VIDEO: Click here to watch on YouTube.
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
Watch more from this Young Professionals video series…
Click here to watch the next video in our series: Young Professionals Program – Budgeting Explained
Interested in learning more about how to establish a foundation and build wealth as a young professional? Check out our blog on our Young Professionals Program. (Click here to read more.) Or if you’d like to learn more about securing your financial future 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.