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Advisors Coffee Chat episode 29
Today, Financial Advisors Gerrod Galliano and Ashley Terrell sit down to discuss IRAs, both Roth and traditional.

Q: What is an IRA?
-An IRA is a form of pension provided by financial institutions that provides tax advantages for retirement savings such as deductibles.

Q: What’s the difference between a traditional and Roth IRA? 00:47
-With a Roth IRA, you contribute after-tax dollars and your money grows tax-free. Whereas, a Traditional IRA, you contribute pre- or after-tax dollars and your money grows tax-deferred.

Q: How do I open up an IRA account? 01:19
-Accounts can be opened and contributed to online by going to TD Ameritrade or Fidelity.com and creating an account.

Q: Which is better? 401k or Roth IRA? 02:10
-It depends on your individual financial situations. Seek professional help.

Q: Do Roth IRAs have required minimum distributions? 03:37
-If you have a Traditional, Rollover, Inherited, SEP, or SIMPLE IRA, you’ll need to take an RMD.

Q: When can I withdraw money from a Roth IRA? 04:13
-5 years after your first contribution is ideal to begin withdrawals.

Q: What account would you suggest for different audiences? 05:25
-20s: A Roth account is suggested. Youth is on your side.
-Middle age: There are more individual factors to consider. You should weigh the tax deductions against the gains.
-Retirement: There are more individual factors to consider….(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA