Episode
Why You Could Make More In Retirement Than While Working
- Published
- Jan 9, 2025
- Duration seconds
- 964
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Summary
One of the biggest reasons I was against contributing to a Roth IRA is my belief that most people won't make more money in retirement than while working. As a result, they're unlikely to pay a higher tax rate in retirement than during their working years. While most Americans earn less in retirement, you aren't most people . You subscribe to the free Financial Samurai newsletter and are obsessed about money and living an incredible life! Readers of personal finance sites like this one are likely saving far more and investing more strategically than the average individual. We're a nerdy bunch who care immensely about our financial future. Thanks to the power of compounding, decades of disciplined saving and investing could result in you earning far more in retirement than you ever anticipated. And perhaps equally as important is understanding how 401(k) and IRA withdrawals are taxed. They are considered deferred income and will be taxed as income, not capital gains. You can read more and discuss on my post: Why You May Make More In Retirement Than While Working . There's an example too. Reach Financial Freedom Sooner With Boldin If you're serious about building wealth and retiring comfortably, consider signing up for Boldin's powerful retirement planning tools . They offer a free version and a PlannerPlus version for just $120/year—an affordable alternative to hiring a financial advisor. For the paid version, there's a free 14-days trial. Boldin was specifically designed for retirement planning, providing a holistic approach to financial management. It goes beyond managing your stock and bond portfolio by integrating real estate investments, guiding Roth conversions to minimize taxes, helping with college savings, and addressing other real-life financial scenarios we al…