Joe Udo
Don’t listen to find out the answer. Listen to learn the process to use to come up with your own answer. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN LISTENER QUESTIONS [2:03] Does it make sense to switch to a Roth 401K ...
Roth 401Ks, and perhaps evenHSAsand529s) and tax-deferred investing accounts (liketraditional IRAs, 401Ks, and most other types of retirement accounts) and want to know how to allocate their assets between them.
I hope this article has helped clarify the differences between Roth and Traditional IRAs. While one plan may be better than the other for your specific situation, the most important thing is to start saving for retirement ASAP. Don’t get so caught up in choosing the “right” plan that yo...
Incidentally, this is why you should never borrow from a Roth 401(k). A Roth account is funded with after-tax dollars, but the account grows tax-free. That means, in the example above, Sarah gets to withdraw the full $100,000 if she waits an extra decade. ...
3. Offers both Roth and traditional accounts Solo 401(k) accounts can be traditional or Roth accounts, which give you control over when you pay taxes, your contributions, and your distributions. 4. Loan Provisions One unique benefit of 401(k) plans is that they commonly include loan provisio...
If you can't contribute to a Roth IRA or want to contribute more than what the IRS allows you to do for the Roth IRA, the only other option you have is cash value life insurance, which we generally use Indexed Universal Life (IUL) for our preferred vehicle. ...
Can I open a Roth IRA today, even though I’m over the maximum income? I want to take part of my IRA pre-tax money and convert it – maybe $5,000 or $10,000 – and pay the taxes on that. When I retire in four years, I would then roll over my 401k Roth into this account...
For those who want to go even further,there are several optionsfor other retirement accounts. A popular choice is atraditional IRA or a Roth IRA. An IRA is a retirement plan that anyone can set up and contribute to, unlike a 401(k). For a traditional IRA, you contributepretaxdollars, ...
Typically, yes. 401(k) accounts are funded with pre-tax dollars and therefore have adeferred tax liability. That means that investment gains and income - including annuity income - would be taxed at your income tax bracket at the time. If the annuity sits in aRoth 401(k)that is funded ...