Thank you for making it simple to understand. I , along with many others I'm sure, appreciate it. Very easy to follow. Stay with this style and there will be thousands more to follow.

@RetirementPlanningEducation

2 жыл бұрын

Thank you for the kind words! I’m glad you’re enjoyed it.

Great video!!!! So much info in so little time!!!

I joined a new team working on robo advisors. These videos are a blessing. I am able to make sense of what I hear everyday

great video...first person I have heard that broke it down like this. Thank you

@RetirementPlanningEducation

2 жыл бұрын

I’m glad you liked the video, thanks!

This was exactly what I was looking for - great information! Thank you

Found your video from the Choosefi FB page 🤙 looking forward to learning from your channel! Earned my sub and happy to support a fellow small finance channel.

Hi thank for your video now I know that I should keep the rollover ira separate for a while. I am still debating in order to roll it into my current 401k. I would like to see the 401k grew faster at the same time the rollover ira allows me to day trade the stock which yield me nice gain so far. Love your video!

Great and to the point explaination.

The best explanation regarding this topic.

@RetirementPlanningEducation

3 жыл бұрын

Thank you!

This was very informative, thank you for making the video.

@RetirementPlanningEducation

2 жыл бұрын

Thank you for the feedback, I'm glad you found it helpful!

thank you...nicely explained

Thanks Pal

Very helpful info! Thank you so much!

If you roll over from a 401 or 403b deferral plan into an existing IRA, do you have to track RMD's separately? I read that the sum of RMD's for all your IRA accounts is what matters. For instance, you have three IRA's and say you have a 1K RMD due from each, you can take 3K from one IRA and that satisfies the RMD requirement for that year. But I understand that if you have two IRA's and a rollover from a 457b plan, same RMD, if you take 3K from one IRA, you still have to take another 1K from the IRA rolled over from your 457b plan.

@RetirementPlanningEducation

4 ай бұрын

Once the 457, 401(k) or 403(b) is rolled to an IRA, it gets aggregated with all other IRAs for purposes of RMDs. And you can meet the aggregate RMD by taking a distribution out of just one of those IRAs. It doesn’t matter that the money was originally from an employer plan. But if you keep money in an employer plan, then that plan needs its own RMD take separate from the IRAs.

@craigbutcher8079

4 ай бұрын

That simplifies life considerably! Thank you for the clear, direct, and comprehensive response. My I say you have a truly remarkable gift as a teacher? In all this subject matter (retirement, taxes, investment planning) you are without peer in clarity, concision, and the ability to organize the material in the most perspicuous manner.

@RetirementPlanningEducation

4 ай бұрын

@@craigbutcher8079thank you!

I enjoyed your video but do have one question. In the opening, you mentioned 457-B plans but never addressed them again. I was informed by HR that these cannot be rolled over into an IRA or into a Qualified Charitable Contribution. Is that correct?

@RetirementPlanningEducation

7 ай бұрын

Hi. Yes, a 457(b) can be rolled to an IRA. See the IRS rollover chart below that summarizes what's possible. But as for QCDs, not, you cannot do a QCD directly from a 457(b). You would have to first roll it to an IRA, and then you can do a QCD out of that (assuming you're at least 70.5 years old when you do it). www.irs.gov/pub/irs-tege/rollover_chart.pdf

@weldo1948

7 ай бұрын

Thank you for the help. I had a non governmental 457-b in two types. About 20% was as an employee account and the remaining 80% as a director on the corporate board. I have now withdrawn all of it over the five years in the plan. Paid lots of taxes (22 and 24%)and wondered if I was misinformed by the corporation. I look forward to your future videos! @@RetirementPlanningEducation

Great video man! I’m about to enter the finance industry. Everyone keeps telling me the get the CFP ASAP but is it really needed to become a great FA in the future?

@RetirementPlanningEducation

3 жыл бұрын

It's not an absolute necessity but it will definitely help. Not only will you learn a lot from going through the curriculum and taking the exam, but it will help in making you a bit more marketable. There are some people who never heard of the CFP and won't care whether or not you have it. And then there are others who only consider those who are CFPs. Is it required...no. Would I recommend it...yes.

The $1.36m contribution limit for bankruptcy protection makes no sense. Even if you make the maximum $6000 a year in contributions from age 21 and $7000 from age 50+, you’ll never hit that contribution limit. Unless it possibly encompasses contributes AND growth.

Andy, do you know if you can do multiple rollover in one year? I was reading an article and it said you can only do one IRA rollover per year or every 365 days. thanks for your videos.

@RetirementPlanningEducation

4 жыл бұрын

It depends what kind of rollover you do. If it's an "indirect" rollover, yes, you're limited to doing them only once every 365 days. An indirect rollover is where the account you're rolling from sends you the proceeds and you then turn around and send those proceeds to your IRA. But you can do "direct" rollovers as much as you want. Those are also called "trustee-to-trustee" rollovers or transfers. In that case, the account you're rolling from sends the proceeds directly to your IRA...it skips the part where it first goes to you. It's cleaner and easier to do direct rollovers anyway, so you should generally try to do it that way instead of indirectly anyway.