Ever feel like there are way too many retirement account names to keep straight? It’s almost like alphabet soup for your retirement planning.

In this episode of Common Curiosities: Retirement, Michael, CFP® and EA is joined by his wife, who asks the questions many people may secretly have. Like what to do with extra money now, what about extra money I don't need now, how do these different accounts actually work, and who can (or can’t) fund a specific account?

Along the way they cover:

💬 What's different between traditional IRA from a Roth IRA outside of just the taxes and who the heck is “Mr. Roth” anyway?

💬 Why are there so many types of accounts? 401(k)s, 403(b)s, and IRAs (and how they connect with one another)

💬 Who can open or contribute to a Roth IRA (even if you’re under 18)

💬 Why earned income matters (and what the IRS really means by that)

💬 The “Starbucks app” version of paying taxes now vs. later

💬 Plus, a little “girl math” and TJ Maxx logic to keep things grounded

It’s an easygoing, real-world conversation for anyone who’s ever looked at their 401(k) form or Roth contribution limits and thought, “Wait, which one is this again?”

Chapters

00:00 Understanding IRA vs Roth IRA

00:51 What to do with a little extra money?

01:53 Do we treat checking and savings similarly?

02:30 Potential pros and cons of HYSA or MM

05:03 Money left after your TJ Maxx budget?

07:26 Who the heck is Roth?

09:01 Tax management like the Starbucks app?

09:48 Tax differences on Roth vs Trad. IRA

10:48 If I'm young which account should I consider?

11:42 When can you start retirement savings?

12:40 Have earned income but who can fund an IRA?

13:56 Is there a stage you can't use a Roth IRA?

14:40 Income restrictions for IRA and Roth IRAs?

15:52 How many different type of retirement accounts are there?!

18:39 Are there auto investments in 401ks or IRAs?

19:32 Why so many different retirement accounts types!?

21:10 Youtube Disc. TN & Words.mp4

𝐖𝐡𝐲 𝐰𝐞'𝐫𝐞 𝐡𝐞𝐫𝐞?

We’re here to make retirement planning feel less intimidating by helping people think through their strategies and plans through clear relatable financial topics!

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