Timothy Sumer

What’s A Self-Directed IRAs Explained What is a Self-Directed IRA? Self-directed IRAs are a type of retirement account that allows the account holder to invest in a wider range of assets than traditional IRAs. With a self-directed IRA, you can invest in real estate, private loans, precious metals, and other alternative investments. This gives you more control over how your money is invested, and the ability to diversify your portfolio. Who should use a Self-Directed IRA? Self-directed IRAs is a great choice for investors who want to have more control over their retirement savings and who are looking to invest in alternative assets. What are some of the benefits of Self-Directed IRAs? • More control over your retirement savings and how your money is invested. • The ability to diversify your portfolio beyond traditional investments such as stocks and bonds. This can provide you with the opportunity to earn higher returns than what is possible with traditional investments

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on the withdrawal for any withdrawal before the age of 59 ½ Roth IRA - no penalty or taxes owed for any contributions withdrawn, but any earnings (anything over the contributions) is subject to a 10% penalty plus taxes Check out Twitter 🧵 on IRAs: To continue learning more about this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

In this video, I will walk through the rules and benefits of a Roth IRA. You should set up one of these retirement accounts early in your career and continue to contribute each year. I show an example of a married couple withdrawing funds from their ROTH IRA account early and you'll be able to see how much in tax and 10% penalties they have to make. I make an important point of having earned income in order to make a contribution. Here is a chart I reference in the video relating to the phase-out on the maximum contributions you can make to a ROTH IRA based on your modified adjusted gross income. 🛑 SUBSCRIBE! : shorturl.at/fL014 About my channel: Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans,

The IRS and the Social Security Administration just announced the new retirement contribution limits for the year 2022. Congress is also working to pass the Build Back Better Act that could possibly repeal backdoor Roth IRA and the Mega Backdoor Roth. How are they going to change our retirement strategy? 👨‍🏫 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 📖 Get Your Free Financial Spreadsheets and Resources 📖 ➡️ 📷 Additional FIRE Videos 📷 Mega Backdoor Roth Explained - Buy Borrow Die - How to save for HSA - Our $2.8 mil Fat FIRE Plan - How We save 60% of our Income - Our $1 mil Dividend Stock Portfolio Strategy - Backdoor Roth IRA - Fat FIRE Roadmaps - 🎵 Music and Sound Effects Provided by Epidemic Sound 🎵 #FIREPsyChat #FinancialIndependence 🤳 Add me on Instagram @FIREPsyChat 🤳 📖 Start educating your ch

IRA & Roth IRA Contribution Limits 2022 #shorts #retirement #financialfreedom Full Video here: IRA Contribution Limits 2022 & ROTH IRA Contribution Limits 2022 || IRA & Roth IRA Contribution 2022 IRA and Roth IRA contribution limits have been released by the IRS and they look very similar to the IRA & Roth IRA Contribution limits for 2021. Unfortunately, because of how the IRS calculates the contribution increases for IRA's and Roth IRA's, in 2022 there will be NO increase from the 2021 IRA contribution limits. Below is the IRA Contribution limit and the Roth IRA Contribution limit for 2022: IRA Contribution Limit: $6,000 IRA Catch-up Limit: $1,000 Roth IRA Contribution Limit: $6,000 Roth IRA Catch-up Limit: $1,000 Now, the IRA Contribution Limit and Roth IRA Contribution Limit might not have changed, but the income limits for contributions into IRA and Roth IRA's did increase from 2021 to 2022. Remember, you are only allowed to contribute

0:00 New IRA & 401k Contributions for 2022 1:47 How much is inflation right now? 6:04 How much can I contribute to my IRA in 2022? 6:25 What is the income limit for 401ks in 2022? 8:23 How much can I contribute to a Roth IRA in 2022? 14:08 How much can I contribute to SEP in 2022? 15:00 How much can I contribute to my simple IRA in 2022? 15:15 How much can I contribute to my 401k in 2022? 17:20 How much can I contribute to my solo 401k in 2022? 20:25 Can I take a loan from my solo 401k? 20:46: How much can I contribute to a defined benefit plan? 21:48 What are the benefits of a DB cash benefit plan? 24:40 If the Build Back Better Bill is passed will the status of limitations be increased to six years for Solo 401ks? 25:30 Have retirement accounts always been Bipartisan? 26:09 Who uses self-directed IRAs? 26:45 If the Build Back Better bill passes what contributions can I make to my 401k? 27:33 Who owns Mega Backdoor Roths? 31:10 If I start saving investing in my twenties