BIG Changes Are Happening to 401(k)s in 2024

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Over the last two years, there have been some major changes to 401(k) retirement plans. Tens of millions of Americans have these plans and so these changes are going to impact a significant portion of the population of the United States. If you have a 401(k) plan, then you need to be aware of all of the key changes that are happening to these plans.
In this video, tax expert Karlton Dennis explains all of the most important changes to 401(k) plans that will be going into effect in 2024. Many of these changes were created through the Secure 2.0 Act. He also explains what this act is and why it came to be.
Some of the changes that are going into effect for 401(k) plans involve contribution limits, penalty-free early withdrawals, required minimum distributions (RMDs), student loan payments, and more. This video is a must-watch for anyone who wants to learn more about 401(k) changes, and who doesn’t want to be caught unaware of the new rules
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc

Пікірлер: 394

@FennaVa 5 ай бұрын

I am 53 years old and consider myself to be a high earner. My job provides me the option to contribute the employer contributions to my Roth 401k. Should I do that or should I continue to direct that to my Traditional 401k ahead of retirement?

@ralfbrown-kl1gp 5 ай бұрын

You're doing well for yourself but it is better to seek help from a professional. I am sure that an expert with experience provides more edge than a KZfaqr.

@marcellasilva4015 5 ай бұрын

As a high income earner can you easily afford to contribute max of $22,500 to your traditional 401(k) and towards retirement? What is your Federal Tax Bracket and percentage of company match? I f you don't know all this then its best you consult with an advisor.

@marcellasilva4015 2 ай бұрын

Myself and a few other employees work with Sharon Ann Meny. She helps me max out on the Roth 401k in the month of November each year. My company matches 6% and I think my tax bracket is 22%.

@VictorBiggerstaff 8 күн бұрын

choosing between a lump sum payment and periodic distributions from your 401k involves careful consideration of your tax situation, financial needs, and personal circumstances. Balancing these factors with the guidance of a financial professional can help ensure a secure and comfortable retirement.

@ryanwilliams989 3 ай бұрын

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

@BiancaSherly-qt6sb 3 ай бұрын

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

@maryHenokNft 3 ай бұрын

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

@maggysterling33254 3 ай бұрын

@@maryHenokNft As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. What are some strategies i can employ to be successful?

@maryHenokNft 3 ай бұрын

She's known as *Gertrude Margaret Quinto* One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

@StellaMaris-lv2uq 3 ай бұрын

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@Greggsberdard 8 күн бұрын

I'm planning to retire at 68 and need advice on my 401k distributions. Is it better to take a lump sum payment and pay the 20% tax upfront, or should I opt for periodic distributions and pay taxes over several years? I'm looking for guidance on which option would be more tax-efficient and beneficial for my financial situation in the long run.

@crystalcassandra5597 8 күн бұрын

There are strategies that can yield solid gains regardless of economic or market conditions, but their implementation is typically handled by experienced investment experts or advisors.

@VictorBiggerstaff 8 күн бұрын

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

@lolitashaniel2342 8 күн бұрын

talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks

@VictorBiggerstaff 8 күн бұрын

Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@BateserJoanne 8 күн бұрын

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

@WestonScally7614 5 ай бұрын

Recently, I've been pondering retirement, unsure if my 401(k) and IRA will provide a stable future. I've also put $800K into the stock market, encountering fluctuations with limited gains. i need an approach that will align with my risk tolerance and financial goals

@FelineAirstrip 5 ай бұрын

Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management

@SaintYvess 5 ай бұрын

Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 85% since 2022

@PotBellyPete69 5 ай бұрын

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

@SaintYvess 5 ай бұрын

’Jennifer Leigh Hickman’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@PotBellyPete69 5 ай бұрын

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

@Riggsnic_co 5 ай бұрын

We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.

@bob.weaver72 5 ай бұрын

For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.

@martingiavarini 5 ай бұрын

I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

@TheJackCain-84 5 ай бұрын

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000

@bob.weaver72 5 ай бұрын

Mind if I ask you to recommend this particular coach you using their service?

@TheJackCain-84 5 ай бұрын

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

@Dantursi1 5 ай бұрын

I like investing in close-end funds that pay monthly dividends. The trick is to hold long term and reinvest the monthly dividends plus buy more shares on a monthly basis or whenever you can afford to. This can be easily done because close-end funds are bought and sold on the stock market just like regular stock. That'd be enough to create a portfolio that would pay you between $50k to $70k in dividend income

@Rachadrian 5 ай бұрын

Just because there are opportunities in the market doesn't mean you should go in blindly. To understand the potential factors that contribute to your financial growth, l'il advise you to seek the help of a professional

@Jamesbrown1126 5 ай бұрын

I completely agree; I am over 40 years old, recently retired, and have approximately $1m in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!

@Quason788 5 ай бұрын

As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. What are some strategies i can employ to be successful?

@Jamesbrown1126 5 ай бұрын

She's known as 'Amber Dawn Brummit'. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

@Quason788 5 ай бұрын

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

@Richardcarlett 4 ай бұрын

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

@donna_martins 4 ай бұрын

If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.

@robert-1miller 4 ай бұрын

you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

@ilyaveysman. 4 ай бұрын

That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?

@robert-1miller 4 ай бұрын

Natalie Noel burns is among the most accomplished portfolio managers in the industry, widely acknowledged for her outstanding work. I highly recommend taking a closer look at her impressive portfolio.

@ilyaveysman. 4 ай бұрын

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@aureliobjm 5 ай бұрын

Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.

@fredm1 5 ай бұрын

I may be unable to offer personalized investment guidance, but then I suggest consulting with a reliable advisor to ensure appropriate investment planning.

@georgeh.5126 5 ай бұрын

Agreed, I’ve been investing in the stock market for 11 years now, last 5 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout these years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m roi as of today.

@MarvishaN 5 ай бұрын

@georgeh Could you be kind enough with details of your advsor please?

@georgeh.5126 5 ай бұрын

She's known as 'Heather Lee Larioni'. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

@MarvishaN 5 ай бұрын

Thanks for this. Found her and looked through her credentials before contacting her. Once again many thanks.

@jameswood9772 5 ай бұрын

I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?

@checkforme234 5 ай бұрын

I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery.

@williamyejun8508 5 ай бұрын

Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of…. Seeing my portfolio grow from in 5 years is surreal all thanks to insights from my financial advisor.

@jameswood9772 5 ай бұрын

Who is this person guiding you and how can i reach he/she?

@williamyejun8508 5 ай бұрын

She goes by ‘’Natalie Marie Tuttle’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@jameswood9772 5 ай бұрын

Thanks for sharing. I searched her full name and found her website instantly. After reviewing her credentials and conducting due diligence, I reached out to her.

@tipusultan531 5 ай бұрын

Every week I buy more of whatever is the lowest percentage of my portfolio and try to keep everything around 10%. Please what could be my safest buys with $400k to outperform the market in 2024?

@TodosobrebienestaremocionalVio 5 ай бұрын

Find quality stocks that have long term potential, and ride with those stocks. I have found it takes someone who is very familiar with the market to make such good picks.

@crickethighlights6453 5 ай бұрын

I agree with you. I started out with investing on my own, but I lost a lot of money. I was able to pull out about $200k after the 2020 crash. I invested the money using an analyst, and in seven months, I raked in almost $673,000

@sharon87390 5 ай бұрын

Please will you be kind enough to share the details of the man that helped you?

@crickethighlights6453 5 ай бұрын

Actually its a Lady. Yes my go to person is a 'MARY KALIOPE BRAUN'. So easy and compassionate Lady. You should take a look at her work.

@sharon87390 5 ай бұрын

@thomaskn1012 5 ай бұрын

Withdraw $1000 penalty free for emergencies? What kind of emergencies just require $1000? How insulting.

@lyianx 5 ай бұрын

Exactly! I would imagine, *most* (smart) people needing to do this, will be doing it for medical reasons.. And $1000 is an aspirin in medical terms.

@begaqincer 5 ай бұрын

lol you need brakes or a TV

@Nick-jg9ck 5 ай бұрын

That’s why you have an emergency fund

@bobdublin825 5 ай бұрын

To help pay for your taxes! 😆

@tbled52 5 ай бұрын

Hey your can put in 500 more too. That will do it.

@johncarnettie6804 5 ай бұрын

I plan to move into a tent when I retire. Just recently found out they will now tax people for using tents.

@positive.stories 5 ай бұрын

sad

@richardgardin5367 5 ай бұрын

@@positive.stories but not true.

@oSnapMillerTime 5 ай бұрын

They increase the limit but it does nothing to help people who struggle to put enough in it.

@TorqueKMA 5 ай бұрын

It's so that your employers can up the match... which they won't because "why would they"

@lyianx 5 ай бұрын

@@TorqueKMA Yeaah.. Employers typically have a limit on how MUCH they match. Mine, doesnt match at all. >:(

@ctjmaughs 5 ай бұрын

Gov't can't solve everything.

@stocksxbondage 5 ай бұрын

To be fair, you can observe high income earners and see that this is a psychological problem and not a math problem. People are afraid the money they put in a retirement acct will disappear! But come on! That student loan payment 401k match addition is insane. Anyone not taking advantage of that is just ignorant of the new rule. Who gets to pay off debt and invest in financial assets with the same dollars?

@joy2come119 5 ай бұрын

@@stocksxbondageright this is crazy! Fantastic genuis actually.

@FunkyFaulc 5 ай бұрын

I still have major problems with 401K and 403B, but the changes to get an employer contribution based on paying back your school loans is pretty inventive. The no more RMD is pretty nice as well.

@trinity6180 5 ай бұрын

It took me years to pay my student loans and that was the 80s. What changed is the type of interest charged on a student loan. It used to be simple interest. I wish more people understood this. Maybe we can get it changed back to simple interest. That would be a huge help.

@anonimovirtual2388 5 ай бұрын

Great video! I think the only one missing (which is not new) is that you can withdraw from your 401k w/o penalties if you leave your job at 55 or later (you still pay income taxes, of course). There are a few other rules (like it has to be the current 401k you have, and I think you cannot start another job but I'm not sure).

@user-ty2uz4gb7v 5 ай бұрын

Actually it only has to be the calendar year that you turn 55. So you can retire on January 1st of the year that you turn 55 without paying an additional 30% penalty.

@juju4179 5 ай бұрын

Game changers! Appreciate you Karlton keep being great

@RAA-uw7kh 5 ай бұрын

Is Student Loan match only for federal student loans or does it include personal student loans?

@n.g.1577 5 ай бұрын

Thank you. Didn't hear anything about "catch-up" contributions for those of us over 50?

@BardWannabe 5 ай бұрын

It’s an additional $7000, for a total of $30k.

@n.g.1577 5 ай бұрын

@@BardWannabe Are you sure?

@BardWannabe 5 ай бұрын

@@n.g.1577 Google it, it’s not hard to find.

@youareimagination 5 ай бұрын

Good job!!! thanks

@youareimagination 5 ай бұрын

The Short-Term Rental Rule E-Book! link is not working

@SatyaSanathani 5 ай бұрын

Thanks Karlton for this information.

@rickertcoles 5 ай бұрын

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

@greeyyggg 5 ай бұрын

keep contributing! I'd suggest you consider financial advisory at this point in time, remember you are in for the long haul

@GeorgeNN 5 ай бұрын

I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.

@laportafrank 5 ай бұрын

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

@GeorgeNN 5 ай бұрын

’Nicole Desiree Simon’. is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@wineski 5 ай бұрын

@billd7120 5 ай бұрын

Christmas in February. Love it

@TheChungKids 5 ай бұрын

It's Christmas from September until January according to my wife 😂

@arnelfruto1168 5 ай бұрын

How about parent student loan & 401k matching? That should count too right?

@Michael-jc8nq 5 ай бұрын

What about employer contributions into Roth 401(k)s in regards to RMDs? Employer match is pre-taxed money, so will a person be required to pull out an RMD from that specific portion in their Roth 401(k)?

@timstout781 5 ай бұрын

Employer matches go into a regular 401k not a Roth 401k. The custodian is required to keep them separate within your 401k plan. The employer match will have RMD 's required.

@brycegaede8661 5 ай бұрын

Is the student loan match limited to the minimum required payment of the loan or all payments to the loan? ex: Loan of 75,000 MRP = 1500/month but the person choses to pay 2500/month what is qualified for the match $1500 or all $2500

@gjohnso855 5 ай бұрын

I believe that Roth IRAs have never had RMD. RMD changes were made for Traditional & 401k IRAs.

@carolinecollins2441 5 ай бұрын

Yes, the change was to Roth 401Ks, which used to have RMDs, but now do not.

@SoyCityBarbie 5 ай бұрын

Outstanding video, great information, TY!

@khayri31 5 ай бұрын

Does the matching for students work if you are in the military? I’m just paying my private and my federal is on hold just want further information to go about this

@StackingBenjamins 5 ай бұрын

Thanks for breaking down the 401k changes. It's crucial info for planning retirement. Kudos for addressing diverse needs like domestic abuse survivors and student loan borrowers.

@Anthony-jd1nl 5 ай бұрын

Great video. Are the student loan payments pre or post tax on the employee side?

@brucestiles6477 5 ай бұрын

What about employer matching contributions being made in Roth, instead of Pre-Tax, dollars? Has that been deferred to next year to start?

@Dirtybay80 5 ай бұрын

Good Question

@Upsidedownfoodpyramid 5 ай бұрын

I think they need to make the contributions limits higher. Also they should make it like a Roth where I have a lot more choices of where I put my money. Yes I can roll it over and do this but it would be nice to do this day one.

@Upsidedownfoodpyramid 5 ай бұрын

I would like be able to contribute to my 401k and get matches based on actual income earned vs base salary. Currently my match is a capped percentage based on base salary and limits of what I can contribute. I think this could do a few things, one is a larger nest egg but also could boost the market because more money going in. I could be wrong on the boosting the market but I see so many high earners struggling at retirement because of adult living care. They eat through their savings way quicker than they thought they would.

@dandawson8128 5 ай бұрын

You’re awesome, good content. As a non financial (but learning) person, every year the 401(k) contributions increase, but what I thought was one of the best takeaways was the new option for 529 rollover to Roth IRA. It doesn’t apply to everyone of course, but I do have friends who have not contributed (I think mistakenly) for fear of money being locked up.

@lee-13 5 ай бұрын

Nice changes! Thanks for the update.

@user-nn5cg2yb3b 5 ай бұрын

Well done content Karlton. Easy to digest.

@tonywong8134 5 ай бұрын

Does the ROTH rule apply to ROTH IRAs as well?

@benitabussell5053 5 ай бұрын

A Friend told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. is this a good way to potentially grow my retirement savings to about $3M over time?

@RickWatson-xu6gw 5 ай бұрын

You need to create your own process, manage risk and stick to the plan, through thick or thin or you can just seek the help of a financial advisor.

@A_francis 5 ай бұрын

The best course of action if you lack the knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the stock market and grow my portfolio to about 65%, I believe that is the most effective way to enter the business at the moment.

@benitabussell5053 5 ай бұрын

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

@A_francis 5 ай бұрын

*Natalie Marie Gentry* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

@benitabussell5053 5 ай бұрын

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

@mdub1419 5 ай бұрын

One of the often overlooked early withdrawal option is: The rule of 55. No penalty and very little work to implement or qualify for. Something to be noted for those wanting to early retire.

@paulojimenez9904 5 ай бұрын

Thank you, bro for the information.

@nadinejordan3297 5 ай бұрын

Great content. Does this apply to rollover IRAs?

@KLondike5 5 ай бұрын

A rollover is just a one time act. Then it's just an IRA.

@np5246 5 ай бұрын

@2:49 Seems like an incentive for false accusations.

@anitnihpuad 5 ай бұрын

How so? More like an incentive to lie, no need to accuse anyone

@FranciscoMeza 5 ай бұрын

I went through false accusations! No proof is needed in CA family law court

@begaqincer 5 ай бұрын

pretty easy to look up

@IWantMoreTrone 5 ай бұрын

I laugh at ppl who try to take these moral high grounds most of these rich ppl took shortcuts or work around to get to where they are in fact somewhere in your life u have take an advantage where u could I’m not condoning lying but the top ppl in this country lie everyday n are living great why do ppl that have way less have to be so morally justified or straight up get your money however u can these fake moral high grounds y’all stand on don’t mean shit when you’re already in a losing position rich ppl don’t find ways to escape taxes for no reason

@rayviurquez6300 5 ай бұрын

Any changes for first time Home buyers 🏡? Will there be a penalty?

@bobthebuildaa 5 ай бұрын

Merry Christmas!

@TorqueKMA 5 ай бұрын

The college payment thing is interesting... but how many years before employers start offering. They don't just start that kind of thing. It always gos through a third party who is probably only just now starting to build that level of support

@bngr_bngr 5 ай бұрын

Employers are not required to participate.

@TorqueKMA 5 ай бұрын

@@bngr_bngr exactly. More government fluff. They did something like this a few years ago too. Not a single employer bit

@bngr_bngr 5 ай бұрын

@@TorqueKMA it’s an administrative headache.

@lymanmartin5806 5 ай бұрын

Employer matching on student loans only works if you work for certain company i happen to check not all companies will do this

@lyianx 5 ай бұрын

@@bngr_bngr that is the biiiiig catch. Sure, they *can*, but they will only DO it when THEY dont have the hiring power to dictate terms and have to offer such things as incentives to get people in the door.

@kevinkling8788 5 ай бұрын

Karlton you got to make the summary-takeaway into a KZfaq short, then link it back to this video 🎉

@ameen3912 5 ай бұрын

Great info financial info! *also please remove the tag from your jacket. it's not supposed to be left on the jacket.

@bills6093 5 ай бұрын

Are the fake message threads directing you to web sites by citing specifc names a new thing?

@ericisakson9610 5 ай бұрын

Nice video, thank you!

@snow40741 5 ай бұрын

What about a roth ira that you set up that is not company related...does the age of rmd change also?

@Yaw_Jr 5 ай бұрын

Roth IRAs do not require withdrawals until after the death of the owner. Designated Roth accounts in a 401(k) or 403(b) plan are subject to the RMD rules for 2022 and 2023. *****However, for 2024 and later years, RMDs are no longer required from designated Roth accounts.***** You must still take RMDs from designated Roth accounts for 2023, including those with a required beginning date of April 1, 2024. www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs#:~:text=Roth%20IRAs%20do%20not%20require,required%20from%20designated%20Roth%20accounts.

@jaymoney8518 5 ай бұрын

For student loans; is this for federal loans only or private student loans as well

@sjmilton85 5 ай бұрын

Good Job Karlton! Always love watching your videos!

@drescherjm 5 ай бұрын

Being that I work in a university approaching 27 years I have 401As and 403Bs in 5 different accounts.

@chadd587 5 ай бұрын

I bought too much house and it's affecting my ability to save for retirement. Can I get taxpayer assistance or employer matches to help me pay it down? Thanks!

@superblump87 5 ай бұрын

Lol no

@skwira000 5 ай бұрын

Auto enrollment and auto portability are the 2 biggest thing that helps the little guy.

@travismichaelcrypto 5 ай бұрын

Oh boy, I can take out $1,000 but still have to pay the other extortion fees on it. That $700 sure will help pay my $30K medical bill. 401K are mostly a scam.

@justSTUMBLEDupon 5 ай бұрын

5:30 Is this just for Roth 401K’s? Not also Roth IRA’s as well?

@Unknown-yg9xz 5 ай бұрын

Thank you

@kravenofspider 5 ай бұрын

If I'm already at a full matching with employer AND still make student loan payments will they add more?

@jokka6388 5 ай бұрын

Only if your company allows it

@MrPir84free 4 ай бұрын

I'd bet not; you were already at full matching, why would they give you more than advertised full match ? Heck, I'd bet that most companies and even corporations would not even look at student loan payments as items to consider because it would depend upon the employees providing receipts to the employer to show how much was paid back on their loans; that'd be a big hassle to deal with; and my guess would not be worth it. Worse, every company and corporation likes to budget for things; and waiting till the end of the year, or January of the next - only leads to surprises when it comes to budgets; I don't see many companies allowing for student loans just because of that one aspect. The company that I work at has 40,000+ employees; I don't see them hiring extra folks JUST to accommodate student loan payment matching let alone dealing with receipts, proof that it was for a student loan, verifying that it was actually a student loan, etc.

@joe62845 5 ай бұрын

Whoa, the employer matching and payments of student loans into your 401k is pretty cool

@devinrobins3266 5 ай бұрын

Show me the employer who is ACTUALLY doing that. The law allows companies to match student loan payments, it does not REQUIRE them to do so.

@eisenhauerca 5 ай бұрын

It’s not cool. In fact, it’s quite the opposite.

@joe62845 5 ай бұрын

how come?@@eisenhauerca

@TheOpinionSports 5 ай бұрын

What category do you put these videos under since it’s discussing finances?

@autobotdiva9268 5 ай бұрын

wait until MANDATORY 401k requirements get approved. it will be ugly because rent went from $500-1000 a month to $1675-$15k a month, espeically in massachusetts

@WalkerOne 5 ай бұрын

Very good and informative video.

@roberts4426 5 ай бұрын

Thank you for this valuable information 👍

@215tmac 5 ай бұрын

Hey I’m about to start an llc can I speak with you first?

@mtn231 5 ай бұрын

7:21 if my wife has a student loan we pay on monthly, how would this work for my employer since she’s not employed? I already contribute as well to my 401k

@obstreperoussake5137 5 ай бұрын

Clutch secure 2. Mind blowing dude

@tp0376 5 ай бұрын

Making it easier to take money out of a 401k , like that domestic provision is doing the opposite of helping people save for retirement like you talked about in the beginning

@ChrisJones-oe8gv 4 ай бұрын

Zero companies will be participating in the student loan offset. Most companies who offer 401ks don’t come close to matching the employer contributions.

@alexisreyes3351 5 ай бұрын

thank you for the breakdown >

@HA-iu1qt 5 ай бұрын

wait so i cant collect my roth 401k at 50 or 60?

@justinfolk2832 5 ай бұрын

You what would help retirement? Not taking 40 percent of my payxgeck in taxes and raising tye retirement age.

@CreditLiving 5 ай бұрын

What about the Aftertax Bucket in your 401K? Do you ever discuss how business owners Can put in up to $69,000 into their 401k’s? Love the content great information.

@pentoo988 5 ай бұрын

There are no RMD‘s on Roth accounts.

@scstudiony 3 ай бұрын

Thank you for your content!

@jaiquanb7218 4 ай бұрын

Great content Thank you

@fatababes 5 ай бұрын

Imagine this scenario which is happening right now to our elders. You paid off your house, you are old and retired, you got a good pension and social until the hyperinflation happened. Insuraance on everything and taxes on everything is extremely high, cost of living is high, food is high. Your money in these accounts are probably going to be a joke once this scenario hits you. Make your own retirement plan.

@jdmichal 5 ай бұрын

This is actually one of the advantages of 401k and IRA accounts over fixed entitlement accounts like Social Security or pensions. The downside of investing into markets is volatility, but the upside of volatility is that it can keep up with inflation. If the price of a stock increases by a dollar, everyone who owns a share is a dollar richer on paper. So there's no real cost for the asset to maintain pace with inflation, unlike entitlements which would require cash infusions to do the same.

@brandanwoods9341 5 ай бұрын

I called my 401k operater and the tild me the $10000 penalty free they wont honor it!! 😢

@user-ty2uz4gb7v 5 ай бұрын

Just spend $10,000 to Sue them.

@superblump87 5 ай бұрын

Good. You will thank them in the future.

@enigmathegrayman2953 5 ай бұрын

Do these changes apply to a 457b?

@NicE-jq3wv 5 ай бұрын

Yes…403b, 457k

@TheMCGamer2012 5 ай бұрын

My employer only offers 1.5% matching with a 5 year vesting schedule- neither of which would be Secure 2.0 compliant if the plan was made today (technically January 1 2025)...

@ewanfraser 5 ай бұрын

A whole $500 a year wow

@user-gs4bb9ho9u 5 ай бұрын

Another important change is the catch-up contribution for those who are 50 years and older. Yes, you can still deferred tax free until 2026

@Culperrr 5 ай бұрын

2:02… This is an incredible assumption. Considering how much consumer debt people have and dwindling savings accounts, I doubt that the number of people contributing with increase. I just don’t see it.

@charlesbyrneShowComments4all 5 ай бұрын

They do the student loan payments yet continue being in the student loan business. Government has caused tuition inflation by guaranteed loans for students and full backing of the loans to services and colleges know kids qualify so they just keep raising tuition. Government is always the problem.

@nicksrandomness8116 5 ай бұрын

It's dumb to just do 401k. I also do personal stocks with mainly just index funds. It's set up reoccurring daily and weekly and I am up between 12% and 19% on each of them. I want to retire, but I'd also like to buy a car in 5 years with a 50% gain with money vested instead of being hit with 8% interest.

@NicE-jq3wv 5 ай бұрын

I mean…if it goes your way, then that’s great. But, the risk is it could be 50% down in 5 years

@chewie1355 5 ай бұрын

Thanks

@MA-id1hr 5 ай бұрын

Who gives the government authority to change anything??? I haven't.

@richardgardin5367 5 ай бұрын

I have been looking for an answer on the student loan payments. I have two kids that graduated and I already max out my 401K, but will the student loan contribution come out of that max or will it be in addition? ($23,000 + student loan contribution)

@edwardsherman6309 5 ай бұрын

Great video

@blueeyes2007 5 ай бұрын

Poor soul, your problem is you don’t save and a horrible employee. Just do the math my friend. My dad started with $8 a hour and 15% contribution after 23 years of working with compound raise and market growth, his balance is over 700k. You tell me it is a waste? Lmao 😅

@joanneburford6364 5 ай бұрын

What a ridiculous system. Employer MAY contribute, so it's optional over there? Our employer is REQUIRED to pay in an additional 11% up to 30 June 2024, 11.5% to 30 June 2025 and 12% moving forward. It is compulsory and if not paid will be charged interest. The US needs to look at how other countries do this.

@snakeonia7542 5 ай бұрын

No RMD on Roth 401k seems trivial. Use case is?? Only someone that does have a Roth account that has existed for 5 years?

@patience123 5 ай бұрын

None of this comes even close to pension that was taken away.

@eisenhauerca 5 ай бұрын

Can an employer match, let’s say, my credit card debt, up to $6000 a year in 401K contributions?

@thethpian 5 ай бұрын

Why do you still have that sticker on your sleeve? Are you gonna return the jacket?

@h.h.1266 5 ай бұрын

Haha - I noticed it too. Some folks think the tag is supposed to be on the jacket. I’ve seen others make this mistake too. There’s no other way to flash the brand for a suit jacket so they leave it on. *Cringe* (pick up a fashion magazine some day, sheesh)