Tips for Deciding Between Roth IRA or Traditional IRA

Roth IRA vs Traditional IRA: Which one is BETTER for YOU! The tax-free growth of a Roth IRA is great but don't miss out on total tax savings. ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Ave. Suite 144 Tampa, FL 33606 ------------------------------------------------------- Gear Used in Videos Partnership referral links Solo 401k plan Documents Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis Bitcoin IRA All Amazon links are affiliate links ____________________________________________________________________________ Information in this video is for educational and entertainment purposes only. sicklehunter.com/disclosures ____________________________________________________________________________ #travissickle...(read more)

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When it comes to saving for retirement, many individuals turn to Individual Retirement Accounts (IRAs) to help them achieve their financial goals. However, with the two most common types of IRAs being the Roth IRA and Traditional IRA, it can be challenging to determine which one to choose. To make an informed decision, there are several factors to consider. Tax Implications: One of the primary differences between a Roth IRA and a Traditional IRA is the way they are taxed. With a Traditional IRA, contributions are tax-deductible in the year they are made. As a result, you get a tax deduction upfront, which may reduce your taxable income. However, you will pay taxes on the money that you withdraw in retirement. Conversely, with a Roth IRA, contributions are made with after-tax dollars. This means there is no upfront tax deduction, but the account's earnings are tax-free, and you will not owe taxes when you withdraw the money in retirement. Income Level: Another factor to consider when choosing between a Roth IRA and a Traditional IRA is your income level. If you expect your income to be higher in retirement than it is now, a Roth IRA may be a better choice. With a Roth IRA, you pay taxes upfront, so you will not have to pay taxes on the money when you withdraw it in retirement. Conversely, if you expect your income to be lower in retirement than it is now, a Traditional IRA may be a better option. This is because you can take advantage of the upfront tax deduction when you contribute to the account. Age Considerations: Age is another important factor to consider when choosing between Roth IRA and Traditional IRA. With a Traditional IRA, you must start taking Required Minimum Distributions (RMDs) when you are 72 years old. These distributions are subject to income tax, and if you fail to withdraw the RMDs, you may face a stiff penalty. With a Roth IRA, there are no RMDs, so you can leave your investment to grow tax-free for as long as you want. Investment Goals: Finally, it is crucial to consider your investment goals when deciding between a Roth IRA and Traditional IRA. Roth IRAs tend to be a better choice if you are looking to invest for the long term. This is because you will not pay taxes on your earnings, which can significantly increase your investment returns over time. Traditional IRAs are better suited to individuals who are close to retirement and looking for a tax deduction upfront. In conclusion, choosing between a Roth IRA and Traditional IRA depends on multiple factors, including your tax situation, income level, age, and investment goals. Ultimately, the right choice will depend on your individual financial situation. It is always best to speak with a financial advisor to make an informed decision that will help you achieve your retirement goals. https://inflationprotection.org/tips-for-deciding-between-roth-ira-or-traditional-ira/?feed_id=105554&_unique_id=64819eaf50254 #Inflation #Retirement #GoldIRA #Wealth #Investing #travissickle #TraditionalIRA #travissickle