Apr 21, 2022
When saving for retirement there are various tools and vehicles you can invest your money in. Some come with a tax bill now while others will come later. With tax-deferred accounts like a 401(k) or IRA, you pay your taxes later and save now.
In contrast, with a Roth IRA, you don’t have to worry about tax brackets going up because you can withdraw in retirement tax-free. While there is equity exposure for these accounts you can still leverage how you diversify your savings to have a tax-efficient plan. On today’s episode, we’ll explore the various retirement accounts and the tax pros and cons with each.
Key Points:
0:27 – Tax-deferred accounts
4:41 – Roth IRA accounts
8:46 – Taxable accounts
11:16 – CDs or safe money
12:55 – Life insurance
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