In this week's episode, sprocket888 and viperxl007 start a new series about retirement. Sure, this is a long way off for both of these Blockheads, but is it ever too soon to start saving? This episode examines the primary vehicles used to hold and grow wealth for retirement. We will take a look at some IRA's, 401k's, SEPs, and even HSA's. Neither of us are financial planners or have formal training, so we will share our thoughts and strategies with you on this topic. Our goal in this episode (and series) is to spark curiosity in the viewer to get them to start asking themselves critical questions on the subject and how it pertains to them.
As this is only our view on the tools we are using, you might have questions about things we don't plan to cover. We are always looking to expand our knowledge, so please leave a comment about what you want to know, and we will dig in and talk about it.
- 00:00 Disclaimer
- 00:22 Intro
- 01:22 Retirement, this is NOT trading, this is investing
- 04:16 Really....we are NOT experts...or professionals
- 05:24 Nobody is going to tell you when it is time to get ready. You can never be too prepared.
- 07:16 Retirement vehicles
- 09:45 Traditional vs Roth
- 11:56 What to think about when considering Roth v Traditional
- 14:33 What is my tax bracket going to be in retirement?
- 16:14 Why settle for one, it is always good to have options!
- 17:07 A common strategy for Roth accounts
- 17:57 Let's talk about a traditional IRA
- 20:22 Literally ANYONE can have an IRA
- 21:26 Choices in an IRA are virtually limitless
- 22:28 Let's take a look at a ROTH IRA
- 23:54 401k the general replacement of a pension
- 25:30 Let's talk about the characteristics of a 401k
- 28:01 Make sure you know what your specific employer offers
- 28:58 Make sure if you employer has a match you take 100% advantage of that.
- 30:28 401k options WILL vary widely from employer to employer
- 31:53 Let's take a look at the 401k ROTH
- 34:44 Do the employed have an advantage? Enter the SOLO 401k
- 38:00 Last let's look at a SEP retirement account
- 39:15 What does sprocket888 do, a look into HIS plan
- 41:44 sprocket888 does use and HSA, and absolutely considers an HSA as part of a retirement strategy
- 46:43 DON'T write off an HSA before you really look into it
- 49:02 You don't need an employer to provide you an HSA!
- 50:56 What does "all accounts under one roof look like?"
- 53:19 Moving money from one retirement account to another is actually not that scary
- 57:15 Conclusion: This is just the beginning, more coming on many aspects of retirement
- 58:48 Outro
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