Episode
Faith & Finance - What You Need to Know About IRAs
- Podcast
- The Bridge Austin
- Published
- Jul 31, 2026
- Duration seconds
- 1497
- Processing state
not_requested- Canonical source
- https://www.faithfi.com/
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Summary
An individual retirement account, or IRA, can be a valuable tool for long-term saving. But like any financial tool, it needs to be understood and used wisely. Proverbs 18:15 says, “An intelligent heart acquires knowledge, and the ear of the wise seeks knowledge.” That’s good wisdom for every area of life, including how we manage money. As stewards, we don’t want to make financial decisions simply because an account is popular or because someone told us we ought to have one. We want to understand the tools available to us and use them with wisdom, patience, and trust in the Lord. So, how well do you really know your IRA? Let’s walk through a few common misconceptions with a simple true-or-false quiz. True or false: You can contribute to an IRA even if you already have a retirement plan through your employer. True. You can contribute to a traditional or Roth IRA even if you also participate in a 401(k), 403(b), or another workplace retirement plan. In 2026, the total amount you can contribute across all your traditional and Roth IRAs combined is $7,500, or $8,600 if you’re age 50 or older. You’ll need enough taxable compensation to support your contribution, and income limits may affect whether you can deduct a traditional IRA contribution or contribute directly to a Roth IRA. The important point is that having access to a workplace retirement plan does not necessarily prevent you from contributing to an IRA. These accounts can often work together as part of a thoughtful long-term strategy. True or false: An IRA is an account that holds investments, not an investment by itself. True. Think of an IRA as a container. The account itself provides certain tax advantages, but what happens to the money depends largely on the investments you choose to hold inside it. Depending o…