401k Versus IRA

Secure Your Retirement

Do you understand the difference and similarities between 401ks and IRAs? How can you make the two or one make sense for you as your retirement plan?

Both 401ks and IRAs are set up to encourage you to plan for your retirement, and you should have an analysis and a conversation on which one is good for you. But when you have the opportunity, moving from a 401k to an IRA gives you more flexibility and investment options.

In this episode of the Secure Your Retirement podcast, we talk about the differences and similarities between 401ks and IRAs. Listen in to learn how you can move your 401k funds into an IRA and its benefits.

In this episode, find out:

● A 401k is an employer-sponsored retirement plan, and an IRA is an individual retirement account.

● The pre-tax (traditional) 401k or IRA and the tax-free option (Roth).

● The difference between pre-tax and Roth 401ks/ IRAs and the tax benefits of each.

● The two major benefits of a 401k in terms of how it can be funded.

● In-service rollover - when you can move your 401k funds into an IRA and the benefits.

● A strategy on how we can access your 401k and make trades on your behalf.

● The simple process of doing an in-service rollover to move you from a 401k to an IRA.

Tweetable Quotes:

● “On the funding side, 401ks typically are going to allow you to put in much more money than an IRA.” -Murs Tariq

● “In general, as long as you’re employed with the company, you cannot move from the 401k to an IRA.” - Radon Stancil

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.