Since 2003, Dean Barber and Bud Kasper have co-hosted America’s Wealth Management Show. Their show has informed and educated retirees and those nearing retirement on what life is like after your working career ends.
Lots of valid points and reminder of plenty of my mistakes. $40k in CC debt, living paycheck to paycheck with 2 car payments and mortgage. Turned it around even after selling a house owned and upgraded over 17 years during the 2008 economic crisis for the same price we bought it for. Retired at 46 and now 100% debt free by thinking and acting better not winning the lottery.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Most people have a 'do-it-yourself' mentality but lack the necessary expertise. Financial advisors are ideal representatives for investing, and I can attest to this. Been working with Monica Mary Strigle and Since covid-outbreak to date, my portfolio has grown by over 330%, reaching nearly $1m. Check online if she meets your requirements.
That’s a great mix and very similar to mine. SCHG has been a real diamond over the last 15 yrs for me and I predict no changes. SCHX very similar with a little more dividends. Good luck spending all that money!
The first day SCHD is positive in your IRA, sell it and focus on growth stocks. SCHD is a great retirement fund once you have a lot of cash. It's what an annuity should be. Pay you consistently yet doesn't F you in so many ways like the annuity... 50 SCHD, 25 JEPI (less year over year growth but pays out much more to increase your income), 25% rock solid single companies paying consistently monthly or quarterly. Earns you income, and you don't touch much. Dividends don't get you to the finish line fast enough, they ARE the finish line.
I'm new to investing, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
My CFA Mary Patricia Hester is a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Crypto and NFTs are bringing a different revolution in the world economy. People are optimistic investors who earn consistently. Others will just sit and watch.
Just like most people keeping their finances private, the same goes with planning inheritances. No one wants to be perceived as a greedy vulture, especially when a loved one is ailing in health. It is so important to plan for this possibility to minimize lifetime taxes. While it is uncomfortable, you should discuss and plan for these possibilities so you make other long term decisions. I inherited a large IRA but had already locked in deferred compensation payments over the same 10 year period. This locked me out of tax favorable Roth Conversions. I had to drastically change the plan to adjust.
While I appreciate the company 401k and limiting starting matching to get the employee to save more to get the match helps the employee in the long term, it is also a scheme for them to reduce their contributions for the employee. They use to match $ for $ on the first 6%of the Salary contributed, they are hard pressed to contribute 3% of the employee’s salary. Benefits keep shrinking and the amount of benefits being taken out of the employees pay check is increasing at a higher rate than inflation (healthcare insurance). Not good. Hopefully employees chose their employer wisely. 😢
The Mega Backdoor Roth strategy allows high-income individuals to contribute significant funds to a Roth IRA, bypassing income limits, by utilizing after-tax 401(k) or 403(b) contributions and subsequently converting them to Roth IRA assets, providing tax-free growth and withdrawals in retirement.
That’s a great point. The Mega Backdoor Roth strategy is a game-changer for high-income earners. By leveraging after-tax 401(k) or 403(b) contributions and converting them to Roth IRA assets, individuals can bypass income limits and accumulate significant tax-free retirement savings.
It’s amazing how much you can contribute to a Roth IRA without being phased out. Typically, Roth IRA contributions are limited to $6,000 annually and phase out limits apply for high-income earners.
Yes, you need a 401(k) or 403(b) plan that allows after-tax contributions and in-plan conversions. This is a critical requirement for implementing the Mega Backdoor Roth strategy
As for the mega back door Roth, if you contribute more than allowed to your Roth401k, do the excess after tax contributions become eligible to be rolled over into a Roth IRA? Even if the plan doesn’t allow for separate after tax contributions? Of course the plan allows for in service withdrawals and rollovers.
As for the back door Roth, if you have a traditional IRA with say $500k, your income is over the limit, still employed with a 401k growing, can you rollover all 500k to the 401k? If yes, can you then fully fund the full after tax contributions to the empty IRA and the instantly roll it over to your Roth IRA?
Success is not built on success. It's built on failure, It's built on frustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in Life
Same here, I'm blessed only. God knows how much I praise her, £32,000 every week! I now have a good house and can now afford anything and also support my family, and never will I forget to pay my tithes because God has been so faithful to me and my family
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
Incredible. I believe in investing and working because I love luxury . when a buddy of mine recommended me to a financial advisor. We spoke about investments and money. I began investing with $120,000, and after two months, the value of my portfolio was $314,800. You think this is crazy, but I choose to reinvest my profit and become more intriguing. We have been working together for more than 10 years, consistently turning a profit. a year ago, opened my first restaurant and bought myself a brand new car last week.
@@Pamcheryl That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the names of the advisors who has been assisting you in navigating these financial challenges?
“Cynthia Alexandra Jackson” a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Yes you might say that but More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. .
Incredible. I believe in investing and working because I love luxury . when a buddy of mine recommended me to a financial advisor. We spoke about investments and money. I began investing with $120,000, and after two months, the value of my portfolio was $314,800. You think this is crazy, but I choose to reinvest my profit and become more intriguing. We have been working together for more than 10 years, consistently turning a profit. a year ago, opened my first restaurant and bought myself a brand new car last week.
@@Pamcheryl That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the names of the advisors who has been assisting you in navigating these financial challenges?
Cynthia Alexandra Jackson is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Agreed, having a good financial professional is invaluable, my portfolio is well-matched for every season of the market and has just yielded 120% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.
@@mette-lo good gains! who is the professional guiding you please? enthused about investing for my eventual retirement but dont know how to go about it, for now I only invest in my 401k through my employer and gains are quite slow
Annette Louise Connors is my FA. Just google the name and you’d find necessary deets to work with. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
excellent share, curiously inputted Annette Louise Connors on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
Does this 10 year rule apply to retirement accounts as well? I noticed you mentioned IRAs. My father passed 2 years ago but haven't been able to have access to his retirement. Wondering if there is a difference between retirement and IRA account rules
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
Yes indeed.... *Izella Annette Anderson* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
This is the best video I have seen in the last couple of months since the IRS issued final rules on inherited IRAs in July. The distinction between RMD age and RBD starting around 11 minutes is well explained. Most other video's I have watched don't do this. Thanks!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
My CFA ’Izella Annette Anderson’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I have been critical of advisors and others on you tube, including Ed, who take a strategy that would be good for a minority (for example Roth conversions which require a seven figure IRA for RMDs to get above the standard deduction) and make blanket statements saying they are good for everyone. With that said, I just read Ed’s new book cover to cover in one sitting. It is an excellent book and much more balanced than I expected, very logical with none of the corny catch phrases. As a knowledgeable investor I went in with low expectations and was pleasantly surprised to find a couple of real nuggets, particularly as it relates to life insurance, beneficiaries, and estate tax. Even the Roth conversion section, although basic, was well done. I highly recommend the book.
My 457 says I can withdraw and keep working at 59 1/2. Would it make sense to take out $2000. A month from 457. Then put back in $2000. A month back in but into the Roth 457?
These conversations are useful but please try to keep the numbers somewhat relatable for the audience, e.g. 13:00 where the example given of $150k RMD would mean having a 401K balance of $4m+
You can trust that the company is not looking out for their employees. Start peeling back the.layers and the company is auto enrolling you for their benefit. 😊
You may see in the next 10-15 years, a significant drop in labor market participation due to these inheritances and forced withdrawals over 10 years. People willing to retire earlier due to these forced income increases while desiring to minimize taxable income. It will be interesting to see these stats.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Katherine Storch
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
The glasses story sounds just like my father. He has his estate in place to pass to us children and yet when his car died after hitting a deer he felt guilty about getting a cheap new car to replace it. He also needs dentures (20+ years old) yet we can't convince him to spend the money as he says it's not worth it as he only has a few years to live. Sad as we don't need the money it is pure bonus.
My mom passed in 2017 leaving her estate to my brother and I. I wish she had told us what she expected out of us as far as handling the inheritance. Neither my brother nor myself have spent a dime. Is a brain twister to both of us. We are both in our sixties too. It’s confusing.
Not sure I understand the EV example, the woman that won $20k but then lost $20k same day broke even with session accounting would have no additional income, right? I thought you would saying you could net out the session on the first page of 1040?
29 y.o. W2 earner. Hitting max of 69k for the year in contributions in traditional 401k and for-see on hitting this until retirement (65) . Already Maxed Back Door Roth IRA. Unfortunately live in high tax state (CA). Marginal tax rate (est 35%). Companys offers in plan roth conversations. Assuming that I am going to continue to be in a relatively high tax bracket in retirement. Would an in plan roth conversation make sense at a relatively young age?
Hmm, much of this is based upon recycled layman chat not on factual analysis by economists, statisticians, or academic researchers. But that may appeal to some people who distrust career expertise and prefer any narrative that coincides with whatever amateur opinion they’ve already become comfortable with.
A problem with conversions I ran across I ran I've never seen mentioned in these presentations to WAIT AS LONG AS POSSIBLE IN THE YEAR to convert. In 2019 i started converting my IRA account with the goal of holding my tax rate @ 12% making the contribution in October. Unfortunately, i had 2 December income "windfalls" pushing my rates close to the 24% bracket increasing my total tax liability over $8000 . Having learned that lesson, in 2023 I benefited from an inverse situation. Costs from a Christmas plumbing surprise at a rental property reduced my income to a point where even with my SS, which i only began taking in the last 3 months of the year, left me with a Zero fed income tax rate, since i had no conversions left to make. The net result, over the 4 yrs 2019-2023, was a average tax rate of 11.5%. Had i not missed on the first year, it likely could have been between 8 & 10%.
All government issued or government managed retirement progrms or benefits are scams... When they run out of money they will use anything under their control. They will simply change a law or suspend it to do whatever they want... Don't give them any authority over your money. Keep as much control as possible.
my plan has a safe harbor matching contribution of 100% of my elective deferral contributions up to 3% of contribution, plus 50% over 3% up to 5% of contribution. Does that mean I would need to elect to put 5% of compensation to get my full match from my employer? If not, what should my match be? Thank you.
Problem is that for each year in the future you run numbers the less correct those numbers will be. Adding the fact that half the inputs are pure guesses (even by a CPA), you may be as accurate just running a spreadsheet on your own. How long will i live, what will the market rate be year over year, what will tax rates be, what if i invest the cash from the taxes i would pay. Almost every inout past next year is a guess. I can be wrong for free no matter how complicated we make the process seem. Been running my own numbers for the past 30 years and looking back i have been pretty spot on. Giving someone 30,000 a year to make guesses, I can make myself just doesn't make sense.
