Style Switcher

Predefined Colors

Pick the right plan: Financial advisor explains retirement savings accounts | Part 2

Alright, we're back with Scott Braddock from Scott Braddock financial talking about retirement planning. Let's go over what the Roth IRA does. Alright, so the Roth is unique in and of itself, so the big difference here is we're going to pay taxes on the money going into the roof, but then that roof is going to grow tax free.

You can take from it tax free and you can pass it on to your heirs tax free. And there's also no requirement of distribution at 72, so those are huge advantages. The way that I describe it to folks is you'll pay taxes on the seed as the money goes in, but you're not required to pay taxes on the harvest as that money grows and you use it in retirement. And that can kind of help you out when you're making less money because you're retired and things of that nature so you don't get hit with extra taxes. Is there a limit on how much you can put into the Roth IRA like the regular IRA? Well, there is now here. It's it depends upon your your earned income and if you're a single person and you're in more than $144,000 then then you're not allowed to contribute to the Roth and then for married couples $214,000 or more and you're not allowed to contribute to that role. But here's the tip, there is a such thing as a backdoor Roth IRA and this is where you earn too much money, so you can't contribute to the raw.

You go ahead and you contribute to an IRA and then later. You can you start to convert that IRA money over to a Roth OK, Alright, so let's talk about these questions that people are putting in. I'm turning 72 this year. Do I have to withdraw from my 401K or can I let it keep compounding? Ohh great question. So yes and no. If you're still working for your employer that offers that that exact 401K, you do not have to start taking out mandatory distributions.

However, if you have a 401K from another employer, you do have to start taking from that 401K. And of course if you're not working you do also have to start taking from that 401K at 72. OK, this next question is can he explain the different types of annuities? OK, sure, so let's just talk about the we have the traditional type of annuity, which is a straight fixed annuity very similar to a CD at the bank. It's going to guarantee you a certain interest rate and then the next one would be a variable annuity. A variable annuity is different because this one is the security product. You can invest this in what usually looks like mutual funds and then next is going to be the fixed indexed annuity. The fixed index annuity is like the fix where there's going to be guarantees.

And protection there's going to be a flooring very unlike the variable annuity. It also will offer some minimum guarantees, but it allows you to participate in the stock market up to what are known as caps. There's a limit to how much you can actually earn there, and then the last type of annuity is what we would call a single premium immediate annuity. This is where you take a chunk of money. You put it in the immediate annuity and it starts to pay you an income right away. OK, so let me ask you this.

So when you like, put into your 401K, your IRA, are you putting in and buying a new? Please. No, you're not OK now that the the over view here is that most of your money's going to be invested in stock market. If you have a 401K through your employer now, you can find annuities within those four. One case that you can contribute to as well when we're talking specifically about the 401K when it comes to eye raising rolls, those could be stocks, bonds, mutual funds. They could be fixed or variable annuities. They also could be certain types of insurance products as well, right? This person's asking what can you do if your employer does not offer 401K's and you want to lower your AGI and save for retirement. Well, absolutely here what we're going to do is look at the IRA.

That's going to be the way that you're going to be able to put some money away. Take a tax deduction, and allow that money to grow tax deferred. Now, if you're self employed, that's a little different. You can take advantage of what's known as a a set, a self-employed plan, and here you can actually put in quite a bit of money as well, just like the 401K and this next question is, at what age should you back out of the market for something more stable? Well, you know again, everybody's financial situation and their overall risk tolerance and their wishes and goals, desires and retirement are gonna be unique and different.

This is where you want to sit down with a financial professional that'll take you through a good process to figure out what's going to be right for you. It's different for everyone. However, I will say that as folks get closer to retirement, they tend to taper off the risk. They start focusing more on protection versus just growth. You know, there's two I two different phases of life, the accumulation phase, and then that distribution phase. And as you get closer to that. That's where we want to start looking at protection. Alright, we got about one minute left. This person says my company was sold. Should I move my 401K to the new company or to a Roth? Hmm, well it it really depends.

I again you wanna in this case, since we're looking at the wrath and that's gonna be a taxable event, because if your 401K is a traditional 401K in order to convert that to raise money, you gonna pay taxes. So you want to meet with the CPA on on on that one. But it depends. That's the right answer. You know really need to take a look at the options of the new employers 401K. Will they allow you to roll your old 401K into their plan? That's another good question all right now if you missed any of this or you want to get in touch with Scott.

Ask him some of these questions. You can do that by going to our website. You'll find all of this information in the two wants to know section..

As found on YouTube

Retirement Community Arizona

Read More

This is how much you need for retirement to live the life ‘you’re hoping for’ #shorts

it isn't a dollar amount that can seem daunting the last thing you want to do is put out a dollar amount that's going to be discouraging you want to put out guidance at least Fidelity wants to put out guidance that's going to encourage people to save for retirement so the fact that this is based on variables that people understand and the fact that it's not based on dollars we feel that that's why it's much more easy for a lot of retirement Savers to grasp and hopefully will be a good guy for people as they save and and approach their retirement age there's two things that we really encourage people to do when it comes to retirement savings take a long-term approach saving for retirement is a marathon not a Sprint and try to have a plan in place

As found on YouTube

Retirement Community Arizona

Read More

A Jaw Dropping Court Decision Just Changed Nancy Pelosi’s Retirement Plans

Nancy Pelosi and the Democrats were heading into 2020 facing an uncertain future. It figured to be a watershed election that altered the face of the Democrat Party for good. But then a jaw dropping court decision changed Nancy Pelosi’s retirement plans. Democrats won the House in 2018 thanks to supercharged liberal turnout and a depressed GOP base. With Donald Trump at the top of the ticket in 2020, that dynamic would no longer exist and Republicans see a real chance to win back the majority in the House of Representatives. Pelosi and her allies are gritting their teeth in the face of a more difficult political environment. And some experts believe if Republicans oust Pelosi as Speaker in 2020, she may retire from Congress altogether. However, the left isn’t planning on staging a fair fight. Liberal activists see they may not be able to win with the current electoral playing field, so they are trying to rig the election. Democratic groups around the country are filing suit in red states to have their Congressional district maps thrown out on the grounds that they are unfairly “gerrymandered” to benefit Republicans.

The left’s latest victory on this front came in Ohio where a three-judge panel in Cincinnati unanimously tossed out the state’s Congressional map and ordered a new one drawn before 2020. “We join the other federal courts that have held partisan gerrymandering unconstitutional and developed substantially similar standards for adjudicating such claims,” the judges wrote. “We are convinced by the evidence that this partisan gerrymander was intentional and effective and that no legitimate justification accounts for its extremity.” “Performing our analysis district by district, we conclude that the 2012 map dilutes the votes of Democratic voters by packing and cracking them into districts that are so skewed toward one party that the electoral outcome is predetermined,” the ruling held. Democrats secured a similar win in Michigan where judges threw out the map Republicans had drawn after the 2010 census.

And the left needs all the help they can get in Ohio. Ohio – which was once the ultimate swing state that decided Presidential elections – is trending steadily toward the Republican Party. Since 2006, Sherrod Brown is the only Democrat to win a statewide election. And Republicans hold 12 of the state’s 16 Congressional seats. A new map in the Democrats favor would give them a chance to steal a seat or two. Despite what the fake news media writes about Donald Trump’s approval numbers, 2020 figures to be a difficult election for the Democrats. A recent CNN poll found Donald Trump with a record level of approval on the economy. President Trump is a better than even money favorite to win re-election. If Trump wins re-election, he could carry House Republicans over the finish line and back into the majority.

That’s why the Democrats are pushing judges to rig the 2020 election by redrawing maps that keep them in power. .

As found on Youtube

Read More

Plan For Retirement The Right Way with These Tips (FCL Apr. 17)

well planning for your life is always personal and a lot of times you want to be in full control but could you benefit getting out of your own way when it comes to financial retirement plan well Adam wolf Jacksonville’s retirement coach is here to explain how that works and Adam is one of the area’s leading certified financial planners his firm Wolf’s retirement navigation helps people plan for a successful retirement good to see you again brother great see Curtis all right how often do you do you run into a client who comes in and tries to tell you how to do your job yeah it’s about it’s about 50/50 and it’s it’s amazing because if we look at it and I try to do what you do it’s it’s almost next to impossible I mean my mother was a middle school teacher she also ran daycare centers I could never do that you know being around mourning and my daughter is too many kids so everybody has their idea of what they want retirement to look like they just need somebody to help them along the way and design that perfect retirement for them and that’s that’s what you do and I’m sure you get a lot of people saying they heard something on this TV show in this TV show and I think this is but it takes somebody like you who studies the entire thing to give them the best advice but what would you have an example of somebody who finally after you talked to him they saw the light and they were like here’s the keys to my portfolio go ahead yeah the best the best ones are there’s a perfect example one where the couple came in and they thought they both had to work another two years and so we took a look at what they had saved in their IRAs in their 401ks the gentleman had a pension and they both had Social Security we were able to design that plan to get her retired like within a month with him within a year and so let me tell you they’d like naming their pets after me now cuz they love you so much but it’s it gets to that point where that’s that’s why I do what I do because I do it every day and I’m there to help people meet their needs and get to that retirement that they truly dreamed of and I think that’s what the important part there is knowledge knowledge is power as they say we all learned that from school school of schools School House Rock but what what why is it so important for people to be not eligible about their retirement yeah so a lot of times you know they design it themselves or they’re working with somebody else who’s just may be focused on investments during their working years and as we get closer to retirement we have to take into account the investments the risk that goes into the taxes they the you know do we do we want to have enough that we’re gonna live and leave to our next generation and we want to take care of the spouses there’s so many nuances to retirement planning and that’s why we we focus on retirement planning and so doing that every day day in and day out is going to help our clients going forward and we hold education seminars we have workshops as well it’s all about the latest and greatest strategies new information new tax laws to better your overall life and retirement well for those people out there who are gonna come and see you obviously after seeing this so that they don’t come again let him do his job but so that so that they come fully prepared what are the type of things they should they should gather before coming to see you yeah we take we make the process very relaxing unlike a lot of financial services shops we have a great you know introductory meeting you bring what you’re comfortable with we have a list of items to gather as well to have an inventory of what you have but that really that first meeting is just you know what are your goals what are you trying to accomplish you know what have you you know you saved over the course of your retire of your working years to get you to in through retirement and because we only focus on retirement it allows us to key in on those issues that they really need to focus on to get them the best retirement possible good stuff all right man is good to see you again good see you if you’d like to learn more Adam has a great offer folks listen up for the first five callers with a portfolio of two hundred and fifty thousand dollars or greater he’s offering a complimentary full blown retirement plan just for you all you gotta do is call right now and that number is on your screen nine zero four two three two eight seven six zero again nine zero four two three – eight seven six zero that’s an incredible offer and you can

As found on Youtube

Read More

Plan For Retirement The Right Way with These Tips

well planning for your life is always personal and a lot of times you want to be in full control but could you benefit getting out of your own way when it comes to financial retirement plan well Adam wolf Jacksonville’s retirement coach is here to explain how that works and Adam is one of the area’s leading certified financial planners his firm Wolf’s retirement navigation helps people plan for a successful retirement good to see you again brother great see Curtis all right how often do you do you run into a client who comes in and tries to tell you how to do your job yeah it’s about it’s about 50/50 and it’s it’s amazing because if we look at it and I try to do what you do it’s it’s almost next to impossible I mean my mother was a middle school teacher she also ran daycare centers I could never do that you know being around mourning and my daughter is too many kids so everybody has their idea of what they want retirement to look like they just need somebody to help them along the way and design that perfect retirement for them and that’s that’s what you do and I’m sure you get a lot of people saying they heard something on this TV show in this TV show and I think this is but it takes somebody like you who studies the entire thing to give them the best advice but what would you have an example of somebody who finally after you talked to him they saw the light and they were like here’s the keys to my portfolio go ahead yeah the best the best ones are there’s a perfect example one where the couple came in and they thought they both had to work another two years and so we took a look at what they had saved in their IRAs in their 401ks the gentleman had a pension and they both had Social Security we were able to design that plan to get her retired like within a month with him within a year and so let me tell you they’d like naming their pets after me now cuz they love you so much but it’s it gets to that point where that’s that’s why I do what I do because I do it every day and I’m there to help people meet their needs and get to that retirement that they truly dreamed of and I think that’s what the important part there is knowledge knowledge is power as they say we all learned that from school school of schools School House Rock but what what why is it so important for people to be not eligible about their retirement yeah so a lot of times you know they design it themselves or they’re working with somebody else who’s just may be focused on investments during their working years and as we get closer to retirement we have to take into account the investments the risk that goes into the taxes they the you know do we do we want to have enough that we’re gonna live and leave to our next generation and we want to take care of the spouses there’s so many nuances to retirement planning and that’s why we we focus on retirement planning and so doing that every day day in and day out is going to help our clients going forward and we hold education seminars we have workshops as well it’s all about the latest and greatest strategies new information new tax laws to better your overall life and retirement well for those people out there who are gonna come and see you obviously after seeing this so that they don’t come again let him do his job but so that so that they come fully prepared what are the type of things they should they should gather before coming to see you yeah we take we make the process very relaxing unlike a lot of financial services shops we have a great you know introductory meeting you bring what you’re comfortable with we have a list of items to gather as well to have an inventory of what you have but that really that first meeting is just you know what are your goals what are you trying to accomplish you know what have you you know you saved over the course of your retire of your working years to get you to in through retirement and because we only focus on retirement it allows us to key in on those issues that they really need to focus on to get them the best retirement possible good stuff all right man is good to see you again good see you if you’d like to learn more Adam has a great offer folks listen up for the first five callers with a portfolio of two hundred and fifty thousand dollars or greater he’s offering a complimentary full blown retirement plan just for you all you gotta do is call right now and that number is on your screen nine zero four two three two eight seven six zero again nine zero four two three – eight seven six zero that’s an incredible offer and you can

As found on Youtube

Read More