456: Retirement Tax Planning: Should You Max Out Your 401(K)?
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 6 September 2024
⏱️ 22 minutes
🧾️ Download transcript
Summary
What is the most effective way for you to save money for retirement? While traditionally, many have turned to accumulating wealth in their 401(k), the caveat comes in the form of taxes due.
In this episode, we discuss:
- Why it's important to diversify your savings buckets
- The capital gains tax rate
- How to save for retirement amidst tax rate uncertainty
- Marginal vs. effective tax rates
Today's article comes from Of Dollars And Data titled, Nothing is Certain Except Debt and Taxes. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register.
Show Notes: Howardbailey.com/456
Rate & Review the Podcast: RetireWithPurpose.com/review
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
Click on a timestamp to play from that location
| 0:00.0 | This latest generation of millionaires, they're becoming millionaires because they saved money in their 401k, not because they invested in real estate, not because they own businesses, but yet is that still the best way to be saving money for retirement? |
| 0:14.7 | We answer that question and more today. Today. My name is Casey Weed, and it is my mission to deliver clarity and purpose and elevate |
| 0:29.6 | meaning in your life. |
| 0:31.0 | And we do that in a number of different ways here on the show. |
| 0:33.9 | So if you're new to the podcast, I want you to know what to expect. |
| 0:36.9 | This isn't your typical financial podcast. We're not going to be visiting with you weekend and week out |
| 0:41.5 | and simply talking about IRAs, mutual funds, ETF, stocks, bonds, what's going with taxes, |
| 0:47.0 | interest rates. Now, we are going to focus some of our conversations on those topics, |
| 0:51.3 | but we take a truly holistic approach here at Howard Bailey and on the podcast here with you, where we want to talk about everything, both the financial and non-financial aspects of retirement, bringing you world-class guests from around the world, speaking on a variety of different topics, including health and retirement, fitness over 50, talking about their own personal retirement planning |
| 1:13.1 | experiences, and also creating purpose in retirement, of course. |
| 1:18.2 | And we also visit with you every single Friday for short form interview podcast, just |
| 1:23.1 | like we're doing today, where we're going to deliver to you a topic, a trending topic. And these |
| 1:28.6 | trending topics come from our weekend reading for retirees email series. That's an email |
| 1:33.3 | that hits your inbox every single Friday. Our team we go out, we do the work to deliver |
| 1:38.1 | to you four articles that can keep you up to date on the latest trends. And in addition to those |
| 1:43.1 | four articles, we send you all kinds |
| 1:45.0 | of other great things in that one email per week, whether that's free webinar invitations, |
| 1:50.2 | free assessments, book giveaways, and more. So you need to get yourself signed up. We'll also |
| 1:54.8 | send you a free digital copy of my Wall Street Journal bestselling book job optional by simply |
| 1:59.7 | texting the keyword WR to 866-482-959. |
| 2:05.4 | That's 866-482-9-559. |
| 2:09.2 | Now, we're going to get started today with my good friend and fellow certified financial |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Casey Weade, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Casey Weade and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.