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  @viking_fisherman6 сағат бұрын

  This is by far the best retirement finance planning channel out there! Very detailed, very comprehensive. Very clear and understandable!!!

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  @johndonahue350910 сағат бұрын

  The fact they tell u to wait tels u not to

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  @GabrielAnthony-0914 сағат бұрын

  Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.

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  @LeoLevi0014 сағат бұрын

  The strategies are tough for average people. They're usually done well by experts with lots of skills and knowledge.

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  @claircourtway14 сағат бұрын

  @@LeoLevi00 I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.

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  @Elliot-Ivan14 сағат бұрын

  @@claircourtway Mind if I ask you to recommend this particular coach you using their service?

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  @claircourtway14 сағат бұрын

  @@Elliot-Ivan VICTORIA CARMEN SANTAELLA is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

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  @rtj687417 сағат бұрын

  That is incorrect information. If you are older than 59.5 when doing the Roth Conversion AND you've had the Roth for more than 5 years, the second 5 year rule does NOT apply.

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  @sty0pa17 сағат бұрын

  Short version: in re taxes, don't live in MN.

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  @DeadCat-4219 сағат бұрын

  Florida is expensive, my trailer tags cost more than my trailer! Insurance is ridiculous as you must subsidize the empty, poorly made $30 million dollar investment properties on the beaches or no insurance company would cover them. It's all about making the poor and working class subsidize the wealthy criminals from around the world.

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  @Lourd-Bab20 сағат бұрын

  Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get 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.

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  @Lourd-Bab20 сағат бұрын

  @@caseycantrell-gh6fg However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitment.

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  @factchecker935820 сағат бұрын

  This is out of date and misleading.

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  @johnsvideo340322 сағат бұрын

  MA doesn't tax federal and state pensions.

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  @CMVBrielman2 күн бұрын

  Man, am I glad to live in Massachusetts. Not because our taxes are good, but because New Hampshire is an obvious winner on pretty much all of these charts.

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  @tulsatom43072 күн бұрын

  #15; “You Can’t Do a Roth Conversion” BUT: If you are Eligible for a SPOUSAL IRA - then [ ] is it Possible to use some of the RMD to Fund a Roth IRA Contribution (up to the Annual Contribution Limit)?

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  @subversiveSubductionКүн бұрын

  I think you meant #15 at 14:00.(?) This part of the video needs further explanation.

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  @tulsatom4307Күн бұрын

  @@subversiveSubduction Yes, I meant #15; Thank you for the correction - I have Edited my Comment.

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  @steve054012 күн бұрын

  How did you manage to misspell "Mississippi" at 1:52?

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  @ahsugoi2 күн бұрын

  Thanks for this. I wasn't aware that you couldn't Roth convert RMDs. Good to know.

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  @Tolerancematters2 күн бұрын

  A QCD withdrawal from a traditional IRA (i.e. non-Roth IRA) is great for those who are charitably minded, which includes me. I plan to start next year after I reach 70.5 years old, and not a day sooner. When RMD's are required (at age 73 in my case), I will make sure to take the QCD first because the IRS uses your first withdrawal(s) from your traditional IRA to satisfy your RMD requirement.

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  @patrickoconnor25472 күн бұрын

  Another great video! Would like to know if there's a rmd table for someone 60 years old? Would like to get a head start drawing down early to avoid problems later. Thanks Eric

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  @elizabethbaldwin73072 күн бұрын

  Love this video. Something has changed from his example. Minnesota removes social security income from taxable income as of 1/1/23 for MFJ less than 100,000.

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  @ARTHURBAER2 күн бұрын

  Thanks

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  @mgallagher10012 күн бұрын

  Wow! Joint rmd tables is new to me. Thanks again Eric

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  @dfinlay5872 күн бұрын

  One additional positive in California is Prop 13. It lets you carry your home basis for property taxes forward. So even though you home is worth 1.5 M, the basis for taxes is based on the original purchase price of your home (say, 200K). Props 60&90 let older folks to transfer that original basis to a new home. It means tens of thousands in savings per year.

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  @debbiepayn252 күн бұрын

  no one ever considers the Oregon death tax in these comparisons. Check out the lowest threshold in the country and the highest tax. Worst state to die in..........we left as fast as we could go.

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  @magalig90262 күн бұрын

  Thank you Eric. Does the GIFT to charity apply to TSP holdings?

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  @tomowcaest.59992 күн бұрын

  tax exempt bonds !😢

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  @lyndareymann29802 күн бұрын

  Does an in kind transfer reset the cost basis of a fund?

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  @Fred2-1232 күн бұрын

  @lyndareymann2980 Yes.

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  @cybrainx723 күн бұрын

  Very good info! Great job. I didn't know almost half

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  @kylecanaday12763 күн бұрын

  Thank you for the great information. Can’t believe your videos are not getting 10X more views.

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  @phylliscarlton71103 күн бұрын

  I learn something new from you just about every video. I now know I can't make a QCD from a 403b. That had been my plan to do at age 70.5. I guess now I will be rolling the 403b into an IRA to do the QCDs. Thanks for the info.

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  @davidjensen80902 күн бұрын

  Same neighborhood, different street: Does the 'no rmds for Roth 401ks' rule also apply to Roth 403b's ? Or do we still need to move said Roth 403b to a Roth IRA?

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  @erickarnell13 сағат бұрын

  I have a federal Thrift Savings Program (TSP) account, which is similar to the 403(b) or 401(k). I already knew that I was going to have to convert some to an IRA to take advantage of QCDs.

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  @GMPO33 күн бұрын

  On the inherited IRA is it true the ten year rule does not apply if the beneficiary is within ten years of age of the deceased?

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  @joycewright53863 күн бұрын

  Yes you can withdraw it over your life expectancy.

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  @keithmachado-pp6fv3 күн бұрын

  On item 13 if you inherited Roth IRA is in an Estate or non see through trust the account must be emptied in 5 years instead of 10.

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  @Sylvan_dB3 күн бұрын

  With the T+1 settlement (next business day) it is much less time "out of the market" than "sell, transfer, buy" used to require. I've had trouble with Fidelity doing in-kind transfers and needed to spend significant time on the phone with support to make it happen. Since T+1 I just sold, the next day did a transfer and rebuy. Yes, the position might move a little bit. But it is so much less hassle and it allows withholding if desired.

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  @captsorghum3 күн бұрын

  If you have sufficient cash in your taxable account, it may be easier to *simultaneously* sell in the IRA and buy back in the taxable account. Then do a cash RMD at leisure. This avoids time-out-of-the-market risk. Or if you have a margin account, a day or two of margin interest should be negligible.

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  @Fred2-1233 күн бұрын

  Sell, transfer cash, buy costs you the spread and you are at risk of the 1 day or 2 day jump in the price of the stock. Recently some stocks had a 3%-5% ONE DAY jump.

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  @larryjones97733 күн бұрын

  From Fidelity, in January 2020, I requested a 401K to Roth in-kind conversion of an individual stock. They offered the in-kind method and said I wouldn't be 'out of the market' for a day. I'm in my fifth year of trying to get this mess cleaned up. I met face to face with Fidelity in the summer of 2023 and again another face to face meeting in June of 2024. So far, I've gotten 1 of 3 items fixed. VERY annoying!

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  @keithmachado-pp6fv3 күн бұрын

  I am the guy that nit picks every small error on these videos as it frustrates me that some don’t do the homework up front. Especially the Roth conversion for everyone videos. Nothing to challenge here.

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  @keithmachado-pp6fv3 күн бұрын

  This might be the best video I have ever watched. Great job.

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  @captsorghum3 күн бұрын

  I recall reading somewhere (possibly this channel) that you need to take your annual RMD before taking other kinds of distributions from an IRA (such as regular or Roth conversions). If true, then that's another reason to take your RMD early in the year, for maximum flexibility with the other stuff.

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  @Sylvan_dB3 күн бұрын

  Calendar "before" or "after" doesn't really matter. But if you were going to convert the entire thing, and had not yet taken your RMD, you would be in trouble. The RMD is based on the balance at the end of the prior year. As long as you can withdraw that much (or QCD it) from your pre-tax IRA it does not matter when it happens during the year.

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  @nlmytube3 күн бұрын

  @@Sylvan_dB Hmmm. Vanguard will not allow Roth conversions if you have not yet taken your RMD, and I believe that is IRS policy. First $$ out of an IRA for the year are considered RMD.

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  @nlmytube3 күн бұрын

  This also means that you need to take QCDs before completing your RMD for the year, since any charitable donations made from your IRA *after* your RMD has been taken will not reduce taxes for that year. It will reduce the EOY balance, however, thus reducing the next year's RMD.

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  @Sylvan_dB3 күн бұрын

  @@nlmytube That is a Vanguard problem. I've not seen any such limit on the IRS site. The IRS is explicit that you can take your entire RMD from one account, so how would Vanguard know if you already did your entire RMD from some other non-Vanguard account?

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  @captsorghum3 күн бұрын

  @@Sylvan_dB Looks like it's under "26 CFR 1.402(c)-2" of the IRS code, even though it's not spelled out clearly. You can search that or simply "rmd before roth" for the explanation.

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  @keithmachado-pp6fv3 күн бұрын

  Outstanding video. On the in kind transfer is the basis stepped up?

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  @davidtvedte13373 күн бұрын

  I do believe the answer is yes. Basically, it is like selling it from your IRA and at the same time buying it in your brokerage account. So not only is the basis stepped up but the date of purchase. This is important if you then needed to sell any of that position in less than 12 months as any gains will be short term.

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  @jabouzane3 күн бұрын

  @@davidtvedte1337It's not really accurate to say the basis is stepped up. There is no cost basis in the IRA because it's all pretax money. If you do an in-kind transfer to a brokerage, the custodian needs to treat that as a distribution from the IRA at the market value at the time of the transfer, and the shares will then have a cost basis equal to the distribution amount as if you had just bought them at market value. Eta: also the in-kind transfer acts like a buy in another way. The date of acquisition of the shares becomes the date of the in-kind transfer. Thus, if six months later, you sell those shares, you pay short term capital gains on the earnings. You have to hold for a year after the transfer regardless of how long you had the shares in the IRA if you want to pay long term gains tax.

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  @ld57143 күн бұрын

  Another great video Eric! It was very informative and a good discussion and presentation of the material. Keep up the great content and have a good weekend. Larry, Central Valley, Ca.

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  @captsorghum3 күн бұрын

  Wow, I just got a 28:46 length un-skippable ad. Re-load got around it though.

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  @kellythomson18323 күн бұрын

  Microphone too far away

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  @keithmachado-pp6fv3 күн бұрын

  Let me check and see if I am going to care if I pay a lot of tax at 90 or 95 LOL. Nope at that point I will be just happy to be alive. K

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  @keithmachado-pp6fv3 күн бұрын

  Unless you have a lot of other income outside your IRA and SS, RMDs are not going to put you into IRMAA surcharges, which kicks in at higher incomes each year adjusted for inflation. Even a $5m IRA year one RMD is less than $200k and won’t cause an IRMAA issue a few years from now when RMDs start.

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  @solarwinds-3 күн бұрын

  There is a comprehensive wealth tax bill in the US congress. A wealth tax, if it passes, is imposed on an individual’s net wealth, or the market value of their total owned assets minus liabilities. That means everything you own, your investments, any interest on those investments, 401Ks, cars, jewelry, everything valuable you own will be taxed. This helps to explain why 85,000 new IRS agents have been hired. I think the purpose for those agents is to audit the value of your private stuff so it can be taxed. It stands to reason, that if you can't pay those taxes, your valuables will be taken from you. That's the way it usually works. Any homesteading will do you no good. This bill, if passed, will remove the right to private property. However, there are lots of bills in congress that are just sitting and have not been voted on. Let's hope this one will not move forward for a vote.

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  @kf4343 күн бұрын

  but what about the scenario where the index has one or two big down years, and you still have to withdraw from it to live off of. It’s hard to make that back. Can you do a video modeling that?

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  @aboredguy4 күн бұрын

  Shouldn't somebody make a web page where you plug in your situation and get how much each state would charge you in different taxes? Rent or house prices complicates this even more.

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  @HectorSnipes4 күн бұрын

  I'm preparing to retire at 68 and seeking advice on managing my 401k distributions. I'm concerned about whether my savings will suffice for retirement, given that my current contributions are lower. Should I consider taking a lump sum payment and paying the upfront 20% tax, or would it be wiser to opt for periodic distributions and spread out the tax payments over several years? I'm looking for guidance on the most tax-efficient and beneficial option for my long-term financial situation.

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  @lolitashaniel23424 күн бұрын

  Effective strategies can generate substantial returns irrespective of economic fluctuations. Deciding between a lump-sum payout or periodic withdrawals from your 401k requires thoughtful evaluation of your tax status, financial requirements, and personal situation. By balancing these aspects with the advice of a financial expert, you can aim for a stable and fulfilling retirement.

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  @VictorBiggerstaff4 күн бұрын

  A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

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  @crystalcassandra55974 күн бұрын

  This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

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  @VictorBiggerstaff4 күн бұрын

  She goes by " Sharon Marissa Wolfe ’’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

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  @BateserJoanne4 күн бұрын

  I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.

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  @ericgold38405 күн бұрын

  Excellent. This guy knows his stuff

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  @user-uq8ny9qh5f5 күн бұрын

  Do I have to wait for my ex to turn 62 so I can get his SS. In a few months I’ll be 62.

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  @Elliot-Ivan6 күн бұрын

  I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

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  @AlfieArchiei6 күн бұрын

  I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

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  @HudsonEthan-006 күн бұрын

  As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.

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  @quadcell87926 күн бұрын

  Pay in 40 years, take SS at 62, die at 63, get nothing. Wouldn’t it be great if they paid for funeral expense, those greedy Democrats that started SS didn’t think of that.

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  @CaptainQueue6 күн бұрын

  Thank you for the excellent presentation! Could you also analyze total payout for those who contributed that roughly $90k in taxes? I wager that due to compounding, we will never withdraw more than the principle contribution plus its compounded interest even if we live to 95. I'm very tired of the media saying boomers robbed Social Security when I wager with compounding, we actually grew the system. Thoughts?

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  @randolphh80056 күн бұрын

  We are retired for 4 years. We have multiple toys including 2 boats and a couple sports cars. Everything was purchased well before retirement. We are finding that we are having trouble using everything as much as desired,mostly because we are traveling a lot, but also because we are off the hamster wheel and life has pleasantly slowed down. Carrying costs on our toys are minimal and everything is payed for. I’m realizing we need to shed a couple items slowly, especially before we buy an RV which is also on the agenda.(in the meantime RV rental is going pretty well) For us it is mostly the fun we have doing things with our toys that makes them worthwhile, and I’m also a person that loves to tinker on cars and boats. “Things” for us give pleasure and enjoyment. Sure there is some outflow, but no desire to die rich. Also well aware that our active years are finite.