I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@ElijahOliver-t9u That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@Elliot-Ivan Victoria Carmen Santaella Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
While your 401k and IRA account would likely continue to grow even after you stop contributing to it, that growth might be limited by the Market, your personal plans and also other factors. For this I see need for annuities. I still will like to know how to compound $2m and above in retirement without holding cash.
Bond and other fixed income asset if properly managed could produce the yield needed to provide solid income for retirement. The importance of a continuous wealth accumulation and ensuring financial stability is why boomers turn to advisors in retirement planning.
It is very important to be proactive and also consider diversifying assets to manage risk especially in uncertain economic times. The ability to identify and mitigate potential risk on my assets is the reason I delegate my day-to-day investment activities to trusted advisor ever since I had a major step down amidst rona-outbreak in 2019. Now I am close to retirement and my goal of $1m retirement funds even after other investment is 95% sure.
It is important to consider a financial planner early, before the last year of retirement. I am currently working with a financial planner called Jason Herman Pierce. I really appreciate his cutting edge financial strategies. It really works for me. His vast knowledge of international market and tax implications allow us to moderately diversify my investment portfolios, minimize tax liabilities and access new markets with potential high returns. And I am two year from retirement and my financial goals is secured.
Please how can I get in touch with the advisor guiding you? I am close to retiring and I didn't make proper planning and investment for retirement. Thinking about now scares me. I have to start somewhere. It is better late than never.
The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.
Effective management of personal finances is more important than the amount of money saved, regardless of whether one earns income through work or investment. To optimize financial results, individuals may seek the guidance of a qualified financial advisor who can provide personalized advice and strategies to minimize expenses and maximize income.
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple years, I've made over $850k from initially $210k
I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm new to empower I started my new job a year and I been taking full advantage of it. I got about 4k in there after my first year only making 18 an hour. I been invested in the stock through empower but its been a constant negative 7% or more. This really helped me understand how to work through it and figure out how to move money around
this video needs way more love and support this is a get to the point easy very informative video that has personally helped me with my roth at work !! Thanks for taking the time and making this for others to see and learn from well done !
Thank you so much for making this video! I'd be interested to see what other content you make about the Empower accounts. Sometimes I feel like I'm not managing my account properly.
I need to maximize my 401k, im 33 years Old and I put 6% of my check towards my retirement / the company I work for also matches it. But I want to invest some of it. Thanks for the video!
If you are going to be in the same tax bracket now vs when you retire, then it doesn't make any difference to do Pre-tax (traditional) or post-tax (roth). The difference matters if your tax bracket will change. The goal is to pay the least amount of taxes, so you want pay those taxes on your retirement accounts when you are in the lowest tax bracket possible.... If you make less money now then what you project you will in retirement, do Roth and pay the taxes now. If you make more money now then what you project you will in retirement, do traditional and defer to paying the taxes later
I have a 401k with Fidelity from my previous employer. Still debating if I should roll the money to my new employer’s 457(b) account … I also have a Roth IRA with Vanguard & am unsure of signing up still with Empower’s 457(b) 🤔
Empower told me yesterday the “per pay period” is based on an annual basis. I had asked him whether to do a certain amount vs the percentage. And so I did 5% and it showed $2000, which seemed high per pay check. And that’s when he told me the “per pay period” is based on the annual. What do you think though?
I was just invested in Target Date Fund that my employer automatically enrolled me in. I wanted to add S&P 500 into my 401K also and I selected rebalance investment instead of trade specific funds. Did I do it wrong there ? it still let me add S&P and I was able to choose how many % being allocated to each fund
Good stuff. Thanks for this. I'm wondering if using the budgetting / planning tab is good enough or should i look into a budgeting app like Personal Capital ( part of Empower )
Thanks for the informative video! Is there a limit on how many trades a month Empower allows? And do you know if I’m charged a fee every time I make a trade? Thanks!
Tim question: What would you suggest for me due to being self employed regarding investing with Empower for someone who works for themselves and not married and no kids? I ask this cause I notice the part you came to about beneficiary of which I have none. So what should I do according to your expertise cause I get the impression that I may not be permitted to register since there's no one personally in my life....know what I mean????! Anyways, let me know thanks!
Can anyone help! My bf has empower and we are searching for how many actual shares he own. He has his stocks but no way to see how many. Does anyone know if the account offers this infor??
@tim Wolfe I love your videos and this one was very informative. Do you think it’s a good idea to take a personal loan from my empower account??! Can you elaborate if it’s not too much to ask for…
Great question, I would never recommend borrowing against your retirement. If you can't afford something right now, it's best to not buy it and save for it. However, if you compare borrowing from your empower account vs taking out a loan from any ordinary bank, empower could be better in some situations. The interest you pay on an ordinary loan goes to the bank, whereas the interest on your 401k loan actually gets put back into your account. The downside is, if you take out a $20k loan then that money is no longer gaining compound interest and if the stock market does 10% that year you lost out on 10% gains ($2k). And if the interest rate on the loan is 6% then you only saved $1,200 borrowing against your 401k.
Quick Ask - EMPOWER Scenario - If I take a 401K loan from my 401K account and mid way decide to leave the employer - do I have to pay the remaining balance before I quit the employer or can the loan balance be transferred to new employer and can be taken from the new employer paycheck - TIA.
generally you would have to simply leave the 401k at the prior firm and pay it off directly. I don't know of any 401k that would accept a loan from another.
Thanks for this, but I am trying to find more about required minimum distribution. The Empower website does not provide any information about RMDs. Can you help?
www.bankrate.com/retirement/ira-rmd-table/ Check out this link and look at the table. Remember no RMD's on a Roth IRA. But 401k's, 457's, Traditional IRA's you have RMD's. Key takeaways are at age 72 is when RMD's start and reference the table to divide how large your account balance is by xyz to figure out how much you need to withdraw that year
New to investing and just got my 401k setup. Maybe a dumb question, but why would you split up the investments and not just dump it all into the highest rate of return for like the 5 or 10 year average?
Good question. Simple answer is diversification. It's great to study historical returns but the next 10 years could look slightly different. (ie tech heavy funds have performed the best the last decade, that could change the next 10 years)
Question: What if you have no one to use rather it a relative or none relative to put as a beneficiary ....then what dose one do to qualify for an Empower account??????? This is important for me to ask. Need to know, thanks.
What I'm telling is I want to start an account with Empower despite being told by a friend of mine that a charity organization can be used, however I don't feel comfortable with the idea of carrying someone that I'm not close too or isn't close to me. I have brothers and sisters that have their own lives and coverage such as life insurance , medical just so long as it people living with them under their roof. I'm just trying to figure this situation out cause I need to put my $ on a platform that will start working for me as soon as possible.
If your employer uses Empower, I’m sorry! Empower is one of the worst retirement companies ever. If you get in touch with their customer service, you can hear their employees’ tone of voice too! People use Empower are miserable by the service, and the employees at Empower are treated poorly as well so no one is actually happy with their jobs. Sad thing is, if your employer uses Empower, then you don’t have much of a choice. Empower also outsources tons of its services to India!! It’s a horrible and greedy company, you’re better off with Fidelity or Voya or with a private financial institution.
I agree. If you have another option, use it. I have an emergency situation and I needed money out of my account. I spent nearly three weeks at the "waiting for employer approval" stage. I called my plan advisor in Alaska and he told me that they had already approved the withdrawal the day before. Now Empower has some BS story about waiting for other approvals. If you can wait for your withdrawals for about three months, they you might be happy.
Agree. Empower sucks. They make me keep half my money in their shitty fund choices. No options for treasuries. At least they let me manage half my money, but again no treasuries. Yields are around 5%, but their one and only bond fund pays 2.5%. They stink!
About time I find a video that gets to the point and makes sense. Thanks so much!
Thank you!
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@ElijahOliver-t9u That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@leoma-l7r Mind if I ask you to recommend this particular coach you using their service?
@@Elliot-Ivan Victoria Carmen Santaella Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
@@leoma-l7r She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
While your 401k and IRA account would likely continue to grow even after you stop contributing to it, that growth might be limited by the Market, your personal plans and also other factors. For this I see need for annuities. I still will like to know how to compound $2m and above in retirement without holding cash.
Bond and other fixed income asset if properly managed could produce the yield needed to provide solid income for retirement. The importance of a continuous wealth accumulation and ensuring financial stability is why boomers turn to advisors in retirement planning.
It is very important to be proactive and also consider diversifying assets to manage risk especially in uncertain economic times. The ability to identify and mitigate potential risk on my assets is the reason I delegate my day-to-day investment activities to trusted advisor ever since I had a major step down amidst rona-outbreak in 2019. Now I am close to retirement and my goal of $1m retirement funds even after other investment is 95% sure.
It is important to consider a financial planner early, before the last year of retirement. I am currently working with a financial planner called Jason Herman Pierce. I really appreciate his cutting edge financial strategies. It really works for me. His vast knowledge of international market and tax implications allow us to moderately diversify my investment portfolios, minimize tax liabilities and access new markets with potential high returns. And I am two year from retirement and my financial goals is secured.
Please how can I get in touch with the advisor guiding you? I am close to retiring and I didn't make proper planning and investment for retirement. Thinking about now scares me. I have to start somewhere. It is better late than never.
His name is Jason Herman Pierce. You can google him via your search engin to get information about him. I am sure you will be fine.
Thank you so much. in my forties and new to this game. Your videos are helping a lot!
Glad they could help!
The 401k is good, because retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million. So it really does.
Effective management of personal finances is more important than the amount of money saved, regardless of whether one earns income through work or investment. To optimize financial results, individuals may seek the guidance of a qualified financial advisor who can provide personalized advice and strategies to minimize expenses and maximize income.
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple years, I've made over $850k from initially $210k
I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this amazing tip. I just looked the name up, wrote her and scheduled a call.
I'm new to empower I started my new job a year and I been taking full advantage of it. I got about 4k in there after my first year only making 18 an hour. I been invested in the stock through empower but its been a constant negative 7% or more. This really helped me understand how to work through it and figure out how to move money around
What a great and informative video on empower website! And it was only 10 minutes!
Thanks for watching!
I’m glad I have a 457B with empower. Helps a lot during retirement.
Same
@@TimWolffedo you think the managed fund is worth the expense? Or should I choose something cheaper, TDF, Robo, index fund….thoughts?
I personally stay away from managed funds. I just do index funds@@yasmeenhamza9573
@@TimWolffe not to take up too much of your time, explain the process of moving it out of “managed” to index fund? Thank you…newbie
Thank you, this is a simple and to the point video!!!! keep it up!
Thanks for watching!
I'm 24 as of right now and I need to learn to properly invest into my retirement. Wish me luck because this is something completely new to me.
Good Luck! Watch as many videos as you can, listen to podcasts, and read books!
Great information Tim. A well crafted tutorial!
this video needs way more love and support this is a get to the point easy very informative video that has personally helped me with my roth at work !! Thanks for taking the time and making this for others to see and learn from well done !
This is exactly what I was lookin for. I appreciate you making this!
Thanks for watching Trevor!
Thank you so much for making this video! I'd be interested to see what other content you make about the Empower accounts. Sometimes I feel like I'm not managing my account properly.
Thanks so much for this detailed video! It helps when you are new to the site
Thanks for watching! I'm glad it helped
I need to maximize my 401k, im 33 years Old and I put 6% of my check towards my retirement / the company I work for also matches it.
But I want to invest some of it.
Thanks for the video!
As much as you can do!
Can you please explain what is better: Deferred Salary (prior tax) or Roth (after tax) How does changing it to Roth affect my account?
If you are going to be in the same tax bracket now vs when you retire, then it doesn't make any difference to do Pre-tax (traditional) or post-tax (roth). The difference matters if your tax bracket will change. The goal is to pay the least amount of taxes, so you want pay those taxes on your retirement accounts when you are in the lowest tax bracket possible.... If you make less money now then what you project you will in retirement, do Roth and pay the taxes now. If you make more money now then what you project you will in retirement, do traditional and defer to paying the taxes later
Is there a way I can do a roth conversion on the empower website or do I need to call for that?
My work 457 switched from Mass Mutual to Empower.
I have a 401k with Fidelity from my previous employer. Still debating if I should roll the money to my new employer’s 457(b) account … I also have a Roth IRA with Vanguard & am unsure of signing up still with Empower’s 457(b) 🤔
Does anyone know how to change my " Investment Style" from " aggressive to moderate " on the website?
Does empower charge you to change the funds you are investing in? Or can you change them as much as you want for free?
This video was really helpful thank you so much.. 😊
Empower told me yesterday the “per pay period” is based on an annual basis. I had asked him whether to do a certain amount vs the percentage. And so I did 5% and it showed $2000, which seemed high per pay check. And that’s when he told me the “per pay period” is based on the annual. What do you think though?
What if I'm invested in 10 or more investments? Is that good or should I narrow down to a few?
Lastima que no hablan Español no entendí nada
I was just invested in Target Date Fund that my employer automatically enrolled me in. I wanted to add S&P 500 into my 401K also and I selected rebalance investment instead of trade specific funds. Did I do it wrong there ? it still let me add S&P and I was able to choose how many % being allocated to each fund
Good stuff. Thanks for this. I'm wondering if using the budgetting / planning tab is good enough or should i look into a budgeting app like Personal Capital ( part of Empower )
I just have a question about the Roth contributions. how can you contribute that much per paycheck when the limit is 6,500 a month?
There is no sign up button and it brings me to the app, so how do I go from there?
Thanks for the informative video! Is there a limit on how many trades a month Empower allows? And do you know if I’m charged a fee every time I make a trade? Thanks!
I just got a check from empower and I’m so confused why. It’s only like $150 but like why did I get it??
Could it be dividends paid out to you instead of re-invested?
Empower sucks they have had my money for years I havnt made anything all I do is contribute and they lose it
Tim question: What would you suggest for me due to being self employed regarding investing with Empower for someone who works for themselves and not married and no kids? I ask this cause I notice the part you came to about beneficiary of which I have none. So what should I do according to your expertise cause I get the impression that I may not be permitted to register since there's no one personally in my life....know what I mean????!
Anyways, let me know
thanks!
Can anyone help! My bf has empower and we are searching for how many actual shares he own. He has his stocks but no way to see how many. Does anyone know if the account offers this infor??
My wife works at a public school. She has a 403b, however it doesn’t appear that her school/district offers a match. Is this normal?
@tim Wolfe I love your videos and this one was very informative. Do you think it’s a good idea to take a personal loan from my empower account??! Can you elaborate if it’s not too much to ask for…
Great question, I would never recommend borrowing against your retirement. If you can't afford something right now, it's best to not buy it and save for it. However, if you compare borrowing from your empower account vs taking out a loan from any ordinary bank, empower could be better in some situations. The interest you pay on an ordinary loan goes to the bank, whereas the interest on your 401k loan actually gets put back into your account. The downside is, if you take out a $20k loan then that money is no longer gaining compound interest and if the stock market does 10% that year you lost out on 10% gains ($2k). And if the interest rate on the loan is 6% then you only saved $1,200 borrowing against your 401k.
Quick Ask - EMPOWER Scenario - If I take a 401K loan from my 401K account and mid way decide to leave the employer - do I have to pay the remaining balance before I quit the employer or can the loan balance be transferred to new employer and can be taken from the new employer paycheck - TIA.
generally you would have to simply leave the 401k at the prior firm and pay it off directly. I don't know of any 401k that would accept a loan from another.
Thanks for this, but I am trying to find more about required minimum distribution. The Empower website does not provide any information about RMDs. Can you help?
www.bankrate.com/retirement/ira-rmd-table/ Check out this link and look at the table. Remember no RMD's on a Roth IRA. But 401k's, 457's, Traditional IRA's you have RMD's. Key takeaways are at age 72 is when RMD's start and reference the table to divide how large your account balance is by xyz to figure out how much you need to withdraw that year
New to investing and just got my 401k setup. Maybe a dumb question, but why would you split up the investments and not just dump it all into the highest rate of return for like the 5 or 10 year average?
Good question. Simple answer is diversification. It's great to study historical returns but the next 10 years could look slightly different. (ie tech heavy funds have performed the best the last decade, that could change the next 10 years)
Empower is probably the worst retirement company I’ve ever used
Question: What if you have no one to use rather it a relative or none relative to put as a beneficiary ....then what dose one do to qualify for an Empower account??????? This is important for me to ask. Need to know, thanks.
Are you saying you don't have any family or friends to put as a beneficiary?
What I'm telling is I want to start an account with Empower despite being told by a friend of mine that a charity organization can be used, however I don't feel comfortable with the idea of carrying someone that I'm not close too or isn't close to me. I have brothers and sisters that have their own lives and coverage such as life insurance , medical just so long as it people living with them under their roof. I'm just trying to figure this situation out cause I need to put my $ on a platform that will start working for me as soon as possible.
Tom could I use a charity organization as a beneficiary????
Yes it can be @@michaellofton7488
IAM I going to get phone call like they used to as personal capital?
They have never called me.
If your employer uses Empower, I’m sorry! Empower is one of the worst retirement companies ever. If you get in touch with their customer service, you can hear their employees’ tone of voice too! People use Empower are miserable by the service, and the employees at Empower are treated poorly as well so no one is actually happy with their jobs. Sad thing is, if your employer uses Empower, then you don’t have much of a choice. Empower also outsources tons of its services to India!! It’s a horrible and greedy company, you’re better off with Fidelity or Voya or with a private financial institution.
I agree. If you have another option, use it. I have an emergency situation and I needed money out of my account. I spent nearly three weeks at the "waiting for employer approval" stage. I called my plan advisor in Alaska and he told me that they had already approved the withdrawal the day before. Now Empower has some BS story about waiting for other approvals. If you can wait for your withdrawals for about three months, they you might be happy.
Reel talk 👏
Agree. Empower sucks. They make me keep half my money in their shitty fund choices. No options for treasuries. At least they let me manage half my money, but again no treasuries. Yields are around 5%, but their one and only bond fund pays 2.5%. They stink!
this piece of crap don't let me login.
Has anyone had any problems getting funds from empower???? All I see is shit reviews
Empower sucks!
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empower sucks