Wow, I learned a ton in this video. The whole IRMAA piece was new to me. Sometimes I wonder how average people are expected to know all of this stuff. There are surely lots of bad decisions being made simply because people are unaware of all of the rules and regulations. Or maybe they do and it’s just me! Lol. Either way, thanks for your steady stream of wonderful content. You’re making a real difference.
I totally agree with you Anthony. How does the SSA expect the average person to know all these rules. The rules are not advertised as PSAs or taught in high schools or the workplace. Really sad😭
ROOT FINANCIAL PARTNERS: Can you do a video for folks in their 20's and 30's? I send videos to young family members, but they just see it as something to be interested in when they are my age. But, I tell them, they need to know WHAT TO DO RIGHT NOW. They need to invest 15% in their company's 401K (403B, TSP) and /or Roth IRA. So many new employees just invest enough to get the match, when they could be investing 15% and not even think about it as that money grows for 30 years. Set it and forget it. Time is everything with compound interest.
Thanks for the advice, you gave me a lot to think about. I'm retiring at 62 regardless, but you reinforced my idea that getting by on my 401k, IRA, and pension until applying for SS at a later date.
Can you do an example of your charges on typical portfolios? No point in keeping my money from the IRS and giving all of that 2 you. Can you demo your value added?
Great video. With regard to maximizing SS, does that mean delaying until age 70? Intuitively that is what seems to make sense but you don’t specify that is the strategy. I guess you can make the argument that claiming early could be maximizing SS depending on your life expectancy but that would not maximize the COLA.
So essentially if you had a brokerage (bridge account) that was your only income and kept it under $83,000 you would pay 0% in taxes if married filing jointly?
Hi, I’m in CA, looking at retiring by January 2022. However, I would like to take my 401 out to buy a house in TX. How would that affect me in CA a far as income tax and would I be able to claim it in TX? I appreciate your feedback. Thank you!
Great Video! I live in California and acquired my 40 credits from paying into SS. Also, I will get a 28 years/ CalPERS retirement from the STATE. And a military pension I was told my SS will be reduce by 1/2 because I fall under the Winn Fall. What do u suggest I do when I start receiving my Pension and withdrawing from my 457 account. ? Do u suggest the 4% rule. I’m single no children. I would like $ 80,000 a year in retirement. Is that too much ?
Hi James, where are you located in CA? I’m really liking your videoed. I’m looking for a fee only financial who can help me with tax planning/strategies. I already have a financial planner but she doesn’t do tax planning.
My office is in Solana Beach, but we serve clients all over the country. Here's a link to our calendar if you'd like to chat: calendly.com/rootfinancialpartners/initialcall
No company will ever grow permanently. Even the greatest companies become 0. On the other hand, your dividends remains with you irrespective of what happens to underlying stocks
Yeah right. That is why the treasury got oído more taxes than ever before. It was the hypocrite DemonRats who set that up!!! Remember, it a Congress dominated by DemonRats!!!! Dahhhhhhhhhhh
if my IRA made more profit on my contribution then my Social Security which is a loss anyway, Social Security gives you less than what you invested in it for the most part, why would $1K of Social Security more attractive than $1K IRA?
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Wow, I learned a ton in this video. The whole IRMAA piece was new to me. Sometimes I wonder how average people are expected to know all of this stuff. There are surely lots of bad decisions being made simply because people are unaware of all of the rules and regulations. Or maybe they do and it’s just me! Lol. Either way, thanks for your steady stream of wonderful content. You’re making a real difference.
Thanks Anthony!
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M. V Dr Dad No.
I totally agree with you Anthony. How does the SSA expect the average person to know all these rules. The rules are not advertised as PSAs or taught in high schools or the workplace. Really sad😭
Your comment really struck a chord, because as I was watching this great video I was thinking “I wish they taught me stuff like this in high school” !
ROOT FINANCIAL PARTNERS: Can you do a video for folks in their 20's and 30's? I send videos to young family members, but they just see it as something to be interested in when they are my age. But, I tell them, they need to know WHAT TO DO RIGHT NOW. They need to invest 15% in their company's 401K (403B, TSP) and /or Roth IRA. So many new employees just invest enough to get the match, when they could be investing 15% and not even think about it as that money grows for 30 years. Set it and forget it. Time is everything with compound interest.
Thank you James! I learned alot from watching this video. I have to always remind myself, "Its not all about the dividend payments"
Glad it was helpful!
Great content! I have to revise my asset Location ASAP! I knew about IRMA but I didn’t know about two year back rule :( So frustrating!
Thanks for the advice, you gave me a lot to think about. I'm retiring at 62 regardless, but you reinforced my idea that getting by on my 401k, IRA, and pension until applying for SS at a later date.
You’re welcome
Can you do an example of your charges on typical portfolios? No point in keeping my money from the IRS and giving all of that 2 you. Can you demo your value added?
Great video. With regard to maximizing SS, does that mean delaying until age 70? Intuitively that is what seems to make sense but you don’t specify that is the strategy. I guess you can make the argument that claiming early could be maximizing SS depending on your life expectancy but that would not maximize the COLA.
Why was Roth IRA and IRA grouped in the same category as tax inefficient? Since there is no tax on Roth IRA upon distribution at retirement.
Thank you for the video!
You’re welcome!
I might add QCD & or DAF for lowering taxes which are simple techniques if one is charitably inclined
Good point. Both excellent techniques.
Excellent
So essentially if you had a brokerage (bridge account) that was your only income and kept it under $83,000 you would pay 0% in taxes if married filing jointly?
Hi, I’m in CA, looking at retiring by January 2022. However, I would like to take my 401 out to buy a house in TX. How would that affect me in CA a far as income tax and would I be able to claim it in TX? I appreciate your feedback. Thank you!
Great Video! I live in California and acquired my 40 credits from paying into SS. Also, I will get a 28 years/ CalPERS retirement from the STATE. And a military pension
I was told my SS will be reduce by 1/2 because I fall under the Winn Fall. What do u suggest I do when I start receiving my Pension and withdrawing from my 457 account. ? Do u suggest the 4% rule. I’m single no children. I would like
$ 80,000 a year in retirement. Is that too much ?
Hi James, where are you located in CA? I’m really liking your videoed. I’m looking for a fee only financial who can help me with tax planning/strategies. I already have a financial planner but she doesn’t do tax planning.
My office is in Solana Beach, but we serve clients all over the country. Here's a link to our calendar if you'd like to chat: calendly.com/rootfinancialpartners/initialcall
No company will ever grow permanently.
Even the greatest companies become 0. On the other hand, your dividends remains with you irrespective of what happens to underlying stocks
Social Security wasn't taxed until the 1980s, when Reagan used it to pay for his tax cut for the rich.
Yeah right. That is why the treasury got oído more taxes than ever before. It was the hypocrite DemonRats who set that up!!! Remember, it a Congress dominated by DemonRats!!!! Dahhhhhhhhhhh
if my IRA made more profit on my contribution then my Social Security which is a loss anyway, Social Security gives you less than what you invested in it for the most part, why would $1K of Social Security more attractive than $1K IRA?
This is crazy, so only rich people can minimize their taxes and the rest of us is supporting Uncle Sam. Not fair.