The Clark Howard Podcast 03.31.25 Who Administers Your Retirement Account? / What Happened To Southwest Airlines?
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Mar 31, 2025 Discover the significance of where you hold your retirement accounts and the hidden fees that can impact your savings. Learn about the difference between Roth and traditional 401(k) plans. Get insights into the big changes at Southwest Airlines, and what they mean for loyal customers. Explore practical travel advice to save money on trips, plus get answers to listener questions on financial management and healthcare options. This mix of finance and travel tips is both informative and essential for making better choices.
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401(k) Fees Matter
- Know your 401(k) fees, as high costs significantly impact long-term returns.
- Prioritize low-cost providers like Fidelity and Vanguard, keeping fees below 0.5%.
Optimize Retirement Savings
- Maximize employer 401(k) matches in high-cost plans.
- Utilize a Roth IRA for additional retirement savings beyond the match.
Roth 401(k) Preference
- Choose a Roth 401(k) unless your income is very high (>$250,000 single, >$500,000 married).
- Roth 401(k)s offer tax-free growth and withdrawals in retirement.