In today's episode of The Truly Diversified Show, Ben breaks down key strategies that many people overlook when it comes to maximizing the potential of their retirement accounts.

He highlights the importance of consistent contributions and explains how different age brackets and marital status can affect contribution limits. These steps not only save taxes today but also set you up for stronger long-term growth and more control over your financial future. You'll hear about options for those who are self-employed or own a business, where the potential for larger contributions can significantly reduce tax burdens while fueling retirement savings.

Ben addresses an often-missed opportunity for individuals over a certain age who want to move their money into more flexible vehicles, expanding investment options beyond the limitations of employer-sponsored plans. The conversation also covers a powerful approach for creating tax-free income in retirement, emphasizing how timing and tax planning can make all the difference.

This episode will provide you with actionable insights to build stronger, more flexible retirement strategies. Don’t let these 3 IRA mistakes drain your retirement savings, and learn how to avoid them before it’s too late.

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Enjoy!

Key takeaways:

• The tax benefits of IRA contributions, and how they can reduce taxable income and thus lower the amount paid to the IRS.

• The SEP IRA, which is ideal for self-employed individuals, business owners, and partners, and how it can significantly reduce taxable income.

• The concept of in-service withdrawals, which allows individuals over 59 and a half to transfer money from their 401(k) or 403(b) plans to a tax-deferred IRA.

• Why Roth conversions are particularly beneficial for those nearing a higher tax bracket, as they can help them avoid paying higher taxes on future earnings.

• The danger of putting all retirement savings into safe, low-return investments like CDs.

• And much more...

Resources:

Life Asset, LLC

Disclaimer:

The views, information, or opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of The Truly Diversified Show or its affiliates. The content provided is for informational and entertainment purposes only and is not intended to be a substitute for professional advice. We make no representations as to the accuracy, completeness, suitability, or validity of any information on this podcast and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Listeners should consult with a professional for specific advice tailored to their situation. By accessing this podcast, you acknowledge that any reliance on the content is at your own risk.