Timothy Sumer

People currently in their 20s are likely facing a 60-year career because of longevity and rising living costs. In the second episode of our series, we explore the importance of beginning the retirement-saving process early, and how accounts like a 401(k) and an IRA can help people maximize their saving efforts. Your Money Briefing WSJ's personal-finance podcast features the news that affects your money and what you do with it, breaking down complicated money questions from spending and saving to investing and taxes. For more episodes of WSJ's Your Money Briefing: #Retirement #401k #WSJ... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA As people continue to live longer and healthier lives, the concept of retirement is taking on a whole new meaning. While it used to be that retirement meant stopping work completely and r

What's a Mega Backdoor Roth IRA? The backdoor Roth IRA is a roundabout way to contribute to a Roth IRA for high earners by first making a non-deductible traditional IRA contribution and then converting it to a Roth. A mega backdoor Roth IRA takes the backdoor Roth IRA concept further by allowing larger after-tax 401(k) contributions above the $22,500 pre-tax limit and converts them to a Roth IRA. Just know that not all employers allow this. #megaroth #ira #retirementincomeplanning #retirementinvesting #backdoorroth... ( 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 What’s a Mega Backdoor Roth IRA? When it comes to saving for retirement, options like the traditional 401(k) or IRA are often the go-to choices for individuals. However, there is a lesser-known strategy called the Mega Backdoor Roth IRA that provides an additional way

Massive Change to 401k & IRA Contribution Limits 2023 || HUGE INCREASE! 401k contribution limits for 2023 are increasing by a record amount! Since 2007, the IRS has indexed 401k contributions based on CPI data. This year with rapidly increasing inflation, 401k contribution limits and IRA contribution limits for 2023 are increasing by an enormous amount. These increases to 401k contributions apply also to 403b contributions, most 457 plans, and Thrift Savings Plan contributions for 2023. All of this means you can save more for retirement by increasing the amount of retirement savings you contribute to your 401k or IRA. 401k Contribution limits for 2023: 401k Contribution- $22,500 401k Catch-up Contribution-$7,500 IRA Contribution Limits for 2023: IRA Contribution-$6,500 IRA Catch Up Contribution-$1,000 **Free Retirement Download: The Checklist to Retirement:** 📊 Retirement income strategies and retirement income planning are two big pieces to anyones retirement

#taxes #401k #ira #retirement #taxsavings #taxsavingtips Roth IRA contributions vs Traditional IRA contributions Roth 401k contributions vs Traditional 401k contributions Disclaimer: The content in this video is provided for informational purposes only and is not intended to substitute for obtaining investing, financial, tax, legal, or other advice or services from a professional. While reasonable efforts are made to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this video or on this channel is accurate, complete, reliable, current or error-free. We assume no liability or responsibility for any errors or omissions in the content of this video or channel.... ( read more ) LEARN MORE ABOUT: IRA Accounts INVESTING IN A GOLD IRA: Gold IRA Account INVESTING IN A SILVER IRA: Silver IRA Account REVEALED: Best Gold Backed IRA Roth IRA and 401k Contributions vs Traditional IRA and 4

MAX OUT YOUR 401K?... Not So Fast! In this video, we're exploring whether or not you should max out your 401K. While the answer to this question may seem obvious, it's worth spending time understanding the full implications of maxing out your 401K. Before making a decision about whether or not to max out your 401K, it's important to understand the full implications of doing so. This video will help you understand the risks and rewards of maxing out your 401K, so you can make an informed decision! 00:00 Introduction 00:59 Taxes 02:05 RMD (Required Minimum Distribution) 02:43 Qualified Money 02:53 After Tax Accounts 03:03 Tax Free Accounts 03:25 Sample Case 04:57 Disclaimer **************************************************************************************** 🟢 💸 DOWNLOADABLE RESOURCES: 💸 🟢 ************************************************************************************ ★ Subscribe to our channel for time sensitive Tips! ★ ********************

How often have you heard you should take advantage of your 401k max contribution rate? We hear it all the time! Unfortunately 401k plans have been oversold as the suitable replacement for the disappearing pension. The max contribution you can make intro your 401k is almost always far larger than any employer match. So the questions becomes: "what is the optimal way to save for retirement?" Should you max out your 401k? That depends!!! Do you want to retire early? If so, where will your early retirement withdrawals come from? It is possible to make a separation from service distribution at or after age 55, but the request needs to be done correctly to avoid any 10% penalty. Are you a high earner? If so, does making a max contribution to a tax deferred vehicle really make sense? Do you have faith that our government spending will get under control? Tax deferred vehicles have their place, but too much tax deferred money can set you up for a major tax headache

NEW 2022 401k Contribution Limit #shorts #retirement #retirementplanning Full Video Here: In this video I want to discuss the new 2022 401k contribution limits. Because of inflation, 401k contributions and other qualified retirement accounts are seeing a 5.1% increase in contribution limits. If you are doing retirement investing in your 40's, retirement planning at 55 or retirement planning in your 50's, contributions to your 401k or retirement plan needs to be updated on a yearly basis. Below are the tables for 401k contribution limits for 2022 and other qualified retirement plans (These are annual retirement contribution figures): 401k- $20,500 403b-$20,500 457- $20,500 TSP- $20,500 IRA-No change Roth IRA-No change SEP IRA- $61,000 Click Here to Subscribe: **Free Retirement Download: The Roadmap to Retirement:** **To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: ** **V

Use this link below to sign up with Webull and receive up to 12 free fractional shares. ⤵️ When you are a high income earner and receive a W2 you are limited on tax deductions. So in order to reduce your taxable income you have to find out ways to do this. The reason I maxed out my 401k investing in index funds for 10 year was to reduce my taxable income and pay less taxes. When I started working at my corporate job back in 2011 I knew I wanted to be a millionaire and I wanted to do it in 10 years. In order to become a millionaire that means you have to invest your money but 1st you have to have money to invest. Second you need to know how to keep that money in your pocket by learning how your money is being taxed at you job. I calculated how much money I would pay in taxes if I didn't contribute to my 401k and what my paycheck would be. Then I calculated what my paycheck would be if I contributed the max amount. If you want to learn how to do this check out my other v

In this video, I talk about 5 accounts you can invest in to save on income taxes so you can build your wealth and net worth! Now depending on your tax bracket and how much you earn, you can save you up to 30% on your income tax bill and help you build wealth at the same time. #1 HSA Account: #2 FSA & Dependent care #3 401k #4 SEP IRA #5 Traditional IRA 401k Early Withdrawal Due To Life Event Rules: #lesstaxes #invest #retirement ► Robinhood (Get 1 free stock for signing up!): ► A Great Book From Dave Ramsey - Total Money Makeover: DISCLAIMER: I am not a CFP, CPA, attorney, insurance agent, real estate agent, mortgage broker, or financial advisor. These videos are for educational purposes only and I am merely sharing my opinion and experiences. Please do your own research or consult a professional! As an Amazon Associate, I earn a small commission from qualifying purchases. This cost you nothing and helps support my channel! Thanks!... ( read more ) LE