Appreciate Taylor’s take on annuities and other investment/insurance options. I’ve heard that annuities are not ideal but he did a great job of explaining why.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Lorrie Greta Hillard for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks, great vid! One other thing I would STRONGLY ADVISE is the know all you can about the person handling your finances!!! Know people who also know & give them good references. I know more about the person who handles my money than I do some of my family! We’ve been working together for 20+ years; I had an account long before I retired.
Melinda, it’s the same in state gov. The lack of tailored info and explanation of choices is frustrating. Thanks for doing this! I’m retired but I still like to hear good info. All my retirement buckets except my emergency fund are taxed on withdrawal.
I went to an advisor at Edward jones. It was free. He took all our information and put it in his program. It showed us where we stood financially. There was no pressure to invest with him. I took the advice he gave me. Ultimately, I ended up opening an account with EJ several months later because of the good rep he had and advice he gave and no pressure.
he did not mention it , but since 2006 most 401Ks have had a ROTH option ... so you can choose if its pretax or ROTH or both coming out of your paycheck ... and still have a ROTH IRA also you fund each year ... if you arent positive (most people) which is a better option for you and your tax situation , you can just split it evenly between pretax and ROTH to be safe
You're correct, Roth 401(k)s are a very overlooked opportunity to contribute more than one could into a Roth IRA otherwise, without income limits either! Thanks for bringing that up, so much to cover in so little time! :)
In terms of long term care something that gets forgotten is that you need to plan in order to preserve the assets that you can. Moving your home into an irrevocable trust is an important step, and it needs to be done sooner rather than later, as there is a peak back rule.
As far as long term care, I moved my mom down to Mexico, where she now has 24/7 care in her own home for about 20% of the cost of care in the US. There are also a variety of places (all with a much better staff/resident ratio than in the US) for as little as $2,600month, including food(!)
If you make a withdrawal on your investments and you take 25% out for taxes… would I get money back if I withheld too much? Is 25% a good rule of thumb?
Yes, you get a refund if you overpay, just like when you have taxes taken from your paycheck. I also have a tax advisor that I’ve worked with for years, and if I have a question I sometimes shoot her an email for advice:-)
Hi Kathy, it's hard to know without knowing your specific tax situation, but for 2024 unless you're married and making close to $400k (or single and making a little over $200k), you're most likely going to be overpaying and get a refund on your taxes. For accurate tax advice I recommend consulting a professional.
Appreciate Taylor’s take on annuities and other investment/insurance options. I’ve heard that annuities are not ideal but he did a great job of explaining why.
@@user-bg9em7ch6k Yes! He explains it in a way you can understand!
Thanks for watching, I appreciate the feedback!
Thanks for having me on, Melinda! Your viewers had some great questions, I’m happy to do it again!
@@TaylorMadeRetirement This was so great and helped me a lot! Can’t wait til our next one😁
@@MelindaMiller Same! 😊
Have been waiting for this, thanks for posting.
Awesome vid! Great info
Thanks so much for sharing this information! So grateful for the extra knowledge.
Thanks for watching! Any other questions or topics you would have liked to see us talk about?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Lorrie Greta Hillard for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I really like this guy!! He's a very good communicator. Thank you for the video! Larry
@@larry323 Yes very good communicator! Not intimidating at all!!!
Thanks Larry, thanks for watching!
Thanks, great vid!
One other thing I would STRONGLY ADVISE is the know all you can about the person handling your finances!!! Know people who also know & give them good references.
I know more about the person who handles my money than I do some of my family! We’ve been working together for 20+ years; I had an account long before I retired.
Amen Nola. Well said!
Melinda, it’s the same in state gov. The lack of tailored info and explanation of choices is frustrating. Thanks for doing this! I’m retired but I still like to hear good info. All my retirement buckets except my emergency fund are taxed on withdrawal.
So interesting how similar and yet different things can be all the time.
Wow meeting with a financial advisor is expensive!
I went to an advisor at Edward jones. It was free. He took all our information and put it in his program. It showed us where we stood financially. There was no pressure to invest with him. I took the advice he gave me. Ultimately, I ended up opening an account with EJ several months later because of the good rep he had and advice he gave and no pressure.
@@vickytillman1591 Fidelity does this too:-)
he did not mention it , but since 2006 most 401Ks have had a ROTH option ... so you can choose if its pretax or ROTH or both coming out of your paycheck ... and still have a ROTH IRA also you fund each year ... if you arent positive (most people) which is a better option for you and your tax situation , you can just split it evenly between pretax and ROTH to be safe
You're correct, Roth 401(k)s are a very overlooked opportunity to contribute more than one could into a Roth IRA otherwise, without income limits either! Thanks for bringing that up, so much to cover in so little time! :)
In terms of long term care something that gets forgotten is that you need to plan in order to preserve the assets that you can. Moving your home into an irrevocable trust is an important step, and it needs to be done sooner rather than later, as there is a peak back rule.
As far as long term care, I moved my mom down to Mexico, where she now has 24/7 care in her own home for about 20% of the cost of care in the US. There are also a variety of places (all with a much better staff/resident ratio than in the US) for as little as $2,600month, including food(!)
If you make a withdrawal on your investments and you take 25% out for taxes… would I get money back if I withheld too much? Is 25% a good rule of thumb?
Yes, you get a refund if you overpay, just like when you have taxes taken from your paycheck. I also have a tax advisor that I’ve worked with for years, and if I have a question I sometimes shoot her an email for advice:-)
Hi Kathy, it's hard to know without knowing your specific tax situation, but for 2024 unless you're married and making close to $400k (or single and making a little over $200k), you're most likely going to be overpaying and get a refund on your taxes. For accurate tax advice I recommend consulting a professional.