The Clark Howard Podcast 07.02.25 OK 401(k) / It’s A Large Small Business World
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Jul 2, 2025 Today’s discussion dives into the concerning trends in retirement accounts and the best practices for maximizing 401(k) benefits. There’s a strong focus on the role of small businesses in wealth creation and economic stability, especially amid uncertainty. Listeners learn about the importance of steady retirement saving and common pitfalls to avoid. The podcast also tackles the intrigue of Moo Moo's high-yield savings offer and highlights the critical importance of understanding insurance in today’s financial landscape.
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Steady 401(k) Investing Key
- People often panic-sell in their 401(k)s during market drops and miss swift recoveries.
- Steady, diversified contributions and using target retirement funds optimize long-term gains through dollar-cost averaging.
Spouses Need Separate Retirement Accounts
- Switch to 100% Roth contributions if you earn less money.
- Each spouse should have retirement funds in their own name for long-term security and flexibility.
Self-Employed Roth SEP Setup
- As a self-employed individual, set up a Roth SEP IRA to save up to $70,000 or 25% of pay annually.
- Invest in target retirement funds at Schwab, Vanguard, or Fidelity to start growing retirement tax-free.