WCI #381: Retirement Accounts and Asset Protection
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Aug 22, 2024
Explore the ins and outs of the Mega Backdoor Roth IRA and discover the potential implications of holding onto old 401(k)s for added asset protection. Dive into the cash vs. bonds debate, highlighting modern investment strategies that adapt to fluctuating interest rates. Learn about managing retirement accounts for freelancers and how to optimize your asset allocation. Plus, tips on navigating 403b complexities and essential financial planning for high-income professionals.
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volunteer_activism ADVICE
403b Plans Need Careful Review
Evaluate 403b plans carefully, especially if managed by insurance companies, due to potential high fees and actively managed funds.
Use them if there are decent investment options, but push employers to improve the plan.
volunteer_activism ADVICE
Consolidate 401ks, Secure Accounts
Consolidate multiple 401ks into one solo 401k for simplicity and better investment options.
Use strong passwords and two-factor authentication to mitigate minimal hacking risks.
volunteer_activism ADVICE
Prioritize Business Deductions First
Always claim legitimate business deductions; they're more valuable than sacrificing deductions for retirement contributions.
After deductions, consider mega backdoor Roth for tax-free growth, especially with high marginal tax rates.
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Today we answer questions about the Mega Backdoor Roth IRA, answer a few questions about 401(k)s, and discuss if it is worth not rolling an old 401(k) into your new one to provide some added asset protection. We talk about cash vs. bonds and how to evaluate your investment mix. Those questions and more on todays episode!
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