Traditional IRAs (and other traditional retirement accounts) can save you a ton of money on your taxes because contributions you make to them aren't taxed today. This video explores precisely how much money you can save on your federal tax bill just by maxing out your traditional individual retirement account, in every tax bracket. If you are in the higher tax brackets then you will be phased out and won't be able to take the tax deduction, but you still can for traditional 401(k) contributions, so the math works in both ways.

#IRA #RetirementAccount #TraditionalIRA
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Timestamps:
0:00 Introduction
0:27 RECAP Traditional vs Roth
1:11 How Traditional IRAs Save You Money
2:36 How To Calculate IRA Tax Savings
4:33 2021 Tax Brackets
5:19 2021 Standard Deduction
6:16 Single: Traditional IRA Savings
7:23 Married, Filing Jointly: Traditional IRA Savings

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