Happy Transfer Tuesday!
Marcus by Goldman Sachs HYS Account:
Earn 1.0% higher than the stated APY for 3 months (currently will be 5.40%)
What is Transfer Tuesday?
It was coined by Mary from @PenniesNotPerfection and it’s the day of the week where you move ANY amount of money to ANY of your financial goals (debt, savings, investments, sinking funds, etc.).
I tend to transfer money multiple times a week to my various goals, but I always make a transfer on Tuesday as well!
What’s the point?
You will make quicker progress the more transfers you make (less interest paid on debt, more interest gained in your savings accounts, more money compounding in your investments). It also helps your money mindset because it feels good to make progress on a regular basis!
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DISCLAIMER: I am not an expert or a financial advisor. I simply love talking about finances and want to share my journey to financial freedom and help others along the way!…(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Transfer Tuesday is an annual event designed to encourage individuals to take advantage of the benefits of a Roth IRA. This year, it is set to take place on Tuesday, August 6, 2024. A Roth IRA is a retirement account that offers numerous advantages, such as tax-free growth and tax-free withdrawals during retirement. If you are considering opening a Roth IRA or transferring your existing retirement savings into one, Transfer Tuesday should definitely be on your radar.
One of the main reasons individuals choose to invest in a Roth IRA is its tax advantages. Unlike traditional IRAs, contributions to a Roth IRA are made with after-tax dollars. This means that you will not receive a tax deduction for the contributions you make. However, when you eventually withdraw money from a Roth IRA during retirement, both the contributions and investment gains are tax-free. This can be highly beneficial, especially if you anticipate being in a higher tax bracket during retirement.
Additionally, a Roth IRA offers flexibility and freedom when it comes to withdrawals. Unlike traditional IRAs, which have required minimum distributions (RMDs) starting at age 72, Roth IRAs do not have RMDs for the original account owner. This means that you can let your investments continue to grow tax-free for as long as you want, even if you don’t need the money for immediate expenses. It also allows you to pass down the account to your beneficiaries, who can continue to take tax-free withdrawals over their lifetime.
Transfer Tuesday is the perfect opportunity to assess your retirement savings and determine if transferring funds into a Roth IRA makes sense for you. One of the key benefits of transferring money into a Roth IRA is the potential for tax-free growth. Any funds transferred into the account have the potential to grow tax-free, boosting the overall value of your retirement savings. By taking advantage of Transfer Tuesday, you can transfer funds into a Roth IRA and position yourself for optimal growth over the long term.
It’s also important to note that there are some eligibility requirements for contributing to a Roth IRA. In 2024, individuals with a modified adjusted gross income (MAGI) of less than $140,000 (or $208,000 for married couples filing jointly) can make the full contribution to a Roth IRA. Contributions reduce as MAGI increases, and those with MAGI exceeding $140,000 (or $208,000 for married couples filing jointly) are not eligible to contribute to a Roth IRA. It’s essential to review the IRS guidelines to determine your eligibility and contribution limits.
If you are considering opening a Roth IRA or transferring funds into one, it is advisable to consult with a financial advisor or tax professional. They can help you navigate the intricacies of retirement planning and ensure that you are maximizing your savings potential. They can also assist in determining your eligibility and contribution limits based on your unique financial situation.
In conclusion, Transfer Tuesday is an excellent opportunity in 2024 to assess your retirement savings and consider the benefits of a Roth IRA. With its tax advantages, flexibility, and potential for tax-free growth, a Roth IRA can be a valuable addition to your retirement planning strategy. Take advantage of Transfer Tuesday and consult with a financial professional to make the most informed decision for your financial future.
Aren’t you making to much to qualify for the Roth IRA
Yay! Getting the student loan update
what is the sweetspot of allocation between traditional 401 and Roth IRA for someone in lower income bracket in order to be able to cover their monthly expenses. let's say someone in this situation want to save for emergency fund on a monthly basis as well. and right now their are getting the match with 4%. since lowering 401k contribution rate down to the match only help us to have more cash to put in Roth IRA basket ( not to increase monthly EF savings, due to paying more tax on every single paychecks) are you still recommend these group of taxpayers to focus on Roth IRA over 401K (even if they cannot max-out both vehicles)? I would like to hear your comments in a different video. I made some linked dynamic budget/expense sheets for my investment calculations and tax brackets I am falling into ( very detailed) and I am kind of aware of all the small changes with any change of gross income, rate of contribution of each, total expense and so on and so forth, I just need someone else to deep dive into it to make sure I am not missing anything else
Thank you
i don't understand why would you score drop when paying debt is a good thing???? It makes zero sense to me!!
Where can i contact you for bussiness stuff
I had paid my student loans off at the end of August and my credit score updated mid September. It actually went up so maybe that will be the same for you 🙂
Love your hair ! Great video ❤
Just curious, why the strategy of using a HYSA to max out the IRA at the start of the year? Why not put that into the market right away in a bridge brokerage account, then schedule your IRA investments every week or two in 2024? Again, just wondering your pov.
How do you like living in a house as opposed to an apartment? Have you guys had any unexpected expenses with it? Currently figuring out if I should consider renting or buying a home!
I moved $500 from checking to savings.