I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@MartinArthur-9000 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@ 8:20 Roth IRA coupled with 401(k) is generally a superior over just a 401(k). @ 9:30 Advanced Tax Strategy: spouse should favor Roth IRA over traditional IRA since 401(k) contributions can be traditional. Roth IRA generally superior to traditional IRA.
Great video lots of information! Thanks so much. I have a doubt maybe you can help me. I know this video is 2 years old, but anyway I will take my chances. I was wondering what if I just contributed to my 401k up to my compan's match (6%). And say my MAGI is 150k married filling joint. Can I contribute my remains of 401k ($30500 age 50up minus 6% to 401k=X traditional IRA) to deductable traditional IRA? The reason I'm thinking of doing this because my 401k does not have desirable blends that I like. Out in the Market I can buy ETFs. Hope my question make sense. Thanks again.
The company was purchased by another company that have 401K. They deducted to 401K plan in December (only 1 month) prior to that 11 month I had Traditional IRA account. What to do with taxes. W-2 showed that I had 401K plan where i put really small amount (one month ) vs. 11 month of IRA (max allowable to invest)
It's my understanding that if you are "covered by an employer sponsored plan" during the calendar year, the income limits fully apply to the deductibility ofTrad IRA contributions as a "participant" in an employer plan. They do not pro-rate the limits even though you were only covered for part of the year. This would make sense because they do not prorate the 401(K) EE Deferral limits. A high-income earner that makes enough comp in December would be eligible to contribute the full $22,500 / $27,000 to the plan all in December. (Comment is for education. Not advice)
@@greenbushfinancialgroup First 11 months I was not covered by 401K plan and contributed to my IRA account. ($7K) The new company that purchased the compony that I work for provided 401K plan starting December 1 of 2022. So I had only one month to contribute to 401K from my paycheck
I just retired and spouse still works. If I understand it correctly she can contribute $31k to her 401k and $8k to an IRA and I can do $8k to an IRA for a total of $47k totally wiping out her income. Am I missing something? We are below all income limits to contribute.
The Trad IRA contribution may or may not be deductible depending on your income level for the tax year that the IRA contributions are made because your wife is a participant in an employer sponsored plan. There are different income limitations for the plan participant and their spouse (non-participant). (Education not advice) #gfg
