06.14.23 New Retirement Account Tax Benefits / Problems With 5 Different Payment Apps

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 14 June 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Clark highlights recent and upcoming changes to retirement accounts involving tax law changes with potential benefits you should know about. Also, new issues with Zelle and Apple Savings accounts, and a warning for Venmo, Cash App & PayPal users. Retirement Account Changes: Segment 1 Ask Clark: Segment 2 Hazard With Payment Apps: Segment 3 Ask Clark: Segment 4 Mentioned on the show WSJ: Retirement-Savings Changes You Should Know About for 2023-24 Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024 Best Budgeting Apps in 2023: Our Top 6 Mint Review: 5 Things To Know About the Free Budgeting Tool What Is a 403(b) and How Does It Work? How To Open a Roth IRA JPMorgan Chase Working to Reverse Double Payments on Zelle - The Wall Street Journal. [The Washington Post] Don’t store money in Venmo, Cash App or PayPal, regulator says Apple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts - WSJ 7 Things To Know Before You Use Zelle 14 of the Best High-Yield Online Savings Accounts in June 2023 5 Things To Know About Series I Savings Bonds Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Great to have you here on the Clark Howard Show.
0:07.4	Our mission is to serve you and empower you to make better financial decisions in your
0:12.9	life.
0:13.9	There are some new changes to saving for your future that go into effect this year and
0:21.4	next year.
0:22.4	And I want to hit you with some of the highlights now because they are the kind of things that
0:28.1	in the noise of life you don't even know they have happened or are happening.
0:34.4	And later there are new things for you to worry about with Apple, Zell, PayPal, Cash
0:43.2	App.
0:45.0	What I need to make sure you are aware of for your wallet.
0:49.7	So Congress made a bunch of changes in tax law.
0:55.8	And several of these add additional complexity to saving for retirement but potential wonderful
1:03.2	benefits depending on your situation.
1:07.0	And there are three in particular.
1:10.1	I want you to be aware of that allow potentially a change that gets you more money that can grow
1:19.2	tax-free and be spent tax-free.
1:23.1	Number one, with an employer sponsored 401k plan, if you go into the Roth version of
1:32.5	the 401k, which for probably more than half of people, the Roth version of the 401k in
1:40.8	your personal situation would be better than doing a traditional 401k.
1:46.1	What I've always had to say is that the employer match goes traditional meaning pre-tax.
1:55.6	So what that means is that even if you are doing Roth 401k, which means the money you're
2:04.8	putting in is after tax, it grows tax-free, it's spent tax-free.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Clark Howard, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Clark Howard and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.