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Retirement Planning

How to Track Your Retirement Accounts: TFSA & RRSP / IRA & ROTH IRA (Easy Excel Tutorial) [Video]

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How to Track Your Retirement Accounts: TFSA & RRSP / IRA & ROTH IRA (Easy Excel Tutorial)

This is Part Two of my videos series showing you how to set up an personal finance spreadsheet in Excel similar to the one I use.

In this video, I show you how to set up a tab to track your registered (tax-sheltered) retirement accounts: TFSA & RRSP in Canada, ROTH IRA & Traditional IRA in the U.S., etc. This will include tracking the following:
– Each contribution and withdrawal in these accounts
– Your remaining contribution room for each year
– Your all-time gains as dollars and percentages
– An easy-to-read bar chart showing how close you are to maxing out your retirement accounts

Enjoy!
Part One of the series: https://youtu.be/i3KiELf_v0s
Part Three is coming soon.

00:00 What is this video?
00:57 My TFSA & RRSP spreadsheet explained
11:39 Tutorial: Setting up the TFSA/RRSP tracker (Roth IRA / Traditional IRA)
23:55 Tutorial: Tracking combined Stats of retirement accounts
29:17 Tutorial: Bar chart to track your progress maxing out retirement account

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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

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Retirement Planning

Multi Year Guaranteed Annuity - What is a Multi Year Guaranteed Annuity?!? [Video]

What are multi year guaranteed annuities – What is multi year guaranteed annuity? 1-800-566-1002 https://www.ifasifinancial.com . What are the best types of multi year guaranteed annuities for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to purchase a multi year guaranteed annuity.https://www.youtube.com/watch?v=cUvGi06FQsw&feature=youtu.beMulti-Year Guaranteed AnnuityIdentifying if a MYGA is Right for YouAnother alternative is to transfer the funds into a different kind of annuity. You can do so without dealing with a tax charge by using a 1035 exchange.Multi-Year Guaranteed AnnuitiesIf you utilized certified cash that you have actually not paid taxes on yet, like an IRA or 401k, you are going to have to pay taxes on the initial deposit along with the interest.A multi year guaranteed annuity can suggest lower taxes than a CD. With a CD, the interest you earn is taxable when you earn it, although you do not get it till the CD grows. With a MYGA, you don't owe taxes until completion of the annuity period. So at the very least, you pay taxes later on, rather than faster. Not just that, however the intensifying interest will be based upon an amount that has not already been taxed.Existing Fixed multi year guaranteed Annuity RatesA multi-year guaranteed annuity, or MYGA, is a kind of fixed annuity that provides a guaranteed set rates of interest for a specific period, normally from 3 to 10 years. A MYGA is appropriate for somebody who is closer to retirement, and chooses tax deferral and an assurance of investment return.When comparing annuities, be sure to inspect the charges and the score of the insurance provider offering it. Some annuities can come with pricey covert fees, which takes away from your returns. It's likewise crucial to deal with a credible insurer. This minimizes the risk of the insurance company going out of business and not being able to pay you once you're able to withdraw from the annuity.#multiyearguaranteedannuity#multiyearguaranteedannuities#multiyearguaranteeannuityFeel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching!Related Search terms:retirement multi year guaranteed annuitymulti year guaranteed annuity incomemulti year guaranteed annuity explainedmulti year guaranteed annuity reviewsmulti year guaranteed annuity reviewWhat is the best fixed multi year guaranteed annuity for retirement vs the top immediate multi year guaranteed annuity for retirement

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Retirement Planning

*BIDEN: IT'S HUGE!* $4,000 Monthly Stimulus Coming in Bank Accounts? Fourth Stimulus Approved? [Video]

Social Security, SSDI will get this much in 2022In this video, we discuss Social Security benefits including SSDI and how much of these millions of beneficiaries will be getting in 2022 as a result of everything going on right now. Many people in this community who receive Social Security benefits are wondering how much they will get it in 2022? This is what we cover in this video, how much will Social Security, SSDI and retirement benefits get it in 2022? We discuss all the answers in this video. This Video is specifically dedicated to Social Security retirement, Social Security disability, and Social Security survivors benefits, we also do have a dedicated videos talking about SSI, supplemental security income. If you are someone who receives Social Security benefits of any kind Including SSDI, this video is for you as we talked through some numbers. Of course we do not know what each specific person will be receiving simply because everybody receives a different benefit for the most part, however we discuss a general parameters around a monthly benefits in 2022.#SSDI #SSI #SocialSecurity Todays update on stimulus for seniors, ssi, and ssdi#socialsecurity #stimulusupdate

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Retirement Planning

FUTURE AND PRESENT VALUE OF SIMPLE ANNUITY GENMATH MODULE 5 PART 2 [Video]

Practice Activity 1:Find the Present Value (P) and the Future Value (F) of quarterly payments of ₱ 2,000.00 for 5 years with interest rate of 8% compounded quarterly.Independent Activity 1Find the Present Value (P) and the Future Value (F) of semi-annual payments of ₱ 8,000.00 for 12 years with interest rate of 12% compounded semi-annually.Practice Activity 2:How much should you invest in a fund each year paying 2% compounded annually to accumulate ₱ 100,000.00 in 5 years?Independent Activity 2Starting on her 30th birthday, a woman will invest an amount every year on her birthday in an account that grows at an annual rate of 7%. What should be the amount invested should she want her fund to ₱ 300,000.00 just before her 65th birthday?Practice ActivityThe value of a car requires a ₱ 169,000.00 cash downpayment and a monthly payment of ₱ 12,000.00 If money is computed at 10% compounded monthly, how much is the cash price of the car payable in 5 yearsIndependent Activity 3The buyer of a lot pays ₱ 50,000.00 cash and ₱ 10,000.00 every month for 10 years. If money is 8% compounded monthly, how much is the cash price of the lot?