FINANCIAL ADVISOR Explains: Retirement Plans for Beginners (401k, IRA, Roth 401k/IRA, 403b) 2024

In this video I go over an overview of retirement plans including the 401k, the IRA, the Roth versions (Roth 401k and IRA), as well as the SEP IRA, the 403b, and 457b plans. We also talk about the frequently asked questions many people have when it comes to investing in these retirement accounts. This is an updated video for 2023/2024.

Timestamps:
0:00 - Start Here
0:43 - Traditional 401k
4:26 - Traditional IRA
5:52 - Roth 401k
7:44 - Roth IRA
9:57 - Self Employed IRA (SEP)
10:38 - 403b
11:34 - 457b
12:25 - Frequently Asked Questions

FREE STOCKS:

Follow me on social media:

RESOURCES:

PS: I am not a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

[humphrey]

Hi all thanks for watching! The 401k contribution limit in 2024 is $23, 000. I verbally said it however we made a typo when editing. Just wanted to bring that to your attention! 🙏

[CadeCowell-ftfe]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket.

[CrystalJoy-]

My $2m retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 22 years of working hard.

[TheJackCain-]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[leoma-lr]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[emilyburton-hl]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.

[LiamThompson-cvxy]

The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.

[RaymondcrawRaymondCrawley]

I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.

[alisonwalker]

Great video, I have worked all my life without thinking about my retirement. Now my kids are growing fast, the way I am spending my savings, it has come to my attention that at my old age, I will have no jobs, no money left and no retirement funds to fall back to. So I am asking what do I need to do and how do I begin investing in my retirement. I just need professional advice. Thanks.

[chaz]

You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Charlotte Grace Miller

[Glen.Murphy]

It's great to hear that you are considering investing in the stock market after being inspired by the success of Munger and Buffett with Berkshire Hathaway. Here are some key points to consider when investing a significant amount like the proceeds from selling your apartment:

[encryptx]

As someone who already is well-versed and familiar with most of the financial topics you discuss---I still watch every single video (and TikTok) of yours because you do an absolutely phenomenal job at explaining things in a clear and concise way. You are truly a gem and are helping so many people with the great advice you give. You seem like a genuinely nice guy who is doing what he loves for all the right reasons. Thank you and keep these quality videos coming! PS--Love the newsletter too.

[backliteyes]

Not technically a retirement account but HSA should’ve been mentioned because it’s so tax advantaged and investible.

[blaquopaque]

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?

[BalancedRetirementPlanning]

Thanks for this comprehensive breakdown, Humphrey! This video is incredibly informative and a must-watch for anyone planning their retirement strategy. Your clear explanation of tax implications and contribution limits, along with the practical tips for choosing investment options, makes it easier for viewers to make informed decisions. Great job on creating a timeless reference guide!

[Edgardo]

I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free

[kaitlyncranwick]

As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

[DavidDavisDH]

I have a Roth IRA and a traditional 401k. Nice video! This year I really focused on my finances and saving money.

[haileyalex]

This has helped me understand a lot more than some of the other videos I've found. Thanks. New subscriber. :)

[jmarie]

Thank you for such a clear, concise explanation! You have a gift for teaching. One of the best videos I've seen explaining these topics - coming from someone who is trying grow in financial literacy. Much appreciated!