WANT A MONEY MAKEOVER? FILL OUT OUR FORM –

🏦 Get Up to $4,000* Cash When you Fund Your tastytrade Account:

*Earn up to $4,000 terms and conditions apply. Void where prohibited. See for full details. Offer expires 03/31/24

tastylive Inc. and tastytrade Inc are separate but affiliated companies.

📝 DESCRIPTION
Opening an IRA is the first step to building long-term wealth. Watch our full breakdown on IRAs with Tom Preston on Money Makeover.

00:00 What is An IRA?
00:19 What Will you Learn In This Video?
00:38 Traditional vs Roth IRA
02:39 Should You Merge IRAs When Married?
03:33 Did I Find a Workaround to My IRA Limit?
04:49 Any Downsides to Covered Call Strategy?
06:22 Is It Even Worth Opening a Roth IRA with $50?
07:16 Learning About Put Spreads vs Buying Stock
08:21 Understanding IRA Risk
09:54 Open an IRA with tastytrade

============
📺 Turn Your Knowledge Into Wealth! Trade with www.tastylive.com
📹 Subscribe to Our Other YouTube Channel 👉 youtube.com/@tastyliveshow…(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

The IRA Strategies Financial Experts Won’t Talk About

When it comes to saving for retirement, many individuals turn to traditional Individual Retirement Accounts (IRAs) as a means of building a nest egg for their golden years. However, while financial experts espouse the benefits of contributing to an IRA, there are certain strategies that they often don’t discuss with their clients.

One such strategy is the concept of a “backdoor” Roth IRA conversion. This strategy allows individuals to convert traditional IRA funds into a Roth IRA, thereby benefiting from tax-free withdrawals in retirement. While financial experts may shy away from discussing this strategy due to its complexity and potential tax implications, it can be a valuable tool for high-income earners who are unable to contribute directly to a Roth IRA due to income limitations.

Another lesser-known IRA strategy is the use of a self-directed IRA. While traditional and Roth IRAs typically limit investment options to stocks, bonds, and mutual funds, a self-directed IRA allows individuals to invest in a wider range of assets, such as real estate, precious metals, and private equity. While financial experts may not promote this strategy due to the potential for increased risk and lack of diversification, it can be a powerful tool for individuals looking to diversify their retirement portfolio beyond traditional assets.

Furthermore, many financial experts fail to discuss the potential benefits of utilizing a spousal IRA. This strategy allows individuals who do not work outside the home to contribute to an IRA based on their spouse’s earnings. The contributions are treated as if they were made by the non-working spouse, providing both individuals with the ability to save for retirement and potentially reduce their tax liability.

In addition to these strategies, there are other IRA tactics that may be overlooked by traditional financial advisors. These include the use of IRA funds for educational expenses, the ability to make penalty-free withdrawals for certain life events, and the potential for estate planning benefits through IRA accounts.

While financial experts may be hesitant to talk about these IRA strategies due to their complexity, potential risks, or lack of mainstream appeal, it is important for individuals to be aware of the full range of options available to them when planning for retirement. By understanding these lesser-known IRA strategies and seeking guidance from knowledgeable financial professionals, individuals can make informed decisions to optimize their retirement savings and secure their financial future.