Maximize Your Contributions Strategically

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Individuals with earned income, especially those who meet specific income thresholds, have valuable opportunities to maximize their retirement contributions. They can fully fund a Roth IRA, given their income surpasses the necessary limits, while also contributing significantly to a solo 401k—up to $19,500 as an employee and an additional 20% of net earnings as an employer. Understanding the fungibility of money is essential; although it may seem counterintuitive to transfer funds from taxable accounts to retirement plans, doing so can provide significant financial benefits.

Here's what we learned by hiring a financial advisor for a fixed fee of $1,000. Rather than pay a costly ongoing assets under management (AUM) fee, we wanted to test out this increasingly popular fee-for-service advisement model. Eric and Jason discuss each hired the same fee-only, advice-only advisor for $1,000 to evaluate their portfolios and answer a variety of key questions. They share how they found this advisor, what the process was like, the specific questions + answers they had, and who they think could benefit from such a service. Is this the right option for you? Maybe.

Show notes: https://twosidesoffi.com/1Kadvisor