How to balance between Roth IRA vs 401k

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  • เผยแพร่เมื่อ 29 ต.ค. 2024

ความคิดเห็น • 21

  • @Sonny0276
    @Sonny0276 4 ปีที่แล้ว +1

    Great Video. Thank you for posting.

  • @vic_2a275
    @vic_2a275 5 ปีที่แล้ว +2

    Great explanation. Thank you!

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว

      Victor Cruz thanks so much for watching!

  • @eyemanpb
    @eyemanpb 4 ปีที่แล้ว

    Thank you for this video. I'm learning so much. You're the best!

  • @watching4410
    @watching4410 5 ปีที่แล้ว +1

    Thank you!! I actually made a formula when i figured it out and you went in that order.

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว +1

      Watching awesome! Thanks for watching.

  • @mildsriracha9630
    @mildsriracha9630 5 ปีที่แล้ว +2

    Hmmm... Not sure I follow the math. $110k income isn't taxed entirely at 22% in progressive tax system for married joint. No doubt contributing more into 401k would lower marginal tax rate, though.

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว

      Which math?

    • @mildsriracha9630
      @mildsriracha9630 5 ปีที่แล้ว

      @@TravisSickle at 6:00 you calculated $24,400 in taxes based on income of $110k, which is 22.18%. I don't believe this to be accurate. Initial $19,400 income is taxed at 12%, the next $59,550 taxed at 22%, and so on. Not figuring in standard deductions, I figured the taxes to be $22,881.

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว

      Mild Sriracha no no, that’s the standard deduction, not taxes.

    • @mildsriracha9630
      @mildsriracha9630 5 ปีที่แล้ว

      @@TravisSickle ah, that makes sense

  • @telwingeorge
    @telwingeorge 5 ปีที่แล้ว

    Absolutely, Loved the Video, Surely a couple of unique points compared to other youtube videos. Travis, I have 2 questions that seem pretty basic yet they confuse me and haven't had any other videos address it. 1> Firstly for Married filing jointly, is the Max 401k deductions: 38000 or is the 19000 for the couple. I'm assuming its 38k but have never heard anyone mention this number. 2> With regards to 401k deduction phase-out: if the total income is over 123000 does that mean even if I contributed 10k in 401k would I still be taxed like I was earning 123k instead of 113k, if so would it makes sense to only invest in Roth 401k instead of traditional one at that point. Thanks in adavnce

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว +1

      19,000 each. No income limits into the 401k, the income limits are for IRAs.

    • @telwingeorge
      @telwingeorge 5 ปีที่แล้ว

      @@TravisSickle thank you, appreciate it.

    • @telwingeorge
      @telwingeorge 5 ปีที่แล้ว

      @@TravisSickle out of curiosity what is the 103k to 123k phase out. Once again thank you for the response.

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว

      I’m not sure I understand the question. Which filing status? Married Filing Jointly

    • @TravisSickle
      @TravisSickle  5 ปีที่แล้ว +1

      Checkout this video th-cam.com/video/-O3Mwgosgns/w-d-xo.html