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Roth IRA vs 401k (2021)

In this video I explain the difference between a Roth IRA vs a 401k, and which is better for your current situation. Knowing whether to invest in a Roth IRA or a 401k can seem intimidating, but I break down this knowledge into bite sized chunks that will ultimately help you make the right decision moving forward. A Roth IRA is a retirement account that allows you to save by offering you a tax benefit. The contributions and your investment earnings grow tax-free, meaning there’s no tax on your Roth IRA withdrawals in retirement. Roth IRA Investing with after-tax contributions Self-Directed It grows tax-free You can access your contributions at any time, penalty-free No required minimum distribution amount A 401k is an employer-sponsored retirement plan that allows you to make tax-deferred contributions from your salary or wages to a retirement plan. 401k Investing with pre-tax contributions Employer sponsored It grows tax-deferred Employer matches a certain amount Contributions are tax deductible Distributions will be taxed as ordinary income I personally max out my Roth IRA every year, and I also contribute up to my employer’s match in my 401k. Whichever vehicle is better for you, I highly recommend that you start investing in either a Roth IRA or 401k by the time this video is over! WBF UNIVERSITY - JOIN MY SCHOOL HERE ► https://whiteboardfinance.com/wbf-uni... LIMITED TIME - Get 1 FREE STOCK ON ROBINHOOD ► https://whiteboardfinance.com/go/robi... FUNDRISE - INVEST IN REAL ESTATE FOR ONLY $500 ► https://whiteboardfinance.com/go/fund... M1 FINANCE - INVEST FOR FREE (Yes, Really) ► https://whiteboardfinance.com/go/m1-f... My FREE M1 Finance Training Video ► https://whiteboardfinance.com/go/m1-f... My FREE Stock Market For Beginners Guide ► https://whiteboardfinance.com/go/stoc... GET MY HOME AFFORDABILITY SPREADSHEET HERE ►   / whiteboardfinance   SCHEDULE A COACHING CALL WITH ME ► https://whiteboardfinance.com/go/mark... HOW TO BUY & STORE BITCOIN ► https://whiteboardfinance.com/go/bitcoin THE BEST CREDIT CARDS TO USE RIGHT NOW ► https://whiteboardfinance.com/go/best... CHECK OUT MY BLOG: ► https://whiteboardfinance.com FOLLOW ME ON INSTAGRAM ►   / whiteboardfinance   Instrumental Produced By Chuki:    / chukimusic   ABOUT ME 👇 My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur. This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience. Subscribe if you are interested in: #Investing #PersonalFinance #Entrepreneurship #StockMarket DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.