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Yahoo
12-08-2025
- Business
- Yahoo
The Retirement Account That Could Cut Your Taxes — Forever, According to a CFP
Question #6 of GOBankingRates' Top 100 Money Experts Series What is a Roth 401(k), and how does it differ from a traditional 401(k)? One of the many challenging aspects of retirement planning is picking the smartest vehicles in which to save and grow your funds. Most people are familiar with traditional 401(k) accounts, typically offered through an employer. For You: Learn More: However, many people are skipping over the Roth 401(k) — if they even realize it's an option. So what's the difference, and why might you choose one over the other? To explore the distinctions, GOBankingRates spoke with Jamie Hopkins, CEO of Bryn Mawr Trust Advisors and chief wealth officer for WSFS Bank. He is also a financial services industry advocate, a Wall Street Journal best-selling author, and founder of the FinServ Foundation, a nonprofit dedicated to helping college students reach their full potential through coaching, mentorship and community. Breaking Down the Differences: Traditional 401(k) vs Roth 401(k) Hopkins said it's a little 'misleading' to think of Roth and traditional 401(k) plans as entirely separate savings vehicles. They're fundamentally the same type of account — employer-sponsored retirement plans — but they differ in how your contributions and withdrawals are taxed. A traditional 401(k) is an employer-sponsored retirement savings plan that allows for salary-deferral contributions from employees and matching contributions from employers. That means you put money into this type of account before you pay taxes on it, which reduces your taxable income in the year you contribute. You then pay taxes on the money when you withdraw it in retirement. A Roth 401(k), in contrast, is funded with after-tax dollars. Hopkins explained, 'This means taxes are paid before the money is contributed to your retirement account.' The major benefit of a Roth 401(k) is that the money grows tax-free, instead of tax-deferred. Withdrawals in retirement are also tax-free, as long as two conditions are met: The account must be open for at least five years The withdrawal must occur after a qualifying event, typically reaching age 59½ 'While there are other slight differences, the core distinction between a Roth account and a tax-deferred traditional account is when you pay taxes,' Hopkins said. Read Next: Mitigating Taxes on Social Security and Medicare One of the best reasons to open a Roth 401(k) is to get your taxes out of the way before retirement, Hopkins said. Doing so can reduce your taxable income in retirement, and may also help you avoid or minimize taxes on Social Security and reduce your Medicare premiums. 'If most of your income outside of Social Security comes from a Roth account, you may be able to avoid taxation on Social Security benefits and stay within the lowest Medicare premium tiers,' he explained. Traditional 401(k) withdrawals, on the other hand, defer your taxes on the front end and place the burden of taxation on you in retirement — increasing your overall taxable income at a time when you'd prefer to keep it low. This could mean paying higher Medicare premiums, partial taxation of Social Security benefits and reduced eligibility for need-based programs like Medicaid. Key Advantages of a Roth 401(k) If you're still not quite sure which one to go with, here are some of the standout benefits of a Roth 401(k), according to Hopkins: Tax Diversification: Having money spread across taxable, tax-deferred, and tax-free (Roth) accounts gives you more flexibility. Hopkins emphasized that tax diversification helps you manage changing tax rates throughout retirement. 'If tax laws or your personal situation shift, you'll have more control over how and when you pay taxes,' he said. No RMDs for Roth IRAs: While Roth 401(k)s are subject to required minimum distributions (RMDs) beginning at age 73, you can avoid those by rolling your balance into a Roth IRA before that age. 'This gives you more control over when you withdraw funds and allows your money to continue growing tax-free,' Hopkins said. Greater After-Tax Savings Power: On an after-tax basis, Roth contributions may give you more net retirement income. For example, if you contribute $5,000 pre-tax into a traditional 401(k) and your tax rate is 20%, you'd end up with $4,000 after taxes at withdrawal. If you contribute $5,000 after-tax into a Roth 401(k), the full $5,000 can be withdrawn tax-free. However, it would have taken $6,250 in pre-tax income to net that $5,000 in a Roth — so it's important to understand the real trade-offs. Deciding if a Roth 401(k) Is Right For You When weighing whether a Roth 401(k) is the right fit for your retirement strategy, Hopkins recommends asking the following: Do you want to hedge against future tax increases? If so, contributing to both Roth and traditional accounts can provide protection and flexibility. Do you want more control over when to take distributions in retirement and potentially avoid RMDs? If yes, consider the Roth. Do you expect your personal tax rate to rise over time — due to income growth, policy changes, or reduced deductions? Paying taxes now via Roth contributions might be the better choice. 'On the flip side, if you expect to be in a lower tax bracket in retirement, deferring taxes with a traditional 401(k) may be more advantageous,' Hopkins noted. If you're still not decided, don't stress about choosing between the two accounts. 'At the end of the day, the most important thing is to save and invest consistently,' Hopkins said. 'There's no perfect answer.' He often advises splitting contributions between both types of accounts to enjoy the benefits and flexibility of each. This article is part of GOBankingRates' Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Got a question of your own? You could win $500 just for asking — learn more at More From GoBankingRates I'm an Economist: Here's When Tariff Price Hikes Will Start Hitting Your Wallet 3 Little-Known Social Security Rules That Could Save You Thousands 10 Used Cars That Will Last Longer Than the Average New Vehicle 3 Advanced Investing Moves Experts Use to Minimize Taxes and Help Boost Returns This article originally appeared on The Retirement Account That Could Cut Your Taxes — Forever, According to a CFP Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
11-08-2025
- Climate
- CBS News
Water main break in Norwood Park Township sends geyser of water into sky
A massive water main break has sent a geyser of water shooting into the sky in northwest suburban Northwood Park Township. CBS SkyWatch was over the scene at the intersection of Bryn Mawr and Cortland in what appears to be a fairly residential area. A water main break will typically call for a boil order for homes in the immediate area. There was a small barricade at the site of the break which may indicate that some work was being done at the time of the rupture. CBS News Chicago has reached out to Norwood Park Township and county officials to try to find out what caused the break, how large of an area is affected, when they expect o to have it repaired and any repercussions that may impact the neighborhood. This is a developing story. Check back with CBS News Chicago for updates.
New York Times
02-08-2025
- Politics
- New York Times
The Future of Liberal Arts Education
To the Editor: Re 'The Liberal Arts Can Thrive,' by Jennifer Frey (Opinion guest essay, July 18): The administrative decisions Dr. Frey recounts at her former institution are unfortunate and shortsighted but not universal. Students searching for educational rigor, deep academic engagement and intellectual life in a community are welcomed and celebrated at our nation's small liberal arts colleges. Counter to stereotype, such colleges are committed to educating students across the income spectrum, offering financial aid that often makes them more affordable than public universities. My own path to a college presidency started at a small liberal arts college, with my education made possible by leaders who, even in times of economic challenge or uncertainty, continued to invest in a model proven to change life trajectories. Wendy CadgeBryn Mawr, writer is the president of Bryn Mawr College. To the Editor: Jennifer Frey's commentary about the University of Tulsa's Honors College exemplifies troubling academic myopia: allowing personal investment to eclipse rigorous analysis. Her article describes a 'blossoming' honors college but omits any basic effectiveness analysis. What were the actual enrollment numbers? How many National Merit Scholars were required to enroll? How many withdrew? How big a staff did this require? More important, Dr. Frey's characterization of the current administration as one that doesn't value liberal arts is wrong. The board merely took necessary steps to correct the university's course. The University of Tulsa's current provost is a proven defender of liberal arts, and the school is ensuring that liberal education is available to all students. Want all of The Times? Subscribe.
BBC News
12-07-2025
- Entertainment
- BBC News
Will Smith discovers surprising Welsh connections
Hollywood star and rapper Will Smith has dropped the mic for Wales after discovering some surprising Welsh connections. "I'm Welsh," declared the Fresh Prince of Bel-Air actor after finding out Bryn Mawr, a suburb of Philadelphia where his mum still has a home, was named by Welsh Quaker settlers in the late 17th established a community in the west of the city and many Welsh place names remain, including one where the Grammy-award winning artist was raised. "That might be my new name. Welsh Smith. I'm gonna be Welsh Smith," he told Lucy Owen on BBC Radio Wales. Smith also grew up in nearby Wynnefield - named after a Welsh physician, Dr Thomas Wynne. The star was stunned to learn of the connections. Bryn Mawr means big hill in Welsh, and he added: "Big Will lives in big hill. This is crazy." Smith performs at Cardiff Castle on 25 August, just a few days after Welsh legend Sir Tom called him "magnificent", remembering a cameo appearance from Sir Tom in his hit 90s sitcom the Fresh Prince of Bel-Air. In 1993 he appeared as a guardian angel to Carlton, a cousin and friend to Smith's character. Smith said Sir Tom had an "iconic energy" that everybody wishes they had."When he walked on to the set it was one of the most amazing things," he said. "Carlton's character loves Sir Tom. "When he walked out, you get that thing when the audience recognises what is happening, it was one of the classic moments on the Fresh Prince of Bel-Air. "It was beautiful."Smith hinted he would be paying tribute to Sir Tom during his Cardiff gig."Yeah, there's a part in my show where we celebrate his connection to the Fresh Prince of Bel Air." Smith has just released his first full-length album in 20 years, called Based on a True Story. He said the last few years for him had been about "introspection and growth", something reflected in his is three years since Smith hit the headlines after slapping comic Chris Rock on stage at the Oscars for making a joke about his wife, Jada Pinkett Smith. He later apologised. Writing the new album, he said, led to him "looking deeper at the reality of who and what I am"."I let myself talk from places and write from places and create from places within me that I've been scared of... places that have been repressed and I call the energies, the despicable prisoners," he said. "You know, those parts of myself that are not necessarily for Instagram. Those spaces that aren't necessarily for the BBC."Smith said he will be performing a mix of his new and old material in the UK. In the Welsh capital, with his newly-discovered connections to the country, fans might even hear the Fresh Prince speak a little of the language. Welsh Smith as he is calling himself, has been trying to learn a few phrases.
Travel Weekly
23-06-2025
- Business
- Travel Weekly
Avenue Two Travel
2024 sales: $194.7 million Previous ranking: 62 Employees: 31 full-time, 3 part-time 828 W. Lancaster Ave. Bryn Mawr, PA 19010 Phone: (610) 243-1100 Website $194.7 million6231 full-time, 3 part-time828 W. Lancaster Mawr, PA 19010Phone: (610) 243-1100 Executives CEO: Joshua Bush PRESIDENT/FOUNDER: Debbie Bush CHAIRMAN: Craig Bush CFO: Becky Eby COMPANY FACTS * Privately held, luxury host agency. * Joshua, Craig and Debbie Bush are majority shareholders. * Works with 68 independent contractors. * 70% of sales completed by hosted advisors. * Sales: 70% leisure, 20% business, 10% meetings/events. * A member of Virtuoso and Tzell. DEVELOPMENTS * Migrated to TripSuite as its CRM and back-office solution. * Implemented Atlas advisor and consumer booking engines. * Enhanced services and offerings to independent contractors. LOOKING AHEAD * Driving value to its independent contractors through culture, tools and service. * Enhancing education and business development programs for independent contractors. * Promoting group growth by offering experiences and destinations not otherwise possible in an FIT trip. * Anticipating continued increased demand by end consumers with double-digit growth.
