Roth IRA or 401k, Which is BETTER for Retirement Savings? (Yes, there is a winner!)
Roth IRA or 401k? Which is better for saving for retirement and then using it for retirement income? In this video we are going to do a deep dive into what is a 401k, what is a Roth IRA, and which is the BEST for saving for Retirement!
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Drew Blackston, CRC® & RFC®
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Info@pearlwealthgroup.com
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$1Million traditional vs $1Million Roth is a bogus example as it neglects to explain that the Roth account requires much more pre-tax income than the $1Million traditional account. If the same exact amount of pre-tax income were contributed to both Roth and traditional accounts then the traditional account would have a much higher balance before withdrawal. This video fails and neglects to show the math that gets to $1Million.
Your math is a little deceptive in that you started both accounts with the same amount and then took taxes out of the 401k, your Roth probably should have started at a lower value because the taxes paid on the contribution should have been accounted for as we!!. So it should have come down to were the taxes higher on the 401k plus taxable social security than on the money put into the Roth plus any taxable social security.
In your example what happened to the money the person saved from not paying taxes on his contributions to a 401k? When comparing a 401k versus Roth IRA there is tax savings up front? That money is supposed to be invested.
What happened to the 401K match? A 401k like you said 90% of the time has a match how could a 401K with a match and a Roth IRA have the equal amount in it? (Between the match and the tax savings where did this money go?)