It's never too early to start saving.
By keeping track of some important retirement saving milestones, you can make sure you're on track to make your money last at least as long as you do. Anyone can start saving as soon as they're making money (a taxable compensation) – even a 15-year-old scooping ice cream part-time! From birth to retirement, there are a century's-worth of milestones to track so you can grow and protect your pot 'o gold.
In this episode of The Chris Berry Show, I'll talk about some important retirement savings milestones and review a century of planning.
In this episode, you'll learn...
- Chris' positive focus for the week.
- The milestones in your retirement savings plan.
- When to start saving and what kind of account to open.
- What happens if you take money out of a retirement account before age 59.5.
- About "catch-up contributions" if you're age 50 or over.
- When to take distributions without penalty and where there's flexibility.
- About the "IRA sweet spot" and strategic tax planning.
- About qualified plans that offer early distribution policies.
- What "bracket bumping" means.
- Why everyone should look at "bracket bumping" while tax rates are at historic lows.
- When to must take out required minimum distributions.
- When to make "Qualified Charitable Distributions".
- The different age milestones and what they mean.
Q&A
In each episode, I take questions from listeners. If you have any questions that you want answered, feel free to email us at askchris@thechrisberryshow.com. Here are the questions I covered in this episode:
- Dave asked: "I moved mom with dementia from Florida to Michigan. How do I sell her condo for her care in assisted living? The condo is supposed to go to her granddaughter."
- Brett asked: "I took out half of my 401K and put it into a 5-year annuity which will be coming due in April 2020. Can I put it back into an IRA with no charge and then pay the taxes on the amount and convert it to a Roth? I was told I couldn't go directly from an annuity to a Roth."
- Andrew asked: "Do I have to do a will in both countries if I have dual citizenship? I have significant assets in Canada and the U.S."
- Steve asked: "What should I do with my 401K after I retire? Should I leave it and roll it over later, or are there better investment options?"
Links & Resources
AlzElderCare.com
CJBerryGroup.com
TheChrisBerryShow.com
Michiganestateplanning.com
Register for one of our free estate & asset protection workshops
Angela Hospice
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LinkedIn: www.linkedin.com/in/christopherjberry
