Timothy Sumer

🤔Will taxes go up or down in the future? If you think up (like me) then my advice is to not put anything over matching into your 401K. Instead pay the taxes now and invest in a Roth IRA. And make sure you use a company that allows you to have the freedom to invest in whatever you want ✅ My goal is to change the way you think about money to help build you more wealth. Subscribe for more content like this! 🔥 The world we are going into is not the world we are leaving behind, need a guide? - Here's How to Work With ME 🔥 -- ➡️ Order "UnCommunist Manifesto" Here: go.1markmoss.com/uncommunist ➡️ INCREASE YOUR SOVEREIGNTY NOW: JOIN MY FREE NEWSLETTER HERE - 🔥 Don't Worry About Taking Notes! You Can Get All My Slides and Resources! Link to Learn More -- 🔥 🔴(BEWARE OF SCAMMERS)🔴 They are impersonating me in the comments. My comments have a "checkmark" so look fo...

Navigating the Thrift Savings Plan can be overwhelming. Don’t worry, we cover everything you need to know without assuming that you have a degree in economics. You’ve decided that saving for retirement is important. Great! Now, you’ll need to decide where to invest your money for long-term growth. If you happen to be in military service or a federal government employee, then HR has likely introduced you to the Thrift Savings Plan AKA the TSP. The federal government sponsored this retirement investment plan as a way for you to save for retirement. What is the Thrift Savings Plan? The Thrift Savings Plan is a defined contribution plan. The account type was created through the Federal Employees’ Retirement System Act of 1986. The goal was to create a tax-advantaged account for federal employees with similar benefits to a 401(k) plan. Unlike a pension, retirement income from your TSP is dependent on the money you have contributed to your account along the way. Additionally...

Traditional IRAs and Roth IRAs both offer tax-advantaged growth of money. The contribution for both account types for 2021 is $6,000, or $7,000 if over age 50. The biggest difference between the account types comes down to when you pay taxes on the money. With a Roth IRA, you pay tax now. You contribute to a Roth IRA using aftertax money, and you can't deduct the contribution from your taxable income. But when you do withdraw the money in retirement, it's tax-free. Roth IRA contributions are also subject to certain income limits. A single filer and head of household can make a full contribution if your income is below $125,000 and a partial contribution up to $140,000. For married filing jointly, you can make a full contribution if your income is less than $198,000, and a partial contribution up to $208,000. With a traditional IRA, you pay tax later. When you contribute to a traditional IRA, if your income is below certain limits, you may be eligible to deduct the ...