Married Couple in their 40s gets HUGE boost in retirement plan
In this video, we dive deep into the world of retirement planning for those hitting the big 40! Join me as we explore the financial journey of Joe and Jane, a married couple both aged 40, with a combined income of $275,000.
We'll compare their retirement savings, totaling $355,000, to the average balances in 401(k) and IRA accounts from Fidelity and Empower. Discover where they stand and how their savings stack up against others their age.
But it doesn't stop there! We'll discuss strategies to boost your retirement savings, including working longer, adjusting goals, and optimizing contributions. Plus, we'll uncover the power of backdoor Roth IRAs and after-tax contributions.
Don't miss this insightful analysis that could make a significant difference in your retirement plans. Click now to secure your financial future!
0:00 Intro
0:36 Base Facts of Retirement Plan
1:39 Empower Average 401k Balance by Age
3:30 Fidelity Average Retirement Balance
4:35 Vanguard Average Retirement Balance
8:45 Fidelity 45% Rule
9:29 40-Year-old Financial Plan Walk-Through
13:08 Roth IRA Income and Contribution Limits
15:06 Social Security Maximization
17:27 When to contribute to your Roth IRA Vs. Traditional IRA
18:05 When to do a Roth Conversion
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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™
Company Website: https://www.sicklehunter.com
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Sickle Hunter Financial Advisors
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Suite 144
Tampa, FL 33606
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