30-Minute Thursday # 4 - Retirement Accounts
In this video, Mike and Seth discuss the key ways to maximize your retirement accounts. Some questions you might have are:
What is a retirement account?
How much can I contribute?
What does it mean when an employer “matches” my contribution?
What are the tax benefits to contributing to my retirement account?
Should I consider a Roth conversion?
When can I withdraw money from my retirement account?
Saving any amount toward your retirement is good — if you can, consider contributing the maximum allowed amount to your IRA or employer retirement plan (401k, 403b, etc).
Michael Sears 02:59
Release: Quarterly Retirement Market Data, First Quarter 2021. (2021, June 17). Investment
Company Institute. https://www.ici.org/statistical-report/ret_21_q1
Michael Sears 04:45
401k Resource Guide Plan Sponsors General Distribution Rules | Internal Revenue Service. (2021,
June 7). IRS Gove. https://www.irs.gov/retirement-plans/plan-sponsor/401k-resource-guide-plan-sponsors-general-distribution-rules
Michael Sears 07:50
I.R.S. (2021, March 26). Retirement Plans FAQs regarding IRAs Contributions | Internal Revenue Service. IRS Gov. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions#:%7E:text=How%20much%20can%20I%20contribute,re%20age%2050%20or%20older
Michael Sears 09:20
I.R.S. (2021, March 26). Retirement Plans FAQs regarding IRAs Contributions | Internal Revenue Service. IRS Gov. https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions#:%7E:text=How%20much%20can%20I%20contribute,re%20age%2050%20or%20older
Michael Sears 10:52
401k Resource Guide Plan Sponsors General Distribution Rules | Internal Revenue Service. (2021, June 7). IRS Gove. https://www.irs.gov/retirement-plans/plan-sponsor/401k-resource-guide-plan-sponsors-general-distribution-rules
Michael Sears 20:11
Amount of Roth IRA Contributions That You Can Make For 2021. (2020, November 10). IRS Gov. https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2021
Michael Sears 21:47
Amount of Roth IRA Contributions That You Can Make For 2021. (2020, November 10). IRS Gov. https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2021
Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits | Internal Revenue Service. (2020, November 10). IRS Gov. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
Michael Sears 23:06
Source: Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits | Internal Revenue Service. (2020, November 10). IRS Gov. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Sears Wealth Management & Insurance Solutions are not affiliated companies. Investing involves risk, including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the issuing carrier. This presentation is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Sears Wealth Management & Insurance Solutions is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Sears Wealth Management & Insurance Solutions. Please remember that converting an employer plan account to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including (but not limited to) a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA. Living benefits are available in the form of accelerated death benefits. These benefits are NOT a replacement for long term care (LTC) insurance. Living benefits and LTC riders are not available on all index universal life products and may not be available in all states. Addition of an accelerated death benefit or LTC rider may require an additional fee. Accelerated death benefits and LTC riders are subject to eligibility requirements. 956700 - 6/21
