Timothy Sumer

What Is A Spousal IRA ►FREE Masterclass How I Can Help You Invest in the Stock Market Very Simply (even if you think it's too overwhelming) Curious about what a Spousal IRA is and how it can benefit you and your spouse's retirement savings? In this video, I explain the concept of a Spousal IRA and how it can help couples maximize their retirement contributions. I'll cover the eligibility criteria, tax advantages, and other important aspects of Spousal IRAs. Watch this video to gain a comprehensive understanding of this retirement savings option and start planning for a secure future together. Timestamps: 00:00 What Is A Spousal IRA 04:20 Who Is Eligible For Spousal IRA 05:08 Benefits Of Having Spousal IRA ⭐#retirementplanning #financialindependence #financialfreedom ➥➥➥ ITEMS I RECOMMEND➥➥➥ ►My NEW Book: You Will Be Financially Free ►Empower (Personal Capital) Free app to help you manage your money better. I use this EVERYDAY! ►Join m...

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on the withdrawal for any withdrawal before the age of 59 ½ Roth IRA - no penalty or taxes owed for any contributions withdrawn, but any earnings (anything over the contributions) is subject to a 10% penalty plus taxes Check out Twitter 🧵 on IRAs: To continue learning more about this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

-In this video I discuss the different types of IRAs (individual retirement arrangements / individual retirement accounts) available as defined by the IRS. There are a few key differences between these accounts, particularly as they relate to tax deductions and withdrawal restrictions over time. 🐽 LIKE & SUBSCRIBE for more related frugality & finance content 📱 insta @frugalityandfinance 🕰 tiktok @frugalityandfinance 🥟 buy me a boba - buymeacoffee.com/siuyee Earn $200 when you refi with Earnest - 👀 WATCH: Latest Debt & NW Update - Latest Budget With Me - Financial Freedom Template - $146,000 in Debt - Monthly Net Worth Tracker - 🎧 MUSIC: Song: LiQWYD - Call Me Music provided by Vlog No Copyright Music. Creative Commons - Attribution 3.0 Unported Video Link: Song: LiQWYD - Vacation (Vlog No Copyright Music) Music provided by Vlog No Copyright Music. Video Link: Song: LiQWYD ...

With the passage of the Secure Act 2.0, for the first time ever, starting in 2023, taxpayers will be allowed to make ROTH contributions to Simple IRAs. Before 2023, only pre-tax contributions were allowed to be made to these types of employer-sponsored retirement plans. Additional Secure Act 2.0 Videos RMD Age 73 in 2023: Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com Visit our website: Subscribe to our channel for more financial planning tips: #simpleira #rothira #retirement #greenbushfinancial... ( 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 The Secure Act 2.0 proposes a significant change to the retirement savings landscape. One of the notable provisions is the Roth Simple IRA contribution starting in 2023. This new provision aims to boost retirement savings for small business owners by ...

In this video I am going to Easily Explain what is a Roth IRA? What is a Traditional IRA? What are the similarities between a Roth IRA vs Traditional IRA? What is better a traditional IRA or a Roth IRA? Which should you choose a Traditional IRA or a Roth IRA? Both of these accounts are individual retirement accounts, which means you can have them in ADDITION to your employer sponsored retirement plans such as your 401k, 403b, etc. The deadline to contribute to both of these accounts is April 15th - because there are contribution limits! Both the traditional and the ROTH IRA, the max you can contribute to it is $6000 per year as of 2021, and $7000 per year if you're over the age of 50. You cannot contribute $6000 each to both a ROTH and the Traditional IRA, the max contribution is $6000 across both accounts. The biggest difference between the ROTH IRA and the Traditional IRA is how they are taxed. In a TRADITIONAL IRA, your get a tax deduction for your contributions dire...

What is a Roth IRA vs a Traditional IRA? What are the differences between the two and which one is the best fit for your finances? Let's break down the two different types of IRAs (Individual retirement account ) to better understand what's going on. - IRA contribution limits - IRA withdrawal restrictions - Important ages to know for an IRA - Roth IRA vs Traditional IRA, which should you invest in? #rothira #traditionalira #retirement 🔥Join this channel to get awesome perks🔥 🔥Or support us on Patreon🔥 ☑️Love our content? Subscribe!☑️ ☑️Our website: Follow us: Facebook: Instagram: Twitter: DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are re...

What is a Roth IRA? A Roth IRA is an individual retirement account (IRA) that allows for qualified withdrawals in various conditions. Contributions to a Roth IRA are made with after-tax dollars, which grow in the Roth IRA account tax-free. In this video, I explain some of the basics regarding Roth IRA's, Roth IRA distribution rules, Roth IRA early withdrawals, Roth IRA Max Contributions, and some examples on how the earlier you start contributing, the better. Roth IRA limits are determined on a yearly basis. For 2021 the Roth IRA contribution limits are $6,000 for those under 50. For individuals over 50, the Roth IRA contribution limits are $7,000. Roth IRA's are also subject to income limits. For example, the Roth IRA income limit for someone filing their tax return as single, the income limit is $140,000. For married couples, the limit is $208,000. Between 2020 and 2021, the max Roth IRA contrition remained unchanged. Also, the Roth IRA withdrawal rules remained ...

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, retire...

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 ...

In our very first Finance in Five, Logan DeGraeve, CFP® breaks down retirement plan contribution limits for 2023. There are increases in IRAs, 401(k) plans, and more. Learn more about 2023 retirement plan contribution limits here: Schedule a conversation with a CFP® professional like Logan here: Intro: 00:00 IRA Contribution Limits: 00:13 Limits for 401(k)s, 403(b)s, and More: 01:05 SEP & SIMPLE IRA Limits: 01:35 Conclusion: 01:48... ( 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 https://inflationprotection.org/2023-retirement-plan-contribution-limits-finance-in-five/?feed_id=66039&_unique_id=63d89e2304377 #Inflation #Retirement #GoldIRA #Wealth #Investing #2023retirementplancontributionlimits #401k #401kcontributionlimit2023 #contributionlimits #contributionlimitsfor2023 #iracontributionlimits #retirementplanning #...

This video covers some IRA basics such as the differences between Traditional and Roth IRAs, how much you can contribute to an IRA, how to transfer or rollover retirement funds, and how to convert a Traditional IRA to a Roth IRA.... ( 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 https://inflationprotection.org/2014-ira-contribution-limits-transfers-rollovers-and-conversions/?feed_id=59564&_unique_id=63bfc812a95b5 #Inflation #Retirement #GoldIRA #Wealth #Investing #goldstar #goldstartrust #IRA2014 #irabasics #iracontributionlimits #irarollover #IRAtransfer #selfdirectedira #SimpleIRA #goldstar #goldstartrust #IRA2014 #irabasics #iracontributionlimits #irarollover #IRAtransfer #selfdirectedira

If you do not use the room....you'll lose the room.....FOREVER! In this educational video, I am going to teach you why it is better to get taxes done sooner than later. Also in watching this video, you will see why it is in your best interest to speak to a properly trained IUL specialist about your financial future. To your abundance! Doug Andrew Key Moments In This Episode ======================== 0:00 Introduction & Summary 1:00 The advice to take minimum distributions 2:48 The strategic rollout 3:53 The max-funded IUL 4:40 Understanding the tax brackets 7:45 Logical decisions vs emotional decisions 11:05 Want to know more? Get a free copy of my books! Go to: www.laserfund.com Go to: www.entitlementabolition.com Go to: www.free10keysbook.com Are you an advisor interested in what we teach? Go to: www.iulinsiderpro.com What To Watch Next ======================== How a Max Funded IUL Can Earn Tax Free Returns that are Safer & Higher than Banks Offer Did...

Do you know how much can you save into your retirement savings accounts? In 2023, those numbers change! It's important than ever to stay on top of these changes so you can be sure you are on track for retirement. Learn what the actual contribution limits are for your IRA, 401(k), and more! CHAPTERS : 0:35 401(k) Plans 1:11 IRA and Roth IRA 2:05 HSA 3:30 What difference does it make? 4:48 How to calculate how much to save. Comprehensive Article on Limits : Read about HSA : We are Financial Design Studio: Michelle, Steve, Rob, and Trevore… a team of financial advisors with a passion to help others design a path towards financial success–whatever that looks like for your life. Part of our job is to teach people about finances so that they can make educated choices with their money. If you want practical knowledge about how to work with the complex processes of taxes, insurance, planning, retirement, or investments, then subscribe! … because this channel is for y...

MAJOR changes may be on the horizon for individuals with high incomes and large balances in their IRAs and 401(k)s. I told you last week that Congress may be looking to crack down on the use of accounts like Roth IRAs by the wealthy, and such a proposal just hit the wire this week. There are lots of proposed changes from contribution rules to new RMDs to closing up the backdoor IRA for many investors. These are things we need to keep up with as retirement savers! Today, we will discuss: 1. What Congress is proposing 2. What these retirement plan regulations mean 3. How these regulations may impact your life and lead to more regulation in the future Begin your path to financial freedom today: Don’t forget to like, subscribe, and leave comments below as I would love your feedback. Be sure to check out my website (www.mnowithdylan.com) where you can get more information on my financial coaching services and more, the podcast of these shows if you are more of a listener than a...

In this video, we going to compare the Traditional IRA vs. Roth IRA and help you decide which one is better for your financial situation. We'll walk you through the pros and cons, including tax implications, of both types of IRAs so you can make an informed decision. Channel Link ➤ Subscribe for More Videos ➤ sub_confirmation=1 Welcome to Developing Dividends. We believe that having a strong foundation of financial literacy can ultimately lead to an individual obtaining wealth and financial independence. While hiring someone who understands the seasons of the economy may prove beneficial, having a solid financial education will truly empower you to Develop Dividends! In this channel, we will explore personal finance topics such as budgeting, insurance, mortgages, and taxes. Diving into ways that you can actively and passively growth your wealth, we will also explore various investment vehicles such as stocks, bonds, IRAs, real estate, cryptocurrency, and more. F...

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 ...

The contribution limits for how much you can contribute to various retirement accounts is the same in 2021 as they were in 2020. The catchup contribution for those 50 and over remains the same as well. However, the phaseout ranges have changed slightly. In this video we will at the maximum contribution limits for 401(k), 403(b), most 457 plans, the federal government's Thrift Savings Plan, and IRA accounts. We will also look at the phaseout ranges and I'll explain how the phaseout works as well. We specialize in building sound retirement and investment management systems for those who are retired and that plan to within the next 5 to 10 years. Find out what it means to retire with confidence so that you can spend your time doing what's most important to you. For more information visit: All Statements and opinions expressed are based upon information considered reliable. Although, it should not be relied upon as such. Any statements or opinions are subject to...