Hi Mr Moss, something you should look into is buildings that were built for, and housing seniors were transferred to housing addicts and those with mental illness. This started majorly during the Obama administration. It slowed for awhile, but since 2021 both senior housing and housing for Veterans has been being being transferred to mentally ill and drug addicts. So housing that used to house our most vulnerable---seniors, Veterans and physically disabled are now housing drug addicts and those who are mentally incapacitated from drugs and the seniors, Veterans and physically disabled are now homeless..
You earn money pay a tax, you buy something pay a tax, you sell something pay a tax, you make money on investments you pay a tax, you get a pension or social security pay a tax. It's unsustainable. This is insane.
@@elonmusknewsnetwork not everything that's deductible is biz related, therefor is not applicable to deduct. You have to pay taxes if you want it or not.
@@rickyoosterbos2516 course but you can be pretty creative with the businesses you run and how you make deduction. Why do you think so many people become social media influencers, they're writing off all their leisure activities under the guise of content.
Don't be the guy with an $80k truck and 5k in the bank. Be the guy withr 5k truck and 80k invested somewhere. Social security is NOT your lifeline in retirement. You create your own lifeline.
We are already there! You don’t own anything now. You only think you do in reality they can take everything you have from you if you fail to pay them the tax
It’s not immigration it an invasion . My wife trying to get her sister here from Philippines 2 years now and refused at embassy even though educated, vaxed , and employed.
@@somebodyhastosayitsoIwill it was mandatory over there . My wife’s mother had a stroke shortly after getting hers . It’s Rev Jones cool aid as I think .
@@somebodyhastosayitsoIwill - I think her point was that none of these illegals are required to get vaxxed. Even though during the PLANdemic, millions of citizens were or they lost their jobs/couldn't travel, etc.
When you retire you don’t need as much money. Most people in retirement have their homes paid off. You don’t drive everyday. My car only sees 1,800 a year so wear and tear and gas is very low. You should have everything you need to live by the time you’re 65. You no longer depend on restaurants to feed yourself. The money it costs you to work is no longer. I have a nice home, a nice car and my annual living expenses cost me $8,200 a year.
Our average house in towns prop tax alone is 8200 per year. I think your memory is challenged how much it costs to live. Note i recalculated. It's for 2 houses
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I say, “When Mr. Wall Street and Uncle Sam shake hands and make a deal for ‘your own good’ (as they did with the 401k), that should be a warning sign!”
401K is the greatest thing ever created! Roll it into an SDIRA to invest or even an asset protection Trust Fund that can be invested in almost everything (RE, Crypto, Businesses etc) AND the income is Tax Free (unless you take a distribution!) 401Ks were created for the rich but they had to make it available to everyone. Why do People keep saying 401Ks are bad? It lowers your taxes as you are saving then wen you retire you can invest it in just about anything.
@@Userxyz-z2dunless it is a Roth, most 401(k)s create tax traps (just as Mark explained) plus the fees are unusually high and the investments (depending on the employer) can be crap. The most popular 401(k) investments now are Target-Date Funds and they are the equivalent of financial sausage. They consistently underperform index funds and the fees erode performance further. Not saying retirement accounts are all bad by any means, but beyond getting a match, when people put ALL their money in high-fee underperforming funds (as many do) they end up with less money and less CONTROL of the money they have!
@@Userxyz-z2d”tax free… unless you take a distribution!” 🤦♀️ That’s kind of the whole idea… Also a lot of restrictions around real estate… it’s all red tape and you have to follow the government rules.
@@Userxyz-z2d Fees can be crazy, too. The selection of mutual funds available in many 401k funds are high-load(expensive) and can cut very severely into your eventual returns, tax-free or not.
the biggest fear i have is the liberals, but it's not really them, it's WEF and other powerful figures who control both parties and cause violence everywhere. Move when you can but then this is suppose to be the best place. They ruined it. sadly.
Everyone needs to see how much money has been stolen "borrowed" from our SS trust accounts. If they hadn't stolen $2.9 trillion before interest from our accounts, the average SS retiree would have about $1.4 million with interest over a 50 year working period.
Retired 12 Years ago and I now have MORE Dividends coming In,.. than, I can Spend ! Bill's are, practically ""Nothing" My Truck's Paid Off ! Owe a measly, $60K on Home at, 3.50 Percent for 15 years ( Can write, a Check to Pay it, off,.. IF, I wanted ). Yes, I'm a Bit "Leveraged" but, NOT,.. worried ! DIDN'T Sell, my Stock ETF's and CEF's During, the 2008-2009,.. Debacle, Like THIS guy did as,. I've NEVER Been, "Scared Money" ! Folk's Be careful WHO,.. you Listen to !
HOOAH! Also, “if you fail to plan, then plan to fail.” As an old dawg who keeps trying to stay in shape, I often channel that old DI sage wisdom: “Pain is God’s way of reminding you that you are still alive.”
I had to retire because I have terminal cancer. I was wrongfully denied disability and am now about to be evicted after foreclosure. I get $1000 per month, which was a good wage in the '60s. Its impossible to live on this now so I have to choose now between suicide and being homeless. 😢😢
May the One who can do "more than superabundantly beyond all the things we ask or conceive" be with you, provide for you and bring you peace of heart and mind. (Eph 3:20)
Is there someone you know where you can pitch a tent safely and use facilities when you need to? The $1,000 could be used for food, cell, a few necessities. Anyone have a Tiny old trailer you could get? Anyone you know where you could rent a room for say $200 a month or some kind of bldg that you could live in? Pray for guidance from the Lord. I will pray for you, friend. If you do not belong to God, now is the time to consider that, friend.
I’m 47 will pay off my house this year, but now have to turn around and begin paying daughters college tuition. If I don’t she will never have a chance in Hell at a normal life because she would have to pay not only college tuition and a place to live, but all the other BS as well. Basically we need a Revolution because these greedy government politicians have destroyed our monetary system! 😡
Boomer here. Built a small home in another country for a tenth what it would cost in Los Angeles and a fourth what it costs where I currently live. Conservatively my wife and I should be able to save $12,000 to $18,000 a year into an account just from my social security check alone. If social security ceases to exist we can live off of the income of our savings and not use the principal. The United States is no longer a realistic option for a great quality of life in retirement.
I say this all the time: “Retirement is Broken.” The old model mostly works for corporate folks who have saved consistently without disruptions from divorce, disability, etc. Part of the problem is that people have been sold the lie that they will be able to retire at 62/65 and never work again. Some can… but many people are better off continuing to earn money, even if part-time or seasonal, perhaps freelancing or running a chill business. When you look at the most successful people in the world (people like Warren Buffett, Morgan, Freeman, Barbara Corcoran), they keep working far past “retirement age” doing something they love. It’s not just the smart, Rich, or lucky that get to retire… It is actually the smartest, richest, and luckiest people who keep contributing, keep giving and receiving for as long as they can.
@@NishantSharmaverickyou’re welcome! I’ve got a few videos on my channel about what I call “the new retirement paradigm,” but they’re not as slick as Mark’s! 😅 (This one was really good…)
Mark - When you pull money out of your 401k plan it is not taxed as a capital gain. It is taxed as ordinary income so would be taxed at your marginal tax rate.
401K is the greatest thing ever created! Roll it into an SDIRA to invest or even an asset protection Trust Fund that can be invested in almost everything (RE, Crypto, Businesses etc) AND the income it makes is Tax Free (unless you take a distribution!) 401Ks were created for the rich but they had to make it available to everyone. Why do People keep saying 401Ks are bad? It lowers your taxes as you are saving then wen you retire you can invest it in just about anything. To set up a Trust Fund call Broad Financial.
It’s unearned income. The first $10,000 isn’t taxed. If you make $24,000 a year Social Security and you get $10,000 from 401k. Your home and everything is paid for you shouldn’t need more then $34,000 a year just to sit in your house watching tv.
Once you retire you are likely in a lower tax bracket than when you are working so the overall your ordinary taxable income you receive from your 401k is lower. Also, if you have your debt paid down you don't need the same amount of money you needed when you were younger buying new cars, paying for children, etc.
Whenever you put money into a pot, you risk someone taking from that pot, as a temporary loan for something. Of course, that temporary loan becomes a permanent take, because while there were good intentions at the time of taking, the repayment gets delayed and delayed. Of course, because it was done once successfully, you have the temptation to do it again. And again... Always strive to be in control of your own assets and revenue streams.
I retired at 35 years old last year 2023. I never count on social security because by the time i turn 65 years old social security won't be exist anymore.
@@evinwhiteson4902 Oh? It isn't out of this world. I am looking to retire this year at 37 years old. My house in Canada is overpriced. It is paid off and I am looking to sell and move to South America. I have other investments as well that keep growing. It certainly is attainable but it takes a lot of work and determination to get to early retirement... Something that 99% of people do not possess.
There was no ‘piggy bank’. It was always being paid out of current taxation. Problem happens when those paying tax are exceeded by those standing around with a begging bowl.
Mark, I think you may have misspoken regarding tax on gains in Canada. It is not a 66% tax on the gains, it is that 66% OF YOUR GAIN is taxable (up from 50%)at your calculated and adjusted annual tax rate. Still utter BS from an incompetent government.
What you spend in retirement is more important than income. If your house is paid for, your energy is produced on site, and you grow your own food, how much income you have is far less important.
How you spend your income has always been more important than how much income you have no matter where you are in life. Sure, a higher income might make it easier to achieve your goals, but only if you save and invest -- blow all you income, and it matters not how much you make.
@@corwind3888 It is not what you make that counts, it is what you get to keep. Personally I have no debt at 63. Over the past 30 years I bought property in a safe, nature rich country a few hours away. I built an off grid home with an ocean view and grow 70% of my food, secured my water and live a healthy lifestyle. I invest my Social Security, which I know is temporary, into Bitcoin every month. Now all that is after losing everything 30 years ago; chasing the American Dream with my big mortgage, car payment, credit card finance, daily commute in my suit and tie on my way to work at BofA. That and a bad marriage blew me to smithereens. And that was the best thing that ever happened to me. Time is your greatest asset, even if your a boomer 25 years is not out of the question.
A colleague of mine inherited a multimillion dollar inheritance (from his frugal relatives) he has blown through a large portion $$$ in the last 2 years on multiple high dollar sports cars, lavish home remodeling projects, Etc. his current lifestyle is unsustainable he works every day although overspending his monthly income, he continues to spend (can’t stop) and buys things looking for peace and happiness, I hear the family drama everyday he’s anything but happy!
The power of the people, wherever you are, is far greater than you know. If united in the heart, great things can be accomplished although not without a fight and determination. It is time for the people of the world to take back their God given rights from the bureaucrats who have wrangled them away, slowly and meticulously, over the last 80 years. One focus, freedom.
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
You are oversimplifying things. The rich are causing poverty of others that are forced to pay more for everything. When rich people store billions on their accounts the money stops spinning and they are causing the blockage. And I am not even talking about how many properties they own and how they are overpricing everything.
The increases you mentioned are on capital gains. Money coming out of a 401K is taxed as income. You will take the hit on your income taxes.. not capital gains.
I'm glad I only have one child. Military gives me a lifetime pension, TRICARE for life, and zero expenses for medical care from Veterans service connection disability. No high interest credit card.
@@normanhalllll8312 My parents have government pensions. They have enough to live well. The pensions also have COLA increases. It's the 401Ks that seem to be shady.
Lets hope not. When that dude stops getting pension for signing up to do the countrys bidding--thats also the point we're all f'd because everything will have collapsed. I dont want it to happen just to say I'm right in a comment thread that will mean less if that happens than it does now bruh.@normanhalllll8312
I'm on the same boat. Same crib for 2 years now, but has been under new management twice throughout. Also my job is trying to cut down on overtime despite us being short-handed. I already feel all kinds of uncertainty.
It seems like a battle/race to destroy everything or 'reset' it so you & I can't just call it a day and chill after contributing for years or work if we want to on the side or like what we do. Like this wierd control/restriction grid on people just wanting to go about their day and chill the F out after grinding like a mo fo. I can make the move but wanna get a little bit more house 'outright' . But its harder by the sec. I get closer to just saying 'I'm good' and making the retirement jump while it's still possible by the moment. Nort the worst dilemna to have. Thank goodness🙏
Qualcomm, for example, has 50,000 employees, but over 30,000 are in India, and Indian employees don’t pay social security taxes. Qualcomm itself is saving money since Qualcomm pays less salary to Indian Qualcomm workers compared to US employees. The worst part is that Qualcomm is not the only company avoiding social security tax. Thousands of companies, like Microsoft, Intel, and Nvidia, are doing the same. The number of US workers is less than since the start of the globalization policy.
I am retiring is SE Asia where medical is so cheap! Retiring in the west is a losing proposition unless you are a multi millionaire. I dont think a few million will even do
I'm there with you. Just built a small home in Asia and will actually be saving from my social security every month on top of the savings from income on my retirement savings.
I’d like to know the percentages of Boomers who are either in poverty and/or homeless who voted Democrat and who voted Republican. I want to see which side fared better in the economy and what group has more living below the poverty line and which political ideology, values and habits came out on top for their generation.
I think we know that answer. I think we can even go with conservative/liberal and keep it to "pick one" or independent/neutral if need be. Conservative / Independent by a long shot if people answered correctly and stats weren't cooked. Still would be nice to know 😜
Social Security -- Nah, not starting with Reagan -- It was a Ponzi scheme from shortly after its outset, when FDR sold it as a federal benefit, a set-aside, a reserve fund for seniors, but the Supreme Court ruled that unconstitutional, but then essentially coached the Administration to call it a tax and untie it from any promise to return it to retiring seniors. It took awhile for that weasel-wording to make its way into practice, but it was understood by future administrations as a slush fund with no requirement to set it aside. And it was lumped in with the rest of government funds. It certainly wasn't carefully "invested". [see Helvering vs. Davis, Cardozo decision]
Working is good for you, actually, and has kept many people alive as well as protected them from developing dementia/Alzheimers.What is bad is when you are being overworked and lack any life balance which is majority of the working class at the moment.
Wealthy, private citizens are not your enemy. Politicians are. Politicians are taking your money from you. They are giving it away to Ukraine (and many other countries), illegal border-crossers, funding senseless wars that we have no stake in, etc.
@@MrThejboe3oh5 the argument isn’t about labor, it’s about the ability to save in something another man can’t just print. Accumulation of wealth via labor
You need to consider average 3-5% inflation and currency debasement of 9% per annum. So, you need your investments to beat it or lose to unwritten corrosion.
Gold will hold value versus inflation and the death of the US dollar. Everything else not so much. If you want those kind of gains in stocks and mutual funds I have bad news for you: those are high risk investments. 9% is very aggressive. Ultimately if you are older you need to face the fact that it's smarter to bleed out slow than to die in an instant from risky investing. For people that retired early sure go ahead and take the risk, in the worst scenario you go back to work.
I never trusted Wall Street- I was a landlord of 15 houses. Oops 2008- even though I put 50% down-I lost it all . But I lived my life traveling the world and figuring those horses were my retirement. Oh well I had an absolute blast and I’m still able to live comfortably in a little 28 foot travel trailer that I bought and fixed up with the last of my money -and I can look back on an amazing life, so WTF?? 🤷♀️
I'm thankful as heck-fire. It came at a price... running on the hamster-wheel and grinding... They are more rare these days (pensions) but I'm looking at 7k 'take home' in pensions. I got cost of living measures built in & medical. 😭🙏 It's less common. I feel like a dog with antlers, hooves, and wings... but am very very thankful. Crazy thing is my only design/planning was "stick with it" for later on in life. I watch this stuff though cuz it's cool to preserve/grow it. Thanks Marc!
The tax rate on capital gains does not affect 401K's since money withdrawn is taxed as income not capital gains! This video never mentions the idea of a 401K is to pay tax after retirement when you are in a lower income tax bracket.
For the Canadian capital gains tax, I’m pretty sure it’s 66% of your capital gains are taxable. Not that it is taxed at 66%. It is taxed at whatever rate your income bracket is at like any other income. 33% of the capital gains are tax free.
We found out insurance is one of the most expensive items in retirement. Medical, car and home all add up to large expenses. We live in FL so our insurance is high but it's not going to be cheap anywhere.
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Thank you! Very interesting and informative. Even though I am already retired and living in Sweden. We all need to plan for our survival. I enjoy your videos!
Why would I invest in a business (dollar cash flow inflow), when the dollar is losing it's purchasing power over time, when Bitcoin is adding to my purchasing power over time with low risk when compared to a biz?
I bought an eight year old used economy car in 2020. Got it for a good price for it had sat on the lot for months because it was a 5 speed. As long as it never gets wrecked, I plan on keeping it until I can't drive anymore. It'll be my last car.
I bought a 13 year old Toyota in 2018. I have had only oil changes, tires, and one scheduled timing belt to pay for. It still has only 110,000 miles on it and runs fantastic. LOL buying new cars is for suckers. Wife has 250,000 plus on her's.
@@patland1762 : The car I have has the timing belt change at 152,000 miles. Which is damn good. And this is for the turbo models. The non-turbo (which still gets all the turbo goodies) models have easily gone past 200,000 miles with owners saying the belt still looks real good when they finally get to it.
I would like to see a video on DePop and the problems it causes. Many folks aren't having children for several reasons; lack of family values (their parents weren't married), lack of finances, lack of housing etc. but some people ARE having tons of kids and tends to be the poverty stricken folks from my vantage point... what kind of society does this create 10, 20, 50 years from now?
Thank you for exposing the truth about taxes, which are low because Ronald Reagan dropped top rates on the wealthiest people from 70 per cent to 30 per cent.
Gen X, born in 1969. My parents had very little money, but my dad said, when I joined the Army, "start saving every month and you'll be glad you did". I started an IRA when I was 24 and an Air Force officer. I only did 7 years total between Army and AF, so don't get military retirement, but kept contributing to my IRA every month. I also have done 401Ks with all my civilian employers and still contributed the allowable amount to my IRA while accounting for its basis. When I hear that people have no retirement savings, but then hear all the reasons why, it blows my mind.
Just a heads up. I did as you did many years ago. In retirement, I started taking small distributions from my 401K. My dumb ass. The resulting tax penalty was obscene. Lesson learned. 401K’s are a scam. The IRS always wins.
I worked with people who could have gotten a match on their savings up to 5% of their income ( In other words free money ) but buying a new car every other year meant more to them. Hope the last one they bought before retiring is comfortable because they might end up living in it.
Mark moss i respect you and your videos I wish this video was something everyone could understand in one lesson it took me 2yrs to learn what you discussed in 30minutes Am 24 and believe me it’s sad what I see happening here in Canada I walk into a Tim Hortons coffee and I see elderly people serving coffee because they cannot afford to retire I talk to most of them and the intensity of pain that comes out of them simply because they don’t know the difference between passive income and ordinary income They have money problems the first thing is to go get more ordinary income it it’s so painful P.s Trudeau already increased capital gains inclusion rate to 66% over 250k gain for individuals
A new car every 3 years after the age of 65?…..why??….$10K for vacations / year?….??…..let us realize, that your life shrinks irrespective of of assets. Most of your comfort after the age of 75 is at home…not annual excursions to the Grand Tetons…
A failure to understand the nature of evil, power hungry elitists will be the downfall of many. It doesn't make sense, it makes them more powerful. You actually think the politicians and the doners who fund them have good intentions for "the country"? How naive!
*Rich versus Wealthy* There is an important difference between being "Rich" and being "Wealthy". "Rich" is measured as the amount of assets and cash, while "wealthy" is measured as the amount of time that you can support paying your expenses from passive income. When you have sufficient *passive* income to pay all of your expenses, then you are wealthy. *You have no need to work for a paycheck. You have achieved financial freedom.* There is no such thing as a final destination on your journey to financial freedom. The goal posts are always moving. For example, you decide that a monthly cash flow of $10,000 per month is all that you need to live a comfortable life. You build your business and after, say, two years you've achieved your $10,000 per month goal. Then inflation hits your wallet. Food and energy prices rise 10%, and recessionary pressure reduces your income and increases your operating expenses. Your $10,000 per month shrinks to $8,000 per month and your purchasing power declines another 10%. Are you still comfortable? How many reductions in cash flow and purchasing power can you absorb before you are uncomfortable? No matter what number you choose, it will eventually be too little. My point is that there is no single number for monthly cash flow that will permanently solve your financial problems. You will always have problems. The problems of wealthy people are usually solved by writing a check. Therefore, your goal is probably better phrased at increasing your monthly income by a certain rate. For example, instead of saying that $10,000 per month is all you need, say that your monthly income should increase by the greater of $500 or 10% every six months. A quantifiable goal: • Has measurable progress. • Implies the tasks required to achieve the goal. Now you are focused on gaining another $500 per month or another 10% increase in monthly income, and you have six months to achieve that goal. After achieving the goal, then you have another six months to increase it again, and so on. Increasing your passive income by 20% per year is probably enough to overcome recessionary pressure and central bank inflationary policies. You must decide what's right for your situation and for your desired lifestyle. *It's always an uphill climb. When you stop moving forward, you start sliding backwards. Never lose your forward momentum.*
@@karnubawax Tell that to this boomer living on disability unable to travel or work for more than a few hours a week, plugged into a medical device 2-3 hours a day. I funded the gift of 7,000 pounds of food to 200 people in need from my own pocket last year (living on 25,000 income). In 2020 when I had no income of any kind for a year I gave two thousand dollars of N95 masks to the city and county police departments, the local hospital, and the fire department when they had no N95 masks. I did that by taking a little money and made more by buying and selling on eBay. Every cent made went into that, seeing that others could be safe, even though I was unemployed and unable to work very much due to disability. So whine me a river Gen-Xer WTF have you done for anyone.
@patland1762 well not all of you are like this, but yhe majority of boomersare simply getting their just desserts for voting in polices that would only benefit them at the cost of their children's futures. Of course there are outliers like you, but the rest can kick rocks at the shelters.
I live in Finland, europe, and my monthly expenses are 500 euros for rent, 20e for electricity (actually like 15) and maby 500e for food. So 1020 euros for a month, 12 200 a year. I commute whit my electric bike, which is baseicly free. In my current job I make 2000e/ month, so I'm doing wery well. You americans have to use insane amounts per month in my opinion.
It’s not the same every where you go in the United States if you stay away from the large coastal cities you greatly reduce your expenses and if you make common sense decisions like biking or buying a compact car and running until it dies instead of buying a new suv or truck every 5 years you greatly reduce your expenses also cooking your own food those baby boomers were buying new cars every few years eating out 4 times a week and buying 2400 square foot houses they couldn’t afford and then filling them with junk charged to a credit card . And as the richest group of people who ever lived they didn’t save a dime . It would have only taken them 100 dollars a month from 20 to 65 in a 401k to retire with a million dollars in retirement savings . We can easily live like you in the United States I do as a family of 5 our expenses are 3300 a month for a family of 5 we make 8000 and will have no problem retiring young . The guy in this video is mostly wrong about what he claims the problems are and in several areas he is completely wrong . The problem with baby boomers is they spent to much and didn’t save anything .
@@kwhopper1100 I had cars for 10+ years, did not eat out 4X a week, I could afford my 1800 sq ft houses and didn’t actually “fill” them but bought lots of consignment store furniture. Did I lose my “boomer” card in your bitter eyes? I’m not wealthy, and lots of boomers aren’t, but keep talking trash about older people. Do your parents know you hate them?
@@katydid2877 statistics don’t lie I have more money saved as a 1 blue collar income supporter of a family of five than the average retired boomer . Only 100 dollars a month and you would have a million dollars for retirement . You spent your money somewhere .
Just think of how retirement will be in the future for the Gen X folks. I'm 44 yrs old and it's safe to say that most of my friends, co-workers, etc are literally saving nothing for retirement. I'm always shocked at how financially illiterate they are. No one is saving anything anymore and I think it will be even worse for Gen X.
"No one is saving anything any more" Extremism is false ...and dishonest. Grade school and middle school English was SUPPOSED to teach you comparative words and phrases. Return......and learn.
It's unfair that staying home and taking care of children and grandparents like I did doesn't earn social security credits. Fortunately (or unfortunately) I worked for the state after my children grew up and my grandparents died and earned a state retirement. I have been saving money over the years but the crashes and inflation, ugh! I sold my house and super downsized. I suggested to my daughter that she buy a duplex and I can rent from her.
Watching the crypto market's ups and downs shows how quickly things can change. In crypto, strategic, informed trading isn't a choice; it's a must. Remember, caution is as crucial as ambition here. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 1.2Biitcoin to a decent 11.4Biitcoin... I'm especially grateful to Kerrie Farrell, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape...
Yeah, same thing is happening in Canada.People are investing in an Rs p for a tax deferment.And guess what?When they try to take it out they're taxed at a high high rate.And they wonder why everybody says R.Yes.P's are bad and they are
Sure wish I could have you as my financial planner. I obviously need one. 2008 wipes me out and I need to get off the seat and get going with Realestate or something
Mark, saving money want save us, but what I will say is that investing has a lot of scams. I am not telling no one to not invest there money what I am saying is that people need to be careful when investing their money because there are a lot of investing scams. See you invest your money, but you didn't get scammed which was a good thing, but I might not be so lucky like you to find a trustworthy investor because people are doing more fraud now than they were doing back then. We are living in the last days.
One fact that is coming in the near future is the Depression this Country is going to experience within the next two years if that. I'm expecting my investments to be reduced by a Minimum of 40-50% and it could be even worse than that, we'll see. That is why I have been living as frugally as possible since I retired almost three years ago. On top of that, my main goal in life is to leave my Son, his wife and my grandsons as much as I can. So, I am not dating, I eat as little as possible, not going out to dinner, and pretty much no vacations (I did go to my 50 HS Class reunion last July). It is a frugal life, but again, my future for me is to provide for my Son, not to enjoy retirement. And also, my attitude in regards to medical expenses is that I will not get any. No surgeries, no nursing home. I guess you could say, I'm willing to sacrifice my life for my Son and his family's benefit.
There are no capital gain taxes on an IRA or 401k. They are taxed at regular income tax rates which are lower than they had been. They are going back up, but the majority of IRA or 401k investors are going to be paying far lower rates than the presenter suggests. Makes you wonder why he is misrepresenting the situation.
Great video Mark. Just to clarify the Canadian tax rate on capital gains as of the 2024 budget….for individuals, you are taxed at whatever the marginal rate is on 50% of the capital gain on the first $250k, over that it’s on 66.66% of the gain. For corporations, which includes private corporations for professionals, you are taxed on 66.66% of the gain, regardless of the amount.
Another great and very informative vid Mark. Let’s hope the gov doesn’t start taxing cash flow from our businesses like the way they are proposing to tax capital gains/ 401 k …. Thank you Mark Moss.
I've had 2 new vehicles since 1987. You can save a lot by not buying a new car every 3 or 4 years. A car is the worst "investment" you could make, unless it's a collector car. And 99.5% of vehicles are not collector cars.
Mark, appreciate you video on the Boomers. However, the elephant in the room is the debt. Please express your views on how the debt issue will be resolved and the impact the process will have on our daily lives.
If you have your investments inside of a 401K, IRA, or other tax shelter, you DO NOT pay any capital gains taxes for those investments you cash out inside the tax shelter. You ONLY get taxed as INCOIME for the money you take out - which hopefully will be at 59.5 years or later to avoid the 10% tax penalty - of your tax shelter. And... if you have a ROTH IRA, you DO NOT pay any taxes for any money you take out of your ROTH IRA, because it's a tax-free withdrawal. The capital gains taxes apply if your investments is OUTSIDE of a tax shelter and you sell THOSE investments!
Let’s face it. The concept of retirement is outdated for most people. My mom worked til 75 yrs old. My dad worked half the year until he was 84. Most people are not paid enough to save enough for retirement. Even if they are thrifty. We no longer have pensions for most people.
Great video however to clarify In Canada the tax rate on capital gains isn’t 66%. Until this increase occurs in June only 50 % of your capital gains was taxable. As of June 66% of your capital gains will be taxable at your income tax rate based on total income tax rate. Still an increase but no where as bad as you interpreted. What is also coming from the Trudeau administration if they get re-elected in October 2025 is he wants to tax capital gains on your primary home property also. As you say baby boomers are in trouble
What you are saying was 20 past years ago. Today they the gov got ten steps in front of most people. They have no extra to invest. Most are 1 step away from going into poverty.
great vid Mark. income at retirement is still king. when the conspiracy to dissolve pensions started, i knew we were in trouble. im 68 years old retired with no debt. i own my house free and clear. my expenses are property taxes, insurance, utilities, groceries. i need another $1,000 per month income in addition to my social security income. my $400K of retirement savings cannot produce the returns i need unless i put them at market risk. im not doing the annuity thing under any circumstance. a part time job and/or side hustle seems to be the only answer at this point. your thoughts?
No wonder the country is going broke, during Covid I was off work for 3 weeks and getting unemployment which was about 70% of my normal take home pay, but I was alright , since everything was closed , I didn't use as much gas driving so I spent less for gas and since a lot of stores were closed I spent less money than normal buying things like clothing or shoes, Anyway my employer called as they reduced covid restrictions for companies and asked me if I would want to come back to work, My first thought was I have to go if they ask me or I could lose my unemployment pay if I refused, So I said Yes I would come back to work , a week earlier I got that extra 600 dollars from the government and thought , Hey , this is alright ! I didn't really watch the news that closely and thought that 600 dollars was a one shot stimulus check, So once at work there were a few other employees there and as I talked to a fellow employee about the Covid lock down, That 600 dollars came up and He said , NO, that's not a one-time thing, That 600 dollars is every week! I couldn't believe it and said 600 dollars that's more than I take home working every week! Well that's just insane ! No wonder nobody wanted to go back to work, I knew people that cleaned up during that time collecting Unemployment and getting a 600 dollar weekly bonus on top of that and refused to go back to their jobs, because the government said If a person feels unsafe at their job from fear of catching covid, they had a right to refuse, Which was dumb, why wouldn't people refuse to go back to work if they could make more not working!
