465: Tax-Efficient Retirement Planning: IRAs and 401(k)s vs. Taxable Accounts
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 1 November 2024
⏱️ 23 minutes
🔗️ Recording | Apple Podcasts | RSS
🧾️ Download transcript
Summary
What is the best type of account for you to allocate your retirement savings? One of the biggest factors in helping you make this decision will be taxes.
In this episode, we discuss:
- Current tax deduction vs. ongoing tax deferral
- Impact of the SECURE Act
- Why tax location is important
- How to factor in tax-free accounts
Today's article is from Morningstar titled, The True Tax Benefit of IRAs and 401(k)s. 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.
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Show Notes: Howardbailey.com/465
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Transcript
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| 0:00.0 | You're diligently saving for retirement and you want to know the best account for you to be saving in retirement. |
| 0:05.8 | Is that your 401k or should you not be saving in that 401k or traditional IRA in investing in a taxable brokerage account? |
| 0:14.2 | Today we're going to talk about the pros and cons of where you save those dollars and ultimately give you what you need to have in order to make the |
| 0:22.4 | best decision for your future. |
| 0:28.7 | Hey, my name is Casey Weed and welcome to the podcast where it is my mission to deliver clarity and purpose and elevate meaning in your life. And you say, well, what does that mean? That seems a little weird for a financial podcast. Well, this isn't just a financial podcast. We take a truly holistic approach to thinking about retirement. We're going to have both financial and non-financial discussions here on the show, |
| 0:56.0 | weekend and week out. Every Friday we bring to you a trending topic, which is what we're |
| 1:00.8 | going to do today. We're going to be digging in to an article that showed up in our weekend |
| 1:04.7 | reading for retirees email series. That's an email that hits your inbox every single Friday |
| 1:09.6 | with four articles on trending topics, |
| 1:12.8 | all designed to help you make better decisions at this stage in your life. |
| 1:17.6 | And you have to get this resource, get yourself signed up, get this weekly email that has my |
| 1:23.0 | summaries and takeaways inside of it. |
| 1:25.9 | In addition, you are going to receive a free digital copy of my Wall Street Journal |
| 1:31.1 | bestselling book, Job Optional. |
| 1:33.3 | And weekend and week out, you're not just going to receive those articles. |
| 1:36.5 | We're also going to be putting in your inbox, different outlines that you can use to |
| 1:40.4 | apply to your financial life, white papers, book giveaways, podcast, highlights, |
| 1:44.3 | and more. |
| 1:45.3 | All you have to do is text us the key letters, WR to 888-599-4491. |
| 1:53.1 | You can also check out a link to this particular article in the show notes or just visit |
| 1:59.1 | Howard Bailey.com. |
| 2:00.7 | This week, I am joined by my good friend, fellow certified financial planner practitioner. in the show notes or just visit howard bailey.com. |
... |
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