What You Need To Know About Your Retirement Account
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 3 June 2023
⏱️ 10 minutes
🧾️ Download transcript
Summary
Greg goes in depth on the different types of retirement accounts...
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Here's everything you should know about your retirement account! Retirement accounts are for people of all ages and can be utilized to use the money towards investments.
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Transcript
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| 0:00.0 | But okay, so let's talk about IRAs and in general, right? |
| 0:03.0 | Okay, so what does IRA even stand for? |
| 0:05.0 | It's an individual retirement account. |
| 0:06.7 | Okay, individual retirement account. |
| 0:08.4 | What makes it different than a normal 401k or these other things? |
| 0:13.6 | Well, every type of retirement account is a little bit different. |
| 0:19.3 | The general rules all apply regardless. |
| 0:22.7 | So I also want to preface my answer to this question as a self-directed, |
| 0:27.2 | which I think we'll get to shortly. |
| 0:29.6 | Whatever we're talking about, you can do in a self-directed manner. |
| 0:32.8 | Meaning, if you want to have an IRA traditional, |
| 0:35.8 | it allows you to put so much money in there. |
| 0:38.6 | And the difference between a traditional and a Roth is it's pre-tax or tax dollars. |
| 0:44.7 | Meaning a traditional means you, if you made $100,000 and you contribute $6,000 in your traditional, |
| 0:52.0 | you'd only pay taxes that year and $94,000 if you income. |
| 0:55.2 | Right. |
| 0:55.8 | That means though it's already been taxed. |
| 0:58.4 | Or it's not been taxed. |
| 0:59.5 | It grows tax-free, but it comes out, you pay taxes. |
| 1:02.1 | Yep. |
| 1:02.6 | A Roth, if you made $100,000 and you contribute $6,000, |
| 1:06.9 | Roth, you've already paid the taxes. |
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