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Let’s Talk IRAs: What They Are and Why They Matter- Kelly Braese Senior Tax Associate

Navigating the complex world of retirement planning can feel overwhelming, but understanding IRAs might be the key to unlocking your financial future. In this information-packed episode, Kelly Braese, Senior Tax Associate at MP CPAs, demystifies the power and potential of Individual Retirement Accounts as wealth-building tools that go far beyond basic retirement savings.

Kelly breaks down the fundamental differences between IRAs and employer-sponsored plans like 401(k)s, highlighting the greater flexibility, investment options, and portability that IRAs offer. The conversation explores the critical distinctions between traditional and Roth IRAs – from tax treatment and contribution limits to withdrawal rules and required minimum distributions. For those weighing their options, Kelly provides clear guidance on how each account type might benefit different financial situations and future goals.

The episode doesn't stop at basics. Kelly dives into specialized IRA options for self-employed individuals and small business owners, including SEP IRAs with their impressive $70,000 annual contribution limit and SIMPLE IRAs with employer matching requirements. She also reveals strategic planning techniques like the ”backdoor Roth” conversion that allows high-income earners to access Roth benefits despite income limitations. Whether you're just starting your retirement planning journey or looking to optimize existing accounts, this episode delivers actionable insights to help maximize your long-term wealth while minimizing tax burdens.

Wondering which IRA is right for your specific financial situation? Connect with the expert team at MP CPAs by visiting TheMPGroupCPA.com or calling 413-739-1800 to develop a personalized strategy that aligns with your goals. After all, as we always say, success begins with Knowing What Counts.

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