Timothy Sumer

Add me on Insta: michellemarki 2023 Contribution Limits: $22,500 for 401(k), 403(b), most 457 plans, and Thrift Savings Plan (TSP) $6,500 for Roth IRA and Traditional IRA (Individual retirement account ) $3,850 Individual and $7,750 Family for Health Savings Account (HSA) This totals at least $32,850 you could be stashing away for retirement and/or medical expenses! And don't forget if you're over 50/55 there are some catch up contributions you can make to some of the above tax-advantaged retirement accounts! If you're interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide: I look forward to making more investor friends! Please like and subscribe if you learned something or enjoyed my video. Thank you! :) --- Add me: Check out my Blog: --- Disclaimers: This content is for entertainment, information, education purposes only. Michelle is not a financial advisor and is not

The 2023 retirement contribution limits have been released and they are some of the largest increases in recent years. We cover what you need to know and how to take advantage of these increases in this short video. Please let us know if you have any questions or if we can help in any way! Recap 401(k), 403(b) increased to $22,500 with a $7,500 catch up provision for those over 50 years old Simple IRA increased to $15,500 with a $3,500 catch up provision for those over 50 years old Traditional and Roth IRA increased to $6,500 with income restrictions and $7,500 for those over 50.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The year 2023 promises to bring a lot of changes to the world of finance, and one of the most significant changes is the increase in contribution limits for various investment accounts. These limits define how mu

Traditional IRA vs Roth IRA Part #1 - Tax Deduction Traditional IRA is tax deductible Roth IRA is NOT tax deductible Part #2 - Are withdrawals taxable? Traditional IRA withdrawal is taxable. Roth IRA withdrawal is taxable. Part #3 - Contribution Limits Both Traditional and Roth IRAs 2022: $6,000 ($7,000 if you are over 50 years old) 2023: $6,500 ($7,500 if you are over 50 years old) Part #4 - Penalties Traditional IRA - 10% penalty plus you have to pay taxes on the withdrawal for any withdrawal before the age of 59 ½ Roth IRA - no penalty or taxes owed for any contributions withdrawn, but any earnings (anything over the contributions) is subject to a 10% penalty plus taxes Check out Twitter 🧵 on IRAs: To continue learning more about this subject, check out the following: Traditional IRA vs Roth IRA: What's the Difference? Learn How to Analyze Your Investment Portfolio and 401k (Stock and Bond Strategies) What are Investments: Breaking Down Investments

What are pre-tax and post-tax retirement savings accounts? How to contribute to the back door ROTH IRA? How to maximize your retirement savings? How to contribute $73,500 to your retirement account annually? How to contribute $43,500 annually to ROTH IRA?... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERT IRA TO GOLD: Gold IRA Account CONVERT IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Investing in a Roth IRA is one of the best ways to save for retirement. The benefits of a Roth IRA include tax-free withdrawals in retirement and the ability to continue contributing after reaching age 70.5. However, those with higher income levels may not be eligible to contribute directly to a Roth IRA due to income limits. Fortunately, there is another option available - the backdoor Roth IRA. What is a backdoor Roth IRA? A backdoor Roth IRA is a way for high-income earners to contribute to a Roth IRA, even if they are over the income limit

Do you know how much can you save into your retirement savings accounts? In 2023, those numbers change! It's important than ever to stay on top of these changes so you can be sure you are on track for retirement. Learn what the actual contribution limits are for your IRA, 401(k), and more! CHAPTERS : 0:35 401(k) Plans 1:11 IRA and Roth IRA 2:05 HSA 3:30 What difference does it make? 4:48 How to calculate how much to save. Comprehensive Article on Limits : Read about HSA : We are Financial Design Studio: Michelle, Steve, Rob, and Trevore… a team of financial advisors with a passion to help others design a path towards financial success–whatever that looks like for your life. Part of our job is to teach people about finances so that they can make educated choices with their money. If you want practical knowledge about how to work with the complex processes of taxes, insurance, planning, retirement, or investments, then subscribe! … because this channel is for y

In this video, we going to compare the Traditional IRA vs. Roth IRA and help you decide which one is better for your financial situation. We'll walk you through the pros and cons, including tax implications, of both types of IRAs so you can make an informed decision. Channel Link ➤ Subscribe for More Videos ➤ sub_confirmation=1 Welcome to Developing Dividends. We believe that having a strong foundation of financial literacy can ultimately lead to an individual obtaining wealth and financial independence. While hiring someone who understands the seasons of the economy may prove beneficial, having a solid financial education will truly empower you to Develop Dividends! In this channel, we will explore personal finance topics such as budgeting, insurance, mortgages, and taxes. Diving into ways that you can actively and passively growth your wealth, we will also explore various investment vehicles such as stocks, bonds, IRAs, real estate, cryptocurrency, and more. F

2023 retirement contribution limits have been announced and it's the biggest 401(k) contribution increase ever on record! Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at LINKS: Be sure to stay up to date by following us! Facebook - ​ Instagram - Twitter - ​ Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past