IRA Explained In Less Than 5 Minutes | Simply Explained

You've heard of Traditional and Roth IRAs, but you don't quite know what exactly an IRA is? Let us help you out!

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As always, the team at Strategic Wealth Designers are proud to be independent fiduciary financial advisors, meaning our fiduciary advisors operate using the fiduciary standard, so we always act with what is in your best interests. Not all financial advisors are created equally, and most financial advisors only need to meet the suitability standard, meaning they can offer you almost anything, as long as it is suitable for you. Now at first that doesn't sound too bad, but when you think about it, couldn't any investment technically be suitable? Doesn't sound so great anymore, especially when the products they tend to offer either generate them a higher commission or generates the company they work for a higher commission and they tend to offer products based on company quotas over your best interests. This is why you should always seek out a fiduciary financial advisor and if you are curious if your advisor is a fiduciary, simply ask them, if they don't give you a straight answer, odds are they only have to operate under the suitability standard.

#iraexplained #whatisanIRA #rothira

[StrategicWealthDesigners]

What other financial concepts do you want us to talk about? Let us know!

[ArabellaBeatrice-]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[NicholasBall]

After retiring recently, I'm uncertain whether my 401(k) and IRA will ensure a stable future. With $1 million set aside, I'm seeking an approach that matches my risk tolerance and financial objectives. Would you recommend investing in stocks or purchasing rental property?

[hxac_]

As 17 years old teen, This is the best explainion video for IRA .Thanks a lot !!!

[Kornballer]

My uncle from west Belfast loved this video🍀🍀

[Discovery_and_Change]

0:29 IRA - Individual Retirement Account
1:56 Roth vs Traditional
2:22 Traditional IRA - you don't pay taxes when you contribute, but will pay taxes when you withdraw
3:04 Roth IRA - you pay taxes when you contribute, but not when you withdraw
3:40 You can contribute $6, 000 (or $7, 000 if you're 50 or older) to an IRA per year

[AnthonyJones]

Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.

[KRenee-wiiv]

For someone who is just now trying to learn about finances this explanation was very simple where I can understand it. I'm looking forward to watching other videos with simple explanations.

[jameslehart]

This video is good and all.... but where is the part about the troubles?

[justintodd]

Why are they taxing my money thats already been taxed?!

[TheStreetest]

Great vid. Thoroughly explained. Atleast I know I am on the right track.

[MrMartellSincere]

Very helpful as I'm getting my credit score repair and learning about IRA account as i need to learn how to save money 💰

[yongahhong]

Thank you for the explanation. Now I get it. Can you explain backdoor ira?

[jprockstar]

As a 6 year old girl this will help me out

[OwenAlekos-mhyw]

Individual retirement account or individual radius accounting? Regarding autobiographies about savings account mutual programs and how having to be individual/ without others is needed. Thus, it's not about being a union nor a community nor cooperative nor collaborative.
It's like saving to save for savings already saved.
Royal radius savings and how big money helps people save because insurance is about notoriety notes between banks rather than personal money. Thus, the condition of needing a way to not be trapped by lacking free form and being an individual... Considering the culture becomes a game rather than a scientific reasoning agreement with promotions.

[Patricia-Margaret]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months, my portfolio was reading $274, 800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[leondonald]

The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

[aryankita]

Can you tell me what tool you used for making animated video

[ang]

But if my money is getting taxed when I get paid why would it get taxed again when simply taking out or putting in money

[BigJthaMechanic]

So either way whatever money you would've made from the interest gets taken away in the form of taxes from the government. Got it 👍