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Money Guy Show
The IRS Just Changed the Rules About 401(k)s (What You Need to Know)
Sep 20, 2023
The recent changes to 401Ks are discussed, including the delay of a contribution change. The benefits of employer-sponsored 401(k) plans and the importance of avoiding excessive debt are highlighted. The concept of glide path in retirement investing and the two stages of wealth building are explored.
32:23
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Quick takeaways
- The implementation of requiring individuals over 50 to make catch-up contributions on a Roth basis has been postponed until 2026.
- Using a glide path for retirement funds offers important benefits, such as gradually reducing investment risk as individuals approach retirement and taking advantage of undervalued assets during market downturns.
Deep dives
Benefits of 401Ks
401Ks provide tax benefits, including both present-tax benefits and Roth benefits. They also offer free money through employer matches and encourage financial discipline. Studies have shown that 401Ks are a common wealth-building tool for millionaires.
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