Married Couple in their 40s gets HUGE boost in retirement plan

[@TravisSickle]

0:00 Intro 0:36 Base Facts of Retirement Plan 1:39 Empower Average 401k Balance by Age 3:30 Fidelity Average Retirement Balance 4:35 Vanguard Average Retirement Balance 8:45 Fidelity 45% Rule 9:29 40-Year-old Financial Plan Walk-Through 13:08 Roth IRA Income and Contribution Limits 15:06 Social Security Maximization 17:27 When to contribute to your Roth IRA Vs. Traditional IRA 18:05 When to do a Roth Conversion

[@BCVideos01]

Such an awesome video

[@TravisSickle]

😎

[@changxinqiao3648]

Hello Travis, here is a question for Solo K. A S corporation, the owner issue himself W-2 for $22,500. How much can his business contribute to him? does it only based on the W-2 or there is somewhere on the K-1 can be used as compensation or net profit? thank you!

[@TravisSickle]

Only based on w2

[@fabpyolouslife4030]

Hi. If married filling jointly, is the max we can contribute for 401k for year 2024 only 24000? Or 24000 each totaling 48000?

[@Jasmine_moss]

Oh my! We are up a creek without a paddle. We make 105k/yr. My husband’s work doesn’t offer retirement choices, much less a matching contribution. I have been a stay home mom for 17 yrs and now run a small eBay shop. We are 40 yrs old. How in the world do we catch up?! I’m willing to get a full time job but I’m lost on that too. : ( Thank you for all your great content!

[@Jasmine_moss]

Forgot to say, we only have $1000 in a Roth IRA.

[@TravisSickle]

You can catch up! I just put out a video on the contribution limits for 2024. You can save into an IRA for both you and your spouse without earning income for yourself. You can also save money into a small business plan like a solo 401k or SEP IRA in addition to your IRA contributions.

[@eugeneeugene3093]

6% company match? 🧐

[@TravisSickle]

Yes, I'm going to do a video on company matches shortly.

[@christinab9133]

❤❤❤

[@BotheGhita]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@temmyolarewaju9371]

I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks...

[@BotheGhita]

@@temmyolarewaju9371 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..

[@temmyolarewaju9371]

@@BotheGhita Oh please I’d love that. Thanks!

[@BotheGhita]

*MARGARET MOLLI ALVEY*

[@BotheGhita]

Lookup with her name on the webpage.