The Hidden Costs of Retirement Planning: 401(k) and IRA Accounts [PODCAST 13]

The decision to save through a 401(k) or IRA account can have a substantial impact on your retirement plans. You need to consider any hidden fees, potential risks and rewards, as well as the ultimate goal of creating a cohesive retirement portfolio.

In this episode, Tim Regan and Katie Umland explore the differences between these two types of investment accounts. Learn the answer to some of the most common questions concerning retirement accounts, including:

  • What is a 401(k) and how does it differ from an IRA?
  • What is employer 401(k) matching and how can it impact my taxes?
  • What are the fee differences between a 401(k) and IRA?
  • If I leave my current employer, what happens to my 401(k) savings?
  • What are the benefits of having an advisor help manage a portfolio?

Many individuals aren’t even aware that retirement accounts incur fees. 

“Just like anything else in this world, anytime you get a benefit – whether it be a service or a good – you expect to pay for that,” Regan explains. “For example, there has to be someone who administers your 401(k).”

In addition to fee expenses, it’s also important to realize that there are contribution limits associated with these investment accounts. For the 2023 tax year, 401(k)s employee contributions are limited to $22,500 for those under the age of 50, and up to $30,000 for those over the age of 50. While an employer-matched 401(k) is often a great option for investors, what are their options after they’ve reached that maximum contribution?

And what if an emergency occurs, and you need to withdraw money for purposes other than retirement?

The answer to these questions aren’t one-size-fits-all. Your strategy for retirement planning should consider several factors, like your age, goals, current and potential taxes, retirement lifestyle and so on. 

Knowing the nuances associated with your retirement accounts can give you more flexibility and control over your future. Together, we’ll uncover potential retirement account expenses to ensure you know what you’re paying for as you save for retirement.

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