In this video, CERTIFIED FINANCIAL PLANNER, Professional, Colin Exelby discusses how to maximize your tax-free Roth Retirement Strategy. Why are the Roth 401(k) and Roth IRA so important to successful retirement planning? As America’s IRA expert Ed Slott says, “It’s about moving assets from forever taxed to never taxed.”

How much wealth and income you create AFTER taxes depends heavily on the strategies you employ before you need the money. Today’s low tax rates are set to expire in 5 years. There isn’t much time to take advantage of them.

Check out Part 4 of my video series, How to Create a 100% Tax-Free Income in Retirement as I discuss why the Roth 401(k) is so important to a successful retirement.

Timestamps :

00:00 Introduction
01:46 Let’s talk Roth!
01:55 Why does everyone love a Roth IRA?
04:09 Current Tax Brackets
05:09 When it is time to withdraw funds are there the same requirements as traditional
IRAs and 401ks?
06:20 Why the Roth 401(k) is so Important to a Successful Retirement Plan
07:16 Biggest difference between Roth 401(k)s and Roth IRAs
07:53 Additional Emergency Fund
09:02 Wouldn’t I do better to take the deduction now and have those funds grow pretax?
12:18 Create your optimal tax-deferred retirement account

★☆★ Lord of the Roths: How Tech Mogul Peter Thiel Turned a retirement account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank ★☆★

★☆★ PSCA’s most recent survey ★☆★

★☆★ Wall Street Journal Article: Wow, Did We Get a Lot of Questions About the Roth 401(k)★☆★

★☆★Future Value Calculator★☆★

★☆★Right Capital★☆★

★☆★ Part 1: How to Keep Your Social Security Tax-Free ★☆★

★☆★Part 2: Why Current Tax Rates Are So Attractive for Planning ★☆★

★☆★Part 3: How Much Should You Have in Your Retirement Accounts to Create a Tax-Free Income? ★☆★

[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.

I provide financial planning for business owners and their families that makes sense.

Transformational change is made when you focus on the big picture. My goal is to help you think outside the box about your life, your money, and your health to be the best you can possibly be.

We strive to help you:
*Optimize Your Cash Flow
*Minimize Your Taxes
*Build Your Net Worth
*Create a Lasting Legacy

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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

When it comes to building wealth, taking advantage of tax savings can be a key strategy. The Roth IRA and Roth 401(k) are two investment vehicles that allow investors to grow their wealth while keeping taxes at bay.

The Roth IRA is a type of retirement account that is funded with after-tax dollars. This means that contributions are made with money that has already been taxed, so investors don’t have to pay tax on those funds again when they withdraw them in retirement. In addition, earnings in a Roth IRA grow tax-free, making it a powerful tool for retirement savings.

Investors can contribute up to $6,000 per year to a Roth IRA, and those who are over 50 can make additional catch-up contributions of $1,000 per year. Contributions can be made at any point during the year, and investors have until the tax-filing deadline (usually April 15th) to make contributions for the previous year.

In addition to the tax benefits, Roth IRAs offer flexibility when it comes to withdrawals. Unlike traditional IRAs, Roth IRA contributions can be withdrawn at any time without penalty or tax implications. Earnings, however, can only be withdrawn tax and penalty-free once the account holder reaches age 59 ½ and has held the account for at least five years.

The Roth 401(k) works similarly to the Roth IRA but is offered through an employer. Contributions are made with after-tax dollars, and earnings grow tax-free. The contribution limit for a Roth 401(k) is much higher than a Roth IRA – $19,500 per year for individuals under 50 and $26,000 for those over 50.

Like the Roth IRA, the Roth 401(k) offers flexibility with withdrawals. Contributions can be withdrawn at any time without penalty or tax consequences. Earnings can only be withdrawn tax and penalty-free once the account holder reaches age 59 ½ and has held the account for at least five years.

One potential downside to the Roth 401(k) is that not all employers offer it. In addition, some employers may not offer a matching contribution for Roth contributions, so investors should weigh the benefits and potential employer contributions before deciding which retirement account to use.

In summary, the Roth IRA and Roth 401(k) offer powerful tax benefits for investors looking to maximize their retirement savings. By contributing after-tax dollars, investors can create a tax-free stream of income in retirement. With flexibility in withdrawals and the potential for higher contribution limits with a Roth 401(k), investors should carefully consider which option is best for their financial goals.