Traditional IRA is a retirement plan that many people should make use of if they do not have a retirement plan offered at their jobs/careers. Because of its name, and also its inner-workings, this plan is often confused with 401ks and IRA Roths. Even though the Traditional IRA share similarities between both the 401k and IRA Roths, there are clear differences between it and the others listed. In this video I am breaking down what a Traditional IRA is, how it can be used to generate wealth for retirement, and also how it can be used to save you money on taxes at the end of the year. Although the Traditional IRA is a good vehicle to use for deducting total funds in taxes, it can be difficult to do so if you or your spouse is already making use of a retirement plan offered at your/their job. If that is the case for you, then here is a link to take you a website that should help with calculations. For the rest of you guys an gals, saving money on your taxes will be simp
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)