But do you have to have ALL receipts for the upgrades for over 25 years?

horse CRAP 💩 ....withdrawl at 62-65..... US GOVT is criminal to tax what they do.....playing with our money thats not there's.

I struggle with this. Right now we're probably 60/40 Roth vs Traditional. Our income is above $350k and I know we will retire early and it's going to be significantly smaller for a numbee of years. Unless I'm dead, I'm certain I'll have about 10+ years to Roth convert all traditional dollars at a micn lower tax bracket. We shall see how it all plays out. Haha

I am maxing out ROTH and Traditional. One is a 457 and the other is a 403B

I maxed out my Roth 401k and Roth IRA for this year. I plan on maxing them out in 2025 also. ROTH 4 Life. Lol.😂😂😂🎉🎉🎉 Tax Free Millionaire in the making. 💰💰💰💰💰💰💰💰💰💰

I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k

I’m getting 4 1/2% interest rate through Michigan school and government and Christian financial credit union

I studied both between WL dividends compound vs ROTH IRA. I prefer ROTH IRA because one can live off the dividends tax-free if you reach 59 1/2 yrs old. WL require loans in order to prevent taxes, its nonsense. Thanks for your video ❤

I spoke with several Financial Advisors before making a final decision. The common theme was rolling all my accounts under their umbrella to manage. When meeting with one advisor suggested I may want to leave my 401k account in place and take advantage of an annual lump sum distribution penalty free before 591/2 but retiring after 55. That was when I knew he was listening to me and considering my particular situation. I have managed our Financial decisions before and after retirement with specific goals and feel comfortable doing so. My wife would rather go to the dentist than a financial meeting with our advisor. My TRUSTED ADVISOR is there for my wife if something happened to me. I need to know she has that resource available to protect her financial interests and a comfortable relationship to utilize it.

Some say it could rally, while others predict a significant drop. With inflation and geopolitical tensions still hanging over us, I don’t know whether to stay in the market or pull back.

The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back on.

I love your channel and have learned so much. I retired early. I have a lot real estate and I am looking for a CFP that specializes in real estate. Can you do a short video on that?

Hope to see info on Social Security Fairness Act that is going to the President's Desk.

Why doesn't he talk about the lifetime limit? It changes everything about gifts. Simply file IRS form 709. No tax paid. IRS just keeps track of anything over each yearly limit and it gets added up when you die. Most people don't die with +13 million goin to one person.

Tariffs. It's works pretty good and we the people don't get a say other not buy the products.

I am 40, and have been saving for retirement. I should be able to retire at 53 due to pensions.

I remember when a first class postage stamp went from 3¢ to 4¢. Postcards were a penny less.

So 31k for catch up 401k?

I hate tax talk.

you have beautiful lips

Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.

That is the best explanation of these crazy rules that I've ever heard. Thank you.

I used several online tax estimator calculators because of my situation this year. I used the same figures on each, A P/T job income and taxes, a roth conversion amount, quarterly payments on the roth, interest and dividend incomes, just basics. I got all different answers from a $1600 refund to over a $5K bill. Hard to plan with no accurate numbers.

The money you get early adds up you would have to live to 80 before the reduced checks started losing you money. 75% of us won't live that long.

Loving the Roth 457 my work has. The moment it was allowed, I switched 100% of my contributions to the Roth.

Taxed from birth through death, gotta love America.....

My wife just opened a roth IRA today at age 67. I’m 52 and can’t contribute to roth because I made too much money. I did start a traditional that I plan to backdoor before the age of 54 so I get my 5 years in before the age of 59. We are filing separate so she can start her Roth. Also we plan for her to start converting her 401k to Roth if the plan allows as she is still working and collecting Social security. She plans to convert to the top of 24% tax bracket for the next few years to get the 401k down to where the RMD’s will be about $30k or just under the IRMA limit including social security. She would like to live off the 401k distributions and social security and leave the Roth to grow. Question-If any money was taken from the Roth to supplement the 401k and SS, would that be considered as income that would affect IRMA? It’s doesn’t really matter now as she still has insurance cause she works but this might be after she retires 100%. Thanks. Love the videos and education. Wish they taught this stuff in school when I was younger

I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k

No mention of an income limit for Roth.. i was going to open a Roth IRA to start the first 5year rule but I make too much money to be able to open a Roth. I have ROTH 401 and traditional 401K but wanted to start a Roth IRA to get my 5 years in.. i will likely start converting at some point to Roth IRA as I dont think I can convert to Roth $01 from traditional

I made all my adjustments by the beginning of December.

So its more than likely part of the corruption that to save the SS scheme they will just make it to where you cant retire till you're dead

Mike, what about a plan of drawing SS at age 70 ( to get the 24% growth thru the DRCs, but cont to work, & taking the SS $ & putting apprix half of it into a Roth & other half into bank savings to build it up..& doing this once at age 70 n cont doing this until 75, the age for me at which ill be reqd to start taking min RMDs? Would this work? I wouldnt have a pension.

For anyone over 65, the Roth IRA is not worth it. You can't touch it until after 70

If you bought an overpriced house during COVID you don’t have to worry about having any gains.

Just like with roe v wade the Republicans lied to the American people and they are going to get rid of social security and Medicare. F-ing liars.

Raise the cap It's just that simple

Are capital gains on a sold property held 5 years counted as income and will those gains push u to a higher tax bracket? I thought Federal long term was 15% and then your state taxes. (California)

I'm jeanfils lamour

ok, so i make 130k base salary. i get a 25k end of year bonus. but the bonus is 5k some years. it changes from year to year. what now?! i'm 53, maxing my catchup contribution. but i dont know if i can do pretax or post tax until the end of the year. and by then its too late!!!

If you had taken the stretch option 24 yrs ago inheriting trad ira ...parent to child...does this new rule apply? Parent was not taking distributions at time of death.

Winner here.yes thank you thank you thank you

Great info

Am I the only one that has a problem with someone that has a large amount of assets getting a tax credit for the Affordable Care Act? When HUD Housing calculates your monthly rent, they look at your income and your assets.

If you do NOT have earned income(retired), will it still be beneficial to purchase the more expensive HSA plan and contribute after tax dollars?

You are awesome! I love watching your videos, very informative.

Contributions to 401K or IRA reduce taxable income - not MAGI. MAGI is an above the line calculation.

The title of your video assumes same tax bracket in the future but all your reasons are predicated to tax rates rising for you. Terrible video. No wonder you have hardly any views.

if i sell $40k in losses, do I need to sell $40k in gains to offset the losses?

Compared to the S&P 500, the returns on my 401(k) target retirement fund were subpar. Although I regret not switching to the S&P 500 sooner, I did so. Which $200k investment options offer the best chances of consistent cash flow?

Not sure I am seeing some benefit for most people. It sounds like we are being allowed to save more. Not too sure the percentage of people doing it now. We can save now in other investments for long term gains.