Tax Qualified Plans EP.113

Tax-qualified plans like 401(k)s, IRAs, and other retirement accounts, are essential tools for saving for the future. Understanding how they work and the implications of using them is crucial to being an effective money manager.

In today’s episode, Tom and John McFie talk about what you need to know about tax-qualified plans to know if you’re using them to your advantage. They explore the benefits, potential pitfalls, and how to integrate them into your overall financial strategy for long-term success.

Key Takeaways:

• The basics of tax-qualified plans and how they work.
• How to use tax-qualified plans to maximize retirement savings and minimize taxes.
• The risks and benefits associated with tax-qualified accounts, and strategies to avoid common mistakes.

By understanding tax-qualified plans and using them wisely, you can know you’re making the most of your money while minimizing tax liabilities.

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Recommended Resources: Winning Your Financial GAME (book) with the New Study Guide + Retirement Curveball (book)