Charles Forelle
speaker
205 appearances
2 recordings
1 series
first heard Jan 2022
last heard Oct 2022
Charles Forelle’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · From IRA to HSA: Decoding Personal Finance's Alphabet Soup · 18 Jan 2022
podcast
It's a bunch of specialized terminology that means things that actually are comprehensible to regular people.
But if you dress it up with a bunch of complicated acronyms and words, it makes you sound smart.
It's great to be here.
Well, I think like everything else, finance is a bit of a guild and it's kind of part of the thing is to have a lot of complicated language that sounds really difficult to outsiders.
In reality, it's not.
It's just like anything else.
It's a bunch of specialized terminology that means things that actually are comprehensible to regular people.
But if you dress it up with a bunch of complicated acronyms and words, it makes you sound smart and it makes people feel like they're the ones who are the smart folks and I think finance people like that.
So these are two very popular kinds of retirement plans.
IRA stands for Individual Retirement Account, and 401k takes its glorious name from the section of the tax code that established them.
The primary distinction between them, and these terms have gotten muddled over the years as new bits and pieces are added to them and changed, but broadly speaking, a 401k is typically an employer-provided retirement plan.
So
Your employer will set this up for you and you will save money.
And the employer, in many cases, will make a contribution as well.
An IRA is typically something, and there are various flavors of these things, an IRA is typically something that you contribute to yourself.
So in most cases, both of those are tax advantaged in the same way.
There are some income limitations to the IRA that don't apply to the 401k, and there are some contribution limits are different in both of them.
But in the basic framework of both of those products is that you can put money away for retirement.
You don't pay taxes on it now, but you pay taxes on it later when you retire.
They are quite different.
Showing 81–100 of 205 · page 5 of 11
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