What the Middle Class Needs TODAY to Retire
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- Опубликовано: 16 июн 2024
- "Have I saved enough?" is a common question with my clients. So let's look at what a middle-class couple in the U.S. needs in their retirement accounts TODAY to retire when they want.
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-- About Patrick King CFP® --
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
It's unfortunate that many lack this information. I understand why people might panic. The lack of knowledge can be a significant obstacle. Personally, I've been generating over $33k passively through investments with an advisor, requiring minimal effort. Regardless of economic conditions, skilled wealth managers consistently yield returns.
I believe it's something I should pursue, but I've been procrastinating for a while. I'm uncertain about which firm to choose; they all seem similar to me.
Firms often prioritise their commissions over your profits, which can be frustrating. I prefer individual investors who earn a commission based on profits, not capital. Personally, I'm working with Stacey Lee Decker, and she's been outstanding.
I discovered her online by searching for her full name. I've sent her an email and scheduled a call; I'm hopeful for a response. My aim is to finish off 2023 on a positive financial note.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
An obvious way to lnvest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average Joe, a financial advisr is important in making this decisions
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension 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 my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
My Financial adviser is ‘’'Catherine Morrison Evans ’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Retirees facing difficulty in meeting their basic needs are often those who couldn't amass sufficient funds during their working years. Various factors contribute to the outcomes of retirement decisions. For instance, my wife and I both served the same number of years in government service, yet we took different investment paths-she opted for a wealth manager, while I chose a 401(k). Despite our retirement, both of us continue to engage in work.
It's unfortunate that many people are not equipped with this information. I don't blame those who tend to panic, as the lack of knowledge can be a substantial obstacle. Personally, I've effortlessly generated over $350,000 by entrusting my investments to an advisor. Regardless of the economic downturn, skilled wealth managers consistently produce positive returns.
My financial advisor is Stacey Lee Decker, and she brings a wealth of knowledge and practical experience to the financial industry. Widely recognized as an authority in the field, she possesses a profound understanding of portfolio diversification. I recommend delving deeper into her credentials. With her extensive experience, she serves as an excellent guide for anyone seeking to comprehend the intricacies of the financial market.
Stacey appears to be really knowledgeable. Her resume, educational history, and qualifications were all quite good when I found her internet page. She will act in my best interests because she is a fiduciary. I thus scheduled a session with her.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for…
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “CHRISTINE ANN PODGORNY”, and she's really good.
I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Thank you for your inquiry. Could you provide guidance on the current optimal investment options? I am contemplating investing in either stocks or cryptocurrencies.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
In my opinion, now is an opportune moment to consider investing in private equity and cryptocurrencies. Could you provide some guidance or advice on these investment options?
At present, I am collaborating with *STEPHANIE KOPP MEEKS* , a financial specialist whom I had the opportunity to meet during a seminar.
@@Lemariecooper I recently had the pleasure of watching *STEPHANIE KOPP MEEKS* on television, and I must say she is an exceptional speaker. However, I'm curious to know if you have experienced any financial gains while working with her?
I am 45 years old with very little set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
I recommend to pick up and read a few books. Peter Lynch is where I was recommended to start. Learn different strategies so that you might develop your own
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again
@@selenajack2036 Please, could you pass along your analyst contact info?
@@adenmall7596 My advisor is Eleanor Annette Eckhaus I found her in a business magazine where she was featured and reached out to her afterwards. You can look her up online if you care supervision, just search her name
Thank you for the video, I found out that investing is not for everybody, you just need a strong stomach too see your portfolio go down. It might be wiser for a novice to start with copy trading investing, but it is not easy. To invest in growth stocks it is another level, definitely you need to know what are you doing.
From my own point of view, you need to invest smartly if you need the good things of life. so far i've made over $255k in raw profits from just 6 months into the market from my diversified portfolio strategy and i believe anyone can do it you have the right strategy, mutual funds takes long time but investing smartly is the key for short term. Most of us tend to pay more attention to the shiniest position in the market to the cost of proper diversification.
@@kendrickjibson222I've been solely investing in real estate. But with the recent hyper home pricing i've liquidated a few things and have $45k in cash laying around idle. Would love to get your recommendations, I'm in search of something lucrative in the current crazy markets, i will be glad.
My portfolio is very much diversified so it's not like i have a particular fund i invest in, plus i dont do that by myself. i follow the trades of Mrs Karen Gaye Gray.
She is a popular broker you might have heard of. I can correctly say she's worth her salt as a financial advisor as her diversification skills are top notch, because i see that in her results as my portfolio grows by averages of 10 to 15% on a monthly basis, unlike i can say for my IRA which has just been trudging along, my portfolio just mirrors what she trades and not just on some particular industries of my choosing.
@@kendrickjibson222By following her trades do you mean copying her trades? I have heard about copying trades
Great info, thanks for sharing.
SUPER BIG FONT “What matter is how they save and spend”
Yes sir! good information. Another guy i follow we'll call him D. Rams, always talks about gross pay and never focuses on the net. Drives me crazy!
Good job 👍
I'll be 66 when I retire in The Philippines 4/2024, with (starting) assets of $220,000 savings, $1,800 monthly SSI, $900 monthly interest income, about $1,500 monthly income from (about)
50 hrs. of work and NO DEBT. I'll have a $2,000 (or less) monthly budget (which includes a top, private health plan) and this plan will enable me to live VERY well and SAVE about $30,000
yearly, so in 5 years my savings will increase to about $400,000 which will continue to grow. I think my plan will do the trick for the rest of my life, and living in The Philippines is the key to
my successful retirement/savings plan, as the cost of living is (overall) about 50% LESS than The U.S.
Great Video, what percentage of inflation is used to do 30 year retirement and what Social Security COLA percent?
I'm 57 years old and haven't saved much for retirement. I've always been intrigued by the stock market and have seen people successfully retire early by navigating it wisely. When I inquire, many mention that they initially invested a small amount, and their portfolio grew over time. While I do have a substantial capital to begin with, I lack a clear understanding of the strategies and direction needed to generate decent returns.
I really appreciate the dedication in each video you post. Despite the dip in crypto, I still thank you for the level-headed financial advice. I started crypto and forex investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio. Thanks so much Mrs Christine Reynolds
Wow, amazing to see others trading with Mrs.Christine Reynolds, I am currently on my 5th trade with her and my portfolio has grown tremendously.
This is not the first time I am hearing of Mrs.Christine Reynolds and her exploits in the trading world but I have no idea how to reach her..
My first investment in Mrs.Christine Reynolds gave me the confidence that led me to invest without fear of loss. I have already taken 3 of my friends to their guide and they are fine.
You can communicate with her on TELEGRAMS with the user below
INVESTWITHREYNOLDS💯
Great video. Once I take RMDs, do you have any suggestions as to where I can invest my distributions? I know I'm going to be hammered on them, but that's life. I think I should have delayed my SS, but I did not, so be it. I still have a few yrs yet, to take them, but I don't know if converting to a ROTH now to reduce the big hit is going to be enough to lessen the tax bit, especially since I will still have to pay taxes now on my conversion.
Ms. B. Churchill
The current FU number is $2.5 MM per person due to inflation and renlentless money printing.
Another outstanding RUclips video from Prana Wealth!
>middle class
>$145k/year
Yeah, that's actually a top ~20% household income, which is hardly middle class. Everybody wants to pretend they're middle class, even when they're rich.
I have no idea how you could say $75k - $150k is middle class after stating that the median is $74,270. If anything, I could see a range of $37,135 - $111,405 (0.5x to 1.5x the median) but claiming that only the top ~50% to ~20% of incomes is "middle class" is a bit silly.
@@jfk5402 Right, but those people probably need to check their privilege. It's quite a luxury to live in one the most expensive places in the world, after all.
Now make this for someone who is single and makes 24k to 30k yearly!
This example does not at all represent me or anyone who works retail or in restaurants
People on RUclips know the issue but they also know trying to talk about it has super low limitations. They will not take a ton of time and talk about how to make much work on the 24 to 30K income because they know the "results" will not draw in views.
I can't believe how much my life have changed since meeting Courtney Heath Williams. He has helped me become debt-free and save more for retirement." I made over 220K during this dip, which made it clear there's more to the market than we average joes know. Having an investment adviser is currently the best course of action, especially for those who are close to retirement.
@WHCOURTNEY ! THAT’S HIS USERNAME, HE’S AVAILABLE ON TELEGRAMS..
Needed to see this today, struggling with my finances for months now after my divorce, I just discovered his outstanding resume when I searched up his username. I count it a blessing that i came across this comment section..
Yeah, he's truly amazing! He showed me how to invest in crypto, stocks and bonds, and now I’m making more money than ever." I'm happy of my $30k today, I started this journey with $4k. I have invested on time and also the right thing now I have time for my family and the life ahead of me. All thanks to Courtney!!
_Having a good instructor is fundamental for portfolio broadening. Courtney Heath Williams has always been that Investment manager who is effectively accessible and has broad information on the monetary business sectors..))
Doesn't he have to pay taxes on his traditional IRA or 401k??
You would unless it’s a Roth.
I retired 7 years ago and haven't touched a dime of the retirement money. At this rate, how long will my money last. I'm thinking it will last a very long time.
I really appreciate this analysis and believe that for aggressive savers the total income can be very distorting compared to spending in retirement. For many, even payroll taxes 'disappear' from your salary.
Can you make same title video of this, but for people who only report 1099 all life no 401k at all. Thanks.
there's a things called solo 401k and SEP-IRA if you are 1099, so I wouldn't say there is no 401k at all.
What good is money if your health goes south?
Great info!! It all comes down to what's going out! 😀 Then you can figure out what's needed. I know people say they need less money in retirement than while working but some of us need more or at least the same based on take home amounts that we had while working. Taxes and medical insurance(s) need to be added to retirement money needed. And people do forget they will be getting money in due to SS, pensions, dividends and whatever else so the full amount of living expenses aren't needed.
how does median HOUSEHOLD income go from $74,270/yr to singles $75k/yr and couples $150k/yr? Household income is all sources of income from household, so couples don't double to $150k/yr. Single household income is around $55k/yr, 2 income household is around the $75k/yr, 3 income around $85k/yr, 4 income around $95k/yr. I really wonder how successful using the monte carlo has actually been in real life. I like that you were able to say with a straight face: "we need to look at this at least once a year"...so i can afford my retirement by charging my planning fee, not save the money you would spend on the beer toward retirement.🤣🤣
Too many variables. What's their net income and how much of that they still save. They might have 87k net income, but still put 20k extra in the bank meaning they only need to replace 67k. They have enough now.
I agree. They have enough now. Even mention of working till 70 is ludicrous 😬
My top 5 uses of money are 1. savings (including retirement savings, 2. mortgage 3. taxes, 4. travel & vacation, and 5. health insurance. 1 + 2 will go away before or in retirement. 3 + 5 will be sharply reduced in retirement, leaving #4 as the only one holding steady or possibly increasing.
Running the numbers, we will need about 1/3 of the income we currently have now in retirement....and Social Security will be providing about 40% of that.
If I ran the 4% on my income, and didn't take social security in to account, I'd need over $7 million. Thankfully, $1.5 - $1.6 million will do it based on projected expenses.
I am finding that taxes and health insurance do not really go down that much in retirement! Be careful with this assumption, and make sure you run your own numbers!
@@joy945 Good point, and highly circumstantial. I pay about $30k+ in federal income tax, another $10k to the state, and another $10k on property tax. Health insurance is about $15k a year. I expect to downsize in housing and income in retirement, and Medicare plus supplement should be lower as well.
I am about to turn 61, with about $845,000 in retirement portfolio. I am healthy, single, no children. I plan on working 4 more years till 65. I am currently saving 32% of my salary towards retirement. My employer's health insurance continues in retirement at the same rate I am paying now, which is 20% of the premium and employer pays 80%. I have ZERO debt. I feel my monthly expenses in retirement will be around $3750 a month. I think I am in decent shape.
@@Prana.Wealth. hello
At 90 you are not going to be spending the same as 60! Im going part time in my 50's collecting SS at 70 and having rental income making up any mistakes....IF SS goes broke so will most of the county fall out will be decades and your stock market account will take the same hit....People need to stop with the 4 percent rule and everyone needs to work till you are 100 BS! I will work till im 70 just not full time, cause I want too and will be not working for these WOKE Corps. much longer!
There is so much missing here, the high level numbers thrown out here are worthless.
Is your buddy getting a company match on his 401k contributions?
Question... husband and I have 401k with our employer. This off from you post but need to ask. If I or my husband die, can my or my husband's 401k be transfered to the other? We are still working but when doing the work to be sure our Wills are fulfilled. I wonder how I or my husband handle the both 401k. It would be great to combine them (?).
You each should be able to designate a beneficiary. Log into you account and go to settings and/or profile.
you are required by law to designate your spouse as beneficiary of your 401k. the surviving spouse has different options depending on being under 59.5 or over. If under, you can keep the 401k in the company plan and treat it as your own. you'd be able to take distributions without early withdrawal penalty but still have to pay any tax obligations for tax deferred portions. If your spouse had been taking RMD, you would have to contine taking RMDs even though you are under 72. Secon, you could roll it over into an inherited IRA. There are different rules and choices you'll have to research. Third, you can rollover it the 401k into your ira. The one catch with doing this is that since it's your IRA now, all the rules that applied if you treated the 401k or inherited ira doesn't apply. So you would not be able to take early withdrawals if you are under 59.5 without incurring a 10% withdrawal penalty.
If you are over 59.5 but under 72yo, you can leave in the existing 401k plan and treat it as your own taking any RMD if spouse had been taking distributions, or wait until your spouse had become 72yo to start taking distributions.
there are some tweaky rules, so you should do your research. Things with assigned beneficiaries are not included in wills, becuse they are directly transferred to the beneficiary already. Because of that they aren't part of the estate for probate.
Thank you for your reply. You have touched on things I was not aware. Beneficiary is already done... along with all the other stuff when I worked with my estate attorney. It is those grey areas that don't quite make sense. Thank again.
1.5 million he can definitely retire now. I don't like these software programs that add thousands of $$ for inflation, while I think inflation should be talked about, it should be calculated on an individual basis. Some people inflation will affect more than others. Also let's break this down.
87000÷12 months =7250 gross. So saying they are both 60 they will need to pull the full amount for 2 years. After that they both can collect ss say it's 1600 each a month that 3200. 7250-3200=4050 a month.
1.5 m making a conservative 6% a year is 90k...
He could be in even better shape depending on where his money is saved. Is it all in qualified accounts or roth taxable account etc...
To me this is simple math figure out your expenses, I mean everything then you know what you will need to retire
Don't forget, you have to pay taxes to access your 401K
Hi Patrick, I am still hoping to get in touch with you to help me with my situation, hope to hear from you soon,
you probably should get a tax expert/cpa/lawyer so you can negotiate an IRS settlement to file any tax returns, pay back taxes, fees, and penalties, so you can be free and clear with your $5.9m (albeit reduced by any tax, fee, and penalties leveled in your IRS negotiated settlement) in your brokerage account. You should have been paying self-employment taxes and doing business as sole proprietorship or single-member LLC. You should setup your self-employment as a business as the same time you fix your prior year tax arears. Moving forward, treat your self-employment as a business, which allows you some other retirement options like Solo 401k or SEP-IRA in addition to your non-retirement brokerage account. scroll down at my reply to your previous comment; howver, I would get that tax expert/cpa/lawyer on the phone today. Once you get your tax arears (if applicable) in order, your self-employment as a business set up, then get a non-commission based CFP to run through things.
@@hanwagu9967 LOL, I'm from the Balkans, I'm not a US citizen, my brokerage account is with UBS and consists of 6 stock: AAPL, AMZN, GOOGL, MSFT, META and NVDA. All have run up this year and last week I wrote upside calls on everything. This portfolio only delivers $13K in annual dividends. That is why I am still working part time, grossing $280K annually. Are you recommending I move into more income producing assets
@@hanwagu9967 paying US taxes is only for endless war. how much is the US Military budget annually?
@@hanwagu9967 btw, why do Americans shoot guns so much, live in tents along the streets and what is this maga movement?
@@marijavasilevska1581 well, one assumes things when people don't specify things like where they live, which sort of makes coming to a yt channel that has US financial advise rather problematic. Saying you're from the Balkans would also not provide anything useful, since you can be from anywhere but be subject to some other tax authority. Not to mention that there are 13 Balkan countries. For example, if you are working in the US, you are still subject to US taxes regardless of whether or not you are a US citizen. Yeah, I'm conitinuing to go down your rabbit hole, even though I suspect this is all fake, especially now you say you only have those specific 6 stocks that have a $5.6m balance. If you intend to stop being an escort, then yes, you would need to deliver an income stream to pay for your living costs or offset the $280k gross you say you make annually working part time. You are asking for pesonal financial help from your previous post, but you are doing upside calls on those six specific stocks. yeah right.
I'm 27 and invested much of my earnings as a call girl since I was 18 and now have a brokerage account worth $5.9M. Can I retire in a year or two or should I work a little longer?
Antibiotics
@Prana.Wealth. hello, thank you for contacting me. When you are in my line of work, confidence is a must. However, I did not see a message from you?
@Prana.Wealth. hey sweetie, where did you go?
Keep it sloppy babe. I assume it's all unreported so no Social Security but hey a little backdoor never scared you away am I right?
@@TheBryanmauro how would that work, should I have charged my clients a social security surcharge and turned the money over to the Treasury? As far as scary backdoors go, I had one last month when one of my clients got in gambling trouble with two large black men and I was traded to them for one night!
Move to the Philippines. Just need 10k and your SSI. Get yourself a young Filipina wife there and you're set for your twilight years. 😎
Inflation over the last few years has caused a lot of people to reconsider retiring abroad.
How would these calculations work if there was a pension involved? I’m at age 62 and have $600k in a 401k account plus I get $4700 per month in pension payments before SSA.
You May never have to touch your savings!
Add all your expenses now - try to be very detailed about them, add income taxes (based on all the money you'll have coming in when retired) and retirement medical insurance to the expenses. Subtract anything that will go away when retired. This gives you a pretty close estimate on what you'll need to live. Add your SS amount and pension to see where you are in relation to your living expenses. If your living expenses are more than your known income - you'll need to withdraw, if it's less then you're in great shape. If you need to withdraw a lot of money then your 401K may not be enough - that's where the 4% rule comes in. Based on what you listed in the 401K you can probably take about $24,000 - less is much better. Just remember that inflation is not part of this starting amount, expenses will go up every year but so should SS.
This guy is worried and he has 4xs more money than most have saved get real!
I'm sure this is good information for some people but I did my own planning and retired on far less than most charts suggested. We retired with no debt and can live off our social security. Been retired ten years, work part time for mad money and have not spent any of our retirement savings. It's all about lifestyle and knowing how to manage money. There's a lot of highly educated people out there that still can't figure that out.
The key is no debt. A part time job helps with cash flow and not spending while your working ( part time and something fun 🤩) .
We started to cut back 4 years ago at age 57.
Kids were on their own and bills dropped. One thing to be aware of is elderly parents that may need the help of their retired children. The expenses can be very high and was an item we neglected to look at. Retirement is a year out, all variable expenses will be addressed and under the microscope 🔬 at that time.
Most people, myself included do not consider working part time as being " retired ".
If you are still working , you are not retired .
@@ada-yw1bb thanks for the comment.
For the one percenters that average 60 hours a week for the last 40 years… part time retirement can feel like a full time vacation.
I am looking forward to that vacation.
@Jim Jandick : I hear you and I agree. I averaged 3500 hrs a year for the last ten .
I'm looking forward to " full " retirement very soon .
My rural property is my part time job now .
@@ada-yw1bb I agree why not say your not retired until and unless one does not work at all... Retired but working makes no sense what so ever.
I found this mostly true. I planned for early retirement from my desk at work for many years but when I retired at 53 in 2019 I was automatically spending way less than I thought. It really boils down to what have you been spending per year the few years before retirement and will things be paid off when you do retire such as cars or the house. Since I was in the mode of spending less and saving more before FIRE was even a name I haven't had a car payment since 1992 and our only debt is a small remainder of a 3.5% mortgage we could pay off tomorrow. My wife is five years younger and still works and I gave her the same deal. Hand in your resignation letter at 53. She just got a promotion and actually likes her job so we'll see how that goes. The other issue is I am in Illinois with a 7800 per year property tax bill that increases by 400 every year and want out of this state badly so as soon as she does quit we are heading to Wyoming or Colorado for some mountain views.
In New York and I have a 14 k property tax bill on a small house
Thinking is retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation. Lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average joe, a financial advisor is important in making this decisions.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average joe, a financial advisor is important in making this decisions.
Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
I mirror the trades of "Janet Santa Sherry" a US SEC & FINRA regulated Investment Adviser and she has been very consistent. Since, my returns has grown at a tremendous pace unlike I can say for my IRA which has been trudging along. My holdings only mirrors what she tradess,not just on some particular industries of my choosing. She has some interesting things to say about the state of algorithmic trading today. Obviously I am seeing the results.
I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS, I appreciate this
If your counting on Social Security to pull you through, you’ll be coming up short. Loss of the dollars purchasing power and 16% a year, and continued inflation are other factors. If you don’t have a paid off home and will have. mortgage or rent the rest of your life, You’re pretty much screwed. Everyone should know this stuff.
Shouldn't retirement be based on expenses and not current working income? If you zeroed your debt ( mortgage, college, auto ) and downsize the living expenses ( gas, electric, food) there is no way you need that much money in retirement. Most people die around 80 ( facts) and spend less in the later no-go years 70-80 as opposed the early go-go years 60-70. This is all fear mongering to have folks invest and save more with financial firms. It makes me sick.
that's what he stated.
Every financial goal requires patience, dedication and consistent spirit knowing that investment is currently the most lucrative business in the world. both NFT, real estate, Stocks and Crypto is positively changing people's lives.I'm delighted I was able to contact my coach Gregory Thomas Patchak earlier this year because while others were busy whining about the downturn I was busy cashing out from my portfolio, finally making over 370k only for the first quarter. of the year. Gregory Thomas Patchak. Has helped us become debt-free and save for retirement." he has helped transformed my life, he has been amazing, and ever since I met him, my life has taken a positive turn because of the passive income through his knowledge and ideas are essential for succeeding against all odds in this area of online commerce…
Wow, that's more than a mouthful of profits he’s making you.I immediately hunted him up on Google, found his website, and left a message in hopes that he will react soon.
Appreciate!!!!
__I was able to contact Gregory Thomas Patchak earlier this year he has helped us become debt-free,save for retirement and has helped transformed my life, he has been amazing
I found his extraordinary resume when I searched for his name on Google. I count it a gift that I went over this remark
The 4% rule is for nimrods
Ok…do what guidelines for withdrawal rate do you suggest.
@@dand2334 Guidelines are silly. Create a detailed budget and then determine your WD rate. Simple.
@@cato451 >budgets
That's filthy casual stuff. Anti-budgets are the way to go. Your expenses can be whatever you want them to be, and that number is certainly not going to be whatever you budget.
And determining your WD rate based on your (certainly going to be wrong) budget number is silly because there's only a narrow range of viable WD rates for a long term retirement. Creating a detailed budget with all of the money you want to spend and then determining that your WD rate will have to be 10% is great and all until you run out of money, lol.
@@ordinaryhuman5645 I wasn’t wrong. But hey. Work your magic there chief.
It's not a rule
It's the historical safe withdrawal rate with inflation adjustments. Not once in the study does it say "rule"
I love these financial examples...they just make me laugh and laugh and laugh. When on earth did $145K/year become "middle class"? We all know it's not but these couples like to think it is to cover their overspending with "We can barely make ends meet". They're concerned that they've not saved enough and they should be as they've under-saved for their lifestyle. Good grief, we're a decade behind them, about at the same milestone with a SIGNIFICANTLY lower income and we're socking away more than they are each year simply for the tax savings alone. Meanwhile our money is going into our Roth IRAs, taxable investments and I'm converting all of our tax deferred accounts to our Roth IRAs slowly over time and under taxable limits. I do appreciate folks like this for all of the taxes they choose to pay so I don't have to...super nice of them. Funny how it never dawns on most to take the money they're paying in taxes and stick it into tax deferred retirement accounts instead and perhaps a little more just for good measure. As you correctly pointed out, most likely they'll be fine but taxes will take a good bite out of them the whole way through.
@@jfk5402 If $228K MFJ is "low" to you, more power to you. I guess the forever tax free money is just for the rest of us ;)
Then again, there's always backdoor Roth conversions...
@@tomj528 i'm not sure how you convert all your tax deferred accounts to roth ira, given that if you have a large cummulative trad balance, it isn't cost efficient to covert.
@@hanwagu9967 Once you stop working full time, use the form 8880 retirement savers credit to bump up your tax free zone and convert slowly over a long period of time and under taxable limits.
You need to tell your friend to get a better job or work overtime or to start driving for Lyft on his off hours. Your friend could always start up his own RUclips channel and after uploading 186 videos in the first 70 months and gaining let's say 31.7k subscribers, and cursing RUclips for barely making any money for all the hard work for the last 70 months pales in comparison to the dumbass question. And those two beers that he was doing at the end, was nothing compared to the compounding of that $100+ over 10 years. You should knock on his forehead "think McFly think"