Are you thinking about what is better than saving in a 401k or IRA? In this video, I’ll talk about after-tax money and the pros & cons of a 401K or IRAs.

To your abundance!
Doug Andrew

Key Moments In This Episode
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00:00 Intro & Summary
00:56 What Is The After-Tax Money
02:03 What Is A High Or Low Tax Bracket
05:20 What Happens When You Own A 401k
09:03 Pros & Cons of a 401K Or IRAs
12:52 What Is The LASER Fund

What To Watch Next
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Should You Take Advantage Of The 401(k) No Penalty Withdrawals?

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How to Diversify and Create the Foundation for a Tax-Free Retirement

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Saving for retirement is an essential part of financial planning, and two popular options for doing so are the 401(k) and Individual retirement account (IRA). Both of these accounts offer tax advantages and the opportunity for long-term growth, but there are some differences between the two that may make one a better option than the other for certain individuals.

One potential drawback of a 401(k) is that they are typically offered through an employer, meaning that you may not have as much control over the investment options and fees associated with the account. This lack of control can lead to higher fees and lower returns over time, which can ultimately impact the size of your retirement nest egg.

On the other hand, an IRA offers more flexibility in terms of investment options and fees, as you are able to choose a custodian and investment strategy that best suits your needs. Additionally, an IRA can be opened independently of employment, allowing you to continue contributing to the account even if you change jobs.

Another advantage of an IRA is that you are typically able to withdraw funds penalty-free for certain expenses, such as medical bills or a first-time home purchase. This can be beneficial for individuals who may need to access their retirement savings before reaching the age of 59 and a half, which is typically the age at which you can begin taking distributions from a 401(k) without penalty.

Ultimately, the best option for saving for retirement will depend on your individual financial situation and goals. It is recommended that you speak with a financial advisor to discuss the pros and cons of each account type and determine which one is best suited to your needs. Additionally, it may be beneficial to consider using a combination of both a 401(k) and an IRA to maximize your retirement savings and tax advantages.

In conclusion, while both a 401(k) and an IRA offer valuable tax advantages and the opportunity for long-term growth, an IRA may be a better option for some individuals due to its flexibility in terms of investment options and fees. It is important to carefully consider your options and consult with a professional to ensure that you are making the best decision for your retirement savings.