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Money Girl

Retirement Accounts Explained–5 Types You Should Know

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 9 May 2025

⏱️ 22 minutes

🧾️ Download transcript

Summary

Laura answers a listener's question about using a 401(k) and whether now is a good time to invest.

Transcript

Click on a timestamp to play from that location

0:00.0

Hey everyone, welcome back to Finance Friday. It's another special edition of Money Girl where I

0:09.8

answer your burning money questions. Today's topic comes from Cassandra from Queens, New York,

0:16.9

who says, I'm 56 years old and work for a New York City agency. I've had many good jobs in my

0:24.7

lifetime, but I don't have a 401k. However, I do have a New York City pension plan and an IRA.

0:33.5

Do I need a 401K? And is it wise to open one in this current political climate with so much market volatility?

0:41.8

Thank you from a forever and grateful listener. Cassandra, thank you so much for your question and for being

0:48.5

part of the Moneygirl community. I love that you're thinking about investing more for retirement,

0:56.5

regularly contributing to one or more tax advantage retirement accounts is wise if you want a financially comfortable retirement.

1:02.7

So this podcast will review five types of retirement accounts. We'll talk about their rules

1:08.4

and benefits and who qualifies to use them.

1:12.6

I appreciate you downloading episode 925 of The Money Girl podcast.

1:17.7

I'm your host, Laura Adams.

1:19.4

I'm an award-winning author, speaker, spokesperson, and founder of the Money Stack.

1:24.4

That's my substack newsletter.

1:26.2

You can subscribe for free or become a paid member

1:29.3

and support the show and get access to live educational events. I'd love to have you in that community

1:35.4

as well. You can learn more and connect with me at laura d adams.com. That's also where you can email me

1:42.1

your money question. I would love to hear whether you've got a question or a comment. You can also record a message on our voicemail at 302-364-0308. We always love hearing from you. So let's talk about five types of retirement accounts. So first of all, an important concept to know

2:03.8

when we're talking about retirement accounts is that they're not investments in and of themselves.

2:09.8

You know, a lot of people think that, well, I have a 401 case, so I have this investment.

2:14.5

You could actually have cash sitting inside a retirement account that is not invested.

2:19.7

So what they are is terrific places to own investments so that you get preferential tax treatment.

...

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