{"id":1682,"date":"2022-06-15T23:23:38","date_gmt":"2022-06-15T23:23:38","guid":{"rendered":"https:\/\/blog.ark7.com\/?p=1682"},"modified":"2023-06-20T05:24:38","modified_gmt":"2023-06-20T05:24:38","slug":"brokerage-account-vs-ira-key-differences-and-similarities","status":"publish","type":"post","link":"https:\/\/ark7.com\/blog\/learn\/in-depth\/401k-and-iras\/brokerage-account-vs-ira-key-differences-and-similarities\/","title":{"rendered":"Brokerage Account vs. IRA: Key Differences and Similarities"},"content":{"rendered":"<div class=\"boldgrid-section\">\n<div class=\"container\">\n<div class=\"row\">\n<div class=\"col-lg-12 col-md-12 col-xs-12 col-sm-12\">\n<p class=\"\"><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1683\" src=\"https:\/\/blog.ark7.com\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350.png\" alt=\"\" width=\"1000\" height=\"350\" srcset=\"https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350.png 1000w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-300x105.png 300w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-768x269.png 768w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-250x88.png 250w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-550x193.png 550w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-800x280.png 800w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-514x180.png 514w, https:\/\/ark7.com\/blog\/wp-content\/uploads\/2022\/06\/brokerage-account-vs-ira_header-1000_350-857x300.png 857w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/span><\/p>\n<p class=\"\"><span style=\"font-weight: 400;\">Retirement may seem like something only \u201cold people\u201d worry about. But that actually couldn\u2019t be further from the truth. You see, the sooner you start thinking about your retirement, the better off you\u2019ll be! Knowing how to\u00a0<\/span><a href=\"https:\/\/ark7.com\/blog\/articles\/how-to-invest-in-real-estate-when-you-dont-have-a-lot-of-money\/\"><span style=\"font-weight: 400;\">properly invest<\/span><\/a><span style=\"font-weight: 400;\">\u00a0a portion of your income to enable its growth is of the utmost importance.<\/span><\/p>\n<p class=\"\"><span style=\"font-weight: 400;\">As humans live longer and our costs skyrocket due to inflation, saving for retirement is becoming increasingly critical. But despite the\u00a0vast majority\u00a0of Americans (77%) having a retirement plan, many don\u2019t have enough money saved to live their post-retirement life as comfortably as they did their working years. Smart investing can help bridge that gap. Keep reading to learn more about brokerage accounts and IRAs and which one might be best for your future goals.<\/span><\/p>\n<h2 class=\"\"><b>What is a brokerage account?<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">Brokerage accounts are\u00a0taxable accounts\u00a0that enable investors to buy and sell stocks and other securities as they please, with no caps on how much you can invest. Investors in brokerage accounts also have the freedom to sell their investments anytime they want without a penalty. Brokerage account investors must pay taxes on interest, dividends, and any capital gain income.<\/span><\/p>\n<h2 class=\"\"><b>What is an IRA?<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">IRA stands for \u201cindividual retirement account.\u201d IRAs are tax-advantaged investment accounts specifically designed for people saving for retirement. Compared to brokerage accounts, IRA investment choices are much more limited. Still, any earnings grow tax-free or tax-deferred, depending on whether the investor has a\u00a0Roth, traditional, or other types of IRA.<\/span><\/p>\n<p class=\"\"><span style=\"font-weight: 400;\">One downfall of IRAs, when compared to brokerage accounts, is that they have strict\u00a0<\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-ira-contribution-limits\"><span style=\"font-weight: 400;\">contribution limits<\/span><\/a><span style=\"font-weight: 400;\">. For the 2022 tax year, investors can only contribute up to $6K into their IRA account. Investors over age 50 can contribute $7K. What\u2019s more, investors can only contribute these maximum amounts if their modified adjusted gross income falls below $129K for a single tax-filer and $204K for joint filers. Additionally, any withdrawals made before the investor turns 59 1\/2 years old will trigger a 10% penalty. But investors can withdraw their IRA contributions anytime they please without a tax penalty or other fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other common IRA types include:<\/span><\/p>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEP IRA. A Simplified Employee Pension (SEP) is a traditional IRA set up and funded by an employer for their employees. The employer gets tax benefits for participating in this type of IRA. SEP\u00a0IRA earnings grow tax-free, and withdrawals in retirement are taxed. The contribution limit for SEP\u00a0IRA is also much higher than other types of IRAs \u2014 $61,000 in 2022.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Spousal IRA. To be eligible to contribute to an IRA, you must have earned income. But married taxpayers have a workaround if one spouse does not work or brings in a low income, as both spouses are allowed\u00a0to contribute to their own separate IRA accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SIMPLE IRA. A\u00a0Savings Incentive Match PLan for Employees, or SIMPLE IRA, is similar to an employer-sponsored 401(k). But it\u2019s primarily used by small businesses and people who are self-employed. Contribution limits for SIMPLE IRAs are lower than traditional 401(k) \u2014 just $14,000 for 2022.<\/span><\/li>\n<\/ul>\n<h2 class=\"\"><b>Brokerage account vs. IRA: the taxes<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">It\u2019s critically important to consider taxes when investing, as tax-efficient investing allows you to keep the largest percentage of your gains possible. There are critical differences between brokerage accounts and IRA accounts regarding taxes and what\u2019s considered taxable.<\/span><\/p>\n<h2 class=\"\"><b>Taxes for brokerage accounts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Brokerage accounts are taxable, meaning if an investor makes a profit because his\/her investments pay interest or dividends or because their investments increase in value when the investor sells the investments, the investor is responsible for the taxes on that income. The tax liability varies by the source of income, including:<\/span><\/p>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest. <\/b><span style=\"font-weight: 400;\">Investments like bonds, certificates of deposit (CDs), and uninvested cash held in accounts are eligible to earn interest. Generally, interest income is taxed the same as regular income. But there are a couple of exceptions:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">State and\/or local income taxes do not apply to U.S. Treasuries.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Municipal bonds are typically exempt from federal taxes\u2014and sometimes also state and local taxes.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Dividends.<\/b><span style=\"font-weight: 400;\">\u00a0Dividends are an investor\u2019s share of a company\u2019s earnings. There are two kinds of dividends, each with its own unique tax treatment:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Qualified dividends represent the majority of dividends paid to shareholders by public companies and are taxed at the capital gains rate, which is lower and longer-term.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Unqualified dividends are taxed at the higher, regular income tax rate and apply to\u00a0business development companies (BDCs) and master limited partnerships (MLPs).<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital gains.\u00a0<\/b><span style=\"font-weight: 400;\">When an investor sells an investment for profit, they\u2019ll be liable for taxes on their gain. How much taxes they\u2019ll owe depends on how long they\u2019ve held the investment<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Short-term capital gains are gains on investments held for less than one year. These types of gains are taxed as regular income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Long-term capital gains refer to any gains made on investments held for more than one year. Long-term capital gains are taxed at a more favorable\u00a0<\/span><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc409\"><span style=\"font-weight: 400;\">long-term capital gains rate<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><b>Taxes for IRA accounts<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">Any contributions made to traditional IRA accounts are made with pre-tax dollars and, therefore, might be tax-deductible\u2014all depending on the investor\u2019s income and whether a retirement plan at work covers the investor and\/or their spouse.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contributions to Roth IRA accounts are made with after-tax dollars, meaning there\u2019s no tax break available for the year the contribution is made. Instead, the tax benefit is available in retirement when the investor\u2019s withdrawals are tax-free.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IRA earnings grow tax-free or tax-deferred, depending on the kind of IRA:<\/span><\/p>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Roth IRA.<\/b><span style=\"font-weight: 400;\"> No upfront tax break is available, meaning contributions don\u2019t lower the investor\u2019s taxable income. However, all qualified withdrawals while the investor is retired are tax-free. The investor also has the freedom to withdraw their contributions whenever they want, without a penalty\u2014no matter the reason for the withdrawal. Unlike traditional IRAs, Roth IRAs have no\u00a0required minimum distributions\u00a0(RMDs).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Traditional IRA<\/b><span style=\"font-weight: 400;\">. Traditional IRA contributions may be deducted from the investor\u2019s taxable income the same year they are made, lowering their overall taxable income and tax liability. But, it\u2019s important to note that these withdrawals are subject to income taxes, and most early withdrawals will trigger a 10% penalty. The penalty (but not the tax) can be avoided in certain situations, including if the investor uses the money toward qualified first-time homebuyer expenses.<\/span><\/li>\n<\/ul>\n<h2 class=\"\"><b>Roth IRA vs. traditional IRA: which is better?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Now we arrive at the decades-old question, \u201cRoth IRA or traditional IRA, which is better?\u201d It depends on your situation.<\/span><\/p>\n<p class=\"\"><span style=\"font-weight: 400;\">Remember, Roth IRA contributions are not tax-deductible, but qualified withdrawals after the investor has retired are tax-free.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, contributions to a traditional IRA account are tax-deductible, meaning the investor may save money on their tax bill. But they will still owe income taxes on withdrawals made in retirement.<\/span><\/p>\n<p class=\"\"><span style=\"font-weight: 400;\">Generally speaking, most people are better served by traditional IRA accounts if they expect to be in a lower tax bracket at retirement than they currently are. However, investors who expect to be in the same or higher tax bracket when they retire will be better served by Roth IRAs because these types of retirement accounts allow them to pay their tax bills before they retire. This means they get to pay them off at the current, lower tax rate.<\/span><\/p>\n<h2 class=\"\"><b>Brokerage account vs. IRA: which is better?<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">You may not know that most financial experts recommend having both accounts when possible. For example, use a brokerage account for day trading, long-term investments, and saving for short-term financial goals like home renovation costs or college tuition, and use your IRA account for retirement savings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most significant benefits of brokerage accounts are their flexibility and the fact that they don\u2019t have any limits on contributions, withdrawals, or income. This is especially true when compared to IRA accounts that come with quite a few limitations, including annual contribution limits, the fact that withdrawals\u00a0may trigger penalties, and once a certain income threshold is reached, investors can no longer contribute\u00a0to Roth IRA accounts.<\/span><\/p>\n<h2><b>Final Thoughts<\/b><\/h2>\n<p class=\"\"><span style=\"font-weight: 400;\">Brokerage accounts and IRA accounts are both excellent\u00a0options that enable investors to purchase and sell:<\/span><\/p>\n<ul class=\"\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stocks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bonds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ETFs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mutual funds.<\/span><\/li>\n<\/ul>\n<p class=\"\"><span style=\"font-weight: 400;\">It\u2019s a sage financial strategy to have both types of accounts, as long as you remain eligible. This allows investors to take advantage of both types of accounts while downplaying the disadvantages.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Retirement may seem like something only \u201cold people\u201d worry about. But that actually couldn\u2019t be further from the truth. You see, the sooner you start thinking about your retirement, the better off you\u2019ll be! Knowing how to\u00a0properly invest\u00a0a portion of your income to enable its growth is of the utmost importance. As humans live longer &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/ark7.com\/blog\/learn\/in-depth\/401k-and-iras\/brokerage-account-vs-ira-key-differences-and-similarities\/\"> <span class=\"screen-reader-text\">Brokerage Account vs. IRA: Key Differences and Similarities<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":12,"featured_media":1684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[112],"tags":[198,199,78],"class_list":["post-1682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-401k-and-iras","tag-brokerage-account-vs-ira","tag-retirement-investing","tag-roth-ira"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - 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