5 Things to Know About Retirement Accounts

Рет қаралды 379

Ай бұрын

Today we talk about 5 things you need to know about retirement accounts.
1) People 50 or older the maximum annual contribution has increased to $30,500.00 This is great for catching up if you are behind in your retirement savings.
2) Low and moderate income workers can get their Federal tax bill cut by $1,000.00 or $2,000.00 if married filing jointly via the Federal Savers Credit.
3) 73 is an important age. You must start taking your RMD (Required Minimum Distribution) If you fail to take your RMD you will receive a penalty.
4) Roth IRAs are funded with after tax dollars so are not subject to tax once you withdraw.
5) The Secure 2.0 Act includes a wide variety of features that employers can add to their retirement plans:
Annuities
$1,000.00 withdrawal for emergencies-penalty free
IRA can be used for qualified student loan repayment
Thanks for joining us for our Coffee Talk today,
Keith & Terri

Пікірлер: 22

@RetiredLovingIt Ай бұрын

Anyone have a topic you want us to talk about?

@stevecardinal9972 Ай бұрын

West Baden springs hotel. If you haven’t been there it’s a beautiful property. West Baden and French Lick. Be careful if you’re prone to injuries at French Lick. Although the video would be interesting. Hiking lol.

@RetiredLovingIt Ай бұрын

Keith actually went to college at West Baden when the old hotel was a college. It’s on our list to video for our channel. It’s beautiful there! So stay tuned….it’s on the list! Thanks so much for the suggestion 😊

@stevecardinal9972 Ай бұрын

@@RetiredLovingIt I took a tour prior to the renovation and a tour afterwards it’s amazing. Try to go around Christmas and see how it’s decorated.

@RetiredLovingIt Ай бұрын

@@stevecardinal9972 great idea!

@TravelHungryForLife Ай бұрын

Wonderful sharing here my friends keep it up all the best cheers 👍🏻👍🏻🤗🤗

@RetiredLovingIt Ай бұрын

Thanks so very much! We truly appreciate it! 😊

@lens141 Ай бұрын

Good advice dear 😊have a blessed Sunday

@RetiredLovingIt Ай бұрын

Have a blessed Sunday as well friend 👍

@SomeplaceOrAnother Ай бұрын

Great tips 👍

@RetiredLovingIt Ай бұрын

Thanks 😊

@TravelingTramps Ай бұрын

Only Uncle Sam would charge a penalty for leaving your money in a savings account. That way it leaves them more to spend! 🤣🤣 Some great ideas here, Terri and Keith. Thanks for sharing the info.

@RetiredLovingIt Ай бұрын

Thanks & hope you have a great Father’s Day!

@wendingourway Ай бұрын

Indeed, pinch those pennies so one can max out contributing to an RRSP (Registered Retirement Savings Plan) here in Canada, and also take advantage of the TFSA (Tax Free Savings Account) amounts.

@RetiredLovingIt Ай бұрын

Appreciate you watching 😊

@IamaDutch-Kiwi Ай бұрын

Very interesting topic. I guess every country has it's won plan, possibilities. The main issue is- save for later. It is worth it. Have a great week. 👌🇳🇱🙋‍♀🥝

@RetiredLovingIt Ай бұрын

Yes! Save for the future is a much no matter the country! Have a blessed week!

@thierrymunseugandachildren802 Ай бұрын

Great sharing

@RetiredLovingIt Ай бұрын

Thanks 😊

@thierrymunseugandachildren802 Ай бұрын

@@RetiredLovingIt hope you're doing well

@missouri6014 Ай бұрын

A topic to cover is how do you organize your accounts in retirement? Example the bucket system that you hear about but even then what comes first do you take money from your IRA and put it in your checking account every month or just how do you go about that? Does that make sense?

@RetiredLovingIt Ай бұрын

Makes perfect sense! We’ll add that to our list! Thanks for the suggestion!