Take a deep dive into the difference between a Traditional vs ROTH 401(k) or IRA. This video gets into the specifics of what you need to know to make an informed decision as well as a detailed example of the tax benefits of both. Take the next step in empowering yourself to have a secure financial future! Enjoy! - LINKS - (When available, we use affiliate links and may earn a commission) COLLEGE SCHOLARSHIP RESOURCES: Debt Free Degree by Anthony ONeal: Ultimate Scholarship Book 2021: FREE Scholarship Prep Bundle: MONEY RESOURCES: Total Money Makeover by Dave Ramsey: Financial Peace University by Dave Ramsey: Chris Hogan R:IQ tool: Everyday Millionaires by Chris Hogan: The Simple Path to Wealth by J L Collins: FREE Money Management Template: PERSONAL DEVELOPMENT RESOURCES: UNSTOPPABLE by Tracy Timm: BUSINESS RESOURCES: VidIQ YouTube Optimization: ConvertKit Email Marketing Solution: - TIMESTAMPS - 00:00 What's the Difference between Traditional and ROTH? 02:18 How does a traditional 401(k) or IRA work? 04:30 How does a ROTH 401(k) or IRA work? 05:10 How to Choose ROTH or Traditional 07:10 Assumptions about the Traditional 401(k)s and IRAs 08:43 What typically benefits a younger worker $60 a month can make you a MILLIONAIRE! - PLAYLISTS - Pay For College WITHOUT Student Loans: - ROTH IRA vs Traditional IRA | Traditional IRA vs ROTH IRA - When you're in high school or just starting your career, retirement feels far away. Most young adults don't care about preparing for their retirement. Their focus is on the here and now. In order to facilitate confidence in your ability to navigate this potentially overwhelming landscape that is retirement planning, we are going to start with breaking down the difference between Traditional vs Roth. These are tax advantaged plans. They protect your investments from taxes. The basics are that with a ROTH account, you pay income taxes NOW on your income and therefore don't pay taxes in retirement. With a Traditional account, you don't pay income taxes now, therefore you have to pay income taxes in retirement. As a younger earner, you will likely be in a lower tax bracket now than you will in retirement, so it would make more sense to pay the income tax now and avoid paying taxes in a potentially higher tax bracket in retirement. In this case I would choose to open a ROTH IRA. If you have any questions, put them in the comments and we can discuss your specific situation. Just know that the most important thing about retirement contributions is starting early and being consistent. So regardless of which way you decide to go, get started today! Get your accounts set up and start contributing whatever you can while working to get to at least 15% of your gross income. Money Management is a Mindset! Stay Empowered! Thanks for watching! #Retirement #Investing #MoneyManagement...(read more)
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