James Lange is a nationally recognized IRA, 401(k) & retirement plan distribution expert. With over 30 years of experience, Jim is one of the top retirement educators and speakers active in the country today. A prolific writer, his strategies have been endorsed 36 times by the Wall Street Journal and he has had articles in many other familiar financial magazines such as Money and Kiplinger’s. Jim is the author of ten best-selling books including Retire Secure! and The Roth Revolution which have been endorsed by dozens of industry greats including Charles Schwab, Larry King, Ed Slott, Roger Ibbotson, Jane Bryant Quinn, Burton Malkiel and 60 other IRA, legal, and financial experts. Investment advisory services offered by Lange Financial Group, LLC. Investing involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Please see paytaxeslater.com/privacy for additional disclosures.
When the 1983 changes were enacted the full retirement age remained 65 for anyone born in 1938 or earlier. So anyone who had already reached age 45 was grandfathered into their expected full retirement age. Those who were born later saw their FRA increase by 2 months for every year they were born after 1938. So while they were affected, it was not dramatic enough to impact their planning to a great extent. It would make sense if something similar is done this time around. Otherwise, there would be a lot of angry voters out there.
Jim does a disservice to the actuarial profession when he says " think like an economist, not like an actuary". I'm a retired actuary and from a risk management standpoint, which is at the heart of what Jim is focused on, an actuary and an economist would think alike. Actuaries are keenly aware of risk mitigation, and Jim incorrectly implies that actuaries would base their analysis solely on the present value of the future stream of income and automatically pick the higher amount in the presence of uncertainty such as one's longevity. I would rephrase Jim's comment to be "think like an economist or an actuary, don't think like an accountant."
I really appreciate this video and the hard copy of your book for Parents of a Child with a Disability. - Matt Adamczyk, retired Special Needs Planner.
A calculation should include every aspect of financial planning that is a fully comprehensive study to optimize your retirement circumstances. The goal should be to optimize total 'usable' money and survivorship.
Wow wow wow! incredible video👍 I feel no matter the circumstances, it's crucial for everyone to have a burning passion and a clear goal to strive for. Once you have that focus, making choices becomes effortless and enjoyable. Personally, I've witnessed a remarkable transformation in my financial journey. From an ordinary lifestyle to earning over $63k per month, it's truly astounding! By consistently compounding my income through various profitable investments like savings accounts, stocks, bonds, and high-yield dividend funds, I've built a well-diversified portfolio worth seven figures. Thanks to the guidance of financial professional KAYLA TABITHA RODRIGUES, I've learned to concentrate my efforts and prepare for any financial struggles that come my way. The world of finance is full of opportunities, you just need to stay focused on the right path.
honestly I have saved myself from all the hassle that the chaotic market causes. These days the best way to come into the market space is seeking guidance, due to side hustles i can’t handle my portfolio so I just work with KAYLA TABITHA RODRIGUES, a FA i came across via a recommendation from one of these You-tube retirement coaches..
you can confirm her yourself on the internet,she works with authorized regulation and all. I'd say she really has an impressive background in investing
Thank you so much. I have a disabled son and have been trying to navigate all these topics. I will be reading your post top to bottom. God bless you both for sharing.
Thank you for sharing that heartfelt comment with me and I'm so happy that our content has been helpful to you. If you haven't already, you can request a free copy of the full Special Advisory Report at disabledchildplanning.com. Wishing you, your son and your family all the best as you navigate this journey!
Outstanding video..but toward the end, Dr. Malkiel said that while it is good to dollar-cost-average while in accumulation-phase..it is not a good idea, to dollar-cost-average OUT of a portfolio, during distribution phase. I wish he had elaborated on that..in other words, how SHOULD one handle handle distribution phase??
I think his point was that you only want to take out of a portfolio when you need the money, b/c you want to keep invested as much and as long as possible. dollar cost averaging out implies that you are selling out of your investment on a regular schedule even if you don't need the money, and it will just sit in cash when you don't need the money instead of being invested. also a lot of retirement money might be in a tax favored account and you want to make as much tax advantaged growth as possible
Thank you Mr. Lange for all your videos! I think I have finished converting funds into our Roth accounts and with the blessing of receiving inheritances, I opened and fund Roth IRA's for our daughters and just today mailed a Roth application with a check for our grandson as well. I heard about in-plan Roth 401k conversions recently and think it's a great way for my daughters to build a secondary Roth account(Roth 401k), BUT from what I understand, their plans' rules would decide if this in-plan conversion is allowed. Thank you again for years of helping me plan my successful retirement!
Side note: Vanguard has ended both Fixed and Variable annuity products. For most people, a simple approach to increase income is to defer Social Security Income and have a CD and/or Treasury ladder to fill the gap between the time you stop working and until the time you actually start your Social Security Income. Net cost ends up being much lower than commercial annuity products and offers better inflation protection.
If I convert to Roth IRAs each year for 10 years, is it necessary to keep each of the conversions in its own separate account? I know there is a five year holding period for each conversion. And it is unlikely that I will access any of that money for five years, but is this something that the IRS and I need to keep track of?
Thank you for your question, Anthony. We have passed your question to one of the CPAs at our firm and an answer will be posted to you here as a reply. Thank you again for your question.
Adam, in regard to your question, we have an answer for you from one of our CPAs, Dom. He says the following; The quick and easy answer is that you do not need to keep every separate conversion in its own account. You should however keep track of each conversion and when the conversion is performed. Since each Roth conversion has its own 5 year clock, this will help ensure distributions are not in violation of any of the 5 year rules. Thank you, Dom You may also reach out to Dom by calling our offices! Go to paytaxeslater.com/contact-us and call our offices and ask to speak to Dom!
1998 was a great year for a conversion because you could stretch out your conversion income over 4 years, i.e. 1998-2001. I deployed in 1998 and 1999 and was in a lower tax bracket and was not subject to state income for any of those years.
Secure Act boo! I'm looking for a company who can help us navigate keeping the strech for my disabled son for our IRAs (mostly ROTH) SNT is involved - can your office help?
