Follow this 4 Step Action plan to Minimize Taxes in Retirement AND have your money last longer.
Younger investors starting out will be better served with ONE retirement savings strategy, while Older Pre-Retirement investors will want to consider an ENTIRELY DIFFERENT Strategy.
The Government just changed the rules. Not all choices are gone. But we want to consider income levels to determine where we want to save FIRST for Retirement.
With this rule change and the New Senior Deduction, the Best Retirement Savings Strategy has changed significantly for higher income earners over 50 years of age.
If you have a 401k, you can no longer choose the account where you contribute ALL of your savings. Income limits have been established now for Traditional 401k and Roth 401k accounts for those who want to play Catch Up in Pre-Retirement years.
The Mustard Seed facilitates financial freedom through faith-based financial principles and consulting through affiliated wealth advisors. For more and to subscribe for FREE to our newsletter, go to Mustard Seed Newsletter –for insights on financial / retirement planning, market trends and investment strategies. Sign up now – https://franklin-wealth.com/mustard-s…
The first question to ask any financial adviser is, “Are you a fiduciary to me 100% of the time”. Get the answer in writing Please note that some people call themselves “fee-based”. This is NOT the same as fee-only. Fee-only advisers have committed to being fiduciary to you 100% of the time. Personally, I would only hire an adviser who is a fiduciary to me 100% of the time. This is not a suggestion on what you should do. Just sharing my personal preference.
0:00 – Your Tax Bracket Matters
1:05 – Why the Roth 401k?
1:22 – Keeping up with the Joneses
1:40 – Taxing the Seed vs. the Harvest
1:56 – Which Wins in the Long Run?
2:06 – Better than a Roth
2:19 – H.S.A. – Best First Option for EVERYONE?
2:50 – Avoid Taxes first when in a High Tax Bracket
3:11 – The Best time to Convert to Roth
3:54 – The Need for Catch Up Contributions
5:02 – Catch Up Contribution Rules Have Changed
5:34 – Introducing SUPER Catch Up Contributions
7:06 – Example: SUPER Savings Impact at 60.
7:39 – Does Your Retirement Plan Allow This?
8:45 – Calculating the Income Threshold
9:23 – Rule Change Quirk #1
9:42 – Rule Change Quirk #2
10:14 – Self Employed Business Owners Benefit (Quirk #3)
11:30 – Action Plan Step #1
13:39 Action Plan Step #2
13:59 – Action Plan Step #3
14:32 – Senior Deduction Qualification & Benefits
14:55 – BONUS Step #2
16:00 – Action Plan Step #4
16:19 – The MEGA Back Door Roth 401k
16:57 – Did You Catch BOTH of the Bonus Steps?
17:08 – Will the Government Eliminate ROTH Options?
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THESE VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨 This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors. This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
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