I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.
I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra
Agreed, opting for financial advise can be a wonderful resource for getting your finances in order. At first-hand, I average 4 figure/month in dividends and my overall ROI just hit $550k. I only have 30 or so stocks with more of my investments in digital assets.
Finding financial advisors like Marisa Michelle Litwinsky who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Good gains! who is this professional that guides 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.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
At 63 years old I started moving all pre-tax into a Roth, keeping it under the IMRAA limits. Am 67 years old now and about 1/2 the way there. By 73 years old, I plan to have no pre-tax money left. Will not take SS until 70.
When someone says to take from taxable accounts before tax-deferred accounts, it makes me think that they are stupid. The strategy they want people to adopt is to pay less in taxes now so that they can pay much higher taxes later -- especially when RMDs hit. I am going to take from tax-deferred first so that I can control exactly how much I pay in taxes each year and limit any effect of RMDs later on. Taxes on taxable brokerage accounts will be lower because not all the money withdrawn is taxable, and what is taxable is often at the lower long-term capital gains rate. Lastly, I'll draw from tax-free accounts. The ONLY time to take from a taxable account first is if you can't take from retirement accounts without penalty. I've NEVER heard a SINGLE explanation for why taking from taxable first is advantageous. Allowing lower-taxed, or non-taxed, to growth longer will provide MORE money, not less.
One scenario to spend from taxable first, is when doing Roth conversions. This reduces the pre-tax just like spending, causes taxes just like spending, but if you pay things using your taxable account it also leaves thoae pre-tax assets now as tax-free assets to grow.
@@Sylvan_dB -- You can draw from tax-deferred AND do Roth conversions at the same time, unless you want to convert such a large amount that it pushes you into a very high tax bracket. I plan to do that to increase my Roth account while we have relatively low taxes rates. No one knows what taxes rates will be in the future, but I suspect they are more likely to go up than down. If you want to do a huge Roth conversion, then using money from a taxable account could keep your taxes a bit lower. Although technically, if you are doing Roth conversions, you are drawing from tax-deferred accounts FIRST. You are incurring the full income tax hit now rather than later -- which is what I said you should want to do. Any money from the taxable account is just to supplement in order to keep current year taxes manageable. Also, if you are using money from the taxable account to pay the taxes for the Roth conversion, then you are drawing it down even faster -- paying for your living expenses and also paying additional taxes...which sort of defeats the purpose. You can't avoid taxes now by paying taxes now.
For many people RMDs is a non-issue because they need to withdraw at least as much as the government requires. Perhaps more than government requires. So, RMD requirements are irrelevant to them. Also, Many financial advisors go straight to Roth conversations to draw down the IRA when it may not be beneficial.
This video is very informative, but it would be better if you talked about real money. Talk about Cryptonica; it's real money every day. What you're discussing doesn't seem as cool
