Video: Qualified Retirement Plans

Personal financial planning for individuals involves the strategic management of financial aspects in a person's life, including budgeting, saving, investing, retirement planning, and tax considerations, all intended to achieve personal economic goals and ensure financial security over the long term.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Let's talk about our retirement accounts. Now we do cover this as we do cover some of these other items as well in this lesson, in other lessons as well. However, the kind of scope of what we're doing here is more in terms of tax planning, whereas with REG and just what is covered in other lessons, it's more so memorize the rules, which also is just as important. Memorize the rules, memorize the annual threshold or the contribution limit. But here we're gonna see planning. We're gonna use these items in plan and you can see a simulation that takes into account essentially kind of everything we talked about so far in our introduction, and what is the right decision for your theoretical client to do, given their particular situation, how many kids they have, if they're married, how many properties they have, whatever it may be, right? So you gotta take into account all of what you've learned, the practical, and then apply it into various scenarios. So here we wanna understand all of these different types of retirement accounts. So first off, traditional IRA and Roth IRA, simple way to remember this, this is money you don't pay tax on now, and this is money you will be taxed on later. Roth IRA, this is money you are taxed on now and money you will not be taxed on later. How do you remember that? Well, if you think you're gonna be super wealthy in the future, Roth, Rothschild, that's not how it got its name, but Rothschild, think wealth, right? If you think you're gonna be wealthy in the future, you want a Roth IRA, because you won't pay tax on it in the future once you retire and somehow you're making more money once

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Individual compliance, tax & financial planning

Module: 2 Concepts, 23 Videos

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