Roth IRA and Traditional IRA can both help you (Americans) to save for retirement, it just depends on when you want to get taxed in life! It can be daunting trying to figure out which kind of Individual Retirement Arrangement (IRA) is right for you. Good news is you can use both types of accounts as your needs may change in life. In this video, I provide a high level overview of the why, who, when, what, where, and how you go about getting these IRA accounts started.
I also demonstrate in a spreadsheet example how the younger you start contributing to these retirement vehicles, the sooner you can become a millionaire (investing and contributing at consistent rates/amounts over time)! Enjoy either tax-free money in retirement (Roth), and/or money taxed when you are in retirement (Traditional). With zero commissions on purchase and sell transactions from many popular brokerage firms as of October 2019, Americans can take advantage to put more money into stocks, index funds, ETFs, bonds, and other kinds of investments/assets.
I’m excited to be on a path to FIRE (Financial Independence, Retire Early), and I look forward to making more investor friends.
Please like and subscribe if you learned something or enjoyed my video and feel free to leave a comment on the YouTube video. If you have any questions I’ll do my best to answer!
Visit my Instagram @ michellemarki! Thank you! 🙂