So, what is a Traditional IRA? We’ve heard the term thrown around but in this video we dive into the details of what it actually is! Pounding your investments as often as you can is the name of the game.
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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

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Becoming a millionaire may seem like a far-fetched dream to many, but with proper planning and the right tools, it is definitely achievable. One such tool is a Traditional IRA, which is a retirement account that can help you achieve your millionaire goals. In this article, we will provide a simple explanation of what a Traditional IRA is and how it can help you on your road to becoming a millionaire.

A Traditional IRA, which stands for Individual retirement account, is a type of retirement account that allows you to save for retirement while potentially receiving tax benefits. The key benefit of a Traditional IRA is that deposits made to the account are tax-deductible, which means that you can claim them as a deduction on your income tax return. This can help reduce your taxable income, which in turn can help you save money on taxes.

The money that you deposit into a Traditional IRA is allowed to grow tax-free until you retire, at which point you can start to withdraw the funds. However, keep in mind that withdrawals from a Traditional IRA are subject to income taxes in the year you take the money out. Additionally, if you take a withdrawal before you reach age 59 1/2, you may also be subject to a 10% early withdrawal penalty.

One thing to note is that once you reach age 70 1/2, you are required to start taking minimum distributions from your Traditional IRA. This is to ensure that you don’t leave all of your money in the account and avoid paying taxes on it altogether. The amount of your required minimum distribution is calculated based on factors such as your age and the balance of your account.

Another important factor to consider is that Traditional IRA contributions are limited each year. For the 2021 tax year, the contribution limit is $6,000 for those under age 50, and $7,000 for those age 50 and over. These limits are subject to change each year due to inflation adjustments.

In summary, a Traditional IRA is a retirement account that allows you to save for retirement while potentially receiving tax benefits. Deposits made to the account are tax-deductible and the funds can grow tax-free until retirement. While there are limits on how much you can contribute each year, a Traditional IRA can be a useful tool on your road to becoming a millionaire. It is important to consult with a financial advisor to determine if a Traditional IRA is the right retirement account for your individual situation.