Retirement accounts create a large incentive for careers nowadays, allowing certain companies to match a portion of an employee’s salary. Knowing the characteristics for each retirement account and personal future goals will ultimately dictate which account will best fit your retirement goals. The video today will be covering the Traditional IRA and the Roth IRA.

SUMMARY TRANSCRIPT (Updated: 9/2/20):
The traditional retirement account defers taxes, allowing individuals to take advantage of present day tax deductions. This is great for those who plan to retirement in a lower tax bracket, taking advantage of the deductions and lower tax payments to the IRS.

The Roth retirement account is a tax-free account, meaning the money contributions will be money after-taxes. No tax deductions are allowed (because you already paid your taxes lol); however, any withdrawals (requirements met) will not be taxes, making it a great tax free retirement option.

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WEB LINKS USED IN VIDEO:
IRS Traditional vs. Roth IRA Comparison:
Federal Income Tax Bracket 2020:
Backdoor Roth IRA Steps:
Roth IRA contribution eligibility:
Traditional IRA Tax Deduction Eligibility:
IRS IRA Contribution Limits:
Coronavirus CARES Act (IRS IRA Rules):
IRS RMD Rules & Changes:

TIMESTAMPS:
0:00 – Prelude
1:30 – IRA Background History
2:54 – Rules & Limits
5:17 – Withdrawal & Penalties
7:44 – CARES Act Impact On IRAs (2020)
8:29 – Outro

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DISCLOSURES:
I am not a financial advisor. The ideas and topics presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

Some of the links that appear in this video are from companies which Andrew Tran will earn an affiliate commission or referral bonus. Andrew Tran is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available….(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