I'll let each financial institution's auditors take care of that part
Stock Market & Retirement Planning
Easy enough to figure out the wallet that has 100+ million of coin being purchased within the week. No?
Oh yeah the whale wallets are always getting doxxed, that's why they have 100's of them lol.
Not exactly haha. I would encourage you to follow the twitter account "whale alert" and see how many large btc blockchain movement there is on a daily basis. I bet the NSA knows though lol
Whale Tracker is another good one, hilarious watching them pump and dump.
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Just saw this thread for the first time. My best advice is to start early and often. Learn about the Rule of 72 and compounding. The money I put into retirement on or before age 24 is now worth well over $300,000. It was only $13K when I was 24. The house I bought at about the same age for $135K, I sold last year for $1.4 million. Those of you who are around 24 today will need several million to retire when that day comes due to inflation. So that $13K I saved at age 24 will need to be something like $130K for you to be on equal footing. Then you need to keep going. If you are older than that and haven't put away much toward retirement start catching up now. Time is your greatest asset and liability.
I have several Metamask wallets, I don't like to keep my stacks in one spot.
Get those token/coins off exchanges! Drive down liquidity make that sheet pump.
I blew it in my 20's..... Didn't start until my early 30's did a respectable job, but nothing like you getting in there in your 20s. Nicely played.
I started the youth account on Fidelity for each one of my kids, technically it has been 2, my daughter and my son, he just turned 15 so this is recent. I gave them 10 k each at 18 they assume the accounts and my hands are free and clear. The rest is up to you.
Acesteve
Well-known member
I'm a big beliver in index funds, time and monthly investing of the new money going in. My 2023 return was less then the S&P because I hold many investments that are less risky which pulls the weighted average down. Still a great year.
If you look at annual return on the S&P since 1990, you will see two things. Markets eventually go up and that they don't so so evenly. The worst period was in the 2000's where we had 3 down years in a row then some upturn only to hit the housing crisis in 2008. For those of us retired or nearing retirement, we may not want to be selling mutual funds or stocks in terrible years to fund income. As I've neared my retirement years, I have about 3+ years of living income in liquid investments. That lets me sleep OK when stock markets are down.
If you look at annual return on the S&P since 1990, you will see two things. Markets eventually go up and that they don't so so evenly. The worst period was in the 2000's where we had 3 down years in a row then some upturn only to hit the housing crisis in 2008. For those of us retired or nearing retirement, we may not want to be selling mutual funds or stocks in terrible years to fund income. As I've neared my retirement years, I have about 3+ years of living income in liquid investments. That lets me sleep OK when stock markets are down.
Good advice. I use Trust wallet
Another option for funding retirement accounts for your kids, especially if they are not yet out of college and have a decent income, is to gift them stocks that you have held for a long time that have a low cost basis. You avoid paying the 20% Federal capital gains plus whatever state income taxes(9.85% in MN). Our children inherit the cost basis of the stock but the first $44,625 of income is exempt from capital gains so they can sell the stock and convert it into an index fund and not pay any taxes vs our tax rate of about 30%.
The maximum gift until you have to pay taxes is $18k each/$36k per married couple.
For all you stock market/$$$ gurus .... can you contribute to an inherited IRA? Or do you have to open your own? I have an IRA that was inherited from my mother that is doing fairly well, so I'd like to add to it if possible.
When was it inherited? Pretty sure you need to liquidate it within 10 years
Yeah a quick search...
Inherited IRA From Non-spouse
Inheriting an IRA from anyone other than your deceased spouse means you cannot treat the IRA as your own. No further contributions can be made to the account, nor can the IRA be rolled over into another IRA or retirement account. You are considered the IRA beneficiary and must receive distributions from the IRA according to IRS beneficiary rules.
Just recently. My mother passed in September
The government needs its cut
Sorry to hear that man.
My condolences first of all...secondly the answer to your question appears to be no. You are required to take "RMD"s and liquidate within ten years which will indeed create tax consequences that you should speak to a professional about
I knew about the RMD but not that it had to be liquidated in 10 years. Thanks
Does liquidating it mean I can move it into my own IRA?
Once you receive the distributions, the money is yours and you can do anything you want with it. Max contributions to an IRA for 2024 is $7000 or $8000 if you're over 50
Just to clarify something here to help out!
The RMD / 10 year distribution is correct, but you have to move it OUT of an IRA... IRS wants to get their cut. This will be taxable income to you in the full amount you distribute each year over that 10 year period.
Moving it back into an IRA is dependent on how you want to go about that. If you qualify for a Roth IRA, you can contribute up to the limits as discussed before. If you are not eligible to directly contribute to a Roth, you could backdoor it over to a Roth IRA if you do not have a traditional IRA with a balance (your inherited IRA will not count towards this). Post tax contributions into a Traditional IRA won't be as beneficial if thats what you were looking at.
I'm happy to help walk you through any steps here if you have questions.
That was more than I wanted to write haha. Nicely done
Haha yes, the tough part is figuring out the important parts to include... 100 different rabbit holes to go down if you try and get too technical.
Acesteve
Well-known member
about 5 years ago I decided my retirement savings was suffecient so I shared with my childern that I would fund there ROTH IRA to the amount they made in a given year. I was not thinking wealth transfer rather teaching and the joy of savings. If I drop 6k into an account, I invest 500/month into an index fund and I have them look at the account balance that mindless emotionless investing has on them once a year. I want them to think this vs chasing hype cycles like they can beat the market long term. No, you can't beat markets long term but you can squander your money and you don't need to do any of this. I don't need to hit a driver on a 124y par 3 either even if it will go further
as I've continued to work, now I look at these funds a a portion of wealth transfer. I'd rather them grow into managing money then just inherit it then blow it on things that don't matter.
ps. and the stock transfer thing is great for those that own stock vs mutual funds! another great teaching tool in that they simply need to hold it even if they take the dividends as income