THIS Retirement Tax Bomb is Ticking Louder Than Ever
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- เผยแพร่เมื่อ 30 ก.ย. 2024
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Link to book Azul mentions in video (NOT an affiliate link)
The Retirement Savings Time Bomb Ticks Louder by Ed Slott
www.amazon.com...
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107 (C){S}[NE]THIS Retirement Tax Bomb is Ticking Louder Than Ever
Nobody becomes financially successful overnight. They put in the hard work behind the scenes, but we often only see the end result. Fear is a dangerous obstacle that hinders us from taking the bold steps necessary to reach our goals. You have to contend with inflation, recession, and decisions from the Fed. I was able to increase my portfolio by $289k in just a few months. You need to seek help from the right sources.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Jessica Lee Horst for the last five years or so, and her returns have been pretty much amazing.
thanks you for sharing.. I must say, Jessica Lee Horst appears to be well knowledgeable, just came across her consulting page and went through her resume, very impressive!
US is a tax heaven. Here in in Netherlands we start at 37% as the lowest level and jumps to 49% with a yearly income of over 70 k US$ ..... Count your blessings 🙂
@@erikjanse3994 thanks for sharing! That is some excellent perspective for all of us!
My healthcare is $700 per month. How much is yours? Do you have state sales, tax, local sales, tax, gas, tax, utility tax property tax?
My point is here that you can be at 30% federal tax rate and very easily be paying 50% total tax in the Us and still be excluded from any health cost subsidy.
Yeah, but you get to live in the Netherlands. Some people are stuck living in the U.S. 👎
@@someparts This is VERY TRUE. All combined you can easily pay close to 50% Federal and State Taxes Combined on your Yearly Income PLUS if you don't have Taxes taken out of your Income you need to pay Federal Quarterly Taxes every 3 months.
Wow!.... the scammers are out judging by some comments
I believe the standard deduction amount, which was substantially increased by the Tax Cuts and Jobs Act of 2017, will also sunset just like the tax rates.
Thanks for the continuous update! I'll be forever grateful to you Mrs Susan Marie Alessio, I really don't know how to appreciate you, you change my life and my family situation.❤
Same here all thanks to Miss Susan Marie Alessio, she has always been there to guide me through with detailed analysis and recommendations that I wouldn't have access to otherwise.
How please I'm pretty new and feel I have much to learn, I would appreciate if you show me how to go about it.?
Susan Marie Alessio is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
Wow I'm shocked you mentioned expert Mrs Susan Marie Alessio, when someone is straight forward and good at what she does best. People will always speak for them.
I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States.
Some people brag about how much they have in their 401ks. When withdrawals start and tax times comes people are shocked by the amount of taxes they own.
People who are smart enough to build up a sizable nest egg in their 401k are smart enough to understand tax implications. They are also smart enough to shield their distributions from taxes the same way they did when they first earned the money.
How else are corporations a billionaires going to keep their low tax rates if us average Joes doesn't pay high rates of taxes?
Simple answer - Flat Tax.
Thank you, Azul for this reminder but, this is not "new news". In 1991, made my first traditional 401(k) contribution and, I thought at the time ... well, this is nice but, what if, they change and make the tax rates higher during my retirement years. Currently, my plan is to never touch either my 401(k) or 457 plan funds until, I reach the mandatory withdrawal age of 75. During my 60's and early 70's, I will continue to live monthly using my private sector pension, my public sector pension, social security, and personal savings (smile ... smile).
Age 78. Been taxed on IRA withdrawals for years. Including SS and dividends and Interest payments plus becoming a widow in 2024, I will be taxed to death. One way out is to move to another country that taxes me but less than the USA does due to their tax treaty.
Here is the book title that was not put anywhere where people could find it:
The Retirement Savings Time Bomb Ticks Louder: How to Avoid Unnecessary Tax Landmines, Defuse the Latest Threats to Your Retirement Savings, and Ignite Your Financial Freedom
Good luck at 78 doing that
Trump tax cut will remain when trump is president and he will be president
If you retire at 62-65 and can remain in the 12% for the time you have to take RMD’s which will be 75 and you live till 85 which actually is over the average life span then your really not paying very much. So if paying 12% for 12yrs and paying even 24% for 13yrs, if you divide the both that’s 18% tax total for the 25yrs and even lower if your only at 22% tax rate at 13yrs which would average 17% which is not bad at all compared to a lot of countries..
You did it and won! Taxes aren’t great but better to have money and pay tax than the alternative.
So, Sorry you lost your wife! Money comes and goes but loosing your spouse is a huge loss. Keep on keeping on! Make the best of each day!
When in doubt do 401K royh ir Roth IRA. The income limit on Roth IRAs is the sign that it better.
With inflation and higher taxes not sure why I'd want to retire in the US?
Have you looked at taxes in other countries
US has global tax policy. Unless you renounce US citizenship, moving to another country won’t help your tax liability
Very clear explanations and very friendly and comfortable presentation style. Thank you!
I have RMDs. It stinks on taxes, IRMMA and NIIT.
I am fortunate that I can pay it, but the costd get significant and suck.
Imo what is really going to hurt American retirees in the future is crumbling infrastructure
Repairing the vast suburban road/electrical/water/waste networks is going to cause property taxes to rise way beyond what people have planned for
The eternal struggle for me is that its unlikely for me to save the amount I'll need to retire in Roth alone due to limits. So I max out the Roth, then the 401k. I also have a traditional IRA that I started many years ago. Roth conversions are tough because you need the money for taxes that year to pay them off. I think the moat efficient way will be to look at the money at thr time and take out strategically from the individual accounts.
You will need to take a lot more than 100k just to have the money to pay for the taxes.
My taxes are a lot higher now than they will be after I retire. I missed the Roth. It wasn't around when I needed it.
People have been able to put money in Roth IRAs since 1998.
@@db2631there were a lot of conditions related to salary and for some they were not available. Also, they did say when they retired.
@@db2631Chuck is saying that it wasn’t around when he made so little that a Roth made more sense for him than a traditional.
We are in the group that have both Roth and traditional IRA's to spend. Fortunately, the age was raised to 73 for mandatory withdrawal from the traditional. We are already slowly withdrawing to avoid a large tax bill.
Great information!! Thanks for sharing.
it really depends on one financial state, if you are comfortable its not a big deal, if you are barely making it, its a big deal
To me, it’s always a big deal giving the government any more money than I have to. Governments history of spending is littered with disgusting waste.
@@Dottydawes So VERY VERY TRUE. They SPEND LIKE DRUNKEN SAILORS PLUS THE FED GOV'T IS "TRILLIONS OF DOLLARS IN DEBT" WITH NO PLAN OF HOW TO GET OUT OF DEBT. AND YET, YOU ARE TOLD EVERYDAY TO "BE RESPONSIBLE" "DON'T GET INTO DEBT OVER YOUR HEAD". HYPOCRITES.
thank you, Azul. great info to keep in mind when planning my bucket strategy.
Good stuff. Can you cover donor advised funds as we get caught with a significant tax obligation as a way to lower or tax rate
😊
Very helpful tax consideration topics. Thanks.
Here is the book title that was not put anywhere where people could find it:
The Retirement Savings Time Bomb Ticks Louder: How to Avoid Unnecessary Tax Landmines, Defuse the Latest Threats to Your Retirement Savings, and Ignite Your Financial Freedom
Thank you for putting that here in the comments. I added it to the video description as well as a link Amazon (non-affiliate). Thanks for watching and for taking the time to comment for the community here ... 🙏 Azul
Maybe Trump will get elected and expand the tax timeline.
FDJT, U & MAGA 🤡🤡🤡
Biden promised not to increase the tax rates on anyone making under 400k a year. He has my vote!
Trump 2024 America and Americans first
@@pensacola321 You deserve high taxes.
For this reason I hope Trump wins.
FDJT, U & MAGA 🤡🤡
🤮
ME TOO.
@@russ6204 🤮
Bot fest a go-go.
A blessing for the Dems, Trump is going to raise your taxes. For the GOP to stop that they have to give in to the Dems options. Hopefully the Dems will raise the floors, as Std Deduction to $18,000, and raise Social Security taxation from the current $34,000(?) to $50,000. That would help low wage earners shifting the taxational up.
The Dems love the deplorable low-wage workers.
Wall Street gives $2 to Dems for every $1 it gives the Republicans. I guess Goldman lacks your insights.
Not trying to be political BUT Trump is the one who "LOWERED TAX RATES" to the "CURRENT RATES/BRACKETS" when he became President. I was very happy to see it LOWERED and WILL BE VERY SAD TO SEE THEM GO BACK UP IN 2026. Check it out for yourself. I am hoping for an EXTENSION of the current rates or for them to be LOWERED FURTHER.
@@russ6204 There is no legislation to raise taxes. Don't worry Trump took care of some.
@@russ6204FDJT, U & MAGA 🤡🤡🤡
The Roth account also adds another value if married and become a widower. Then your tax rate spreads decrease by basically half and expose you to potentially a higher tax rate in future beyond increases from the government.