Yields For You
Enrolled Agent with the IRS. Founder www.Yields4u.com
In this video, I explain what required minimum distributions (RMDs) are and why they are important. RMDs are the minimum amount of money that retirees over the age of 73 (or 75 after 2023) must withdraw from their retirement accounts each year. The goal of RMDs is to ensure that retirees don't just keep their money in their retirement accounts forever and instead use it for retirement income.If retirees fail to withdraw their RMDs, they face severe tax penalties, so it's crucial to stay on top of them. The amount of the RMD is calculated based on the retiree's age and the value of their retirement account.It's important to note that there are exceptions to RMDs, such as for those who are still working and contributing to their retirement accounts. Additionally, certain retirement accounts, such as Roth IRAs, are not subject to RMDs.To stay on top of RMDs, retirees should work closely with their financial advisor to ensure they are taking the correct amount out each year. Failing to take RMDs can lead to significant financial consequences, so it's important to understand and comply with these requirements.Join me for more insights on retirement planning and securing your financial future! #RMDs #requiredminimumdistributions #retirementplanning #financialplanning #retirementincome #taxpenalties #retirementaccounts #financialadvisor #moneymanagement #finance101 #retirementgoals #retirementrules #retirementmindset #personalfinance #financialliteracy #retirementlifestyle
In this video, I discuss the importance of a constant evaluation of our financial security cycle, which includes financial security, saving on taxes, investing properly, and leaving something for our loved ones. To protect our financial security, we need to use time diversification by dividing our money into three buckets based on time. The first bucket is the money we'll spend immediately and should be put into very low-risk investments. The second bucket is for three to five years out, where we can take some more risk, but not excessive risk, to replenish our spending money. The third bucket is for long-term growth investments that we don't need to worry about for 10 to 15 years down the road. By replenishing each bucket slowly and taking money out at the best time for us, we can skip over bad years and protect our financial security. Join me for more insights on retirement planning and securing your financial future! #retirementplanning #financialplanning #savings #investmentstrategies #financialliteracy #finance101 #retirementgoals #personalfinance #retirementrules #compoundinterest #moneymanagement #financialadvisor #retirementmindset #retirementlifestyle #timediversification
In this video, I discuss the importance of changing our mindset in retirement and making decisions that protect our bottom line, keep as much of what we have as possible, and stretch our money as far as possible. We must also plan for the inevitable and have a plan for our loved ones when the time comes. This planning is not a one-time process, but something that must happen over and over again as our needs, desires, and life circumstances change. Ultimately, we should be making decisions that allow us to build and enjoy our lives in retirement. It's essential to have a decision-making process that is designed to help us live our lives and enjoy them, as these are supposed to be our golden years. Join me for more insights on retirement planning and securing your financial future! #retirementplanning #financialplanning #savings #investmentstrategies #financialliteracy #finance101 #retirementgoals #personalfinance #retirementrules #compoundinterest #moneymanagement #financialadvisor #retirementmindset #retirementlifestyle #enjoyretirement.
In this video, I illustrate how the rules change in retirement using a chart of the S&P 500 over the last 20 years. Two investors, one experiencing the chart backwards and the other forwards, both put money into their retirement accounts. Due to how averages work, it didn't matter if they had a gain or loss in the first year as long as they had the average return. However, in retirement, losses compound because we are taking money out of our portfolio, and when the market is down, it accelerates our losses. The chart illustrates how taking out $50,000 a year adjusted for inflation can lead to vastly different outcomes for two investors doing the same thing. This highlights why excessive risk-taking in retirement is not recommended. The way to mitigate risk is to build layers of protection into our plan, so we have enough systems in place to protect us. Join me for more insights on retirement planning and securing your financial future! #retirementplanning #financialplanning #savings #investmentstrategies #financialliteracy #finance101 #retirementgoals #personalfinance #retirementrules #compoundinterest #moneymanagement #financialadvisor.
In this video, I discuss how the rules of money change in retirement. The systems that helped us succeed in our working years start working against us in retirement. Tax credits and deductions that incentivized us to save, buy a house, or have kids go away in retirement, and we no longer have an active way of participating in economic growth. I emphasize that expenses still exist in retirement, but we don't have the ability to recover as easily, and time is no longer on our side. In retirement, we are the only captain of the ship and must make informed financial decisions. Join me to learn more about securing your financial future in retirement! #retirementplanning #financialplanning #savings #retirementexpenses #financialliteracy #finance101 #retirementgoals #personalfinance #retirementrules #captainoftheship #moneymanagement #retirementincome #retirementtips
Are you ready for retirement? 💸🏖️ In this video, I share 5 major risks you need to know to make informed financial decisions! As someone who has spent the last 15 years training advisors and educating the public on retirement planning, I know the importance of protecting your savings from drawdowns caused by taxes, inflation, market volatility, and more. I'll also cover how to stay ahead of inflation and plan for unexpected expenses. Join me for valuable insights on securing your financial future! #retirementplanning #savings #inflationrisk #drawdownrisk #longevityrisk #finance101 #financialplanning #personalfinance #retirementgoals #financialliteracy #financialadvisor #wealthmanagement