TJ and Al Smith dive deep into the world of IRAs in this informative episode of KLZ Radio. Al, a seasoned financial advisor from Golden Eagle Financial, addresses the frequent inquiries about IRAs, including contribution limits and withdrawal requirements. He highlights the advantages of choosing a Roth IRA for its tax-free growth and flexible withdrawal options, making it a popular choice for many. Throughout the conversation, Al emphasizes the importance of initiating an IRA early, ensuring you take full advantage of its potential benefits over time. He also tackles some of the common mistakes people make with their IRAs
00:00:00 Introduction and Initial Thoughts on IRAs
TJ here with KLZ Radio, and I’ve got Al Smith from Golden Eagle Financial. How are you, Al? Oh, I’m doing great, TJ. How are you? I’m doing well. I was talking to my wife recently about IRAs, and it came to mind. I wanted to ask you, is that something you deal in? And if so, what’s it all about?
SPEAKER 02 :
Well, I would say probably 80, 90% of the people who come into my office and we sit down and have a conversation about their resources and so forth, I would say a very high percentage of them either have an IRA or they may be in the process of maybe moving their 401k to an IRA because they’re severing their employment. So IRAs come up a lot.
SPEAKER 01 :
What kind of questions do you get around IRAs typically?
SPEAKER 02 :
Well, sometimes people ask me when do I have to start taking money out of my IRA, which are the required minimum distributions. Sometimes they ask questions about how much they can put into their IRA, which this year is $7,000. Unless they’re over 50, then they can put in $8,000. I usually end up recommending a Roth IRA because if people are younger, then that can grow tax-free and ultimately pay tax-free income. And Roth IRAs, they don’t have required minimum distribution, so you can take the money out of a Roth IRA on your schedule rather than the Treasury Department’s schedule.
SPEAKER 01 :
And now, where do people normally go wrong with their IRAs before getting your help?
SPEAKER 02 :
By not starting one. As soon as you have earned income, you can be working at Starbucks at a very young age. And if you want to, you can be putting money into an IRA.
SPEAKER 01 :
Don’t do the shoulda, coulda, woulda. Al, it’s been a pleasure. Thank you for coming in today. Go to klzradio.com slash advertisers to find Golden Eagle Financial.
SPEAKER 02 :
Very good. If you have a question about your IRA, give my office a call. 303-744-1128.
