558: How to Start Investing for Retirement: 401(k), IRA, Roth?

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Aug 27, 2024

Explore the key differences between 401(k)s and IRAs, and discover when to choose a Roth over a traditional account. Learn how to maximize employer matches and effectively manage your investments when changing jobs. Delve into the triple-tax benefits of Health Savings Accounts, and see why even small investments can pave the way to significant financial security. Plus, gain insights on starting your investment journey early and creative strategies for generating extra income!

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ADVICE

Prioritizing Retirement Accounts

Prioritize employer-sponsored 401(k)s, especially with matching contributions.
Remember, both 401(k)s and IRAs are tax wrappers, not investments themselves.

INSIGHT

Roth vs. Traditional

Roth accounts offer tax-free growth and withdrawals in retirement, unlike traditional accounts.
Traditional accounts offer upfront tax deductions, while Roth accounts offer tax savings later.

ADVICE

Choosing Roth or Traditional

Consider Roth accounts if you're young or in a lower tax bracket now.
Traditional accounts might be better for high earners nearing retirement.

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