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SFB066 What the 401(k) Part 3 - Optimizing Your 401(k)

| June 13, 2017
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Episode Summary

In part 3 of this series on 401(k) plans, Paul Adams talks about the importance of assessing your financial situation, how much you should begin contributing to your 401(k), how you should invest your money, and how to choose the taxation of the money.

For more information visit: 401k.sfgwa.com

What Was Covered

  • 03:15 - How your money is separated from a timing perspective
  • 04:48 - Understanding your net worth
  • 05:16 - The definition of assets
  • 06:01 - Figuring out how much of your money is long-term assets
  • 07:00 - Calculating how much of your long-term assets are available to you after taxes
  • 09:25 - Will you be in a higher or lower tax bracket?
  • 12:16 - Your contributions and your employer match
  • 12:59 - Understanding the obligations of a 401(k) plan
  • 14:44 - What if you need to stop contributing to your 401(k)?
  • 15:26 - Two ways you can over-contribute to your 401(k)
  • 16:49 - How to invest your money
  • 21:25 - How should the money be taxed?
  • 22:43 - The Roth 401(k) option
  • 25:12 - The benefits of having your money go into a Roth and 401(k)

Tweetables

"Your 401(k) assets are long-term bucket money."

"I do not want you to think about your employer match as free money."

"Think of your employer match as the money that’s going to pay the IRS."

"We do want to contribute enough to get the match."

"You should have a Roth option inside your 401(k)."

"We need to have an exit strategy for how do we exit the money out of the plan."

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