Simple IRA vs. Roth IRA
In this episode of DIY Money, we dive into our question from Katie, a church employee looking to understand retirement plan options for her team. 💡 From breaking down SIMPLE IRAs vs. Roth IRAs, to exploring the benefits of 403(b) plans, this episode is packed with useful info for anyone in a small business, nonprofit, or ministry setting.
We unpack:
✅ Roth vs. traditional IRA contributions
💸 SIMPLE IRA pros and cons for employers
🏛️ How 403(b) plans benefit pastors via housing allowance exclusions
📊 Tax bracket strategy for Roth vs. Traditional accounts
🛠️ How to set up a SIMPLE plan and the practical steps involved
Whether you're leading a small team or just want to make smarter retirement decisions, this one’s for you!
📬 Have a question? Send it in to [email protected] for a chance at a $25 Amazon gift card!
#SIMPLEIRA #RothIRA #403b #RetirementPlanning #PersonalFinance #Retirement
Timestamps:
00:00 Introduction
03:10 Katie's Question: SIMPLE IRA vs Roth IRA
04:10 Setting Up Retirement Plans for Small Organizations
10:28 Practical Steps and Using an Advisor
14:28 Conclusion and Final Thoughts
*This show is for entertainment and educational purposes only, and is not intended as personal financial advice. Before making any financial decisions, please do your homework and consult a financial advisor as needed.
