Q&A: Who Can Have an IRA, Why so Account Types, Cash Options, and TJ Maxx Math | Ep. 18

Written By Michael Custer

Ever feel like there are way too many retirement account names to keep straight? It’s almost like alphabet soup for your retirement planning.

In this episode of Common Curiosities: Retirement, Michael, CFP® and EA is joined by his wife, who asks the questions many people may secretly have. Like what to do with extra money now, what about extra money I don't need now, how do these different accounts actually work, and who can (or can’t) fund a specific account?

Along the way they cover:

💬 What's different between traditional IRA from a Roth IRA outside of just the taxes and who the heck is “Mr. Roth” anyway?

💬 Why are there so many types of accounts? 401(k)s, 403(b)s, and IRAs (and how they connect with one another)

💬 Who can open or contribute to a Roth IRA (even if you’re under 18)

💬 Why earned income matters (and what the IRS really means by that)

💬 The “Starbucks app” version of paying taxes now vs. later

💬 Plus, a little “girl math” and TJ Maxx logic to keep things grounded

It’s an easygoing, real-world conversation for anyone who’s ever looked at their 401(k) form or Roth contribution limits and thought, “Wait, which one is this again?”

Michael Custer

Michael graduated from Hope College where he played Quarterback for the football team. Now, he focuses on tax strategies, helping W-2 employees and small business owners with implementing tax strategies, learning their choices with old work retirement plans, and Roth IRAs. He has a passion for building a relationship with his clients. Understanding why money matters to you is important to him. He firmly believes that finances can be a powerful tool for your life goals.

Michael is a CERTIFIED FINANCIAL PLANNER™ (CFP®) and also holds his Series 7, Series 66, Series 24. and SIE registrations with LPL Financial as well as his Life, Health, Property and Casualty insurance licenses.

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