124 - What Are New Contributions Limits and How Does That Impact Our Taxes

An episode of the Real Personal Finance podcast, hosted by Scott Frank and James Conole, titled "124 - What Are New Contributions Limits and How Does That Impact Our Taxes" was published on November 3, 2021 and runs 23 minutes.

November 3, 2021 ·23m · Real Personal Finance

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Summary

Scott and James discuss the new contributions limits (2022) and how that impacts our taxes. Listener Question I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on...

Episode Description

Scott and James discuss the new contributions limits (2022) and how that impacts our taxes.

Listener Question

I am a new small business owner and have just begun a 401k, I have a roth ira, 529 for my child, and my own investment portfolio. I am still confused on how I should vary my allocation based on the type of fund- such as my roth versus traditional versus normal investments, in order to maximize the benefits of each separate account. I also was hoping you could do an episode solely on how taxes work and the differences between them.

Planning Points Discussed

Retirement Planning
Utilizing Time Efficiently
Capital Appreciation
Purchasing Power
Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

3:12 - New Contributions

5:26 - IRAs & Roth IRAs

8:53 - How Taxes Work

12:57 - Cash Flow

15:01 - Order of Operations

18:04 - How Can I Maximize Tax Savings?

20:27 - 401(k) Contribution Increase

22:40 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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