Federal Tax rates
State Tax rates
National Average income.
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A lot of people get a job and get told they have a 401(k) or a 403(b) or a 457 or some other kind of qualified retirement plan, they get excited because they’ve been told how important it is to get a retirement plan.
They sign up and start contributing and never realize what is happening until it is too late. They have climbed a ladder that is leaning against the wrong wall…
Contributions are deductible but all that money grows tax deferred which means they’ll get you later! When you have accumulated a ton of money.
What if there was a way to pay taxes on the seed and not the harvest?
Pay now and then never again?
How does a 401k, 403b or 457 plan really work? How do federal tax brackets work? Should you invest in a Roth IRA or a Roth 401k? Find out in this video.
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00:00 – Intro
00:34 – Let’s talk taxes.
01:49 – Federal tax brackets.
03:44 – State taxes.
06:05 – The 401(k) Presentation, how it really works, start to finish.
09:29 – Historical tax rates.
09:49 – Back to the presentation.
12:00 – Breaking it down in an example.
13:20 – The 3 options to pay taxes on the seed.
13:42 – I see this all the time in my career.
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Disclaimer.
The videos on this channel are for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. As such, it should not take the place of consulting with a certified financial planner, CPA (or other tax professional), legal, or other financial advisor. While we try to provide accurate and timely information, it may not be suitable for your specific personal scenario or specific circumstances. I am a financial professional but without knowing your specific information you should consider what you learn here as general advice. If you want specific advice and coaching please contact us at hello@financialselfreliance.net. I am not a tax, legal or investment advisor representative.
Our coaching is based on the data and research found in the books The Millionaire Next Door, The Next Millionaire Next Door, and The Millionaire Mind by Thomas J. Stanley and Sarah Fallaw. It is also based on 20 years of my personal experience working with money.
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So if my company matches 3% then I should only contribute 3% so that they cover my taxes? Im assuming its unwise to contribute more because it will increase the amount the irs taxes without the company dollar for dollar coverage?
Great info here!
The main reason I contribute to a 457b pre-tax, is because you can withdraw upon retirement, regardless of age. I don't believe this is the case for 401K. I will need to access that money before age 59 1/2, so I need to invest part of my retirement funds this way. The rest goes to Roth, because like you said, you only pay taxes on the seed, which will most likely benefit you in the long run.
Even though I am Canadian I wanted to pop in and see your stuff. Very good confident presentation. You communicate "trust". Super important for this. Well done!
Wow! This is so well presented. Thanks! I learned a lot about qualified plans. I seriously feel more powerful hahaha
This is great information! Appreciate you sharing this. My wife has a 403b and it's frustrating how much Uncle Sam will be getting when we retire. This is why we also have Roth IRA's. Like #10
Thanks for this information!
That presentation is so awesome, you should have lead with that. Love ❤️ the comparison of paying taxes on seeds or harvest. I agree, Roth is the way to go!
I’m thankful my employer has a dollar for dollar 401k plan but this video is extremely helpful. I know so many people close to retirement stressing on how to retire because they didn’t learn about this earlier !
Seed. Thanks for another great video. This is great especially for people that don't have a company that offers a 401k ot are older. But we would rather pay on the seed anyway.
I only regret that i was unable to use cares act to withdraw some money from 401k before Dec 31 of 2020. I would pay off my debts including morgage by now.