Optimal Finance Daily - Financial Independence and Money Advice 3037: Investment Workshop 42 - Double Fisting Your Retirement Accounts by Wanderer of Millennial Revolution
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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!
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Justin's Financial Maneuvering
- Wanderer met with Justin McCurry, a fellow blogger known for lifehacking.
- Justin strategically took on student debt at 0.75% interest and profited by investing it.
Favorable Tax Laws for Early Retirees
- US and Canadian tax laws are favorable for early retirees, often resulting in minimal taxes.
- Justin and his wife paid only $150 in taxes on a combined $150,000 salary using this strategy.
Double Fisting Retirement Accounts
- Contribute the maximum amount to both accounts if eligible for multiple retirement plans like 403(b) and 457(b).
- This reduces your taxable income and helps with early retirement.