In this episode of The Personal Finance Podcast, Andrew answers eight questions on tax strategies and retirement planning, covering when investment moves trigger taxes (depends on account type), tax loss harvesting for high earners, why the 75-80% retirement income rule uses pre-tax numbers but you should plan more conservatively, strategic Roth 401k timing in lower tax brackets, a TransUnion data breach affecting 4.4 million Americans, income thresholds where traditional 401ks beat Roth options (24-30% marginal rates), saving for kids' expenses using the five-year investment rule, emergency fund storage as rates drop, and comprehensive pension planning beyond just relying on guaranteed payments.
Today we are going to answer these questions:
- Do you get taxed when moving money from one investment to another inside the same account?
- How does tax-loss harvesting work?
- Most retirement rules I’ve seen state that you want 75 to 80% of your pre-retirement income. Is that before or after taxes?
- Should you max out a Roth 401(k) in the first quarter of the year because of the lower marginal tax rate?
- At what annual income should someone avoid a Roth 401(k) and do traditional for tax purposes?
- Putting money away for kids’ wedding, cars, etc.—for when they get older. HYSA or brokerage?
- What are the best high-yield ways to store an emergency fund?
- How to plan for retirement with a pension?
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