira-and-roth-ira-in-an-official-wplg-10-news-story/?feed_id=87970&_unique_id=643a52844cf48 #Inflation #Retirement #GoldIRA #Wealth #Investing #AustinA.Frye #AustinFrye #Aventura #CalvinHughes #Channel10 #EstatePlanningAttorney #financialadvisor #financialnews #financialplanner #FL #fryefinancial #fryefinancialcenter #Fryenancial #investmentmanagement #JenHerrera #Miami #MiamiFL #MiamiNews #PensionPlanning #retirementplanning #RothIRA #SouthFlorida #traditionalIRA #trusts #wills #WPLG10 #TraditionalIRA #AustinA.Frye #AustinFrye #Aventura #CalvinHughes #Channel10 #EstatePlanningAttorney #financialadvisor #financialnews #financialplanner #FL #fryefinancial #fryefinancialcenter #Fryenancial #investmentmanagement #JenHerrera #Miami #MiamiFL #MiamiNews #PensionPlanning #retirementplanning #RothIRA #SouthFlorida #traditionalIRA #trusts #wills #WPLG10