This week on The Lifetime Income Series, Cathlyn Harris and John Loeffler discuss two retirement savings plans that are available to everyone with “employment compensation”, the Roth and the Traditional IRA. They break down the differences between the two, and why you might choose one over the other, based on your situation. Cathlyn mentions that while traditional IRA contributions are usually tax-deductible, there are specific instances where they are not deductible. For the Roth IRA, they discuss the specific income requirements for contributing, as well as specific benefits such as no mandatory distribution, no matter what your age. Cathlyn also clarifies the distinction between a traditional IRA and a Rollover IRA. The guest this week is Pam Means, president and Consulting Actuary of Means & Associates, a retirement plan design and consulting firm. Pam and Cathlyn discuss ideas for business owners on how to structure their retirement plans to best benefit their employees and their businesses.
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