My employer just decided to set up a simple IRA plan for us contributing 2% of what we earn. She had us choose our own financial institution and filled out the paperwork for the company we decided to use. She said, just pick one. I know nothing about investing and it's all really new to me. I will be contributing a little bit from each paycheck into the IRA for retirement but don't know what companies to invest in. I have not figured out that part yet. Someone said to go more aggressive because I'm young? What does that mean please and how do I know what is aggressive and what's not? I'm so confused. I just don't want to be completely broke when I'm older . This video seemed like it was more geared towards questions the employer might have. Do you have any advice for a very confused employee? lol
I'm kind of in the same boat. My employer is matching 3%. I was told at the end of the conversation by the agent only after asking a gazillion questions that I don't have to go with an investment option, that I can just save the money in the IRA with no risk. I've decided to go that route until I research more and can make an educated decision. Money is tight and I'm not willing to take risk just yet. It's what works for me right now.
In the same boat. One company I worked for got it with Edward Jones and they invested in companies for you. +Travis Sickle please do a video about how this affects an employee as a person barely entering the investment world, like when I reach retirement age how can I get my money or how does investment works on getting money back when I need it when I retire.
How do you figure out the max contribution taken on the simple IRA out of a take-home pay with taxes taken out. I have this question in payroll acc. and can't get the correct answer. Problem: George Clausen (age 48) is employed by Kline Company and is paid a salary of $43,108. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent. a. What is the maximum that he can contribute into this retirement fund? $13000 b. What would be the company's contribution? 1,293.24 This is where I am stuck???? (C. & D.) "c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? " Use the Wage-Bracket Method Tables. d. What would be his weekly take-home pay without the retirement contribution deduction?
This is all for 2019, I haven’t done 2020 yet. The concepts are similar but the limits increased. There is a way to get 26k in per person but that usually only works for a self employed business owner that makes a high amount.
Hello.. i just started my plan this year, im confused, i hope you can help me, im contributing with 5,200 a year.. my salary is $25,000 (approximately) how much im getting on the math? I have the 3% elegible. Thanks.
I am considering a career change. My existing company offers 401k in which I contribute. The new employer only offers a Simple IRA....what should I be aware of? Can I or should roll over my 401K?
@@TravisSickle Apparently American Funds (simple IRA) requires 2 years plan participation prior to rollover from 401K. I am considering opening a roth or leaving my funds as they are until I can roll them over into the simple IRA.
I got really confused @7:50 how did we double 13k contributions to 26k for highly compensated employees?
@@TravisSickle Now I get it! Great video! A lot of help.
Helpful and informative.
Quick and to the point, thank you! Is there an easyish way to figure out what a paycheck would look like with the lowered taxes and the contribution?
My employer just decided to set up a simple IRA plan for us contributing 2% of what we earn. She had us choose our own financial institution and filled out the paperwork for the company we decided to use. She said, just pick one. I know nothing about investing and it's all really new to me. I will be contributing a little bit from each paycheck into the IRA for retirement but don't know what companies to invest in. I have not figured out that part yet. Someone said to go more aggressive because I'm young? What does that mean please and how do I know what is aggressive and what's not? I'm so confused. I just don't want to be completely broke when I'm older . This video seemed like it was more geared towards questions the employer might have. Do you have any advice for a very confused employee? lol
I'm kind of in the same boat. My employer is matching 3%. I was told at the end of the conversation by the agent only after asking a gazillion questions that I don't have to go with an investment option, that I can just save the money in the IRA with no risk. I've decided to go that route until I research more and can make an educated decision. Money is tight and I'm not willing to take risk just yet. It's what works for me right now.
In the same boat. One company I worked for got it with Edward Jones and they invested in companies for you. +Travis Sickle please do a video about how this affects an employee as a person barely entering the investment world, like when I reach retirement age how can I get my money or how does investment works on getting money back when I need it when I retire.
That’s a good idea, I’ll do this soon.
@@TravisSickle Is this video available yet? Thanks!
How do you figure out the max contribution taken on the simple IRA out of a take-home pay with taxes taken out. I have this question in payroll acc. and can't get the correct answer.
Problem:
George Clausen (age 48) is employed by Kline Company and is paid a salary of $43,108. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent.
a. What is the maximum that he can contribute into this retirement fund?
$13000
b. What would be the company's contribution?
1,293.24
This is where I am stuck???? (C. & D.)
"c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)?
" Use the Wage-Bracket Method Tables.
d. What would be his weekly take-home pay without the retirement contribution deduction?
This is for 2020 correct?
@@TravisSickle This was for 2019.
How does the contribution cap magically double? Either the cap is 13k or 26k. Which is it?
Single vs Married filing jointly.
@@TravisSickle So a simple IRA can be a joint IRA?
Brandon Schuller no but you can have one for you and one for your spouse.
This is all for 2019, I haven’t done 2020 yet. The concepts are similar but the limits increased. There is a way to get 26k in per person but that usually only works for a self employed business owner that makes a high amount.
Hello.. i just started my plan this year, im confused, i hope you can help me, im contributing with 5,200 a year.. my salary is $25,000 (approximately) how much im getting on the math? I have the 3% elegible. Thanks.
3% elective*
I am considering a career change. My existing company offers 401k in which I contribute. The new employer only offers a Simple IRA....what should I be aware of? Can I or should roll over my 401K?
@@TravisSickle Apparently American Funds (simple IRA) requires 2 years plan participation prior to rollover from 401K. I am considering opening a roth or leaving my funds as they are until I can roll them over into the simple IRA.
Sickle Hunter Financial Advisors yes that’s correct.