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What Are My Investment Options Once I Have Maxed Out My 401k?


Maxing out your 401k isn’t the end of the road for your retirement savings. James discusses several smart savings options by walking through real-life examples of unique retirement saving goals and explaining how to allocate your funds to reach them. From investing in a brokerage account to paying down debt, there are a number of ways to continue to grow your savings even after maxing out your 401k. _ _ Learn the tips & strategies to get the most out of life with your money. Get started today → _ _ For more resources and content, check us out below! 🔔Subscribe to our channel to learn more about all things portfolio management 🎧 Listen to our podcast 🧑‍💻 Visit our website to learn more about us 👥 Connect with us on Facebook 📷 Connect with us on Instagram 🔗 Follow us on LinkedIn _ _ ⏱Timestamps⏱ 0:00 Introduction 0:47 Example 1 2:11 Example 2 3:06 Example 3 4:07 HSA 5:34 Roth IRA 7:37 401k Options 9:52 Brokerage Account 11:05 Pay Down Debt 12:14 Employee Stock 14:35 Savings and the Future 15:59 Outro Other videos we think you'll like: About Root: Worried about retirement? Start here: ...(read more)


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After maxing out your 401k, you may be wondering where to put your extra savings. A 401k is an excellent retirement savings option, as it allows you to invest pre-tax dollars and provides tax benefits that can lower your taxable income. But what do you do with additional funds? Here are some options to consider: 1. IRA (Individual retirement account): IRA is a popular option for those looking to save more for their retirement. Like a 401k, an IRA provides tax benefits, and the money invested in IRA grows tax-free. There are two main types of IRA: Traditional and Roth. Traditional IRA contributions are tax-deductible, and the withdrawals are taxed while Roth IRA contributions are not deductible, but the withdrawals in retirement are tax-free. You can contribute up to $6,000 per year to an IRA, and those who are over 50 years can contribute up to $7,000 per year. 2. Taxable investment accounts: If you have maxed out your tax-advantaged retirement accounts, you may want to consider taxable investment accounts like mutual funds, individual stocks, or exchange-traded funds (ETFs). While these accounts do not provide the same tax benefits as a 401k or IRA, they provide more flexibility and can be used for various purposes outside of retirement. 3. Real Estate: Investing in real estate is becoming popular among investors, particularly those with significant savings. Real estate provides diversification to your portfolio and could be an essential source of passive income. There are several options available for investing in real estate, including rental properties, real estate investment trusts (REITs), and crowdfunded real estate investments. 4. Pay Off High-Interest Debt: If you are carrying high-interest debt like credit card debt, student loan debt, or personal loans, it may be beneficial to pay off your debt first before investing more. High-interest debt can eat into your savings, and you may end up paying more in interest than you earn from investments. 5. Health Savings Account (HSA): If you are eligible for an HSA, it can be a great way to save for medical expenses while reducing your taxable income. HSAs are like 401ks and IRAs, but the money invested in them grows tax-free, and the withdrawals are tax-free when used for qualified medical expenses. You can contribute up to $3,600 per year for an individual and $7,200 per year for a family. In conclusion, there are several options available for investing after maxing out your 401k. You can consider investing in an IRA, taxable investment accounts, real estate, paying off high-interest debt, or contributing to an HSA. It is essential to consider your risk tolerance, investment goals, and financial situation while making investment decisions. A qualified financial advisor can help you make the best decisions and create a personalized investment plan. https://inflationprotection.org/what-are-my-investment-options-once-i-have-maxed-out-my-401k/?feed_id=97672&_unique_id=646192c28cddb #Inflation #Retirement #GoldIRA #Wealth #Investing #personalfinance #benefitsofinvesting #dividendinvesting #donoradvisedfund #financialeducation #FinancialPlanning #financialplanningat50 #financialplanningat60 #howdoIretire #individualretirementaccount #investing #ira #longterminvesting #prosandconsofinvesting #Retirement #retirementplanning #rothconversions #RothIRA #TaxPlanning #taxes #BackdoorRothIRA #personalfinance #benefitsofinvesting #dividendinvesting #donoradvisedfund #financialeducation #FinancialPlanning #financialplanningat50 #financialplanningat60 #howdoIretire #individualretirementaccount #investing #ira #longterminvesting #prosandconsofinvesting #Retirement #retirementplanning #rothconversions #RothIRA #TaxPlanning #taxes
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