Pitfalls of Typical Financial Planning

Pitfalls of Typical Financial Planning

Typical financial planning has left many people dependent on Social Security, with 401(k)s, simple IRAs, and other Tax Qualified Plans marketed as the “golden goose.” These plans can become financial traps if you don’t fully understand their “terms and conditions.”

Is that “free money” from your employer really free, or could it cost you more in the long run?

In today’s episode, Tom and John discuss the potential consequences of relying on traditional systems like 401(k)s and IRAs, including the unexpected tax implications that could catch you by surprise.

Key Takeaways

• The real cost of employer contributions to 401(k)s and IRAs.
• Hidden tax implications of typical retirement planning tools.
• Why traditional systems may not be as secure as they seem.

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