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Approach Financial
США
Добавлен 30 апр 2018
Justin Pritchard, CFP®, MBA, RMA® covers retirement planning and investing.
☑️ Quoted in the New York Times, Consumer Reports, WSJ, and more
☑️ Fee-only advice
☑️ Justin Pritchard is a CERTIFIED FINANCIAL PLANNER™ practitioner
☑️ Over 15 years of experience helping clients
☑️ Serving clients nationwide
Flat-fee and one-time financial planning options are available. Asset management services (optional-you don't necessarily need to invest anything) are also available.
Learn about retirement planning, taking income in retirement, investing, Social Security, retirement taxes, and more. Get information and strategies for 401(k), 403(b), IRA, and other retirement accounts.
Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.
☑️ Quoted in the New York Times, Consumer Reports, WSJ, and more
☑️ Fee-only advice
☑️ Justin Pritchard is a CERTIFIED FINANCIAL PLANNER™ practitioner
☑️ Over 15 years of experience helping clients
☑️ Serving clients nationwide
Flat-fee and one-time financial planning options are available. Asset management services (optional-you don't necessarily need to invest anything) are also available.
Learn about retirement planning, taking income in retirement, investing, Social Security, retirement taxes, and more. Get information and strategies for 401(k), 403(b), IRA, and other retirement accounts.
Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.
Yes, You CAN Improve a Bad 401(k) Plan
A bad 401(k) plan can make it harder to build a nest egg. Fortunately, you can take several steps to improve your plan-or look elsewhere, if necessary.
High costs, bad investments, a lack of features, and other problems might weigh down your employer’s plan. This can apply to 403(b), 457, SIMPLE plans, and more.
🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q
So, what do you do? You can potentially improve the plan you have by enlisting your employer’s help. In fact, they might stand to benefit more than you. But you can also look at better alternatives for saving money, like putting funds into an IRA or HSA instead. You might also cherrypick the best in...
High costs, bad investments, a lack of features, and other problems might weigh down your employer’s plan. This can apply to 403(b), 457, SIMPLE plans, and more.
🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q
So, what do you do? You can potentially improve the plan you have by enlisting your employer’s help. In fact, they might stand to benefit more than you. But you can also look at better alternatives for saving money, like putting funds into an IRA or HSA instead. You might also cherrypick the best in...
Просмотров: 914
Видео
Will You Cut Spending in Retirement? It Makes a (Big) Difference
Просмотров 1,6 тыс.2 месяца назад
Your spending might fall for several reasons in retirement. For example, you might want to adjust after a market downturn or a major expense. Or, your spending might naturally decline-on an inflation-adjusted basis-as you age. Under the retirement spending “smile” or the Go-Go, No-Go, and Slow-Go frameworks, you might spend at the highest levels when retirement begins. But is any of that realis...
Don’t Ignore Non-Retirement Accounts: Tax Tips and Features for Taxable Brokerage Accounts
Просмотров 8 тыс.2 месяца назад
Taxable brokerage accounts can be surprisingly tax-friendly. We’ll cover tax-savvy strategies as well as the basics of how these accounts work in this video. These non-retirement investing accounts allow you to put in as much as you want and withdraw money whenever you please. ⚠️ Please see important information below! Related Content: Which Accounts to Spend From First in Retirement: ruclips.n...
Calculate Your Retirement Numbers (5 Different Ways)
Просмотров 13 тыс.3 месяца назад
See how to calculate retirement income, withdrawals, saving need, and more. You can get answers to essential retirement planning questions with a variety of tools and calculators. 📁 Get the spreadsheet shown in the video (and use at your own risk, being sure to account for inflation and taxes, which is not fully demonstrated in the video): bit.ly/CalculateRetirementApproach (Direct Download of ...
Q&A: Spend $500k at a 4% Rate (And Much More) Example
Просмотров 62 тыс.4 месяца назад
If you have $500k saved for retirement, the so-called “4% Rule” says you can spend $20,000 per year. A viewer asks the following: Over 30 years, that adds up to a total of $600,000. So, how do you get $600k out of $500k? 🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q Get free retirement planning resources: approachfp.com/2-downloads/ 🔑 9 Keys to Retirement...
Investments for Retirement Income: What You Need to Know
Просмотров 16 тыс.4 месяца назад
Income investing in retirement doesn’t have to be complicated. Review some of the best investments for income in retirement, and explore the pros and cons of the most popular strategies in this video. 🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q Things can seem different when you stop working because you’re responsible for creating income-and that’s inti...
Social Security Spousal Benefits: Why Don’t I Get Half? (3 Basic Rules)
Просмотров 273 тыс.5 месяцев назад
How are spousal benefits calculated, and when can you collect half of your spouse’s Social Security? These tips help you simplify the rules. Get free retirement planning resources: approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments A spouse gets half of their spouse’s full retirement age (FRA) benefit assuming you meet several conditions. But switching to a spous...
401k Returns: Understand Your Rate of Return (Compare, Calculate, & More)
Просмотров 2,4 тыс.5 месяцев назад
Your 401(k) rate of return affects how much you’ll have at retirement. Learn what drives returns, what a personal rate of return is, and how you can calculate the returns in your account. Account balances depend on how much you add, how much you withdraw, and how your investments perform. But it can be hard to understand investment performance, especially when you’re adding money or changing in...
Best Ways to Catch Up on Retirement: Save More vs. Aggressive Investing
Просмотров 2,1 тыс.6 месяцев назад
What’s the best way to catch up if you’re behind on retirement savings? The idea of investing aggressively to pursue faster growth is appealing to some people. But how does that work out, and what are some of the risks? 🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q The answer may depend on how much time you have before retirement. If retirement is within ...
Mutual Fund vs. ETF vs. Index Funds: Does it Matter?
Просмотров 1,8 тыс.6 месяцев назад
What’s the difference (and does it even matter) between mutual funds vs. ETFs vs. index funds? All of those options allow you to invest easily and spread your assets among many different investments. But there are some differences that make each option unique. 🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q People often use these terms interchangeably, whic...
Which Money to Spend First: Retirement Withdrawal Strategy
Просмотров 7 тыс.7 месяцев назад
Which retirement account should you withdraw from first when you need funds? You might have assets in pre-tax accounts, Roth accounts, or plain-old joint and individual accounts. The choices you make can have a dramatic impact on your taxes and other costs, so it’s worth making a strategy. 🌞 Subscribe to this channel (it's free): ruclips.net/channel/UCFFNzgGX4UyGQk12KL38I1Q Get free retirement ...
Don't Skip This: Check Your Financial Advisor's Background
Просмотров 5667 месяцев назад
How do you know who to trust? See how to check a financial advisor’s background before you invest. Learn about criminal events, suspensions, regulatory action, and more. You need to trust your financial advisor. Not only does this help you sleep at night, but having a financial advisor or financial planner you can trust might help to protect your money. But how do you get the information you ne...
Can I Retire With $750k? Case Study
Просмотров 6 тыс.7 месяцев назад
Is $750k enough to retire on, and will the money last for life? Walk through a case study to see how things might unfold. We’ll look at strategies to improve the likelihood of success, including Social Security claiming, tax planning, and other factors that impact when you retire. While this example shows a single person, married couples would have more spending power (from more sources of inco...
Q&A: Easy to Manage Retirement Income
Просмотров 2,3 тыс.7 месяцев назад
Viewer question: Can I just combine all of my retirement savings into one place and draw 4%? It’s smart to keep your finances simple in retirement. When things get complicated, it can take time away from more important things in life. Plus, you open the door to possible mistakes, which can cause ripple effects. So, we’ll review how to make things as simple as possible assuming there’s a lump-su...
What Is My Retirement Tax Rate? How to Estimate
Просмотров 6 тыс.8 месяцев назад
See what affects your tax rate on retirement income, and get information to help you estimate future tax costs. The taxes you pay in retirement directly affect how much you can spend. Whatever is left after taxes is available for fun, food, healthcare, and more. So it’s important to understand how tax rates work. This knowledge helps you make decisions during your working years and in retiremen...
Q&A: How Much Tax on 401(k) Withdrawal?
Просмотров 13 тыс.8 месяцев назад
Q&A: How Much Tax on 401(k) Withdrawal?
How Much to Convert to Roth Each Year
Просмотров 4,5 тыс.9 месяцев назад
How Much to Convert to Roth Each Year
401(k) Limits and FAQ for 2024: How Much Can You Save?
Просмотров 2,8 тыс.10 месяцев назад
401(k) Limits and FAQ for 2024: How Much Can You Save?
Can ChatGPT Plan Your Retirement? The Verdict on AI
Просмотров 2,2 тыс.10 месяцев назад
Can ChatGPT Plan Your Retirement? The Verdict on AI
Why Couples Need to Anticipate an Unexpected Death
Просмотров 4,3 тыс.10 месяцев назад
Why Couples Need to Anticipate an Unexpected Death
Social Security for Spouses: One Claims at 62, The Other Delays to 70?
Просмотров 150 тыс.Год назад
Social Security for Spouses: One Claims at 62, The Other Delays to 70?
Roth 401k vs Traditional 401k: Which Is Best for You?
Просмотров 17 тыс.Год назад
Roth 401k vs Traditional 401k: Which Is Best for You?
How to Pay for LTC in Retirement: 5 Ways to Get Care
Просмотров 4,6 тыс.Год назад
How to Pay for LTC in Retirement: 5 Ways to Get Care
Free FDIC Calculator: Are You Covered? #shorts
Просмотров 319Год назад
Free FDIC Calculator: Are You Covered? #shorts
Do Retirement Rules of Thumb Actually Work? Explore 4 Simple Planning Rules
Просмотров 13 тыс.Год назад
Do Retirement Rules of Thumb Actually Work? Explore 4 Simple Planning Rules
How to Avoid Tax on Retirement Withdrawals
Просмотров 51 тыс.Год назад
How to Avoid Tax on Retirement Withdrawals
How Much Tax Do You Pay on 401(k) Withdrawals?
Просмотров 171 тыс.Год назад
How Much Tax Do You Pay on 401(k) Withdrawals?
What are my options for RMDs? Can I reinvest?
Просмотров 17 тыс.Год назад
What are my options for RMDs? Can I reinvest?
Should You Consolidate Retirement Accounts?
Просмотров 8 тыс.Год назад
Should You Consolidate Retirement Accounts?
I haven't retired yet, but I did get SSDI at age 60 due to surgeries. My workplace let me go because I was still having surgeries and unable to return back to work. What are my choices to withdraw my 401k plan?
Thanks for explaining 401k loans. I had no idea I could borrow from my own retirement fund.
I’m 63 and I’m getting SSDI can I get spousal benefit? We’ve been married for 43 years
I want to pay off my mortgage with the Thrift Savings Plan I owe 105,000 how much do I need to cover my taxes on top of $105,000 to take out I'm in Connecticut with a 5% income tax.
Thanks for your excellent video. I was looking for this and here I find it with you. I have a new young Financial Advisor and he never mentioned any of your great ideas. And I pay him his fees….hmmm
Read my mind. This is what I am thinking retired at 67 twice and have a mortgage loan $171K at 4.24% 15 year loan I like being debt free But don’t want to a WD pay Fed tax of 35% So looking at making an extra $200/ month on principal of loan? Income am Getting SS $2438/ month. Annuity payable to death $835. Pension $567/ month Also have an extra $51K CD that I could use to make the extra $250/ month on top of $1134/ loan payment
If the spouse is getting 600 at 71 husband is still working but at a younger age of 65 est for the husband will 2,200 when he retires. How much will the wife getting 600.00 she was on SS I
6 month back money as well
Hello - can you please go over the exemption for people who have vested balances under $10,000? It appears that people can take out more than 50% of the vested balance if the vested is under $10k but I want to make sure. Thanks in advance
If you have worked prior to marriage, but not much after being married for the past 32 years, my ss is not much. Do I get spousal benefit? Is that what he is saying?
Thanks alot for your information. I hate that schools don't teach this n we only find out late in life. We need to plan for retirement early in life. I'm turning 44 later this year and want to stop working as soon as I can. Death is close by and we need to enjoy life after work. Not stress about 💵when we're old.
I had to retire at 61. Have a pension, $3800. And i have about 20k in other income. Im going to get 85% of my ssa taxed, so any bump up helps. I will collect at 70, if i get that far, plus ill take the 6 months back pay. Im 67 now, so we're getting close to about $2200 now. Maybe next year. My ex of 26 years passed away, and i collect about $1000 from that. Until i file my own claim.
Great point on the withholding vs estimated taxes timing. I don’t usually get much from these videos but that was a nugget. I will never need any of my RMD so that helps.
Taxable account is the way to go. In 40 years I have not paid $1 of capital gains. I do take my $3k of losses each year against ordinary income. The rest will go to my beneficiaries tax free with a step up of basis.
Thanks for turning me on to open social security web site. Never knew about it.
Move to margarita Venezuela. You could buy a beautiful condo for 15k
Checking the website now 👍
Great video! Can you break down my early 401k withdrawal? I am 43, My annual salary join with my wife is 80k. I withdraw 100k paid 20% tax withholding so I ended with 80k. So my income now will be 180k how much tax I will owe?
Something some people may not be aware of is Survivor's Benefits. My wife passed away 20 years ago but had worked enough to collect SS. I was able to collect at age 60. It does not pay as much as mine would if I took it and you can't collect both. My plan is to switch over to mine when I hit 67 or when I feel I want to.
Okay, I understand the two rules. My wife is the lower earner, she started taking benefits at her FRA. I am now 70 and getting ready to start my benefits. Therefore I think my wife should qualify for the spousal benefit. How does she apply for them?
Great Video and very informative!
Where do I find your simulator?
You provided answers to many of the questions I have unanswered about taxable brokerage account. Thank you.
Somebody really needs to sit down and work on social security from all angles.
Do I use my age or his retirement age to determine when to get spousal benefits.
Thank you for the informative video!
The eye opener for us was thinking in terms of SS as longevity insurance- maximizing lifetime income floor and survivor benefits rather than total lifetime income or break even age.
My husband was getting 3100.00 month and I was getting 900.00. He passed away and since his was more than mine. I got his 3100.00 and I lost my 900.00if I had kept my 900.00 and half of his 3100.00 that would have been only 2450.00 a month. SSA gives what is more than fair. I have no mortgage a paid for car, and no debt of any kind. 0I am living very well We both did we took SSA at age 62 but husband did not retire until he was 71. I would recommend everyone to start benefits at 62 and keep working. Put your SSA in the bank, you can build a nice nest egg.
While working you should never take SS. You give half back in taxes.
Is it possible to rollover the Roth 401k plus earnings from that portion into a Roth IRA at or after 59.5 years old?
I've been on SS disability since 2011. I worked most of my life, but only get 1300/mo which is not much to live on. My ex's father taught him well. Only claim a small business check every week. So, trying to get his would def be worse.
I'm a bit worried that if you take a 401k loan and your employer knows you're not free to leave the job it can change the workplace power dynamics. Are these worries founded?
We need more of these because there are more single people including younger widows
A fair method would be to let an advisor manage half of your portfolio, managing the other half yourself, payment being a percentage of the difference of returns. If advisor portfolio does better, they get paid. If your half does better, they pay you. What do you think?
Missed by 7 days of ten years with x. Ss wont even talk to me. Not fair.
It took my Almost an hour to get social security to switch me from my survival benefit to my own benefit. Why did it take so long? I could not convince the clerk that me, the female, made a lot more money than my husband.
This is such excellent content, Justin. I did many calculations, up to age 100 for both of us, making sure we would have enough money to last, and enough money to self-fund long term care. But I totally missed how the plan would work if one of us died early. Not only the widow or widower tax trap, because the survivor would need to file taxes as a single person. But also, what if the higher earner passed early, before collecting delayed social security. That could significantly change the lifetime income for the survivor.
Thank you so much for the information presented in a clear and concise manner
My higher earning spouse never got to "retire" , they received SSDI for a very short time ( a few months) before retirement age because of a fatal illness. I am now receiving my own retirement benefit, mine isn't topped off with a portion of theirs. Why is this?
Thanks for you video. I did go the that calculator. My spouse delaying till age 67 would get about $300 more month. That is not peanuts. It will cover most of SS medicare premium. If a couple is healthy I don't see the wisdom in taking the spousal benefit earlier than full retirement for the spouse. The break even point is a little less than 10 years. Thoughts? Thanks again.
Finnaly someone explain tax witholding, after many videos.
How do i get a loan from my 401k?
I worked my whole life and only get 1500 a month and I never have money for anything
Only ? It’s what you earned over 35 years of employment that dictate the numbers.
Social security was never meant to be your sole source of retirement income. Just one leg of a 3 legged stool
I appreciate you are one of the most detailed financial channels available. Very clear and concise.
good video. thank god i m self employed
Great info! 👍🏼
Nice summary
Or how does that work if you're ex? Dies, can you collect his full retirement? Benefits, I heard you could in place of yours if his is higher
If you were married 10 years or more and did not remarry yes
Or remarried after age 60.
I also heard that you could claim your ex-husband's social security half or less, and then you can wait to collect yours at a later date and let yours still accumulate. And of course you wouldn't get his anymore, you would just get yours
Only if you were born before 1954.
That WAS the case - it was called “file and suspend” but it was eliminated a few years ago.
🤪what???
If you collect your husband's SS, do you also get to keep your SS check or is it one or another but not both?
Well, actually SS is going to require the lower earning spouse to take theirs (if they have any) first. So, yes you will be keeping your own SS & adding any add'tl. spousal benefits that you are elig. for to it.
In your question - is your husband dead or alive? You can’t collect survivor benefits and your own benefit simultaneously.
Spousal benefit is a combination of your benefit and the spousal top-off.
Does this apply to a higher earning spouse that received Social Security disability? The higher earner is now at full retirement age but has already been collecting at full benefits for a few years.
Excellent presentation, easy to follow and understand