Money Talks December 2021 | Miriam Bribiesca

Not All Retirement Accounts Are Equal

Not All Retirement Accounts Are Equal

Both are delicious but they are not the same! 😍🀀 And while the thought of either makes our mouth water, it’s important to know the difference so you know which one to bring depending on the Christmas after parties you’re attending. πŸ«” πŸ•ΊπŸ½πŸ’ƒπŸ½

So sit down and let’s learn some financial knowledge while los chamac@s run around with their new presents. πŸŽπŸ€—

A ROTH IRA allows you to pay taxes on contributions now and get tax-free withdrawals later for when you retire. Hence, a ROTH IRA functions more like a regular investment account only with tax benefits.

For a traditional IRA you deduct contributions now and pay taxes on withdrawals later. Hence traditional IRAs function more like personalized pensions. Meaning that in return for considerable tax breaks, the government restricts and dictates access to funds. πŸ’°

So while both of them can provide generous tax breaks and have a contribution limit of 6-7K a year, there are other factors that can help you figure out which one is best for you.Β 

Feeling confused? No worries! Then join our free SUMA Academy where we have a full class on retirement options! Click HERE to get started πŸ”—πŸ‘ŒπŸ½

Ahora si, time to put on a few pounds with recalentado for days, which one will you pick tamales or hallacas?Β  πŸ«”πŸ€€

 

 

Source: @investopedia

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