The stock market is definitely picking up pace right now, but I still think investors should be careful at this time. I'm actually a newbie in this space, so l'm open to hearing other investors' take on this.
I think the market is likely at its best now, but I still believe having a financial advisor is crucial to navigate the market and moderate your risk. Their expertise can really help you make informed decisions.
I agree. I've been working with a financial advisor since 2020, and I return up to 15k every month, and I don't even have to lift a finger. Although I also think the reason I make this much is because I started with significant capital.
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
My CFA,Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement.
You got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell them later when they go up. Just do your homework and be aware of the risks before diving in!
@@AllsopsBrowns The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@PaulsByarses Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
@@AuerbachsPettises The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
Rob, thank you for the shout out to our new podcast Catching Up to FI. This very important topic to address. There is such a large “silent generation” of late starters that need to know that they are not alone and it can be done. Thank you so much for all you do for financial literacy.
Oh my God Rob I've been waiting for this topic to come up. I didn't even understand until I was 54 that I could invest and save for my retirement. I saw everybody getting there for Wednesdays and thought I don't need that because I'll have social security. Now I'm trying to scramble and do whatever I can to save
Your not alone, 54 and I've only just got 2500.00 saved. I'm still putting 100.00 away a week in emgency but yh, in same boat. You can't ever catch up, it's decades gone, but at least if you have some behind you for an emergency it does provide a comfort barrier and if pets, pet insurance and car insurance ♥️
Rob, thanks for addressing this topic but one thing that wasn't covered is what kind of funds should we 50+ late starters invest in and in what percentages? Should we even bother with bonds? At this late in the game don't we need to be extra aggressive in order to make up for lost time?
Not advice just sharing.... I'm 62 and catching up. I invest 50% in s&p index funds and 50% in tech stocks like nvda and pltr and some amzn, walmart, corning, etc. Ones that r winners. I watch those everyday. Bonds will not get u caught up. They r for stashing money you don't want to invest and just want to mitigate inflation.
Thanks for covering this. I’m playing catch-up in my mid-forties, so I appreciate the focus on older investors pursuing FI. I’ve been saving about 50% of my income and hope to retire between 57 and 62. An important focus for late starters is taxable accounts. You quickly run into limits in 401k and IRA investments, especially if you have a higher income. My taxes have gotten a lot more complicated since I started using taxable accounts.
My wife and I focused heavily on decreasing outgo using most of these techniques. We sold a car and used the equity to pay off debt, got rid of cable and went to internet only, focused on getting down to four walls only with that cost being as low as possible. We live on less than half of our income, with a short term goal of paying off the house before we draw SS in a few years.
Glad I found your videos a few months ago. You speak so clearly and to the point, no hype or bs, happy subscriber, thanks. Just realized lately I can have a "self directed" IRA, I was never comfortable with leaving my retirement to the whims of the market or chaos in the world so I'm just now opening an IRA at age 56, better late than never
Thank you for the credit card balance transfer recommendations list. Went with Citi Diamond Preferred for 21 months, and SO relieved and excited- can't thank you enough!!
I understand, it can be challenging with substantial savings and a high income. Learning to invest yourself offers control, but partnering with a financial advisor provides expert guidance, strategic diversification, and helps avoid mistakes. Starting with an advisor builds confidence.
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. 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 sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
Thanks so much. I really appreciate the focus on what you can do. There’s a million reasons people start late or get behind. For Canadians, Gail Vaz-Oxlade wrote a helpful book “Never Too Late”
While the official "FIRE Movement" may have only been around for a decade, some of us were lucky enough to have read Your Money or Your Life in the late 1980s. Due to that, we are in a great position today.
I work from home and my wife doesn’t have parking at work. I drop her off and pick her up. We went down to one car about two years ago and haven’t missed it. If you like your spouse and hang out together then one car can be a great solution.
Rob, I’m navigating my financial intelligence journey and I’m grateful for the gems of wisdom you share! I’m a baby boomer who assumes SS won’t be around for me; however, I am becoming more and more aware of how I can be interdependently and financially fit through the ebbs and flows of life and the market. Thanks again, gratefully!
9:28 Rob, thank you for your content, I am learning a tremendous amount! Why doesn't the 25x calculation consider inflation when anticipating future nest egg needs. Say if inflation was a steady 2% and you needed to retire in 10yrs, instead of $1 Million in todays dollars a person would need closer to $1.25 Million. Thanks in advance, sorry if it's a dumb question, I am new to this headspace.
Hi @RobBerger thank you again for another amazing content. I always learned a lot from your presentation. I am 51 and wanted to retire in 62 and go back to my country. I am hoping that you will have video soon about retiring at 62 with some computation in SS numbers vs retiring in 65. Thank you.
Great video, thank you! I’ve been decluttering in anticipation of downsizing. Selling on Facebook Marketplace has worked well. It’s not a lot of money, but every little bit helps!
We were contribution tons of $ for the 401 and IRA, and my husband got lay off in Sep .. so we stop it, we dont have a house, we rent and we are happy with that. I have a great job in SD, somwe dont want to move, so hope he shortly get a job ..
So reassuring and informative, Rob. I have your book 📕 but I haven’t had a chance to dive in yet. I hope you’ll do a lot more videos on this topic. Another idea I like for this is approaching things with the FIRE / Dave Ramsey “gazelle-like intensity.” It’s amazing what a world of difference that can make, as well. I feel if we change our mindset, many of us might even be able to completely change our financial situation in as little as 8-12 years, though I don’t think it’s worth it unless you are also truly enjoying your life and the process along the way. While it can be challenging, I do think it’s possible to do both things simultaneously.
Rob… GREAT to talk about getting arms around spending and budget first. Playtest what it would be like if you only had ??? To spend each year, and throw all the $ above the platest spending into savings and investments. For tracking, planning, I use multiple methods.. spreadsheets is the rock-base for my numbers; but I also use New Retirement. You can also import a google sheet doc to excel, if that is your preferred spreadsheet software.
I feel the same way. I have a good paying job but it’s just enough for a meager retirement. Not enough for a secure retirement. I’m not looking for a lot I just want to be safe. I don’t need to rich.
@@mollygiovanna1095just circled back to video and saw your comment…keep fighting the good fight…hope you are doing the best you can…it’s a never ending battle
I'm currently 49 and have only been saving for about 3 years. My question is, I currently pay about $300 extra on my mortgage /month so that I will have it paid off in 10 years instead of 15 years. Should I continue to do so, or am I better off just investing the extra money?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Great video Rob. The only thing I would say about Dave Ramsey is that his plan is to get out of debt in two years or so and definitely not a decade I do get your point though 😐.
depends on your income. likely if your 50 and no savings or investments you likely made no money in your life so paying off debt will be next to impossible
Thanks for the great video. I am wondering, should I go see a professional to get a plan specifically geared to me? if so , who would this be (I'm in Canada) ?
If I can pay off my credit card debt I could probably save 6000.00 a month, bought a truck last year with 10k down, but hated having a 66 month term, so it will be paid off in 15 months. Just need a pool, two car garage 20 more $5000.00 vacations, 2 additions on the house and 3 million for a next egg and I think I be all set. I be working til I’m 75. Too many bad investments killed me, so don’t think just because you are investing you are on the yellow brick road to the wizard of oz. You really need a lot of financial discipline, and be lucky with your investments.
I’d be interested to hear a little more about your bad investments if you have any advice on what not to do. Sorry it went that way. I just got the nerve to start investing lol was wishing I had done it a lot earlier.
I'm 56 and on SSI , I get $950.00 a Month and $112.00 in SNAP . both Medicare and Medicaid with Extra Help , I have One Year left of an SNT and then I'll be able to get My Car Title and House Deed . My House is a 1903 Duplex with 400 k worth of Estate Items . Can I quit SSI and Keep my HealthCare and 2 Years of SSI Income While I Try Working again ? IDK what I can Do .
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
I have a friend in this position and seeing them try to balance between frugality and optimism/quality of life as you say in your last point is a huge component of the process. On their behalf: Any benefit to catch up contributions to a Roth IRA for someone without an employer sponsored retirement account? If so, what time horizon till retirement (or withdrawal date) or total possible contribution amount does it even make sense?
Thought not ideal, investing in a few high-yield dividend ETF's may be the emergency answer, especially if you have a Roth. $100,000-150,000 in the right ETF(s) could provide the necessary income you need to survive. Again, not ideal, but if you're in your 60's, it could help if you can make $30-40k per year in tax-free dividend income.
“15, 20, 25 year period.” Wow. I cannot imagine playing catch up at 55, putting in another 15 years of work to catch up on retirement savings or even more time. We all needed that parent or old person taping us on the shoulder to emphasize the importance of saving for retirement. At this stage it’s all about savings rate and not the power of compounding interest. At 55 there is no giant hill covered in wet snow to roll that giant snowball.
What if your employer doesn’t have a match? Should you still contribute if you are over 50, or is they a better option to save and grow your money for retirement?
The stock market is definitely picking up pace right now, but I still think investors should be careful at this time. I'm actually a newbie in this space, so l'm open to hearing other investors' take on this.
I think the market is likely at its best now, but I still believe having a financial advisor is crucial to navigate the market and moderate your risk. Their expertise can really help you make informed decisions.
I agree. I've been working with a financial advisor since 2020, and I return up to 15k every month, and I don't even have to lift a finger. Although I also think the reason I make this much is because I started with significant capital.
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help.
My CFA,Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
I searched for his full name online, found his page, and sent an email to schedule a meeting. Hopefully, he responds soon. Thank you
"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.
My CFA Julianne Iwersen Niemann a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
This what I did! Retiring in 21 days at 61 to travel full time.
Congratulations 🎉
Totally agree!
Glad someone is addressing this for older people.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement.
You got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell them later when they go up. Just do your homework and be aware of the risks before diving in!
@@AllsopsBrowns The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@PaulsByarses Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
@@AuerbachsPettises The beauty of MARGARET MOLLI ALVEY approach is her dual focus: while aggressively pursuing profit opportunities, she's equally tenacious about shielding investors from potential pitfalls. It's a balance few can achieve.
@@PaulsByarses Thank you so much for your helpful tip! I was able to verify the person. She seems very proficient and I'm grateful for your guidance.
Rob, thank you for the shout out to our new podcast Catching Up to FI. This very important topic to address. There is such a large “silent generation” of late starters that need to know that they are not alone and it can be done. Thank you so much for all you do for financial literacy.
I just ran across your channel and really glad I did. I’m self employed, 50 years old, and lost as far as retirement. Thank you for sharing.
Hi Rob, great episode. For those of us over 50, these videos are so helpful.
Oh my God Rob I've been waiting for this topic to come up. I didn't even understand until I was 54 that I could invest and save for my retirement. I saw everybody getting there for Wednesdays and thought I don't need that because I'll have social security. Now I'm trying to scramble and do whatever I can to save
Your not alone, 54 and I've only just got 2500.00 saved. I'm still putting 100.00 away a week in emgency but yh, in same boat. You can't ever catch up, it's decades gone, but at least if you have some behind you for an emergency it does provide a comfort barrier and if pets, pet insurance and car insurance ♥️
One car family for 17 yrs. Same car too!
We did it, its been easy and we save $9,000 a year!!
😊 great news..love it
Rob, thanks for addressing this topic but one thing that wasn't covered is what kind of funds should we 50+ late starters invest in and in what percentages? Should we even bother with bonds? At this late in the game don't we need to be extra aggressive in order to make up for lost time?
Not advice just sharing.... I'm 62 and catching up. I invest 50% in s&p index funds and 50% in tech stocks like nvda and pltr and some amzn, walmart, corning, etc. Ones that r winners. I watch those everyday. Bonds will not get u caught up. They r for stashing money you don't want to invest and just want to mitigate inflation.
Great video Rob. Just wanted to mention the background, camera angle, and lights all together looks really good. Great setup!
Thanks for covering this. I’m playing catch-up in my mid-forties, so I appreciate the focus on older investors pursuing FI. I’ve been saving about 50% of my income and hope to retire between 57 and 62. An important focus for late starters is taxable accounts. You quickly run into limits in 401k and IRA investments, especially if you have a higher income. My taxes have gotten a lot more complicated since I started using taxable accounts.
Thank you so much for sharing your knowledge. What a gift.
My wife and I focused heavily on decreasing outgo using most of these techniques. We sold a car and used the equity to pay off debt, got rid of cable and went to internet only, focused on getting down to four walls only with that cost being as low as possible. We live on less than half of our income, with a short term goal of paying off the house before we draw SS in a few years.
That's awesome Tim
Getting rid of cable is a major plus. My bill kept going up every 6 months.
Glad I found your videos a few months ago. You speak so clearly and to the point, no hype or bs, happy subscriber, thanks.
Just realized lately I can have a "self directed" IRA, I was never comfortable with leaving my retirement to the whims of the market or chaos in the world so I'm just now opening an IRA at age 56, better late than never
Thank you for the credit card balance transfer recommendations list. Went with Citi Diamond Preferred for 21 months, and SO relieved and excited- can't thank you enough!!
According to my Adviser; *Investing for Retirement is better than Saving for Retirement.*
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. Do you have any??
I understand, it can be challenging with substantial savings and a high income. Learning to invest yourself offers control, but partnering with a financial advisor provides expert guidance, strategic diversification, and helps avoid mistakes. Starting with an advisor builds confidence.
My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. 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 sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
Actually saving needs to be followed with investment i believe
Number 6 is challenging, thanks for the reminder to stay positive!
Thanks for the video, Rob. It feels good that I'm already applying all of your 7 principles!...
Thanks so much. I really appreciate the focus on what you can do. There’s a million reasons people start late or get behind. For Canadians, Gail Vaz-Oxlade wrote a helpful book “Never Too Late”
While the official "FIRE Movement" may have only been around for a decade, some of us were lucky enough to have read Your Money or Your Life in the late 1980s. Due to that, we are in a great position today.
I work from home and my wife doesn’t have parking at work. I drop her off and pick her up. We went down to one car about two years ago and haven’t missed it. If you like your spouse and hang out together then one car can be a great solution.
Thanks! for covering the topic with such positive outlook. I like your blog and podcast suggestions
Rob, I’m navigating my financial intelligence journey and I’m grateful for the gems of wisdom you share! I’m a baby boomer who assumes SS won’t be around for me; however, I am becoming more and more aware of how I can be interdependently and financially fit through the ebbs and flows of life and the market. Thanks again, gratefully!
9:28 Rob, thank you for your content, I am learning a tremendous amount! Why doesn't the 25x calculation consider inflation when anticipating future nest egg needs. Say if inflation was a steady 2% and you needed to retire in 10yrs, instead of $1 Million in todays dollars a person would need closer to $1.25 Million. Thanks in advance, sorry if it's a dumb question, I am new to this headspace.
Hi @RobBerger thank you again for another amazing content. I always learned a lot from your presentation. I am 51 and wanted to retire in 62 and go back to my country. I am hoping that you will have video soon about retiring at 62 with some computation in SS numbers vs retiring in 65. Thank you.
Brilliant suggestion about the car insurance, following the savings to the endpoint..🙏
Great video, thank you! I’ve been decluttering in anticipation of downsizing. Selling on Facebook Marketplace has worked well. It’s not a lot of money, but every little bit helps!
Thank you for this video Rob, I really appreciate it!
We were contribution tons of $ for the 401 and IRA, and my husband got lay off in Sep .. so we stop it, we dont have a house, we rent and we are happy with that. I have a great job in SD, somwe dont want to move, so hope he shortly get a job ..
Great video! Thank you! ❤
So reassuring and informative, Rob. I have your book 📕 but I haven’t had a chance to dive in yet. I hope you’ll do a lot more videos on this topic. Another idea I like for this is approaching things with the FIRE / Dave Ramsey “gazelle-like intensity.” It’s amazing what a world of difference that can make, as well. I feel if we change our mindset, many of us might even be able to completely change our financial situation in as little as 8-12 years, though I don’t think it’s worth it unless you are also truly enjoying your life and the process along the way. While it can be challenging, I do think it’s possible to do both things simultaneously.
Rob… GREAT to talk about getting arms around spending and budget first. Playtest what it would be like if you only had ??? To spend each year, and throw all the $ above the platest spending into savings and investments. For tracking, planning, I use multiple methods.. spreadsheets is the rock-base for my numbers; but I also use New Retirement. You can also import a google sheet doc to excel, if that is your preferred spreadsheet software.
I am so screwed
I feel the same way. I have a good paying job but it’s just enough for a meager retirement. Not enough for a secure retirement. I’m not looking for a lot I just want to be safe. I don’t need to rich.
@@mollygiovanna1095just circled back to video and saw your comment…keep fighting the good fight…hope you are doing the best you can…it’s a never ending battle
I'm currently 49 and have only been saving for about 3 years. My question is, I currently pay about $300 extra on my mortgage /month so that I will have it paid off in 10 years instead of 15 years. Should I continue to do so, or am I better off just investing the extra money?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
The Mr. Rogers of investing. Subscribed :)
Thank you.
Great video Rob. The only thing I would say about Dave Ramsey is that his plan is to get out of debt in two years or so and definitely not a decade I do get your point though 😐.
depends on your income. likely if your 50 and no savings or investments you likely made no money in your life so paying off debt will be next to impossible
If your debt interest rate is higher than your investment rate, then pay off your debt. Otherwise invest instead.
I’ve always maximized the employer contribution program at the various companies. It’s free money to invest.
Thanks for the great video. I am wondering, should I go see a professional to get a plan specifically geared to me? if so , who would this be (I'm in Canada) ?
No.
This is great!
Paying off your mortgage, cars and debts really helps.
If I can pay off my credit card debt I could probably save 6000.00 a month, bought a truck last year with 10k down, but hated having a 66 month term, so it will be paid off in 15 months. Just need a pool, two car garage 20 more $5000.00 vacations, 2 additions on the house and 3 million for a next egg and I think I be all set. I be working til I’m 75. Too many bad investments killed me, so don’t think just because you are investing you are on the yellow brick road to the wizard of oz. You really need a lot of financial discipline, and be lucky with your investments.
I’d be interested to hear a little more about your bad investments if you have any advice on what not to do. Sorry it went that way. I just got the nerve to start investing lol was wishing I had done it a lot earlier.
Rob, I’m curious what you think of the Fidelity funds with super low expenses. Would you replace VOO with FXAIX - Fidelity 500 Index Fund?
I'm 56 and on SSI , I get $950.00 a Month and $112.00 in SNAP . both Medicare and Medicaid with Extra Help , I have One Year left of an SNT and then I'll be able to get My Car Title and House Deed . My House is a 1903 Duplex with 400 k worth of Estate Items .
Can I quit SSI and Keep my HealthCare and 2 Years of SSI Income While I Try Working again ?
IDK what I can Do .
As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.
Is there a canadian app comparable to Empower?
I have a friend in this position and seeing them try to balance between frugality and optimism/quality of life as you say in your last point is a huge component of the process. On their behalf: Any benefit to catch up contributions to a Roth IRA for someone without an employer sponsored retirement account? If so, what time horizon till retirement (or withdrawal date) or total possible contribution amount does it even make sense?
Thanks 😊
Yeah, #6 is a tough one.
Subscribed
Hey Rob, what options are available for non-residents to open an account and invest in an index fund like vanguard?
Thought not ideal, investing in a few high-yield dividend ETF's may be the emergency answer, especially if you have a Roth. $100,000-150,000 in the right ETF(s) could provide the necessary income you need to survive. Again, not ideal, but if you're in your 60's, it could help if you can make $30-40k per year in tax-free dividend income.
Except dividends is not free income.. it's not extra money and lower the value of a stock
High yield savings accounts and CDs are probably a better idea
Make sure you account for taxes.
thank you
“15, 20, 25 year period.” Wow. I cannot imagine playing catch up at 55, putting in another 15 years of work to catch up on retirement savings or even more time. We all needed that parent or old person taping us on the shoulder to emphasize the importance of saving for retirement. At this stage it’s all about savings rate and not the power of compounding interest. At 55 there is no giant hill covered in wet snow to roll that giant snowball.
What if you don't have a 401k and you are 51 years old self-employed owning a house with no saving?
Hopefully find someone to marry but live on one income
Turn your house into a money maker. Rent out the basement.
Roth ira
🤘🏻
What if your employer doesn’t have a match? Should you still contribute if you are over 50, or is they a better option to save and grow your money for retirement?
Are you contributing to your Roth? I would maximize my ROTH before contributing to a 401k with no match.
In your late 50s you dont need retirement if youre already than praised by The Lord.
Excellent clip Rob! I’m forwarding this to a friend that this can help!