How Does Earned Income Affect My IRA Contribution Limits? - Latino Retirement Solutions

How Does Earned Income Affect My IRA Contribution Limits? Are you curious about how your earned income impacts your ability to contribute to your retirement accounts? In this clear and straightforward video, we explain how earned income influences your IRA contribution limits and what you need to know to maximize your savings. We cover the different types of IRAs, including traditional and Roth, and discuss how income levels can affect your eligibility and contribution amounts. You'll learn what counts as earned income, such as wages, tips, and self-employment income, and what doesn't, like investment income or Social Security benefits. We also explore strategies for those with low income or no earned income, including spousal IRAs. Additionally, we discuss income thresholds for Roth IRAs and introduce the backdoor Roth IRA option for high earners. For traditional IRAs, we explain how your income and workplace retirement plans may influence your tax deductions. Understanding these rules can help you plan effectively for your retirement and make informed decisions about your savings. Whether you're just starting or looking to optimize your current contributions, this video provides practical advice tailored to the Latino community. Stay informed and make the most of your money by watching this helpful guide.

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About Us: Welcome to Latino Retirement Solutions, your go-to channel for practical advice tailored to the Latino community on retirement savings strategies. Here, we share essential tips on Social Security planning, retirement accounts like 401(k)s and IRAs, and financial literacy designed to empower Latino families. Our focus extends to multigenerational financial planning, helping you navigate the complexities of caring for aging parents and addressing common barriers in retirement.

Видео How Does Earned Income Affect My IRA Contribution Limits? - Latino Retirement Solutions канала Latino Retirement Solutions