How To Know The Right Time To Retire For Better Financial Benefits
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- Опубликовано: 18 сен 2024
- We're peeling back the layers of an early retirement to reveal how stepping away can actually result in paying fewer taxes over the course of your lifetime and having more dollars at the end of the day in certain situations!
But be careful - we'll discuss getting into the nitty-gritty of how those golden years can impact your Social Security benefits, especially if you haven't hit that magic number of 35 years in the workforce. It's a complex dance between maximizing your nest egg and ensuring you don't fall into common traps, such as healthcare costs before Medicare or penalties on early withdrawals from retirement accounts. Plus, we'll dissect the intricate interplay between Roth conversions and Medicare premiums - a crucial factor in your retirement choreography.
While our discussions are rich with educational content, remember that the roadmap to retirement is as unique as you are, so consulting a professional for your personalized plan is always the wisest route.!
Ari Taublieb, CFP®, MBA is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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⚠️ "DISCLAIMER:⚠️
All content is not to be received as financial advice and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc. before making any financial decisions.
This video contains content that I solely created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities, all contents provided by This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only.
⭐ Please comment below when you're planning to retire and what you are most excited to start spending more time on when you retire ⭐
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $900k, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
I fully agree; I'm 56 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one and that should be any individuals main route into the market.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
@@maryHenokNft bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I'm a retirement planning video junkie. I'm mid 40s and just started my recreational employment thanks to thrifty living and lots of savings early on. This job change has allowed me to move back home with family. Talk about getting the most life out of my money. I love content like this that helps me and others weigh not only the spreadsheets, but also the life questions that can lead to true happiness. Thanks Ari❤
You’re so welcome Megan!!
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
No doubt being financially free and not having to worry much about health care and other expenses after retirement cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.
This is amazing, I'm curious, how did he do it? Was it real estate? Or he was a market enthusiastic?
Haha, investing enthusiast? Not really. Our family got introduced to a financial consultant about four years before my dad retired. That was what changed things, and I think my retirement will be on the right track.
yeah that's a good path, focus on a good strategy, relax back and watch it compound within the years. In good time you'll see returns.
Please could you guide me on how to get in touch with your consultant? My funds are being eroded by inflation and I seek a more lucrative investment strategy to effectively utilize before I consider retirement
Thank you for the shout out. I can’t believe that my comment was read. I am retired on a pension, with rentals, and I teach in colleges until the rental cash flow replaces the teaching income. The pension covers all monthly basic expenses, so the teaching and rental income is extra money to invest 😊
You’re so welcome! And you’re doing everything right to be in an awesome spot.
I had a colleague at work that was going to turn down a raise as it would push him into the next tax bracket. I explained to him that he’d only pay the higher taxes on the money above that bottom figure for that bracket. Which was like $1500 above it. If he would have turned it down, that would have cost him over $12k a year…. People really need to spend some time learning personal finances
Luckily he has a good colleague!
Great content man, look forward to more.
Thank you so much
Great content! Solve for happiness and fulfillment, not maximum net worth or minimum taxes, for sure! ✅
So many of my company retirees seem relaxed and stress free, mostly happy with their decisions. I have seen two go back to work because of money problems( one had a spouse pass and of course half the SS income to the home was gone- something to think about)
Thank YOU for sharing. I’ve seen many retire early…and regret and you only want to retire ONCE.
Yours is the only channel that talks about these topics with this level of nuance. Cheers!
Thank you so much, that means the world!
Our Channel is all about retiring to a backyard plant nursery business. You can still earn a great income but have a lot more freedom and much less stress!
Where do tax haters think the money comes for police and fire protection, roads, schools, emergency funding after natural disasters? It is taxes. Yes, there is waste, but most states could not fund these services on their own. We need everyone to pay their fair share and stop corporate welfare and tax breaks for the rich.
What new law mandates long term care policies?? Thanks!
news.leavitt.com/employee-benefits-compliance/mandatory-long-term-care-coverage-spreading-to-more-states-following-washington-state-ltc-program-similar-california-ltc-legislation-washington-reporting-on-ltc-begins-oct-1st/#:~:text=The%20WA%20Cares%20Fund%20is,unless%20an%20employee%20demonstrated%20exemption.
Thank you ! @@earlyretirementari
I'm confused - so by not working we are clearing space in a lower tax bracket for Roth conversion money. How on Earth will we have more money long-term though? When we convert we are saving a percentage of the money we have converted, not all the money we have converted. So by making X dollars less, how will we have more than X dollars long-term?
Say your RMD is expected to be very high since you have $$$ saved (great job!)(RMD is generally ~5% of your traditional account balance)
Pushes you to higher tax brackets.
Before RMDs kick in, make Roth conversions (taxable as income), live off taxable brokerage account (lower tax cap gains).
Pay tax on conversions in low brackets (0% standard deduction, 10%, etc).
When RMD arrives it is smaller since traditional account is smaller, can control taxable income by controlling proportion of money from brokerage, traditional, and Roth accounts.
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