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Updated over 5 years ago on . Most recent reply presented by

Kevin Young's profile image
Kevin Young's profile image
Kevin Young
  • Rental Property Investor
  • from California, CA
  • Member since Jun 2, 2019
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15
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5
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Kevin Young's profile image
Kevin Young's profile image
Kevin Young
  • Rental Property Investor
  • from California, CA
  • Member since Jun 2, 2019
Connect
Kevin Young
  • Rental Property Investor
  • California, CA
5
Votes |
15
Posts
Tax, SDIRAs & Cost Segregation

What kind of retirement account should I have?

Kevin Young
  • Rental Property Investor
  • California, CA
Posted

I'm 24 Years Old And I Want To Know Which Type Of IRA I Should Have. Self-Directed IRA Or Roth IRA?

1 Vote
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Buffalo, NY
  • Member since Apr 25, 2019
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Account Closed's profile image
Account Closed's profile image
Account Closed
  • from Buffalo, NY
  • Member since Apr 25, 2019
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Account Closed
  • Buffalo, NY
2
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3
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Account Closed
  • Buffalo, NY
Replied

We need more information - blanket recommendations are dangerous.

IRA means you defer your taxes until you withdraw the money in retirement.

Roth IRA means that you pay taxes now at your current rate, and then withdraw the money tax free in retirement.

Many people recommend that younger people put money into a Roth IRA because chances are that this is the lowest your income will be, so your current tax rate is lower.

I personally use an IRA because my goal is to retire early, and my income in retirement will be lower than my current income.

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