David Adefeso files a new financial advisory video. Check it out here.
What to do after you’ve exhausted your retirement account If you’ve hit your 401 (k) contributions at work and are looking for other tax efficient ways to save for retirement, you’re in luck! (Even if you don’t have a retirement account at work, these still apply to you). Depending on your income, you may be able to participate in an IRA or a Roth IRA, ”David signed his post.
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He continued, “A traditional IRA or“ Individual Retirement Account ”is a high performing retirement plan that allows you to make tax-deductible, deferred contributions. The money is not taxable until you withdraw it. A Roth IRA is just as powerful but has the opposite tax treatment as a traditional IRA, meaning that you pay taxes now, subject to certain restrictions, but you will never again pay tax on the winnings in the account even if you pay out. The maximum contribution to a Traditional and Roth IRA for 2021 is $ 6,000; and if you’re 50 or older it’s $ 7,000. ‘
(Note that income restrictions apply. And there are certain restrictions if you want to withdraw your money before retirement, so be sure to do your research and consult your CPA or advisor to determine which is right for you In this clip, I am sharing options that will allow you to keep saving when you have reached your retirement account. Link in Bio Follow @ david.adefeso, ‘wrote David.
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Someone said, “Great advice as always”. I love your Sunday exhibition “and one commenter wrote the following:” Thank you for always breaking down and making things so difficult to understand. “
One follower said, “You are such a savage, I love that! “That has to be seen and commented on by more people!” I’ve worked with @smmriot on the same problem, maybe they’ll be helpful. “
Stay tuned for more news.