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In this episode, Dr. Preston Cherry breaks down key retirement accounts like 401(k)s, Roth IRAs, and traditional IRAs. He explains where to save, invest, and withdraw money for retirement — and why taxes matter. The talk covers contribution limits, tax perks, smart strategies for high earners, and common planning mistakes to avoid.Takeaways:• Know where to save• Use employer plans• Roth vs. traditional• Max out contributions• Avoid common errorsWant to learn more? Connect with us below!Stay informed and inspired! Join our FREE wealth & well-being newsletterDo you want confidence & clarity? Check out our award-winning wealth advice servicesGrab Your Copy of Dr. Cherry's book ‘Wealth In The Key of Life'Disclosure: episodes are educational only, not advice. Review our disclosures here: https://www.concurrentfp.com/disclosures/
Roger and Elias discuss the economy and recent consumer spending trends. Plus they share money tips for recent grads to help them get started on the right foot. Take control of your financial future: https://www.btwealthshow.com/start-planning Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult with your attorney, accountant, and financial or tax advisor prior to investing. All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. Premier Investments of Iowa, Inc. and LPL Financial do not provide tax advice, please consult your tax professional. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. All investing involves risk including possible loss of principal. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. All performance referenced All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against loss. Consult your tax professional about eligibility to Roth and Traditional IRA contributions. Contributions and earnings in a Roth IRA can be withdrawn without paying taxes and penalties if the account owner is at least 59 1/2 and has held their Roth IRA for at least five years. #personalfinance #retirementincome #financialplanning #financialfreedom #financialadvisor #retirement #investing #stockmarket #mortgage
Do you have after-tax money in your Traditional IRA? Well, when it comes time to make distributions or do Roth conversions, you could unknowingly pay more in tax that you otherwise have to if you aren't aware of the IRA Pro-Rata rule or how you can fix this issue before it becomes a problem. In this week's Friday Q&A, I answer James' question on this specific topic.
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteRoth IRAs, 401ks, Health Savings Accounts and Traditional IRAs generally get the most hype when it comes to saving and investing for retirement. However, the TAXABLE BROKERAGE ACCOUNT, in my humble opinion, is the unsung hero in the retirement planning puzzle. This is due to the ultimate flexibility and surprising tax efficiency during the accumulation, distribution, AND legacy phases. Check out this episode where I talk about the benefits in each phase, as well as some of the mistakes I see retirees make when using these accounts to plan for and execute a successful retirement.I hope you enjoy it!-Kevin Connect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Smart Gifting Strategies: How to Maximize Your Tax Deduction While Supporting Causes You Love At AIO Financial, many of our clients want to do more than just grow their wealth—they want to give back. Whether you're already supporting charitable causes or considering a donation this year, there are smart, strategic ways to give that can increase your impact and reduce your taxes. In this blog (and podcast episode), we'll explore how you can: Get a tax deduction by donating appreciated stock Satisfy your Required Minimum Distribution (RMD) with a charitable gift Use a Donor-Advised Fund (DAF) to bundle your giving Support high-impact, transparent charities aligned with your values Let's look at how to make your giving go further—for your community and your financial plan. Why Strategic Giving Matters With the standard deduction currently high ($14,600 for individuals and $29,200 for married couples in 2024), many people don't benefit from deducting charitable donations unless they itemize. But that doesn't mean your giving can't also help you reduce taxes. By using strategies like appreciated stock donations, QCDs, and DAFs, you can: Lower your taxable income Avoid capital gains taxes Give in a more impactful, intentional way Let's break it down.
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3127: Wanderer breaks down how to access your 401(k) funds before age 59½ without paying penalties, using a strategy called the Roth Conversion Ladder. By carefully rolling over 401(k) funds into a Traditional IRA and then converting to a Roth IRA within tax-free limits each year, you can build a systematic way to unlock your retirement savings early and maximize tax efficiency. Read along with the original article(s) here: https://www.millennial-revolution.com/invest/get-money-401k-59-1-2/ Quotes to ponder: "Money inside your 401(k) is kinda like a raw pot roast. You can't eat it right away." "It's all based on the IRS rule that Roth IRA conversions, rather than contributions, can be withdrawn penalty-free 5 years after the conversion has taken place." "When you do quit, you roll-over all of them into a Traditional IRA. This is done tax-free." Episode references: How to access retirement funds early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3127: Wanderer breaks down how to access your 401(k) funds before age 59½ without paying penalties, using a strategy called the Roth Conversion Ladder. By carefully rolling over 401(k) funds into a Traditional IRA and then converting to a Roth IRA within tax-free limits each year, you can build a systematic way to unlock your retirement savings early and maximize tax efficiency. Read along with the original article(s) here: https://www.millennial-revolution.com/invest/get-money-401k-59-1-2/ Quotes to ponder: "Money inside your 401(k) is kinda like a raw pot roast. You can't eat it right away." "It's all based on the IRS rule that Roth IRA conversions, rather than contributions, can be withdrawn penalty-free 5 years after the conversion has taken place." "When you do quit, you roll-over all of them into a Traditional IRA. This is done tax-free." Episode references: How to access retirement funds early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3127: Wanderer breaks down how to access your 401(k) funds before age 59½ without paying penalties, using a strategy called the Roth Conversion Ladder. By carefully rolling over 401(k) funds into a Traditional IRA and then converting to a Roth IRA within tax-free limits each year, you can build a systematic way to unlock your retirement savings early and maximize tax efficiency. Read along with the original article(s) here: https://www.millennial-revolution.com/invest/get-money-401k-59-1-2/ Quotes to ponder: "Money inside your 401(k) is kinda like a raw pot roast. You can't eat it right away." "It's all based on the IRS rule that Roth IRA conversions, rather than contributions, can be withdrawn penalty-free 5 years after the conversion has taken place." "When you do quit, you roll-over all of them into a Traditional IRA. This is done tax-free." Episode references: How to access retirement funds early by Mad Fientist: https://www.madfientist.com/how-to-access-retirement-funds-early/ Learn more about your ad choices. Visit megaphone.fm/adchoices
What percentage of your retirement savings should you allocate toward traditional IRAs and 401(k)s vs. Roth IRAs and Roth 401(k)s? That's what this episode explores. Traditional financial guru advice says that it's impossible to predict where tax rates are going down the road. Therefore, you may hear that your best bet is to simply have 50% of your money in tax-deferred and 50% of your money tax-free. David is somehow perplexed by the guru's point of view about the future of tax rates being an unknown. However, signs that things won't be the same appear to be evident. The current national debt is at $37 trillion and the U.S. will be layering another $2 trillion per year over the next 10 years – excluding the $4.6 trillion that will be added to the debt if the Trump Tax Cuts get extended. That means the debt could grow to over $60 trillion by the time 2035 rolls around! Former Comptroller General of the Federal Government David Walker has stated that tax rates would have to double to keep the country solvent. And if the American fiscal ship doesn't get right by 2040, no combination of raising taxes or reducing spending will arrest the financial collapse of the nation (source: Penn-Wharton). Experts have already weighed in, and there seems to be general unanimity on the subject: in 10-15 years, tax rates are likely to be higher than they are today. David believes that, if tax rates are likely to double in the near future, allocating the vast majority of your retirement savings to tax-free is the way to go. Why not put 100% of your retirement savings into tax-free accounts? Because you'll still have a standard deduction available to you in retirement. That's $30,000 if you're married and retired today, half that amount if you're single. Remember: if you don't have a pension, employment, or other residual income in retirement, the ideal amount is $400,000 if you're married and about half if you're single. Have a sizable pension? In that case, the ideal amount goes all the way down to zero. David suggests moving your money slowly enough that you don't rise into a tax bracket that gives you heartburn, but quickly enough to get the heavy lifting done before tax rates increase in 2034. The goal? To stretch that tax obligation out over as many years as possible, so you can stay in as low a tax bracket as you can. Generally, David recommends never bumping into a higher tax bracket than 24% as you execute your Roth Conversion strategy. Instead of reflexively allocating money in a 50-50 split between traditional IRAs and Roth IRAs, David encourages a more surgical approach. This will shield you from the impact of higher taxes down the road and increase the likelihood that your money will last as long as you do. Mentioned in this episode: David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track DavidMcKnight.com DavidMcKnightBooks.com PowerOfZero.com (free video series) @mcknightandco on Twitter @davidcmcknight on Instagram David McKnight on YouTube Get David's Tax-free Tool Kit at taxfreetoolkit.com David M. Walker
Send us a textIn this throwback episode of the Tatter-a-Fact PMU Podcast, Teryn Darling sits down with her long-time tax advisor and friend, Mark Rizzo—a tax pro who actually loves taxes (yes, really!). They dive deep into real-world money advice every permanent makeup artist should hear—from understanding LLCs and S Corps, to claiming your cash income properly, to investing smart and building wealth while doing what you love.Mark shares the wild tax history of tip earners in Las Vegas, breaks down how artists can avoid audits, and reveals the two things every entrepreneur should have by the time they retire. If you've ever stressed over taxes, struggled to stay organized with receipts, or wondered how to set up your business structure the right way—this is your episode.✅ Topics covered:- Why PMU artists NEED to claim cash income- LLC vs S Corp: What's best for solo artists?- How to pay less tax legally- Quarterly tax payments simplified- How to retire early (even if you start small)- The Roth IRA vs Traditional IRA debate- Tips to stay organized + audit-ready- Investing advice for creatives who hate finance
Today we are answering more of your Roth IRA and 401(k) questions. We talk about the difference between Roth and Traditional IRAs and then answer a question about Roth IRAs for your kids. We talk about some things to think about when changing your business 401(k) plan administrator and then explain what to do if you over contribute to your 401(k). Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
In this video, we break down the key differences between Roth and Traditional IRAs. Whether you're a first-time investor or looking to optimize your retirement strategy, we'll cover the benefits, tax advantages, and eligibility requirements of both types of accounts. We hope this helps you better understand which IRA might be best for you and how each can impact your long-term financial goals. Feel free to reach out to us with questions.
Tariff announcements cause market chaos In an effort to balance trade relationships across the globe, several new tariff announcements were made on April 2nd. This caused the markets to decline sharply in Thursday's session with the Nasdaq closing down nearly 6% and the S&P 500 closing down nearly 5%. I must say I was not necessarily surprised by that decline, but was more surprised by the run up in the market in the days leading up to the announcement. The administration has been talking about these tariffs for months and I for one was not necessarily surprised by the actions they plan on taking. The U.S. will be implementing a baseline tariff rate of 10% on all countries and that goes into effect on April 5th. After research into trade practices from other countries including tariffs, currency manipulation, and trade barriers the U.S. will also be implementing higher duties on several countries. This includes an additional 34% on China, which comes on top of the previous tariffs for a new effective rate of 54%. According to the administration, this compares to a calculated tariff rate of 67% from China. Other tariffs included a 20% rate on the European Union vs a 39% calculated rate on our goods, a 46% rate on Vietnam vs a 90% calculated rate on our goods, a 32% rate on Taiwan vs a 64% calculated rate on our goods, and a 24% rate on Japan vs a calculated rate of 46% on our goods. This is just a small sample as more than 180 countries and territories will be facing these reciprocal tariffs. The problem here is the bottom for stocks might not be in as there will likely be continued announcements from other countries with their response. Some countries like China, France, Canada, and Germany have responded with a combative tone and a promise to fight back. I continue to believe this trade war will not be solved overnight, but I must say with the pullback there definitely appears to be some opportunities surfacing. I'd be careful waiting for the all clear on this as by the time that comes, you may have missed some great opportunities. Trade barriers increase around the world It is not just the US that is increasing tariffs, many countries around the world are also increasing their tariffs. There are some economists predicting that we could be headed to the biggest increase in protectionism since the 1930s, when the Smoot-Harley tariff act was in place. Back then the average tariff rate in the US was nearly 30%. Today it is around 8.4%. When it comes to the group of 20 leading economies in the world, there are roughly 4650 import restrictions, of which the US has roughly 1000. The EU, China, Canada, Mexico account for roughly 700 restrictions with the other 15 countries accounting for 3000 restrictions. Some people feel the United States is being aggressive by adding all these tariffs to products coming in to our country, but when you look at the numbers and the facts, it appears we are just playing catch-up and we are way behind the rest of the world as they have been putting tariffs on our products going into their countries. I don't understand why we are singled out as being such a bad country and unfriendly to other countries just because we want free trade in the world. I'm sure if they dropped their tariffs, we would do the same. Jobs Report shows some positive news on a difficult day for the market With all the news around tariffs and trade, it's almost like everyone forgot that a jobs report was released on Friday. Job growth remained very healthy with nonfarm payrolls increasing by 228,000 in the month of March. This easily topped the estimate of 140,000 and was a nice increase compared to February's reading of 117,000. The previous two months did see negative revisions of 34,000 in the month of February and 14,000 in the month of January. The unemployment rate did tick higher to 4.2% from last month's reading of 4.1%, but this was largely due to an increase in the labor force participation rate. A major positive on the inflation front was wage inflation came in at annual rate of 3.8%, which was down from last month's reading of 4.0% and was more in line with a healthy level that creates growing wages but puts less pressure on inflationary forces. I was surprised to federal government positions declined by just 4,000 in the month, but yet a report Thursday from Challenger, Gray & Christmas indicated Doge-related layoffs have totaled more than 275,000 so far. Apparently, the BLS noted that workers on severance or paid leave are still counted as employed, which would have a large impact on the employment numbers. It will be interesting to see how the employment situation shakes out in this category and if the private sector can absorb those lost jobs. It's hard for some to look through the noise of all the trade announcements, but I still believe the economy is in alright spot and the growing concerns for recession may be overblown. What is a Solo 401(k)? A Solo 401(k) is a retirement savings plan designed for self-employed individuals or business owners with no employees. Also known as an individual 401(k), this plan offers significant tax advantages and higher contribution limits compared to other retirement accounts, such as SEP-IRAs. One major advantage of a Solo 401(k) is the ability to contribute as both the employer and the employee. For 2024, the contribution limit as an employee is $23,000 (or $30,500 if age 50 or older), which can be made on a pre-tax or Roth basis. For employer contributions, the limit is up to 25% of compensation, bringing the total maximum contribution to $69,000 (or $76,500 for those 50+). Many plans now allow employer contributions to be made on a Roth basis as well. To be eligible, you must be a business owner with no full-time employees, which includes sole proprietors, independent contractors, freelancers, and small business owners. However, spouses of business owners may also participate, effectively doubling the possible contribution. Another key benefit is that a Solo 401(k) can be paired with backdoor Roth contributions, making it an attractive option for high-income earners looking for additional tax-advantaged savings. This offers a distinct advantage over Traditional IRAs and SEP-IRAs, which can trigger taxes on backdoor Roth conversions. A Solo 401(k) is an excellent retirement savings tool for self-employed individuals due to its high contribution limits and tax benefits. Additionally, some business owners may still be eligible to make a 2024 employer contribution if completed before the tax filing deadline. Companies Discussed: LPL Financial Holdings Inc. (LPLA), Deckers Outdoor Corporation (DECK), Apple, Inc. (AAPL) & Delta Air Lines Inc. (DAL)
In this episode, I break down the two main types of IRAs—the traditional (pre-tax) IRA and the Roth IRA (post-tax). Some highlights:Contribution Limits: Learn about the annual contribution limits and how they change based on your age and incomeTax Benefits: The advantages of tax-deferred growth with traditional IRAs versus tax-free growth with Roth IRAsWithdrawal Rules: Understand the implications of Required Minimum Distributions (RMDs) and how they can affect your tax situation in retirementBackdoor Roth IRAs: How high-income earners can still take advantage of Roth IRAs through the backdoor methodSpousal Contributions: Find out how you can contribute to your spouse's IRA, even if they don't have earned income529 Plans: Learn about the new rules that allow you to convert 529 accounts into Roth IRAs for your children.---------Financial planning for 30-50 year old entrepreneurs: https://www.allstreetwealth.comMy personal blog & newsletter: thomaskopelman.comDisclaimer: None of this should be seen as financial advice. It is just for informational purposes.
Retirees have leveraged the traditional IRA for decades to invest and save, but is it still the best tool for today's retirement landscape? IRA expert Ed Slott recently called the traditional IRA “the worst possible asset to own,” which is a bold statement. If this is true, when did it all change, and what are some better options? In this episode, we'll explore the validity of this statement and have a real conversation about investing and taxes. Here's what we cover in this episode:
If you've ever been told, “ A Roth conversion is the best thing you can do for your retirement, “ this episode is for you…. Because you also need to know when they might NOT be a good idea. While converting your Traditional IRA or your 401k into Roth has some fantastic benefits, there are times when it might not be a good idea… Today we will talk about the scenarios where it might actually work against you.
It's March Madness, but make it money! This week, we're pitting the biggest personal finance debates against each other in a head-to-head bracket showdown. From "Debt Snowball vs. Avalanche" to "Roth vs. Traditional IRA," which financial strategies will reign supreme? Tune in for the ultimate financial face-off and level up your money game!Send us a textSend your questions for upcoming show to checkyourbalances@outlook.com @checkyourbalances on Instagram
Is the More Than Money Bracket Challenge wrong? Should Christians play the lottery? Join us as we revisit a thought-provoking interview with Dr. David Jones, where he addresses key questions about Christians and gambling. Plus, stay tuned for the “Ask a CERTCFC®” segment, where we get advice on Roth and Traditional IRAs!Resources:8 Money MilestonesAsk a Money Question!
Ever wondered how to strategically convert your Traditional IRA or 401(k) into a Roth IRA without getting hit by unexpected taxes? You're not alone! In this episode, you'll learn exactly how Roth conversions work, why planning your conversions is crucial, and how to easily calculate the taxes you'll owe using the Charles Schwab Roth Conversion calculator.Converting your retirement savings to Roth isn't an all-or-nothing deal. I'll guide you step-by-step to strategically spread conversions over multiple years to minimize taxes and maximize your long-term wealth. Plus, you'll discover how Roth accounts help you avoid Required Minimum Distributions (RMDs) and why Roth IRAs provide significant advantages for beneficiaries—giving you peace of mind knowing your heirs inherit tax-free wealth.Don't let Uncle Sam catch you off guard—start planning now and take control of your retirement!In this video, you'll learn:How to strategically convert your Traditional IRA or 401(k) to a Roth IRA/401(k)The tax implications of Roth conversions and how to minimize your tax billHow incremental conversions over time protect your financial futureWhy avoiding Required Minimum Distributions (RMDs) matters for your retirementThe benefits of passing Roth IRAs to your beneficiaries tax-freeTools Mentioned:Charles Schwab Roth Conversion Calculator (demonstrated step-by-step)Who Should Watch:Anyone nearing retirement looking to reduce future tax obligationsInvestors interested in maximizing their retirement wealthIndividuals concerned about leaving a tax-efficient inheritance to their heirsSubscribe to the channel for more empowering content on personal finance, investing, and self-improvement. Don't miss out on the opportunity to unlock your true financial potential and live a life of abundance. It's time to invest in yourself and create the future you deserve!Articles Referenced:Vanguard Roth vs Traditional: https://investor.vanguard.com/investor-resources-education/iras/roth-vs-traditional-ira2025 Federal Tax Brackets: https://www.nerdwallet.com/article/taxes/federal-income-tax-bracketsCharles Schwab Roth Conversion Calculator: https://www.schwab.com/ira/ira-calculators/roth-ira-conversionState Tax Brackets: https://taxfoundation.org/data/all/state/state-income-tax-rates/Required Minimum Distributions: https://smartasset.com/retirement/rmd-tableIRS Retirement Beneficiary Guide: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary**Support the Stream By Shopping at Our Store** Buy Your Financial Mirror Gear: https://www.thefinancialmirror.org/shop YouTube: https://www.youtube.com/@thefinancialmirrorRumble: https://rumble.com/TheFinancialMirrorFacebook: https://www.facebook.com/thefinancialmirr0rX: https://twitter.com/financialmirr0rInstagram: https://www.instagram.com/thefinancialmirror/Podcast: https://creators.spotify.com/pod/show/thefinancialmirrorIf you are in need of a Financial Coach, don't waste another day of being in debt, not planning for retirement, or simply wondering where your money went each month. Today is the day to take control of your finances and I can help, no issue is too big or too small. Contact me at https://www.thefinancialmirror.org/#RothIRA #RothConversion #IRAConversion #RetirementPlanning #TaxPlanning #PersonalFinance #FinancialFreedom #RetirementStrategy #InvestingTips #CharlesSchwab #401k #RetirementSavings #WealthManagement #TaxFree #Investing #EstatePlanning #FinancialEducation #MoneyTips #IRA #RetireEarly #RMD #PassiveIncome #SmartMoney #TaxStrategy #FinanceGoals #RetirementGoals #Taxes #RetirementIncome
Are you interested in working with me 1 on 1? Click this link to fill out our Retirement Readiness QuestionnaireOr, visit my websiteToday, we will be looking at a client example of a 62/61 year old couple with $1mm inside of a Traditional IRA, about $50k in cash savings, and a $450k home that is paid off. In this episode, we're going to dive into the timing of their Social Security income, IRA distribution strategy, Roth Conversions, as well as their investment strategy. We'll also discuss some of the key risks they'll face throughout retirement. I hope you enjoy this 4th edition of the “Whiteboard Retirement Plan.”-KevinConnect with me here:YouTubeJoin My Company NewsletterFacebookLinkedInInstagramThis is for general education purposes only and should not be considered as tax, legal or investment advice.
Roger and Elias discuss seven strategies to help you personalize your finances and take your investing strategy to the next level. Take control of your financial future: https://www.btwealthshow.com/start-planning Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult with your attorney, accountant, and financial or tax advisor prior to investing. All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. Premier Investments of Iowa, Inc. and LPL Financial do not provide tax advice, please consult your tax professional. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. All investing involves risk including possible loss of principal. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. All performance referenced All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against loss. Consult your tax professional about eligibility to Roth and Traditional IRA contributions. Contributions and earnings in a Roth IRA can be withdrawn without paying taxes and penalties if the account owner is at least 59 1/2 and has held their Roth IRA for at least five years. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of the conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. #personalfinance #retirementincome #financialplanning #financialfreedom #financialadvisor #retirement #investing #stockmarket #mortgage
Is it better to save for retirement in traditional 401(k)s and IRAs, or in Roth accounts? That's today on Your Money, Your Wealth® podcast 518 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what are the rules around contributing to two different types of Roth accounts? If required minimum distributions will be staggered because of a couple's age difference, should they convert their retirement savings to Roth, or leave it alone? But first, Joe and Big Al have a backdoor Roth conversion withdrawal debate to settle. Access free financial resources and the episode transcript: https://bit.ly/ymyw-518 DOWNLOAD The Ultimate Guide to Roth IRAs for free WATCH Will Your Money Last Through Retirement? on YMYW TV DOWNLOAD The Retirement Lifestyles Guide for free WATCH Is a Market Correction Coming in 2025? Q&A and Feedback (YouTube Exclusive) ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:02 - Can Backdoor Roth Conversions Be Withdrawn at Any Time? (Tyler, Arlington, VA) 06:11 - Am I Allowed to Have Two Roth Accounts? Should I Use My Roth 403(b)? (Kimberly, NY) 07:06 - Should I Switch Contributions from Traditional TSP to Roth? (Kate, Cleveland, OH) 11:47 - Download the Ultimate Guide to Roth IRAs for free 12:43 - Self-Insuring Long-Term Care: Traditional IRA or Roth? (Neo, San Clemente, CA) 18:05 - Our RMDs Will Be Staggered. Should We Convert $4M to Roth or Leave It Alone? (Mike, Western PA) 22:00 - Should I Switch Traditional IRA Contributions to Roth? (Joe, NC) 25:39 - Watch Will Your Money Last Through Retirement? on YMYW TV, Download the Retirement Lifestyles Guide for free 26:31 - Should We Dial Back Pre-Tax Savings and Put More in Brokerage? (Herc & Angel, MA) 31:44 - We Can Mega-Save. What's Our Plan of Attack? Ricky Bobby, Charlotte, NC) 38:42 - Watch "Is a Market Correction Coming in 2025? YMYW Podcast Q&A and Feedback" (YouTube Exclusive)
In this episode of Beer and Money, Ryan Burklo discusses the recent changes to the rules governing inherited IRAs, particularly focusing on the new 10-year rule that requires non-spouse beneficiaries to deplete inherited accounts within a decade. He explains the implications of this rule, exceptions for certain beneficiaries, and the importance of tax strategies when managing inherited funds. The episode emphasizes the need for financial planning and awareness of IRS regulations to avoid penalties and optimize tax efficiency. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways The 10-year rule requires non-spouse beneficiaries to deplete inherited IRAs within 10 years. Prior to 2020, beneficiaries could stretch withdrawals over their lifetime. Exceptions to the 10-year rule exist for minor children and disabled individuals. Tax planning is crucial when withdrawing from inherited IRAs. Delaying withdrawals until year 10 can lead to significant tax implications. Inherited traditional IRAs are subject to ordinary income tax rates upon distribution. Understanding these rules is imperative to avoid penalties. The IRS is now enforcing these rules more strictly than before. Financial planning should consider retirement timing and income changes. Resources are available for individuals to assess their financial situation. Chapters 00:00 Introduction to Inherited IRA Rules 00:30 Understanding the 10-Year Rule 02:27 Exceptions to the 10-Year Rule 03:28 Tax Strategies for Inherited IRAs 05:21 Conclusion and Resources
What is the risk with BDCs, or business development company funds? Edward in Illinois wants to know. Do Pebbles and Bam Bam in Kentuckystone have too much invested in T-bills? Are mutual funds or ETFs a better place for them to invest qualified money in the decumulation phase? Is there a difference between a traditional IRA and a rollover IRA? And Keith in Connecticut is 34 and wants a spitball on whether his investments are appropriate for his time horizon, today on Your Money, Your Wealth® podcast number 512 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, Gus in Philly needs a withdrawal strategy for his dad's multi-year guaranteed annuities (MYGAs). Speaking of MYGAs, YouTube viewer Ken thinks everyone should invest in MYGAs and bonds, and nobody should ever pay a financial advisor. What do Joe and Big Al think? And finally, comments on your state of residence for tax purposes from Greg, the prorated sale of a primary residence, and bonds vs. pension from Keith, and 7SideWays tells the fellas to focus on PERMA already - but what is it? Access free financial resources and the episode transcript: https://bit.ly/ymyw-512 LIMITED TIME OFFER: DOWNLOAD The DIY Retirement Guide before the Special Offer changes on Friday January 17, 2025! SCHEDULE your Free Financial Assessment ASK Joe & Big Al for your Retirement Spitball Analysis SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:09 - What's the Risk with Business Company Development (BDC) Funds? (Edward, IL) 04:04 - T-Bills, Decumulation, IRAs, and Investing Strategies (Pebbles & Bam Bam, Kentuckystone) 11:21 - LIMITED TIME OFFER: Download the DIY Retirement Guide by Friday, Jan 17, 2025! 12:24 - I'm 34. Are My Investments Appropriate for My Time Horizon? (Keith, CT) 18:22 - Multi-Year Guaranteed Annuity (MYGA) Retirement Withdrawal Strategy for Dad (Gus in Philly) 22:34 - Just Buy MYGAs and Bonds and Don't Pay an Advisor (comment from Ken, YouTube) 27:36 - Schedule a Free Financial Assessment with Pure Financial Advisors, Learn More about Pure's Fees and Services 28:47 - State Taxes vs. State of Residency (comment from Greg, Temecula) 30:17 - Favor Questions from People with Less than $6M Please (comment from Ed, YouTube) 31:08 - Prorated Sale of Primary Residence (comment from Keith, YouTube) 33:01 - $1M Bonds vs. $40K/yr Pension (comment from Keith, YouTube) 34:54 - Focus on PERMA Already (comment from 7SideWays, YouTube) 36:11 - YMYW Podcast Outro
In this episode of Beer and Money, Ryan Burklo discusses the intricacies of the tax system, focusing on the differences between marginal and effective tax rates, how bonuses are taxed, and the implications of choosing between traditional and Roth retirement accounts. He emphasizes the importance of understanding these concepts for effective tax planning and long-term financial strategy. Check out our website: beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Understanding the difference between marginal and effective tax rates is crucial. Your marginal tax rate does not apply to all your income. Bonuses are taxed at your highest marginal tax rate unless you cross into a new bracket. Effective tax rate gives a clearer picture of your overall tax burden. Retirement account choices can significantly impact future tax liabilities. Traditional IRAs lower your taxes now but can lead to higher taxes later. Roth IRAs are funded with after-tax dollars, allowing for tax-free withdrawals in retirement. Tax planning should consider both current and future tax implications. Collaboration between your CPA and financial advisor is essential for effective planning. It's important to think about how current decisions affect future tax situations. Chapters 00:00 Understanding Taxes: Marginal vs Effective Tax Rates 02:49 The Taxation of Bonuses and Income Planning 06:02 Retirement Accounts: Traditional vs Roth and Tax Implications
Investing in Real Estate with Clayton Morris | Investing for Beginners
Today's first caller wants to set up a self-directed IRA to buy real estate. What's the difference between Roth and traditional IRAs? That's the first question I'm answering on today's Q&A edition of Investing in Real Estate! On this encore episode, I'm answering your great questions on types of IRAs for investors, the best way to utilize $35k in cash, and strategies for buying new assets without taking on additional mortgages. Tune into this episode to hear my answers to your best investing questions!
In this episode, Shawn Terrell discusses essential financial planning strategies for dentists in 2025, focusing on key numbers that will impact retirement savings and tax planning. He highlights the importance of understanding catch-up contributions, especially for those nearing retirement, and provides resources for listeners to access updated financial information.--------------------------TakeawaysImportant financial numbers go up every year.Catch-up contribution for 2025 between age 50-59 is $7,500.The maximum qualified plan total deferral is $34,750 for ages 60 to 63.Tax deferred accounts can be crucial for late-stage dentists.The Secure Act 2.0 introduced new catch-up limits starting in 2025.Roth IRA and Traditional IRA contribution limit is $7,000 for 2025.Download all the important numbers for 2025.Late-career dentists may be able to stuff a little bit more money away.Understanding these numbers is vital for financial planning.-----------------------------Resources from Episode ------------------------------Dentist Exit Planning:Website: dentistexit.comEmail Shawn at: shawn@dentistexit.comSchedule a Discovery MeetingSign-Up for Dentist Exit Email Newsletter-------------------------------Follow Dentist Exit on Social Media:Facebook Group for DentistsWatch on YouTubeInstagramLinkedIn
Roger and Elias answer listener questions about Roth Conversions. Take control of your financial future: https://www.btwealthshow.com/start-planning Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult with your attorney, accountant, and financial or tax advisor prior to investing. All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. Premier Investments of Iowa, Inc. and LPL Financial do not provide tax advice, please consult your tax professional. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. All investing involves risk including possible loss of principal. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. All performance referenced All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal. Consult your tax professional about eligibility to Roth and Traditional IRA contributions. Contributions and earnings in a Roth IRA can be withdrawn without paying taxes and penalties if the account owner is at least 59 ½ and has held their Roth IRA for at least five years. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of the conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. #personalfinance #retirementincome #financialplanning #financialfreedom #financialadvisor #retirement #investing #stockmarket #mortgage #divorce
The two most common types of IRAs are Traditional and Roth IRAs, and knowing how to use each appropriately requires an understanding of their differences. Donna and Nathan discuss the rules and features of Traditional IRAs and Roth IRAs, and who each is appropriate for. Also on MoneyTalk, the Roth 5 year rule, and Sowa Sibling Stock Trivia. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®; Air Date: 12/5/2024; Original Air Date: 1/23/2024. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.
In this episode of More than Commas, host Paul Adams unpacks the crucial differences between Roth IRAs and Traditional IRAs, two popular retirement accounts. Discover how taxes, contribution limits, and withdrawal rules impact your financial future. Paul explains the tax benefits of each account, eligibility requirements, and the implications of Required Minimum Distributions (RMDs). Whether you're seeking immediate tax relief or planning for tax-free withdrawals in retirement, this episode offers valuable insights to help you make informed decisions. --- This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.
Resources Say hi to Whitney on IG Books Mentioned In This Episode: The Simple Path To Wealth Broke Millennial Takes on Investing Learn more about your ad choices. Visit podcastchoices.com/adchoices
This week on Dollars & Sense, Joel dives into some hot topics you won't want to miss!
Changes in the SEC under Trump that you should know There will be many changes under Trump, but for investors the SEC, which is also known as the Securities and Exchange Commission could be a big one. The current head of the SEC, Gary Gensler, is likely gone for sure. He has been tough on Wall Street and even tougher on cryptocurrencies. It is likely Trump will appoint a new SEC chairperson who will want to have less control over Wall Street. One name on that list is Hester Pierce. She was appointed by Trump in his first term and is one of two current Republican commissioners. She also voted against most of Gary Gensler's initiatives and is much friendlier towards Wall Street. That doesn't mean everything will run wild and in particular, she still would like to see regulation for the cryptocurrency business. It seems she disagrees with both Gensler and Trump-appointed predecessor, Jay Clayton, who sued crypto startups that didn't register their products as securities. Instead, she would rather see new regulations for crypto's technology. Her approach would be different than Gensler, but it seems that she still wants to protect the investor by using stronger regulations. One rule in the works that may not make it into the books that had much controversy was forcing companies to disclose climate related risks. The SEC voluntarily put the rule on hold while it is litigated. Another one in litigation is for rules that hedge funds and brokers must report on short positions and stocks lent for short selling. Unless these two can pass before the new administration takes over in January, I don't believe they will have any chance of surviving. There are also other rules in litigation that are in limbo that will probably be dropped next year. Be sure to stay tuned to the Smart Investing Show for updates and changes in regulations by the SEC, as I'm quite confident it will look very different next year! Is Michael Saylor, CEO of MicroStrategy, a genius or a crazy man? If you're not familiar with MicroStrategy, their symbol is MSTR. Their CEO is famous for not just buying bitcoin, but leveraging everything he can to invest all the assets into bitcoin. I listened to a podcast that Mr. Saylor did recently and I was shocked at many things he said. If you follow us on a regular basis, you know we're not advocates of investing in cryptocurrencies or bitcoin, but this CEO takes it to the extremes on the other side. The company's financial statements look like a disaster, I'm surprised they are still in business. Mr. Saylor stated they just borrowed billions of dollars to purchase $4.6 billion in bitcoin, which brings their bitcoin holdings up to about $40 billion. The company only has $60 million in cash. If you do the math, MicroStrategy currently owns about 1.6% of the market value of all the bitcoin. With all the rumors floating around about the US government being an advocate of bitcoin and perhaps even setting up a bitcoin reserve, the price of bitcoin is now around $100,000. Mr. Saylor was laughing as he spoke about the current value of bitcoin at $1.8 trillion and said he sees it going to $180 trillion in 20 years, at that level the price of one bitcoin would be $13 million. The host of the podcast did a quick analysis and said based on that projection, the market cap of your stock, which is currently $89 billion would be worth roughly $10.5 trillion in 20 years. The response was, yes that's what the math says. The only reason I could come up with why Mr. Saylor is so optimistic is he feels in 20 years 7% of all the world's money will be in bitcoin. I have read from many professors and experts on the global economy that have said this will never happen because governments will not be able to control their own economy. He also stated that bitcoin should be the world currency and in 20 years there should be $500 trillion in digital assets. I've been in the investment world now for over 40 years and none of this makes any sense to me. I do believe there will be a major storm someday in the future. As far as investing in the stock MSTR, the company has no earnings, no cash flow and nearly a 16% short holding betting on a stock decline. The stock has a 52 week low of about $44 a share vs a high of $505 a share and currently trades around $440 a share. I have to say this is not a company, but more of a management company of a non-diversified asset or a leveraged bet all in bitcoin. The housing market has changed It used to be couples would get married and buy a house in their late 20s, but now because of a different lifestyle and higher prices for homes, first time buyers are now nearly 40 years old. I also found it interesting that there are now more single people buying homes. Single women are generally about six years older than single men when buying homes. However, roughly 20% of single women are first time home buyers, which is more than double their male counterparts. People in their early 60s have become the most active in the current housing market. This is the generation that scratched and saved and sacrificed to buy a home back in the 1980s. Even then houses were not that affordable, not to mention interest rates looked a whole lot different! But now those buyers, some of which have accumulated close to 40 years of equity have benefited handsomely and account for a big portion of the $35 trillion in home equity across the US. For those looking to buy, there are some signs of relief in home prices with some areas in Texas and Florida that were not too long ago very hot markets starting to see price declines. I feel it could take another couple years to get a more normal housing market, especially with about 25% of people having a mortgage on their home of 3% or less. With such a low rate, they would probably be more likely to remodel or do an addition rather than sell their house. Beware of IRA Income Limits Saving money is obviously a great thing, but it is important to be aware of the income limits when making both Traditional IRA and Roth IRA contributions. Contributions to IRAs can be made at any age, but you need W-2 or self-employment income to contribute. However, if your total income from all sources is too large, this may prevent you from making contributions as well. With Traditional IRAs, you can make contributions at any income level, but your ability to deduct those contributions is phased out if your income is too high, assuming you have access to an employer retirement plan like a 401(k). Since getting a tax deduction is one of the main benefits of a traditional contribution, high-income earners would likely want to fund a different account instead. For a single filer this phase out begins at $77,000, and for married filers this begins at $123,000. If your spouse has access to a workplace retirement plan but you do not, your phase out for traditional IRA contributions begins at $230,000. Roth IRAs are subject to different limits. For single filers the ability to contribute begins to be phased out when income reaches $146,000 and for married filers at $230,000. So with traditional IRAs, your income determines if the contribution is deductible, with Roth IRAs your income determines if you can make the contribution at all. Unfortunately, I see people making Roth IRA contributions when they aren't eligible to all the time. This can happen if you are used to making a Roth contribution every year and eventually through raises or bonuses or whatever your income exceeds the limit without you knowing. Now with Roth IRAs, there is a workaround called a Backdoor Roth contribution that can be used to make Roth contributions when income is over the limit. To do this effectively, the contributor cannot have any Traditional IRA money. If they do, they would need to roll it into a workplace plan like a 401(k) before implementing the Backdoor Roth contribution. The Backdoor Roth involves making a non-deductible contribution to a Traditional IRA, which again can be done at any income level, followed by a conversion into a Roth IRA. Conversions do not have income limits and because the initial contribution to the Traditional IRA was not deductible, it is not taxable when converted to the Roth IRA. Companies Discussed: Comcast Corporation (CMCSA), Delta Air Lines, Inc. (DAL) & Alphabet Inc. (GOOG)
Thanks to our partners, NAPA TRACS and Promotive.End-of-year tax planning is in full swing, and retirement accounts are a key piece of the puzzle. In this episode of Business by the Numbers, Hunt Demarest breaks down IRAs, Simple IRAs, and 401(k)s to help you understand how to maximize savings and minimize taxes. Get actionable tips and insights to make the most of your retirement planning before the year ends.-The differences between Traditional IRAs, Roth IRAs, Simple IRAs, and 401(k)s.-Tax-saving benefits of contributing to retirement accounts before the end of the year.Insights into contribution limits for 2024 and strategies for funding accounts.-Key considerations for business owners when choosing between retirement plans.-Why starting small and consistent contributions outweigh one-time large deposits.Thanks to our partner, NAPA TRACS Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt's time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comDownload a Copy of My Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
Thanks to our partners, NAPA TRACS and Promotive.End-of-year tax planning is in full swing, and retirement accounts are a key piece of the puzzle. In this episode of Business by the Numbers, Hunt Demarest breaks down IRAs, Simple IRAs, and 401(k)s to help you understand how to maximize savings and minimize taxes. Get actionable tips and insights to make the most of your retirement planning before the year ends.-The differences between Traditional IRAs, Roth IRAs, Simple IRAs, and 401(k)s.-Tax-saving benefits of contributing to retirement accounts before the end of the year.Insights into contribution limits for 2024 and strategies for funding accounts.-Key considerations for business owners when choosing between retirement plans.-Why starting small and consistent contributions outweigh one-time large deposits.Thanks to our partner, NAPA TRACS Did you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.comThanks to our partner, PromotiveIt's time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.Paar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comDownload a Copy of My Books Here:Wrenches to Write-OffsYour Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/Remarkable Results Radio Podcast with Carm Capriotto: Advancing the Aftermarket by Facilitating Wisdom Through Story Telling and Open Discussion. https://remarkableresults.biz/Diagnosing the Aftermarket A to Z with Matt Fanslow: From Diagnostics to Metallica and Mental Health, Matt Fanslow is Lifting the Hood on Life. https://mattfanslow.captivate.fm/Business by the Numbers with Hunt Demarest: Understand the Numbers of Your Business with CPA Hunt Demarest.
It's important to protect your privacy online and there are some simple things you can do to stop the sharing of your data when visiting websites. Also, Clark shares news on the state of the auto industry, and what it means for car buyers. Protecting Online Privacy: Segment 1 Ask Clark: Segment 2 Auto Industry Update: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Safe Browser Alternatives That Promise Not To Track You Want To Guard Your Privacy Online? Search the Web With DuckDuckGo 7 Things To Know Before You Use Zelle Safer Ways To Send Money When Should You File a Claim on Your Homeowners Insurance? 6 Things To Know and Do Before You Deal With a Home Insurance Claims Adjuster Should I Convert a Traditional IRA to a Roth IRA? - Clark.com How To Buy a Used Car - Clark.com Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices
We're back with the next episode in our Back to Basics Money Series! Sarah is here to discuss everything IRAs. What's the difference between a Roth IRA and a Traditional IRA? What's a Backdoor Roth? How do these affect my taxes? Sarah is here to answer all these questions and more! We also dive into risk tolerance and stock market fluctuations. Sarah is a personal finance nerd who learned about finances and investing from an early age from her father and grandfather, who both spent their careers in the corporate finance world. As an adult, Sarah immersed herself in the personal finance and FIRE spheres, learning from top experts. Sarah is my personal go-to for all financial questions, and she's here to share her knowledge with all of you! SPONSORS AAPA Career Central: aapa.org/careercentral CREATED COLORFUL CONSULT: https://createdcolorful.myshopify.com/discount/TRACY Code: TRACY CONNECT WITH SARAH Email: sjmvirtualsolutions@gmail.com LinkedIn: linkedin.com/in/sarah-miller-pa-va/ RESOURCES Previous episodes: Never Say Never: The Journey of a Critical Care PA Back to Basics: Meet Sarah Back to Basics: What Actually IS Investing? COACHING 1-ON-1 NEGOTIATION CONSULT https://calendly.com/the-pa-is-in/negotiate FREE 30-MINUTE COACHING CONSULT https://calendly.com/the-pa-is-in/gen-call LINKS EPISODE BLOG POST https://www.tracybingaman.com/blog TRACY ON INSTAGRAM https://www.instagram.com/mrstracybingaman/ TRACY ON LINKEDIN https://www.linkedin.com/in/tracybingaman/ SUPPORT THIS PODCAST: https://podcasters.spotify.com/pod/show/thepaisin/support --- Support this podcast: https://podcasters.spotify.com/pod/show/thepaisin/support
Get my Monthly Newsletter here This episode, Erica covers 4 key retirement plans: Roth IRAs, Traditional IRAs, SEP IRAs, and Solo 401ks. Erica explains the eligibility criteria, 2024 contribution limits, and special considerations based on business structure (sole proprietor, LLC, or S Corp). She highlights the benefits and potential drawbacks of each plan, offering insights to help solo consultants make informed retirement savings decisions. (00:54) Retirement Planning for Self-Employed Consultants (02:11) Roth IRA: The Favorite Child (03:55) Traditional IRA: A Flexible Option (05:46) SEP IRA: Ideal for High, Fluctuating Income (07:57) Solo 401k: High Limits and Flexibility (09:48) Key Takeaways and Final Thoughts (11:43) Stay Connected and Informed ____________________ Resources Referenced: Ep69 - SEP vs Solo 401(k) with Sean Mullaney, CPA ____________________ Connect with Erica | LinkedIn | Website | Newsletter
#556: An anonymous caller was raised to work hard, live below his means, and save. He feels undeserving of his recent $1,000,000 inheritance and struggles to spend it. What should he do? Jack bought a house with a seven-year adjustable-rate mortgage. He's confused about when and how he should refinance out of it. What should he do? Jack is also wondering how to do the breakeven calculation between contributing to a Traditional IRA with upfront income tax savings versus a Roth IRA with deferred savings on investment gains. Former financial planner Joe Saul-Sehy and I tackle these three questions in today's episode. Enjoy! P.S. Got a question? Leave it at https://affordanything.com/voicemail For more information, visit the show notes at https://affordanything.com/episode556 Learn more about your ad choices. Visit podcastchoices.com/adchoices
Today we're learning allllll about IRAs (individual retirement arrangements/accounts) including Roth IRAs, Traditional IRAs, Rollover IRAs and SEP IRAs. You'll understand contribution limits, tax implications, and eligibility requirements for each account. As always, we aim to empower you with all the knowledge you need to make informed decisions for future you. This is not advice. ✨Roth IRAs are best for you if you are in a lower income tax bracket and do not need a tax break, because you are taxed upfront, not later. ✨Traditional IRAs are best for you if you do not qualify for a Roth, or if you need a tax break… if you qualify for the deduction. The benefits are before tax dollars, offering you a tax break if you are eligible bc you are in a higher tax bracket. ✨Rollover IRAs you rollover an employer sponsored plan, like a 401k in the plan you want to keep them separate so you can roll it back into a new 401k plan at a new employer. ✨SEP IRAs are best for small business owners who do not want the complexities of 401ks. There are higher contribution limits, and all contributions are made by the employer. Contribution LimitsYou have to have taxable compensation and your modified AGI. Beginning in 2024, the IRA contribution limit increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older). This stayed the same for 2025. Resources: Contribution limits: https://www.irs.gov/publications/p590a SEP IRA FAQ: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps Still Have More Questions or a Comment?
Are you making the most of your year-end tax planning strategy? In this episode, the guys share the top 10 tax mistakes that could be costing you more than you realize. From the importance of filing away crucial documents to understanding the nuances between Traditional IRAs, Roth IRAs, and 401(k)s, each mistake presents a unique opportunity for improvement. Tune in as they dive into often-overlooked tax deductions, credits, and strategies to optimize your financial plan. Don't miss out on essential insights that could help you save money and navigate the complexities of the tax system! For show notes, links, and the full transcript, visit theinvesteddads.com/224Have episode ideas? Have a question? Send us a text!Sign up for our exclusive newsletter here!The Invested Dads: Website | Instagram | Facebook | Spotify | Apple Podcasts
In Part 2 of this series, Certified Financial Planner Shiela Chaplin dives into retirement planning strategies for lawn care entrepreneurs, breaking down the benefits of Roth and Traditional IRAs, SEP, and Solo 401(k)s while revealing the wealth-building potential of compound interest. Maximize Your Lawn Care Business Potential: Visit Paul's Resource Hub Discover essential resources for growing your business, including contract templates, pricing tools, and the Know Your Numbers E-Course. Explore top industry events, and more at ThePaulJamison.com Elevate Your Online Presence: Your professional website awaits! Begin your journey to a compelling online brand with - Start Your Website Journey w/ Footbridge Media Order Your Copy of Paul's New Book on Amazon: How to Build a Thriving Lawn Care Business - Get it here! The Entrepreneurs Guide to Lawn Care Pricing: Get Your Free Guide - Click Here Enhance Your Business Operations: Ready to streamline your workflow and boost efficiency? Discover the CRM software that powers my lawn care business success. - Try Jobber A World of Audiobooks Awaits: Discover the convenience of learning on the go with Audible: Explore Now The Landscaping Bookkeeper: Transform your financial management with the expertise of Megan and Joey Coberly. Learn how at Click Here Lawn Care Life Conference Tickets: The most actionable event you'll attend. Get Your Tickets! Enhance Your Business Operations: Ready to streamline your workflow and boost efficiency? Discover the CRM software that powers my lawn care business success. - Try Jobber
Todd Toback reveals the secrets to leveraging your IRA for maximum profit. Discover how to navigate tax laws, choose between Roth and Traditional IRAs, and build a diversified property portfolio. Todd will give you proven strategies to maximize returns and secure your financial future. Uncover the hidden potential of your IRA and unlock the doors to real estate wealth! ---------Show notes:(0:54) Beginning of today's episode(1:01) How to invest real estate through an IRA(3:53) Use the rules to your advantage(4:57) You do not need to pay taxes on 100k gain (6:28) Difference between roth IRA and traditional IRA (7:57) Income limits to start a roth IRA (9:09) Using self directed IRA----------Resources:To speak with Brent or one of our other expert coaches call (281) 835-4201 or schedule your free discovery call here to learn about our mentorship programs and become part of the TribeGo to Wholesalingincgroup.com to become part of one of the fastest growing Facebook communities in the Wholesaling space. Get all of your burning Wholesaling questions answered, gain access to JV partnerships, and connect with other "success minded" Rhinos in the community.It's 100% free to join. The opportunities in this community are endless, what are you waiting for?
Hello everyone, it's Bill Thompson – T Bill. Some of the things covered on today's session include: An overview of Traditional IRA's. The dock workers strike. Open AI raises $6.6 Billion in new funding. Michael Jordan's 23XI Racing Team suing NASCAR. Diamond Sports dropping most of regional Major League Baseball regional tv. All Elite Wrestling sings deal with Discovery Warner.
The information I am providing is my opinion and not necessarily that of my firm or this platform. I am only providing general educational information and not any customized investment recommendations. You should consult with your Financial Advisor, Tax Advisor or Attorney on your specific situation. Nothing shall be construed as Financial, Tax or legal advice or recommendations. When planning for retirement, understanding the differences between traditional and Roth IRAs is crucial, as each has unique tax advantages and withdrawal rules that could significantly impact your financial future. Kris Flammang and Collin Habig both underscore the importance of these distinctions, with Flammang noting that traditional IRAs offer tax deductions on contributions but require taxable withdrawals and mandatory distributions, while Roth IRAs feature tax-free growth and more flexible withdrawal options. Both experts agree that choosing the right type of IRA depends heavily on individual circumstances, such as one's expected tax bracket in retirement and long-term financial goals. They strongly advocate for personalized advice from financial advisors and tax accountants to ensure that retirement strategies are tailored to meet specific needs and objectives. Here's what to expect this episode: Roth IRAs offer tax-free withdrawals in the future, unlike traditional IRAs where withdrawals are taxed as ordinary income. Consideration of current and future tax brackets can impact the decision between traditional and Roth IRAs. Required Minimum Distributions start at age 73 for traditional IRAs, while Roth IRAs provide tax-free growth and withdrawal flexibility. Why is it important to consider current and future tax brackets when choosing between traditional and Roth IRAs? Connect with Collin Habig https://www.linkedin.com/in/collinhabig/ Connect with Kris Flammang https://www.lpfadvisors.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices
Hello everyone, it's Bill Thompson – T Bill. Some of the things covered on today's session include: Ain introduction to Traditional IRA's. The Federal Reserve's ½ percent rate cut. Tupperware declares bankruptcy. Darden Restaurant's earnings. Great Britain's post Brexit issues.
On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Mike Rudow to discuss different tax-preference savings vehicles and how high earners can use these accounts to optimize their wealth.Here are some key takeaways from their conversation:- Health Savings Accounts (HSAs) are highlighted for their “triple tax savings.” They offer tax deduction on contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses. - Traditional IRAs, 401(k)s, and Roth IRAs offer "double tax benefits." Traditional accounts provide tax deductions on contributions and tax-deferred growth, while Roth accounts offer tax-free growth and withdrawals after taxes are paid upfront. People who expect to be in a similar or higher tax bracket in retirement should contribute to a Roth. Sometimes, finding a balance between both can be an optimal tax strategy.- Contribution to accounts should follow a hierarchy, prioritizing emergency funds, employer matches, and then high-interest debt repayment before moving on to other accounts.- 529 plans offer tax-free growth and tax-free withdrawals for qualified education expenses. This includes tuition for K-12 education and college, as well as expenses like books and supplies. They can also be used to pay off up to $10,000 in student loans per beneficiary, and the beneficiary can be changed to another family member.
Jeremiah and Alex explore the impact of Federal Reserve interest rate changes on fixed-income investments like CDs and bonds. As rates rise, CDs become popular, but reinvestment risks loom when rates fall... We also discuss the inverse relationship between interest rates and bond prices, guiding you on how to navigate this shifting terrain. Next, we compare 401(k)s, Roth IRAs, and Traditional IRAs. The tax implications of each, contribution limits, and strategies like the “backdoor Roth IRA” for high-income earners. We also delve into effective investment strategies, including asset allocation and diversification. We highlight the risks and rewards of individual stocks, such as Nvidia, and the influence of market trends and geopolitical factors on your portfolio. Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Jeremiah Bates & Alexandra Lundgren ————————————————————— SPONSORS: Guild Mortgage: https://guildmortgage.com Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ Formations: https://get.formationscorp.com/real-money-pros —————————————————————
In this episode: roth versus traditional IRA, second generation FI, FI and newlyweds, and retirement planning optimization. This week we are diving back into the listener Mail Bag with our returning guest Rachael Camp to answer questions from the community! Today we will be discussing the differences between Roth and Traditional IRAs and the future variables and factors you should consider, as well as discuss the new rules and considerations surrounding 529 plans and how to best financially plan when considering your children and your spouse. Listen along as YOU, the community, dictate the conversation with your hot-button FI questions! Rachael Camp: Website: rachaelcampwealth.com Twitter: @camp_wealth YouTube: @CampWealth Instagram: @campwealth Resources Mentioned In Today's Episode: Mailbag: Spending Down to Zero, High Fee 401(k), Mini Retirements | Rachael Camp | ChooseFI Ep 485 Limits Of Tax Diversification And The Tax Alpha Of Roth Optimization Love, Loss, and Money: The Shocking Financial Aftermath of a FI Spouse's Death | Amy | ChooseFI Ep 476 Becoming Work Optional Subscribe to The FI Weekly! More Helpful Links and FI Resources: Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family's Essential Info (code ‘CHOOSEFI' for 20% off) Student Loan Planner: Custom Consult (with $100 Discount) Get a cheaper phone plan with Mint Mobile
401k... IRA… alphabet soup… help? Nicole breaks down the difference between the darlings of the retirement world, and how to know which option is right for you. Here's the info on the Robinhood boost Nicole mentioned: Robinhood has the only IRA that gives you a 3% boost on every dollar you contribute when you subscribe to Robinhood Gold. Terms and conditions apply. Learn more at Robinhood.com/boost Here's the episode Nicole mentioned that explains the perfect legal loophole you can use to snag a Roth IRA