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Making the Right Retirement Savings Choice: Roth, 401(k), or Traditional?

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When it comes to retirement savings, choosing the right plan can have a significant impact on your financial future. Should you opt for a Roth IRA, a traditional IRA, or contribute to your employer’s 401(k)? Understanding the differences and benefits of each option is crucial in making an informed decision. In this blog, we will explore the key takeaways of these retirement savings vehicles to help you make the right choice for your financial goals.

Key Takeaway 1: Roth IRA

Contributions are made with after-tax income, allowing for tax-free withdrawals in retirement.

Ideal for individuals expecting to be in a higher tax bracket during retirement.

Flexibility to withdraw contributions penalty-free at any time.

 

Key Takeaway 2: Traditional IRA

Contributions are made with pre-tax income, reducing taxable income for the current year.

Taxes are paid upon withdrawal during retirement.

Suitable for individuals expecting to be in a lower tax bracket during retirement.

 

Key Takeaway 3: 401(k)

Employer-sponsored retirement plan with contributions made from pre-tax income.

Often includes employer matching contributions, effectively doubling your savings.

Allows for higher contribution limits compared to IRAs.

 

Conclusion:

Choosing the right retirement savings option is a critical step toward securing your financial future. At Prevail, we understand the importance of personalized financial strategies tailored to your unique needs. Our team of experts can guide you through the decision-making process and help you navigate the complexities of retirement planning. To learn more about our investment strategies and how we can assist you in achieving financial freedom, visit our website, email us at riseabove@prevailiws.com, or call 913-295-9500.

Remember, the right retirement savings choice can make a significant difference in building a solid financial foundation for your future. Don’t hesitate to reach out and start your journey toward a secure retirement today.

 

Disclaimer: The information provided in this blog is for informational purposes only and should not be considered as financial or legal advice. It is always recommended to consult with a qualified financial professional before making any financial decisions.
The name “Prevail” references independent services offered by Prevail Innovative Wealth Advisors, LLC. Prevail Strategies LLC., and Prevail Alternative Assets LLC.,
Investment Advisory services are offered through Prevail Innovative Wealth Advisors, LLC, a federally registered investment advisor. Registration with any securities authority is not an endorsement of the services offered by the investment adviser. Fixed insurance products and services are offered through Prevail Strategies, LLC, a licensed insurance agency. A client may receive investment advice in addition to fixed insurance recommendations as a part of the financial planning process. Prevail Innovative Wealth Advisors, LLC and Prevail Strategies LLC have common ownership. Prevail Innovative Wealth Advisors, LLC and Prevail Strategies LLC do not provide tax or legal advice. You should always consult your CPA or tax professional for decisions involving tax implications present and future.
For a copy of Prevail Innovative Wealth Advisors Privacy Policy, Disclosure Brochure (Form ADV Part 2A), or Client Relationship Summary (Form ADV Part 3), please contact your Investment Adviser Representative or call our main office at (913) 295-9500.
It should be noted that borrowing against your life insurance policy, the loan is collateralized against the cash value of the policy. Can you add some disadvantages of borrowing against a life insurance policy?
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Making the Right Retirement Savings Choice: Roth, 401(k), or Traditional?

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