Although you may be familiar with some of the basics of Traditional IRA and Roth IRA retirement accounts, there are many different rules and tricky nuances that you might not know that can open the door for more wealth building opportunities, or possibly be a cause for concern.
For instance, you may think you make too much money to contribute to a Roth IRA or that you can’t because you have a 401(k) plan at work when that may not be true. Or maybe you’re contributing to one of these types of accounts and taking tax deductions when you’re not actually allowed to. Or you may be reporting contributions and withdrawals incorrectly on your tax returns.
All of these issues are crucial to understand each year when using Traditional IRA and Roth IRA retirement accounts to accumulate wealth.
More specifically, I discuss:
Resources:
The key moments in this episode are:
00:00:00 - Understanding Traditional and Roth IRAs
00:01:28 - Critical Information for Retirement Planning
00:03:00 - Pre-tax and Tax-deferred Retirement Accounts
00:04:10 - Contribution Limits and Eligibility Requirements
00:06:01 - Strategies for Capitalizing on Contribution Opportunities
00:16:48 - IRA Contribution Deadlines
00:17:18 - Maximizing Contributions
00:18:25 - Income Fluctuations and Planning
00:19:44 - Pro Tips for Contributions
00:27:34 - Tax Implications and Reporting
00:32:32 - Understanding the Pro Rata Rule
00:33:36 - The Five Year Rule for Roth IRA Contributions
00:35:31 - Starting the Five-Year Clock
00:36:22 - Seeking Professional Retirement Planning Advice
00:38:18 - Risks and Considerations in Retirement Planning
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