The Truth About Needing A 401k To Successfully Retire

Are 401(k)s the only avenue to post-retirement success? The answer may surprise you.

The Truth About Needing A 401k To Successfully Retire

In retirement, one should plan ahead, and a 401(k) plan is one of the most solid, traditional options out there. But are 401(k)s the only avenue to post-retirement success? The answer may surprise you.

The good news is that even without a 401(k) plan, you can retire well off. Nevertheless, you’ll need to start putting your ducks in a row early. Also, some alternatives to a traditional 401(k) may have higher risks. But, before you let your mind wander, let’s delve into the varied options.

Individual Retirement Accounts (IRAs)

One ever-popular alternative to a traditional 401(k), and one you likely think of first when discussing retirement account alternatives, is the IRA. In terms of IRA formats, there are two to consider. The first is a traditional IRA, while the second is a Roth IRA. 

Investors will notice a few key differences between an IRA and a traditional 401(k). In contrast to 401(k)s, contribution limits are lower for IRAs. An additional consideration with IRAs is that they do not have company match options like many 401(k)s offered by employers. 

In spite of their downsides, both Roth IRAs and traditional IRAs offer several benefits to consider. IRAs offer more investment options than 401(k)s. With these popular accounts, you can choose how your investments are made. When it comes time to withdraw from an IRA, there are no mandatory minimum withdrawals at specific ages and qualified withdrawals are tax-free on Roth IRAs. 

By leveraging the company match on a 401(k) and investing any extra funds into an IRA or Roth IRA, investors can get the best of both worlds.

Individual, Non-Retirement Investing

By managing your own investment portfolio, you enjoy unparalleled control over your investments. Investors who do so can take advantage of a wide range of strategies, such as the seasonality of stocks. Additionally, investors should consider leveraging stocks with healthy dividends that typically pay out quarterly for each share held.

These types of investments come with a far higher level of risk since individual investors lack the same experience as professionals working for investment companies. Even so, investing on your own can be an excellent method for building wealth for your retirement. 

Health Savings Accounts

A health savings account could benefit your retirement budget in an unexpected way. HSAs, or health savings accounts, are tax-free investments designed to cover medical expenses throughout the year. 

Unless used, HSA funds roll over into the next year. Unlike a flexible spending account or FSA, it’s not a use-it-or-lose-it situation. In the event that you remain healthy or do not withdraw funds from an HSA, the account can grow substantially.

Similar to IRAs, they have a maximum contribution amount. If someone withdraws for medical expenses, they will not be penalized. Once you retire, you can withdraw at any time for any reason. Since the contributions to these accounts aren’t taxed when you make them, they are taxed as income when you withdraw them in retirement.

Those planning their retirement have several options to choose from. Investors no longer have to travel the 401(k) route exclusively. Combining a few of these retirement-saving strategies will have you sitting pretty when it’s time to leave the cubicle. 

Source : Gossip Cop More   

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Pat Sajak’s Daughter Is Joining ‘Wheel Of Fortune’: Here’s The Deets

Wheel of Fortune is turning into a family affair for Pat Sajak his daughter is joining the iconic game show for its 39th season

Pat Sajak’s Daughter Is Joining ‘Wheel Of Fortune’: Here’s The Deets

Wheel of Fortune is turning into a family affair for Pat Sajak his daughter is joining the iconic game show for its 39th season. Here’s what’s going on.

Keeping It In The Family

Sajak and Vanna White recently signed new contracts to stay with Wheel of Fortune through at least 2024. This pushes their retirement back a few more years and ensures a 40th-anniversary celebration. The deal was especially nice for Sajak, for he earned the nifty new title of consulting producer.

To make things even better, Sajak’s daughter will be joining him. Maggie Sajak has been named the show’s social correspondent. She’s obviously no stranger to the program. On top of growing up on the set, Maggie also assumed White’s duties during a week while Pat recovered from surgery.

A post shared by Maggie Sajak (@maggiesajak)

In a press release to Variety, Maggie’s responsibilities become clearer. She will “be the online host sharing exclusive videos, behind-the-scenes access, and interviews with the hosts, staff, crew, and contestants.” You’ll see her on Facebook, Instagram, Twitter, and TikTok.

Already A Mainstay

While the job title is now official, Maggie’s been a regular presence on the show’s Instagram mage for some time. She’s served as Wheel of Fortune’s online media correspondent for months now. The new title suggests that her responsibilities are growing.

A post shared by Wheel of Fortune (@wheeloffortune)

Just last week, she brought fans behind the scenes and into Pat’s dressing room. You can check out his snazzy powder blue walls.

A post shared by Wheel of Fortune (@wheeloffortune)

In a statement about her new job as a social correspondent, Maggie thanked the show for the opportunity. She wrote, “The Wheel of Fortune staff and crew have always been like an extended family, and I’m thrilled to be working with them.”

Wheel Myths Abound

This is all positive news for the Sajak family and will keep them connected to the game show for a generation to come. Rumors have persisted that pat may step away from the show thanks to his age and growing list of gaffes. The contract extension means he’s not going anyway. After all, gaffes are just a part of the show.

This social correspondent job begs the question: could Maggie take over for her father as host of the show someday? Who knows! Pat’s deliberately not making any public succession suggestions and is leaving the future of the show in the hands of its producers. Only time will tell if Maggie’s gig eventually brings her to the wheel itself.

Source : Gossip Cop More   

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