okay you said if you're over 50 or 55 that people can pack away $30,000 into their is it the Roth IRA or a regular IRA? will you please explain IRAs and Roth IRAs and when to use them and we've never used ours we've never made enough money to save in it. so don't just assumed people know what those things are can you explain how to get it in their tax free without paying tax on it first? is that even a thing are these things that the money sitting in there has got to be paid taxes on later on when we retire or is this pre-tax dollars please explain this before you just announced blah blah blah blah blah blah blah blah you know Roth IRA . some people don't have very complicated taxes in their history.
Lori thanks for your comment and for watching! (Andi here, I'm the one that moderated this webinar.) Unfortunately these accounts are indeed complicated with a lot of rules and limitations. This video is for 2022, so the numbers have changed: the $30,000 referenced was the contribution limits for people age 50 and over into "employer accounts" - your work 401(k), 403(b), 457(b), or Roth 401(k) plan, for example. In 2024, that limit is $23,000, plus an additional $7,500 if you're age 50 and over, for a total of $30,500. This info and more key financial data is available in our free guide: purefinancial.com/white-papers/key-financial-data/ As for taxation of Roth IRA vs. traditional IRA, our Ultimate Guide to Roth IRAs explains taxation of these accounts and more: purefinancial.com/white-papers/roth-ira-white-paper/ In short, with a traditional IRA, you get a tax deduction when you put money into it, but then you pay tax on your contributions and your earnings when you begin withdrawing the money from the traditional IRA in retirement. With a Roth IRA, you must pay tax on the money before it goes in. You don't get a tax deduction, however, you pay no tax on the earnings when you begin withdrawing the money from the Roth in retirement. Putting money into a Roth and paying the tax now may be advantageous if you expect to be in a higher tax bracket in retirement than you're in now. It is already written into law that tax rates will increase in 2026. I hope this helps!
Also, here is the webinar for 2023 taxes: th-cam.com/video/Hrch4u3z-uI/w-d-xo.html We'll likely do another for reducing 2024 taxes in the last quarter of 2024.
okay you said if you're over 50 or 55 that people can pack away $30,000 into their is it the Roth IRA or a regular IRA? will you please explain IRAs and Roth IRAs and when to use them and we've never used ours we've never made enough money to save in it. so don't just assumed people know what those things are can you explain how to get it in their tax free without paying tax on it first? is that even a thing are these things that the money sitting in there has got to be paid taxes on later on when we retire or is this pre-tax dollars please explain this before you just announced blah blah blah blah blah blah blah blah you know Roth IRA . some people don't have very complicated taxes in their history.
Lori thanks for your comment and for watching! (Andi here, I'm the one that moderated this webinar.) Unfortunately these accounts are indeed complicated with a lot of rules and limitations.
This video is for 2022, so the numbers have changed: the $30,000 referenced was the contribution limits for people age 50 and over into "employer accounts" - your work 401(k), 403(b), 457(b), or Roth 401(k) plan, for example. In 2024, that limit is $23,000, plus an additional $7,500 if you're age 50 and over, for a total of $30,500. This info and more key financial data is available in our free guide: purefinancial.com/white-papers/key-financial-data/
As for taxation of Roth IRA vs. traditional IRA, our Ultimate Guide to Roth IRAs explains taxation of these accounts and more: purefinancial.com/white-papers/roth-ira-white-paper/
In short, with a traditional IRA, you get a tax deduction when you put money into it, but then you pay tax on your contributions and your earnings when you begin withdrawing the money from the traditional IRA in retirement.
With a Roth IRA, you must pay tax on the money before it goes in. You don't get a tax deduction, however, you pay no tax on the earnings when you begin withdrawing the money from the Roth in retirement. Putting money into a Roth and paying the tax now may be advantageous if you expect to be in a higher tax bracket in retirement than you're in now. It is already written into law that tax rates will increase in 2026.
I hope this helps!
Also, here is the webinar for 2023 taxes: th-cam.com/video/Hrch4u3z-uI/w-d-xo.html We'll likely do another for reducing 2024 taxes in the last quarter of 2024.