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
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!
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!
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.
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
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
Such an awesome video
😎
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.
❤❤❤