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Financial Assistant, Joseph Cavazos, discusses the IRA in this video series for young professionals.
Join us as one of our Financial Assistants, Joseph Cavazos, sits down to discuss the financial milestones that young professionals in their 20s-30s often face. Our goal with this video series is to educate and provide resources that will help guide these young professionals along their financial journey. In this video, Joseph explains and simplifies the IRA.
IRA Explained – The Basics
Joseph will walk you through…
• A brief history of the IRA
• What a Traditional and Roth IRA is
• The tax benefits of a Traditional and Roth IRA
Access our Financial Timeline Resource Guide
Our financial timeline has been designed to give you a step-by-step guide for major life events that inevitably impact your finances. We aim to equip you with the professional advice, tips, and countless other resources needed to confront each phase of life head-on with sound processes and qualified support. To learn more about the steps you should take in your financial journey as a young professional, check out the Young Adult section of our Financial Timeline. (Click here to access the Financial Timeline.)
Or if you’d like to learn more about how to plan for retirement and other related topics, check out our Financial Planning blogs where you can access these great resources. (Click here to read more.)
And as always, if you have any other questions, please contact us. (Click here for contact information.)
Want to learn more?
Here is the resource mentioned in this video…
Amount of Roth IRA Contributions That You Can Make For 2023 – IRS
Presented by Joseph Cavazos – Financial Assistant
Learn more about Joseph and the rest of the Storen Financial team here.
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.