David Adefeso drops a new financial advice video. Check it out here.
‘What To Do After Maxing Out Your Retirement Account If you’ve maxed out your 401(k) contributions at work and are looking for other tax efficient ways to save for retirement, you’re in luck! (Even if you don’t have a retirement account at work, these still apply to you). Depending on your income, you may be able to participate in an IRA or Roth-IRA,’ David captioned his post.
He continued: ‘A Traditional IRA, or “Individual Retirement Account” is a powerful retirement plan that allows you to make tax-deductible, tax-deferred contributions. The money is taxable only after you withdraw it. A Roth-IRA is equally powerful, but has the opposite tax treatment to a Traditional IRA i.e. you pay the taxes now, subject to certain limitations, you but never pay taxes again on the gains in the account, even upon withdrawal. The maximum contribution to a Traditional and Roth-IRA for 2021 is $6,000; and if you’re age 50 or over, it is $7,000.’
‘(Note that income limitations apply. And there are certain restrictions if you wish to withdraw the money prior to retirement—so make sure to do your research and consult your CPA or advisor to determine which is right for you). In this clip I share options you can use to continue to save when you’ve maxed out your retirement account. Link in Bio Follow @david.adefeso,’ David wrote.
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Someone said: ‘Great advice as usual🔥🔥. I love your Sunday show❤️❤️’ and a commenter posted this: ‘Thanks for always breaking down difficult to understand topics and making them so easy👏👏’
A follower said: ‘You’re such a savage, I love this! 😍❤️This needs to be seen and commented on by more people!🔥 I worked with @smmriot on the same issue, maybe they’ll be helpful🥰’
Stay tuned for more news.