There is more than one type of individual retirement account (IRA). In this episode, we focus on the different types, including Traditional, Roth, SEP, SIMPLE IRAs, and spousal IRAs.
We explore each type's tax advantages, eligibility, and implications, especially for individuals with cross-border considerations.
The conversation also covers important aspects such as distributions, rollovers, conversions, and the significance of consulting financial and tax advisors for personalized advice.
A Few Takeaways - An IRA is a tax-advantaged investment tool for retirement savings.
- Traditional IRAs allow for tax-deductible contributions under certain conditions.
- Roth IRAs are funded with after-tax dollars, allowing for tax-free growth.
- Cross-border implications are crucial for those on work visas.
- Consulting both financial planners and tax advisors is essential for effective retirement planning.
- Withdrawals from traditional IRAs are taxed as ordinary income.
Tune in for the rest of the details.
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The speakers' views and opinions discussed in this episode should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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