In this video, I discuss how contributing to a 401k can affect your taxes and paycheck. Many people wonder whether they should choose the traditional or Roth side of the 401k, assuming that the Roth side means tax-free growth. However, it's important to note that Roth contributions are made after taxes.

To better understand the impact, I share a useful calculator I created on Google Sheets, as well as a paycheck calculator. These tools help you determine how much your paycheck will be affected by 401k contributions. It's crucial to consider factors like future tax rates, retirement expenses, and potential tax credits or deductions.

I encourage a diversified approach to tax strategies and advise considering both traditional and Roth contributions. By prioritizing credits and deductions through pre-tax contributions and then allocating to the Roth side, you gain flexibility. Keep in mind that everyone's situation is different, so it's essential to make your own decision based on your specific circumstances.

To further assist you, I demonstrate how the 401k contributions impact your paycheck using the calculator and a reputable online calculator from ADP. These tools help alleviate anxiety and apprehension about contributing to your 401k, as you can see the actual numbers and plan accordingly.

If you want to access the Google sheet calculator check out our Discord channel.

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

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