I give an overview of the differences between all these retirement plans – the 401k, IRA, Roth formats of both (Roth 401k and IRA), as well as the SEP IRA and 403b. I also touch on rollovers, how you can take a loan from your retirement account for your first home purchase, taxes, and more! This is a COMPLETE guide for beginner’s on the differences between all these plans!
↳ My Investing 101 Guide + Budget Tracker:
🖌 Links:
▶️ Stock Portfolio + Tracker ➭
🐪 Hump Days Newsletter ➭
🗞 Follow My Twitter ➭
👾 Personal Finance Discord ➭
🖌 Free Stocks:
► WeBull (Get 6 Free Stocks worth up to $12,600 when you deposit at least $0.01 – offer ends 7/31/2022!)) ➭
► Moomoo (Get 5 Free Stocks valued up to $2500 each) ➭
► Public ($10 Free Stock) Investing App ➭
►
► Robinhood (Free Stock Valued Up To $250) ➭
NOTE: I did make a mistake in the video. ROTH IRA’s are not subject to RMDs (required minimum distributions)
I hope that this video gives you a great overview of the differences between them all so that you can choose the best option for you.
Timestamps:
The best intro 0:00
Trad 401k: 2:40
Trad IRA 5:27
Roth 6:26
SEP 8:19
Rollovers 8:37
403b 9:33
Robinhood (get another free stock):
Resources for YOU about ALL these retirement plans:
Types of retirement plans:
Guide to 401k and rollovers:
Use your 401k to buy a house:
ROTH IRA contribution limits:
ROTH IRA withdrawl rules:
For ecommerce, business or one-on-one consulting inquiries, you can email me at: humphreytalks@gmail.com
Want to learn how to grow a TikTok? Call me:
—————————————————
MY SOCIAL MEDIA
—————————————————
↳ instagram:
↳ twitter:
↳ tik tok:
Disclaimer: I am not a financial advisor, any investment commentary are my opinions only….(read more)
LEARN MORE ABOUT: Retirement Planning
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
I did make a mistake in the video. ROTH IRA's are not subject to RMDs (required minimum distributions)
The best intro 0:00
Trad 401k: 2:40
Trad IRA 5:27
Roth 6:26
SEP 8:19
Rollovers 8:37
403b 9:33
I want to build a investment account with different people as share holders and give them a account to put money in to and buy shares which they must hold for 10, 15, or 20 years before selling. what should I do
I’m a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k. Cashed out 370k from the S&P and invested with a full service broker.. Until about 3years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of the month at 59, while my wife will retire next year at 54. We currently have 5.7 million in our tex deferred savings.
The financial market has been a tough one this year nevertheless over the past decades we have seen great minds such as Warren buffet spank and squeeze every penny the market has to offer regardless of the market conditions, his success is a result of his vast knowledge and experience in the financial market. I would recommend that everyone due to the volatile market seek the opinion of a professional to help manage their investments, taking this decision 15th of March 2022 has been my best so far, it has been just 3 months and my portfolio increased by over $230,000 in profits thanks to my advisor Brian Koble I am able to scale through the crazy stock downtrend and saved my finances.
You explained everything so damn smooth. Thank you.Though for 7:45, do you mean that you cannot add money to your Roth IRA if you make over that certain amount yearly (139k or 206k married)?
Thanks Humphrey, that video was awesome!
Retiring from public service made me realise that I had no means of passive income and in 15 years I had only moved around in circles financially I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my portfolio to over 100% in less than 3 months with the help of my investment advisor. Mind-blowing experience really
Humphrey- great video. What would you recommend for someone who makes under the 137k/year for the next three years, but whose income level will automatically jump to 2-300k/year after 3 years? Is it worth starting the Roth IRA knowing that in three years I won’t be able to contribute to it anymore? Or should I just start with a Trad IRA now? Thanks!
Hggh
U used to be a financial advisor but now you are a trader?
Great information, thanks for the easy to understand video!
Audio is good in 2022
For god sake , please don’t mislead beginners , remove this video
Please don’t give any financial advise which you don’t know. Don’t mislead people online
Are you certified to provide this financial advise online
is age 59 1/2 still considered the age at which you can withdraw without a tax penalty?
Thank you so much for this, taking my first steps into the world of working in finance and felt like I knew nothing about retirements..this broke it down so well without being super dry. Thanks a ton man!!
I have a traditional 401k for my day job (w2) and I have a small business on the side (1099). Planning to leave my day job and do full time self employment. So…does this mean I need to change from 401k to sep? Or what might be the best one to change to? Btw, I am a visual learner so having bullet points on the side as you explain has been helpful!
If I have a 403b should I also get a Roth IRA?
I am a freelancer and I put more than 6k on my SEP IRA and now the tax software says I overpaid so I have to pay a penalty of 10% each year that the money is in my account. Any tips?
What confuses me is the annual contribution limits. Sometimes I look it up and its $6-7k a year and other times it’s $20,500 (for 2022). What is the difference?
This was a great video! I'm brand new to learning about finances and thought this we helpful! I was wondering, can a 403b be rolled over into a 401k if I'm working for a company that gives the 403b and then switch jobs to somewhere else that does a 401k? Also, should you still have your own individual account if you already have one with your company or is it better to just have one or the other instead of both?
do you suggest having both Traditional 401k and Rother 401k ? could you please make a vedio having best of both world?
So if I plan to make more than the contribution ceiling, the Roth IRA is a no-deal.
It’s a year later but audio is great
I got a new job offer but than the new job benefits is 403b. My current job benefits is 401k. Can you transfer your 401k to 403b? If so, how does that work or do I just leave as it is?
I am currently contributing to both a traditional 401k and a Roth IRA. When I go to withdraw at retirement will I have the option to see both accounts and choose which one I take money from? Also, I have employer matching for 401k, will my employer match both the traditional and Roth IRA (they would contribute less to a Roth 401k because it is after tax) or does this not make a difference?
Please mute your Discord notifications lol
Good stuff ,very well organized and simplified
I’m 31 and 10 years from a 20 year retirement. What would you recommend for me if Incan afford have to have more money taken out of my check
Just started my first real job and have to choose a retirement plan… this shit is so boring and confusing to think about, I'll just keep working until I die so I can avoid having to try to understand it