Should you invest & pay taxes now for your retirement planning - Roth IRA / Roth 401k OR should you get the tax deduction and invest in a PRE-TAX Traditional IRA or 401k? There are many opinions about investing in AFTER TAX retirement accounts vs PRE-TAX retirement accounts, but how many times have you thought about when is it BEST FOR YOU?
From my perspective, as a Florida resident that lives in a state with NO state income tax AND plans to remain a Florida resident - in a state with no state income tax - throughout our retirement years...I am a firm believer in maxing out your Roth IRA and/or Roth 401k.
However, if you currently live in a state that has a state income tax & you're in a high tax bracket & you plan to retire to a state that does NOT have a state income tax AND you plan to reduce your retirement lifestyle/expenses...then I believe you should contribute to your PRE TAX retirement accounts.
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Hope you found a nugget or two in this one. Cheers!
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
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