401(k) vs Traditional IRA vs Roth IRAs: Which Retirement Account Is Best For Your Goals

Money Rehab with Nicole Lapin

Money News Network

Education, Business, Self-improvement

4.6 • 1.7K Ratings

🗓️ 6 March 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

401k... IRA… alphabet soup… help? Nicole breaks down the difference between the darlings of the retirement world, and how to know which option is right for you. Here's the info on the Robinhood boost Nicole mentioned: Robinhood has the only IRA that gives you a 3% boost on every dollar you contribute when you subscribe to Robinhood Gold. Terms and conditions apply. Learn more at Robinhood.com/boost Here's the episode Nicole mentioned that explains the perfect legal loophole you can use to snag a Roth IRA

Transcript

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0:00.0	Did you know that some travel credit cards offer 10 x points on your spending?
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0:17.3	Don't wait to make smart financial decisions.
0:19.6	Compare and find smarter credit cards, savings accounts,
0:22.3	and more today at nerdw wallet.com.
0:24.4	Reminder credit is subject to lender approval and terms apply.
0:28.1	Nerd Wallet finance smarter.
0:31.6	I'm Nicole Lappin, the only financial expert you don't mean a dictionary to understand.
0:36.8	It's time for some money rehab. These days we have a whole lot of choices when it comes to investment vehicles for
0:48.9	retirement back in the day it was only Social Security, Medicare, and pensions. That's it. Today there are at least
0:55.8	eight different kinds of benefits plans that you can choose from, but that is a huge responsibility.
1:01.5	So how do we make this decision? Money rehab or Charlie sent in this question.
1:05.8	Hey Nicole, I'm honestly just completely lost when it comes to retirement plans.
1:10.7	Most of my friends have a 401k, but my brother has a Roth IRA and feel so strongly about it.
1:15.6	Which one is better?
1:16.6	And how do you know they're different?
1:17.6	Okay, Charlie, I know that the alphabet soup of retirement accounts can feel so overwhelming, but I'll take you through all of it.
1:25.4	I'll give you the big retirement players and then the pros and cons of each of them.
	...

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