Today I'm sharing the correct order for saving and investing your retirement dollars. Most people think the first stop for your hard-earned money is your 401(k) or IRA, but that's not always the case. Knowing exactly where to save your money 1st, 2nd, 3rd, etc., can make a big difference in your long-term savings and future tax bill. So, if you have always wanted to know the order of operations for saving your money, this episode is for …
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Per Stirpes: How This Funny Word Can Save You From Sending Thousands (or Millions) of Retirement Dollars to the Wrong Beneficiary
Today I'm going to tell you what per stirpes is, in Plain English. Why? Because most retirement investors skip this step when setting up their retirement accounts. And skipping this step can result in thousands (or millions) of your hard-earned dollars going to the wrong person. The good news is that you don't even need an attorney to take action. So, if you want to learn how you can avoid making a big estate planning mistake, you …
Financial Myth #4: A Traditional 401k is Better Than a Roth 401k
When you contribute to retirement accounts, you typically have two options: Contribute pre-tax dollars today, pay taxes in retirement when you withdraw (Traditional 401k/IRA) Contribute after-tax dollars today, withdraw tax-free in retirement (Roth 401k/IRA) Ask 100 people and 99 of them will likely choose option one every time. A tax deduction certainly sounds better than no tax deduction. I get it. I love tax deductions. But …
