Married Couple in their 40s gets HUGE boost in retirement plan
Вставка
- Опубліковано 22 тра 2024
- In this video, we dive deep into the world of retirement planning for those hitting the big 40! Join me as we explore the financial journey of Joe and Jane, a married couple both aged 40, with a combined income of $275,000.
We'll compare their retirement savings, totaling $355,000, to the average balances in 401(k) and IRA accounts from Fidelity and Empower. Discover where they stand and how their savings stack up against others their age.
But it doesn't stop there! We'll discuss strategies to boost your retirement savings, including working longer, adjusting goals, and optimizing contributions. Plus, we'll uncover the power of backdoor Roth IRAs and after-tax contributions.
Don't miss this insightful analysis that could make a significant difference in your retirement plans. Click now to secure your financial future!
0:00 Intro
0:36 Base Facts of Retirement Plan
1:39 Empower Average 401k Balance by Age
3:30 Fidelity Average Retirement Balance
4:35 Vanguard Average Retirement Balance
8:45 Fidelity 45% Rule
9:29 40-Year-old Financial Plan Walk-Through
13:08 Roth IRA Income and Contribution Limits
15:06 Social Security Maximization
17:27 When to contribute to your Roth IRA Vs. Traditional IRA
18:05 When to do a Roth Conversion
/////////////////////////////////////////////////
Get answers FASTER...
Join this channel to get access to perks:
/ @travissickle
Chat on discord:
Join Link / discord
Support on Patreon:
/ travissickle
Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U
-----------------------------------------------------
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE bit.ly/2Fo21Ry
Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.
TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: www.sicklehunter.com
twitter: @travissickle
Instagram: / travistsickle
facebook: / sicklehunterfa
LinkedIn: / travissickle
Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
-------------------------------------------------------
Gear Used in Videos bit.ly/3bUPvXP
Partnership referral links
Aura Identity Theft Protection Up to 50% off HTTPS://www.aura.com/travis
Bitcoin IRA bitcoinira.pxf.io/75aJQQ
Sofi Banking bit.ly/3OPpmjZ
All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________
#travissickle
0:00 Intro
0:36 Base Facts of Retirement Plan
1:39 Empower Average 401k Balance by Age
3:30 Fidelity Average Retirement Balance
4:35 Vanguard Average Retirement Balance
8:45 Fidelity 45% Rule
9:29 40-Year-old Financial Plan Walk-Through
13:08 Roth IRA Income and Contribution Limits
15:06 Social Security Maximization
17:27 When to contribute to your Roth IRA Vs. Traditional IRA
18:05 When to do a Roth Conversion
Such an awesome video
😎
Hi. If married filling jointly, is the max we can contribute for 401k for year 2024 only 24000? Or 24000 each totaling 48000?
Hello Travis, here is a question for Solo K. A S corporation, the owner issue himself W-2 for $22,500. How much can his business contribute to him? does it only based on the W-2 or there is somewhere on the K-1 can be used as compensation or net profit? thank you!
Only based on w2
Oh my! We are up a creek without a paddle. We make 105k/yr. My husband’s work doesn’t offer retirement choices, much less a matching contribution. I have been a stay home mom for 17 yrs and now run a small eBay shop. We are 40 yrs old. How in the world do we catch up?! I’m willing to get a full time job but I’m lost on that too. : ( Thank you for all your great content!
Forgot to say, we only have $1000 in a Roth IRA.
You can catch up! I just put out a video on the contribution limits for 2024. You can save into an IRA for both you and your spouse without earning income for yourself. You can also save money into a small business plan like a solo 401k or SEP IRA in addition to your IRA contributions.
❤❤❤
6% company match? 🧐
Yes, I'm going to do a video on company matches shortly.