Personal Finance

Roth IRA vs 401k (2021)

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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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