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Today, I discuss something I’m asked about a lot as a tax professional- which is better for a creative entrepreneur–a Roth or a traditional IRA? Which one you should focus on to get the most out of your retirement account?
My controversial opinion? This question can put folks into a state of Tiny Detail Exaggeration Syndrome (credit to Mister Money Mustache for that great phrase): I think it actually can distract you from the real issue.
I’m diving into the core differences between these two IRA accounts, important issues to be aware of, and what you really need to stay focused on to get your retirement fully funded.
Also mentioned in today’s episode:
What is an IRA 2:31
Why you should prioritize your workplace 401k first 3:08
Roth IRA vs Traditional IRA as a self-employed creative entrepreneur 5:48
Tax shelter- what is it and how does it work? 6:10
The importance of investing your money 7:30
Does it matter which one you choose? 17:30
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