E8: Traditional or Roth? Optimizing Your IRA Contributions

Traditional or Roth

Today, we’re going to talk about traditional retirement accounts versus Roth retirement accounts. It’s a question that I get a lot from my CRNA clients.

As CRNAs, you’re faced with this decision, whether you’re investing on your own or in your employer’s retirement plan. But which type of account do you choose?

To answer this question, I want to delve into the key differences between the two and help you understand what they mean. So, today, I’m going to talk about a few things.

First, which retirement account type is the better option for most CRNAs: traditional or Roth?

Now, I want to share with you why I think one is the better option. And then I also want to share with you the flip side of the argument, so you can hear what the other side says and form your own opinion. Lastly, I want to share with you a common misconception when it comes to investing in retirement accounts.

Before I start, I want to mention that this is a complicated topic, and everyone’s situation is different. So, I want you to just focus on the tax implications of everything I’m going to talk about. If you need to, talk with a qualified CPA or tax professional or even your financial planner, because there are a lot of moving parts when it comes to the question, “traditional or Roth?”

For now, I’m going to try to break it down and keep it super simple. But keep in mind that sometimes, things just aren’t that simple. Let’s dive in.

Episode Highlights

[02:38] Key differences between traditional and Roth retirement accounts.

[07:31] Why CRNAs may want to consider a Roth account.

[20:34] When traditional accounts tend to make more sense.

[25:16] Maximizing your retirement savings through strategic investments.

Looking for more financial planning tips and resources for CRNAs? Check out the MoneyRx for CRNAs Podcast home page for additional podcast episodes.

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