From Yahoo Finance: 2025-06-17 09:03:00

Building wealth is easier than you think, according to Suze Orman, who shared her top tip on a podcast. She advises spending less and earning more, saving money each month, and considering a Roth retirement account over a traditional one for wealth-building and preservation.

Orman emphasizes the importance of understanding the benefits of a Roth account, especially for long-term wealth preservation. She recommends listening to her podcast for more information and warns against choosing a retirement account based solely on tax benefits without considering future implications.

New to retirement savings? Orman explains the difference between Roth and traditional IRAs. A Roth IRA allows after-tax contributions with tax-free withdrawals after age 59 1/2, while a traditional IRA offers immediate tax benefits but taxes withdrawals in retirement. Consider your future tax bracket when choosing the best option for you.

There are income limits for Roth IRAs, making traditional IRAs the only option for some. Understanding these differences can help you make informed decisions to build and preserve wealth effectively. Consider your future tax situation and choose the account that aligns best with your financial goals for retirement.

Read more: My Top Tip for Building Wealth Is a ‘Very Easy One’