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Pretax vs Roth- Which is Better for You If You're in the 24% Tax Bracket?

Pretax vs Roth- Which is Better for You If You're in the 24% Tax Bracket?

FromReady For Retirement


Pretax vs Roth- Which is Better for You If You're in the 24% Tax Bracket?

FromReady For Retirement

ratings:
Length:
22 minutes
Released:
Oct 24, 2023
Format:
Podcast episode

Description

If you're in a high tax bracket now and expect to remain in a high tax bracket after retirement, should you prioritize pre-tax retirement accounts or Roth retirement accounts for individuals? James answers this and discusses various factors to consider in making this decision, including current and future tax brackets, required minimum distributions (RMDs), charitable giving, life expectancy, and the impact on heirs. Using a real-life scenario, James offers a thoughtful approach to help you make an informed decision based on your unique circumstances.Questions Answered:Should individuals in high current tax brackets prioritize pre-tax retirement accounts or Roth retirement accounts? What impact will required minimum distributions (RMDs) have on your future tax situation?Timestamps:0:00 Intro3:48 Considering Roth contributions7:05 Example13:25 Charitable giving15:42 Life expectancy18:18 What about your heirs?20:52 OutroCreate Your Custom Strategy ⬇️ Get Started Here.
Released:
Oct 24, 2023
Format:
Podcast episode

Titles in the series (100)

Ready For Retirement is the podcast dedicated to helping you learn the tips and strategies that will help you achieve your retirement goals. When it comes to retirement planning, it can quickly become overwhelming and easy to not take action. I designed this podcast because I want you to have the knowledge and confidence to create your secure retirement. My ultimate goal for all of my clients (and listeners) is to create peace of mind and that starts with having a strategy. I want you to spend more time thinking about what matters most to you in retirement. I post weekly episodes to keep you up-to-date on all the best tips and strategies to create a retirement that excites you. Everything from investing tips, tax planning, withdrawal strategies, insurance planning, Social Security, and that's just the start! Let's help you maximize your return on life. We use your money and the strategies I share in this podcast to do just that!