This week, we're diving into a study conducted by Empower, which analyzes the median 401(k) balance by age. We'll break down the numbers, discuss strategies for catching up if you're behind, and explore ways to optimize your wealth if you're ahead of the curve.

Key Topics:

• The Empower Study: Median 401k Balances Across Age Groups (01:05)
• What to do if You Are Behind For Your Age Group? (06:12)
• Track Your Spending with the Correct Tools (06:27)
• Automate Your Retirement Savings (08:02)
• Strategize your Roth IRA or Backdoor Roth (09:46)
• What to do if You Are Ahead For Your Age Group? (10:15)
• Mega Backdoor Roth (10:44)
• Build Up Your Brokerage Account (11:13)
• Wrap-Up (13:21)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

In this episode, "The Hardest Part About Retiring Explained," we tackle what many folks find tough about switching from saving to spending in retirement. After years of saving up and watching your retirement fund grow, it hits you—you're retired and that regular paycheck stops. Suddenly, the thought of pulling money out of your savings feels all wrong. It's a big shift, and it scares a lot of people into either going back to work or just delaying retirement because they can't face that change.

Key Topics:

• Saver’s Mentality (02:09)
• Overcoming Saver’s Mentality (05:29)
• #1: Establish a Formal Retirement Plan (06:19)
• #2: Force Yourself to Take Money Out of Your Accounts (08:51)
• #3: Get an Accountability Buddy and Set Spending Goals (11:10)
• Bottom Line: It’s Okay To Spend Your Hard-Earned Money (12:57)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

The Mega Backdoor Roth is a tax loophole that many affluent individuals take advantage of to put $69,000 into a Roth. If you are familiar with Roth IRAs, you know they are limited to only $7,000 a year in contributions ($8,000 if you’re over 50 years old) and they have income phase-outs. With the Mega Backdoor Roth, you can blow past this amount with no income limitations. The good news is that, while they are still allowed, anyone can implement this strategy with the right employer-sponsored retirement plan like a 401k. Let’s see how they work.

Key Topics:

• Basics of the Mega Backdoor Roth (02:56)
• Three Contribution Types (04:34)
• Real-Life Example of the Mega Backdoor Roth (08:03)
• Do Not Forget to Convert (12:57)
• Considerations around the Mega Backdoor Roth (14:27)
• Wrap-Up (19:27)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com