Timothy Sumer

401k Explained! Want to retire with over $1M in your 401k? For anyone that's starting a new job or new to investing or new to 401ks - this is the video for you! I break down the details of what a 401k is, how it works, and what you can do to maximize this tool to earn you the most profit by retirement. You’ve finally entered the workforce with your first real corporate job. But there’s so much to learn, right? You gotta get to know your new boss and your new teammates, learn how to use the company tools & software, even figure out what the best times are – for you to use the office restrooms. And beyond that – you still gotta: · Sign up for your health benefits · Make your insurance elections · And most importantly, learn how to set up and take advantage of your 401k plan. Your 401k, is an essential part of your compensation package – and if you start early enough, it can be an amazing tool to help you save a large amount money towards your retirement. So today,

Roth IRAs are a great way to invest for retirement while also providing a tax shelter. However, there are many limits and rules to follow. Here's a quick tip for you to use when contributing to a Roth IRA! I'm a licensed financial advisor and I'm not providing investment advice through any content written or produced on YouTube. These videos are for general educational purposes and may contain errors. This is not financial and/or tax advice.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Quick Tips for Your Roth IRA: A Path to Financial Freedom In today's fast-paced world, it is more crucial than ever to plan for a comfortable and secure retirement. One excellent investment vehicle for achieving this goal is a Roth Individual retirement account (IRA). A Roth IRA offers numerous benefits, including tax-free growth and with

So, what is a Roth IRA? We've heard the term thrown around but in this video we dive into the details of what it actually is! -- Checkout my Get Out of Debt Like a Maniac Course: Use Promo Code: "YTGOODLAM20" for 20% Off the Get Out of Debt Like a Maniac Course! Shop Merch and All My Equipment (Books, Cameras, Mics, etc.) Here: My Set Up (Affiliate Links): Camera: Microphone: Microphone Accessories: SD Card: Everything in one place: About Nickolas Natali: After living in a car for two years I’ve gotten keen on listening to and telling good stories. My channel is full of vlogs of the Burb Life, my travels abroad, and big life events of my friends and myself. The future of the channel looks bright with a forecast of comedy commentary and sketches. I upload every Monday, Wednesday, & Friday at 5PM and release a new episode of my life strategies podcast ‘The Nickolas Natali Show’ at 6AM on Fridays! Those are guaranteed bangers to put a smile

401(k) Hardship Withdrawals – What You Need to Know Subscribe to our channel: Click here to book a complimentary 15-minute call with us: Visit our site: Click to Enroll Today here: A record number of Americans are taking hardship withdrawals and tapping into their 401(k)s. According to Fidelity, “Participants taking hardship withdrawals from their accounts rose to 2.4% last year, up from 1.9% in 2021.” Vanguard also recorded a rise in hardship withdrawals in 2022. While alarming, it isn’t surprising as last year saw record high inflation, rising interest rates, and a 15% year-over-year increase in credit card balances. Whether 401(k) investors need the money to cover medical bills, to stay off eviction, or to pay tuition expenses, it’s clear they’re hurting for extra cash right now. Before you dip into your retirement savings, it’s critical to understand the implications of doing so. From taxes to losing more money than you planned, there’s a lot to consider

When saving money through your job’s retirement plan , you often get to choose between Roth 401(k) vs. traditional 401(k) contributions. So, which is best? The choice comes down to when you want to pay taxes and other factors. - With Roth 401(k) contributions, you pay tax on all of your income today, but you ideally get tax-free income in retirement. For that to work, you need to satisfy specific IRS rules. - With traditional pre-tax 401(k), you reduce your income by the amount you contribute to the plan. That helps you save on taxes this year, and it might make it easier to save money in your plan. 🌞 Subscribe to this channel (it's free): Get free retirement planning resources: 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Note that this applies to other types of plans as well. For example, if you have Roth 403(b), 457, or TSP—or even Roth Solo 401(k)—things are similar. Check with your plan administrator and tax expert just to be sure. Info from thi

Have you ever wondered what the differences between a Roth IRA and a Traditional 401k are? Well I am here to help. To answer this questions, there is no one size fits all approach for what is better. This is going to depend on the individual. However, hopefully the video helped you to understand what each of these items are and which one is right for you? ROTH IRA: what is a Roth IRA? A Roth IRA is a retirement account that you can contribute 6,000 to and for people over 50, you can contribute 7,000 dollars all of which is after tax contributions. Meaning that you have already paid taxes on the money. This money will continue to grow and come out both tax free. With compound interest the earlier you start here, the better. Pro's of the Roth - Your saving are growing tax free because you have already paid taxes on them. - There is no mandatory age for withdrawals. With a Roth, you can withdrawal your contributions anytime without a penalty. However, if you withdrawal

Over the years we've seen the good, the bad and the ugly of Qualified Plans (401K and IRAs). In this episode of Fireside Chats we want to show you both the pros and cons of these plans and how this information is essential for your financial future. Subscribe to Become The Banker for more: Watch Season 1 of Fireside Chats right here: Connect with us: Website: Facebook: Instagram: 00:00 Fireside Chats Intro 00:39 Pros 01:59 Cons 05:29 Why is it important to know this? 06:28 Final words At becoming the Banker, we believe clarity is our mission and certainty is our solution by only using SAFE money strategies. We’re a holistic family-owned financial planning firm with over 70 years of combined successful experience that will help you create and protect wealth without risk. We’re also a Financial School (Larry Larsen’s Eagle Educational Systems, LLC.) registered with the Division of Insurance in over 12 different states. We provide Continuing Education and Pre-licen

I quit my job in December 2021. I completed the 401K rollover to my Traditional IRA and Roth IRA. In this video, I will go over the 3 simple steps to move your money from 401k to IRA. 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 1:1 Financial Coaching 👩‍🏫 Schedule a free 20-minute 1:1 Coaching Session Schedule a free 30-minute 1:2 Couple's Coaching Session ➡️ Introductory Forum: 📧 Email: hello@firepsychat.com 📖 What’s on my bookshelf? 📖 ➡️ "1,000 Nights: Death's Love Letter to Afghanistan" "The Millionaire Next Door" 📷 Additional FIRE Videos Mentioned In this Video 📷 Mega Backdoor Roth - Our $2.8 mil Fat FIRE Plan - How We save 60% of our Income - How I saved my first $100K - The 10-Step FIRE Checklist - HSA vs FSA - ⏰ Table of Contents ⏰ 0:00 How much I had in my 401K 3:50 3 Steps to Roll Over 401K 7:24 Pros and Cons of 401K Rollover #FIREPsyChat #FinancialIndependence #401K 🤳 Social Media

You might not need to roll over your 401(k) into an IRA, but it might make sense Investment companies and professionals are going to try and make it seem that rolling over your 401(k) into an IRA is urgent. This mostly has to do with the fees they earn by getting you to switch. They are incentivized to get you to think it is urgent. I care about what is right for you, and you should too! You can always rollover at a future time. If your balance is more than $5,000, you a legally entitled to keep your 401(k) where it was at your old job. When you have $5,000 or less, your former employer can involuntarily remove you for their 401(k) plan without your permission. Here is the important part: Most 401(k) plans offer few investment options, maybe two or three dozen at most, most will be mutual funds. If you roll that 401(k) into an IRA, there will be thousands of choices including more than just mutual funds like ETFs, individual stocks and bonds, and certificates of deposit. I

Are you curious how to make the most out of your Roth IRA and 401k? If not, you should be! Having a good investing process that you can use in your Roth IRA and get matched by your employer in your 401k is monumental for building wealth and saving for retirement. Watch the video above for more! 0:00 What to do with your 401k? 1:35 Roth IRA vs Traditional IRA 2:25 Calculating what you need for retirement 4:48 Why you need to look at retirement this far 6:32 Major changes coming to Social Security 7:29 Invest in a variety of ways! #rothira #401k #valueinvesting Join the community of like-minded investors: OR _____________________________________________________ ⚠️ By watching videos posted on Everything Money’s YouTube channel and/or using EverythingMoney.com, you acknowledge that you have read, understand, and agree to the following: Everything Money is Not an Investment Advisor: Everything Money (including Paul, Mo, and Seth) is not an investment adviser, and it is n

Should you move your money from your 401K to IRA or to a new 401K? Let's go over the pros and cons of 401K and IRA rollovers. Private Group Coaching with Psy ➡️ 🤳 Psy on TikTok, Facebook, Instagram 🤳 ➡️ 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 👨‍🏫 Free Financial Coaching 👩‍🏫 Schedule a free 20-minute Individual Coaching Session Schedule a free 30-minute Couple's Coaching Session ➡️ 📖 My YouTube Studio & Equipment 📖 ➡️ For sponsorships and business inquiries ➡️ media@firepsychat.com 📷 Additional FIRE Videos Mentioned In this Video 📷 Our $3.7 Mil Fat FIRE Plan - How We're Saving 70% of Income (2023) - My $1.1 Mil Fat FIRE Progress (Sep 2022) - How to Become an Ordinary Millionaire - How to Start F.I.R.E - The Ultimate F.I.R.E Guide - How to Invest in an HSA - Become a TSP Millionaire - Financial Independence Calculator - ⏰ Table of Contents ⏰ 0:00 401K & IRA Rollover Requirements 3:43 401K to IRA Rollove

This video is part of Riiv's Education Series. I talked to Certified Financial Planner Matt Frankel about the difference between a 401k and a pension. The discussion covers not only what's more common today, but why pensions are so hard to come by. Follow Matt's channel @MattFrankelCFP for more great topics like this. Looking for great investment ideas? Visit for ten top stock picks from The Motley Fool. Travis Hoium does not have a position in any company mentioned. A portion of this video is sponsored by The Motley Fool. Visit to get access to my special offer. The Motley Fool Stock Advisor returns are 337% as of 10/21/2022 and measured against the S&P 500 returns of 105% as of 10/21/2022. Past performance is not an indicator of future results. All investing involves a risk of loss. Individual investment results may vary, not all Motley Fool Stock Advisor picks have performed as well.... ( read more ) LEARN MORE ABOUT: 401a Plans REVEALE

In this video, we talk about the average (and median) 401k balance by age for 2022. Are you in good financial shape and on track to retire at your target retirement age? While there's no black and white 401k balance that you MUST have, it's nice to see how much our peers have invested in their 401ks. Since AVERAGE balances don't always provide an accurate representation of the population, we also talk about the median 401k balance by age which paints a better picture of what America ACTUALLY has invested. 📃 The data in today's video comes from Vanguard's annual report titled "How America Saves 2022" and can be found here: Some of my favorite things 😍👉 💳 A few of my favorite credit cards: Chase Sapphire Preferred: Chase Freedom: Discover IT: AMEX Blue Cash Everyday: 💰 Tip Jar: 📚 A few of my favorite personal finance books: ○ Getting into the asset vs liability mindset: ○ Solid well-rounded personal finance info: ○ No, buyin