Great to have you here on the Clark Howard Show where it's all about you learning ways

to keep more of what you have.

So I have been looking at next year's tax rates.

They've just been published.

The standard deduction for next year has been increased and so that is subtracted obviously

from the income you're going to report and what is clear for 21 is something that I've

told you in the last few years is even more true with where the brackets are for both

single taxpayers and married couples that you if you have access to a retirement plan

at work.

But for people who make a huge amount of money which for a couple would be more than $420,000

a year unless you're earning that kind of money.

You absolutely want to do the Roth 401k option if a Roth option is available to you and

a traditional IRA you don't want to put any money in that you want to do Roth only because

the tax rates of today are unusually low and we're running these massive budget deficits.

At some point and with an aging population we have to either train wrecked people's

social security and Medicare benefits which is unlikely or because of how large a percent

of the federal budget they represent we're going to have to have I have to say it higher

taxes.

There's no way that me politicians will tell you whatever they want make government more

efficient.

Reality is almost all of federal expenditures, easy word to say, go to transfer payments

Medicare and social security primarily and people expect to receive those benefits and we

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