Traditional IRA Explained in 60 seconds. In this video, I will explain the Traditional IRA retirement plan in seconds! All my recommendations 👉🏾

If that was too fast read this:

A traditional IRA is an individual retirement account. In most cases traditional IRA’s are tax-deferred. This means if someone puts in $6,000, that person will have their taxable income reduced by the amount for the year. So once your retired and want to withdraw, that’s when they have to pay taxes.

As of 2019 you can put in a maximum of $6,000. But if you’re over the age of 50 you can put up to $7,000.

There are deduction limits if you already have a retirement plan at work. So depending on how you file your taxes, like if you were single or married, you have to meet a certain amount of income per year to count for the traditional IRA deduction.

With this account you can withdraw your money at the age of 59 years and a half. There are circumstances the allows you to withdraw money earlier, but just keep in mind when you withdraw, will have to pay income tax and possibly get withdrawal penalty of 10% if you don’t have a good reason to do so.

Beginning at the age of 70 years and a half, people who have this type of IRA must begin taking required minimum distributions based on your account size and life expectancy. So if you don’t, you can get a tax penalty up to 50% of the required distribution.

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DISCLAIMER:
This video is for entertainment purposes only. I am not a legal or financial expert or have any authority to give legal or financial advice. While all the information in this video is believed to be accurate at the time of its recording, realize this channel and its author makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors appearing in this video….(read more)

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