Volume 18: The Lockshield Letter
Oct 1, 2026
Episode 5: The World of IRA's
The Ins and Outs of IRAS
Episode Description
In this episode of the Lockshield Partners Podcast, we break down the basics of Individual Retirement Accounts (IRAs) and why they’ve become a cornerstone of retirement planning. Originally introduced in 1974 for individuals without access to a pension, IRAs have shifted from being the exception to becoming the norm for long-term savings.
We explain how the IRS uses tax advantages to encourage retirement saving, who is eligible to contribute, and why earned income and income limits matter. We also cover potential penalties for ineligible contributions and how to avoid common mistakes.
Finally, we discuss the recommended order of saving for retirement—starting with your employer’s retirement plan match, then moving to an IRA. While employer plans offer valuable matching dollars, IRAs often provide greater flexibility and a wider range of investment options. As always, your IRA’s performance ultimately depends on how the investments inside the account perform.
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