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Finance Flash Go! Episode #39: Traditional Individual Retirement Accounts (IRA)

Today on the Finance Flash Go! podcast, the topic is Traditional Individual Retirement Accounts!

Listen to the full episode and subscribe here!

A Traditional IRA or Traditional Individual Retirement Account is an investment account available to any individual.

You can contribute up to $6000 yearly (as of 2020) to a Traditional IRA. Also, money put into this account is not taxed. Again, the money grows and then is taxed upon withdrawal (when your effective tax rate is likely lower).

Withdrawing money without a 10% penalty can begin at age 70½.

ira

The main issue with Traditional Individual Retirement Accounts is that the initial tax deduction upon contributing money is phased out for individuals making more than $75,000 or married couples making more than $125,000 in 2020.

Physicians will be above this income limit and therefore, their contributions will be taxed twice – once at contribution and once at withdrawal!

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Finance Flash Go! Episode #44: Understanding Growth vs. Value Stocks

I really hope that you all enjoy the Finance Flash Go podcast! We plan to release a new episode every weekday answering important finance questions. If you ever want to submit a question to our podcast, send an e-mail to [email protected]

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    The Prudent Plastic Surgeon

    Jordan Frey MD, a plastic surgeon in Buffalo, NY, is one of the fastest-growing physician finance bloggers in the world. See how he went from financially clueless to increasing his net worth by $1M in 1 year and how you can do the same! Feel free to send Jordan a message at [email protected]

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