The Best Way To Save Money on Taxes
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- Опубликовано: 5 сен 2024
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I retired at age 53, so I am in my early 60s. Many of them resisted me because they couldn't understand the idea of not working if it wasn't necessary. I considered the phases of my life. I worked very hard to achieve what I have now, but in my last years, I owe it to myself to "stop and smell the roses." In my instance, I departed the nation after retiring and currently reside in Latin America. It made it possible for me to appreciate my new surroundings while escaping all the bad things that were going on in America. Nobody that I know of regrets retiring has done so.
A pleasant way to wind down. In my opinion, those who are retired and find it difficult to support themselves are the ones who were unable to save enough money when they were working. Numerous factors are determined by retirement decisions. My spouse and I both worked in the civil service for the same amount of years; I saved through my 401(k) and she through a wealth manager. Even when we retired, we were both still earning.
Unfortunately, not everyone has access to this kind of information. Really, I don't blame panicked folks. A major obstacle may be a lack of knowledge. All I have to do is invest through an advisor and I've been making over $800k without putting in much labor. Even in an unfavorable economic environment, savvy asset managers will always generate returns.
I've been putting off doing this for a while, even though I think I should. Since you appear to have everything figured out with the firm you work with, I wouldn't mind a recommendation, but I'm not really sure which firm to deal with because I think they're all the same.
I definitely share your sentiment about these firms. Finding financial advisors like *Layan Talia Chokr* who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
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The average person is not pulling a lot from their 401k so very little is taxed. Very few people take over 30,000 a year from their retirement accounts annually. Your standard deduction will take care of most of it..
You won’t put 100 dollars in a ROTH you will put only 78-80 because you have to pay taxes on the 100 or have to put in more money to pay taxes. In reality it’s close to the same number in a ROTH and a 401K it’s not that insane amount of money it’ll be a small difference
Dave was so wrong here lol. He won't pull the whole million all at once, his taxes won't be that much just depends on how much he takes out. Plus if he invests the difference he is right.
It’s the same math.
@@V31lCl0udnot it’s not. You pull one million at once, your tax rate is much higher than pulling $70k per year. On top of that, the fact that you can invest more and let it compound up front is forgotten.
401k allows you to invest more and compound more upfront. Roth allows you to pay lower taxes now instead of in the future.
Daves math was wrong.
Doesn't matter, the point still stands
Historically, our tax burden is low right now, no matter your income. That is the reason to choose Roth. If tax brackets were guaranteed to stay the same, the caller is correct. But your future taxes is guesswork when you're young, so it's good to have some money in Roth, some in traditional, and some in taxable, though Roth is the best for estate planning.
Now Dave says 10% withdrawal rates?? 🤣
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