We retired early using the rule of 55. Our 401k makes a monthly deposit into our bank account. This 401k will last until we are at least 62. Then we will begin to use our IRAs and take social security.
I've been retired for 3 years now and live solely on my investments as I have no pension and decided not to take Social Security just yet. First I determined how much I need as far as monthly income. With the monthly income needed known, I simply sell enough stock holdings to provide 6 months income (including income taxes) every 6 months. I decided on every 6 months to minimize effort and decrease the chance of selling too much stock at a stock market low. The 6 months of cash from the stock sale then goes from my brokerage account into a money market account where it can earn a little return. Lastly I setup an automatic transfer of 1 months expenses to be transferred each month from the money market account to my primary (and only) checking account for my ongoing expenses.
I'm 54 and my wife and I are really worried about our future. The cost of living keeps going up and our savings are running low. We're barely getting by and can't seem to catch up. I feel for people nearing retirement who are scared that 30 years of hard work will be undone by the current economic troubles.
Don’t think “Die with Zero” is a literal. It’s a mindset that someone wants to live their retirement to the fullest & not worry about leaving a huge nest egg to their heirs.
Live on a budget. Give yourself a little freedom to expand that budget, if your means allows for it, but STILL live on that budget. Do this and everything else will follow. Most people don't or won't live on a budget...which is why most people are broke.
At 5:50 Jill says make it (withdrawals) automatic. This is THE TOPIC I want to talk about. We know and carefully track spending. Is an annuity the only way? What are smart options for creating that stream of deposits that tracks with your spending run rate? Thanks for this video!
If one retires early, you may want to pull money out of your Roth 401k in order to ensure your healthcare cost is not going to overwhelm you. And let's not forget social security adjustments to Medicaid expenses if you take out from the account that makes your taxable income increase. And you both may find out when you retire that it is a little difficult to withdraw that money you have saved, even if you set it up like an annuity.
Setting on monthly auto withdraw is a dumb idea. Why sell when the market is low? Sell 12 months of future living expenses on every 10% stock upward move....in this way, you can keep about 1 to 2+ years in money market cash. Sell on upsides, use your cash balance in declines is much smarter.
For me, I pull income early in retirement from brokerage, IRA and Roth. This allows me to manage my MAGI, and get subsidized health insurance. I don't follow the "take Roth last" belief.
The AI sector continues to charge up in Nov. AMD ..Soun .9 % month.. SoundHound... VHAI..19 % month.. Vocodia.. conversational AI. Sym .19 % mth . Symbotic.... Bbai..Big Bear AI and more. Thumbs Up video/ comments. Thanks.
What about teaching retirees how to make money or invest in a less risky way to preserve their nest egg with their retirement . All you need to do is match your present working income with dividend or Interest income minus taxes to live your desired lifestyle
I’m with you. I’ve consumed far too many hours of financial advice and books and rarely do you hear anyone with plans that keep your principal and spend its earnings. I want to leave my kids my full savings.
I wish you had the ability to criticize Biden’s policies that contributed to really high inflation and fake GDP numbers. I heard your POD recently- and you gave Biden credit for a decent economy. - while criticizing trumps tariff threats. And you failed to mention Biden kept trumps previous tariffs. I think that was really disappointing and telling of your bias.
I just turn 44 and awfully late to invest with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring again, I’m getting worried about about retirement, my intention is to retire at 55. How best do I maximize my savings of over $230k
so 3:48 in: (guy tells personal story) the big problem/solution for those with $1M in brokerage account.?. Pobrecitos Your contract (with me) is up now.
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Key to saving, is to spend less! Earning more doesn’t help if spending is increasing to meet income.
When im older I hope I find a rich lady like Jill to fund my lifestyle
I hope you’re a woman.
solid plan. Women 10-20 years older are waiting for you now.
We retired early using the rule of 55. Our 401k makes a monthly deposit into our bank account.
This 401k will last until we are at least 62. Then we will begin to use our IRAs and take social security.
I've been retired for 3 years now and live solely on my investments as I have no pension and decided not to take Social Security just yet. First I determined how much I need as far as monthly income. With the monthly income needed known, I simply sell enough stock holdings to provide 6 months income (including income taxes) every 6 months. I decided on every 6 months to minimize effort and decrease the chance of selling too much stock at a stock market low. The 6 months of cash from the stock sale then goes from my brokerage account into a money market account where it can earn a little return. Lastly I setup an automatic transfer of 1 months expenses to be transferred each month from the money market account to my primary (and only) checking account for my ongoing expenses.
I'm 54 and my wife and I are really worried about our future. The cost of living keeps going up and our savings are running low. We're barely getting by and can't seem to catch up. I feel for people nearing retirement who are scared that 30 years of hard work will be undone by the current economic troubles.
Don’t think “Die with Zero” is a literal. It’s a mindset that someone wants to live their retirement to the fullest & not worry about leaving a huge nest egg to their heirs.
I think of it as “Die with Zero REGRETS.” 🎉
@@heidikamrath1951 That's a great way to think about it!
Live on a budget. Give yourself a little freedom to expand that budget, if your means allows for it, but STILL live on that budget. Do this and everything else will follow. Most people don't or won't live on a budget...which is why most people are broke.
Annuities?? No way! Never hand your money over to an insurance company so they can bleed it. Can’t believe this is the first thing a CFP says
Agreed! Why pay an insurance company to sit on your nest egg, while charging you fees and keeping dividends for themselves.
At 5:50 Jill says make it (withdrawals) automatic. This is THE TOPIC I want to talk about. We know and carefully track spending. Is an annuity the only way? What are smart options for creating that stream of deposits that tracks with your spending run rate? Thanks for this video!
No, an annuity is NOT the only way. There are a variety of withdrawal strategies, the most well-known is Bill Bengen’s 4% rule. Check it out.
Instead of putting money into an annuity, can we also put money into a money market account and then pull or have funds transfer monthly
Now I need to figure out how to pay myself now.
The ideal scenario is you spend all of your $ by the time you die and your last check, paid to the funeral parlor, bounces.
Why stiff the funeral parlor? They need to earn a living too.
@@PrincessLolly1 I agree, it was just a joke my uncle told me ;)
That may be your ideal scenario, but not mine. I hope to leave $ to my beloved children and grandchildren
what - and ruin your credit rating? 🤣
@@PrincessLolly1that would make 2 stiffs ! 😂
Has VMSXX ever decreased in value? I am in the highest tax bracket and looking for a relatively safe place to park my after tax cash.
If one retires early, you may want to pull money out of your Roth 401k in order to ensure your healthcare cost is not going to overwhelm you. And let's not forget social security adjustments to Medicaid expenses if you take out from the account that makes your taxable income increase.
And you both may find out when you retire that it is a little difficult to withdraw that money you have saved, even if you set it up like an annuity.
Setting on monthly auto withdraw is a dumb idea. Why sell when the market is low? Sell 12 months of future living expenses on every 10% stock upward move....in this way, you can keep about 1 to 2+ years in money market cash. Sell on upsides, use your cash balance in declines is much smarter.
If u can do this. If u are money smart, do this
Jill, it is your show, but you ask questions and then cut the guests off before they finish a sentence! This is off putting.
I don’t want to leave my undeserving family any of my money when I die.
For me, I pull income early in retirement from brokerage, IRA and Roth. This allows me to manage my MAGI, and get subsidized health insurance. I don't follow the "take Roth last" belief.
Spend. Less save more
The AI sector continues to charge up in Nov. AMD ..Soun .9 % month.. SoundHound... VHAI..19 % month.. Vocodia.. conversational AI. Sym .19 % mth . Symbotic.... Bbai..Big Bear AI and more. Thumbs Up video/ comments. Thanks.
Wow, give the guy a chance to speak. She routinely dominates the conversation.
The government helps me spend money.
What about teaching retirees how to make money or invest in a less risky way to preserve their nest egg with their retirement . All you need to do is match your present working income with dividend or Interest income minus taxes to live your desired lifestyle
They have six years of videos for you. Get to it.
I’m with you. I’ve consumed far too many hours of financial advice and books and rarely do you hear anyone with plans that keep your principal and spend its earnings. I want to leave my kids my full savings.
I wish you had the ability to criticize Biden’s policies that contributed to really high inflation and fake GDP numbers.
I heard your POD recently- and you gave Biden credit for a decent economy. - while criticizing trumps tariff threats. And you failed to mention Biden kept trumps previous tariffs.
I think that was really disappointing and telling of your bias.
I just turn 44 and awfully late to invest with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring again, I’m getting worried about about retirement, my intention is to retire at 55. How best do I maximize my savings of over $230k
ROB BERGER FIDELITY CASH
so 3:48 in: (guy tells personal story) the big problem/solution for those with $1M in brokerage account.?. Pobrecitos Your contract (with me) is up now.