@@prairiemark4084 Good, doing good. Hanging in. The husband was diagnosed w/ non Hodgkins lymphoma a few mo's. back. Had some chemo. But he's clear now, so looks like I will be able to keep him around. Take care. Hope the coffee money keeps rolling in. 😊
@@penelope5500 Great news about your husband! About the coffee money, the news is positive. My wife got a $1.49/hr raise. She doesn't like loose change and she throws it all in an old coffee tin for me to use for coffee. Each morning I get up and take $1.19 out and walk 1.2 miles to the convenience store and get some coffee. It is like a miracle. It never seems to run dry with the money. Kind of like the Widow of Zerephath with her flour in the Bible. Maybe my wife is an angel or something.
yep i did to the tune of about 3 years expenses. and i'm real glad the vanguard money market is paying 5.3%. now i gotta work on roth conversion and tax optimizations.
Wife retired at 58, I retired at 61 with a pension of about 40k a year. We saved up approximately 400k in cash and investments of about 800k. You need to have different buckets for different situations and cash allows you to be poor on paper for various benefits. It's been working okay so far!
After the Great Depression, everyone saved CASH. EVERYONE. Janitors, mechanics, waitresses, Managers, you name it. So when WWII hit, where did the Gov. get money for bullets, tanks and planes? The citizens! They sold war bonds to the citizens because they ALL HAD CASH. Now cash savers are scoffed at. Consequently most folks don't have $300 in savings. Crazy. In my 60+ years on this planet, I can say the two most stress reducing things in my life (besides never remarrying and realizing buying things doesn't make you happy), are cash savings and living below my means. I'm retired now and on any given day, I can wake up, pack a couple bags, throw them in the car, grab some cash at the bank and just GO. I answer to no one. No Boss, no impossible to satisfy wife or girlfriend...just living a level of freedom that can't be articulated, it has to be lived to be fully understood and appreciated. Young men out there, save, invest and live below your means. You'll thank yourself for it later...guaranteed.
Retiring end of year just shy of 60. 275K outside my 401k of 850k, paid fr house, no debt. also doing Roth conversion the first 3 years. single, converting 40k per year. Want about 75K to live on per year? Thanks for the GREAT videos and advice Josh!
I am with this video Josh. That is how I am doing my retirement finances. Staying in the 12% tax bracket is important. With no mortgage, no car payment. 2 yrs. retired, so far so good!!
Wholeheartedly agree!! I retired in 2024 and wish I would have had more cash to bridge the gap before getting my SS. Unexpected things come up and it would be nice to have.
So, retirement advice... Make sure you fund your retirement!!!! Don't have debt! Pay off whatever you can before you retire!!! OH, also, make sure you build up CASH!!!! A LOT of cash... ... um... I think I missed the step where I figure out a way to make a lot more money so I can do all of the above at the same time... ;-)
It's not so easy with everyone. If you made average wages, it's hard to build up a lot of cash before retirement. It takes perseverance just to get a good 401k built up.
You have become my new favorite money guy on the internet. My problem is I have too much money in taxable accounts but am solidly in the 22% Fed and 8% State tax now. Will be in the 12% and close to zero State tax when I retire. I love the statement you made about not worrying about taxes now, because you can afford them. I have started to 100% my 401k and IRA's in a Roth. I would love to be able to do big Roth conversions when I retire but I will need several years of Obamacare. Still trying to figure out my best strategy.
@@captainkrunch6372 this is the main reason I have been putting so much into a Roth now. Even though my tax bracket will probably be much lower in retirement it gives me options.
I assume they'll get Obamacare until they're 65? They will have to use their cash to pay for whatever premiums they have for that but showing little income will greatly increase their subsidies.
35 trillion in debt is our country.Can we really depend on social security checks for our survival? We act like we are not already bankrupt,which we are. A backup plan is needed for SHTF.
Thanks for the great video. Just a quick question though, why do you stop at the 12% bracket why not continue to do Roth conversions in the 22 or 24% bracket?
I’m trying to figure out how all these folks stay in the 12% tax bracket with room to spare for Roth conversions and not have a life that sucks? Roughly $95k for a married couple (top end of the 12% bracket in 2024) won’t leave you starving, but it also won’t allow much margin for fun, hobbies, or any unexpected expenses………🤔
Don't forget that the $29,200 married filing joint standard deduction needs to still be added in. That brings it to over $130k a year while staying in 12% tax bracket
Cash is great. My wife's niece said at her 7th birthday party. I don't want all these gifts...."I want cash!"
A little "Josh" in the making, huh?
@@penelope5500 Could be....a good independent capitalist......like Josh.....and me! How are you doing penelope?
@@prairiemark4084 Good, doing good. Hanging in. The husband was diagnosed w/ non Hodgkins lymphoma a few mo's. back. Had some chemo. But he's clear now, so looks like I will be able to keep him around. Take care. Hope the coffee money keeps rolling in. 😊
@@penelope5500 Great news about your husband! About the coffee money, the news is positive. My wife got a $1.49/hr raise. She doesn't like loose change and she throws it all in an old coffee tin for me to use for coffee. Each morning I get up and take $1.19 out and walk 1.2 miles to the convenience store and get some coffee. It is like a miracle. It never seems to run dry with the money. Kind of like the Widow of Zerephath with her flour in the Bible. Maybe my wife is an angel or something.
Sounds good to me. Thats exactly what I am doing. Not taking SS until 70, so I have 14 years to do Roth conversions at the 12% bracket.
Two pensions, two SS's...still don't spend all of that because of no debt...that is the key.
Yes. Still saving in retirement is a mind blowing experience.
I will need 3 year oboma care.. Building cash now. Use cash income at 62 to 65.. May help keep cost down on insurance..❤
Yes, you need to be poor on paper to get subsidy on Obamacare!
yep i did to the tune of about 3 years expenses. and i'm real glad the vanguard money market is paying 5.3%. now i gotta work on roth conversion and tax optimizations.
Wife retired at 58, I retired at 61 with a pension of about 40k a year. We saved up approximately 400k in cash and investments of about 800k. You need to have different buckets for different situations and cash allows you to be poor on paper for various benefits. It's been working okay so far!
ACA changes after 2025
Best advice he gave us. 👏
After the Great Depression, everyone saved CASH. EVERYONE. Janitors, mechanics, waitresses, Managers, you name it. So when WWII hit, where did the Gov. get money for bullets, tanks and planes? The citizens! They sold war bonds to the citizens because they ALL HAD CASH. Now cash savers are scoffed at. Consequently most folks don't have $300 in savings. Crazy. In my 60+ years on this planet, I can say the two most stress reducing things in my life (besides never remarrying and realizing buying things doesn't make you happy), are cash savings and living below my means. I'm retired now and on any given day, I can wake up, pack a couple bags, throw them in the car, grab some cash at the bank and just GO. I answer to no one. No Boss, no impossible to satisfy wife or girlfriend...just living a level of freedom that can't be articulated, it has to be lived to be fully understood and appreciated. Young men out there, save, invest and live below your means. You'll thank yourself for it later...guaranteed.
Cash, cash, cash and cash.
Retiring end of year just shy of 60. 275K outside my 401k of 850k, paid fr house, no debt. also doing Roth conversion the first 3 years. single, converting 40k per year. Want about 75K to live on per year? Thanks for the GREAT videos and advice Josh!
I am with this video Josh. That is how I am doing my retirement finances. Staying in the 12% tax bracket is important. With no mortgage, no car payment. 2 yrs. retired, so far so good!!
I built up my cash reserves 5 years out from retirement...cash is still king....for now! Lol
Wholeheartedly agree!! I retired in 2024 and wish I would have had more cash to bridge the gap before getting my SS. Unexpected things come up and it would be nice to have.
This is a really good talk - thank you
So, retirement advice...
Make sure you fund your retirement!!!!
Don't have debt! Pay off whatever you can before you retire!!!
OH, also, make sure you build up CASH!!!! A LOT of cash...
...
um...
I think I missed the step where I figure out a way to make a lot more money so I can do all of the above at the same time...
;-)
It's not so easy with everyone. If you made average wages, it's hard to build up a lot of cash before retirement. It takes perseverance just to get a good 401k built up.
Thankfully in 2024 we are getting 4.3% on HP Savings accounts
You have become my new favorite money guy on the internet. My problem is I have too much money in taxable accounts but am solidly in the 22% Fed and 8% State tax now. Will be in the 12% and close to zero State tax when I retire. I love the statement you made about not worrying about taxes now, because you can afford them. I have started to 100% my 401k and IRA's in a Roth. I would love to be able to do big Roth conversions when I retire but I will need several years of Obamacare. Still trying to figure out my best strategy.
Roth distribution doesn't count for ACA income.
@@captainkrunch6372 this is the main reason I have been putting so much into a Roth now. Even though my tax bracket will probably be much lower in retirement it gives me options.
“Until you get it through your big fat head” 😂👍🏻
I assume they'll get Obamacare until they're 65? They will have to use their cash to pay for whatever premiums they have for that but showing little income will greatly increase their subsidies.
Then your never retire. Retire or keep working ill retire the last thing I want to do is work until I die.
35 trillion in debt is our country.Can we really depend on social security checks for our survival? We act like we are not already bankrupt,which we are. A backup plan is needed for SHTF.
Where to keep that cash? No one ever tells you. HYSA are new and will probably be short lived. Money Market Mutual funds? Where?
HYSA Are not new
T-Bills, CDs, HYSA, Money Markets (Vanguard's is the highest payer currently at over 5% after expenses).
I have a two year CD Ladder with each wrung being 3 months apart
I know its old,but cash is King,especially when u are old.
Thanks for the great video. Just a quick question though, why do you stop at the 12% bracket why not continue to do Roth conversions in the 22 or 24% bracket?
There is no need for them to convert that much and pay all those taxes now.
I think the other day or night ZELLE
OK!
I’m trying to figure out how all these folks stay in the 12% tax bracket with room to spare for Roth conversions and not have a life that sucks? Roughly $95k for a married couple (top end of the 12% bracket in 2024) won’t leave you starving, but it also won’t allow much margin for fun, hobbies, or any unexpected expenses………🤔
How do you figure that with no house payment, tons of fun money!
Where are you, California? 95K goes a long way in most of USA.
No tax on CASH!! That’s how
Don't forget that the $29,200 married filing joint standard deduction needs to still be added in. That brings it to over $130k a year while staying in 12% tax bracket
95,000 plus 28,000 standard deduction = $122,000
Cash is trash
Cash is paying over 5%... I'll happily take that 'trash'
CASH IS TRASH? MY GUESS IS YOU DON’T HAVE MUCH.