Answering the Most Common IRA Questions

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Today’s Question:

Wondering what you should know about your IRA? What options do you have and what strategy could pay off in the future? Find out on today’s IRA FAQ episode!  

Click on the timestamps below to jump to specific topics. 

Confidence Corner

We’ve seen more volatility in the market in recent months, so what does that mean when it comes to your IRAs? On today’s episode of The Financial Answer, Nathan answers some of the frequently asked questions when it comes to your IRAs.

When you invest in an IRA, what kind of returns can you expect to make? Another common question is, which is better: a traditional or a Roth IRA? Sometimes you hear general answers that make sense for the majority, but working with an advisor can help you choose the best option for you (or maybe you choose to invest in both).

Is there a best time to do a Roth conversion? What goes into that decision and what kind of taxes should you be aware of ahead of time? What kind of funds should you choose in an IRA?

What kind of penalties should you be aware of? We went from the SECURE Act to the CARES Act due to coronavirus, so a lot of the rules were recently changed. Some of those changes were only for 2020 and other rules will apply for years to come.

Nathan ends the episode sharing information about multiple employer plans (MEP), which came about with the SECURE Act. It’s not the main focus right now, but something to keep an eye out for in the future.


[0:41] – Nathan shares a bit about his recent adventures in South Dakota.

[4:17] What kind of return can you expect on an IRA?

[5:56] – Should you contribute to a traditional or Roth IRA?

[8:10] – When should you consider doing the Roth conversion?

[13:16] – How do you know which funds to choose in an IRA?

[15:20] – What kind of penalty should you brace yourself for?

[19:10] – Have you heard about the multiple employer plans?



A Point Of Wisdom:


Related Content:

PODCAST: Are You Following Outdated Financial Rules?

PODCAST: What Mistakes Do Bad Investors Make?

PODCAST: How to Handle Stock Market Declines


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