Timothy Sumer

Does your 401k have a provision that allows you to superfund the account? If so, you can add up to an additional $43,500 of after-tax contributions, which is separate from the $22,500 employee deferral. (Don’t forget to subtract your employee contribution!) Then, if you convert it to a Roth, you won’t pay a dime of taxes on those earnings. Sound illegal, but it isn’t! Just listen to all the benefits that will save you money! Del Monte Group has been in business for over 35 years, cultivating relationships and building a family of lifelong clients just like you. If you need help navigating life challenges, are seeking smart, resourceful planning, or just want to find confidence and peace of mind, get in touch. We’re always here to help at 925.736.6410, Richard@APlaceOfPossibility.com, or Angela at Angela@APlaceOfPossibility.com. YOU’RE INVESTED, AND SO ARE WE™. If you’re looking for out-of-the-box financial wellness support that offers long-term success even while ...

You've been saving money for your entire career so you can enjoy your golden years. Not sure what happens to your 401(k) when you retire? Financial expert Joe Anderson and Alan Clopine break down the options as well as the pros and cons of the various options. The duo also explains how to avoid penalties that could take a significant amount of money out of your retirement savings. They also discuss what happens to your 401(k) once you pass away and what the options are for your loved ones. Important Points: (1:00) - 401(k) Participants and Plans (3:20) - The Basics of 401(k) (4:10) - 401(k) Matches (5:46) - Roth Option (7:38) - True or False? There are penalties if I roll my 401(k) to a Roth IRA before I'm age 59 1/2. (10:45) - Countdown to Retirement (11:59) - What happens to your 401(k) upon retirement? (12:25) - Pros & Cons of Leaving your 401(k) with your Employer upon Retirement (14:00) - Pros & Cons of Rolling your 401(k) to an IRA upon Retire...

How to make the most of a 401k - Make Retirement Planning Easier Subscribe Now: Schedule Your FREE Retirement Assessment Today Download Our Retirement Toolkit: In this video, we're talking about the 401(k) retirement plan and how you can make the most out of it. Did you know that the average 401(k) balance is only $103,900, while most Americans believe they need $1.25 million to retire comfortably? With over 100 million Americans having access to a defined contribution retirement plan like a 401(k) or 403(b), it's important to know how to make the most out of your retirement plan . In this video, our Founder and CEO Johnathan Rankin will cover five important ways to maximize your 401(k). We discuss the impact of taking a loan from your 401(k) to investing tips to maximize your long-term success. 👍 [SCHEDULE YOUR RETIREMENT ANALYSIS] If you have questions or comments email us Retire@theoremwm.com or head to www.Retireonceshow.com - Johnathan ...

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, ...

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 exper...

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...

Today we're talking about some of the benefits of staggering your retirement years with your spouse. It may make more sense not to retire at the same time as your spouse so you can lower taxes, contribute to Roth IRA's and get company matches in your 401k as well as social security benefits as well. We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money. ---Ready to subscribe--- For more information visit: www.JazzWealth.com --- Instagram @jazzWealth --- Facebook --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com... ( 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 Retirement is often viewed as a milestone that married couples want to achieve together. However, there are many reasons why it may ...

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 tim...

The 401k catches a lot of flak but it was the best vehicle for me to use to retire. In my situation the Pros out weighed the Cons.... ( read more ) LEARN MORE ABOUT: 401k Plans REVEALED: Best Investment During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing As a working individual, deciding to save money for your retirement is one of the most important decisions you can make. After all, you wouldn't want to be caught off guard by unexpected expenses during your golden years. For this reason, I decided to contribute to my 401k plan early on and it turned out to be the best decision I made for my retirement. First, it is important to understand what a 401k plan is. In simple terms, a 401k plan is a retirement savings account offered by an employer. Employees can choose to have a portion of their earnings contributed to the account, which then grows tax-free until retirement. Additionally, some employe...

Is converting your traditional retirement account to Roth, all at once, a good move? ______________________ To schedule a conversation with Mike, go to talktomike.com, or call 512 265 5000 ****** Listen instead: ****** To learn more about retirement planning , go to cenadvisors.com ______________________... ( 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 Converting an IRA to a Roth IRA can be a great way to reduce your future tax burden and maximize your retirement savings. However, many people are hesitant to make the conversion due to the potential tax implications. Fortunately, there is a way to convert your IRA to a Roth all at once, which can help you avoid the additional tax burden and maximize your retirement savings. When you convert your IRA to a Roth, you are essentially exchanging your traditional IRA for a Roth IRA. T...

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 m...

See maximum limits and, more importantly, what goes into the 401(k) max contribution. For 2023, the annual limit is up to $22,500 of your own pay, and the total amount that can go into your account is $66,000. For those over age 50, another $7,500 catch-up is allowed. But this can get complicated, and if you’re hoping to max out your 401(k), it’s helpful to understand all of the pieces involved. Get free retirement planning resources: 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Contributions can be employee or employer contributions (or both). When your employer contributes, you might get matching money, profit-sharing dollars, or other types of contributions to your account. 🌞 Subscribe to this channel (it's free): Employee money can often go in pre-tax or as Roth-type money. The choice you make depends on what’s available and what makes the most sense for your strategy. And some plans allow voluntary after-tax cont...