How does a Traditional IRA compare vs a Roth IRA? How do Traditional IRA’s work?

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VIDEO TEXT:

0:00 Intro
Zombies finally took out middle management, and you got that promotion you’ve been wanting. Hurray??

As usual, the next question is when you can forget this losing deal called a job and retire. That’s where an IRA may help.

0:12 Do I qualify for a Traditional IRA?
In our last videos, we talked about qualifying for a Roth IRA based on income. If you aren’t sure what a Roth is, stop right now, subscribe, and watch episode 1, my friend.

What if your income is too high for a Roth? Another option is a Traditional IRA.

0:26 Do I pay taxes on my profits in a Traditional IRA?
Like a Roth, you don’t pay taxes on the sweet profits that your contributions may make in your account.

0:31 Do Traditional IRA contributions lower taxable income?
However, unlike a Roth, your Traditional IRA contributions are tax-deductible, and lower your taxable income.

Unfortunately, how much you can deduct is limited based on your income plus other things which we’ll cover. There’s always a catch.

0:44 Ending
Anything that reduces taxes sounds appealing I’m sure. Can you have a Traditional IRA? Subscribe to find out.
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Simple Schools TV has short videos that teach the real world skills that we don’t learn in school. Our videos are less than 60 seconds long, simple, and full of valuable information. They are created by Michelle, a single mom worried about how little her daughter will learn in school.

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