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Retirement Planning

How To Fix Social Security || Social Security Explained || Retirement Income Strategies [Video]

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How To Fix Social Security || Social Security Explained || Retirement Income Strategies

How To Fix Social Security || Social Security Explained || Retirement Income Strategies

In this video I want to continue talking about Social Security and especially how to fix social security (This is not a political agenda video. Strictly retirement planning). We are talking about social security because it is a major aspect of your retirement income strategies and your retirement planning. Social security, medicare, & medicaid will make up 2.5 trillion dollars of the 2022 US budget. This is a HUGE piece of retirement money, BUT social security is in serious trouble. The government admitted that by 2033, the social security trust fund will be empty. In 2034, social security is estimated that it can only pay out 78% of your social security benefit. That is why we need to fix social security and protect your retirement income!

How do we fix social security? Well in a perfect world the government would budget, cut spending, and appropriate funds to social security, but we don’t live in a perfect world. So, we have to fix social security with the rules that are in place for social security:

1. Raise the Full Retirement Age for Social Security beneficiaries
2. Raise Payroll Taxes (Least favorite option)
3. Raise the Cap On Taxable Wages

Keep in mind this is only social security. Medicare will be empty in 2026. Who pays for all this? Again, not a political statement, just asking for my retired and soon to retire clients.

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Other videos you might like:

Big Social Security Increase in 2021: https://www.youtube.com/watch?v=0WoEI80SruM&t=12s
Max 401k Contribution 2021: https://www.youtube.com/watch?v=288ivBvYgM0
Retirement Planning & Retirement Income: https://www.youtube.com/watch?v=jUQytd4qAjg
Retirement Savings & Retirement Investing: https://www.youtube.com/watch?v=CbwZSYKRpXs

QUESTION — What retirement topics would you like us to cover on this channel?

Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Retirement Planning

Will the “Build Back Better” Plan Eliminate Roth IRAs? [For Good] [Video]

Will the “Build Back Better” Plan Eliminate Roth IRAs - Mega Backdoor Roth IRAs for Good?SUBSCRIBE to NOT being a transaction ever again... https://bit.ly/33TpKqDLike us on Facebook! https://www.facebook.com/Stop-Being-Sold-524309451006118Follow us on Twitter! https://twitter.com/stopbeingsoldVisit us on the web: https://stopbeingsold.com/The recent version of the Build Back Better Act has brought back retirement law changes that will curb high balance accounts and popular wealth building strategies including backdoor Roth IRAs and after-tax 401(k) contributions. The goal: Tax the wealthiest taxpayers to help pay for the new Social and Climate bill that is currently being debated in Congress.History of Roth: A Roth IRA can be a great way to save for retirement since the accounts have no required minimum distributions and you withdraw the money tax-free.The Roth IRA was introduced as part of the Taxpayer Relief Act of 1997.Is named for Senator William Roth, the author/founderHere’s some of the fine print:Backdoor Roth IRA’sBackdoor Roth IRA’s – These are where someone makes too much to contribute to a Roth IRA, and they can put non-deductible contributions to an IRA and immediately convert to a Roth (owing no taxes)Eliminated by limiting rollovers and conversions to taxable accounts after Dec 31, 2021.Backdoor Mega Roth IRA’sSame as the Backdoor Roth, except it allows much greater amounts to be deposited.Prohibits all after-tax contributions to 401(k)s after Dec. 31st, 2021.Also prohibits converting existing after-tax IRA amounts to a Roth IRA after Dec 31, 2021.Both Backdoor Roth and Mega Roth IRA’s are regardless of income levelRoth ConversionsEliminates Roth conversions for higher income earners above $400k for individuals and $450k for married couples after Dec 31, 2021.New contribution limitsProhibits new contributions for IRA holders with a total of $10 million in IRA assets.Applies to married couples with income over $450,000, and individual income over $400,000New distribution rules for larger accountsRequired to take a special minimum withdrawal of 50% of the amount over $10 million the year following you reaching this number.More restrictive provisions over $20 million.Begins Dec 31st, 2028New Reporting RequirementsRecordkeepers (TD/Schwab/Fidelity) will be required for annual reporting of all accounts over $2.5 million.Also, reporting of where the assets are held (Roth/Traditional)Begins dec 31, 2028Once this data is available it could lead to lowering the threshold of Special Minimum Withdrawals from $10 million to who knows whereLonger timeframe for IRS to go after violators (6 years, instead of 3)Stay tuned to this channel as this information is very fluid.. mega backdoor roth, roth ira withdrawal tax rules, roth ira eliminated, roth conversion eliminated, backdoor roth

Categories
Retirement Planning

Maximum Roth IRA Contribution Limits for 2021 & 2022 [Video]

Roth IRAs are a great retirement planning tool for many taxpayers. Contributions to a Roth IRA are not tax-deductible, however, the earnings can grow tax-free, and distributions from a Roth IRA at retirement are tax-free as well. Roth IRAs, however, are not available for certain taxpayers with Modified AGI above certain thresholds. View our video on Traditional IRAs:https://youtu.be/mTKgKmaiMzwSubscribe to the channel for more episodes and tutorials. Purchase our tax guides and tutorials here:https://www.udemy.com/user/jason-knott-2/https://gumroad.com/jasondknottCheck out our website for more posts:https://www.lawofficesofjasonknott.com/blog/Need more help? Schedule a consultation:https://calendly.com/jason-knottFollow Jason here: Twitter: https://twitter.com/jasondknottInstagram: https://www.instagram.com/jasondknottTikTok: https://www.tiktok.com/@jasondknottLinkedIn: https://www.linkedin.com/in/jason-d-knott/Patreon: https://www.patreon.com/jasonknottQuora: https://www.quora.com/profile/Jason-Knott-17#IRS #IRA #RothIRADISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.

Categories
Retirement Planning

#SSI #SSDI #SocialSecurityIn this video, we will be discussing the push for Congress to approve $1400 stimulus checks for our lovely seniors and cost of living adjustment increase for 2022. Link To Sign Petition for $1400 Stimulus Checks for Seniors:https://seniorsleague.salsalabs.org/emergencystimulus/index.htmlCheck Out My Blog:https://www.madmoneymillennial.com/Join My Facebook Group (Social Security Coffee Chat):https://www.facebook.com/groups/4479107012146027Useful Links:https://www.ssa.govGET YOUR ONE FREE STOCK:https://join.robinhood.com/joshuab-32885d/My name is Josh Baldwin and I'm passionate about Social Security and making sure my viewers get the MOST out of their retirement. Tune in for news updates and benefits information every Tuesday, Wednesday, and Thursday!Disclaimer: The information I discuss is solely based on my own personal understanding of the rules of the Social Security Administration and should not be considered an alternative to receiving proper guidance from a trained financial, tax, or retirement professional.

Categories
Retirement Planning

Please join Friday 11/5 @ 2:30 PM EST as Harvard Law Attorney & Self-Employed Retirement Expert George Blower provides an update on the recent House Proposal that re-introduces the recently proposed ban on Backdoor Roth IRA and 401k plans.LEARN MORE:https://www.mysolo401k.net/back-again-backdoor-roth-and-mega-backdoor-roth-added-back-to-pending-reconciliation-bill-build-back-better-act-of-2021/https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/The solo 401k plan, commonly referred to as self-directed Solo 41k is the retirement plan of choice for self-employed individuals or owner-only businesses including for the features highlighted below:-The highest contribution limits for any defined contribution plan including up to $57,000 (or even $63,500 if you are 50 or older) for 2020 (for 2021: $58k or $64.5 if you are 50 or older).-The ability to make pre-tax, Roth, and even Mega Backdoor Roth contributions.-401k participant loans of up to $50,000-Invest with checkbook control in real estate, cryptocurrencies, notes, private placements, and other types of alternative investments.Open an Account: https://www.mysolo401k.net/solo-401k/open-a-solo-401k-account/Learn More: https://www.mysolo401k.net/solo-401k/Subscribe to our channel for weekly educational webinars: https://www.youtube.com/channel/UC1vw56qJEnK7DBNqCmeapcgFor over 10 years, My Solo 401k Financial is the leading self-directed solo 401k provider having helped over 8,000 clients take control over their retirement funds by focusing on superior knowledge, expertise, and customer service with over 100+ 5-star verified customer reviews on the Better Business Bureau (BBB).