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Optimal Finance Daily - Financial Independence and Money Advice
3037: Investment Workshop 42 - Double Fisting Your Retirement Accounts by Wanderer of Millennial Revolution
Feb 11, 2025
Wanderer of Millennial Revolution, a savvy financial blogger known for his early retirement insights, shares invaluable tips on maximizing retirement contributions. He reveals how certain professionals can leverage multiple tax-advantaged accounts to significantly lower their taxable income. Many miss out due to lack of awareness, but Wanderer discusses the 'double fisting' strategy that allows simultaneous contributions. He emphasizes the importance of understanding eligibility for various plans and offers strategies to navigate early retirement penalties. A must-listen for aspiring financial independents!
10:30
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Quick takeaways
- Contributing to multiple retirement accounts can significantly lower taxable income and enhance financial independence for eligible workers.
- Many employees miss tax-saving opportunities due to a lack of knowledge about their eligibility for various retirement account options.
Deep dives
Maximizing Retirement Contributions
Contributing to multiple retirement accounts simultaneously can significantly reduce taxable income, a strategy known as 'double fisting.' Individuals can qualify for different types of retirement accounts, such as a 403B and a 457, allowing them to contribute up to $36,000 annually in pre-tax funds if they have overlapping eligibilities. For instance, state employees and nonprofit workers can take advantage of this approach, leading to a reduced tax bill—one couple reportedly managed to limit their tax payment to just $150 despite a $150,000 income. This rarely known strategy is often overlooked, as many employees are not informed about their eligibility for multiple accounts, meaning they miss out on potential tax savings.
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