11.03.2021 - By Scott Frank and James Conole
Scott and James discuss the new contributions limits (2022) and how that impacts our taxes. Listener Question I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them. Planning Points Discussed Retirement Planning Utilizing Time Efficiently Capital Appreciation Purchasing Power Other issues (IRAs, Inflation, Financial Goals, etc.) Timestamps: 3:12 - New Contributions 5:26 - IRAs & Roth IRAs 8:53 - How Taxes Work 12:57 - Cash Flow 15:01 - Order of Operations 18:04 - How Can I Maximize Tax Savings? 20:27 - 401(k) Contribution Increase 22:40 - Aligning Your Financial Goals LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Stitcher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here