On this episode:
Many Americans will use the IRA to save for retirement and build a nest egg that will help fund the next chapter of life. When it comes time to contribute money, should those funds go into a traditional IRA or a Roth?
It seems that most people don’t have a clear picture of which one they should choose. By understanding the pros and cons of each type of retirement account, you can make the best decision for your financial future. Tax planning has a big part in the decision, but it’s not the only factor to consider.
In this episode, Victor will discuss how to best determine the best account for your portfolio.
Specific learning points:
- The difference between the traditional and Roth IRA. (2:48)
- The reason why a traditional IRA has been the primary savings tool over a Roth for many years. (4:22)
- 3 reasons why a Roth can be such a powerful tool. (6:46)
- Why you would choose a Roth over a traditional. (9:45)
- Who would typically contribute to a traditional over a Roth? (11:55)
Retirease Radio is hosted by Victor J. Medina, a Certified Elder Law Attorney (CELA®) and a Certified Financial Planner (CFP™). Founder of Medina Law Group & Palante Wealth Advisors, Victor and his companies are dedicated to empowering people through education about estate planning and their finances.