Module 4: Individual Retirement Accounts (IRAs)

Individual Retirement Accounts, or IRAs, are a crucial part of any comprehensive retirement plan. They offer significant tax advantages that can make a substantial difference in your retirement savings. Whether you are self-employed or looking to supplement an employer-sponsored retirement plan, an IRA can be a valuable tool.

In this module, we’ll unpack the following:

Chapter 8: Traditional IRAs

We kick off this module with a deep dive into Traditional IRAs. Here, we’ll discuss the benefits, contribution limits, and tax deductions associated with these accounts. We’ll also explain the rules around distributions, including penalties for early withdrawal and Required Minimum Distributions (RMDs).

Chapter 9: Roth IRAs

Next, we’ll move onto Roth IRAs. These differ significantly from Traditional IRAs, particularly in terms of their tax treatment. We’ll cover the advantages of Roth IRAs, the income limits for contributing, and the rules for withdrawing funds.

Chapter 10: Choosing the Right IRA for You

Finally, we’ll help you navigate the decision between a Traditional and a Roth IRA. Both have their strengths and weaknesses, and the best choice for you depends on your personal financial circumstances and retirement goals. We’ll provide a comparison of the two types and offer guidance to help you make an informed decision.

By the end of this module, you’ll have a clear understanding of both Traditional and Roth IRAs, their advantages, and how to determine which one aligns best with your retirement goals. So, let’s embark on the journey of exploring Individual Retirement Accounts!

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