It’s time to wave goodbye to your 401k. There’s never been a better time to walk away from this retirement plan type and start building your own future. On this episode of Investing in Real Estate, you’re going to learn more about the faults of the 401k, and how you can pivot to build a retirement plan that works for you.
You’ll hear about the original intent of the 401k and how it’s evolved over time. You’ll also learn about alternative investment types, and how you can take charge of your own retirement plan. Please join me for episode 696!
On this episode you’ll learn:
- Why the 401k has veered away from its original design.
- The problem with a tax-deferred retirement plan.
- An alternative retirement plan to consider.
- And much more!
Why the 401k Has Veered Away From Its Original Design
Did you know that from its inception, the 401k was designed to work in conjunction with a pension plan? But now, most people don’t have pensions. This leaves the 401k standing alone, and I’m sorry to tell you that it is not a comprehensive retirement plan.
The Problem with a Tax-Deferred Retirement Plan
One huge problem I have with the 401k is that it’s tax-deferred. This buzzword draws people in… who doesn’t want to put off paying taxes? But here’s the thing, if you’re financially intelligent, you’ll be retiring MORE WEALTHY than you currently are. Why put off paying taxes until you’re in a higher tax bracket. Not to mention, the 401k is typically riddled with fees.
An Alternative Retirement Plan to Consider
I suggest looking into a Roth self-directed IRA. With a self-directed account, you are able to choose your investments and take control of your retirement. To learn more, book a call with our self-directed experts at morrisinvest.com
Episode Resources
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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