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Showing posts with the label rothira2021

Roth IRA VS Traditional IRA: Which should you choose ? 2021 contribution limits sep ira

In this video I am going to Easily Explain what is a Roth IRA? What is a Traditional IRA? What are the similarities between a Roth IRA vs Traditional IRA? What is better a traditional IRA or a Roth IRA? Which should you choose a Traditional IRA or a Roth IRA? Both of these accounts are individual retirement accounts, which means you can have them in ADDITION to your employer sponsored retirement plans such as your 401k, 403b, etc. The deadline to contribute to both of these accounts is April 15th - because there are contribution limits! Both the traditional and the ROTH IRA, the max you can contribute to it is $6000 per year as of 2021, and $7000 per year if you're over the age of 50. You cannot contribute $6000 each to both a ROTH and the Traditional IRA, the max contribution is $6000 across both accounts. The biggest difference between the ROTH IRA and the Traditional IRA is how they are taxed. In a TRADITIONAL IRA, your get a tax deduction for your contributions dire

Roth IRA vs Traditional IRA | Which is BETTER For You?

Roth IRA vs Traditional IRA - Which IRA is the BEST option for you? Is one better than the other? In this video, I'll go over the similarities and differences of these two Individual Retirement Accounts known as IRAs. To name a few we'll discuss the annual max contribution, tax benefits, and contribution eligibility. Also, I'll share which IRA type I contribute to. AGI Calculator - MAGI Calculator - Roth IRA Calculator - Roth vs. Traditional IRA Calculator - Backdoor Roth IRA - CHECK OUT MY LINKS: JOIN M1 Finance: Get a FREE $50 - Where I invest my Dividend Stocks & Roth IRA FREE Annual Budget Expense Tracker: FOLLOW Me On Instagram ================================================ CHAPTERS 0:00 Intro 0:34 What is an IRA? 1:02 Similarities 1:43 Traditional Pre Taxes 2:00 Roth Post Taxes 2:38 Roth Annual Limits Single 3:24 Roth Annual Limits Married 4:12 Withdrawal Rules 5:17 Which is Best for You? 6:33 Outro #RothIRA #RothVsTraditional #Traditi