Traditional IRAs have their own advantages:
➤There are no income limits that prevent you from contributing
➤You can put in pre-tax money and let it grow tax deferred
➤You can deduct that money from your income*
Luckily opening a Traditional IRA isn’t that different from a Roth IRA at Fidelity. You can see the full pages for opening it in our step by step for how to open a Roth IRA video here: (We’ve already linked you to the exact time!)
Now there is one small caveat…
*The problem with deductions is that how much you can deduct is based off your income. If you’re wondering when a Traditional IRA isn’t tax deductible, check out the income limits here from the IRS here:
So it’s tough if you’re making more than that cutoff and still want to take advantage of some kind of tax benefit. One way around that is to do a Backdoor Roth IRA conversion. You can find our how-to video on how to do this in fidelity over here:
Good thing you’re already 2 steps ahead by opening both a traditional and a roth IRA!
Nguyening Lifestyles is not a registered financial service provider and is not liable for any decisions you make regarding investing and Roth IRAs. We are simply here to entertain and provide content for educational purposes only. Therefore, we are not liable in any capacity for any actions that may result from this video.
A MUST READ TO LEARN HOW TO BUILD WEALTH & INVEST:
Rich Dad Poor Dad by Robert Kiyosaki –
I will teach you to be rich by Ramit Sethi –
Millionaire Next Door by Thomas J. Stanley –
Related Blog Posts:
How do I pick between a Traditional vs. Roth IRA? Part 1:
How do I pick between a Traditional vs. Roth IRA? Part 2:
How do I pick between a Traditional vs. Roth IRA? Part 3:
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LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Which one are you investing in? A Roth or Traditional IRA and why?
Nice tutorial walkthru opening IRA account. After account is opened & funded then next is choose investment type. Do you have a video on where selection of investment page or window?
Thank you.
Can we trade the traditional IRA ?
I opened a traditional IRA on fidelity and want to invest into S&P 500. Can i do that or do they have to be individual stocks? I believe i chose the SPAXX option not sure if that matters.
So Im a newbie after I open the account then what? Lets say I want to invest $500/mth into my roth. How would I do that? Or do I have to find the stocks to invest in??..thanks in advance