Tax Free IRA/401k vs Tax Deferred IRA/401k : Learn the Difference and which one is right for you

Welcome to today's Cardinal lesson! Join us as we consider the crucial differences between tax-free and tax-deferred investments. It's important to know the difference for your financial future. Cardinal Guide brings experience and expertise to the conversation about which IRA and 401k investment style best fits YOUR needs. Don't gamble with your financial stability and future as you head into, or manage your retirement. Discover how these distinctions impact your financial future and why planning for the long term is essential.
Questions? Email us at [e-mail], call us at [phone], or visit our website at cardinalguide....
Show Notes: cardinalguide....
H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska 100118081, Arizona 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 275179

[@raphfelimax2713]

Hey there! Just wanted to remind you that it's never too late to start taking your investment journey seriously. So don't lose hope

[@Richardson238]

You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.

[@dorathystephanie7702]

This Woman has really change the life of many people from different countries and am a testimony of her trading platform

[@x0cat711]

Stacey Macken
That's her username / facebook

[@ReedMyresDavid]

I'm new to investing, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.

[@Scott-qwer]

I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.

[@hippusmaximus9319]

FaKe bOt aI... *whRrrrRhhs* dOeS nOT coMPUte

[@Ntsu345]

If I take 8000 out of my IRA and convert to a Roth can I take the tax deduction from what I pulled out on my taxes

[@janicenunn8525]

no it's the opposite, you will owe. Contributions to Roth are not deductible.

[@stevebc957]

To expand on what Janice said that 8K will go on a line on your tax form in the income area and will increase your taxable income by that $8000 , but it and ALL the money you earn with it can later be withdrawn tax free. We'll split the difference on the video and say you get 7% interest and let that compound for 20 years - that's $30,957.48 you can take out of your Roth without the IRS bite.

[@pauld9653]

IRS is like the old Fram oil filter commercials (yes i'm ancient).. the mechanic (the IRS in this case) says.. you can pay me now ( for a good filter) or pay me later (for a new engine)!

[@bhall7997]

1994 bought a class C new MH $395.00 month for 15 years sits in yard today I would say worth $1000.00 I wonder at times what that $395.00 taxed $ would have looked like in a Roth type account ..... value today ...

[@johngill2853]

The question isn't Roth vs Traditional
The question is how much traditional to take advantage of lower taxes in retirement and put everything else in a Roth

[@johngill2853]

Yes a Roth is taxed. The Year you put the money in

[@davidfolts5893]

Thanks, Cardinal Advisors; whiteboards are great teaching tools, and you employ them well!

[@janicenunn8525]

I have been in low tax brackets most of my working life. Glad I chose the Roth option.

[@eliechidiac9427]

How much longer with that cane???

[@janicenunn8525]

I like the cane, shows he's a survivor.

[@CardinalAdvisors]

These run behind several weeks. Off the cane and brace for 4 weeks. Doing well. 4 rounds of golf!