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Money Guy Show

How to Catch Up for Retirement When You're Older

Jul 24, 2024
Learn how to catch up on retirement savings when older by making tough financial decisions and setting realistic goals. Discover strategies for financing a $45,000 minivan purchase, including tapping into an inherited IRA. Hear about the benefits of proactive retirement planning and the advantages of flexible spending accounts over health savings accounts.
25:18

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Quick takeaways

  • Utilizing inherited IRA aligns with future tax goals, while downsizing expenses accelerates retirement savings.
  • FSAs offer pre-tax benefits for healthcare, but planning conservative contributions can maximize tax advantages.

Deep dives

Options for Financing a Minivan Purchase

When facing the decision to finance a minivan purchase, the individual has several options such as using an inherited IRA, HSA receipts, or Roth IRA contributions. While each option has its advantages, tapping into Roth IRA contributions or using HSA receipts may impact the long-term growth of tax-free dollars in these accounts. Utilizing an inherited IRA could be a viable choice, especially if it aligns with future tax implications and financial goals.

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