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.
@emiliabucks33
9 ай бұрын
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
@frankbarnes22
9 ай бұрын
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
@Johnlarry12
9 ай бұрын
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
@frankbarnes22
9 ай бұрын
I'm guided by “Natalie Lynn Fisk an experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
@Johnlarry12
9 ай бұрын
@@frankbarnes22 Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
@ryanwilliams989
10 ай бұрын
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.
@hunter-bourke21
10 ай бұрын
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@maryHenokNft
10 ай бұрын
I completely agree; I am 60 years old, recently retired, and have approximately $650k in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@maggysterling33254
10 ай бұрын
@@maryHenokNft This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
@maryHenokNft
10 ай бұрын
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. *Camille Alicia Garcia* is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@BiancaSherly-qt6sb
10 ай бұрын
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
@IamPoe
3 ай бұрын
Hi, great video by the way. But I was curious, wasn't there a catch up contribution for Roth Ira of $1,000 if you're 50 or older, making it a total of $8,000 for Roth IRA in 2024. Or did I mistaken this for something else?
@tammywallace1938
7 ай бұрын
I am so lost, I don't understand what to do. I am 57yo and have had my 401k company plan that is matched to 4% for 1 year. I have money in a savings account but the interest is very low. I would like to retire someday but not sure how to make it happen. I am afraid of losing my money in the 401k and I don't have enough time to be losing it. MFJ income near 100k. How do I purchase an IRA? Any suggestions are gratefully appreciated.
@BiggMo
5 ай бұрын
Are the income limits based on gross or adjusted incomes?
@TravisSickle
5 ай бұрын
Modified Adjust Gross Income, MAGI.
@joylitt
10 ай бұрын
Do the income limits reflect total gross earnings? Or is it your AGI (after 401k is deducted from total gross earnings?) Thank you for your videos! Very helpful.
@johncallahan6410
10 ай бұрын
Travis- I hope you can help me. I opened a Robinhood Traditional IRA. I am retired and not working. No working income. I now understand that you can't contribute without working. It's only $1000, 1- can I clam this for 2024? I will be working PT. 2- cash it out? Cancel it. Advise ? Thanks
@TravisSickle
10 ай бұрын
this is the best place to start...more videos and questions answered kzitem.info/rock/LoIaI_vPPWX47TamcxtP_Ajoin
@WilChu
10 ай бұрын
Bimonthly means every 2 months. Think what u meant was semi-monthly
@TravisSickle
10 ай бұрын
Bimonthly can mean either and that’s why I put the number of months next to each. Semimonthly would have been a better choice.
@changxinqiao3648
10 ай бұрын
Hello Travis, I have a question regarding the solo k contribution that hope you can answer. Assuming a taxpayer only has $20k Net Earnings for his self-employed job. My understanding is that he is able to make the "employee portion" contribution up to $20,000. How about the employer's profit sharing? If we use the 20% of net earnings, then the overall contribution will be higher than the net earnings itself ($20K + some number). Is that ok to do so? Thanks a lot
@TravisSickle
10 ай бұрын
No, because the total contribution can’t exceed the plan compensation/net earnings.
@changxinqiao3648
10 ай бұрын
Thank you for the quick reply. Glad you add the donation function in this video so that I am able to use a better way to thank you @@TravisSickle
@changxinqiao3648
10 ай бұрын
谢谢!
@TravisSickle
10 ай бұрын
Wow! Thank you so much. That’s my first Super thanks!
@changxinqiao3648
10 ай бұрын
You are welcome. You previously have answered my three questions very clear and quickly. Much appreciated. There will be more super thanks from me. I promise.@@TravisSickle
@cybrainx72
11 ай бұрын
Catch up is only n Roth 401k right... you missed that point.
@TravisSickle
11 ай бұрын
For high income earners, that goes into effect in 2026. It was pushed back by the IRS.
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