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Become a MILLIONAIRE with a Traditional IRA | Investing for Beginners

A traditional IRA is an individual retirement arrangement. It's basically a tax-advantaged personal savings plan where contributions can be tax-deductible. Traditional IRAs are pre-tax contributions with immediate tax benefits, reducing the amount of income you pay taxes on right now. The money you put in is tax-free. In this video, we'll talk about the traditional IRA, and why you might invest in a traditional IRA if you expect to make less money in the future than you do now. In a way, you'd be deferring your taxes on the IRA gains to some time in the future. #traditionalira #retirementplanning #retirement Join the community of like-minded investors: https://everythingmoney.com/store OR   / everythingmoney   _____________________________________________________ 🚨⚠️ All content on the channels for discussion, entertainment, and illustrative purposes only and should not be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on the Channel. There are risks associated with investing in securities. Loss of principal is possible. Some high-risk investments may use leverage, which could accentuate losses. Foreign investing involves special risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Past performance is not a predictor of future investment performance. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. For more details, READ THE FULL disclaimer here: https://bit.ly/3n0NxuD Video Editing by Justin Nelson ____________________________________________________ Today, we want to focus on Traditional. Is the Traditional IRA right for you? In a Traditional IRA, you control the investment, not your work, not your employer, not your financial guy (who’s not gonna get you as good of returns), and it’s not in a mutual fund that will be killing you with fees. You can invest the money any way you see fit, and like all the greatest investors over the past century, if you simply buy a low-cost index fund or an ETF, like SPY or VOO, you’ll get an average return of just under 10% for the rest of your life! An advantage to starting a traditional IRA is that anyone with earned income is eligible to contribute, EVEN if you’re making a ton of money. However, if you’re a stay-at-home spouse or parent, FEAR NOT! You can actually contribute into a spousal IRA, which has the same benefits. And the same thing goes for the age restrictions: there are none; invest when you’re a teenager all the way through your 90s. Now, there are some restrictions we should probably let you know about: The maximum contribution limit is $6000 per person and $7000 if you’re 50 years old or older. The goal should be to try and get in that 500 dollars a month. It’s a bit challenging and it takes discipline, but in the end, you can completely transform your retirement savings. Go to Fidelity, go to Schwab, go to Vanguard, and simply open a new account. Put in your social security number, and you can link it with a bank account and send an automatic deposit like all those other payments and subscriptions you have. Buying into a low-cost index fund takes all of ten seconds. And, oh yeah, it’s completely free. Once I reach 59 and a half years old AND I’ve had a Traditional IRA for at least 5 years prior to that, I can start taking withdrawals to live on. This money will be taxed as current income, Meaning, say you retire, you don’t want to work anymore, and you start pulling withdrawals from your traditional IRA, you’ll still get taxed as if you were still working and that was your job. So, if you pull out $75,000 grand a year to live on, you’d be paying taxes just like you were working a $75,000 a year job. There are also mandatory distributions you must take after the age of 72. Remember, Uncle Sam always wants a piece of the action. So, essentially, they force you to take the money out, so they can get part of the money in taxes. According to the IRS, “Traditional IRAs are really great for individuals who expect to be in the same tax bracket, or even a lower tax bracket when he or she starts taking withdrawals later in life.” Maybe when I retire, I don’t need that much money and I certainly don’t want to pay a bunch of taxes, so, in essence, I can control my income level, AND my tax burden, by mandating my traditional IRA withdrawals. _____________________________________________________ 0:00 What is a traditional IRA? 0:28 Why you should invest in a traditional IRA 0:43 Traditional IRA vs Roth IRA 1:03 Is the traditional IRA right for you? 2:08 Why you should invest now 2:26 Traditional IRA advantages 3:40 Calculating your IRA retirement savings 4:35 Opening a traditional IRA 5:27 Withdrawing money from a traditional IRA 7:19 Do I invest in a traditional IRA?