How To Make Millions Using IRAS

How To Make Millions Using IRAS

How To Make Millions Using IRAS

Chris Palmeri (Senior Correspondent, BusinessWeek) gives expert video advice on: How can I make millions using IRAs?

How can I make millions using IRAs?

Well, there's two types of individual retirement accounts, the traditional IRA and then a Roth IRA. You're better off first starting with the Roth IRA because the Roth IRA is going to be tax free, not only as it accumulates over time, but also when you retire, you can withdraw the money tax free. In a traditional IRA, you have to pay taxes on the money when you withdraw it, when you retire. The problem is there's limits on how much you can put in based on your income, so put as much as you can into the Roth IRA first, second one, in the traditional IRA, and watch your money grow.