Providence Financial Retirement Show with Anthony Saccaro

What you don't know CAN hurt you! Retirement is the most expensive purchase you'll ever make and, because you only get one shot, you better get it right. This show is dedicated to helping retirees and Baby Boomers learn what they need to know so they can make informed decisions and retire successfully. And best of all, we make it understandable! If you want to learn how to avoid some of the more common mistakes I've seen retirees and Boomers make over the last two decades, tune in; and if you like what you hear, kindly consider giving us a review. It helps our show reach more people like you.

The Final Countdown: Pre-Retirement Planning Essentials 04/29/2024

Are You Making These Money-Wasting Mistakes in Retirement? 04/22/2024

How to Find the Right Financial Advisor 04/15/2024

Are You Taking Too Much Investment Risk? 04/08/2024

Life Insurance and Long Term Care 04/01/2024

Strategies for Maximizing Your Social Security 03/25/2024

Mutual Funds and ETFs 03/18/2024

It's not How Much You Earn, but How Much You Keep That Matters 03/12/2024

Inflation Hedge Investments 03/04/2024

The 411 on 401(k) Rollovers 02/26/2024

Bonds and Bond Alternatives 02/19/2024

Ballots & Portfolios: Navigating Retirement Investments in Election Years 02/12/2024

3 Reasons to Invest for Income 02/05/2024

Interest Rates - Where Do We Go From Here 01/29/2024

IRA or Roth IRA - Which Is Better? 01/22/2024

IRA or Roth IRA - Which Is Better? The choice between a Traditional IRA (Individual Retirement Account) and a Roth IRA depends on your financial goals, current tax situation, and future expectations. Here are some key differences we'll touch on during this show: - Tax Treatment: Traditional IRA: Contributions are often tax-deductible, meaning you can reduce your taxable income in the year you make the contribution. However, withdrawals in retirement are taxed as ordinary income. Roth IRA: Contributions are made with after-tax dollars, so there's no immediate tax deduction. However, qualified withdrawals (after age 59½ and the account has been open for at least five years) are tax-free. - Withdrawal Rules: Traditional IRA: Required Minimum Distributions (RMDs) are mandatory once you reach age 72, and you must start withdrawing a certain amount annually. Early withdrawals (before age 59½) may incur penalties. Roth IRA: There are no RMDs during the original account owner's lifetime. You can also withdraw your contributions (but not earnings) at any time without penalties or taxes. - Income Limits: Traditional IRA: There are no income limits for contributing, but the tax deductibility of contributions may be limited if you or your spouse are covered by a workplace retirement plan. Roth IRA: There are income limits that determine whether you can contribute directly to a Roth IRA. If your income exceeds these limits, you may need to use a backdoor Roth IRA strategy. - Flexibility: Traditional IRA: Offers a potential tax benefit today, but you'll pay taxes on withdrawals in retirement. Roth IRA: Taxes are paid upfront, but qualified withdrawals in retirement are tax-free. - Future Tax Rates: Consider your expectations for future tax rates. If you anticipate being in a higher tax bracket in retirement, a Roth IRA might be more advantageous. Ultimately, the "better" choice depends on your individual circumstances, including your current income, tax situation, and retirement goals. Listen in for more; we also cover Social Security in the latter part of the show. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> LET’S CONNECT Show website: https://www.providencefinancialpodcast.com Find us at: https://www.providencefinancialinc.com Get to know Anthony: https://anthonysaccaro.com Anthony's book: https://morelifethanmoneybook.com Amazon Author Page: https://amazon/author/anthonysaccaro YouTube: https://www.youtube.com/c/AnthonySaccaro/featured Radio: https://www.providencefinancialradio.com Yelp: https://www.yelp.com/biz/providence-financial-and-insurance-services-inc-woodland-hills Facebook: https://www.facebook.com/Providence.FinancialInc/ Twitter: https://twitter.com/AnthonySaccaro LinkedIN: https://www.linkedin.com/in/anthonysaccaro/ /episode/index/show/providencefinancial/id/29568848