EPISODE · May 14, 2024 · 30 MIN
How to Prepare for Retirement Within 5 Years: 401k, Savings & Investment Changes
from Ready For Retirement · host James Conole, CFP®
Graham and his wife are in their early 50s and plan to retire in 5 years. He wonders if they should continue maxing out their 401ks, how their investments should change, and what they should do with savings accounts to best prepare for their retirement goals. James addresses these questions, Graham’s biggest risk as he nears retirement, and potential tax strategies for him to employ.Questions answered:Which is a better tax strategy – tax gain harvesting or Roth conversions?Do I need to have a dedicated emergency fund in cash? Timestamps:0:00 - Graham’s question3:16 - The move from single position5:43 - Identify biggest risk8:00 - Tax gain harvesting and Roth conversions12:14 - Tax strategy15:14 - Two variables to consider20:44 - Max out 401k plans?22:07 - A question of tax24:52 - Tax plan in action26:44 - Concern about emergency savingsCreate Your Custom Strategy ⬇️Get Started Here.Join the new Root Collective HERE!
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What this episode covers
Graham and his wife are in their early 50s and plan to retire in 5 years. He wonders if they should continue maxing out their 401ks, how their investments should change, and what they should do with savings accounts to best prepare for their retirement goals. James addresses these questions, Graham’s biggest risk as he nears retirement, and potential tax strategies for him to employ. Questions answered: Which is a better tax strategy – tax gain harvesting or Roth conversions? Do I ne...
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How to Prepare for Retirement Within 5 Years: 401k, Savings & Investment Changes
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