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Lewis Maria Wilson Lisa Perez Jason

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Miller Christopher Harris Jason White George

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Johnson Jose Lopez Michael Harris Steven

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Massachusetts does not include Social Security benefits in its gross income, so Social Security is not taxable in Massachusetts. However, Social Security benefits may be included in federal gross income depending on income thresholds. Here are some other tax considerations for Massachusetts residents: Pensions: Most pension income is included in Massachusetts income, but some government pensions are exempt. 401(k) and IRA distributions: These are taxable. Railroad Retirement benefits: These are exempt. Rollover tax treatment: Rollovers that are tax-free for federal purposes are also tax-free for Massachusetts. Government Pension Offset: This reduces monthly Social Security benefits by $2 for every $3 from a monthly government pension. SSDI benefits: These are not taxable if total income is under a certain amount. ✌🏽🇺🇲

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Hawaii does not tax social security or employee pension plans. Wondered wy this was missing from your list.

The video is helpful. I’d rather take a look at return rather than worrying about expense ratio. Both are important but return is the most.

Voya seems lmited and expensive.

A 457 may offer more protection from civil lawsuits than an IRA. If you have a very large amount you may want to keep some in the 457 even with the higher fees if you work after retirement in a profession where you are subject to civil lawsuits or you spouse is still working and in law enforcement/first responder and subject to civil liability amounts that personal or workplace insurance may not cover. Both IRA and 457 protect your funds from federal bankruptcy and creditors. I think the ERISA law protects at least 1 million dollars of retirement from those two. Civil lawsuits is another matter. You should also discuss with a professional because the state laws differ on civil lawsuits and some collections for both (Child support, QDRO, etc.) I am not a financial advisor or lawyer. You should seek a professional when making financial, tax and legal advice.

Good video 👌🏾✅️

Hey, Well enjoyed🙌! I'm not really sure if it is the best time to ask but, I was wondering if I could help you create a better distribution by working on post-production like better storytelling through Edits, Keywords, think catchy intros and outros, or even some engaging short clips! Would love to chat if you're interested and keep creating good content:)

Thank you so much! 2 questions. 1 I have 401k in 2 different companies, do I need to combine them into one for 72T distribution? 2 is the withdrawal age starting from your B day or year end? Eg, birthday on 08/01, do I need to withdraw before 08/01?

if you want actively managed funds, i think they are one of the best if not the best fund company to look at ... but if you just want index funds then you should look elsewhere like vanguard or fidelity

Phenomenal video, brother!

Can you buy individual stock in T.Rowe?

Yes!!! SPLG for me!!

Missouri doesn't tax pensions and give older retirees a $1,100 a year of property taxes when you are over 65

2024 its on Etrade..considering its new hopefully its grows to 60 like splg

1984 fall I was a Senior. We had Apple 2E's and Commodores

I found your channel in 2022 and was a Subscriber. 27 year Corrections Officer with a 457 dis you just decide to stop making videos. I just rewatched some of your videos.

NUGO VS QQQ

Do you support? The FairTax Act proposes replacing the current tax code with a flat sales tax, in addition to defunding the IRS. Bolivia, Georgia, Greenland, Hungary, Kazakhstan, Lithuania, Mongolia, Romania, and Russia are all countries that have a flat tax rate.

What have you decided to do? We put our home on the market in Vermont, gone in a couple days....but we could not nail a house down to move in too! We were looking in the smokey mountain TN area. Still here. Husband qualifies for full SS benefits in 7 months. 66yrs 8 months.

DON'T do a loan on your pretax 457 unless absolutely necessary. Some plans will require full repayment if you're terminated or leave and some will give you a 2 month window to repay the full balance. The repayment will not be based on your desired fund allocation and may be put in a lower yield fund until repaid. When you repay the loan it will be with after tax dollars, but when you withdraw it when you are able it will be taxed so you pay tax at your current rate paying off the loan and then your tax rate when you retire (double tax rate). Lending is usually strict in the repayment terms. If you fail to make payments or abide by the terms the loan amount could be deemed a taxable early withdrawal with possible 10% penalties. These types of loans should be the last option and if they must be made you should consider using the least amount possible. Imagine being in the 24% bracket while working then 15% at retirement (when Trump tax cuts expire in 2025/26) you could have potentially paid 39% in taxes and possibly more it your social security is taxed. Don't do it.

Wow thanks so much I am new to investing just opened up my roth with fidelity go and a personal account which I planned to invest myself you explained it so easy to understand thanks.

You forgot the cost for an actual place to live.

I owe 1466 $ to pay back for taxes to irs because i did not pay enough tax . I wonder how much penalty will i have to pay. How do i calculate that???

Awesome video, my question is: I was investing into Pre-tax 457(b), but now I've switched to Roth 457(b), do I need to convert (and pay taxes) on the balance of what was previously invested as Pre-tax? Are the taxes incurred now on the rollover worth it in the long run so all the gains on the initial balance are now "Roth" and therefore tax free at retirement. 25 years go to, if that means anything. Will retire 90% pension after 30 years of service. Thanks!

i got a large cap index for 0.05 exp ratio

Does plan administrator determine age or does employee select when to retire?

Government job, fully paid health insurance even if I retire now, defined benefit pension to which I contributed, 401(k) and 457. I will have more disposable income during retirement than I allowed myself during my working years. I lived extremely frugally so that I can be secure and enjoy later.

QQQ and QQQM did the same thing except it tracks the Nasdaq 100. I also have SPLG.

Best state to live in as a retiree

i just learnt about this and i will be getting more of this

I retired this June at 57 and love it. No debts, ample inheritance and a DB pension. Lots of Xers I know are in the same boat.

I've been heavily invested in MLP's for over 2 decades and they have been my best investment. I would recommend for 95% of investors who wnat to invest in MLP's to buy one of the MLP ETF's, such as the Algerian MLP ETF (stock symbol AMLP) rather than own the MLP's individually. This eliminates the complicated K-1's and at the end of the year the investor only has to deal with a an additional 1099 Form. MLP's transact business in almost every state in the United States. That means that in addition to a federal income tax the investor is also liable for state income tax in every state the MLP does business. I've had to file as many as 5 state income taxes including my home state. I literally have a spreadsheet listing the income tax filing requirements in each state in America. I'm a registered tax preparer for both federal income tax and for the state of California and I can tell you that every year or two one of the K-1's have a code on there that I've never seen before. This means digging through a tax publication of maybe 25 pages trying to figure it out. Don't look for much help from the IRS. If you contact them they just refer you back to the same Publication that you've are calling about. Lastly, the individual MLP's come in three different categories. The ones that they classify as upstream are engaged in exploration and extraction of the natural resource. The ones they refer to as downstream are the refiners and retailers of the natural resource product. The ones they refer to as midstream are the pipelines and storage facilities. The midstream are the least volatile and dependent on the spot price of the natural resource (i.e. crude oil, natural gas, etc.). Theoretically, midstream should be seen as a toll taker. They make money according to transport and not the price of crude oil or natural gas. However, in recession the midstream takes a hit. In a pipeline leak or rupture, the midstream can get cut in half. In summary, Firefighters Financia Toolbox is correct in saying do a lot of reseach on an individual MLP if that's you investment. Know their pipeline and storage geography, know their dividend histories, and know of any problems of pending litigations. Unless you are really willing to get into this and probably don't mind paying a CPA a lot of money every year, go with one of the MLP ETF's. Life will be much simpler.

That's about as solid and concise as you can get, we appreciate that! Do you have any suggestions on how to find a certified financial planner that works with regular folks and regular money and charges regular fees? I had a CFP quote me a one hour rate one day and all I can say is they must only work with millionaires. Thanks again!