In this video I explain the difference between a Roth IRA vs a 401k, and which is better for your current situation.
Knowing whether to invest in a Roth IRA or a 401k can seem intimidating, but I break down this knowledge into bite sized chunks that will ultimately help you make the right decision moving forward.
A Roth IRA is a retirement account that allows you to save by offering you a tax benefit. The contributions and your investment earnings grow tax-free, meaning there’s no tax on your Roth IRA withdrawals in retirement.
Roth IRA
- Investing with after-tax contributions
- Self-Directed
- It grows tax-free
- You can access your contributions at any time, penalty-free
- No required minimum distribution amount
A 401k is an employer-sponsored retirement plan that allows you to make tax-deferred contributions from your salary or wages to a retirement plan.
401k
- Investing with pre-tax contributions
- Employer sponsored
- It grows tax-deferred
- Employer matches a certain amount
- Contributions are tax deductible
- Distributions will be taxed as ordinary income
I personally max out my Roth IRA every year, and I also contribute up to my employer’s match in my 401k. Whichever vehicle is better for you, I highly recommend that you start investing in either a Roth IRA or 401k by the time this video is over!
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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
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