I have a 401a and 457 because I'm a government employee. My rate of return has been amazing! Mostly invested in vanguard index funds with others mixed in
Great video, I have worked all my life without thinking about my retirement. Now my kids are growing fast, the way I am spending my savings, it has come to my attention that at my old age, I will have no jobs, no money left and no retirement funds to fall back to. So I am asking what do I need to do and how do I begin investing in my retirement. I just need professional advice. Thanks.
I just wanted to say that you’re really doing an amazing thing by promoting investing and teaching young people about finance. You’re making peoples lives better!
I have a Roth IRA, 403(b), and Roth 403(b), among other types of accounts (529 and Coverdell). Thanks for the video, as this helps my wife understand the priorities for her retirement saving strategy.
Hi! Saw you on ifunny! I have 2 Roth IRAs. One with Northwestern Mutual and one with Vanguard... both maxed. I plan to max out my Roths every year, and I’m really liking the Vanguard app. I’ve also got a few shares of the Vanguard Total Stock Market and I’m pleased. I’m blessed to be young with a good paying job, so I’m trying to set myself up for the future! I’m subscribed!!
@@jjrocks24 nah, they are from separate years. 2018 was put into NW mutual, and 2019 was put into Vanguard. Thankfully the app/website won’t let you double dip.
This is solid content! I was wondering if there are websites or books that goes more on depth with overall general finance? I read the Tony Robbins book Money Money Master the Game already but I doubt that's all you need.
I wish my employer matched. They do offer some cash for my HSA. I have only had it for a year but was able to invest it. It has done pretty well for such a little bit of money.
I have both. The traditional 401k seems better to me. I think it really depends on a lot of factors. I'm want to figure out a strategy for how much to put in each. I haven't seen anything online that helps figure that out.
Hi Humphrey. I will be leaving my company soon. I have contributed to both 401k and a Roth 401k. I'm going to roll them over to Fidelity. So I would need to create a RO IRA and RO Roth IRA?
How do I find out if a previous employer set up a 401K for me? Ive tried a few online search engines and had no luck. Keep up the excellent work, and Thank You! You have helped me get a grip on my personal and business finances.
Hello my tsp plan is invested in 69/31 c/s. I was wanting to get it to like 80/20. It is better to move the shares around or just like now I am investing 100% into the c and just let time balance it to 80/20? Thanks
Enjoyed watching your videos! Humphrey, any suggestion where to put my $ once i Maxed out 19,500 to my 401-k? Btw, I already contributed 6,000 to my Roth IRA for 2021. Thank You!
If your current 401(k) has good investment choices and low fees its okay to move your old 401(k) to your current 401(k) otherwise move it to traditional IRA.
I currently have a traditional 401K from my old employer. Would it be better to roll this over to my new employers 401K, roth 401K, or start a Roth IRA? I assume I would have to pay taxes if I roll this over to either a ROTH IRA or ROTH 401K. Also if my company is providing a 6% match, since all matches are pre-tax is it still better to make these contributions to a Roth 401k or should I stick with a traditional 401K until 6%? Thank you!
The easiest would be to roll it over to a traditonal 401k again. If you choose the Roth rollover, it is a different strategy. I think it really depends on where you're going to be when you retire. Do you anticipate working past retirement age? If so then a Roth could be a great option to do. I always suggest getting the match no matter what so get the match via the traditional and then you can think about whether or not to contribute to the Roth 401k.
@ *J* *Lee* If you are happy with the investment options in the old 401(k) you can leave it there. If you prefer the investing options in the current 401(k) and or wish to consolidate your accounts, transfer the old 401(k) to the current 401(k). If the investing options in the current 401(k) are so so or you wish more control over your money transfer the old 401(k) to a traditional IRA. . You most likely will not be able to roll the old 401(k) to your current company's Roth 401(k). If you: old 401(k) to t-IRA to Roth IRA you will pay tax on the amount. The company match really has nothing to do with whether or not you should select traditional 401(k) or Roth 401(k). Are you in a relatively high or low tax bracket? Making less than $40k a year (12% Federal Tax Bracket)?
Hi, im 16 and obviously cant really do any investing or anything like that. Are there things i can do now to ensure/assist financial stability in the future right now?
Save as much as you can, start some side hustles and learn to figure out how to make income, especially in your community. When you turn 18 you'll have a bunch of options available to you!
All your videos have been very beneficial . My question is I have a retirement through my job which is a state pension. My job allows us to also put into a 457b and roth IRA both have no work contribution from work. Right now I put evenly into both, but should I be putting more into one. What our your thoughts?
so just wondering-- if I were to join my company's 2 year rotational program as a full time position, and the company doesn't contribute to 401k until 1 year into employment, and I'm not sure whether I want to stay with the company after 2 years, is it worth starting my 401k with the company?
You can always just start it and roll it over to your new employer, I'd say it's still worth it if you get a match for 1 out of the 2 years. If you can't get the match, then maybe forgo it for the Roth IRA instead until you find an employer who has a better matching program/benefit.
when you roll over a 401k into a roth ira, do you only pay taxs on the money you moved or now do you pay on taxs on everything in your roth ira when you pull it?
When you withdraw from either 401k & 401Roth , don’t you have to pay out an additional tax when you file for income taxes, since you are adding money to your income ?
I am 19 and wanting to learn personal finance. I have started watching your videos and read books by Eric Tyson. What are some of your recommendations for who/where I can go for more information as a beginner?
I started a Roth IRA years ago when I was making under the limit. It has about $30,000 in it, however, I had to stop contributing when my income increased above the limit. My question is, what should I do with that account? Just leave it and let it grow?
@@tiffanydavis3043 Anyone with (or who's spouse has) earned income (a job) may contribute to non-deductible traditional IRA. Traditional IRA may be converted to Roth IRA. So if you are over the income limit to *_directly_* contribute to Roth IRA, you contribute $6,500 to traditional IRA and convert that $6,500 t-IRA to $6,500 [back door] Roth IRA. This process is tax free unless you have traditional IRA balance from prior years which results in *_pro rata_* taxes. If you have old t-IRA balance you can move that t-IRA to your 401(k) and perform back door Roth without tax consequences. Fill Complete Form 8606 for this type Roth IRA.
I have looked every direction to open a "Roth 401(K)" I am self employed.. Who - where has them .Fidelity has articles however does not offer. Any help appreciated.TY
Your employer needs to offer a Roth 401(k). If you only offer a traditional 401(k) you should petition them to offer a Roth 401(k). Are you self employed?
Great video. Very informative. You can still have a Roth if you're above the income limit. Open up as a traditional and transfer it to an IRA. A good financial advisor can make this happen pretty painlessly.
I try to use the full amount you are allow to contribute and split it between 401k and Roth 401k plan at work. Now that I already max out my Roth 401k plan, am I still able to open a Roth IRA on a medium like acorns and contribute up to 6k on that? Or would I subject myself to penalties?
When you say max out? Do you mean you can only contribute a certain amount every year? For example: you can only contribute 5k to your 401k every year?