401k Strategies that will Blow your MIND 

You're doing well for yourself but it is better to seek help from a professional. I am sure that an expert with experience provides more edge than a RU-vidr.

As a high income earner can you easily afford to contribute max of $22,500 to your traditional 401(k) and towards retirement? What is your Federal Tax Bracket and percentage of company match? I f you don't know all this then its best you consult with an advisor.

Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?

@@ralfbrown-kl1gp thanks for the tip, i will check it out

Myself and a few other employees work with Sharon Ann Meny. She helps me max out on the Roth 401k in the month of November each year. My company matches 6% and I think my tax bracket is 22%.

this is not raul, do not watsap.

SCAM

How can this person, JENNY PAMOGAS CANAYA be reached please..

Second that.

>now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.

A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

How do I Find this Lady?

>I started out with an FA named Nicole Desiree Simon Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

​ *@sofiakhalida8106* Who is the professional who is advising you, if you could perhaps tell us? As a novice investing in stocks without the correct direction of a professional, I have lost a lot of money.

I'm guided by "Camille Alicia Garcia" an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.

You do not have to be scared of investment,what you need to do is get someone who already knows how to navigate the system and learn from them while you also make profits

i believe proper research,analysis and luck is what you need to succeed in the ever changing market

yes you need research and luck but experience always beats

kathy genelle britton

i came across kathy a while back now and she really knows what she is doing

Yeah.. but for 99% they will lose money doing this. Just stick with the mutual funds

I do wonder how anyone actually falls for those fake comments...

Many people live way past 60 so this retirement savings is crucial to live comfortably during the latter half of your time on earth. Social security is not a guarantee, it is a hope.

I am so glad you enjoyed this video!

I hear you. There are also many other ways you can invest your money and earn more profit. That way you are able to live the life you want. Travelling and enjoying life without worrying about retirement. One of such ways made me a millionaire in my early thirties. Now I’m in my late forties and already retired.

That’s wonderful! Congratulations to you! Are you willing to share your strategy?

⁠@@kaeros5521No, of course not. It’s too complicated for plebs anyway. And if you’re asking you don’t have $ to do it. She’s either full of shit or so selfish she would never tell you.

Lot of questions you have. I’ll try to address them, as I also have an S-Corp, and my wife and I max the 401k 26k + match and IRA 14k (but we use the back door Roth because we have a 7 figure not 8 figure equity investment portfolio lol, well done btw) -you can’t write off the 14 k traditional IRA since you max your 401k, so if you’re going to invest that then you might as well do the Roth conversion, otherwise no tax advantage. In fact, it’s a disadvantage because you’ll pay ordinary income when you pull it out of a traditional. Better not to even put it in an IRA if you’re not going to convert it. Just put it in a post tax account -401k max is 26k each, but it must be paid via W2 income and the company match is a percentage of the W2 income and will be listed in your 401k plan. Have you set up your 401k plan yet. If not I can tell you how to do this. It’s extremely easy. Don’t use a broker unless you want to waste a lot of money in fees and commissions for no value in return -I don’t have an HSA but I believe it to be $7200 per yr per family. I’m considering this for long term care / end of life costs. -No. It’s impossible to invest more pretax than you receive in income from your S-Corp. That would be amazing though. Your best tax strategy via the S-Corp is to deduct all personal expenses that could have a business related expense (use your business credit card a lot, mileage your cars vs your company purchasing the cars, computers, phones, etc), depreciating the business assets, paying yourself the minimum W2 to max the 401k thus minimizing FICA + SS + Medicare, and then paying yourself what’s left over in distributions. Unfortunately he distributions are still taxed as ordinary income not capital gains so you’re still going to pay ~37% + state rather than 20%. No way around it unfortunately. Common misconception that the rich or wealthy don’t pay taxes. Perhaps a minuscule percentage that inherited the money that has already been taxed and they only have to pay capital gains, but this is extraordinarily uncommon. Look at the stats. The top 5% of tax payers pay 50% of all of the taxes in the US. Perception vs reality.

I'll

if you'r'e self employed, only do solo 401k - more money into plan and cut down SE/FICA

You pay taxes on anything you didn't pay taxes on which includes the contributions and the gains and the employer match.

@@fellowes58 thank you 🙏

You can, but it matters who owns/buys/pays the premium as to the deductibility. I would work with a CPA setting it up.

no ...only money put in by yourself. The employer match and any appreciation does not count towards your limit

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!

For sure…he talks about this all the time

@@bradk1406 Yep. Thank you for responding. I found it! 🤙

You can have both but the limit is $6000 total per year. If you have a business, then you can go for solo 401k.

Contributing to Roth TSP is effectively or essentially same.

I believe you need to file tax return for that LLC separately, then that LLC will issue K-1 (or not if Single Member LLC) you will take that amount to your 1040.

Hey Jo Ann! Thanks for these amazing questions! It's hard to get into the details, without sufficient background information...we do have a consultation specifically designated for Solo 401(k)s. You can call my scheduling assistant Emily at (888) 801-0010 ext. 2065 to get more information!

And a side door too 😅

Is he or his spouse still working?

I was told they are not accepting new clients.

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR if you would like to set up a call to get direct help with your ROTH, please set head to: directedira.com/appointment/ - thank you!

No limit and you can but it depends on your tax plan set up and your execution on that plan during the year.

@@hexagonsystems5445 so does that mean if I only make $10K from my side gig through my company, I get to deduct more than $10K of expenses to offset the taxes for my W2 job?

@@sherriecullen4121 they have to be actual receipt deductions though and have to be of some growth or use to the business you are registered in.

@@sherriecullen4121 Have you filed with the State and formed your LLC or business yet?

@@hexagonsystems5445 no I have not done both. I’m planning for what I need to do in 2022. This year, I don’t have a side income yet, I’m hoping to do that next year onward

Hey Jose, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ - Thank you!

Yes

Yeppers, I do 26 k to my 401k I am 50 and 7 in Roth and 7 for my wife,

According to The Nest, a 401k can't be touched as long as you are working for the employer that sponsored the 401k, no matter how old you are. Once you put your money in there, it is _LOCKED_ until you stop working for that employer.

It is legal to transfer between 401k's. It is upto the employer 401k plan documents on whether or not in service transfers are allowed.

@@rossrobinson7943 Good to know. Thanks for the reply!

@@dienekes4364 YES you can roll your regular 401(k) into a rollover IRA. I just helped my husband transfer his regular 401K & Roth 401(k) into our FIDELITY IRA & Roth accounts. All we did was to call the firm’s investment company and told them what we intended to do. We were told to provide our fidelity account numbers. That’s it. It took only 3 business days for the funds to be transferred into our accounts.

You may contribute max of $6,000 to IRA and $19,500 to 401(k).

@@alrocky I know but we all not making 100k to contribute to them. Bills and debt get in the way

hear you. There are also many other ways you can invest your money and earn more profit. That way you are able to live the life you want. Travelling and enjoying life without worrying about retirement. One of such ways made me a millionaire in my early thirties. Now I’m in my late forties and already retired.

As a trader, it's almost inevitable that you're going to experience some ups and down along the way, alertness and deceiveness are both fundamental ingredients in the recipe for a successful trader..

That is incorrect. You can roll/convert as much as you want into a IRA/Roth, as much as you want.

Also there are no income limits to putting $6k in your IRA, you just don't get a tax savings. You can put $6k into an IRA and roll it into a Roth no matter your income. You can also put your after tax 401k contributions into the Roth each year as well. no limit on the conversion, the limit comes from the 61k limit on your 401k (2022).

@@adamrichardson6918 Yes, that's what I meant, that the 2022 $61K contribution limit ($67.5K if you're over 50) prevents you from putting the $6K even if it is after-tax. I just want to make sure the advice I was given is right.

@@RamSamudrala it doesn't prevent you from putting $6k in your ira. rolling and converting from 401ks or 403s or pensions does not effect your contribution limit.