FINANCIAL ADVISOR Explains: Retirement Plans for Beginners (401k, IRA, Roth 401k/IRA, 403b) 2024

Рет қаралды 159,954

Күн бұрын

In this video I go over an overview of retirement plans including the 401k, the IRA, the Roth versions (Roth 401k and IRA), as well as the SEP IRA, the 403b, and 457b plans. We also talk about the frequently asked questions many people have when it comes to investing in these retirement accounts. This is an updated video for 2023/2024.
Roth IRA/IRA Information: www.fidelity.com/learning-cen...
Timestamps:
0:00 - Start Here
0:43 - Traditional 401k
4:26 - Traditional IRA
5:52 - Roth 401k
7:44 - Roth IRA
9:57 - Self Employed IRA (SEP)
10:38 - 403b
11:34 - 457b
12:25 - Frequently Asked Questions
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Пікірлер: 368

@humphrey 8 ай бұрын

Hi all thanks for watching! The 401k contribution limit in 2024 is $23,000. I verbally said it however we made a typo when editing. Just wanted to bring that to your attention! 🙏

@hugorojas7626 8 ай бұрын

Is it possible for you to make a video comparing the TSP (thrift Savings Plan) I had in the military to an IRA or a Roth IRA? Thank you.

@leana9261 8 ай бұрын

I’m interested to hear about transfer from traditional IRA to Roth IRA. Thanks!

@zeus5113 8 ай бұрын

can you give me advice about calsavers my company made my cal savers roth ira account and I am investing 5% of my biweekly there but i am confused should i transfer to Fidelity Roth ira or both of them are same . i am feeling confused,people are saying calsavers roth ira is not good enough? what do you think?

@gregbaxter6162 7 ай бұрын

People have already done this video. Can you do something else?

@OGtruthserum Ай бұрын

How the hell did I not know this earlier? American schools have failed their students when it comes to financial literacy. K-12, undergrad, grad, not once was this ever taught.

@nicolasbenson009 19 күн бұрын

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.

@Jersderakerguoe 7 күн бұрын

This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?

@nicolasbenson009 7 күн бұрын

Haha. Investing enthusiast? Not really. Our family got introduced to a financial advisor about four years before my dad retired. That was what changed things. I've been using the same now and I think my retirement income would be on the right track.

@HectorWhitney 7 күн бұрын

I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

@nicolasbenson009 7 күн бұрын

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@SandraDave. 7 күн бұрын

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

@FernandoBowen-78 2 күн бұрын

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

@magen-b7n 2 күн бұрын

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

@FernandoBowen-78 2 күн бұрын

@@magen-b7n That's actually quite impressive,

@magen-b7n 2 күн бұрын

@@FernandoBowen-78 My advisor is VICTORIA CARMEN SANTAELLA;

@magen-b7n 2 күн бұрын

You can look her up online

@FlorentGulliver 2 күн бұрын

@@magen-b7n The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

@CadeCowell-ft4fe Ай бұрын

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket.

@MalikTillman-dy2qp Ай бұрын

Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.

@Lynn-jw9kf Ай бұрын

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.

@Oliviathe17th Ай бұрын

pls how can I reach this expert, I need someone to help me manage my portfolio

@Lynn-jw9kf 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.

@TannerHorvath 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.

@TheJackCain-84 Ай бұрын

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@kevinmarten Ай бұрын

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@Jamessmith-12 Ай бұрын

That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@JacquelinePerrira Ай бұрын

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

@Jamessmith-12 Ай бұрын

Carol Vivian Constable 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..

@JacquelinePerrira Ай бұрын

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

@emilyburton-h2l 26 күн бұрын

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

@dannyowen-k4y 26 күн бұрын

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

@margie-b2v 26 күн бұрын

True, 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

@ashleybarlowe-q8k 13 күн бұрын

pls how can I reach this expert, I need someone to help me manage my portfolio

@margie-b2v 13 күн бұрын

Monica Shawn Marti is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

@ashleybarlowe-q8k 13 күн бұрын

Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.

@LiamThompson-cv9xy 2 ай бұрын

The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

@WilliamTurner-od5ij 2 ай бұрын

Pre-tax contribution may help reduce tax in you pre-retirement years. While after-tax-contribution may help reduce your income tax burden during retirement.

@HarperScott-pk6uk 2 ай бұрын

Both have their advantages but is also very possible to save for retirement outside retirement plan, such as an individual investment account or employing the expertise of a retirement planner/advisor.

@WilliamsJones-jx1ce 2 ай бұрын

I have always thought of getting a financial guide, but I didn't know the way to go about it. I stay in a small town outside the big city.

@WilliamsJones-jx1ce 2 ай бұрын

Yeah you're correct. But the problem is i am not sure which expert to use. Any ideas?

@WilliamsJones-jx1ce 2 ай бұрын

I will really appreciate it.

@CrystalJoy-32 14 күн бұрын

My $2m retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.

@RuthEvelyn-rc3bg 14 күн бұрын

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

@FrankPatrick-no8zo 14 күн 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 $30k passively 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.

@jose2212- 14 күн бұрын

That is just amazing. I've attempted to employ a financial advisor by doing some research on my own, but it's somewhat daunting. Would you kindly refer the people you work with?

@FrankPatrick-no8zo 14 күн бұрын

Amber Michelle Smith has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

@albacus2400BC 14 күн бұрын

I appreciate you sharing, and I must add that she seems to be well informed. I saw her website and looked over her resume; it was really excellent.

@Raymondcraw1967RaymondCrawley Ай бұрын

I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.

@FaithAndrada-xo9ou Ай бұрын

It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.

@BrewerVera Ай бұрын

Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.

@AndersonFair-cy2bb Ай бұрын

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one

@BrewerVera Ай бұрын

Just research the name Rachel Sarah Parrish . You’d find necessary details to work with a correspondence to set up an appointment.

@AndersonFair-cy2bb Ай бұрын

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible.

@alisonwalker8414 Ай бұрын

Great video, I have worked all my life without thinking about my retirement. Now my kids are growing fast, the way I am spending my savings, it has come to my attention that at my old age, I will have no jobs, no money left and no retirement funds to fall back to. So I am asking what do I need to do and how do I begin investing in my retirement. I just need professional advice. Thanks.

@FloraGEvans Ай бұрын

I am no professional, but I know and use one. You should do same to avoid unnecessary losses. It is never as easy as they make it look. Please be safe.

@alisonwalker8414 Ай бұрын

Could you please refer me to your expert, I will like to look him up.

@FloraGEvans Ай бұрын

It is a SHE, and her name is Deborah Lynn Dilling.

@FloraGEvans Ай бұрын

She is highly qualified, licensed and experienced in the financial market. She has extensive knowledge of portfolio diversity, and she is an exert when it comes to retirement. She is also considered as a valuable resource for anyone looking to navigate the financial market.

@alisonwalker8414 Ай бұрын

I looked up her name as instructed, I found her business contact. I sent her an email her already. Thanks.

@kaitlyncranwick 7 ай бұрын

As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

@maryHenokNft 7 ай бұрын

Yes, you are right. it's been a brisk tailwind for investors in US stocks over the decades but it is still a delicate season now, so I advise you to consider the guidance of a financial advisor.

@hunter-bourke21 7 ай 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.

@maggysterling33254 7 ай бұрын

@@hunter-bourke21 Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.

@hunter-bourke21 7 ай бұрын

*Camille Alicia Garcia* maintains an online presence. just make a simple search for her name online.

@TheresaAnderson-kf5xw 7 ай бұрын

I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.

@blaquopaque 8 ай бұрын

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?

@Curbalnk 8 ай бұрын

For many years, bonds or other fixed-income assets could produce the yield needed to provide solid income for retirement needs.The importance of having financial safety could be why boomers are turning towards advisors in retirement planning

@greekbarrios 8 ай бұрын

A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good strategy to plan for retirement, hence I engaged the services of a true market strategist to help rejuvenate my $700k portfolio and boost performance and returns by 40% in a little over four years.

@kansasmile 8 ай бұрын

There has been so much knowledge shared here, I'm at a crossroads with my portfolio and would like to see it grow in view of retirement. How can I reach this professional?

@greekbarrios 8 ай бұрын

'Monica Selena Park' deserves credit as one of the finest portfolio managers in the industry. Her reputation precedes her, and I highly recommend exploring her work and you can locate her online if you are internet-savvy

@Glen.Murphy8 3 ай бұрын

It's great to hear that you are considering investing in the stock market after being inspired by the success of Munger and Buffett with Berkshire Hathaway. Here are some key points to consider when investing a significant amount like the proceeds from selling your apartment:

@_dr_ben_spell_castle 3 ай бұрын

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 4years+ and I've netted over 2.8million.

@JanMuench467 3 ай бұрын

Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.

@_dr_ben_spell_castle 3 ай бұрын

Leicia Zavala Perkins is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment

@backliteyes 8 ай бұрын

Not technically a retirement account but HSA should’ve been mentioned because it’s so tax advantaged and investible.

@encryptx 8 ай бұрын

As someone who already is well-versed and familiar with most of the financial topics you discuss---I still watch every single video (and TikTok) of yours because you do an absolutely phenomenal job at explaining things in a clear and concise way. You are truly a gem and are helping so many people with the great advice you give. You seem like a genuinely nice guy who is doing what he loves for all the right reasons. Thank you and keep these quality videos coming! PS--Love the newsletter too.

@robyn_southafrica 8 ай бұрын

So true 🙏🏾🤍

@humphrey 8 ай бұрын

That is a super genuinely nice comment encryptx, thank you for watching and its comments like these that keep me going!

@chaz4610 21 күн бұрын

You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller

@GertonTootle 21 күн бұрын

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

@mikesnoek 21 күн бұрын

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

@jadewashington7 21 күн бұрын

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

@ReuletRikki 21 күн бұрын

Their ...services are very genius and experienced in the market for over a decade and counting, they changed my life from a poor plumber to a better and middle class family man with 2kids.

@chaz4610 21 күн бұрын

she's mostly on Instagrams, using the user name

@generosityliveson 8 ай бұрын

I'm 55 and semi-retired with IRA sitting in cash, but not impressed with growth so far. How can I take advantage of the current market to make gross profits and retire comfortably rich? Heard of folks that turned millionaires in shaky times like this

@LaurenGilmor 8 ай бұрын

depends how much is 'comfortably rich' if you pinpoint a particular amount to retire with, then it's ideal to plan with a trusted advisor

@LupeBaptista 8 ай бұрын

thanks for the hint, just inputted Katherine Nance Dietz on my browser and found her consulting page, no sweat.. she seems valid

@FloraGEvans 3 ай бұрын

I am in my mid 40s, haven't begun my retirement plan and want my financial portfolio to be set to where I no longer have to worry about having enough financially. I am looking for your help please.

@rawlingraw 3 ай бұрын

I totally agree with you. Get yourself a good financial manager and that is it, you are good to go.

@jordynbaker2537 3 ай бұрын

If you are looking to begin your retirement, we have the best recommendation for you. Same one we used in setting up our retirement account.

@FloraGEvans 3 ай бұрын

@@jordynbaker2537 Regarding my first comment, I am really looking for the best help I can get, and the best recommendation will be best for me.

@jordynbaker2537 3 ай бұрын

Her name is *Leticia Zavala Perkins* .

@FloraGEvans 3 ай бұрын

How can I get her contact?

@BalancedRetirementPlanning 13 күн бұрын

Thanks for this comprehensive breakdown, Humphrey! This video is incredibly informative and a must-watch for anyone planning their retirement strategy. Your clear explanation of tax implications and contribution limits, along with the practical tips for choosing investment options, makes it easier for viewers to make informed decisions. Great job on creating a timeless reference guide!

@Edgardo477 8 ай бұрын

I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free

@jaidenSalinas 8 ай бұрын

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value, my primary concern is how to maximize my savings/retirement fund of about £35k which has been sitting duck since forever with zero to no gains

@Edgardo477 8 ай бұрын

I have my portfolio overseen by a California-based wealth advisor 'Martha Cornell Kerns', Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

@ArchieLatham502 8 ай бұрын

This is an amazing goal so many of us are striving for, Trying to build wealth and diversify assets. your advisor looks advanced and experienced. I wrote her and scheduled a phone call.

@Edgardo477 8 ай бұрын

All the best. It’s a tough one to start

@AK_AF_LB 8 ай бұрын

Please stop posting this. This gets posted every few videos and is a scam to get others to ask "how?" And recommend a shady financial advisor.

@haileyalex 6 ай бұрын

This has helped me understand a lot more than some of the other videos I've found. Thanks. New subscriber. :)

@DavidDavisDH 8 ай бұрын

I have a Roth IRA and a traditional 401k. Nice video! This year I really focused on my finances and saving money.

@jmarie1029 5 ай бұрын

Thank you for such a clear, concise explanation! You have a gift for teaching. One of the best videos I've seen explaining these topics - coming from someone who is trying grow in financial literacy. Much appreciated!

@HumorMeIvy 4 ай бұрын

Thanks so much for this! You explained it so clearly and concisely.

@tarashrynchuk3118 8 ай бұрын

Love your videos Humphrey! You’re ao good at this!!!

@franklinvaldez3422 8 ай бұрын

Thanks for such a great video about the retaiment account. It helped me understand these accounts very well. I am a long-term listener of your content. It was truly very informative 😊

@lightswitch456 8 ай бұрын

I am maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

@5000PokemonMaster 2 ай бұрын

Thank you so much for this video! You explained it well and I was able to follow along as a newbie to these terms. Just started my first job at 25 right after college and opened a Roth 401 k with my employer who also matches

@elmarespino6906 8 ай бұрын

Thank you so much for your information video. I learned a lot. God bless you.

@joeb4294 8 ай бұрын

It might be worth mentioning in your next update that if contributing to both 401K and IRA, only one is tax deductible - usually 401k since more money would likely go in there. I think that also makes Roth IRA more attractive than traditional for a lot of people.

@yeffblanco 4 ай бұрын

Liked, subscribed & forwarded to my friend who had investment questions. Great explanation.

@MamaOwlbear 8 ай бұрын

Such a great video. Thank you

@nedrog 5 күн бұрын

hi humphrey im a newly minted doctor and by the time ive started to make my own money im already 30 and dont know wtf is going on. watching your videos have made it super helpful!!

@Sternschnuppen85 25 күн бұрын

Thanks for the video and explanations!

@Au_God 8 ай бұрын

great video! 👏👏👏👏👏

@RealMiami33141 8 ай бұрын

Great video, thank you! Great videos for a middle aged working poor person. Helping me be positive about achieving some retirement goals

@Diego-jx6fx 2 ай бұрын

Amazing presentation I like the detailed explanation just so precise and detailed

@user-wf3ed2gl4e 4 ай бұрын

Thank you! Very simply put

@waltzwalter 21 күн бұрын

I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.

@Porterfield11 21 күн бұрын

Consider financial advisory so you don’t keep switching it up, Top 3 payers for the month were $OHI, $KMI, and $EDP for an over all payout of a little over $20.. not bad for a 350k portfolio.

@Cylon- 3 ай бұрын

Thank you for the video 🙏

@RileyJosh- Ай бұрын

I traded well on my Demo account but when I invested in to my main account i lost all my funds. Please i need an expert to assist me with my trading. It's frustrating how people loss funds in this trading, I really feel so bad.

@vagikapinartchie4196 Ай бұрын

It's very obvious that forex and crypto trading is one of the profitable money exchange services that elevates investors and their financial status.

@vagikapinartchie4196 Ай бұрын

It's a great idea to have a conversation with financial advisors like Emily Jason to reshape you portfolio.

@EricLindbeck Ай бұрын

I agree with you, I'm not here to converse for her but to testify just for what I'm sure of, she's trust worthy and best option ever seen..

@EricLindbeck Ай бұрын

I think.Its really needful for beginners not to settle for videos alone or they will see themselves losing all their money just like me when I newly started trading with this videos here on KZfaq.

@LurgardSheh Ай бұрын

She's really a good investment advisor. I was privileged to attend some of her seminars. That is how I started my crypto investment 👏

@dnice7101 12 күн бұрын

This was awesome

@xxlalbatross3287 8 ай бұрын

I am a new follower of your channel Greetings from Sweden 😊

@brandonfisher8311 8 ай бұрын

I commented recently on one of your videos here but I have a work 401k that matches up to 6% so I elect 9-10%. I have a little money going into my Fidelity IRA on a monthly basis. I have a fidelity traditional IRA that I’m currently not contributing to as it was basically a roll over from a previous company. I also utilize CIT bank as my high yield savings account which I find to be real good and one of the more consistent ones. I have about a 770 credit score. Always trying to find the balance in savings as I am also saving to purchase a business in 2024. You are a calm breath of fresh air

@tf2432277 Ай бұрын

Great video

@samdoral4927 Ай бұрын

Best 401k and Roth explanation

@reghardmostert8425 8 ай бұрын

Love the videos, would you make a video off other countures form off high yield savings accounts, if possible think the way you do your research and presenting would be lot of help👌

@cbrottler 8 ай бұрын

Great 101 video. One on the new 529 to Roth would be great.

@Emily-le2op 8 ай бұрын

Monica Shawn Marti, best adviser out there right now

@Jennapeters144 8 ай бұрын

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

@xavier_lucas 8 ай бұрын

Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.

@Muller_Andr 8 ай бұрын

Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.

@Jennapeters144 8 ай бұрын

I have thought about it, but haven't figured out how to get consultation, I don’t live in a big city.

@Muller_Andr 8 ай бұрын

Look for Monica Mary Strigle I am close to retirement with 1.4 M to my name outside of retirement accounts. I hired her services 3 years ago, she contributed immensely to my portfolio progress.

@Jennapeters144 8 ай бұрын

What is her fee structure like? Are her services available to about anyone? Can you share more details?

@VanPelt54u7fcyde57 8 ай бұрын

It has become harder to retire now than in the past. I was saving instead of investing for a very long time, and now I just have about $516k and I don't know how to make it grow, with all the inflation, into something tangible I could retire with. Any ideas?

@purplebliss6875 8 ай бұрын

At a point like this, when the pressure is already on you to retire, it s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

@bleshjjdnit 8 ай бұрын

This is true. I worked as a financial advisor with Merrill Lynch and then as an independent financial manager. I have seen really great profits that can be made by picking the right stocks and making good profits quickly.

@roberttaylor662 8 ай бұрын

@@bleshjjdnit This is nice. I would really like to work with a financial advisor, but it's hard to find one online these days. I'll appreciate any recommendations made.

@bleshjjdnit 8 ай бұрын

I don't like making such recommendations, but I know Monica Amanda McClure and she's been making really great profits. I think she has a website or something.

@roberttaylor662 8 ай бұрын

Thanks for sharing, 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 e-mail shortly.

@xiphoid2011 8 ай бұрын

Contributing to both a Traditional 401k and Roth 401k is more about tax optimization. Remeber the current tax deduction you get comes from your top marginal bracket down, when you withdraw you pay from the lowest bracket up. So a combo allow you to deduct the top bracke into a tradtional 401k today then put lower taxed money into Roth, then when you retirr, you can withdraw just enough from tradtional account to pay the lower tax brackets (0%-15%) and cover the rest using tax free Roth money. This way you avoid paying your higest taxe bracket today and when you retire.

@Wild_Sheep_Chase 8 ай бұрын

Thanks for such a concise and relevant overview! I'm wondering about your thoughts on 'target date' retirement plans. My employer is matching me on both 401A and 457B accounts, but instead of providing details about specific index funds they're investing in, they recommended just signing up for a target date plan. I assume these are basically just balancing something like a Bogle 3 fund portfolio to favor bonds more as I get closer to retirement age, but it's concerning to me that information like the expense ratio doesn't seem very transparent...

@pchygrl17 8 ай бұрын

Another fantastic video, thank you Humphrey!

@kcc3985 8 ай бұрын

I was just about to comment at the very end but then you finally mentioned the BACKDOOR Roth IRA. Yeah!

@tonybo312 4 ай бұрын

Match 13th so good time to see this for my ira

@DivyasreeKummari 3 ай бұрын

Hi! I'm Divya from India. I'm learning US tax and really confused between 401(k) and IRA. This video really helped me. Thankyou.

@Courtney-Alice-Gargani 8 ай бұрын

Great video. Very informative and helpful.

@tHebUm18 8 ай бұрын

Did you have thoughts on how to balance contributions when you have access to both 401k and Roth 401k? Always favored Roth because that pool of money should be much larger 30ish years down the road when I begin taking it out, but not necessarily on a per year basis and ideally would be retired by 60. Additionally, I do a Backdoor Roth IRA for the annual contribution limit each year which makes my net retirement very Roth-heavy currently.

@MetricZero 7 ай бұрын

Would you suggest becoming a financial advisor? What kind of training goes into that? Is it worth it?

@miked2951 5 ай бұрын

Your videos are well constructed and informative. May I ask that a topic be addressed? Long Term Care. I being retired face a strong possibility of LTC. Young people need to be aware of how to plan for this event. Insurance, annuities or whatever. the costs of LTC are terribly high. Please consider addressing this. thank you.

@monmerdon 8 ай бұрын

In addition to a 529 plan, what other account would you recommend for growing children’s savings?

@NicholasBall130 16 күн бұрын

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

@StocksWolf752 16 күн бұрын

I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.

@StacieBMui 16 күн бұрын

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

@LiaStrings 16 күн бұрын

this is incredible! how can I vet your advisor, mind sharing info, if you please?

@StacieBMui 16 күн бұрын

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

@danapalacios3209 7 ай бұрын

Hello, I have a 403b question. I just found out my provider charges so much in fees. What can I do to get a new provider that charges less so I can get the best service. Also is there any provider you recommend that’s not so costly? Thanks for your time, love your channel and your wisdom by the way!

@andyh4518 8 ай бұрын

Is there some other restriction on the 15 year catch up on the 403b besides 3k per year and 15 maximum overall? Like if you've been maxing out the annual contribution in previous years, are you disqualified because there's nothing to catch up on? Or is that irrelevant?

@RlaurTwo 8 ай бұрын

When you withdraw your contributions from a Roth IRA, are you able to put the money back in w/o it counting towards the yearly limit or no?

@ninakpham 8 ай бұрын

When should we do backdoor roth IRA to get the most benefit of it?

@JHT99 8 ай бұрын

If you have a SEP IRA, does that replace your regular IRA, or can you contribute to both a SEP IRA and a Roth IRA?

@JimmyGlother 8 ай бұрын

Is it ever a good idea to use a Roth IRA as a vehicle to save for a home down payment (especially if one has ample savings in an employer retirement plan)?

@NikhilChirumamilla 7 ай бұрын

Hey @humphrey if i want have tax befits while filing for tax I think we should show Traditional IRA balance or it works for Roth IRA

@Weehapaa 8 ай бұрын

I have a couple questions Is the roth ira income limit different for married filing joint? Is the income considered toward the limit decreased with traditional 401k contributions. For instance say someone makes 150k and contributes 23k to their trad. 401k. Does the roth IRA income linit consider the 150k or the 127k?

@BasicBeachCommunity1 8 ай бұрын

😱 wowie zowie. So cool 😂😂

@qorghsksan92 8 ай бұрын

Do you need to have 401k, roth if you are planning on retiring earlier than 60 and able to take hands on the money? Do you think having just brokerage account is okay if your plan is that way?

@itskelvinn 8 ай бұрын

Ive been contributing to my 401K with my company and this year I will reach the limit. So now I want to contribute to IRA (I will probably have to do the backdoor IRA). Is this done with the company also? Or am I opening it on my own with fidelity or something?

@zeus5113 8 ай бұрын

@tylerbarberian6954 8 ай бұрын

One other thing about a traditional ira is the availability of many more investment opportunities

@romeobarragan625 8 ай бұрын

Is the employer match in a Roth 401k taxable when you withdraw from it?

@OreWaSpencer 8 ай бұрын

Does the military TSP (trad or Roth) fall under the 457b?

@troyrweaver0 21 күн бұрын

QUESTION: what if im not working when im 60, but I still have income from other investments and everything that isn’t a retirement account. That still will have me in a hire tax bracket which will require me to pay more taxes on a traditional 401k right?

@Willisboyz192 8 ай бұрын

I have a 401k account through my employer, i'm thinking about starting a Roth IRA. The 401k reduces my taxable income, but does a Roth IRA have any benefit in terms of taxes, something similar to the 401k?

@robertjkennard7001 8 ай бұрын

Any Thoughts on a TSP retirement plan

@Vongtech 2 ай бұрын

Hey Humphrey, when you mention the 401k would you say its interchangeable with the 403b as well? I have the same question as the first faq but have a 403b where i work

@stephengorczyca9855 8 ай бұрын

I’m confused about the higher tax bracket if you’re still working after 59.5 years old with the traditional 401k

@suburiboy 26 күн бұрын

Can some clarify the traditional vs Roth tax situation? Roth: you put after tax money in. At the end, do you pay tax(capital gains or income) on the increase? Traditional: you put in stuff before tax, then then when you withdrawal, you pay tax. Is this taxed like regular income in the future, or just at your highest marginal rate?

@farris2847 2 ай бұрын

You can withdraw money penalty free if you terminate in the year you turn 55 or older.

@anibalty 6 ай бұрын

David Marvin Willis, a knowledgeable financial advisor, suggests allocating a minimum of 15% of your income to a 401(k). Utilize online calculators to estimate the ideal savings based on your age and income. Saving at least 15% in a 401(k) ensures a comfortable retirement, leveraging compound interest for potential growth over time."

@justvincenturb 8 ай бұрын

Not a retirement, but a 529 account for your children's education (not just college) is a great investment too! Not pre-tax sadly.

@bakaribelay6300 6 ай бұрын

Can you go from a SEP. IRA to Roth IRA like people do with Trad. IRAs in a Backdoor Roth?

@maciejzak7982 8 ай бұрын

Nice video. In ither countries there are different rules, but its nice to know how it works in USA

@Themajesticloot 19 күн бұрын

My company offers both 401k and Roth 401k with company match. Would you recommend contributing to both instead of opening a separate Roth IRA?

@gurveersandhu6319 8 ай бұрын

it'd be so nice to have people like this but for canada

@valerieewing4023 8 ай бұрын

I'm in the US but I like watching Steph and Den who are Canadian finance KZfaqrs.

@Ren0799 2 ай бұрын

Do you have any videos that cover certificate of deposits? CDs?

@cynthiarodriguez3965 2 ай бұрын

Question, for a Roth IRA, if you open up an account and begin contributing and a few years down the road you are now making more than the income limit and can no longer contribute. What happens to that account? Does it still continue to earn or must it be transferred into a different account?

@alrocky 2 ай бұрын

For Roth IRA or any other account the balance grows or shrinks based on the investments within that account. If you reach income limit for *_direct_* contribution to Roth IRA, you may make *_indirect_* contribution via *_backdoor_* Roth IRA process.

@donniesmith8779 2 ай бұрын

I have a question that I hope you can answer...... Which is better, putting 25% in a Roth 401K that is not performing good at the point or putting 10% in Roth 401K and 15% in a saving account that pays 5%??????

@jonnysnow6451 6 ай бұрын

Just to make sure I understand, let's say I don't retire by 60, the roth ira wouldn't get taxed because it's already been taxed correct?

@play150 4 ай бұрын

For the 457b, the contribution limit is in addition to the 403b right?

@jesselee5778 8 ай бұрын

What about HSA for investment?

@imransyed5835 8 ай бұрын

Great video! Will the employers match be the same for 401K Vs 401 Roth? Or is it employer dependent? Thanks.

@312bigbeanburrito 8 ай бұрын

Will depend on what your employer offers. Some won’t even offer both as an option to begin with

@tHebUm18 8 ай бұрын

My employer offers both 401k types, the employer match is traditional 401k regardless of if my personal contributions are traditional or Roth. I assume it's similar everywhere because your employer is not interested in paying taxes at your rate as part of matching--assuming that's even possible. If it is possible, I assume the match is smaller because they'll take out taxes paid to the Roth 401k from the match.

@sinclairw5311 8 ай бұрын

I’m a federal employee and the TSP (fed government version of 401k) offers both traditional and Roth but all match goes to traditional. Never really thought about or asked why that was but what the person above said about the taxes makes perfect sense as to why that’s the case.

@kittychasesquirrels Ай бұрын

Hi I am not self-employed but don't have access to a 401k and so I have a Roth IRA only. What other retirement investment options do I have (besides bothering my company about it)? Why is the Roth IRA contribution limit so low compared to the 401k?? It seems backwards to me.

@elviswilliams3393 8 ай бұрын

Great video, trading come with a lot of benefits And I have just bought my first house through it. As a beginner I was scared of loosing my savings but I’m glad I took the bold step that is now favoring me...

@Loisbrown228 8 ай бұрын

Congratulations.

@Loisbrown228 8 ай бұрын

I will love to be your friend dear as well. as sharing some ideas which you're benefiting.

@elviswilliams3393 8 ай бұрын

Thank You but is not luck, is all about having good investment plans most of all trading with a trust worthy expert. Watching professional trading videos and most especially connecting with the right person the digital world is full of in unreal people I met some of them during my success journey. I felt same way when I started especially when you use demo account you might be winning but when you put in real money you start losing I understand and I pass through it all. I’m very happy I’m profitable now.

@elviswilliams3393 8 ай бұрын

Currently i can attest to the fact that I make $15k weekly through trading which is more better then my monthly salary job. Trading becomes my passive income.

@elviswilliams3393 8 ай бұрын

At first I was afraid too before I gave it a try and realized that fear kills dream more than failure.