401k vs IRA -- Where should you start investing for retirement first?

401k vs IRA -- Where should you start investing for retirement first?⛱ M1 Finance IRA $30 bonus: go.robberger.com/m1finance-bo... Click "Show More" to see Ad Disclosure
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Where should you save and invest for retirement first? A 401k? An IRA? or perhaps a taxable account? In this video we walk through some key differences between 401k and IRA accounts. Then we look at the best way to find these accounts to maximize your retirement savings.
#401k #ira #401kvsIRA
ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
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[@jeff3olsen]

Great presentation! I love your investing order of operations!

[@JayCalderon211]

Just what I needed to know. thank you Rob

[@robertr4715]

Very good advice Rob. There is nothing I would suggest different.

[@laptran9612]

Great information always! Thank you, Rob.

[@jackykuk4436]

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[@Retire-py2yk]

Thanks

[@bobbyomari5500]

Thanks Rob!

[@jackykuk4436]

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[@kmuilen]

Hey Rob - love this video! Where would you rank an Employee Stock Purchase Plan in this list?

[@jackykuk4436]

🔝🔝Investment Help line👆Feel free to reach out, i got something for you.

[@sarav27]

Hi Rob, Thanks for this great financial education. Could you let know where does a Traditional IRA fall under this order of operations?

[@alrocky]

@ 20:17 Maximum contribution $6,000 to Roth IRA would preclude contributing to traditional IRA. Contributing to Roth IRA instead of traditional IRA a better choice for most people for several practical reasons. I can list and explain if you request.

[@krihanek117]

What a cool HSA hack. Thanks Rob.

[@jackykuk4436]

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[@70qq]

thanks

[@jackykuk4436]

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[@iancullen40]

Hi Rob thank you for your insight. Can you do a video on Roth 401k vs traditional.

[@jackykuk4436]

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[@JR49300]

@RobBerger ok I have a 403b target date with fidelity , not maxing that out. I max out Roth and I have a taxable ...I also have a pension coming when I retire..

[@jackykuk4436]

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[@ero1456]

I prefer the 15-20 minute educational videos versus the 2 hour q and a.

[@jackykuk4436]

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[@izik6894]

Hi Rob! Can you please review my M1 dividend portfolio? Thanks!

[@jackykuk4436]

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[@kishorek7936]

Thanks for putting this video. Should I leave rolled over 401k funds in current 401K when cashing out at 56y age? For any minimum period of time.

[@matthewharrigan3568]

What's your opinion on taxable vs mega backdoor 401k contribution?

[@jackykuk4436]

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[@MysteryExodus]

Regarding the 5 year Roth IRA rule. Does this mean if I contribute $1000 in 2020 I can't withdraw w/o penalty until 2025, and then if I contribute $1000 in 2021 i can't withddraw until 2026?

[@JeanValjean875]

What advice would you have for someone who is self-employed?

[@alrocky]

To start contribute $6,000 to Roth IRA every year. If you haven't already done so, you can still contribute $6,000 to your *2021* Roth IRA.

[@Micahpickles]

Curious on where to put the Bonds. 401k, Roth IRA, or Brokerage. Thank you.

[@rob_berger]

I put bonds in traditional retirement accounts, for the most part.

[@alrocky]

If municipal bonds are appropriate for you, place them in a taxable account.

[@1175drh]

If your 401k/457k has a Roth option could that be step 3 after the HSA. Or still the Roth?

[@alrocky]

Roth 401(k)/457(k) can be Step 1 and Step 4.

[@TrustedReview100]

I have a workplace retirement account that has a 401k and a Roth 401k. The investments available to me have high fees (1.5% American Funds). My employer puts a certain amount in my 401k without my needing to contribute. Should I skip the 401k and just put the rest of my money (after an HSA and Roth IRA) in a taxable account. At what point do the tax advantages not become worth it?

[@alrocky]

If your retirement plan offers a company match, contribute enough to receive that match and then max contribute $6,000 to Roth IRA and look at taxable brokerage account. Petition your company to switch to a more cost friendly 401(k) provider.

[@fredswartley9778]

If you only have a couple thousand dollars to invest, would you recommend investing in the HSA or Roth IRA? Or both? You can only use the HSA for medical expenses right?

[@alrocky]

No mention of company match in 401(k). Start there.

[@hectorrubio1012]

☺

[@jackykuk4436]

🔝🔝Investment Help line👆Feel free to reach out, i got something for you.