Equipping Points:
Roth IRAs have been around for about 25 years, but a lot of people still don’t know how they differ from a traditional IRA. Understanding the difference between the two will help you determine which option is best for your retirement goals. In this episode, Eric shares what you’ll want to know about a Roth IRA and when to use it.
Have you considered your tax strategy when it comes to retirement contributions? It is hard to project where tax rates may go in the future, but the Roth IRA can be really powerful. Stress test your retirement plan and understand how a Roth IRA can work for you and your family.
Here’s what you’ll learn on today’s show:
- The difference between a Roth IRA vs. traditional IRA. [spp-timestamp time=”1:56″]
- Why so many people focus on the traditional IRA first. [spp-timestamp time=”4:10″]
- The benefits of growing tax-free. [spp-timestamp time=”6:13″]
- Who benefits from a Roth IRA? [spp-timestamp time=”7:57″]
If you have any questions about what we discussed on the show or want to follow up with any financial planning questions of your own, get in touch with us and schedule a visit here.
Today’s Takeaway:
Subscribe To The Podcast:
Apple Podcasts - Google Podcasts - Spotify - Stitcher - iHeartRadio - TuneIn
Check out some other recent episodes
Who Really Needs a Financial Advisor?
Ever wondered who truly needs a financial advisor, and who might be fine doing it alone? Eric looks at the different ways people approach retirement planning and how professional guidance can fit alongside a hands-on investing style.
4 Financial Commandments for Retirement
In this episode, Eric shares a few simple rules that could change how you think about retirement and investing.
Retirement Truth Bombs: Your Biggest Financial Blind Spots
Some long-held retirement assumptions deserve a closer look. Eric drops a few “truth bombs” and explains why one of an advisor’s most important jobs has less to do with picking investments and more to do with helping people avoid emotional decisions.
Mailbag: Hiring an Advisor, Market Crashes & Tax-Smart Giving
In this mailbag episode, Eric addresses whether do-it-yourself investors need professional guidance, how to respond to predictions of a market crash, and when a donor-advised fund may make sense.
Retirement Lessons from Betty White
Betty White may never have officially retired, but her humor and outlook offer several valuable lessons for anyone planning the next stage of life.
Laid Off Near Retirement? What to Do Next
A layoff close to retirement can feel like a financial emergency, but it may not be as damaging as it first appears. Eric explains why layoffs are happening and walks through the key financial decisions that follow. He also shares a practical checklist for evaluating whether returning to work is necessary, or whether retirement may already be possible.
Mailbag: HELOCs, Trusts, and Family Money
In this mailbag episode, Eric answers listener questions about borrowing after retirement, avoiding unnecessary taxes on large IRA withdrawals, simplifying an estate, and setting healthy financial boundaries with loved ones.
Easy Ways to Ruin Retirement
Retirement can be exciting, but it can also come with new challenges. In this episode, Eric discusses some of the most common ways people can accidentally ruin retirement.
The National Park Guide to Retirement Planning
Whether you’re visiting one of the 63 national parks this summer or just hitting a local trail, a lot of the best practices for a great hike apply just as well to your retirement plan. Today, Eric “walks” through a few.
Mailbag: Military Pension Mistakes & Retirement Decision Paralysis
What happens if you make a retirement decision you can’t undo? And how do you know when you’ve done enough research before making an important financial move? In this mailbag episode, Eric answers two listener questions—one from a military retiree looking to protect his spouse after declining a survivor pension benefit, and another from a listener who struggles with overthinking every financial decision.