Decumulation phase of your assets (retirement) is so much more complicated than the accumulation phase. Let alone having effects of aging on ability to process these moving parts of earned income taxes, RMD, capital gains etc. Thanks for posting the video.
That's a very important point about the effects of aging. Managing finances can become more challenging as we get older, making careful planning and potentially professional guidance even more crucial during the decumulation phase. Thanks for watching!
We appreciate your feedback! We're always experimenting with different titles and presentation styles to see what resonates best with our audience. Our goal is to provide valuable content and insights in an engaging way, while also informing viewers about the services we offer.
We understand your perspective, and it's true that some people prefer to manage their finances independently. However, it's important to recognize that not everyone has the same desire to handle those responsibilities. For those who prefer a hands-off approach or need expert guidance, hiring a financial advisor can be a valuable choice.
People don't know what taxes are going to be in the future for 401K withdrawals. People don't know if social security will be around. People also don't know how laws will change around taxing roth 401ks and IRAs, etc.
That's a key point. Because we can't predict the future of taxes or Social Security, it's crucial to build flexibility into your retirement plan. This might include having diversified income sources, maintaining some liquidity, and regularly reviewing your plan.
We understand your perspective, and we appreciate you sharing your thoughts. It's true that some financial advisors might prioritize strategies that benefit their own bottom line. However, our focus is always on creating a plan that supports your desired retirement lifestyle and long-term financial goals. We believe in transparent communication and finding solutions that align with your best interests.
This will be easy to Navigate if managed properly. Not a real crisis. Their $7k monthly cash need…is that net cash? Are all their money assets taxed at income rates or capital gains when withdrawn? With the right investments and not stupid fear driven stocks / funds, they will easily have $7k net and grow their $2m.
It's certainly possible to manage this situation effectively. However, "easy" is relative, and careful planning is still essential. The questions you raise about net cash and tax implications are crucial to consider.
You're right to ask! While the video doesn't explicitly state the exact amount of debt, it does highlight that the couple had accumulated significant debt leading up to retirement. This emphasizes the importance of managing debt before and during retirement to avoid financial strain.
With $200,000 taken out of their mother's IRA and their W2 income from the prior year they are likely in the 24% federal marginal tax plus state, so maybe at least $50,000. With a collective social security of $ 3100 a month at their ages (63 and 65 ) they must have been eligible to contribute to Roth IRA when they were still working. Roth IRA would have been very useful to pay for their "unplanned" earned income from their inherited IRA.
We appreciate your feedback! We're always experimenting with different titles and presentation styles to see what resonates best with our audience. Our goal is to provide valuable content and insights in an engaging way, while also informing viewers about the services we offer.
Join Ascend360 Insider for a Deeper Dive on New Weekly Topics like these: bit.ly/3Yzz92u
Decumulation phase of your assets (retirement) is so much more complicated than the accumulation phase. Let alone having effects of aging on ability to process these moving parts of earned income taxes, RMD, capital gains etc. Thanks for posting the video.
That's a very important point about the effects of aging. Managing finances can become more challenging as we get older, making careful planning and potentially professional guidance even more crucial during the decumulation phase. Thanks for watching!
Some bad choices but hardly worthy of the clickbait title.
thanks for saving me 11 minutes
We appreciate your feedback! We're always experimenting with different titles and presentation styles to see what resonates best with our audience. Our goal is to provide valuable content and insights in an engaging way, while also informing viewers about the services we offer.
@ It’s high quality content, keep up the great work
If you retire at 65 with 2m, you do not need advice.
We understand your perspective, and it's true that some people prefer to manage their finances independently. However, it's important to recognize that not everyone has the same desire to handle those responsibilities. For those who prefer a hands-off approach or need expert guidance, hiring a financial advisor can be a valuable choice.
People don't know what taxes are going to be in the future for 401K withdrawals. People don't know if social security will be around. People also don't know how laws will change around taxing roth 401ks and IRAs, etc.
That's a key point. Because we can't predict the future of taxes or Social Security, it's crucial to build flexibility into your retirement plan. This might include having diversified income sources, maintaining some liquidity, and regularly reviewing your plan.
You all are the profits of doom… never retire and give us your dollars to collect management fees because de-cumulation is bad for business
We understand your perspective, and we appreciate you sharing your thoughts. It's true that some financial advisors might prioritize strategies that benefit their own bottom line. However, our focus is always on creating a plan that supports your desired retirement lifestyle and long-term financial goals. We believe in transparent communication and finding solutions that align with your best interests.
This will be easy to
Navigate if managed properly. Not a real crisis. Their $7k monthly cash need…is that net cash? Are all their money assets taxed at income rates or capital gains when withdrawn? With the right investments and not stupid fear driven stocks / funds, they will easily have $7k net and grow their $2m.
It's certainly possible to manage this situation effectively. However, "easy" is relative, and careful planning is still essential. The questions you raise about net cash and tax implications are crucial to consider.
So how much did the owe?
You're right to ask! While the video doesn't explicitly state the exact amount of debt, it does highlight that the couple had accumulated significant debt leading up to retirement. This emphasizes the importance of managing debt before and during retirement to avoid financial strain.
With $200,000 taken out of their mother's IRA and their W2 income from the prior year they are likely in the 24% federal marginal tax plus state, so maybe at least $50,000.
With a collective social security of $ 3100 a month at their ages (63 and 65 ) they must have been eligible to contribute to Roth IRA when they were still working. Roth IRA would have been very useful to pay for their "unplanned" earned income from their inherited IRA.
Almost lost it all , what a bunch of clickbait bs
We appreciate your feedback! We're always experimenting with different titles and presentation styles to see what resonates best with our audience. Our goal is to provide valuable content and insights in an engaging way, while also informing viewers about the services we offer.