Understanding Retirement Account Options with Sean Mullaney

Welcome back to Keep What You Earn! In this episode, Shannon continues her conversation with financial planner Sean Mullaney, as they delve into the strategies of traditional versus Roth retirement accounts. Sean breaks down the key differences between the two, offering valuable insights and dispelling common misconceptions. He emphasizes the importance of considering individual circumstances and goals when selecting the right approach for retirement savings, and provides practical advice for business owners to optimize their retirement planning. Shannon and Sean also address the evolving landscape of investment advice, encouraging listeners to make informed decisions and embrace the benefits of diversification. If you're looking for expert insights on building a secure financial future, this episode is a must-listen!

Sean Mullaney is a financial planner and writes The FI Tax Guy blog focused on the intersection of tax and financial independence. In 2022 he authored the book Solo 401(k): The Solopreneur’s Retirement Account.

X (formerly Twitter): https://twitter.com/SeanMoneyandTax
LinkedIn: https://www.linkedin.com/in/seanwmullaney/  YouTube:https://www.youtube.com/@SeanMullaneyVideos
Website: https://fitaxguy.com/

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Shannon and the Keep What You Earn podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc., and their services.

What you'll hear in this episode:

04:11 Concern over $34 trillion government debt grows.

06:29 Retirement tax rates favor upfront deductions.

10:11 Traditional vs. Roth, retirement dates and conversions.

14:42 Traditional 401k offers low effective tax rate.

18:12 Predictable fees, controlling for known investment costs.

21:47 "Trust market, diversify investments for personal finance."

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.