What is an IRA?

by | Nov 4, 2022 | Simple IRA

What is an IRA?




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The Retirement Defense’s very own Brett Gottlieb breaks down in the simplest way what an IRA is.

There’s a few different types of IRAs out there, but today we are focusing on the Traditional IRAs and the Rollover IRA. They both give you the opportunity to contribute money to them, take a tax deduction, watch your contributions grow tax deferred, and at some point in the future when you take withdrawals you will pay taxes on that withdrawal amount based on your tax rate at that time.

Traditional IRAs are a great vehicle to use if you want to put more funds away for retirement outside of your work retirement account. Based upon your income, you may be able to make additional contributions to a traditional IRA account to get further tax deductions.

Rollover IRAs are used for when you leave an employer where you had a 401k or 401b account that you were making contributions to. . When you leave you want to rollover these accounts into a personal IRA that you have more control over. These also grow tax deferred.

This quick video talks through the different options you may have. If you still want additional tailored help for your retirement accounts, schedule a call with Brett directly to go over your retirement options at

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See also  What is a SIMPLE IRA?


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