Michael OBrien 401K vs Roth IRA Padlet by Michael O'brien https://padlet.com/04mobrienj/o7abnffw7nbno9cm Made with an aura of mystery en-us 2020-10-28 01:24:49 UTC 2020-10-28 01:42:15 UTC hello@padlet.com What is a 401K 04mobrienj https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868064660 A 401K is a employer sponsored pension account offered for a workers retirement. The money comes from the employees paycheck and is sometimes matched by the employer. ]]> 2020-10-28 01:25:09 UTC https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868064660 401K advantages and disadvantages 04mobrienj https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868072406 Advantages
1.The assets of the plan are tax free
2. Easy Payroll deductions
Disadvantages 
1. You are forced to withdraw your money at a certain point of time
2. An employer can remove money from you 401K if you leave the company ]]> 2020-10-28 01:29:27 UTC https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868072406 What is a Roth IRA 04mobrienj https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868079870 A Roth IRA is a self funded pension account used for retirement. You contribute after tax dollars from your paycheck into the bank account. ]]> 2020-10-28 01:33:15 UTC https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868079870 Roth IRA advantages and disadvantages 04mobrienj https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868085510 Advantages 
1. Tax free growth and withdraws 
2. No required minimum distributions
Disadvantages 
1. Limited by your household income
2. Contributions are capped at $6,000]]> 2020-10-28 01:36:32 UTC https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868085510 Which is better? 04mobrienj https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868089866 In my opinion the 401K is better. If you plan to stay within a company for a long time a 401K is the best option. The money is taken out of your paycheck so it is always consistent with money going in. The assets of the plan are tax free. And there are easy payroll deductions. it makes sense for a person staying within one company to get a 401K but if you plan to change the work you are in a Roth IRA is for you. ]]> 2020-10-28 01:39:05 UTC https://padlet.com/04mobrienj/o7abnffw7nbno9cm/wish/868089866