America has a retirement problem
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- เผยแพร่เมื่อ 24 ก.ค. 2024
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With retirement planning, the focus often falls on saving enough money for the golden years.
However, there's a lesser-known challenge that can significantly impact retirees' financial well-being: taxes. In this video, Anthony dives into the importance of strategic tax planning for retirement.
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0:00 - What killed retirement?
1:12 - The 'saver' danger
1:34 - Our clients' problem
4:05 - The solution
Great overview. Thank you.
Nice and detailed video.
Glad you liked it!
What you see is not what you get! Why do they tax us if they can just print $$$?
Ya think??? The examples are not typical.
You mean not every 63 year old couple do not have $3,000,000?
The only way this works is if their spending is really low. If they take the withdrawals from the 401k's near the beginning and delay their social security, their tax bill is normally low without converting.
Spending doesn't necessarily need to be low. For their specific plan they could have $10k+/mo deposited into their bank each month net of taxes and fees (because ss will kick in later) and for them it was superior to take income while converting tax-deferred money to Roth. It resulted in less lifetime tax paid. Thanks for watching!
Many people have 2 accounts or more from multiple employers.
James and Emma are a lot younger than 63.
Death and Taxes is an upscale, sort of goth, bar in Reno, Nevada.
GREAT! Thanks for watching!
The premise is wrong. That study was only 401K balances, it doesn’t include any IRA’s. I rolled over my 401K into an IRA when I left my last job. Now I have a low 401K balance but a significant IRA balance.
Yup. My wife and I have a substantial nest egg and a pension coming with $0 in 401k. A better measure is the number of seniors receiving government assistance as to whether there is a problem or not.
The premise is not that (low) 401(k) balances are a problem.
If we were primary on a company provided pension system do you think millennials would not job hop every two years? 🤷🏻♂️
Go figure.....the rich got wealthier.😮
This video is not relatable to most of us. As soon as I heard they had over 3 million, I started to lose interest.
Appreciate you watching! Yes, more income (and higher investment numbers) will increase taxes, but the taxability of Social Security starts at relatively low levels. So, for most people that have money saved in pre-tax retirement plans, the taxability of Social Security is something to consider in their planning.
Income Taxes and Your Social Security Benefit: www-origin.ssa.gov/benefits/retirement/planner/taxes.html