I converted my 401k to a Roth IRA to avoid higher taxes in the future. I'd rather pay taxes now than be stuck paying taxes on my retirement income when I'm 59 and living off my savings.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as an individual investment account or employing the services of a retirement planner/financial Advisor.
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
If you’re married filing jointly and you have a taxable income of $94,300, can’t you take into account the standard deduction of $29,200 before you jump from the 12% to the 22% bracket? Therefore, couldn’t I convert about $29,000 and be at 12%?
Thanks for sharing such valuable information! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Frequent changes in the tax code are making it challenging to maintain my long-term investment strategies. Are there ways to structure my portfolio to be more resilient to potential tax adjustments?
Hey Dustin, loved the info on this one. In regards to th two tear Medicare look back. If I plan to retire at 67 and I'm doing ok at 65 can I max out plus the catch up to lower my taxable income?
Yes, but it sucks to be in the median and people who watch videos about maximizing wealth I'd guess are much less likely to have accounts at the median.
Bring Stephanie Janis Stiefel on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stephanie Janis Stiefel, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
Well her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
The thing is people often doubt the prospects of financial advisors like Stephanie Janis Stiefel in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
What i don't understand is, if my portfolio it's at all time highs why not take some profits of the amount I'm converting instead of giving back my gains to wall stree by rolling over devalue shares ? I could wait for a market correction and then buy at a lower price regardless i was going to wait for a pull back anyways right? Can someone correct me if I'm wrong please 🙏
It depends on the various goals aside from the conversion. If you want to take profits and diversify or whatever, then you'd do your conversion to try to accomplish these goals. I have the same asset in my pre-tax and Roth account, because I converted all 401k-Roth to my Roth-IRA at 59.5 years of age. So my goal is to get as many shares into the Roth bucket without paying exorbitant taxes (not necessarily get the lowest possible tax rate). So I do in-kind conversions from one account to the other. If the stock I'm going to in-kind transfer takes a dip, I'm going to click my mouse and convert more shares than if it doesn't or rises, thus transferring more shares into my Roth (because the price dipped). Sometimes I get lucky, and sometimes I don't. There may not be a dip in a given year, or I may think there won't be and some macro event drops the stock a week after the conversion. But I'll do a transaction every year regardless, it is just a question of how many shares.
@@CocinandoFinanzas This sort of thing isn't talked about enough. Many people assume that everyone has the same goals in Roth conversions. They don't. There are many considerations. Some people wish to de-risk when doing conversions, and others do not. Size of portfolio, risk tolerance (it still matters in retirement), and how one views the prospects for one's investments all are huge factors. There have been years when I've done a conversion when my stock dipped hard, and I pulled the conversion trigger and the rebound in later months paid for the taxes of the conversion even in the same year. That is the minority and luck, but I'll take it. But if the deal looks cheap in 5 years looking back that's still a win. Part of the reason I don't insist on the lowest tax brackets to justify conversions is how I see the prospects of what I own. People calculating taxes often insist on justifying it under the most negative scenarios, many of which will not occur. You don't have to be a starry eyed idealist to realize that. In any case, Roth conversions are just one variable in a much larger picture, and many fail to realize that.
I am not sending the government 10 cents before I need to. The only thing less appealing to me would be paying a financial advisor 1 cent which is also not happening
She probably will try to tax Roth accounts anyway. I believe that if too much wealth winds up in tax free accounts, people like Kammy will take it regardless.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
I converted my 401k to a Roth IRA to avoid higher taxes in the future. I'd rather pay taxes now than be stuck paying taxes on my retirement income when I'm 59 and living off my savings.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement.
Both have their perks but you can also save for retirement outside of a retirement plan, such as an individual investment account or employing the services of a retirement planner/financial Advisor.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds.
If you’re married filing jointly and you have a taxable income of $94,300, can’t you take into account the standard deduction of $29,200 before you jump from the 12% to the 22% bracket? Therefore, couldn’t I convert about $29,000 and be at 12%?
Yes it's income before deductions
Thank you Dustin always learning thanks to these videos
I’m leaning toward getting the tax break now while it’s at about 35% than when I’m retired and hopefully paying 20%
Thanks for sharing such valuable information! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). Could you explain how to move them to Binance?
Frequent changes in the tax code are making it challenging to maintain my long-term investment strategies. Are there ways to structure my portfolio to be more resilient to potential tax adjustments?
Hey Dustin, loved the info on this one. In regards to th two tear Medicare look back. If I plan to retire at 67 and I'm doing ok at 65 can I max out plus the catch up to lower my taxable income?
The account holder with a median account balance drawing the median social security amount will not have to worry about having to pay much tax.
Yes, but it sucks to be in the median and people who watch videos about maximizing wealth I'd guess are much less likely to have accounts at the median.
Battle Hill, never heard of it
Bring Stephanie Janis Stiefel on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stephanie Janis Stiefel, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
Well her name is 'STEPHANIE JANIS STIEFEL'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Been debt free for two years thanks to Stephanie Janis Stiefel. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
The thing is people often doubt the prospects of financial advisors like Stephanie Janis Stiefel in business/markets today.
Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
I can’t find anything on youtube about her. Does she really help people with $120,000? She seems to be a big shot NY adviser. Thanks.
What i don't understand is, if my portfolio it's at all time highs why not take some profits of the amount I'm converting instead of giving back my gains to wall stree by rolling over devalue shares ? I could wait for a market correction and then buy at a lower price regardless i was going to wait for a pull back anyways right? Can someone correct me if I'm wrong please 🙏
It depends on the various goals aside from the conversion. If you want to take profits and diversify or whatever, then you'd do your conversion to try to accomplish these goals. I have the same asset in my pre-tax and Roth account, because I converted all 401k-Roth to my Roth-IRA at 59.5 years of age. So my goal is to get as many shares into the Roth bucket without paying exorbitant taxes (not necessarily get the lowest possible tax rate). So I do in-kind conversions from one account to the other. If the stock I'm going to in-kind transfer takes a dip, I'm going to click my mouse and convert more shares than if it doesn't or rises, thus transferring more shares into my Roth (because the price dipped). Sometimes I get lucky, and sometimes I don't. There may not be a dip in a given year, or I may think there won't be and some macro event drops the stock a week after the conversion. But I'll do a transaction every year regardless, it is just a question of how many shares.
@5metoo thank you i understand now..
@@CocinandoFinanzas This sort of thing isn't talked about enough. Many people assume that everyone has the same goals in Roth conversions. They don't. There are many considerations. Some people wish to de-risk when doing conversions, and others do not. Size of portfolio, risk tolerance (it still matters in retirement), and how one views the prospects for one's investments all are huge factors. There have been years when I've done a conversion when my stock dipped hard, and I pulled the conversion trigger and the rebound in later months paid for the taxes of the conversion even in the same year. That is the minority and luck, but I'll take it. But if the deal looks cheap in 5 years looking back that's still a win. Part of the reason I don't insist on the lowest tax brackets to justify conversions is how I see the prospects of what I own. People calculating taxes often insist on justifying it under the most negative scenarios, many of which will not occur. You don't have to be a starry eyed idealist to realize that. In any case, Roth conversions are just one variable in a much larger picture, and many fail to realize that.
70-450 dollars depending on age.
I am not sending the government 10 cents before I need to. The only thing less appealing to me would be paying a financial advisor 1 cent which is also not happening
Are Pyrrhic victories victories?
Then why are you watching this post?
I can help you with any Bourbon or American Whiskey guidance you may need 😉
After Kammy is installed, and starts taxing unrealized gains, a mass running to Roth I'm guessing
She probably will try to tax Roth accounts anyway. I believe that if too much wealth winds up in tax free accounts, people like Kammy will take it regardless.
if