Today we’re learning allllll about IRAs (individual retirement arrangements/accounts) including Roth IRAs, Traditional IRAs, Rollover IRAs and SEP IRAs. You’ll understand contribution limits, tax implications, and eligibility requirements for each account. As always, we aim to empower you with all the knowledge you need to make informed decisions for future you. This is not advice.
    
✨Roth IRAs are best for you if you are in a lower income tax bracket and do not need a tax break, because you are taxed upfront, not later. 

✨Traditional IRAs are best for you if you do not qualify for a Roth, or if you need a tax break… if you qualify for the deduction. The benefits are before tax dollars, offering you a tax break if you are eligible bc you are in a higher tax bracket. 

✨Rollover IRAs you rollover an employer sponsored plan, like a 401k in the plan you want to keep them separate so you can roll it back into a new 401k plan at a new employer. 

✨SEP IRAs are best for small business owners who do not want the complexities of 401ks. There are higher contribution limits, and all contributions are made by the employer.       

Contribution Limits
You have to have taxable compensation and your modified AGI. Beginning in 2024, the IRA contribution limit increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older). This stayed the same for 2025.

Resources: 

Contribution limits: https://www.irs.gov/publications/p590a

SEP IRA FAQ: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps 

Still Have More Questions or a Comment? 

🙋🏾‍♀️🙋🏻🙋🏼‍♀️🙋🏽‍♂️🙋Holla @ us on:

🔗All Market MakeHer Links: ​​https://bio.site/marketmakeHER 

⁠Market MakeHer ⁠⁠website⁠⁠⁠ Subscribe to our Email 

Email jessica@marketmakeherpodcast.com 

Instagram⁠ ⁠⁠@marketmakeherpodcast⁠⁠⁠

TikTok⁠ ⁠⁠@marketmakeher⁠⁠⁠

X/Twitter⁠ ⁠⁠@MarketMakeHer⁠⁠⁠

Join the ⁠ ⁠⁠FB Community⁠⁠⁠

👀 Watch us in action on our⁠ ⁠⁠YouTube Channel⁠⁠⁠ 👀

✨ Follow Jess Inskip on ⁠TikTok⁠ and ⁠Instagram⁠ ✨

✨ Follow Jessie DeNuit on ⁠TikTok⁠ and ⁠Instagram⁠ ✨

About Us 🌚🌞   

Market MakeHer is an investing education podcast taught by a 15-year finance expert to her friend who is a beginner investor. Our mission is to demystify the stock market and make financial literacy accessible to all self-directed investors! We believe that investing is for everyone and that's why we break down complex investing topics (from "Her" perspective), show you free tools/resources on our podcast, and offer a ton of free educational content on our ⁠website⁠! 

Important Disclosures:

Market MakeHer podcast is unsponsored at the time of recording.  Tools and resources mentioned are for informational and educational purposes only. Remember, investing involves risk, and there's always a potential for losses when investing in securities.

Market MakeHer LLC provides educational content and resources, but we are not registered financial advisors and do not provide personalized investment advice. Consult with a licensed financial advisor before making any investment decisions.