Advice on Retirement: Exploring Pension Plans, Social Security, Taxes, and IRAs

Retirement is about more than just how much money you have for retirement. Bill sits down with Jonathon McCoy from Market Advisory Group for expert advice on the financial challenges you should prepare for when you retire. You can submit your retirement questions at www.AskOurAdvisor.com. Your question may be answered on air. Sponsored by Market Advisory Group. ...(read more)

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Planning for retirement can be overwhelming, but it doesn't have to be. There are several factors to consider when considering retirement, including pension plans, social security, taxes, and IRAs. Each of these components plays a significant role in ensuring a financially secure retirement. Pension plans are retirement plans established by employers that provide workers with a guaranteed income in retirement. When it comes to pension plans, workers need to consider the plan type, vesting, and contributions. Traditional defined benefit pension plans provide a fixed income payment for retirement based on a formula that considers years of service, earnings, and age. Defined contribution plans, like 401(k) plans, allow employees to contribute a portion of their salary into a tax-deferred account alongside their employer. It's essential to know the vesting schedule to understand how much of the employer's contribution you will be entitled to if you leave the company before retirement. Social security is another factor to consider when planning for retirement. Social security provides a guaranteed income for retirees based on their lifetime earnings. To receive the full benefit, one must work for 35 years and claim benefits at full retirement age, which is currently 67 years old. Retirees can claim benefits as early as age 62, but this will result in a 25% reduction in benefits. Taxes play a crucial role in retirement planning, and it's essential to have a strategy to minimize their impact. Retirees should consider the tax implications of their retirement accounts and distributions from these accounts. Traditional IRAs and 401(k) plans allow individuals to contribute pre-tax dollars and defer taxes until retirement when they withdraw the funds. In contrast, Roth IRA contributions are made with after-tax dollars, allowing for tax-free withdrawals in retirement. IRAs are another essential consideration for retirement planning. Individuals can contribute $6,000 annually to an IRA, and those 50 and older can contribute an additional $1,000. It's important to consider the type of IRA that will work for your situation, as well as the investment options available. In conclusion, retirement planning is a complex but critical process that requires careful consideration of pension plans, social security, taxes, and IRAs. It's essential to develop a strategy that will minimize taxes, maximize benefits, and meet your financial goals in retirement. Seeking the advice of a financial planner or retirement specialist can help ensure a successful retirement plan. https://inflationprotection.org/advice-on-retirement-exploring-pension-plans-social-security-taxes-and-iras/?feed_id=102852&_unique_id=6476abbae8f0c #Inflation #Retirement #GoldIRA #Wealth #Investing #KansasCity #kctv #kctv5 #RetirementPension #KansasCity #kctv #kctv5

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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