Watch This BEFORE Opening An IRA...Trust Me 🤓

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@Jazzwealth 10 ай бұрын

Thanks for watching! I'm just throwing ideas out there to get you guys thinking.. but what'd you guys think?? Let me know below! 👇👇

@jaimehernandez2036 10 ай бұрын

As a 50 yr old appreciative of my brokerage account right now versus my nest egg IRAs. There are benefits to flexibility that don’t ever get explored

@Jazzwealth 10 ай бұрын

Exactly. Just different things that should at least be considered, even if it's a little out there. Thanks for watching!

@hownwen 10 ай бұрын

I've been teaching myself about tax loss harvesting. Future videos on how to's would be appreciated

@martinguldnerAutisticSwanGuru 10 ай бұрын

Example in a taxable brokerage account you have sold stocks with a capital gain of $25,000 and sold stocks in the same tax year with a $10,000 capital loss; your capital gain is $15,000. If like mentioned in the video you have more than $3000 in capital loss only in a year (regardless if single or married filing jointly) you carry forward $3000 in capital losses a year until gone.

@Jazzwealth 10 ай бұрын

You got it!

@gcburkett 10 ай бұрын

Its nice to not have all your money in only traditional IRAs, but I think the tax treatment was not clear. I would not recommend an after-tax IRA contribution unless you do the back-door Roth. Comparing Roth to Brokerage should win for Roth most of the time. Maybe a big drop like 2007-2009 would allow a massive tax loss harverst to offset the tax drag of a brokerage account over Roth but I don't think you can count on that. Still I would prefer having assets in both types of accounts.

@billyrayband 10 ай бұрын

He is putting 7K in an IRA-he pays no tax on that. He can't afford to put 7K in a brokerage because its taxed, he can only put 6K or so.

@Jazzwealth 10 ай бұрын

Technically because is expenses left him with a surplus at any year he could put The same amount in the brokerage account but I 100% understand what you're saying. Will continue to expand on this sample with more and more complex concerns

@mjs28s 10 ай бұрын

You have to look at it from a larger perspective. You also have to consider that retirement plans offer some liability protection as those assets are hard to get for someone coming after you if you are ever sued.

@Jazzwealth 10 ай бұрын

100% agree. Was just a fun experiment to see how the numbers add up. Might be fun to continue this topic while adding in more complex issues as his life progresses. Thanks!

@TimStout71 10 ай бұрын

Why wouldn't you talk about a Roth IRA? No taxes after 59 1/2 and passes tax free upon death. We all know that tax rates will not be lower, they never go lower.

@Jazzwealth 10 ай бұрын

Actually covering more of the Roth side on a video coming out tomorrow!

@ICantSpellDawg 10 ай бұрын

I have a hard time understanding how the losses are accumulated without actually losing - while avoiding a wash sale when purchasing similar assets in 401k or roth

@DeuceDeadly74 10 ай бұрын

I am struggling this one. In this experiment you are "replicating" the SP500 in order to get the same performance but also get tax loss harvesting? So basically "direct indexing"? That's not an easy or cheap feat. You would also have to commit to this since the moment you try to go back to an index, you would have to sell all your positions and have a substantial tax bill. We are also ignoring the benefit of an IRA. You would pay taxes right away and wouldn't be able to contribute as much yearly. By the way, I really do enjoy your content. I am re-evaluating my strategies all the time because of it I get a lot of value from it.

@rickyaz8640 10 ай бұрын

They’re not going to grow the same as his dividends are likely to be taxed in the brokerage

@andyw6996 10 ай бұрын

Yes, that's a HUGE difference that he's not addressing. Also selling losers in a portfolio? Hmmmm....

@Xinerius 10 ай бұрын

To be fair it’s an interesting idea since I will have both taxable pensions and consistent investments in brokerage, maybe I should do my own sp500 in brokerage for future capital loss carryovers. Man, it’s such a pain though…

@martinguldnerAutisticSwanGuru 10 ай бұрын

I am 48 years old in the 12% US federal tax bracket. About 15%of my net worth is in a Roth IRA/Roth 401k; this is because of years not investing before receiving an inheritance in 2020. Most of the taxable brokerage account I inherited in 2020 is in individual stocks; some have out preformed the S&P 500. Currently the taxable brokerage account has an unrealized capital loss of about $6800; enough to realize over 3 tax years. I want to prevent a Social Security Tax Torpedo!!!!

@vietbtran 10 ай бұрын

Thanks for sharing this video but the concept is still a bit vague for me. I know some things about tax loss harvesting but not exactly enough to follow all this. I think I understand what you’re getting at to a certain degree though! Have some other things to research.

@Jazzwealth 10 ай бұрын

Thanks for watching! We'll cover in more detail going forward!