Categories
Retirement Planning

Social Security and Retirement [Video]

Watch/Read More

Social Security and Retirement

In this week’s Financially Fit Allen Dembski and Taunya Abaya discuss the impact of social security and retirement. There is a lot of confusion with social security and at what age you should start collecting your benefits. We discuss various scenarios. Please reach out if you have any questions. #socialsecurity #socialsecuritybenefits #retirementplanning #financialplanningBuffalo #socialsecurityBuffalo

Categories
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

*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

Categories
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?