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You can withdraw any amount you want. You're the one who will live with the consequences. All I'll do is set a budget for different phases of life in retirement. For example, I'd set a budget for the go go years.

I heard Bill himself is pulling 5%.

Forgot to continue the metaphor into Step 3! Investments are your vehicle for the roadtrip. You have to know how far you’re going and what terrain you’ll encounter before selecting the best vehicle for the drive 😎

Thanks for the helpful info!

Because the system is going to crash and the money will be worthless in ten years ?

Where is the video link?

The break even age is way higher than age 80. You need to take the time value of money and investment earnings into consideration. The break even is closer to 87 or 88.

Thanks for your content. New Subscriber.

Not a very good analysis. You quoted the life expectancy table at birth. Also , with the payout amounts at different ages for Social Security, you failed to account for the effect of COLAS on the amounts. Another thing is that claiming early and letting your retirement accounts grow may expose your spouse to the widows tax trap. Your example of someone who’s benefit would be $700 at 62 but $850 at 67, well those figures aren’t even close to being right. If their benefit at 62 would be $700, then age 67 it would be $1,000 and that’s not counting 5 years worth of COLAS being added on. The only reason to collect early is if your health is bad and prospects of longevity are not in your family.

Id take it at 62, 16 years away but the boomers made sure we wont have any. Is it logical to work 40 years and get 20 year benefit form it?

Great explanation thank you

When to claim social depends on how long you expect to live... monthly payment is higher if you work longer but if you drop over at 81, why retire at 67? All my grandparents lived to 95. I'm waiting....

Nice! I like the suggestion.

You made a huge mistake form the beginning. You said the average life expectancy I the US is 77.5 that's the most incorrect number to cite because it includes people who die as infants, in childhood and middle age this brings the average way down. You should only concern yourself with life expectancy at at age 62 which is 20 years (M) and 22.9 (F) at 62 your Life expecentacy is 82-85 (NOT 77.5). that's a completely different narrative you shouldn't even mention the 77.5 expectancy because that includes all the people who didn't make it to 62 in the first place.

Thanks! Great breakdown and explanation

I'll be collecting in 5 years when I turn 62 and investing it all........well , if we still have a Country in 5 yrs!

I think I definitely will need to take retirement benefit at 62 as I will need the money so I can take less out of stock funds. I’m hoping the stocks will grow faster than the amount of increase I would get if I waited till age 70 to take social security.

Cumulative amounts mean absolutely nothing. You receive your check every month not all at one time. So that's a useless comparison. You can't pay your bills with something you will receive over the next 10-15 years. I wish advisors would quit using that comparison. I can't believe that financial advisors don't see the folly in that comparison.

I enjoy your video's. Could you talk about withdrawal strategies, like Guyton Klinger Guardrails vs. 4% rule.

So waiting later to claim and hoping you live to 78 to break even is Silly. I will 98% be taking SS at 62 + 1 Month.

Are you planning on claiming Social Security benefits early? Why or why not?

In the middle there where you talk about lifestyle creep... lets not forget the average life expectancy is 76... thats 9 years to enjoy you retirement that you held off on living big for...

its all good until biden takes office, drives the country into the ground and you lose 25% of your 401k

Thank you for using Median numbers !!! Average is a useless metric. You have tech millionaires who are skewing the data. This is why anyone who actually understands statistics uses median

Hey I noticed an asterisk at the bottom of the slides that says “assumes 1% increase” is that a 1% increase yearly from say 35-67? Or is that capping it somewhere along the way? Or is this showing a 40% contribution by the time someone is close to retirement? Thank you

Good info (just FYI: green is not your color )

I just feel sad that we are all F’d. 😢

Sounds dumb but just the mention of an automatic contribution increase over time….. I didn’t know that. I set my contributions to increase 2%. Thanks for the info!

This works, I've been putting $1000/mo into my retirement investments since I turned 20 and at 44yrs old now, I'm just shy of 7 figures. I've been living off of the dividends the past 3 years and haven't had to punch a clock for the man since!

Only use the MEDIAN - NOT the MEAN. The Mean is skewed and is useless. The MEDIAN is much more useful and MUCH lower than the MEAN.

Did these numbers surprise you?

Sorry for double post. Does not appear that they are posted.

This is the most relevant videos for people like me who are retired and still have decisions to make. Most videos are about how to prepare for retirement, which we do with the information at the time. With me there were several things to work on after I retired which really could not be made until then. Thanks

One of the most relevant videos for me. Most are how to prepare for retirement, which we do what we can at the time. This fits those of us who are retired and still have decisions to make. Thanks

Does your 401(k) make up most of your net worth?

❤

Who is Sam? Her real name leaked? 😯

I'm 59 (wife is 54) with a $1 million in retirement and $1 million in home equity. It won't work for me. I'm working toward age 67 (wife will be 62) with $2+ million in retirement and $2 million in home equity. That will work, though it will leave me with less time to enjoy it. Still, adding to my investments until I have Medicare and Full Retirement Age makes a lot of sense. Their numbers are remarkably close to ours, with the exception of them owning their house outright and us having a mortgage on a higher-value home. Anyway, those additional 8 years of working have a huge impact. I can easily have double what I have invested today, and I've been contributing at about 10% of earnings since 1993. So those 8 years match what took me 31 years to do so far.

I love this format. Looking forward to the next video 🙌

People who believe that 1mil is not enough to retire live in NY or San Francisco. You can retire with 500k or less at 20 years old and live a comfortably for the rest of your life. Just move somewhere cheap. You can live like a king in some third world countries with 1500k a month or less.

so you take all their info, how much they have and how much they spend and how long it will last, so basically you are a calculator, genius idea.... can you retire at 60 with $1mil in the bank,the answer is yes, my dad retired at 21 and just claimed benefits

The camera quality is amazing

Talks fast- couldn’t follow

When you do the Roth conversion at that point, if you stay under that $94,000, I'm assuming you don't need to come up with any cash to pay taxes on the conversion because its zero tax rate. Is that correct?

Are taxes a concern for you when you retire?

Another potential downside to taxable brokerage accounts (that no one talks about) is the fact that they can be raided in the event that the owner is sued or if the owner needs to file for bankruptcy. It could probably also make the owner ineligible for public benefits such as SSI. 401k's and IRA's offer more protections against lawsuits and bankruptcy than taxable brokerage accounts I believe.

Are you using these accounts for your early retirement plan? Why or why not?

Great video!

Can i edit your video's?

What other reasons NOT to convert did I miss?