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Traditional IRA vs. Roth IRA – Which one is better?
In this episode, Danette explores the decision between investing in a Traditional IRA, which offers immediate tax deductions but taxes gains upon withdrawal, and a Roth IRA, which doesn't provide tax deductions on contributions, but offers tax-free gains.
She discusses the pros and cons of each option and the benefits of a Roth conversion for those who are not eligible for direct Roth contributions.
The episode delves into the strategies for managing taxes during a Roth conversion, including staggered conversions and using non-IRA funds to cover the tax liability.
Danette emphasizes the potential benefits of converting during market downturns and the implications of recent legislative changes.
Danette recommends consulting with a financial advisor to determine the best retirement savings strategy based on individual circumstances, whether it invo
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