Thank you. It was a tough subject to cover in such a small time frame. Hopefully, this was a good summary to enable people to dive deeper into the areas that may apply to them.
I have all of these accounts and I am using them. It is sad that I did not learn about the HSA until I retired, but better late than never. I can only contribute until 65 so I am maxing it out every year.
@@marksmoneymind I am maxing out every retirement that I have access to. I teach at three colleges and I am trying to max out the 457 at one school and Roth 403B at another school. I do not make enough at each school to max it out at 30k for each account, but my goal to put 100% of my teaching income into the retirement accounts.
Around 11:30 you imply that non-qualified Roth 401(k), Roth 403(b) and Roth 457(b) distributions follow the Ordering Rules for Roth IRAs. This is NOT true. Employer sponsored Roth accounts always follow the Pro-Rata Rule when it comes to distributions. This means earnings will be included in any non-qualified distribution and will therefore be subject to taxes and penalties. The only workaround is to rollover the entire account to a Roth IRA first.
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Thank you for the awesome video and information! I learn a bit more every time I watch it.
Thank you for this breakdown. Starting FI is easy, figuring out how to go about what to do after retirement is a bit more complex. This helps!
Great video. Definitely got me thinking
Wow awesome breakdown of optimizing taxes during retirement
Thank you. It was a tough subject to cover in such a small time frame. Hopefully, this was a good summary to enable people to dive deeper into the areas that may apply to them.
I have all of these accounts and I am using them. It is sad that I did not learn about the HSA until I retired, but better late than never. I can only contribute until 65 so I am maxing it out every year.
Same here, I wish I was able to take advantage of a HSA earlier as well. Better late than never though.
@@marksmoneymind I am maxing out every retirement that I have access to. I teach at three colleges and I am trying to max out the 457 at one school and Roth 403B at another school. I do not make enough at each school to max it out at 30k for each account, but my goal to put 100% of my teaching income into the retirement accounts.
Around 11:30 you imply that non-qualified Roth 401(k), Roth 403(b) and Roth 457(b) distributions follow the Ordering Rules for Roth IRAs. This is NOT true. Employer sponsored Roth accounts always follow the Pro-Rata Rule when it comes to distributions. This means earnings will be included in any non-qualified distribution and will therefore be subject to taxes and penalties. The only workaround is to rollover the entire account to a Roth IRA first.
Great observation. Thank you for clarifying that.
RIP Marjorie.
Thank you