Ed Slott
speaker
299 appearances
3 recordings
1 series
first heard Jan 2018
last heard Apr 2022
Ed Slott’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's a big deal.
With an IRA, it's tax-deferred.
That's a big difference, tax-deferred versus tax-free.
Tax deferred means you won't pay tax on that money yet, but you will when you take it out.
With a Roth IRA, it's tax-free.
You'll never pay tax on that money.
The difference is with an IRA, you get a tax deduction up front.
That's why you have to pay the tax on the back end.
With a Roth, you don't get a tax deduction.
In essence, the tax is paid up front, but all the growth and the distributions in retirement are tax-free to you.
Oh, yeah.
Well, there's two kinds of Roths.
There's Roth contributions.
Those are annual contribution amounts.
Those are lower amounts.
But the big money is in the Roth conversions, where you might convert $100,000 IRA or 401k, and you'd have to be okay paying the tax up front.
Yes.
Well, the big benefit is tax-free retirement income.
But one of the more subtle benefits people don't realize, with a Roth IRA, there are no required minimum distributions, known as those RMDs after 70 1⁄2.
With a traditional IRA, you're forced to start taking the money out and paying tax after 70 and a half.
Showing 201–220 of 299 · page 11 of 15
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