Jean Chatzky wants you to succeed in planning finances for the long term. She’s got a way of putting her advice in a succinct way.

“Get out of your own way,” she says.

In my many years of reporting on personal finance challenges Americans face, that recommendation stands out as a blunt — but seriously important — pearl of wisdom.

In this instance, the former NBC “Today” show financial editor and founder of HerMoney encourages Americans saving for retirement and other expenses to automate money transactions in advance rather than relying on remembering to take care of them in individual instances.

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“Human beings are bad with money,” she wrote. “It’s not completely our fault, but largely that we are wired for instant gratification. That makes doing things that require delaying gratification — like saving and investing for tomorrow — hard. Technology can help.”

She discusses the important task of saving for retirement with 401(k) plans as a key example.

“The reason 401(k) plans work is because you set them up and then the money gets zapped from your paycheck before you can see it or touch it or spend it,” Chatzky wrote. “It disrupts human impulsivity.”

“And if you want to grab those dollars before retirement, there are nasty taxes and penalties wagging their fingers and reminding you to think about what you’re about to do.”

Jean Chatzky explains automating financial transactions beyond 401(k)s

Chatzky acknowledges that 401(k) plans are set up to be automated, but suggests there are other ways to replicate that successful approach in other aspects of striving for financial health.

“If you have a health savings account at work, you may be able to make similar contributions through payroll deduction,” she wrote. “If not, you can contribute to HSAs (Health Savings Accounts), IRAs, 529s by setting up auto transfers from checking.”

“If you’re not someone who will regularly rebalance your investments, put your money in a target date or balanced fund that will do the work for you,” Chatzky added. “Auto-paying select bills is a big help, too. (Just watch out for your credit card expiration date if you tie payments to your plastic. You’ll have to update your information when that happens.)”

Chatzky also emphasizes the point that communication about finances is important.

“If you’re not an island of one and have a spouse or a partner, you should be talking about your finances on a fairly regular — say, once a month — basis,” she wrote. “It doesn’t have to be formal, though some couples choose to do it that way, but should cover: Where we are? Where we’re going? How we’re going to get there? And, like any good scrum, what are the obstacles in our way?”

“If you can’t remember the last time that you and your significant other had a conversation like this, then scheduling it is a good idea. Pick a time when neither of you is likely to be stressed out, pour yourself a glass of wine (one, please) and have at it.”

Chatzky emphasizes the role of IRAs

In a HerMoney newsletter, Chatzky pointed to a striking data point about Americans’ retirement habits: 44% of U.S. households are currently putting money into Individual Retirement Accounts (IRAs).

Collectively, those IRAs now hold more than $16 trillion, accounting for almost 40% of all retirement assets nationwide, based on figures from the Investment Company Institute.

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• Dave Ramsey bluntly warns Americans on 401(k)s

Chatzky takes a look at the difference between Traditional IRAs and Roth IRAs and mentions a key strategy for leveraging the Roth option.

A traditional IRA allows tax-deductible contributions, but withdrawals in retirement are taxed. A Roth IRA has after-tax contributions, but withdrawals are tax-free.

Many higher‑income earners aim to structure their finances so they owe as little tax as possible once they stop working.

When they expect their tax rate to drop in retirement, a common question arises: Can they shift money from a traditional IRA into a Roth IRA to take advantage of that lower rate?

Yes. Now we’re talking about a backdoor IRA.

Jean Chatzky explains strategies for saving for retirement.

TheStreet

The backdoor IRA process

• A backdoor Roth IRA isn’t a separate type of account. It’s a workaround that lets high‑income earners move money into a Roth IRA even though they earn too much to contribute directly.
• Because income limits don’t apply to Roth conversions, investors can contribute to a traditional IRA and then convert those funds to a Roth.
• The strategy typically starts with making a nondeductible, after‑tax contribution to a traditional IRA. Each year you do this, you must file Form 8606 to document those nondeductible contributions.
• You also need a Roth IRA open at a financial institution. Some firms require both the traditional and Roth IRA to be held with them in order to process the conversion.
• After funding the traditional IRA, you convert some or all of that balance to the Roth IRA. Many taxpayers complete the conversion soon after contributing to minimize potential tax on investment gains.
• Conversions are often finalized by Dec. 31 of the same year the nondeductible contribution was made.

(Source:JP Morgan)

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