The Long Game Roth & Traditional IRAs: Individual Retirement Accounts Breakdown
In this episode, I break down the two main types of IRAs—the traditional (pre-tax) IRA and the Roth IRA (post-tax). Some highlights:
Contribution Limits: Learn about the annual contribution limits and how they change based on your age and income
Tax Benefits: The advantages of tax-deferred growth with traditional IRAs versus tax-free growth with Roth IRAs
Withdrawal Rules: Understand the implications of Required Minimum Distributions (RMDs) and how they can affect your tax situation in retirement
Backdoor Roth IRAs: How high-income earners can still take advantage of Roth IRAs through the backdoor method
Spousal Contributions: Find out how you can contribute to your spouse's IRA, even if they don’t have earned income
- 529 Plans: Learn about the new rules that allow you to convert 529 accounts into Roth IRAs for your children.
---------
Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.com
My personal blog & newsletter: thomaskopelman.com
Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.