Categories
Long-Term Care Planning

Weekly Wednesday Wisdom Webinars November 17, 2021 [Video]

Weekly Wednesday Wisdom Webinars November 17, 2021Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm www.wisdomwebinar.com to register or give our office a call at 844-885-4200.Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.In this week’s webinar, Attorney and Advisor Chris Berry of www.castlewealthlegal.com answers the below questions.0:00 Introduction / Positive Focus4:32 While knowing the cost of a nursing home is instructive, it would be helpful to know the total cost of long-term care. It would help us understand the true risk16:16 Should I do a Castle Trust?19:26 How do you recommend reliable, honest, support? FDIC vs brokerage cash accounts? Ratings for insurers? Are there agencies that insure against losses from brokerage and financial advisors? You are a CELA and CFP, they test knowledge but do they monitor performance fraud?29:27 We are preparing to refinance our home right now and it’s in a trust, the mortgage company is giving us a hard time with the home being owned by the trust, what are our options?32:25 You had mentioned in your last email, and we’ve seen the news about inflation, what are some big picture things we can do to protect our money but still try to keep up with the inflation?35:07 Is Bitcoin a good investment?Visit our websites to learn morehttps://michiganestateplanning.com/​

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

Don’t Retire to These States – Too Much Debt Per Capita [Video]

https://commodity.com/blog/us-local-debt/================================Sign up for email list here. https://mailchi.mp/0a0c258dd676/sign-up-pageFollow me censorship-free!https://joshscandlen.locals.com/https://rumble.com/c/JoshScandlenhttps://mewe.com/i/joshscandlenMy course “Can I Retire” will help reduce your stress when it comes to retirement planning. Get it here:https://retirementplanningschool.teachable.com/p/homeand don’t forget there IS a 30 day money back guarantee if you’re not satisfied!Get my books on Audible here:https://adbl.co/35lVotFWant to support what I’m doing for $10 a month? Join my SubscribeStar page!https://www.subscribestar.com/joshscandlenMy Amazon Product page: https://www.amazon.com/shop/heritagewealthplanningAnything you buy there Amazon pays me a commission. Much appreciated!GET MY BOOKS: ALL are FREE to Kindle Unlimited Subscribers!You Can RETIRE on SOCIAL SECURITY:https://amzn.to/31xKFuNThe Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:https://amzn.to/2LHwQptStrategic Money Planning: 8 Easy Ways To Put Your House In Orderhttps://amzn.to/2wKGi50GET ALL MY LATEST BLOGPOSTS:https://heritagewealthplanning.com/blog/

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

DON’T Rollover Your 401k || 401k Rule 55|| Retirement Income Planning [Video]

DON’T Rollover Your 401k || 401k Rule 55|| Retirement Income Planning Click Here For More Retirement Planning Videos: https://bit.ly/3wH3mgbIn this video, I want to talk about the Rule of 55 for 401k’s and why if you are thinking about retiring early you should NOT rollover your 401k. The Rule of 55 is an IRS guideline that allow individuals in retirement to pull out retirement income from their old 401k without paying the 10% penalty for early withdrawals. This rule applies to 401k’s and 403b’s. The rule applies whether you are let go from work or you decide to retire. Why does the 401k rule of 55 matter? Because in today’s world of FIRE movements and individuals wanting to retire at 55, the 401k rule of 55 gives retirees a way to get retirement income without paying a 10% penalty from qualified retirement assets. Remember, you are not allowed to take retirement income from retirement accounts like IRA’s, Roth IRA’s, SEP-IRA’s, or other tax advantaged accounts until you are 59.5 without incurring a 10% penalty. There are a few exceptions to this penalty for IRA or Roth IRA owners, but those exceptions mean you have a terminal illnesses or chronic illness. In order for the 401k Rule of 55 to comply you must follow two important rules: 1. You must leave your job the year you turn 55 or laterThis means that if you retire at the age of 55-59.5, you can apply the 401k rule of 55 to your current 401k and take out retirement income without penalty. If you retire at 52 and then take retirement income out of your current 401k at 55, you will be penalized the 10% by the IRS.2. You can only withdrawal Retirement Income from your current 401kThis means you can’t apply this rule to an old 401k that you had at a previous job. It must be your CURRENT 401k. A quick tip here, if you have old 401k’s and you want to retire early, roll the old 401k’s into your current 401k BEFORE retiring. I hope you find this video helpful in your Retirement Journey. Thank you for watching!Click Here to Subscribe: https://bit.ly/3wH3mgb**Free Retirement Download: The Roadmap to Retirement:**https://yourfinancialekg.com/#download**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ****Visit our Website: https://pearlwealthgroup.com/ ****Book a Retirement Planning Coaching Call: https://clarity.fm/drew-blackston ****Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. Please call me at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.**And PLEASE SUBSCRIBE, LIKE, & COMMENT!Other videos you might like:Big Social Security Increase in 2021: https://www.youtube.com/watch?v=0WoEI80SruM&t=12sMax 401k Contribution 2021: https://www.youtube.com/watch?v=288ivBvYgM0Retirement Planning & Retirement Income: https://www.youtube.com/watch?v=jUQytd4qAjgRetirement 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 GroupDrew Blackston, CRC® & RFC®Office: 813-807-5060Info@pearlwealthgroup.comhttps://pearlwealthgroup.com/Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!Gear Used In Video (Links are affiliate):Camera: https://amzn.to/3spQitzLighting: https://amzn.to/3iV1YROMicrophone: https://amzn.to/3xWtdQpGlass White Board: https://amzn.to/3iTMhdPKeyword Research: https://www.tubebuddy.com/YourFinancialEKGDISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!#retirementplanning #retirement #yourfinancialekg

Categories
Retirement Planning

A 6.3% Increase in Social Security If You’re Under 60? [Video]

https://www.ssa.gov/OACT/TR/TRassum.htmlhttps://www.ssa.gov/oact/cola/awiseries.htmlhttps://www.ssa.gov/oact/cola/colaseries.html================================Sign up for email list here. https://mailchi.mp/0a0c258dd676/sign-up-pageFollow me censorship-free!https://joshscandlen.locals.com/https://rumble.com/c/JoshScandlenhttps://mewe.com/i/joshscandlenMy course “Can I Retire” will help reduce your stress when it comes to retirement planning. Get it here:https://retirementplanningschool.teachable.com/p/homeand don’t forget there IS a 30 day money back guarantee if you’re not satisfied!Get my books on Audible here:https://adbl.co/35lVotFWant to support what I’m doing for $10 a month? Join my SubscribeStar page!https://www.subscribestar.com/joshscandlenMy Amazon Product page: https://www.amazon.com/shop/heritagewealthplanningAnything you buy there Amazon pays me a commission. Much appreciated!GET MY BOOKS: ALL are FREE to Kindle Unlimited Subscribers!You Can RETIRE on SOCIAL SECURITY:https://amzn.to/31xKFuNThe Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:https://amzn.to/2LHwQptStrategic Money Planning: 8 Easy Ways To Put Your House In Orderhttps://amzn.to/2wKGi50GET ALL MY LATEST BLOGPOSTS:https://heritagewealthplanning.com/blog/

Categories
Retirement Planning

China Just Destroyed Globalism (Adjust Your Retirement Plans Accordingly) [Video]

https://voxday.net/2021/11/12/the-4th-ideology/https://www.zerohedge.com/markets/cash-good-risk-hedge================================Sign up for email list here. https://mailchi.mp/0a0c258dd676/sign-up-pageFollow me censorship-free!https://joshscandlen.locals.com/https://rumble.com/c/JoshScandlenhttps://mewe.com/i/joshscandlenMy course “Can I Retire” will help reduce your stress when it comes to retirement planning. Get it here:https://retirementplanningschool.teachable.com/p/homeand don’t forget there IS a 30 day money back guarantee if you’re not satisfied!Get my books on Audible here:https://adbl.co/35lVotFWant to support what I’m doing for $10 a month? Join my SubscribeStar page!https://www.subscribestar.com/joshscandlenMy Amazon Product page: https://www.amazon.com/shop/heritagewealthplanningAnything you buy there Amazon pays me a commission. Much appreciated!GET MY BOOKS: ALL are FREE to Kindle Unlimited Subscribers!You Can RETIRE on SOCIAL SECURITY:https://amzn.to/31xKFuNThe Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:https://amzn.to/2LHwQptStrategic Money Planning: 8 Easy Ways To Put Your House In Orderhttps://amzn.to/2wKGi50GET ALL MY LATEST BLOGPOSTS:https://heritagewealthplanning.com/blog/

Categories
Retirement Planning

The 4% Rule is In Doubt (Will Your Retirement Portfolio Last?) [Video]

https://www.wsj.com/articles/the-4-retirement-rule-is-in-doubt-will-your-nest-egg-last-11636713035================================Sign up for email list here. https://mailchi.mp/0a0c258dd676/sign-up-pageFollow me censorship-free!https://joshscandlen.locals.com/https://rumble.com/c/JoshScandlenhttps://mewe.com/i/joshscandlenMy course “Can I Retire” will help reduce your stress when it comes to retirement planning. Get it here:https://retirementplanningschool.teachable.com/p/homeand don’t forget there IS a 30 day money back guarantee if you’re not satisfied!Get my books on Audible here:https://adbl.co/35lVotFWant to support what I’m doing for $10 a month? Join my SubscribeStar page!https://www.subscribestar.com/joshscandlenMy Amazon Product page: https://www.amazon.com/shop/heritagewealthplanningAnything you buy there Amazon pays me a commission. Much appreciated!GET MY BOOKS: ALL are FREE to Kindle Unlimited Subscribers!You Can RETIRE on SOCIAL SECURITY:https://amzn.to/31xKFuNThe Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:https://amzn.to/2LHwQptStrategic Money Planning: 8 Easy Ways To Put Your House In Orderhttps://amzn.to/2wKGi50GET ALL MY LATEST BLOGPOSTS:https://heritagewealthplanning.com/blog/