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MMT PODCAST: Roth vs. Traditional IRA
In Episode 23 of The Monday Money Tip Podcast, we’re discussing how to choose between a Roth and Traditional IRA/401k when saving for retirement. In addition, I have some updated information in regards to mortgage rates, savings rates and CD rates. We will also hear a success story from a woman who used a 0% credit card transfer and how it changed her debt freedom journey.
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take a next step, and that you’ve had FUN with us!
Pulling Money Out of Retirement Accounts Early
As people take off on their debt freedom journey, so many times they are tempted to withdraw money from their retirement accounts in an attempt to speed up their debt elimination process. We get questions all the time from people who want to know whether or not we think this is a good idea.
I do not think it is ever a good idea to take money out of a retirement account in an effort to pay off debt. Many people feel like retirement is so far away that they have plenty of time to begin saving.
Make your retirement savings a top priority
Do you feel like retirement is so far away you cannot even imagine it? Or do you feel like retirement is so close that you can taste it? Either way, you should be making your retirement savings a TOP priority today!
Statistics show that many people do not start saving until they are only 10 to 15 years away from retirement! If you choose to wait on starting your retirement savings, you are missing out on something that can actually carry your financial burden called compound interest.