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“To the lasers education outreach series. I m laney sanders and i will be sharing sharing information with you about deferred compensation in this video. You will learn the difference your regular lasers retirement plan and the louisiana public employees. Deferred compensation plan.
We will discuss the benefits of participating in deferred compensation and some of the resources available to help you make smart decisions about your retirement. There is sometimes confusion about lasers retirement plan and deferred compensation. Commonly known as deferred comp. Here are some examples of what our analysts.
Hear from members. I thought deferred comp was the same as my regular lasers retirement. No it isn t well what am i going to do now i was under the impression my retirement payroll deductions were going into deferred comp no it doesn t really by the time members share. These comments with our staff.
They may be nearing retirement and opportunities may have been lost to join the louisiana public employees. Deferred compensation plan. Let s talk about some differences between your lasers. Retirement and deferred compensation.
Lasers is an employer sponsored defined benefit plan primarily for state employees. Certain elected officials and their beneficiaries the plan provides our members who attain retirement eligibility with a monthly benefit guaranteed for life and also includes survivor and disability benefits participation in lasers retirement plan is mandatory in most cases payroll deductions are made from your paychecks and lasers administers your retirement plan so how is deferred compensation different. It is an optional or voluntary plan as an employee of the state of louisiana. You can choose to participate in the louisiana public employees.
Deferred compensation plan also known as a 457 plan using irs terminology. It is administered by a third party. Empower retirement. Which used to be great west it allows employees to save and invest through voluntary salary contributions these contributions are made through payroll deductions as well but are in addition to your mandatory lasers retirement withholdings.
So why should you participate in deferred comp. When deductions are already being made for your lasers retirement. Here s something to think about for many state employees your lasers benefit could be your only source of retirement income can you answer. This question positively will my lasers benefit be enough to sustain me and my family perhaps you have planned carefully and have other sources of income.
But even if you have deferred. Comp can be an excellent tool to help make your financial future more secure. Let s talk about the benefits of enrolling in deferred comp as a supplement to other retirement benefits or savings. That you may have this voluntary plan allows you to save and invest with tax benefits you will have two options when you decide to participate in deferred.
Comp. The first option is considered a traditional 457 plan where contributions are made with before tax dollars. Meaning your taxes are immediately deferred in this case the amount of current state and federal income tax. You pay each year will be reduced with the traditional plan any potential earnings on your contributions grow tax free and your distribution is taxable your other choice is a roth 457 plan.
Where your contributions are made after tax. Any roth plan money including contributions and potential earnings will grow tax free in your account in the roth plan your distribution is tax free..
If you are eligible for a distribution from your account and you withdraw your roth contributions and any earnings after holding the account for at least five tax years in this type of plan your current taxable income does not change with either plan you may build extra savings consistently and automatically and select from a variety of investment options you can easily increase or decrease. The amount of your contributions you also may possibly qualify for a federal income tax credit by participating in deferred comp depending on your income and contribution amounts find out more about how the retirement savings tax credit. Works on the empower retirement website. Keep in mind.
That the deferred. Comp plan is intended to be a portion of your long term financial plan. Let s talk about some other reasons to enroll in deferred comp. Once you retire from the state and begin drawing your lasers pension cost of living adjustments or colas are not automatically guaranteed.
Unless you choose to fund one with the self funded cola option so having a supplemental retirement such as deferred comp can help fill a potential gap in personal income. Empower retirement the deferred. Comp administrator. Is an established provider offering a wide range of diversified and cost effective investment choices.
Empower offers powerful retirement planning tools to help members put together individualized retirement plans based on each unique situation. And it s very easy to contribute. Empower retirement. Is also the company that handles drop and ibo accounts for lasers members through a contractual relationship.
I d like to share some specifics with you on how a small investment in deferred. Comp can grow over time. The key is to start. Contributing today.
Waiting just one year to start saving and investing in your plan. Could cost you more than you might think the sooner you start the sooner. Your money can start working for you let s take a look this hypothetical chart is intended to show how the number of years invested in the deferred comp plan could impact your savings. It assumes monthly contributions of 100 an.
Annual six percent hypothetical rate of return which. Is not guaranteed reinvestment of earnings retirement. At age 65 and no withdrawals if you start contributing at 25 years old and retire at 65 your investment or initial account value would be 48000. That s your 100 a month contribution times 40.
Years but the account value at retirement would be almost 200000. If you actually earn six percent per year. If you wait just one year and start at 26 years old you would have almost 13000. Less in your account value at the time of retirement.
Obviously based on the chart the longer you wait to enroll in deferred comp. The smaller your account balance will be at retirement remember these numbers are based on the 100 monthly contribution compare the starting age of 35 versus 36. And 45 versus. 46.
The differences are significant let s meet jenny. A member who is considering enrollment in deferred..
Comp can you explain the benefits of before tax investing into the traditional 457. Deferred. Comp plan. I m not sure i understand the advantage over just putting money into my savings account.
Sure so how much are you considering contributing into the deferred comp. Plan i earn around 2500 a month. So i would like to invest 100 a month into the nplan. Let me show you the difference between contributing before tax and nafter.
Tax so your gross pay 2500 is your monthly income. If you take that 100 contribute that before taxes to the deferred comp. Plan then your taxable npay is 2400 now on the after tax. Side if you contribute all after.
Tax the 2500. Is nyour total taxable pay. Which means your estimated tax withholdings from your paycheck will be less before tax contributions compared to the after tax. This is a nhypothetical assumption of 15 income tax.
Withholding and does nnot account for other taxes. I see so that s 360 versus 375. And then if i continue to save nthe way. I do now i will be taking 100 out of that after tax column to go into nmy regular savings account yes.
But you see with investing 100 before taxes. It actually would leave you with more spendable pay. Okay so i think i understand how that. Works 2040.
Dollars would be my spendable pay in the before attack. Scenario compared. Nto. 2025.
Dollars in the after tax column. Yes. Because you re contributing before tax into the plan. You actually end up with about fifteen dollars more to save or to spend per month.
So that s 180 a year. It definitely adds up i have one more question what if i want to13. You re gonna see how you have one two three four and five in blue and then in red. One two three four and five.
I mean you can see how you have right here also one two three four and five which i can show you to you guys here. So everybody see what we come in from you see over here..
You see and you come over here. Then you come over here. And over here. You see five ways in and blue.
One you see three ways back in blue. You see the wave three the four and five when you get that right there. And you see the sequence of the five wait when the wave. One is two divided in five wakes.
The wave three also have one two three four five a four and a five and it is two divided also in five ways another way to look at it is like this when you put this over here. And you make it any regular correction a b and c. Come from here. And this led also is in fire you got the sequence of night imported in which you can deny swing in which iran s like at a finite 15.
So in that way you are in the game for it in impulse model. Now. There is no difference in your eyes to the idea. That dc is a file compared to dc s being a file.
I mean a person without probably earlier in 1930. We have called both of them at five ways now the difference that the distribution of the movement is not the same and that s something they run behind the scene that s something that the price will never give you the idea of what it is fi and what it is no fi because in your eyes. I cannot deny the idea that you can say that you have one two three four and five. If you want it or you can have one two three four five of course.
The euro z. Is a five way swing. The other is not but a person for 1931. We won t see the difference between the two of them even less a person with a crash buyers in the smp now without being say you got here and you put the other side in the urology you put the other side in the urology and you re gonna be able to see that there is a sequence coming from the laws.
That is channeling you re gonna see how the movement it has an import sequence you re gonna see how the movement right here show at the agency here is show a divergency here in this candle. And also show a divergence e on the final candle. You can see how you get three ways they re completely. I mean three divergency of the whole of the laws also if you ve done great the rsi you re gonna be able to see the urgency in this peak.
This is a 15 minute. I guarantee you guys view done greater to the five you re gonna see right there at divergency so they are aside shattering in a sequence is telling me what he said. What is a trap. Every member of a leeway forecast new right here that this was a trap.
And this was a great buying opportunity to buy risk. Everyone was getting blind white because the five weight illusion that the market was created. I mean. It s very simple if you look at this other side you can see that is completely sideways.
Saying this loss you see that there is no a sequence and import sequence you see that there is no channel. How this peak goes higher than this one this peak goes higher than this one this peak goes higher than this one this peak goes higher than this one if you take a look at this other side is completely different..
There is an rsi simple of course. It s a new way of course. Mr. Earlier.
We had great discovery in 1930. Didn t have the rsi or we have anything to help the guide to understand how the distribution of the previous happen in the market. He probably didn t have it didn t have eraser. I believe that the air inside was discovered in 1970s or something.
And he didn t was able to understand that on to today. I tried to figure out how he was able to i mean to identify the idea that the wave file acts in momento probably he did it with it with a vertical movement in the wave tree when it comes to price. And he s figured out that that was i mean that the wave. I was like a momento.
But the discovery of the hello wave principle was a beautiful things and not denying anything i just are in we are just adding rose to a beautiful things we trying to make a better that s what a leeway forecast is being in the business for all this year. And that s why we are delivering because we follow new rules guys compares to the old guys of the earlier way principle so keep in mind try to improve everyone trying to find your own path to develop a better system is a great tool. It needs to be combined with something else. It cannot be only a lea way.
But believe me anyway principle being part of a system of trading. It can make it happen for you this is a difficult business. But if you know how to apply it in the proper way you can make a good living at it. But don t get these measures for earlier way for guys don t get attached to the past always try to improve in the future in other words.
If you understand that something was discovered in nineteen thirties that things needs to be improved. It s like the bmw s builders. From today s wars is being still controlling or building cars with the 1930 technology. That s what many waivers are doing in today s world.
And that s why many waivers are given the elliott wave principle a bad name as always anyway forecast outcome. We are here guys. We don t go anywhere and we are here to provide new ways to trade our members they get everything from train reports people levels videos like session. Everything that makes our family as a surfer family of trading traders delaine every day traders that open the mind and they are not thinking crash or thinking nothing in particular they trade.
What the market provide without a buyers. That s being so suffering trading. Ok. Thank you guys or and i see you hope to see you or around awf thank you guys.
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