In this episode, Brett helps hair salon owners decide whether a traditional or Roth IRA makes sense for their retirement savings.
Today I’m talking about traditional retirement accounts versus Roth retirement accounts. And it’s a really important topic. It’s a question that I get.
Hair salon owners and their team are faced with this option. Whether you’re investing on your own or in the salon’s retirement account, you have these two options, traditional or Roth. And so I want to dive into that and help you answer that question today.
Traditional or Roth IRA?
So today I’m going to talk about a few things. One of which is the question, which one is the better option for most hair salon owners? I’m going to share with you why I think one option is better than the other.
And then I also want to share with you the flip side of the argument so you can hear what the other side says and form your own opinion.
Lastly, if you can make it to the end, I want to share with you a common misconception when it comes to investing in a retirement account.
But I’d like to first quickly preface this with this is a complicated topic here, and everybody’s situation is different. It’s important to understand the tax implications of everything I’m talking about. You may want to talk with a qualified CPA or a tax professional, or even your financial planner, because there’s a lot of moving parts with this stuff.
Episode Highlights
[02:31] What it means to invest in a qualified retirement account.
[04:23] A common rule of thumb when it comes to choosing a traditional or Roth IRA.
[11:19] Why Brett believes a Roth IRA is generally the better option for most hair salon owners.
[17:37] Several counter arguments to the Roth IRA.
[21:35] A common misconception many people have when it comes to retirement accounts and how to avoid making this mistake.
Looking for more tips for how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.
