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Do y’all plan to live until 170 years old?

Your calculation is oversimplified because his needs start at $1000 per month, obviously with inflation that will increase by a minimum of 3% annually. The current time value of money is not included in your calculation and that is leading the dollar amount needed to purchase an item in the future will be more than it is today.

Depends on the retirement lifestyle they want. But, for the bulk of the folks that is plenty. If you want more money, then work longer, it's your life.

My pension is worth about 2 million from age 60 to 85 (we dont live past 80 usually). My 401k and IRA should be worth 1.6 mil if I can average 7 percent over the next 20 years. Even with 2 properties that should both be paid off by then, I dont feel like it will be enough to retire comfortably and leave some behind for the grand kids. I need to learn amazon selling or something 😂

Ryan, great job illustrating the complexities of retirement planning. For those looking to explore alternative investment options, My Digital Money is a platform that allows you to invest in crypto within an IRA. It's a unique way to diversify and potentially build real wealth for the future. Just a suggestion for those looking to think outside the box!

Awesome

how do i roll my 401k into an IRA when there is a $7000 limit?

I was in that same situation. I had 3 and then I saved up to 7M and I still cannot retire. I plan to work till I die.

Only worry I have is health insurance and inflation. Hopefully will have all kids through college or self sufficient and a paid off house.

I'm single, 54 and will, barring a plunge in the market, have about $3 million in retirement/investments/savings by the end of this year. I was planning on retiring at 60 but it is beginning to dawn on me that this may be overkill, especially since I would be saving/investing around $250K per year for the next five years without really trying. So, assuming a very modest rate of return plus additional savings, I would be looking at around $4.5 million at retirement, which seems unnecessary for a single person living somewhat modestly. I am also an only child and will likely inherit most of, if not all of, my parents' estate, which is probably worth in the upper 7 figures. I have a "dream job" (senior management, multiple six-figure income, work remotely), and I currently live comfortably in 2 homes on a fraction of what I make. But I have to admit that I have grown tired of being on a schedule, I honestly hate being "the boss," and I want to go out and do some adventure traveling before I am too old. Intellectually, I know that I could probably retire much sooner, but emotionally I hate the thought of leaving behind the title, the respect and the salary. I know I am very, very, very lucky and this is not a complaint at all. I'm just wondering how the financial, intellectual and emotional paths all converge at a single point where you finally say, "okay, I'm done."

My Financial planner asked me “what do I have against spending money?” LOL. I am retired. He says I don’t have to be such a saver forever…but these folks sure figured it out fast!

Based on the income groups watching these videos and the example Ryan uses. My advice is to simplify the planning process by aiming for a perpetuity not a declining balance. Set a spending range (min/max by year adjusted for inflation). Then be flexible every year adjust your spending to maintain your chance of success in the out years. If your retirement assets are increasing year over year at the rate of inflation by definition you have 100% chance of success. Overall, this will yield less spendable income and a bigger remaining balance. And in this wealth bracket you really don't need to increase your spending to be happy. Lead with your actions and distribute the remainder to your grandkids and favorite charities. I'm sure they will find a way to do 'good' with the money.

Perhaps depends on the situation. If one makes 60k per year, maxing out is notf a wise thing to do. But if you make 200k, then maximg out make sense.

Good Video. How do make money? My best estimate is that you do not overall beat the lost cost S@P Funds. If so prove it.

Hello my friend. I really enjoyed watching your video today. You are amazing and I love your channel 👍

So you are saying that people with three million dollars in assets can safely retire? The suspense is killied me. The worst case scenario, the husband dies tomorrow, and the stock market goes to zero, and the wife would still have over 70K a year. I think they'll be okay.

If you can’t retire on 3M, you need to adjust your lifestyle or where the heck you are living! 😂

A person’s needs should always come First, And Wants Come Last Only if you can Afford Them.

Solid information. Plan for those expenses before deciding even to retire.

If we keep increasing the debt, very few seeing this will ever get SS.

Amen 61 can i retire

Great Video!

Great Video!

Spend it 😁

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family

I think your conclusion was to take SS earlier because there is more of the nest egg left than if he started SS at age 70. I am trying to find a video which takes into account the time value of money. I always see the break even point calculation taking into account the actual payments only, however, if a reasonable interest rate is assumed, I have found that this pushes out the break even point by years. Those payments received in the months prior to 67 or 70 produce lots of interest over time.

I am planning to retire at age 60 with $3 million. I also have a pension from work. This excludes the home with $1.5 million in equity. I will most likely inherit a couple million but I do not include it in any of my calculations. I live pretty frugally and plan to spend my days at the gym, biking, golfing, playing tennis and gardening. The largest expense could be healthcare or travel. I see so many articles saying that you need more than $3 million to retire. I expect to take social security at age 62 and Medicare at age 65. If need be I can work part time at an easy job just to have benefits for the first few years.

Really useful to hear what can go wrong if you loose the plot of what is achievable and what is not. Thanks from across from the water. 🙌🙌🙌

Is it the age of 55 or the age of 59 1/2 when you can get the 401l without penalty??

Oh I feel so sorry for you and your paltry 3M. Can anything be more horrifying??

Social Security benefit cut? Particularly for current and soon to be current beneficiaries look at the voter demographics. Baby Boomers and older Gen. represent too many votes. Highly unlikely. Much more likely - delaying full retirement age for current under 45-50 year olds. Eliminate the income cap on SS payroll taxes. Raise the payroll tax rate. Eliminate or reduce the tax deductibility of Employer retiree contributions, perhaps only on higher incomes. Cap IRA/401K tax deductibility by income. All of these are more likely than hitting current retirees. But worst likely case, squeezing the SS benefit bend point %’s for the SS benefits (PIA) of under age 45 future retirees.

Tax brackets inflate with inflation, so spending to 12% bracket in itself won’t necessarily drive them into the next bracket.

Thank you. It’s easy to lose perspective.

Wow I thought I conservative and a worrier!!! 😄

I appreciate the THOROUGH discussion of the different options ... thank you VERY MUCH

Ryan and team- thanks for this. I watched in 2023, and rewatched it in early 2024. With the month over month effects of inflation, the encouragement to not take out large sums of money has rung true. Inflation feels excruciating. Good luck to us all.

This sexist video is just for women because they are superior to you disposable men. AMF.

What’s a financial planner’s commission on a $3,000,000 portfolio? 2%? $60k/yr… Yeah, I could retire with the commissions alone.

I really don't see it as useful to say that the house value is part of the net worth. First, to tap that value, you have to sell it or put a home equity line of credit on it. Second, in order to keep the value of the home where it is, you have to put in repairs, which I can imagine being pricey on a $900,000 house. This is why to be an accredited investor you can't count your primary residence. So now they're at about $2.5 million for two, and going into long term care can easily eat up $100k per year for just one person. I still think they're fine for retirement, but there are a lot of people thinking that because their house has high value they are ready for retirement. I say ignore primary residence in planning, unless they're planning on downsizing.

Advisors hate you spending money, they want the 1% commission.

Camping is way cheaper, better for the environment, and you can camp in places you can’t with an RV.

I will retire in June 2024 at 67 1/2 we are planning to get a new kitchen. My wife has been saving for 3 years for the kitchen and will not retire until we have enough for the kitchen. It looks like she will retire in late 2025.

The outfit my 401k is in is stuck in 1980. The only way to get the money moved to Fidelity or say Vanguard is a check in the mail that has the great potential of being lost or stolen. Worse, the process according to the 401K provider, can take up to a month. WTH!!

Genius, you left out the goal.

Did u sleep in that shirt?

They can continue to work and leave their money to their children when they die.

Can you tell this guy sells life insurance?

Simple answer is no, you don't need anywhere near that much money. I retired at 62 almost 8 years ago. To date we have not used a dime of our investment money. At this rate, how long will our money last? Keep in mind it's debt, not income that is a retirement killer. Set your goal to be debt free by the time you walk away form work and it's clear sailing from there.

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

It all matters how much dept you have. We own 3 cars, 1 motorhome and a beautiful newer home on five acres, and total dept free. We travil a little but we live where most people want to visit. We waited till full retiment for SSI. Bare bones we only need 30% to survive. Added to that is a small pension. All extra monthly funds go into a cash fund for "whatever". Word of advise " stop buying stupid stuff" Frugality is the key.