In this episode I talk about the different retirement account options, employer-sponsored and otherwise.

Links to some of the content I discuss is listed in the sources below.

Sources:

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Segal, T. (2023) Roth 401(k) matching: How does it work?, Investopedia. Available at: https://www.investopedia.com/ask/answers/102714/are-roth-401k-plans-matched-employers.asp (Accessed: 29 December 2023).

Bieber, C. (2023) 401(k) vs. IRA: Which is better for you?, The Motley Fool. Available at: https://www.fool.com/retirement/plans/401k/401k-vs-ira/ (Accessed: 29 December 2023).

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 (2023) Internal Revenue Service. Available at: https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000#:~:text=Highlights%20of%20changes%20for%202024,to%20%247%2C000%2C%20up%20from%20%246%2C500 (Accessed: 29 December 2023).

Lynch, S. and Lynch, S. (2023) What’s the difference between after-tax contributions to a 401(k) plan vs. Roth 401(k)?, Empower. Available at: https://www.empower.com/the-currency/work/after-tax-vs-roth-401k#:~:text=After%2Dtax%20contributions%20to%20a%20401(k)%20plan%20are,subject%20to%20the%20%2422%2C500%20limit (Accessed: 29 December 2023).

Retirement topics - catch-up contributions (2023) Internal Revenue Service. Available at: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions#:~:text=Individuals%20who%20are%20age%2050,403(b) (Accessed: 29 December 2023).

2023-2024 tax brackets and Federal Income Tax Rates (2023) NerdWallet. Available at: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets (Accessed: 29 December 2023).

Money, F.S. (2023) Ira contribution limits for 2023 and 2024, Fidelity. Available at: https://www.fidelity.com/learning-center/smart-money/ira-contribution-limits#:~:text=The%20IRA%20contribution%20limits%20for%202024%20are%20%247%2C000%20for%20those,those%20age%2050%20or%20older (Accessed: 29 December 2023).

Team, T.I. (2022) Vesting: What it is and how it works in retirement and Benefits, Investopedia. Available at: https://www.investopedia.com/terms/v/vesting.asp (Accessed: 29 December 2023).