Tax-Free Or Tax-Deferred? Roth Vs. Traditional IRA, Which Is Better?

Tax-Free or Tax-Deferred? Roth vs. Traditional IRA, Which is Better? | Ep 28

9M ago 13:46

Content provided by Danette Lowe and Danette Lowe CFP®. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Danette Lowe and Danette Lowe CFP® or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Start YOUR FREE Financial Plan Today:

Now available – FREE ACCESS – to a Financial Planning Tool:

Click here: https://bit.ly/GetFinancialPlan

Subscribe to our YouTube Channel to be informed when we release new episodes!

https://www.youtube.com/@readytoretire

Connect with Danette Lowe, CFP® https://linktr.ee/trunorthwealth

Traditional IRA vs. Roth IRA – Which one is better?

In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.

She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.

The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.

Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.

Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it involves Traditional IRAs, Roth IRAs, or Roth conversions.

Get YOUR FREE Risk Tolerance Number:

Click here to Request YOUR Free Risk Tolerance Number – this quick survey will provide you with an objective look at your risk tolerance.

https://bit.ly/GetMyRiskNumber

Click here to Download Your FREE “3 Steps” Workbook: https://trunorthwealth.activehosted.com/f/3

What’s included: 3 Steps to Planning an EPIC Retirement

Step 1: How will You Spend Your Time?

Step 2: Identify Your Income & Expenses

Step 3: Putting it all Together

Leave COMMENTS on Facebook:

https://www.facebook.com/TruNorthRetirementPlanning

About Danette:

Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

30 episodes