Do These 3 Things To Set Yourself Up For Retirement
HTML-код
- Опубликовано: 29 фев 2024
- Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw.
Helpful Resources:
• Need Help with your investments? Click here (www.ramseysolutions.com/retir...) to connect with a SmartVestor Pro.
• To learn more about how to plan for Retirement click here (www.ramseysolutions.com/retir...)
• To learn more about Investing click here (www.ramseysolutions.com/retir...)
• Create a college savings plan for your child’s future. Click here (www.ramseysolutions.com/retir...) to connect with a SmartVestor Pro.
Learn more about your ad choices. www.megaphone.fm/adchoices
Ramsey Solutions Privacy Policy (www.ramseysolutions.com/compa...)
More dubious advice from the doubtful duo. Do NOT take SS until you're done working or reach your full retirement age. Also, consider spousal benefits for non-employed spouses in your decision.
The only piece to this discussion that I think is missing would be, take social security as soon as you are done working and retired. If you take it before you are retired, there are income limits on what you can earn before your social security payments start getting reduced and then you've locked yourself in at a lower amount of social security forever.
I think of social security as risk reduction, not continued wealth building, so I doubt I'd take take it any earlier than I need to.
$1,700 should be doable for my and my wife with paid off everything and kids on their own 😊
Is it good idea to opt out?
Would like to see the details on that calculation, including how much SS reduction George is assuming since the person in his example has a job. No reduction? Hmm, $1700/month = $20400 per year... the income limit before deductions are taken out this year is $22320.
So losing out on 8 years of compound growth in this example is bad but losing out on 8 years of compound interest to pay the mortgage off early is fine?
Make it make sense
The difference is the money you make you get to keep where as if you have a mortgage you still owe this you’re not debt free 🤷🏾♂️✊🏾
@@insure4cheap And? You make more money in the end through the extra years of compound interest.
If it makes you sleep better at night not having a mortgage that's fine but the math doesn't lie that you end up with less.
@@lepojyou end up with less IF you’re not investing 15% of your income.
But if you ARE investing 15% of income AND SIMULTANEOUSLY using extra money to payoff mortgage, then the difference may be NEGLIGIBLE…
I did the math.
But I actually saved a RIDICULOUS amount by paying off my mortgage cause not only did I save $234,000 in interest, but I’m also saving $9,000 per year in scam homeowners insurance which would be mandatory if I had a mortgage.
But since I have no mortgage, I can self insure and use that money to make whatever repairs come up.
2022 hurricane in fort Meyers BLASTED our home…
We got $17,000 from insurance 😢 what an absolute joke and scam.
Now I self insure and my money is earning interest for ME, not the bank.
I love that, take social security at 62 and invest it until you're 80 lol get real. Investing should not be a part of your life anymore if you are collecting social security, living is the goal because tomorrow might not be there.
"Stop investing at 62" is terrible advice. Invest conservatively? Yes. If you live to be 62, on average you'll live until 81 for men and 84 for women. And stock market returns have never been negative over the course of 20 years.
@@emoney1231.. I never said stop investing, re-read my comment. That said it should not be part of your financial plan to invest your social security until you’re 80. Saving for retirement should be secure well before collecting any social security. Every situation is different hence the term personal finances, but I personally have seen so many people physically and mentally fall apart well before 80 years old. Live. Enjoy the fruits of your labor unless you were stupid for the previous 4 decades.
@@emoney1231.. I did not say stop investing completely. Stay invested but conservatively as you mentioned. If your plan for retirement includes investing your Social Security until the age of 80 then you probably aren't ready to collect in the first place. I get it, it's called personal finance for a reason, everyone's situation is different. I'll tell you I've seen so many people fall apart physically and mentally between 70 and 80. Time to live and enjoy the fruits of your labor not invest and save it all like a miser.
@@emoney1231 .. no it’s not, it’s not to to invest in your retirement years. Leave it invested yes.
Geez, they’re always way too simplistic when talking about these topics. There’s so much more to factor in when deciding when to take social security.
Ok work till 90 then
@@cyclops9125 lol what? That makes no sense.
@Ramsey Team 🚨🚨🚨- once you take social security, you have a LIMIT on annual earnings 🚨🚨🚨🚨
Very important piece of the puzzle, otherwise massive penalties and tax implications 🚨🚨🚨
Comment
They will solve the social security funding issue in the final minute of the final hour rest assured. . Social security is not going anywhere. Social security has and will continue to provide for the future retirees.I never had any issue paying into social security as I watched my grandparents, parents, aunts and uncles all collect it. I always looked at it as paying it forward.
What country you live in social security is poverty in America. You can get more from a part-time job than from social security.
Of course, too many on welfare..
@@Rashaadthegr8…. Most folks I know are collecting $2,000 or more a month from earning an average salary. If you don’t want yours send it my way I will spend it for you. Social security was never intended to live on no one ever made that statement. It should replace roughly 40% of your salary.
@@Rashaadthegr8….. Social Security was never intended to live off entirely. No one has ever made that statement. Most people I know that made an average salary are drawing about 40% of their salary..