All the Hacks with Chris Hutchins
Leveraging Tax-Advantaged Accounts to Maximize Your Wealth with Katie Gatti Tassin
Nov 22, 2023
Katie Gatti Tassin, creator of the Money with Katie blog and podcast, shares her expertise on maximizing wealth through tax-advantaged accounts. She delves into essential strategies like Roth Conversion Ladders, HSAs, and Donor Advised Funds. Listeners will learn the ins and outs of 401(k)s and IRAs, as well as the mega backdoor Roth strategy for substantial savings. Katie emphasizes the importance of understanding tax codes and smart investment placements, offering practical advice to enhance your financial future.
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Quick takeaways
- Saving for retirement can be maximized through employer-sponsored retirement plans, traditional IRAs, and Roth IRAs.
- Utilizing the backdoor Roth IRA strategy allows individuals to contribute to a Roth IRA even if they exceed the income limits.
Deep dives
Employer-sponsored retirement plans
One of the main ways to save for retirement is through employer-sponsored retirement plans such as 401(k)s. These plans offer tax advantages by allowing individuals to contribute pre-tax income, reducing their taxable income for the year. Employer matches can also provide significant additional contributions. For those without access to an employer-sponsored plan or who want additional retirement savings options, traditional and Roth IRAs are available. Traditional IRAs offer tax-deductible contributions, while Roth IRAs provide tax-free growth and withdrawals in retirement.
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