Get Out of Your 401k Before It's Too Late!

#taxes #401k #retirementplanning
Do you have a 401k, 403b, 457 or other qualified accounts? Qualified with who? The government (Uncle Sam). Are you planning your retirement or the governments?
In this video I will explain why it may be a good idea to start converting your retirement to a TAX-FREE environment.
HIGHER TAXES AHEAD! The reality is there is only one direction for taxes to go. It is time to start learning the consequences of deferring taxes out to a later date.
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⚠ If everything you believed to be true about money and retirement turned out to not be true, when would you want to know?
There are so many myths and misconceptions around the subject and our goal is to provide you with the FACTS and teach you why it's more important to learn "how to invest" versus "what to invest in."
If I were to send you out to play in a pro golf tournament tomorrow... would you want your favorite golfers clubs or their swing? You see most people out there are selling "clubs" or an investment product without fully educating you on the "swing" of how money works. If you know anything about golf, the SWING is what makes the golfer.
If you believe like most financially educated people that taxes will be higher in the future, what is your plan?
There are only 3 ways to grow your money:
🌱 TAXABLE
🌱 TAX-DEFERRED
🌱 TAX-FREE
Are you going to be reactive or proactive? It really is your choice.
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👇 Use the links below to connect with us further and to get more education or to set up a 1 on 1 no-cost, no-obligation appointment with James where he can review your current plan and give you more clairty, balance and focus going forward.
💻 www.yoursafemoneypeople.com
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[@yoursafemoneypeople]

Do you agree with me? Are you contributing to a 401k with no match? Let me know your thoughts below 👇

[@donaldwatson51]

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 weren't to blame for.it's especially difficult for people who are retired.

[@andrewlogan7737]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@danieljackson87]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.

[@mikeharry96]

@@danieljackson87 I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?

[@danieljackson87]

@@mikeharry96 Her name is Sharon Ann Meny can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@dolanjordan]

@@danieljackson87 Thank you very much. I just checked her out and wrote her an email. I'm hoping she responds soon. I've been thinking about doing this for a long time, and I've already procrastinated enough.

[@ericgilliland6140]

I got a new job that offers the Roth 401k with 5% match and im 100% vested day 1.

[@yoursafemoneypeople]

Roth is a great option!!

[@xenialiuart]

Great video. Thank you for sharing.

[@yoursafemoneypeople]

Thanks for watching! What resonated most with you?

[@jasonwise078]

What about just doing conversions of up to a little bit lower tax bracket ea year. That should solve it right?

[@yoursafemoneypeople]

Hard to explain over comments, but I’m happy to chat anytime about your situation: calendly.com/jjsafemoney/appointment

[@emerald640]

I saw this coming and years ago went to my accountant to question this \. She reassured me that all I needed to do is keep filling up that IRA bucket. I started increasing savings into stocks and capturing capitol tax rate gains instead of full earnings rates on withdrawal.

[@yoursafemoneypeople]

Accountants shouldn’t give financial advice their job is to work in reverse. The best tax planning is done ahead of time. It may be worth a 2nd opinion. Feel free to reach out anytime for a no obligation chat - calendly.com/jjsafemoney/appointment

[@keithmachado-pp6fv]

Good points. I agree if you did the same thing in a brokerage account as your 401k you could pay lower long term capital gain rates or defer taxes indefinitely and your heirs will get a step up in basis. However, the 401k match is free money that is only available if you contribute to a 401k and is a better return than anything else you can invest in.

[@yoursafemoneypeople]

Yes, you’re on the right track! Many people don’t understand this. And the fact that deferring taxes you are actually deferring the calculation of the taxes out to a point where they will likely be higher and the government controls the dial. Thanks for watching. Happy to chat anytime: calendly.com/jjsafemoney/appointment

[@financiallydisciplined]

Interesting point. If there is a match it’s a different story, but if no match then certainly don’t defer taxes only to pay higher rates!!

[@yoursafemoneypeople]

Taxes only have 1 direction to go in the future. Most people will also be in the same or higher tax bracket - they just don’t realize it

[@marktapley7571]

You need to stuff as much money into tax free and deferred tax plans as possible wether the employer contributes (most don’t) or not. No one has a crystal ball but to not take advantage of these plans just because taxes may increase is stupid. Money invested will probably compound over time as it always has. One thing is almost certain. If you fail to save and invest you will have a very austere future trying to live a decent lifestyle on just Social Security,

[@financiallydisciplined]

I think his point is not to avoid it. Its to understand that tax free options for most people are probably what you should be maximizing first. I agree with that. I max my Roth and other tax free options @@marktapley7571

[@yoursafemoneypeople]

@@marktapley7571 Indeed you do need stuff away as much money as possible. How - remains open for debate. Most likely you should be using the tax free aspect of the the ERISA plan if available. Don't forget the government is your partner in your ERISA Plan and IRA's/ Roth's. Whether you max these out or not, there are other ways. Once you have maxed out your ERISA plans, now what? want to know more reach out

[@ferretshadowprod]

I was given over 25k into my 401k by my bosses randomly just sitting there. I can't take it without leaving my job. If I leave my job I lose alot of it to taxes. Decided since it wasn't my MOney to take out half by a loan to boost my stock portfolio separate. Pay back in 5 years owe to no one but myself still grows and not risking losing it all to taxes later. My money is still working for me just somewhere I have more control and plan on doing it again in 5 years and wasn't taxed

[@yoursafemoneypeople]

You might ask about a in service distribution then lets talk before you do anything.

[@swjackson917]

When I retire I will not need the large amount of income that I need now because I will have my mortgage paid off by then. I will be in a lower tax bracket because I will need less income to live.

[@yoursafemoneypeople]

I can’t speak for your situation without knowing your numbers but what I can say is that many people are mistaken about which tax bracket they will end up in retirement and have simply never done the math to find out!

[@swjackson917]

@@yoursafemoneypeople I’ll have control over my tax bracket because I will decide how much I’ll need to pull from my 401k ever month when I retire.

[@gabec1087]

This mean Roth IRA all the way?

[@yoursafemoneypeople]

If you believe taxes will be higher in the future why would defer them and not get them out of the way now and grow tax free? There is a reason there are contribution limitations for Roth - must be a good thing that the government doesn’t want you to have too much of 🤔

[@yoursafemoneypeople]

Roth is just a start. Once you capitalize on Roth then you start moving other funds to tax free. Want to learn more reach out.

[@jackgregory7997]

*Promo sm*

[@yoursafemoneypeople]

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