Roth IRA vs 401k (2021)
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.
– Investing with after-tax contributions
– 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.
– 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.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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