How Much You Should Have in Your 401(k)-By Age
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- čas přidán 12. 09. 2024
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00:45 - Intro
04:36 - Understanding IRAs and 401Ks
08:25 - Strategies for Catching Up on Retirement Savings
11:42 - The Significance of the 4% and 6% Rule
15:56 - The Importance of Contributing to Retirement Accounts
19:14 - The Power of Self-Directing Your Investments
23:48 - Summary and Closing Thoughts
#retirement #Savings #IRA #401k #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw
Mark J. Kohler's videos are a treasure trove of invaluable insights and wisdom! His multifaceted expertise in tax, legal, and wealth management makes him a go-to resource for navigating the complexities of personal and small business finance. Mark's engaging delivery and practical advice have significantly enhanced my understanding of wealth-building strategies .
I am a certified tax advisor with Mark Kohler. I can help. Link in bio
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@magen-b7n That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@FernandoBowen-78 My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
Nah I Can't say I can relate, VICTORIA CARMEN SANTAELLA charge is one-off and pretty reasonable when compared to what I benefit in returns.
Age 65... People need to think to retire at 40. Why does society want us to work 50 years to live 10-20 in our worse physical health. LIVE NOW.
You have to retire overseas where the cost of living is low. In the US, you gotta work.
How many people have saved 2m at age 65 in the US?
@@Ann-pt2jeidk, 10%?
@@zoukchata, depending on the data you look at, only ~10% of people agreed 65 have a total of $1 million in savings. So it'll be a lot lower than 10% for $2 million.
@zoukchata , you're right, the goal should be to retire earlier. When it comes to Mark/Matt's numbers, you can modify it to whatever retirement age. For example, you do $11k/month if you want to retire in 10 years, or $3500/month if you want to retire in 20 years.
Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
true, A lot of folks downplay the role of a professional until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
Pls can you recommend this particular coach you using their service?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Becoming a millionaire through a Roth IRA or a 401(k) involves different strategies for maximizing profits. A Roth IRA offers tax-free withdrawals in retirement, which can be advantageous if you expect to be in a higher tax bracket later in life. On the other hand, a 401(k) provides tax-deferred growth and potential employer contributions, boosting your savings. The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Hey, making sure you're managing your money right is way more important than just socking away a ton of cash, no matter where it's coming from. It's all about how you handle what you've got, not just how much you've got.
Totally agree! I'm 60, just retired, and sitting on about $1.25 million in retirement funds. No debt and my retirement stash hasn't seen much action in the past few years. Definitely feeling the need for a financial advisor now.
I was in a similar boat. I had a Roth 401K that hit the 5-year mark. I transferred it to a Roth IRA with a big-name brokerage firm in Dec. 2020, right before retiring in Jan. 2021. They said the 5-year rule starts fresh, so by Jan. 1, 2025, I'm good. Also moved a traditional 401K to the same place, doing annual conversions to a Roth IRA in a separate account. My employer's plan people were surprised - I was the first to ask for just the Roth 401K transfer. They had to tweak their system, but it was smooth sailing. Good luck with yours!
This aligns perfectly with my desire to organize my finances . Could you provide me with access to your advisor?
I’m guided by NATHAN TRAVIS COOK
It would be nice but who has 2 million at 65.
Guess I'm sol. 47 and less than 15k in a brokerage account, 6k In an Ira. No way I can put 3500 a month into it. Struggling just to put 1k
This is over saving, best scenario type. Think about every $250,000 nets you $1000 a month as 4 percent of the interest. That's in addition to SS. So, in your case, you have time to get up there. Maybe not a 2 million dollar nest egg, but a comfortable existence
Is $2 mil per person? Do you need to double that for couples?
I am a certified tax advisor with Mark Kohler. I can help. Link in bio
No.
I have had cash in my bank of over 500k in my mid-40's. I have lost that and had to file bankruptcy. Then I built my finances back to 200k at 50. Then lost because of pandemic bs. Now I'm at 57 and I'm starting all over; in fact I'm negative about 30k. So I'm going to commit myself to this formula and I'm going to check in every 30days. So today's the 5th. I'll check in April 5th.remember I'm committed to this formula and I am starting a small business that I know is a profitable business in the past and I forgot to mention I owe taxes of probably 30 to 40k
Don't dwell on the past, don't worry about the future. Just focus on doing the best you can each day. STAY ON THE PATH brother. You can get all you want out of life regardless of how many zeros are in your bank account.❤😊
FYI, I pissed away my 20s chasing women and drinking/pills. Never saved for future til I was 35yrs old. Got a great job at Ford as electrician and make 40/hr. Between me and Ford we contribute 20k a yr to my 401k. Just passed 200k last yr. I'm amazed because 10yrs ago I had a crap apartment, no credit, and a criminal background. Just stay the course, and don't splurge your future. You can do it. You already proved it from your past. If I CAN MAKE STRIDES, I KNOW ANYONE CAN.
I'm only 42, and I hope to retire by 60. That's why I save alot in my 401k. I still drive a 2001 Nissan. I can go buy a new Ford with the employee discount, but my car still gets me to and from work. I see coworkers who have 2 brand new cars and don't save for retirement. ??? We all have different opinions on how to live. See u in 22 more days for the update.😊
You credited Dave Ramsey with Einstein’s quote about compound interest being the 8th wonder of the world 😂
80,000 a year will be minimum wage here before long with the out of control government spending
Do you make 75k?
@@Driving4bangers with my military pension yes.
Incredibly insightful and practical. The breakdown of contribution amounts at different ages, coupled with the emphasis on simple yet effective investment strategies like the S&P 500 Index Fund, provides valuable guidance for anyone looking to secure their financial future. The emphasis on starting early and taking advantage of employer matches resonates deeply with our company's commitment to empowering individuals to make informed financial decisions. Thanks for sharing!
I am married. When you say 2 mil in retirement are you talking per person or per couple?
Per Person
I am a certified tax advisor with Mark Kohler. I can help. Link in bio
39 with 305k in my 401k. With company match I contribute about 27k a year... Im hoping I'm ok
It's technically not over for those even with 250k if they started late.......they can always do a "ROBS" 401k or "rollover as a business startup" strategy and use their 401k tax free to start a business that generates cashflow.
I am currently 37. I started putting in at 30, and now have $256k on my 401k and $66k in my roth, and another $150k in brokerage. Can I make $2 mil by 52? My son turn 18 then, and hoping to get ready to retire after that. At one point in my early 30s I was putting away $3500 a month combined, but with a child, now and joint custody, am currently putting away $1k a month while trying to pay off debt.
HI Mark. I enjoy your videos. Learn a lot and save a lot. I am recently approached by index universal life insurance agent saying they make millions and beat over SP500 return. I don't believe so because I already checked the rate of return over the past 20 yrs and average 9-15%. So anyway, what is your take on index universal life insurance for retirement instead of 401k or Roth IRA?
How would this formula work with a pension? Is the point just to get a person $80k a year in retirement as a starting point?
Every person should have the right to access capital markets to hedge against fiat depreciation. Don't be a victim. Learn how to invest today.
I have a traditional ira and a Roth IRA. I can no longer put money in Roth due to income. How do I do the backdoor Roth? Do I need to transfer my traditional over 1st?
My Wife has a 401K and I have 4-1/2 Rental Houses / Commercial Business!
Hope that takes care of us!
By contributing to a qualified retirement plan (not Roth), you are voluntarily giving the government a tax lien on all of your money in the plan. The government can raise taxes to any percentage in the future. Why would you want to make the government your partner?
Hi mark a question is still available the SETC tax relief for self employee today march 2024 ?
I’m starting hear that tax
Let me know if you know something thanks
2m to 3m is enough assuming you don't have someone in your house causing problems, or kids keep ask you for money.
You’re saying keep all the money in equites ?
2 millions? I’m in trouble
Can I set up a trifecta as an immigrant.
I would say aim for $10k monthly during retirement so $2.5M 👍🏽🥳
I am 44 and have 235k in mine.
Unfortunately 80k a month is surviving.
A month?!
@@Burning_Star_IV year
4% rule leaves you depleted after 30 years, and a higher rate is much harder given sequence of returns risk.
Nothing should be depleted. They're not saying to draw 4% per year from the principal. They're saying if you can earn 6% per year on the money, you can draw 4% per year to live off of, plus have a leftover 2% per year to fight inflation. So, you'll maintain roughly $2 million of inflation-adjusted money in the account throughout retirement.
Are these numbers to survive in California 😂?
Roth 401k is a scam
Why?