The IRS Just Changed the Rules About 401(k)s (What You Need to Know)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 20 September 2023
⏱️ 32 minutes
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Summary
Transcript
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| 0:00.0 | We love 401Ks. |
| 0:03.2 | So when there's a change, we gotta load you up. |
| 0:05.7 | I am excited about this one, because like you said, |
| 0:08.7 | things, they are a change and even some of the things that are changing are now changing |
| 0:20.6 | from the way that they changed and the last time that they changed. |
| 0:22.7 | And what we want to be able to do is make sure that you guys can keep it all straight. |
| 0:25.9 | So you know what to expect when it comes to this amazing wealth building tool at your disposal. |
| 0:31.3 | Yeah, our favorite taxing uncle, Uncle Sam, you know, he heard what the legislators said |
| 0:37.2 | and he's like, wait a minute guys, have you all really thought this through? |
| 0:40.3 | They thought about this. |
| 0:41.3 | Let's hit the pause button on a few things. |
| 0:43.4 | So that's what we just want to load you up. |
| 0:44.8 | But I think it's first that I want to set some context here. |
| 0:48.2 | In this crazy world we live in now, there is so many influencers and TikTokers. |
| 0:54.7 | I mean, we've actually created our own little genre of TikTok reacts and other things off of this. |
| 1:00.9 | I want to give people the understanding of why we actually do like 401Ks. |
| 1:05.6 | Yeah, we love 401Ks and there are a number of reasons why. |
| 1:09.4 | The first of which are the tax benefits. |
| 1:12.2 | You've heard us say this a thousand times 401Ks are employer sponsored or time or plans |
| 1:17.3 | are one of the very best ways to legally hide money from the government. |
| 1:22.1 | You can either hide money from the government now this year with present tax benefits |
| 1:27.2 | or you can hide money from the government in future years with Roth benefits 401Ks |
... |
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