
Traditional Vs Roth Accounts: Which Is Right For You?
Welcome back to Your Financial Compass! In today’s episode, we’re diving into the key distinctions between Traditional and Roth IRAs and 401(k)s. If you’ve ever wondered about the differences, pros, and cons, this episode is your guide to understanding these essential financial instruments.
Tune in as Scott explores the historical context for these accounts, shedding light on their origin and significance. You’ll learn about the tax implications, contribution limits and eligibility criteria that sets them apart and gain insights that can help you make the best decision for you and your financial future. Whether you’re new to financial planning or a seasoned pro, this episode offers valuable insights into these retirement vehicles!
Here’s some of what we discuss in this episode:
- What are the differences between traditional IRAs and traditional 401(k)s, and how do they work?
- How do Roth IRAs and Roth 401(k)s differ from their traditional counterparts?
- What are the potential benefits of using a Roth account, and are there any income limitations?
- Can you transfer old 401(k) accounts into traditional IRAs without tax consequences?
If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com.
Check out this CNBC article on 401(k)s