Jill on Money with Jill Schlesinger Should I Switch to Roth 401(k)?
Dec 27, 2024
Is it time to shift from a pre-tax 401(k) to a Roth? Explore the pros and cons of this transition. Delve into essential wealth management strategies for business owners. Listen to real-life listener questions about retirement and the complexities of financial infidelity. Understand the importance of financial separation and gain insights on comparing Roth and traditional accounts. Get ready to make informed financial decisions!
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Protecting From Financial Infidelity
- Protect yourself from financial infidelity by keeping your finances separate.
- Avoid joint accounts, credit cards, and consider filing taxes separately.
Early Retirement Planning
- Consider your spouse's pension and Social Security benefits when planning early retirement.
- Factor in longevity, health concerns, and severance pay.
Roth 401(k) Benefits
- Switch to a Roth 401(k) if you are not in the highest tax bracket.
- Pay taxes now to enjoy tax-free withdrawals later.