Is the Roth 401k the best retirement account yet?

The Roth 401(k) might be the most powerful retirement savings tool available today. Is the Roth 401k the best retirement account yet? Combining the high contribution limits of a 401k with the tax benefits of a Roth can be an incredible tool for saving for the future.

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The major downfall of a Roth IRA is that the contribution limits are low. In addition there are Roth IRA income limits. The Roth 401k is able to do away with both of those limitations. In 2024 the Roth IRA contribution limit is $23,000 if you are under the age of 50, and $30,000 if you are 50 or older.

Combining those high contribution limits along with not having an income limit makes the Roth 401k perhaps the most powerful retirement vehicle available.

To see if you have access to the Roth option inside of your 401k contact your retirement plan provider or your HR representative. They will be able to tell you whether you have access to this incredible retirement savings option.