I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this.
Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
@@Countstep0099 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Countstep0099 I looked up your advisor's full name and she appears to be trustworthy and knowledgeable. She is a fiduciary who acts in any individual's best interests. So I left a message on her website, and I'm hoping she responds soon.
I ponder on how my retirement experience would generally feel like because I've not yet been able to save enough money and according to my spreadsheet, I am few years closer to my retirement schedule
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@@greekbarrios Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an CFP since 2019, and I return at least $620k ROI, and this does not include capital gain.
@@Ammo-Hoarder Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Jazz Wealth Managers I agree with that. At school you learn too much nonsense. If I knew that. Today I would have more money and travel more. Just an example...
I bet if you put together a 30-60 minute presentation, your local high school would let you present it to students. It may be after school, and totally voluntary, but they'd let you. You could start the financial revolution in your area.
That's what I like to hear man. just don't get student loan debt, don't buy an expensive car, invest 60% of your income in S&P 500 indexes, house hack a duplex and start an online business and you'll be good to go.
AWESOME JOB!!! I am getting close to 40 (this year). 401K plus my Roth I'm at about 120k. I hope to increase my 401k to another 2% next year (15% total). I took my merit instead of placing it in my 401k this time around because I am getting married. I will be back on track as soon as the wedding is over.
You are doing awesome, keep it up! Make sure its diversified to guard against a market crash. My story from when I was your age. I was always a good saver and thought i was doing well at investing in my retirement fund. In 2005 I was 33 had 30+k in savings/checking, and 70k in an IRA index fund and no debt. Long story short, bought a house in 05, housing market crashed in 06, and in 08 the stock market crashed, by 2010 my IRA was worth 35k, the house was sold, my bank account was zero, and debt around 15k. The 30k in my bank account, and 15k debt all went into the house. I took a thrashing...LOL! Even through all that I kept being a saver, and doing just fine today!
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
To all the youmg savers out there....I'm 37 with $470k in 401k & Roths...Another $120k in brokerage account...Honestly wasnt difficult at all (25% of my pay into index funds, thats it). I plan to stop working at 50...Just get going and trust in the process
I’m 47 and have 25k in credit card debt just started a 401k save nothing before lost money in 08 gave up on saving. What do I need to put away for retirement a month in 401k and still pay my credit card debt
Been there. That credit card debt is like killer quick sand. Do you by chance have equity in a home that you could do a ‘cash out refinance’ to pay off the credit card debt? That way you could have like a 7% (or whatever refi rates are these days) interest instead of what is probably double triple or quadruple that rate on the credit cards that are so damn tough to get paid down
I'm 40. I add $1000 a week to my retirement. Next year, $1350 a week. At 50, I'm buying a sailboat and leaving the USA. Imo, people have spending problems.
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
I'm gonna hope I lived a good life and dead by retirement (67)😳😳I see so many old people who cant retire...smh...its my fault, I'm 38 and been told to invest in a roth... I like most...dont have the funds
I'm 39 y/o. No prior 401k saved. I just began working for a company with 401k with a match of 50% up to 6%. Not qualified for it yet but next month I'll be eligible. Planning on doing 10% investing on it. I just began a Roth IRA with you all this week. Planning on depositing $200 per check (biweekly) in to it. Fingers crossed for retirement. Lol
I'm 26 and about to pay off all student loan and car debt with about 30k in retirement accounts (401k, Roth IRA). plan on investing 65% of income into index funds and also real estate to retire by 35.
If you're single you only need $50000 a year to live without any worry ( that is you live in reasonably priced geographic location ). So at 50 years old which is 2 years away you need to have 1.25 million dollars if you live to 75 which is average. Honestly I would recommend 2 million since more is better in the long run and what happens if you live to be 100?
@@Whoareyoucalling who needs that much money when you’re that old? What do you plan on spending it on every month?? Floating around on same dumb Cruise Ship hoping to get laid? Pass... I could easily live on 30,000 a year, I could care less about traveling and the yada yada traditional retirement crap. Just not having to get up to meet another damn deadline would be a dream come true. I plan on isolating from the total BS society pushes on people. If I get sick, I’ll have a rope and end it.
Im 40 yrs old my job provides a pension plan. My other co workers have a deferred comp account as well. Should I look into getting one too. Or is my pension plan good enough?
Also 40 plus my job(state job)has forced retirement. I'm also contributing to a defered comp plan not performing well thinking about withdrawing it and investing in Vanguard
Im in the same boat. State employee with a pension plan. I started contributing to a deferred comp plan also. A pension is great but you never know. I think about those poor folks in Detroit and how they got screwed. Tax savings on the deferred comp is a bonus. Most likely your deferred comp will have you in one of those retire by such and such date plans by default. I switched to an index fund. Better rate of return, lower expense ratio. Additionally it was rated as less risk to boot.
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
I'm 37 and have 35,000 in a 401K, job matches 4% and I only take home $45k/annually. I invest 6% in 401k and 4% in ROTH. I don't take home a lot of money but somehow making it work. How am I doing? Could contribute more or less in either account?
I saw where you were talking about How $50,000 a year in return on investment interest would be taxed at 22% at 4:47 but I hate to bust your bubble but you're incorrect. Capital gains tax is usually between 10 and 15% and that's at most. And that's if you've got a crazy amount of money coming in. Capital gains tax is not taxed at the same rate as regular income.
Please, I need help. I want to start this roth IRA. Where do I open this account? And do I have to spread it through 4 investment accounts. I'm 41 and I want to start now. Please help!!!
I'm 39 and just started my 401k. My company matches 8% so I'm understanding I need another $350 a month in a Roth IRA? Currently only about $130 per check goes to my 401k. This video is very helpful thank you
What is the strategy if someone is...and wants 1 million dollars by age 67, if possible. 40 years old, doesn’t have access to 401k bc they are self employed and only has traditional or Roth access, currently setup in Roth IRA and have about 20k in it at moment. 6k maximum current contribution let’s assume will max out for years to follow...
Man. The more I see from you. The more I think I should have started earlier I'm 39 now with 69K in 401. I'm so deep in debt I don't even know how I have managed that would love to do more but I'm so past broke too much debt.
Great video! I turn 40 this year! Had some mishaps in life but Just started my 401k this year. I think that if you can afford to pay the IRS then you should at least match what they are pulling out or the maximum $18500 contribution limit! It’s funny how people say I can’t afford to invest in my 401(k) but yet they have brand new cars they drive a $200 a month cell phone bill satellite TV boat or camper but yet they don’t put any money into their 401(k) because they can’t afford it I used to be one of these people now I make sure my 401(k) is first priority!
What a great Video, I’m 50 now and my 401k is 42k, there is no ways for me to get $Million when I retired, I’m running way behind, Young people, watch this video Cheers’
That is always a tough question, and its different for everybody, as we all have different pay, debts, taxes, cost of living...etc. I'm 44 and here is what I do: 1) Max out my employer matching 401k in an common stock index fund(85%), Government bonds (15%). I put in 5% employer matches up to 4%. 2) Save, Save, Save! Be a good saver. Saving/checking i capped at 6 months pay, now that money goes into my once a year premium for item #3. 3) 500k whole life insurance policy. This is now my savings account that I will draw from tax free in retirement. ****DO LOTS OF HOMEWORK BEFORE YOU COMMIT TO THIS, its LONG TERM**** and there are LOTS of bad deals, and lots of rules that go along with them. 5) Lastly, ETF's in a Blackrock brokerage account.
I'm 42 and just now getting started I get a pension. But I want to start a roth Ira now. Where do I start stock wise? How many stocks should I have or just grab 4 or 5 Vanguards and go from there?
We are 45/46, about 100g in 401ks (wife and myself). Our house will be paid off in 10 months. We have both had health issues and are wanting to retire asap....lol. After our house is paid off we will live off one income as much as possible.....the question is. When can we retire at 70K a year combined....(or are we NUTS)
Hey. I’m 34 and don’t have anything saved up. I have like 5000 in savings. I would like to start saving aggressively into roth or a retirement account. There’s roth IRA at Pentagon...should I start putting in money into that account and that’s it? Thanks
Hello. I’m 43 (no retirement savings) I have a recent Master of Health Administration degree I’m struggling to make use of currently employed in temporary position as Licenses Health Insurance Benedict Consultant. I’m thinking I need 1) a Matched 401(k) 2) ROTH IRA adding $458 per month 3) Emergency Savings account building 6-12 months of cost of living 4) Two whole life policies, one for final expenses and one as a savings vehicle. I’d greatly appreciate your thoughts.
I just subscribed to your channel and I must say I love your videos, I am in my late 30's and I don't have a 401k. Can you do a video for a person starting from scratch?
If I want to move my money to your firm and have you invest on my behalf, but I'm already working with someone what do i need to do? I don't want to have the akward "you're fired" conversation. Things have been going well, but I like that you are a teacher and I can see that you know your stuff.
Nope! You can get stated now. Work on paying off your debt little by little, using the Snowball Method or Avalanche Method. You can start a Roth IRA and invest a little into it until your debt is paid off.
If you're retiring at 40, don't put money in a retirement account. Put it in a taxable account. There are penalties for taking money out of retirement account prior to certain ages.
OK. I’m 46 and just got scared on your video. LOL I would like to retire as soon as possable personally I have $28000 in a 401 & 1500 in a ROTH IRA. But the more I contribute to my retirement the harder it is for me and my family. I am the only income at the time. I just don’t see it happening for me.
That's sounds good but I really don't know what that means anymore. Making a budget and fixing life's unexpected problems is to much. I feel like i'm trying to squeezing an orange that's already dried out.
I’m 43. 15k already saved. 10% contribution to 401k per pay= $400 mth. 401k matched at 100% . I want to retire at 63. Am I doing ok? How much would I have for retirement?
My husband will be 40 next year and we don’t have anything saved for retirement. We plan on saving like the FIRE community so that he can retire on time. :)
10,000 in a 401k but we're simulating on a Roth IRA and we're taxing it 22% on a Roth... Okay I'm caught up. 9200 a year starting off raising by 3% for 20 years ending at contributing 20,600 a year when you're 67... So you're telling me there's hope 🤣
Divorce wiped mine out in my 30’s. About 40 I started at 6% with a 3% match. At 45 I’ve increased to 15% and if all goes well I’ll be putting 20% in at 46. That being said it won’t be enough. Gonna do a Roth, some other funds and save.
My return of investment isn't close to 7%. I remember back in the day when I set up my 401k, they give you 3 options, aggressive, moderate, and low risk. I took the low risk. I'm afraid to make a change, but I'm starting to realize I almost have to. What should be my next move?
You should contribute at least enough to receive the company match in your 401(k). As a rule of thumb you should aim to invest at least 10% of income toward retirement, more for the better chance of getting a higher 401(k) / IRA balance at retirement.
I'm 30 years old with 148k in my 401k... I will max it out every year until I retire. I'm thinking of getting a Roth IRA and was wondering would that be overkill?
I'm 43yrs old, legally blind. I'm receiving $1,500 a month on Disability. I have Two 401k accounts One is with an employer that fired me unjustly years ago ($8,000) The other is with Lincoln Finantial ($15,000) I can withdraw from the 401k without penalty but paying taxes since I'm fully disabled. What should I do? Should I take it out and invest it somehow? I have no debt but own no property (renting at the moment)
Connie...Thanks for commenting,I will refer you to my trade analyst and accountant for bitcoin other crypto and stock investment +1 4 1 5 4 7 7 1 6 1 5 W.h.a.t.s.a.p.p Do well to let him know I referred you to him his strategies are top notch✅....
I am 40. I have $1.3m in cash, no debt on primary residence or rental properties. I have a wife and two children ages 2 and 5. I saved for their college including room and board, books and supplies, tuition and fees, plus a new Toyota Camry when they turn 16. My major concern is health insurance at a cost of $1405 per month. What should I do now?
5000$ a month for ten years at an avg yield of 8 percent a year in dividends . dividends wont be taxed up to 39k. so tax is on 11k a year only so full tax refund again :)
Go for it! If you’re in the military you can open an account at Navy Federal Credit Union and start your Roth IRA. They are doing a special this month on IRAs and ESAs for 40 months.
I had a job once that offered a 401k. I don't remember the details. After 2 years there was $400 in it after putting into it what I could afford and still be able to pay bills and live. I'm not sure how to save like that making 13.00 an hour with 2 kids and a mortgage. I keep putting away in my savings instead so I have easy access to it in case shit hits the fan and I need it.
For someone making $60k (above average income) they would be contributing 10% with about a 3% match to come up with $650 month towards their 401k. This guy wants to increase the savings by 3% each year so at 50yrs old you should be contributing 40% towards retirement. At 60yrs old, 70% towards retirement. Age 66, 88% towards retirement…. What are people suppose to have to pay their bills or eat? Yhea, you will get a raises but usually 0.30-0.60 cent raise a year won’t cover inflation. The majority of middle and lower class people are screwed.
42 here. made every mistake. not my fault. I have a SEP IRA barely funded and a tiny 401k from past employer not matched :( some savings. I can live cheap in retirement. hoping for invest plus SSI by 63-67 depending on health. Where do I go from here?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I’m 46 years old and retirement is not an option for me as long as I’m still healthy and able to continue working. Working keeps me feeling young. Once I retire I will feel old and that is something that I want to avoid. Retirement is not for everybody.
I really admire your take on retirement. I've never been a fan. I'd rather continue investing and remain engaged with some form of work. Where are you from and what do you invest it? Let's share ideas please
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.
Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
In other words, an advisor-managed portfolio would average 8% annualised growth over a 25-year period, compared to 5% from a self-managed portfolio
@@Countstep0099 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@Countstep0099 I looked up your advisor's full name and she appears to be trustworthy and knowledgeable. She is a fiduciary who acts in any individual's best interests. So I left a message on her website, and I'm hoping she responds soon.
@@2024Red-j5tinvest your Holiday pay in a Roth IRA.
Also consider an IUL.
I ponder on how my retirement experience would generally feel like because I've not yet been able to save enough money and according to my spreadsheet, I am few years closer to my retirement schedule
Keep workin at it you'll be fine
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@@greekbarrios Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an CFP since 2019, and I return at least $620k ROI, and this does not include capital gain.
@@Ammo-Hoarder Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
Instead of teaching us the cube root of pi they should be teaching this stuff in schools
Amen!
Jazz Wealth Managers I agree with that. At school you learn too much nonsense. If I knew that. Today I would have more money and travel more. Just an example...
Linneson Reddy at school the pi root was soo important. I never use that in real life.
I have said for years that our society would be so different if they taught personal finance and economics starting at the junior high level.
I bet if you put together a 30-60 minute presentation, your local high school would let you present it to students. It may be after school, and totally voluntary, but they'd let you. You could start the financial revolution in your area.
I am 8 years old and want to start investing so I could retire by the time I am 21.
Retire by party age... I like it! :)
That's what I like to hear man. just don't get student loan debt, don't buy an expensive car, invest 60% of your income in S&P 500 indexes, house hack a duplex and start an online business and you'll be good to go.
if you want o be wise enough to retire by 21, may want to either stop posing as an 8 yr old or stop posting your name online as an 8 y/o
Jordan Trae You mean it is possible? WOW thanks
lol you already got haters man its a good start.
I’m 35 and I have 100k in my retirement save now 22%
AWESOME JOB!!! I am getting close to 40 (this year). 401K plus my Roth I'm at about 120k. I hope to increase my 401k to another 2% next year (15% total). I took my merit instead of placing it in my 401k this time around because I am getting married. I will be back on track as soon as the wedding is over.
good job. If you are legit, please take time to reach out and help others understand the importance of saving while young.
You are doing awesome, keep it up! Make sure its diversified to guard against a market crash. My story from when I was your age. I was always a good saver and thought i was doing well at investing in my retirement fund. In 2005 I was 33 had 30+k in savings/checking, and 70k in an IRA index fund and no debt. Long story short, bought a house in 05, housing market crashed in 06, and in 08 the stock market crashed, by 2010 my IRA was worth 35k, the house was sold, my bank account was zero, and debt around 15k. The 30k in my bank account, and 15k debt all went into the house. I took a thrashing...LOL! Even through all that I kept being a saver, and doing just fine today!
@@John-hw3ds What a story man. I'm just glad you got back on your feet. What do you invest in right now?
I found this honest and want to share
I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
What if you're 40 and have nothing and are just starting?... time to go after more aggressive investments?
Started at 19 with my 401K but really got serious at 24/25 and im 33 now and want to go back in time and thank the 24 year old version of mayself
I’m 23 years old and not doing bad in 401k. How much did you percent did you invest at 23?
That is awesome Sean!
To all the youmg savers out there....I'm 37 with $470k in 401k & Roths...Another $120k in brokerage account...Honestly wasnt difficult at all (25% of my pay into index funds, thats it). I plan to stop working at 50...Just get going and trust in the process
Oh thanks so much for sharing! Very nice!
Cut the crap and lies , what a bunch of BS... lol
I’m 47 and have 25k in credit card debt just started a 401k save nothing before lost money in 08 gave up on saving. What do I need to put away for retirement a month in 401k and still pay my credit card debt
Been there. That credit card debt is like killer quick sand. Do you by chance have equity in a home that you could do a ‘cash out refinance’ to pay off the credit card debt? That way you could have like a 7% (or whatever refi rates are these days) interest instead of what is probably double triple or quadruple that rate on the credit cards that are so damn tough to get paid down
I'm 40. I add $1000 a week to my retirement. Next year, $1350 a week. At 50, I'm buying a sailboat and leaving the USA. Imo, people have spending problems.
I remember you! Come sail away...
Omg I’m in trouble! “Never too late is the saying. Loved the video and comments. Wish me luck!!😳
Good luck. What are you planning on investing on?
I found this honest and want to share
I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
I hope you found (the come up series) on RUclips like I did. Change of life
@@ameliajuan3127 noo
@@ameliajuan3127 it a scam I'm in the military took all our money
Hi. 39 here. Would love some investment advice!
I'm gonna hope I lived a good life and dead by retirement (67)😳😳I see so many old people who cant retire...smh...its my fault, I'm 38 and been told to invest in a roth... I like most...dont have the funds
Where are you from? I can point you in the right direction from where you can generate reasonable startup funds
🤣🤣🤣Best Comment 🙌🏾 Same situation...
I'm 39 y/o. No prior 401k saved. I just began working for a company with 401k with a match of 50% up to 6%. Not qualified for it yet but next month I'll be eligible. Planning on doing 10% investing on it. I just began a Roth IRA with you all this week. Planning on depositing $200 per check (biweekly) in to it. Fingers crossed for retirement. Lol
We have the same scenario except I’m 35
Brent F- how is it going for your savings? Are you able to increase the amounts saved? Good luck..
50% match on 401k???!!!! Lmao
@@jmarie7405 up to 6%... You make yourself look extremely stupid.
Age 27 with 57k in retirement (both individual 401k and IRA)
+chan stanley looking good Stanley
At 6:40 how did you factor the 350$ a month to go in the Roth? How was it calculated? Makes no sense. Also, why 350 instead of investing for the max?
I'm 26 and about to pay off all student loan and car debt with about 30k in retirement accounts (401k, Roth IRA). plan on investing 65% of income into index funds and also real estate to retire by 35.
Eclectic Emissary you’re golden. If your plan changes, you’ll only be better off. Stay the course
How about 50? I'm 47 now so I'd be interested how much I need to save in the near future!
If you're single you only need $50000 a year to live without any worry ( that is you live in reasonably priced geographic location ). So at 50 years old which is 2 years away you need to have 1.25 million dollars if you live to 75 which is average. Honestly I would recommend 2 million since more is better in the long run and what happens if you live to be 100?
@@Whoareyoucalling who needs that much money when you’re that old? What do you plan on spending it on every month?? Floating around on same dumb Cruise Ship hoping to get laid? Pass... I could easily live on 30,000 a year, I could care less about traveling and the yada yada traditional retirement crap. Just not having to get up to meet another damn deadline would be a dream come true. I plan on isolating from the total BS society pushes on people. If I get sick, I’ll have a rope and end it.
Im 40 yrs old my job provides a pension plan. My other co workers have a deferred comp account as well. Should I look into getting one too. Or is my pension plan good enough?
Depends on what you need and what they offer you. Doesn't hurt to take a look.
Also 40 plus my job(state job)has forced retirement. I'm also contributing to a defered comp plan not performing well thinking about withdrawing it and investing in Vanguard
Im in the same boat. State employee with a pension plan. I started contributing to a deferred comp plan also. A pension is great but you never know. I think about those poor folks in Detroit and how they got screwed. Tax savings on the deferred comp is a bonus. Most likely your deferred comp will have you in one of those retire by such and such date plans by default. I switched to an index fund. Better rate of return, lower expense ratio. Additionally it was rated as less risk to boot.
Can you do this a video for a 50 year old
I found this honest and want to share
I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
Yes😬
I'm 37 and have 35,000 in a 401K, job matches 4% and I only take home $45k/annually. I invest 6% in 401k and 4% in ROTH. I don't take home a lot of money but somehow making it work. How am I doing? Could contribute more or less in either account?
I saw where you were talking about
How $50,000 a year in return on investment interest would be taxed at 22% at 4:47 but I hate to bust your bubble but you're incorrect. Capital gains tax is usually between 10 and 15% and that's at most. And that's if you've got a crazy amount of money coming in. Capital gains tax is not taxed at the same rate as regular income.
Can you have more than one Roth ?
I just turned 18 and put $200 in a roth IRA but not sure what to put my investments into in the Roth
Exactly why we started jazz ;)
Please, I need help. I want to start this roth IRA. Where do I open this account? And do I have to spread it through 4 investment accounts. I'm 41 and I want to start now. Please help!!!
Im 42. 60k in savings. How screwed am i
Maybe slightly less than a light bulb 😜
35 and only have 45K in savings. Going to start a Roth IRA very soon.
Sounds good! Keep us in mind if you want help!
I am 39 and about to choose a savings plan. Any advice to start with?
I'm 50 no savings. Have a house outside USA. An $800 monthly pension will pay a maid, drive a car and go for vacation.
Have you other investments aside the house?
And if you have nothing at 40 to start?
Are you sure you are going to live till you reach 67?
I'm 40 and I want to cry - I wasted so much time, but hopefully can change that soon!
I admire the drive. It's never too late lady. What are you looking to invest in?
I’m 40 working 2 jobs to make this happen. It can be done
I'm 39 and just started my 401k. My company matches 8% so I'm understanding I need another $350 a month in a Roth IRA? Currently only about $130 per check goes to my 401k. This video is very helpful thank you
Hi, I'm 41 years old I have about 76,000 in my 457. Can I transfer that to a Roth ira?
ernie mays You should just start a Roth IRA and just contribute $6k for this year and another $6k starting in January.
@@johngriffith6266 thank you so very much! I appreciate it.
What is the strategy if someone is...and wants 1 million dollars by age 67, if possible.
40 years old, doesn’t have access to 401k bc they are self employed and only has traditional or Roth access, currently setup in Roth IRA and have about 20k in it at moment. 6k maximum current contribution let’s assume will max out for years to follow...
Man. The more I see from you. The more I think I should have started earlier I'm 39 now with 69K in 401. I'm so deep in debt I don't even know how I have managed that would love to do more but I'm so past broke too much debt.
+Jo Bo ouch...one step at a time. You can work your way out of it
What about people that don't make enough to put those big numbers in the bank. Just not possible.
It's just an example. You invest for you, not because we made a video on a specific number ;)
Jazz Wealth Managers understood. But the fact remains. The end game numbers are what they are. Thanks for the motivating vids.
Great video! I turn 40 this year! Had some mishaps in life but Just started my 401k this year. I think that if you can afford to pay the IRS then you should at least match what they are pulling out or the maximum $18500 contribution limit! It’s funny how people say I can’t afford to invest in my 401(k) but yet they have brand new cars they drive a $200 a month cell phone bill satellite TV boat or camper but yet they don’t put any money into their 401(k) because they can’t afford it I used to be one of these people now I make sure my 401(k) is first priority!
Good. And have you other investments?
Check out putting SCHD into a Roth IRA
What a great Video,
I’m 50 now and my 401k is 42k, there is no ways for me to get $Million when I retired,
I’m running way behind,
Young people, watch this video
Cheers’
Invest in other areas as well!
How should we be investing in our 40s (i'm 44) aggressively still, moderately aggressive...
+Bubba Fatt sorry...yes aggressive to moderate depending on the rest of your investments and finances
That is always a tough question, and its different for everybody, as we all have different pay, debts, taxes, cost of living...etc. I'm 44 and here is what I do:
1) Max out my employer matching 401k in an common stock index fund(85%), Government bonds (15%). I put in 5% employer matches up to 4%.
2) Save, Save, Save! Be a good saver. Saving/checking i capped at 6 months pay, now that money goes into my once a year premium for item #3.
3) 500k whole life insurance policy. This is now my savings account that I will draw from tax free in retirement. ****DO LOTS OF HOMEWORK BEFORE YOU COMMIT TO THIS, its LONG TERM**** and there are LOTS of bad deals, and lots of rules that go along with them.
5) Lastly, ETF's in a Blackrock brokerage account.
Wow that’s a great break down are you considered a fiduciary I heard that on one of the videos I am looking for one
Hey thanks! We are 100% Fiduciaries and passionate about keeping it that way. We have nothing to sell but ourselves :)
Do you help with allocation in 401Ks as well? Good to know the information above.
I'm 42 and just now getting started I get a pension. But I want to start a roth Ira now. Where do I start stock wise? How many stocks should I have or just grab 4 or 5 Vanguards and go from there?
40&FIT Should look into a target date fund or an index fund like total stock market or s&p 500.
We are 45/46, about 100g in 401ks (wife and myself). Our house will be paid off in 10 months. We have both had health issues and are wanting to retire asap....lol. After our house is paid off we will live off one income as much as possible.....the question is. When can we retire at 70K a year combined....(or are we NUTS)
You sure can. it all lies on your money management skill. Have you other investments?
“I HOPE THAT THAT 401k has a MATCH if NOT!? GO GET ANOTHER JOB”
AGREE 💯 % 😂
Hey. I’m 34 and don’t have anything saved up. I have like 5000 in savings. I would like to start saving aggressively into roth or a retirement account. There’s roth IRA at Pentagon...should I start putting in money into that account and that’s it? Thanks
You just said u have no savings. What do you call $5000?
You should definitely open that Roth IRA, if you haven’t opened one yet.
Hello. I’m 43 (no retirement savings) I have a recent Master of Health Administration degree I’m struggling to make use of currently employed in temporary position as Licenses Health Insurance Benedict Consultant. I’m thinking I need 1) a Matched 401(k) 2) ROTH IRA adding $458 per month 3) Emergency Savings account building 6-12 months of cost of living 4) Two whole life policies, one for final expenses and one as a savings vehicle. I’d greatly appreciate your thoughts.
Definitely open a Roth IRA and emergency fund
I just subscribed to your channel and I must say I love your videos, I am in my late 30's and I don't have a 401k. Can you do a video for a person starting from scratch?
Under 40 but seriously need to get started. These videos put things very much in perspective.
Mark, I agree with you. I'm 41 & need to save more for retirement.
Am i the only 1 here who finds it interesting that he assumes most 40 year olds have 10k saved?
Just because the the inflation is 3% does not mean that our salary will increase the same amount ...
$300 per check, extra $20k earnings, work bonuses...what alternate world is this you speak of?
One you might want to be a part of ;) Everyone is different for sure. You do what you can and keep at it!
I’m 33 how much do I have to put to start and then monthly?
the problem is..alot of people dont have a roth an a 401k...so what do you do if they only have 1?
If I want to move my money to your firm and have you invest on my behalf, but I'm already working with someone what do i need to do? I don't want to have the akward "you're fired" conversation. Things have been going well, but I like that you are a teacher and I can see that you know your stuff.
+bryan hill leave it to us. We'll take care of it for you ;)
Great video! Where's the best place to open up a Roth IRA? I'm 46 and recently divorced. Forget dating! I need to retire comfortably. Please help 😬
Hahaha... Funny. Well we are biased but would say jazz wealth ;)
What about 403 b plan retirement with fidelity
Thanks for all you do …. This just showed me … It’s all bad for me .
Or it is time to start looking for a change, something that will help in retirement
300 a paycheck getting paid weekly 1200 a month
Good video very informative I’m 46 have done work to do
+Jarron Ellis get to it!
Hi 😊
I like how your videos have all your clients die at a specific age. What happens if they live past 86?
40, 0 in retirement savings. About 15k in debts. Am I screwed?
Only if you don't do something about it. You know where to find me ;)
I might be screwed with you, lol....but I'm trying to get out.
Nope! You can get stated now. Work on paying off your debt little by little, using the Snowball Method or Avalanche Method. You can start a Roth IRA and invest a little into it until your debt is paid off.
I’m 18 but I’m I have second job that I use to save for retirement still looking for ways to invest my earned income from my second job
Good for you! You won't regret it!
Have you began investing? I can make you a few suggestions
Hi Jazz, would you recommend this for a 45 year old that is just starting out in investing as well?
Tony Sayers yes
Not sure were you got your numbers from on the second half of video
I'm 44 I have a 401k to rollover but want the best source I currently have 17g in the 401k
Great content
I would like to retire at age 40. Which retirement account should I pick?
If you're retiring at 40, don't put money in a retirement account. Put it in a taxable account. There are penalties for taking money out of retirement account prior to certain ages.
Great video. Question: if you are self employed and have waited until 40 to start saving, what investments would you recommend?
Maybe the SEP IRA so you can play catch up?
Have you got any idea about FX?
Check out SCHD and VOO
OK. I’m 46 and just got scared on your video. LOL I would like to retire as soon as possable personally I have $28000 in a 401 & 1500 in a ROTH IRA. But the more I contribute to my retirement the harder it is for me and my family. I am the only income at the time. I just don’t see it happening for me.
You will get there. You just may have to think of the big picture finance's not just your retirement accounts
That's sounds good but I really don't know what that means anymore. Making a budget and fixing life's unexpected problems is to much. I feel like i'm trying to squeezing an orange that's already dried out.
Does gold count ?
I’m 43. 15k already saved. 10% contribution to 401k per pay= $400 mth. 401k matched at 100% . I want to retire at 63. Am I doing ok? How much would I have for retirement?
My husband will be 40 next year and we don’t have anything saved for retirement. We plan on saving like the FIRE community so that he can retire on time. :)
Don’t just save but invest as well! You will lose money with just savings since the interest in it is so low and inflation grows at a higher rate!
Victor Quintana need savings built up as well to prevent dipping into retirement
10,000 in a 401k but we're simulating on a Roth IRA and we're taxing it 22% on a Roth... Okay I'm caught up. 9200 a year starting off raising by 3% for 20 years ending at contributing 20,600 a year when you're 67... So you're telling me there's hope 🤣
should you be putting in 401k if company doesnt match
If no match then I would start with outside accounts
@@Jazzwealth So if i maxed out both my wife and I Roth's every year it would be ok to max out 401K?
Divorce wiped mine out in my 30’s. About 40 I started at 6% with a 3% match. At 45 I’ve increased to 15% and if all goes well I’ll be putting 20% in at 46. That being said it won’t be enough. Gonna do a Roth, some other funds and save.
Been there. I’m 48 now and back on track I think 😅
I’m turning 40 and want to know is 400 every two week a good start for my 401k?
I'd say $400 is a little too little. What other minimal investments are you open to?
My return of investment isn't close to 7%. I remember back in the day when I set up my 401k, they give you 3 options, aggressive, moderate, and low risk. I took the low risk. I'm afraid to make a change, but I'm starting to realize I almost have to. What should be my next move?
yes you need to be aggressive when you are young. It gets really hard as you age if you have to play catch up.
You should contribute at least enough to receive the company match in your 401(k). As a rule of thumb you should aim to invest at least 10% of income toward retirement, more for the better chance of getting a higher 401(k) / IRA balance at retirement.
I'm 30 years old with 148k in my 401k... I will max it out every year until I retire. I'm thinking of getting a Roth IRA and was wondering would that be overkill?
depends on what your end goal is... thanks for watching!
It will not be an overkill! Go for it!
Thanks for the awesome breakdown, it's so important to invest your money as early as possible!
Wow, there are a lot of 43 year olds in the comments!
Not trying to overstep Dustin: However: I would invest a minimal of $50 per month (if your "house rich" and not cash rich). If your 40 and up.
I'm 43yrs old, legally blind.
I'm receiving $1,500 a month on Disability.
I have Two 401k accounts
One is with an employer that fired me unjustly years ago ($8,000)
The other is with Lincoln Finantial ($15,000)
I can withdraw from the 401k without penalty but paying taxes since I'm fully disabled.
What should I do?
Should I take it out and invest it somehow?
I have no debt but own no property (renting at the moment)
Before making any suggestions, I'd like to know where you're based. There's alot you can do with what you have in your possession.
Inflation at 3%? Ok got that.
I’m 38 I need help I’m scared 😟
Connie...Thanks for commenting,I will refer you to my trade analyst and accountant for bitcoin other crypto and stock investment
+1 4 1 5 4 7 7 1 6 1 5 W.h.a.t.s.a.p.p
Do well to let him know I referred you to him his strategies are top notch✅....
I am 40. I have $1.3m in cash, no debt on primary residence or rental properties. I have a wife and two children ages 2 and 5. I saved for their college including room and board, books and supplies, tuition and fees, plus a new Toyota Camry when they turn 16. My major concern is health insurance at a cost of $1405 per month. What should I do now?
Old Michigan I found her and filled out the contact information on her website. Hope she returns my call.
You are a great guy. Thanks for the info.
5000$ a month for ten years at an avg yield of 8 percent a year in dividends . dividends wont be taxed up to 39k. so tax is on 11k a year only so full tax refund again :)
Great video Dustin. This is where I'm at. I don't have a 401k but instead TSP. I'm going to max out that Roth every year and eventually my TSP.
You putting at least 5% into your TSP every pay check, aren't you?
Go for it! If you’re in the military you can open an account at Navy Federal Credit Union and start your Roth IRA. They are doing a special this month on IRAs and ESAs for 40 months.
4 out of 3 people struggle with math. That's why we need a financial advisor that we trust and he/she knows what works best in this wild economy.
I had a job once that offered a 401k. I don't remember the details. After 2 years there was $400 in it after putting into it what I could afford and still be able to pay bills and live. I'm not sure how to save like that making 13.00 an hour with 2 kids and a mortgage. I keep putting away in my savings instead so I have easy access to it in case shit hits the fan and I need it.
For someone making $60k (above average income) they would be contributing 10% with about a 3% match to come up with $650 month towards their 401k. This guy wants to increase the savings by 3% each year so at 50yrs old you should be contributing 40% towards retirement. At 60yrs old, 70% towards retirement. Age 66, 88% towards retirement…. What are people suppose to have to pay their bills or eat? Yhea, you will get a raises but usually 0.30-0.60 cent raise a year won’t cover inflation. The majority of middle and lower class people are screwed.
Confusing.
42 here. made every mistake. not my fault. I have a SEP IRA barely funded and a tiny 401k from past employer not matched :( some savings. I can live cheap in retirement. hoping for invest plus SSI by 63-67 depending on health. Where do I go from here?
I love to retire to Italy sometime in the future. :-)
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much, this is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon.
46 I have $16,500 in a 401K, I’m contributing 16% per pay period ($351 x 26), where will this get me by age 65?
I’m 46 years old and retirement is not an option for me as long as I’m still healthy and able to continue working. Working keeps me feeling young. Once I retire I will feel old and that is something that I want to avoid. Retirement is not for everybody.
I really admire your take on retirement. I've never been a fan. I'd rather continue investing and remain engaged with some form of work. Where are you from and what do you invest it? Let's share ideas please