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Episode Show Notes:
Income is king and people will always prioritize that, but are you keeping as much of you money as you can? Every account you utilize will have its own set of tax consequences, which is why you want to use a variety of account types to help you save for retirement in the most effective way.
In this episode, we’ll weigh the pros and cons of different accounts, starting with tax-deferred accounts like 401(K)s and IRAs. Then we’ll shift to the tax-free options and the benefits that Roth IRAs can provide over time. Tax planning might not be the most exciting thing to dive into, but understanding the different tax strategies can help you keep more money in your pocket.
Here’s some of what we discuss in this episode:
- The pros and cons of tax-deferred accounts, which most people use to invest.
- The benefits of tax-free accounts like the Roth IRA.
- Using a product like a CD instead of a type of account.
- Tax strategies for pre-tax accounts versus tax-free accounts.
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