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Retirement Planning

The Future of Social Security [Video]

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The Future of Social Security

The Social Security Trust is now estimated to be depleted a year earlier. And with many retirement plans using Social Security as their foundation, it begs the question: will it still be there when I retire?

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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

GET READY! $1,657 Starting Raise For SSI and SSDI | Update For Social Security & Seniors 2021- 2022 [Video]

This video has answers regarding $1,657 starting raise for ssi and ssdi also known as starting raise for social security in other words starting raise for seniors and in other terms fourth stimulus update 2021 as well as fourth stimulus update 2022. In this video you will learn to get raise for elderly as well as raise for disable or disability benefits raise and also raise for blind people or blind benefits raise. This video will give you all the necessary steps you need to take in order to get your third supplemental plus up payment 2021 for social security recipients. This video will give you updates about supplemental plus up payment for ssa or also known as supplemental plus up payment for ssa. Supplemental security income and Social security disability income as well as veteran affairs benefits with railroad retirement benefits, everything is answered in this video regarding supplemental plus up payments 2021. This video will elaborate about supplemental plus up payment for ssdi also known as supplemental plus up payment for ssdi. It will have all the stimulus direct deposit information as well as third supplemental plus up payments by mail and direct express. Learn everything about supplemental plus up payment for va or supplemental plus up payment for va. It also has information about supplemental plus up payment for railroad retirement beneficiaries in other words supplemental plus up payment for rrb. Learn how to get your supplemental plus up payment also known as supplemental plus up payment 2021 If you don't file taxes. Learn all the ways to get your supplemental plus up payment as soon as possible. If your ssi supplemental plus up payment is pending then watch It to know about everything you need to know about It. This video has answers regarding the stimulus payment for ssi, ssa, ssdi and va recipients. This video will give you all the necessary steps you need to take in order to get your third $1400 stimulus check for social security recipients. This video will give you updates about stimulus payment for ssa or also known as stimulus check for ssa. Supplemental security income and Social security disability income as well as veteran affairs benefits with railroad retirement benefits, everything is answered in this video regarding stimulus checks 2021. This video will elaborate about stimulus payment for ssdi also known as stimulus payment for ssdi. It will have all the stimulus direct deposit information as well as third stimulus checks by mail and direct express. Learn everything about stimulus payment for va or stimulus check for va. It also has information about stimulus payment for railroad retirement beneficiaries in other words stimulus check for rrb. Learn how to get your stimulus payment also known as stimulus check 2021 If you don't file taxes. Learn all the ways to get your stimulus check as soon as possible. If your ssi stimulus check is pending then watch It to know about everything you need to know about It. Stimulus check date for social security recipients is April 7th & for Veterans mid-april. Stimulus check are being processed. IRS Get My Payment Toolhttps://www.irs.gov/coronavirus/get-my-payment$75K Soft Pull Offer Personal Loanhttps://www.sofi.com/invite/personal-loans/?gcp=5263b3c8-7c52-42d2-af6b-1e9cd3568efdEASIEST LINE OF CREDIT EVER (IT BUILDS YOUR CREDIT - APPLY NOW) Click Here: https://shopsimplio.com/affiliates-program/#creditviralGUARANTEED LINE OF CREDIT (REPORTS TO ALL 3 CREDIT BUREAUS - APPLY NOW)Click Here: https://ligosjewelry.com/affiliate/100011391LIMITED TIME: Get FREE $5 on ACORNS Just By Signing Uphttps://www.acorns.com/invite/FZ897CLIMITED TIME! Get FREE $10 on COINBASE when you deposit $100https://www.coinbase.com/join/saleem_loeDISCLAIMER: All the material in this video is for entertainment purposes only and is not financial, legal, accounting, investment advice, or advice in any way.

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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).