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Retirement Matters Inc
United States
เข้าร่วมเมื่อ 3 ต.ค. 2017
AbbVie Executives: Optimizing your Tax Situation
You file your taxes each year, but how often is the result a surprise?
As an @AbbVie executive, your income is usually high at the beginning of the year when your RSUs and bonus pay out, but then it smooths out.
In this video, you'll learn how to accurately estimate your final tax bill, and how to manage any payments that might be owed at your next tax filing.
As an @AbbVie executive, your income is usually high at the beginning of the year when your RSUs and bonus pay out, but then it smooths out.
In this video, you'll learn how to accurately estimate your final tax bill, and how to manage any payments that might be owed at your next tax filing.
มุมมอง: 13
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Maximizing your AbbVie bonus
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Whether you're in the CPS, AIP, or SIP program, you should have a plan for your annual bonus. But don't let taxes trip you up.
How to use your AbbVie RSUs wisely
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Every February, AbbVie executives have Restricted Stock Unit (RSU) grants vest and Abbvie shares hit their E*Trade statement. But what should they do with the stock? Spend it? Give it away? Nothing? We'll explain the AbbVie RSU system and how to maximize your use of these shares.
Should You Invest in Bitcoin Now 🤔
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Now that BitCoin can now be held in an ETF (Exchange-Traded Fund), does that mean you should be holding it as part of your portfolio?
Disability Plans at AbbVie: Short-Term, Long-Term, and “Buy Up” Coverage
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Any insurance program's value is worth its weight in premium if the event you are insuring happens and you suffer significant financial loss. For @AbbVie employees, this is where short- and long-term disability plans come into play when you can't earn your much-needed income.
AbbVie Life Insurance - How Much Should You Purchase for your Family?
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@AbbVie provides life insurance as a benefit to most workers. But it also allows you to buy more than the basic amount and take some of it with you when you leave employment But how much is enough?
Advanced Strategies for AbbVie stock
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When you start to accumulate @AbbVie shares through the RSU plan, they can sometimes be an added extra to your current savings plan. How can you maximize these shares in growing your wealth or generosity?
AbbVie Restricted Stock Unit (RSU) plan - Let's Talk Taxes
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AbbVie Restricted Stock Unit (RSU) plan - Let's Talk Taxes
AbbVie RSU plan - Sell or Hold Abbvie stock?
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AbbVie RSU plan - Sell or Hold Abbvie stock?
Introduction to the AbbVie LTI RSU Plan
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Introduction to the AbbVie LTI RSU Plan
Your AbbVie Pension Plan Payout, Lump Sum or Monthly Payment?
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Your AbbVie Pension Plan Payout, Lump Sum or Monthly Payment?
Election options to get the biggest benefit from your AbbVie pension
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Election options to get the biggest benefit from your AbbVie pension
Investing for your Retirement when you have a pension from AbbVie
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Investing for your Retirement when you have a pension from AbbVie
Getting the biggest payment from your AbbVie Pension
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Getting the biggest payment from your AbbVie Pension
What to do when you max out your Abbvie 401k mid-year
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What to do when you max out your Abbvie 401k mid-year
What to do with your 401k when you leave or retire from AbbVie
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What to do with your 401k when you leave or retire from AbbVie
7 steps to choosing the right funds in your AbbVie 401k
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7 steps to choosing the right funds in your AbbVie 401k
How should you be saving to @AbbVie's 401k?
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How should you be saving to @AbbVie's 401k?
How to invest your contributions in AbbVie’s Deferred Compensation Plan (DCP)
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How to invest your contributions in AbbVie’s Deferred Compensation Plan (DCP)
Using AbbVie's Deferred Compensation Plan DCP to design your perfect retirement income
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Using AbbVie's Deferred Compensation Plan DCP to design your perfect retirement income
Using AbbVie's DCP Retirement Income Plan for Current Tax Benefits
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Using AbbVie's DCP Retirement Income Plan for Current Tax Benefits
Introduction to AbbVie's Deferred Compensation Plan (DCP)
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Introduction to AbbVie's Deferred Compensation Plan (DCP)
How to Simplify Your Financial Life Before Retirement
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How to Simplify Your Financial Life Before Retirement
Five Tips for Single Women Planning Retirement
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Five Tips for Single Women Planning Retirement
Five Reasons to Keep Working After You Retire
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Five Reasons to Keep Working After You Retire
#1 What is the AAI Program for Illinois TRS retirees?
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#1 What is the AAI Program for Illinois TRS retirees?
Do you think the buyout will be extended past 2026?
Jim - a lot of that depends on how much funding is left from the sale of bonds and if the Governor and his staff believe this is a fruitful endeavor for the state's finances. It will become clearer towards the middle/end of 2025 if this program is extended.
At 3:04, what's the difference between this advice and illegal insider trading?
Great question! There's a difference between insider trading and knowing what is happening at your company generally. Many executives who know the exact timing of events have blackout periods during which they cannot sell any company stock at all. A typical employee will know when a drug is no longer patent-protected, which may impact company profitability - this is also common knowledge if you know which patent documents to look at.
Thank you for the video. In this example though, with a starting balance of 2 million, would a five year payout really be 400k/year (I.e. 2million/5= 400k)- OR would the first year payout 400k and the remaining 1.6 million remain invested and either grow or lose money based on the market, and then continue to payout based on years remaining? If the first scenario, this seems like a bad deal because of inflation, the 133k paid out in year 15 has about 30-40% the purchase power of year one. Thanks for clarifying, thumbs up on the video
Thanks for the comment. You can change the investments in the DCP while working. Should you get close to a 5-year payout, I would suggest the investments be moved to a stable value fund and then there will be minimal market fluctuation. On the longer payouts, you're balancing inflation versus tax savings. Often the DCP is not the only source of income, so losing money to inflation is often counter-acted by other investments increasing in their accounts.
Long term care is a good investment even for married couples with or without children. Some spouses leave you when illness arises, most children and spouses don’t have the time or expertise to properly care for aging individuals. Plus that’s a big expectation for anyone to put on their children, spouse, or grandchildren.
My wife left a company back in 1994, and that company had a pension plan. When she left, she has just over $10K in that plan. The company had a policy that if you had under $10K you could cash it out. If it was over, then you had to leave it. Now I firmly believe taking it and investing it would have been better, but the defined benefit is guaranteed and not so bad all things considered. She started drawing the benefit three years ago. It was $3600 a year, and so she has already gotten her $10K back and as she’s in good health, it is highly likely she will draw that for many years to come. Nonetheless, taking the $10K and investing it would have probably been better, but it was not an option in her case.
for me its a yes 5 to 10 percent is nice
🥀💔😿
Thank you.
We recently got a letter regarding the APB buyout program (2023). Is this a different program? Do you have a separate video on the APB program? Thanks!
Hi - do you have a video about the APB program? Thank you!
We’ve done one that covers some of the APB, but not all m.th-cam.com/video/O3uetm9U8BQ/w-d-xo.html
Some very good ideas here, especially for us singles
Also, if u cash out your pension that money can be passed down if and when u die, whereas if your collecting a pension all that income stops once u pass away.
That's because most women wasted their life on a man for too many years and have nothing to show for it. Smart women remain single and free forever - I can retire at 53 with plenty of money to enjoy my life. It wouldn't have happened if I allowed myself to rely on anyone else. Simple as that.
🥀💔😿#mgtow strong independent don't need no man you go girl #hitthewall
Sounds very very personal 🥀💔😿
I worked my heart out on all our rental properties, he took them.
As a woman who is at a midlife age, I appreciate how he’s not sugar coating anything, but just giving what is real & factual.
Thx
A "church plan" does not apply.
Why will they eliminate the AAI program?
It's an expensive program to fund - it's cost the state $1.2 billion so far as of the end of 2022. They still have $800 million at their disposal before the program ends, but they won't see the benefits of this spending for many years.
No shit dude😊💩
Hi Can I ask for a bit of advice. We setup a company 1998 there were three business partners all partners are company directors we setup a company pension policy scheme we were all trustees of the pension policy. Sadly one of the directors passed away and I left the company in 2008. I asked Pension Company in 2020 about my annual statements which I’ve never received I explained I do not work for that company since 2007. They told me to contact my old company to send a letter to them tell them that I have left the company and send my statements to my home address. I’ve spoken to the remaining Director twice last year asking him to send a letter for me for some reason he doesn’t seem willing to do it for me. I don’t what to do or where to go with this is or who I contact for advice.
what are some good ways to create nesteggs for young nieces ,nephews outside US ?
Great content, thanks much!
Do you have any information on when these will be deposited to our accounts? I have agreed to a lump sum buyout it has been accepted and certified by a judge. The state received it a month ago. Any idea when I’ll see it?
Danah - AAI refunds typically go out when pension payments start which is around the start of September.
@@davegrant8837 thanks!!
I have a question, I worked four years for the city where I’m from can I cash out or I lose what ever the city deducted from me ????
I work for a city government too. My city (in the bay area) only lets you "cash out" if you have 5 years. If you do cash out, it's subject to taxes (based on where you live). Me personally, I would roll it over to an IRA so the money contributed + the interest can grow tax free. Play the long game. Too many people retire with nothing to show for it.
Thanks for this video. Does a company have the ability to just decide not to pay out pensions?
Do you have an opinion on this… If you retire early and live off your cash, no “earned” income, and not taking any IRA distributions because we’re younger than 59 1/2. With no income we don’t qualify for ACA. I was told in that situation we would be deferred to Medi-Cal for free or pay full price directly to an insurer.
Thank you very much for that information.
I am not enjoying my retirement coz all i do is worry about health insurance.
I'm in DESPERATE need to pull everything regardless of the penalties from VRS. IM 46 and if I don't, well let's say I must. My question is have they changed a person's ability to pull out early? I have 21 years invested. My future RELIES on this. I have a VALIC retirement I e put into for near 20 years. I took a loan because I wasn't able to pull out early. The fact I couldn't with VALIC has me worried I will be out of luck with pulling from VRS. The stress of worrying i won't be aloud to cash out is killing me. Any help would be greatly appreciated. God I wish I had business sense.
Pensions are a frigin scam, ya sure your employer doubles the amount but your monthly payment is stretched over a period more than likely you wont be alive and here in Canada you can only get 7% a year, Im paying 425 this month and my monthly payment estimator is 304 a month, I can guarentee now with this covid scam there are gonna screw you too if you dont take the jab because they will say you are more of a risk as they have already taken my job, I want my damn money to invest or go broke with on my accord not the govt! 800 combined effort gives me 304$ a month, oh boy sign me up NOT!!!!!
Big mistake! Mine was small, 27k. I decided to reinvest it in crypto markets, I made a short gain, then everything went to crap with the market crash. I then got scammed by a crypto giveaway, lost more money. I threw away about 5k on a ebike with its accessories and it got stolen! Now, 6 months later, have little to nothing left! Don't cash out your retirement!
You just made wrong financial decisions my friend 🤷♂️
You invested in the wrong things. Who buys a $5k bike you can get a registered motorcycle for that price. Crypto was good to invest in 10 years ago it’s too late now
That company owns that pension money, if you cash it out and roll it into a 401k or an IRA, now that money is in “Your Name” it belongs to you.
Exactly. Protect your money, and watch it grow.
Does a company have the ability to just decide not to pay out pensions?
@@MOBROOKS it's not a "they decide" matter. You need to know your pension plan rules. Mine says I get a full refund of my contributions + the interest it gains if you work 5years minimum.
@@maurice2014 Same here. After five years of service I became 100% vested.
Also it’s tax free and a lump sum.
What happened to the pensions of people like pharmacists who worked for K-Mart?
What happened to the pensions of pharmacists who worked for K-Mart?
Hello, So my dad's company got a "Lump Sum Pension Offer" to their employees because the company about to shut down in 2016. The deadline was Nov. 2016 to submit the forms that they offered. There were 3 options for him to choose from: 1- Elect to receive a single lump-sum payment 2- elect to start monthly benefit payment 3- wait until later to begin receiving your pension At that time, he chooses option 3 and does nothing. Now 2021, he wants to rollover that pension $ to a Roth IRA or take the lump sum. Is it too late for that? If not, where was that pension $ go? because the company he worked not exist anymore so was the phone # for help assistance. Who do I contact to get help with this situation? Thanks for your help
Usually you can't change your decision ( if you choose to keep it with the company's retirement plan).
From a tax perspective, is the cash amount you receive from AAI after you pay the 20% tax on it, exempt from future taxes or does the amount still have to be claimed when I pay taxes over it in the year that I got it payed out?
The amount you receive should go to a retirement account. That way it can be used for your future retirement and avoid current taxation. It will be taxes once you take it from the account in the future. If you decide to take it as cash, it will be taxed at your income rate, not 20%. The 20% is just a mandatory withholding that the IRS stipulates. However, the net amount can be invested and only the gain will be taxed in the future.
I saw this today. I am retiring in 3 years and this is offered to me. Your video really helped me to understand this, very clear. Is this something that will be offered throughout the years? It is being offered, but will it be grandfathered in?
Susan, if you're retiring before the Summer of 2026, the AAI refund will be available to you. 2026 is the current expiration date of the program. The video said 2020, but this was recorded before the end date was extended.
Can I cash my FACA during Covid 19?
Hi, can I call to discuss pension?
Yes. Here is the link to make an appointment: go.oncehub.com/retirementmatters
A deferred comp plan has a contribution limit, and it's far less than $100K. It has same employee contribution limit as the 401(k).
Let go after 27 years of service. I'm 50. Need to borrow a portion from pension, is that allowed? I am considered 'vested' at my job but THEY let me go. I requested this already and await their determination. (Determination? Isn't it MY money and THEY let ME go?)
that's all i needed to hear bro
im leaving the union is it possible for me to cash out my pension from the union
I'm also thinking about leaving a union as well
@@smoothcollision2997 Nope. you can only move it elsewhere
Spot on! Every good adviser SHOULD be doing this!
Dave, Thanks for the video. What assumed longevity age is TRS using to compute the buyout?
Jeffrey - buyouts like these are usually based on actuarial assumptions already baked into the plan. For many plans, they use the statistical lifespan of a typical US male/female (84/88).
@@retirementmattersinc Thanks for the reply. I have a decent understanding of math (though I won't pretend to have your level of expertise and training) and have found the TRS brochure with examples wherein the factor by which you multiply your expected monthly can be found... When I compare that estimated figure with the actual differences in annuity payments realized by accepting 1.5% simple vs. 3% compounded... a buyout doesn't even come close to covering what I'd lose. This makes me wonder if their AAI payment figure is figuring in the risk that TRS can no longer make payments down the road.
@@jeffreyprice4891 Hello Jeff, I think you are right about the buy out not coming close, only if you choose to spend it. If you invest it, I am sure you can find an annual return higher than the 1.5% you are getting. If I am looking at it correctly.
No question, this is a good deal, if you roll it into IRA ( no tax withholding ) and invest. One only needs to get a 3.5%-4% return on the AAI upfront payment to stay way ahead of any compounded increase that was given up. He also has the dates of the program wrong, it expires 6/30/2024 not 2021.
Thanks for the comment Martin. The program is constantly evolving with an expiration date now pushed into 2026!
If I retire at 40 can I take the monthly pension distributions without an early withdraw penalty?
Typically not. Most pensions have an age tied to when the earliest withdrawal an ex-employee can take benefits. The earliest I've seen is age 55.
What if you are fired from a job?
Same options apply. If you're vested in the pension, you can either leave it there and have it pay out when you retire or have the current lump sum paid out to go to an IRA.
My "medications" after retirement will be a half a doobie in the morning and the other half at night.
How about the "roll the dice" gap insurance plan from age 62 to 65... i.e. NONE. Just try to stay healthy and pocket all the premiums you would have paid. Also, you mention Medicare planning but you are assuming that person will retire in USA. If they don't, then Medicare is not useful to them. None of this crap mentioned here even comes close to matching anything I plan on doing.
Thanks for your comment David. 1. If you stay healthy in this time, you win. If you don't, you stand to lose everything. 2. Correct, enjoy the foreign culture. 3. Good luck!
Or just make or show little money. Obamacare will basically pay everything, certainly will cover catastrophic events if you make less than 30,000 bucks. I am a millionaire and have lots of passive income, but that is inside my IRAs and doesn't show unless I take some out as distributions. So for those few years between 62 (now) and 65 I can easily get by paying very little. And I also have options to go live overseas. Thailand medical insurance is reasonably priced and of good quality for example.
@K Maxx Huh? Those are working years and employers usually cover insurance then to help keep their employees healthy.
Can private insurers throw you off of the plan if you get sick?
For being sick, no.