59% of employees not saving for retirement believe they are saving for retirement, according to Principal Financial Group. IRAHelp.com Founder & CPA Ed Slott joins Wealth! to discuss retirement plans and some of the changes that you should take advantage of.
“Everybody thinks inflation is bad, and I get that because things cost more. But when it comes to taxes, inflation is great because tax brackets expand too. So more money can come out at lower rates. And the other opportunity now is the low rates… We have historic low tax rates now. So the key to anybody saving for retirement is if you have an IRA, a 401(k), remember those accounts are loaded with taxes. The only way you can get to that money is by paying taxes. So if you can get that money out now, because I’m worried about future higher taxes, we have debt limits, the laws may be changing, so anybody stockpiling money in an IRA or 401(k) should be taking action,” Slott explains.
He calls Roth IRAs “the best account ever created” as it grows income tax-free. He adds, “The only question is, how much are you willing to pay to get it? And the price you pay is the tax rate, which as I said, is very low now. So you talk about generations. Young people should only be doing Roth IRAs.” He notes that young people “have time on their side” to build tax-free wealth in a Roth IRA.
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Preach!!🙌🙌 Any biz owners out there I’d recommend Employee Fiduciary for self-directed or team Roth 401ks – cheers!
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