How Can You Get Started with an IRA?

August 21, 2022
What are some of the incentives for younger investors to start saving for retirement?

Please note: This podcast may contain outdated information about RMDs and retirement accounts due to the SECURE Act 2.0, a law governing retirement savings (e.g., among other provisions, the SECURE Act 2.0 will raise the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account to 73, beginning in January 2023). For more information about the SECURE Act 2.0, please read this article or speak with your financial consultant. (1222-240S)

After you listen

  • For more information on how to get started with an IRA, visit Schwab.com/IRA.
  • Stay informed about retirement strategies, taxes, and other topics with Schwab Insights & Education—visit Schwab.com/Learn.

Instinctively, most people know that it's a good idea to save money for the future. But when it comes to saving for retirement, there are complex decisions each person must face—and typically when they are just starting out in the workforce. Is it better to contribute to a 401(k) or a Roth IRA? When can a traditional IRA make sense? How can you convert a traditional account to a Roth account?

In this episode, Mark Riepe speaks with Hayden Adams. Hayden is director of tax and wealth management at the Schwab Center for Financial Research. He's also a CERTIFIED FINANCIAL PLANNER™ professional and certified public accountant, and he provides analysis and insights on topics like income tax planning, tax-efficient investing, asset allocation, and retirement withdrawal strategies.

Hayden and Mark discuss the history of IRAs, the various types of accounts, how to invest once the account is open, and many of the pressing decisions facing younger investors when they are deciding how best to save for their future. Taxes play a key role in many of the decisions, and Hayden walks listeners through the potential pitfalls—and benefits—of each savings-related decision.

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