On episode 28 of Portfolio Rescue, Ben Carlson and Duncan Hill are joined by Ritholtz Wealth CFO and tax expert Bill Sweet! Submit your questions to askthecompoundshow@gmail.com!

►00:00 – Intro
►0:2:58 – Are ETF’s/Index Funds safer compared to individual stocks?
►08:51 – The data against crypto being an inflation hedge has been mounting for over a year now. Can we finally put the argument to bed and call it a myth?
►14:21 – Could you please explain how capital gains affects your AGI and taxable income?
►19:01 – How does an individual investor get more money into their IRA accounts if they’ve already made their contribution for the year?
►22:41 – Direct indexing and its benefits versus passive indexing in a taxable account.

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Investing involves the risk of loss. This podcast is for informational purposes only and should not be regarded as personalized investment advice or relied upon for investment decisions. Ben Carlson, Bill Sweet, and Duncan Hill are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management. See a complete list of disclosures here:

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How Do I Max Out My Retirement Accounts? | Portfolio Rescue

As retirement looms closer, many individuals find themselves wondering how they can maximize their retirement accounts to ensure a comfortable and financially secure future. With careful planning and strategic decisions, it is indeed possible to maximize your retirement accounts and build a solid foundation for your post-work life. This article will guide you through the process of capitalizing on your retirement accounts and achieving your financial goals.

1. Know Your retirement account Options: The first step in maximizing your retirement accounts is to understand the different options available to you. Common retirement accounts include 401(k)s, individual retirement accounts (IRAs), Roth IRAs, and self-employed plans such as a Simplified Employee Pension Plan (SEP IRA) or a Solo 401(k). Familiarize yourself with the rules and contribution limits of each account type.

2. Contribute as Much as Possible: Once you have identified the retirement accounts that suit your needs, it is essential to contribute as much as you can. These accounts offer various contribution limits, so aim to allocate the maximum allowable amount. For example, in 2021, the contribution limit for a 401(k) is $19,500, with an additional $6,500 catch-up contribution for individuals aged 50 or older. By taking advantage of these limits, you can maximize the tax advantages and growth potential of your retirement savings.

3. Take Advantage of Employer Matching: If your employer offers a retirement plan with a matching contribution, make sure to take full advantage of it. Employer matches are essentially free money that can significantly boost your retirement savings. Contribute at least enough to receive the full employer match, as failing to do so means leaving potential funds on the table.

4. Consider Roth Contributions: Roth contributions are another effective way to maximize your retirement accounts. Unlike traditional retirement accounts, Roth accounts are funded with after-tax dollars, meaning withdrawals in retirement are generally tax-free. If you believe you will be in a higher tax bracket in the future, making Roth contributions can be highly advantageous. Keep in mind that there are income limits for direct Roth IRA contributions, but Roth 401(k)s do not have such restrictions.

5. Take Advantage of Catch-Up Contributions: As you approach retirement age, it is crucial to make use of catch-up contributions if the accounts you have chosen offer them. These allow individuals aged 50 or older to contribute additional funds above the standard limits. For 2021, catch-up contributions for 401(k)s and IRAs are $6,500 and $1,000, respectively. By utilizing catch-up contributions, you can make up for any gaps in your retirement savings and bolster your nest egg.

6. Diversify Your Investments: While maximizing your contributions is vital, it is equally important to focus on the growth and security of your retirement accounts. Diversification is key here; ensure that you have a mix of stocks, bonds, and other investments that align with your risk tolerance and goals. Consult with a financial advisor if needed to develop a well-balanced portfolio that can weather market volatility and provide consistent returns over time.

In conclusion, maximizing your retirement accounts requires a combination of prudent contributions, strategic decision-making, and intelligent investment choices. By understanding your retirement account options, contributing as much as possible, taking advantage of employer matches, considering Roth contributions, utilizing catch-up contributions, and diversifying your investments, you can position yourself for a financially secure retirement. Remember that it is never too late to start planning for retirement, and every small step you take today can make a significant difference tomorrow.