Doug Andrew’s 3 Dimensional Wealth YouTube channel receives a lot of financial questions each week. Recently, he’s been asked by a number of people whether or not they can invest in an IRA if they’re already retired. Investing in an IRA after you’re retired is possible, under certain guidelines. But to Doug, it’s not the wisest thing to do.
Under the terms of the SECURE act of 2019, all retirees can now contribute to traditional IRAs if they earn income even thought they’re already retired. With a Roth IRA, you can continue to contribute funds indefinitely. You cannot contribute an amount that exceeds your earnings and you can only contribute up to the annual contribution limits set by the IRS.
So, yes, you can continue to contribute to an IRA but as Doug explains, it’s not the smartest thing to do.
CHECK OUT THIS PREVIEW OF JUST A FEW OF THE TOPICS DOUG SHARES IN THIS WEEK’S BROADCAST:
- What are the three types of income on which we pay income tax? Doug explains what they are and the differences between them.
- Where would you be better served to put your money rather than an IRA? Learn the essential difference between tax-deferred and tax-free savings.
- Are you likely to be in a lower tax bracket when you reach retirement? Doug has the surprising answer to this question and how it’s going to come as a shock to many people.
- Why does Doug refer to the 401(k) as the best savings bond the government ever came up with for itself? Discover how those deferred taxes and strings that are attached to that savings vehicle can be a huge problem.
- What is the advantage in getting those taxes over and done with now rather than waiting until you start accessing your money in retirement? Doug spells out the positives of tax-free accumulation, access and distribution of your money.
- Is the government the best entity to partner up with in your retirement savings plan? Doug explains how people unwittingly end up giving away a third of all they’ve earned under such a partnership.
- And much, much more…
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