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Why I (as a Millionaire) Never Saved for Retirement

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www.nomadcapit...
While many investors use IRAs, Roth IRAs, 401(k)s, 403(b)s, and other government sponsored retirement plans to save for their golden years... the joke may be on them.
Now, we're not in the business of giving professional investment advice. But investing for retirement in an IRA or similar plan traps your money and makes is subject to the government's latest whims, whether that means higher tax rates on savings income, longer hold periods for tax deferral, or even asset confiscation.
The same is true whether you live in the United States or in another country with voluntary retirement accounts. For many entrepreneurs and successful people, having control may be more important than having tax deferral or tax savings.
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ABOUT NOMAD CAPITALIST
Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best".
Work with Andrew: nomadcapitalis...
Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries.
He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster.
About Andrew: nomadcapitalis...
Our website: www.nomadcapita...
Subscribe: www.youtube.co...
Buy Andrew's book: amzn.to/2QKQqR0
DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

Опубликовано:

29 авг 2024

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Комментарии : 152

@VTAcraft 5 лет назад

"Forgo your company match for Cambodian real estate." lol

@millizaable 5 лет назад

Depends on what the match is, and I guess some companies don't match or only match to a certain percent... So in some cases, only some, Cambodian real estate might be a better option... lol...

@Deutscher256 4 года назад

Cambodian duplexes! You buy one half, and they pay for the other half.

@charlesg7926 2 года назад

Put your money into a company match, so that your money doubles, and then immediately take it out. Even after the 15% penalty, you will have a 30% increase. But definitely don’t keep the money in the 401(k), especially long-term inflation is going to kill the value of that money

@janesa5097 4 года назад

This has become my favourite youtube channel by now. I really like that guy.

@datnohi8612 4 года назад

preach brother....I was one of them brainwashed souls that put my money in these accounts....and guess what life happened like it always does in America....laid off after 18 years of employment and I can't even touch my 401k for help

@kennethroth6757 3 года назад

They tax the funds u remove

@charlesg7926 2 года назад

That sucks for real. You should have started a business instead, And invested your money into real estate, instead of doing a 9-to-5 job and putting your money into retirement. Inflation alone kills the value of your retirement account…

@cherylmitchell37 2 года назад

But I don't understand; if you were laid off you should've been able to take the funds with you to a new investment vehicle, right?

@LukesPersonalChannel 5 лет назад

Man, imagine it being 2019 and there still being nomads or capitalists of any kind who open retirement accounts instead of buying some bitcoin!

@dragonofparadise 4 года назад

I've been saying this for a while and people just say, "I want to save money on my taxes now or there no way taxes will go up in the future". It just makes me roll my eyes with how naive they are. The only retirement account I would invest a little in will be a ROTH IRA and even then the money is heavily restricted so I wouldn't go too heavy into it.

@Dimitrius1 5 лет назад

Thank you Sir! You help average people to open their eyes and see through the deception! Well I guess, this channel is not for average individuals

@Ray-xv8cr 5 лет назад

I agree. My work contributes 14% of my salary annually, I would love to contribute more to my retirement for the tax benefits (we have 37-45% marginal tax rates in Australia). I don't even particularly distrust the current Australian government. But giving them and all future governments unconditional trust for 34 years with a large chunk of my savings... Few marriages last that long, and you get to choose your marriage partner! How can I possibly trust any organisation for that long?

@aoflex 2 года назад

Checking back in on your trust of the Australian government...

@stevenswinton6090 2 года назад

@@aoflex lol. Facts

@MerlinD1968 5 лет назад

I believe there are many strategies to accumulate wealth. Being a nomad capitalist is one way, I have also seen some multi-million dollar 401ks and million dollar IRAs. All strategies have merit and all are worth consideration.

@kennywilliamson 5 лет назад

exactly, retirement savings (granted not all) can have very advantageous positioning. "Control" is an issue (although you can also have deferred "control'). If you are not a nomad capitalist and you want to get best tax positioning you should be looking at them. And with reference to this, if you move to another country (i mean correctly financially emigrate), then here you can get your retirement money released (South Africa). i personally think what is more worrying is when governments start dictating where your retirement monies can be invested. (here we have regulation 28), as this is a way where they can control the monies...especially if they start directing pension funds to invest in failing state enterprises. However, the point of trying to retain control is important. And, as with everything, someone taking an interest in their funds and actually engaging will yield better results than someone just putting their money into a vehicele for someone to invest for them (there could be exceptions to this as well).

@kennywilliamson 5 лет назад

Another point is, with foreign owned property. It is easier to change property ownership laws in a country than it is to change retirement laws. the reason for this is that the population have a bigger voice with regards to their money than with regards to "foreign" money... especially if prices have been escalated in the developing world away from the endemic population due to the influx of foreign currencies with higher value. The point i am making is that investment advise should be given in relation to specifics, not generalised. You've actually mentioned it in your articles...foreigners getting "lease of land" agreements and the like- as soon as the country allowances have achieved their objectives. This would be a good tame example. a less tame example would be "expropriation" which does happen. The amount of people wanting to globalise is on the increase. So too is the fact that the majority of people won't move due to having cultural roots, families and so on. Which means that there will always be conflict between the endemic and the influx, when the influx starts to niggle at the endemic. Even more so if the influx do not want to "integrate" into their new communities. This has played out again and again. However, there is a definite market for globalisation "products".

@kabrink64 5 лет назад

I've come to largely agree with this - for my own case. The good thing about a 401k is many companies match a percentage and it acts as a forced savings - many people simply wouldn't save otherwise. At any rate, I found myself with most of my investments in a 401k, a couple of rollover IRAs, and Roth. This was very frustrating as he mentions because I wanted to start investing in foreign real estate. I moved an IRA and a Roth into self directed IRAs and used LLCs inside to do that investing. Complicated and I still wish I just had direct access to that money.

@jaymarcum5764 5 лет назад

The complication was probably well worth the tax diversion and free matches though, right? At the end of the day of you want those 2 things and you are an employee, that is what you have to do. Of course starting a company with post tax dollars that will then use all returns to show no profit is another good way, but the captial requirments are not small for that.

@dlukton 5 лет назад

I largely agree...except perhaps in the case where one is an employee of a company that provides matching funds within a 401K (and which company, at the same time, provides acceptable investment options).

@stevenoliver9728 5 лет назад

Non-dividend paying growth stocks are the way I would defer taxes if I had to do it again. These are held in a taxable account that never generates any taxable events. In retirement you can sell shares as needed and be taxed at the presumably more favorable long-term capital gains rate.

@jrod1363 4 года назад

Assuming 100 years of historical data citing that equities always go up holds. Japan market post 1990, Europe post 1999 would invalidate that approach.

@MrAnonymousRandom 2 года назад

The problem with growth stocks is that you can't count on them to maintain their high growth rates indefinitely. Chances are you'll need to sell sooner rather than later when the growth rate slows down.

@Francebound2024 5 лет назад

Your timing is impeccable! I had just signed up for a Brokerage account with Schwab and was looking into a retirement plan. I’m still looking into investing, but I may hold on a retirement account.

@davida715 5 лет назад

just get a roth 401k or roth ira so you dont get taxed when you take it out and it grows tax free.

@boomsing88 4 года назад

Look at a self directed IRA.Check out a site call worthy bonds also.

@joehobbs490 4 года назад

Yeah, so invest in a foreign country, there is no risk there of them changing the rules. Get real. Everything has a risk but I would rather put the risk in the USA than a foreign investment.

@latinaalma1947 3 года назад

This may be okay for people his age in todays world.....things have changed.

@latinaalma1947 3 года назад

I am now in the parking my money phase of life. Chas. Schwab is terrific for that! I made enough to live out the rest of my life extremely comfortably on what I have. Schwab has debit VISA cards with no foreign transaction fees! Fabulous...I use mine and they have no fee checking which Imuse to,deposit money in my abraod accounts...all works great And theynare terrific to deal with and have been for 20 yrs. I closed ALL my ther US bank accounts due to,very poor service and customer relations.

@ToGoIsToKnow 5 лет назад

I'm not a big fan of government schemes, but you are wrong on this. First of all, something like 60% of Americans can't come up with $500 in an emergency. The 401K is a good way for financially illiterate, and wasteful people to save money. It can put you in a lower tax bracket and most companies have a match. I worked for a company that had something like a 100% match for the first $6000 you put in every year. That is risk free! Yes it is locked in, but you are also not paying taxes on the gains if your sell stocks or get dividends. This helps your account grow even faster from compounding instead of reinvesting money after it is taxed. When you are ready to take withdrawals, you will probably be in a much lower tax bracket if you are not working.Also you can move to a no income tax state like Florida an this will save you even more when you withdraw. If you are rich when you retire and in a high tax bracket, then who cares. Your 401K will only be a small part of your net worth and will only act like an insurance policy if things did not go well. Also, you can move up to $12000 a year from your 401K to a Roth 401K per year if you have no other earned income. You can withdraw this money after 4 years with no penalty and no tax. It's called the Roth ladder. You should be maxing out your 401K and also saving money outside of it too. If most people don't have $500 to spare, how many of them will be running off to Cambodia to buy real estate?

@1964robw 5 лет назад

Pretty muddled arguement. Are you comparing the flexibility of investment choices of an IRA, or 401k PCRA, is limited compared to investing in international real estate? Are you truly comparing the stabiliytax policy of the USA to Cambodia? Lol. Foreign governments have extraordinary rules regarding foreign ownership and investment in real estate. I do not buy book from people who do not present both side of the argument. Try harder next time. I have an open mind which is why I listened.

@danielclayton3170 3 года назад

Happy new yrs. Just bought your book. 1st time I ever used Amazon.

@nomadcapitalist 3 года назад

Wow, thank you Daniel. Happy New Year and do feel free to leave your honest feedback about the book on Amazon.

@markedwards7721 5 лет назад

It's the employee matching programs that complicate the issue.

@mro2352 5 лет назад

Mark Edwards the vestment period is even worse. They usually pick a more conservative investment which has a lower return.

@nuttingprofessor 5 лет назад

Very interesting take! Well done!

@MrSilva-wj1yr 5 лет назад

It is like not having your private key for your crypto. Leaving all in an Exchange.

@brucebennett9948 4 года назад

Hi Andrew. This describes me to a tee. Found out that RRSP's here in Canada are like a pair of golden Handcuffs. I'm set up with my second citizenship but have to withdraw money over the next five years to reduce withholding tax from collapse of 54% to a more reasonable 30%. Good video

@nomadcapitalist 4 года назад

Thank you, Bruce.

@Thatguyy7439 3 года назад

Are Canada’s TFSA’s similar to US’ Roth IRA (individual retirement account) in that it’s a post-tax, tax-free growth account? Seems like a good vehicle if you can withdraw anytime...

@brucebennett9948 3 года назад

@@Thatguyy7439 Hi John. I can’t say for sure but they are somewhat similar. However keep in mind if the Gov has say in it they will regulate it. So they could start with saying you can only buy gov bonds.

@kippis05 5 лет назад

If you are going to use a tax-deferred account through an employer (I am not in the coveted bracket of 6/7 figure entrepreneurship) - always maximize the employer matching incentives AND, if offered, always go self-directed. I know too many people who have fallen into the trap of picking a managed plan with few investment options. I happen to be lucky that my employer offers a self-directed option that has a relatively small vesting period (5 years) with loads of investment options. Not ideal, but better than the status quo for a non-nomad such as myself. Still thoroughly enjoyed your take on the traditional retirement account, Andrew. Nicely articulated. 👍

@UsurpersAndAssassins 8 месяцев назад

After seeing the horrifying reality of old age with my grandmother and parents, I gave up on the idea. I was saving to have more and more time for what? Peeing and pooing my pants for longer? That's the reality of life after 70. And all that money you saved so hard for your retirement goes on medical costs and diapers. Even the few lucky ones who go on trips can't really enjoy it, because they are too old and no longer physically capable of doing much. The whole concept is ridiculous. So, now I use my money intentionally and wisely, focusing on only buying the things I need, and the few things I really care about. Life is much better. When (if) I get to 72, I will go to Europe and use one of those pods to peacefully go to sleep, dreaming of all the great things I did during my life. And I won't regret it one little bit.

@thedabbingpanda7940 6 месяцев назад

Agreed. thinking of the same!

@JessicaT10118 11 месяцев назад

It depends. If the match is good enough, it can be worth the risk, especially if you are young and have access to a roth 401k. However, most of your disposal income should not be locked up behind a government paywall (penalties/tax out the wazoo). Real estate/business/brokerage/crypto are the priority. 20k/yr or so set aside for retirement isnt going to change your life. I just dollar cost average into an s&p index. It doesnt need to be anything fancy as my kids will probably be the ones to spend it.

@MrSilva-wj1yr 5 лет назад

You are like Neo from Matrix, cheers.

@JakeRichardsong 3 года назад

Thanks for the alternative perspective.

@ammaryousif1374 5 лет назад

The best channel like your videos

@eddenoy321 3 года назад

IRA's are unbelievably regulated by the government. There are pages of banking regulations that the banks have to follow and even banking staff are often confused by them. IRA's require enough paperwork to fill a folder and are a hassle. There is/was only one reason to have them and that was that some banks used to offer special interest rates on the term deposits every once in a while to get people to go along with it.

@fdana7004 5 лет назад

Great job!

@nomadkickbox4049 5 лет назад

Economic Slavery by Big Brother!

@danacook805 5 лет назад

One other point I would add is that these government deductible plans shift your tax rates. If you invest in post tax funds in a stock your tax rate will either be at the capital gains rate or the dividend rate. IRAs and 401ks are taxed at the income tax rate.

@ddillard143 5 лет назад

The key is to invest in a Roth. Roth's are not taxed at all. Did capital gains, dividends, rental income, Etc. The only time that it gets taxed is if it is a business like a hair salon, restaurant, Etc. Also, it should be self-directed so you can invest in something besides the typical mutual funds and ETFs

@joshuaslokum36 4 года назад

Love this one Andrew....

@BucketListTravellers 3 года назад

I agree - there's a lot of risk in locking your money away for that period of time and being subject to the possibility of changing laws and requirements. Not having complete control of that capital for 40+ years wasn't a desirable option for me. As an Australian, a certain portion of your salary is automatically funneled into a retirement saving plan and locked away until retirement age. For the average person I think this is a good idea as it saves you from yourself - not many people have the discipline to save for a rainy day. However it's not a one size fits all and there are going to be people that are worse off under this arrangement, including people who miss out on other investment opportunities due to the requirements placed on those retirement savings accounts.

@kaym7704 2 года назад

This is stupid advice. A 401k may offer employee matching. That’s money you are losing out on. Roth IRAs offer tax advantages for compounded growth. Contributions pushes your AGI down so you pay less taxes. And you don’t have to dump hundreds of thousands into them if you don’t want to. These accounts are designed so that you don’t touch them because they are RETIREMENT accounts. This is such garbage advice.

@tommy0814 2 года назад

😂 You’re not a suitable audience for this channel, this channel is for us 6, 7, 8 figure entrepreneurs. You should go back to your 9-5 jobs with no freedom on location taxes and income instead of coming to here 🤣

@stuarth1996 5 лет назад

I totally agree with your assessment.

@mariamdiallo7339 10 месяцев назад

Thanks❤❤❤

@straight6604 5 лет назад

Or you put it in and take the deduction, which is most places is around 45%. Then you move offshore and deregister it for a much lower withholding tax rate, max. 25%

@Boristien405 5 лет назад

Are Roth IRA's "government sponsored"? And if I had to pick one, couldn't I avoid the most taxes with that option? What would be the best move for a young teen that wants to stay in the US but considers offshore banking for the future? Would it be smart to invest in Roth IRA and keeping a lot of cash on hand? Thanks to anyone who can answer

@kabrink64 5 лет назад

you never avoid taxes, only defer. And as he points out you never know when the govt will change the rules of IRAs or taxes at will.

@MrPlumutube 5 лет назад

Roth 401K might be a good workaround to some of these issues. You pay all the tax upfront and any growth is tax free. This is different from a Roth IRA in that there is no income limit to contribute, your employer just needs to offer it.

@JasonBuckman 5 лет назад

There's no income limit for the Roth IRA if you use the backdoor method.

@Atem_S. 5 лет назад

Not a fan at all 'cause when you take the money out, you get slapped in the face with the full tax! If you take it early you get penalties!

@Burrgametate 3 года назад

@mikeyb penalty with Roth buddy. Can’t take it out before 65

@davec.6293 5 лет назад

Hence also realizing the difference between return ON your money vs return OF your money.. it"s enough for gov. currencies competing and racing towards the x axis.

@dgates6165 2 года назад

Thank you sir, for your validation. I am not wealthy, and don't know much about money and financial stuff in general. However, I have ALWAYS, ever since the day I was eligible for a retirement plan, thought something was sketchy about this. Specifically.... the part about the tax rate being way higher when you retire... That CAN happen, and then you actually LOSE money lol Thank you for your perspective because it validated my instinctual response!!

@Teamawesomese1337 4 года назад

Asset protection. In the US creditors can not touch your retirement accounts except for child support.

@matthewwolf3531 3 года назад

I think its an interesting take for sure. Say you are making 200k a year. The rough numbers in the US you could contribute 6k to a IRA, most likely you could contribute 19500 to a 401(k), if you are older there is a catchup of 1 grand and 6 grand respectively for IRA/401(k), bringing the total deferral to $32,500. In addition to this most companies will have a 401(k) match of 3% of your income capped at 285k income consideration, so thats another 6 grand the company will just give you for making the 401(k) contribution. Say you are able to swing a profit sharing plan on top of that to get to a total deferral of 57,000 with a DC plan. So that is a grand total of 64,000 in income deferred, and a flat out "gift" from your employer of 6 grand. 64,000 deferral saves roughly 20 grand in taxes this year. If you no longer had to pay taxes by renouncing citizenship and creating a nomad plan, you would save a net of 40 grand in taxes, which is a better proposition than any retirement account. Imagine the savings for people making much more than this. Retirement accounts become less and less useful the more money you make as you can only defer so much cash into them each year. Now, it gets probably way way more complex with real 7 and 8 figure earners who probably have all sorts of other deffered comp plans and options and stuff.

@ElonTrades 5 лет назад

Yea, give them your money with the promise they’ll give it back, right. By that time the dollar will be worth shit.

@swissladydriver8980 5 лет назад

Well, you can withdraw your money any time, but you'll have pay a Penalty if the Money invested was pre-tax.

@Ray-xv8cr 5 лет назад

@@swissladydriver8980 In some countries you can. In Australia the only way is to die, have a serious and expensive medical condition or be about to lose your house. So you have to trust the government for up to 47 years with your money if you start at 18.

@swissladydriver8980 5 лет назад

@@Ray-xv8cr In the USA, money can be withdrawn starting at age 59.5 for retirement and one can also take loans out of the account for the purpose purchasing a house, etc. In Switzerland, one can withdraw quite a large amount of capital from the Pensionskasse (2. Säule) and 3. Säule for buying a house without penalty before retirement age. It all depends. Again, for the USA, any person can take all their money out at any time, put they just have to pay the penalty which is basically the taxes that were avoided in the first place. None of this bothers me though, because I have money invested in other taxable accounts as well as in real estate. At any rate, I had nothing to lose and everything to gain because the employer match in both the USA and Switzerland was unbeatable - free money essentially.

@Ray-xv8cr 5 лет назад

@@swissladydriver8980 Yeah, employer matching is pretty great. BTW, my wife and I just visited Lucerne a few days ago. It was our first Swiss trip, and I must say your country is amazing!

@swissladydriver8980 5 лет назад

@@Ray-xv8cr I'm American, but I agree, it's a great place to live and work.

@ddillard143 5 лет назад

They have self-directed IRA and self-directed 401k. They also have and offshore IRA. All of these is where you get a custodian to place your money in an LLC that you have control up and then you can invest the way that you want to. What is your opinion on those? And I'm focused more on the Roth version

@shotelco 5 лет назад

One of the rare occurrences where Andrew's dogma seems to cause inaccurate or misleading statements. A Solo 401(k); Solo-k; Roth-Solo-K, Uni-k; One-participant k, allows over $56,000 per year to be contributed if one is self-employed. Can be tax free or tax deferred. And as you point out, these are considered self-directed in that Investments are *controlled* by the beneficiary. These investments can be real estate, notes, LLC's, Gold, BitCoin, Art, etc - foreign or domestic. A Solo 401-K, in tandem with FEIE and common deductions can result in near zero US taxes on income approaching $200K/year, all while maintaining U.S. citizenship.

@mikenephilly 5 лет назад

@@shotelco Art isn't permitted in an IRA. That's a "collectible". IRA's are not allowed to invest in collectibles.

@shotelco 5 лет назад

@@mikenephilly I stand corrected. "The Internal Revenue Code does not describe what a self-directed IRA can invest in, only what it cannot invest in. Code Sections 408 & 4975 prohibits Disqualified Persons from engaging in certain types of transactions. In general, as long as the self-directed IRA does not purchase life insurance, collectibles, or engage in a prohibited transaction outlined in Code Section 4975 (Any type of derivative trade that has unlimited or undefined risk, such as naked call writing or ratio spreads, Most (but Not All) Coins), then the investment can be made." Thanks.

@mikenephilly 5 лет назад

The self-directed IRA alleviates, for the most part, the limitation on the range of investment choices a person has. There are only three things that IRAs are not allowed to invest in under the US tax code: S corps, whole life insurance policies and collectibles. Andrew even admits to the existence of the IRA LLC structure at 3:10 in the video. And the Roth version addresses the issue of future taxation. Andrew is correct about the government setting the rules on when you can pull the money out; you are giving up a lot of control of the money. And it is possible that the government will change the rules later and people could get the shaft. But not every one is going to adopt the nomad capitalist lifestyle. For those who stay in the US, putting your money into an IRA or 401k is better than trying to invest it in a fully taxable status.

@ddillard143 5 лет назад

@@mikenephilly what you stated is my real concern when it comes to their retirement accounts even if self-directed. The government's change of the US tax code. Because I plan on being a nomad capitalist. But the way I learn now relies solely on me being in the United States but I do want to ship my businesses overseas. And I was thinking about a retirement account to hold real estate in the US. But with this mountain of debt I feel they're going to come after retirement accounts after they rip pensions and Social Security from under people's noses

@mrj4nk1ns 5 лет назад

what if your broke like me, is their bo way to become a nomad capitalist??

@nomadcapitalist 5 лет назад

Develop a global, can-do mindset first, then go from there.

@jspriver 5 лет назад

Great video

@smallpotatoe9487 5 лет назад

I'd rather invest in some prominent stocks around the world. IRA is just not worth it ...cuz by the time you retire, inflation would've alredy sucked up all the money u had kept in these government tax saving schemes.

@willstevens5059 4 года назад

Put your money under your mattress

@raulbatista4614 4 года назад

Glad to know I'm not the only thinking like him.

@kevingrant4491 3 года назад

You are absolutely correct. However, most people lack the financial education necessary to be successful outside of government retirement programs. Those programs are good for those people only. ......so they won't end up broke in retirement years.

@jaymarcum5764 5 лет назад

If you realize those gains in Cambodia to play blackjack at the casino, the capital gains are owed...no? So you took a larger risk for a larger gain with your already taxed dollars and still paid taxes on those gains? Off shore account or not, Sam wants his money, right?

@juju10683 4 года назад

If you’re making enough $ then the 18 or 19k you put into the 401k is a small component of your investments. I do it.

@eddenoy321 3 года назад

Julian Johnson It may be worth it if your company gives you a generous match.

@juju10683 3 года назад

@@eddenoy321 I get a match. That is the other reason I do it.

@avi1enkin 2 года назад

Save for retirement just not in the government account....

@IntheEndAhNevermind 4 года назад

If you are earning beyond the Roth option, sure. And assuming that the self-directed IRA option is killed in the future. Otherwise, you are wasting employer matched dollars and tax savings.

@Jim1971a 4 года назад

So you know one guy who made a good return in Cambodian real estate and now you think it’s a sure thing. Third world countries don’t have the same , strict account rules as first world countries and you can really get taken to the cleaners. Then what do you do? File a lawsuit in a country that barely has a functioning legal system?

@vizeet 5 лет назад

Someone told me once retirement schemes by government is an additional tax in our income. We India have compulsory retirement deposit of 12% of salary.

@andreapatton1826 2 года назад

I did the IRA thing. My employer (who was pretty stingy otherwise) matched our contributions dollar for dollar. So I went for it. After all, I was doubling my money from the get go. Now, having recently retired, I'd like to have more control over how I can continue to invest and use my money. I'm 65, is it too late? Can I move it tax free to an account that gives me more options or am I stuck paying taxes if I move it anywhere?

@kaym7704 2 года назад

So long as you put in tax deferred dollars…you’ll have to pay taxes.

@justimagine2403 2 года назад

Yeah, I suspected this... on top of a mortgage... or worse the refi mortgage (resetting the clock).

@Thatguyy7439 3 года назад

Should you contribute to government sponsored retirement (or savings) account? It depends on the real-life, actual net alternative. IF someone’s actual, all-things-considered, net alternative to contributing to a (Roth) 401k or (Roth) IRA is spending it on liabilities, keeping it in a checking/savings/money market/brokerage account until they’re old, then yes: it’s absolutely worth it to contribute to a government-sponsored plan. If the real-life, net alternative includes awesome and fun options like Cambodian real estate, then to hell with the government sponsored garbage. I appreciate this info so much. To understand the POV that Roth IRA might not be the best option, when only a year ago I found out about them, means my mindset is growing. I’m certainly not alone. You’ve helped all these viewers... But let’s not look down on the folks who will probably never make a move beyond contributing. Because their alternative is lovely. Contriving to an account is a great alternative. The monopoly over options forces everyone’s hand to take part eventually: passports, citizenship, and tax breaks are govt-sponsored, too. Yet: they’re the best option that we know of. K thx for coming to my ted talk.

@SHFMADVISORS 5 лет назад

Good video 👍🏼

@nomadcapitalist 5 лет назад

Thanks!

@oahuguy3918 5 лет назад

When putting money away for retirement, you don't need options to spend it. The power of compounding does not work if you pinch money out of the accounts. There is nothing stopping you from investing in assets outside of your 401K... why not do both? BTW, I just got back from Cambodia and would never invest my money on their real estate... it could be a nightmare.

@didierdenice7456 5 лет назад

Indeed. You perfectly explained that those plans were first and foremost made to help idiots who are unable to save on their own and to grow their money by themselves !

@swissladydriver8980 5 лет назад

I've Always invested in both tax-advantaged and taxable accounts. It's best to stay flexible and take advantage of everything.

@wtelectronica 5 лет назад

What would happen if suddenly you are incapacitated.

@gonuclearnavy 3 года назад

So... what if you ALREADY have a tax advantaged retirement account(s), with significant amounts of money in them? What is your thoughts on protecting those funds and/or minimizing the tax implications of 'retrieving' or accessing those funds? Curious to hear your views. Cheers.

@terrydavis6368 5 лет назад

What would you recommend to look into to build a business with a 6 or 7 figure income?

@canaldrip2523 5 лет назад

Buy a business that is already cash-flowing

@dmitryzenkov6396 2 года назад

Funny enough, there is a country whose name also starts with ‘United’ that will charge you more in tax for putting ‘tax-free’ money into your pension plan once you have reached a certain ‘threshold’ which they (the Government) think is too much pension for you. And yes, you guessed it right, they (the Government) have full control of that ‘threshold’, and they are free to raise that extra tax up to the moon if they want it (and they have indeed raised it pretty much up to there, believe me)..

@gaymoderate4403 2 года назад

............unless the company offers a generous match.

@robertherron1266 4 года назад

If you don't hold it in your hand.... you don't own it. I would rather have appreciation in gold....not a return in Notes ...called Federal Reserve Notes....You have to ask....What kind of Notes are they ? F and G Notes on a piano ?

@markhoeplinger9524 4 года назад

What about company matching? Thats free money.. wouldnt that be something to consider

@sanalzam1 3 года назад

I fell I need your advise. How to grow money from basically a paychec on.

@swissladydriver8980 5 лет назад

Too late! I already have a ton of money in those.

@Boristien405 5 лет назад

You can always change how much you invest though I guess. Maybe look up the costs and benefits of changing the accounts too?

@swissladydriver8980 5 лет назад

@@Boristien405 It's money that I invested a long time ago. I haven't contributed to these investments in years because I live and work in Europe.

@alqazaha1 4 года назад

You can always withdraw the money anytime for a 10% penalty. If your income is 0 then 10% isn't bad.

@dragonofparadise 4 года назад

The 10% is extra tax in addition to your normal tax rate!

@JasonBuckman 4 года назад

@@dragonofparadise If your income is 0, then your normal tax rate is 0.

@alrocky 4 года назад

"If your income is 0 then 10% isn't bad." --- If your income is *ZERO* , you really can't afford a 10% hit. Better to have saved in a Roth IRA if you need to withdraw the contributions and save yourself from the 10% penalty.

@srccar 5 лет назад

What about a Roth IRA in which I’m putting the $6000 per year in it right now I’m in the lowest tax bracket because I’m just starting out (22 years old with a crap job). I can invest in anything on the stock market and never pay taxes on the gains as long as I don’t take the gains out until I’m 591/2. I can always take the principle out whenever I want though with no fees. Isn’t that a good deal? At least better than putting it in a savings account which does nothing. Honestly, asking. I need help

@karenmomp 5 лет назад

srccar, Your situation sounds like a prime one for contributing to a Roth IRA. Since the taxes you're paying are very low, and since the earnings and gains will never be taxed. Investing in a Roth IRA seems ideal. In fact, I advise my children to do the same thing. The one big wrench in this plan is that if you do decide to retire overseas, you need to be aware that some countries don't recognize the tax-advantaged status of Roth IRAs. Another thing to know about Roth-IRAs is that once you've had one open for 5 years, you can withdraw your contributions at any time for any reason! (it doesn't matter how long any individual contribution has been in the account.) This is not the case for any earnings or gains, but your contributions are eligible for withdrawal at any time tax-free after the 5 year waiting period from the time it's opened. This can be a good reason to open one at your earliest opportunity. Once it's been open for 5 years it can be a great place to stash an emergency fund. If you don't need the money, it continues to grow tax free until you pull it out in retirement, but if you need your contributions you can access them with no penalty.

@fredrickfischer9170 5 лет назад

What do you know about Forex and Options trading?

@Nihil2005 5 лет назад

If I were you I'd instead save that money for a down payment on a house and then renting out that house. You now have guaranteed income as long as your rental property income is higher than what you spend on your monthly mortgage and taxes and maintenance.

@bruced.370 5 лет назад

Everything sounded good on your video on till you said invested in Cambodia or overseas that did not make sound financial sense to me. However, domestically one should look at Roth IRA and investment accounts after taxes like ETFs

@watchthesuit1683 3 года назад

Bitcoin for my retirement

@asterisk911 4 года назад

To be fair, if you're talking IRA, it's not like you're actually socking away THAT much money into it. Obviously, even if you 100% fund your IRA, you're going to be putting the vast majority of your savings into something else, by necessity. It's literally impossible for a non-loser to put a very high percentage of his/ her savings into an IRA, because of the rules.