5 Retirement Account Mistakes.
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- เผยแพร่เมื่อ 28 ก.ย. 2024
- 5 Retirement Account Mistakes. #retirement #401k #ira #rothira
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Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million 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, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Could you kindly elaborate on the advisor's background and qualifications?
The advisor that guides me is Sonya lee Mitchell, most likely the internet is where to find her basic info, just search her name, She's established.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Could you make a video on how to make a Roth IRA account for young investors like you mentioned in the video?
It takes like 20 minutes. Log into a reputable bank and find the "OPEN ROTH IRA" button.
Google it. It’s not that complicated. Please learn to think for yourself
Not being MINDFUL when deciding to use Roth savings. Consider current and future tax rates...
@humphrey Would it be advisable to max out IRA on a single ETF? For example, investing the full 6500 into SPY. Im starting a Roth IRA and would like to know. Thx.
What is a high growth ETF you’d recommend? I’m 20 and an accounting major… looking to start maxing out my Roth IRA in about 3 years.
SMH, VGT, VUG, VOO are examples
I have my Roth IRA at 80% VOO and 20% VUG.
VT
VOO, VTI
AVUV
The is is incomplete. Video cuts off early
If you were a former financual advisor then what do you do now?
Roth IRA here I come 😎
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
@@benalfredo this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor
@benalfredo thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
Tip#4 of Choose Individual Stocks you know is directly contrary to choosing a index fund. What companies in the SP500 were around 40 years ago? Not many! Thats why you choose an index.
Hello Micheal are you suggesting not investing in an index and rather individual companies
@@personalemail3572Michael is saying companies come and go all the time, so picking individual stocks is high risk, because we as individuals are unlikely to keep up with the ever changing market. However ETFs that track indexes are passively managed, meaning changes in the indexes automatically reflect changes in the ETFs, at nearly zero cost to us investors. Therefore indexes are recommended over individual stocks for the vast majority of investors.
Before influencers ive never heard of anyone not investing inside of x vehicle
Bitcoin ETF and ETH comes next… 😊😊😊😌😌😌
Bonds… 🤢🤮
I took a personal finance class so I know that everything you said is accurate. Thanks for the unbiased advice!
In my Employer Fidelity 401k account, I have options for Pre 401k, Roth 401k and After Tax 401k. What is After Tax 401k for and how can I put that into good use?
you can contribute more to the after tax 401k pretty sure. have not done it myself unfortunately
There are income levels to use Roth IRAs. Not any individual can use them
Backdoor
Can you explain
@@gloval5187 Google it
Traditional IRAs can be converted to Roth IRAs. This is often referred to as a backdoor IRA. Homie above is correct in telling you to research how to convert a traditional IRA to a Roth IRA.
If you cant then youre too rich for it to matter
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
Can a retire person open a Roth ?
Apple, Google and coke? No an index fund for 40 years because what stocks would you have recommended 40 years ago????
My money would be taxed at 37.65 though. Why not defer funds at such high a rate to go tax free?
"Any individual can open a Roth IRA"
Not at all, the IRS website says there are income limits 😢
Withdrawal from a 401K is not recommended but some have no choice as the high cost of living, low full time salaries & unable to maintain an emergency fund tends to b a factor.
I see you with the All Saints sweater Humphrey!
Most individuals pay less taxes in retirement, skipping the Roth is a great idea for the majority
If you save more than most a Roth becomes a great tool
Do ppl ever use 401k Roth to purchase a home?
or buy a property you can rent out and then sell for massive profit.
I'd like to see you make a video about IUL's.
I like
What do you think about just choosing a target date fund for the roth ira?
target dates are interesting. if you really have a steady stream of income throughout your career (ie you’re not getting fired a bunch and you work) then they can be really beneficial. but things happen in life.
@Fruit Snacks how so what's the difference in selecting target date fund to say voo
@@paquesepas6696 A target date will adjust the equity: bond proportion as the "target date" year approaches. For example, a 2065 Target date might be 100% stocks now, and then beginning in 2045 it could shift 2% each year from stocks to bonds & cash reserves. So 98/2, then 96/4, then 94/6 etc. (EXAMPLE ONLY! The first 3-5 pages of a Prospectus should lay out a fund's strategy.)
Which one?
Vanguard is a decent choice if you want 40% of your stocks in international
@@johngill2853 I would choose one with 0.5% net fees or lower, if possible.
I recommend Wealthfront! Been using for long time, amazing hands free diversification