Full Show: How Much Do You Need To Retire? and Clark's Cautionary Tale on Investment Pitches
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- Опубликовано: 21 июл 2024
- Americans estimate that they need $1.46 million but they only have $80,000 on average in their accounts. Is it ever too late to save? Not if you follow Clark’s simple steps. Also, if someone pitches you on an investment opportunity, beware. Clark shares everything you need to know.
Plus, Christa shares your #AskClark questions and Clark gives his take. All this and more on the May 30, 2024, episode of The Clark Howard Show.
00:00 - Intro
01:14 - How Much Do You Need To Retire?
07:30 - Ask Clark - How Savings Rates are Calculated?
10:46 - Ask Clark - Debt Consolidation Nightmare
13:40 - Ask Clark - 529 Accounts
17:45 - Clark's Cautionary Tale on Investment Pitches
24:33 - Ask Clark - Building Teenager’s Credit
26:49 - Ask Clark - Women Traveling Alone in the USA
31:37 - Ask Clark - Paying for Credit Monitoring
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I'm fortunate to be US Army retired after 23 years of service, retiring in 2015. Before that, my health took a toll, and I was on the brink of burnout. I turned to investing, and it became my lifeline. Now, at 54, I'm retired with over $6 million. It's been a journey from uncertainty to security and peace.
Well done! vet. to be realistic, Luck plays a significant role more-so than the resources to thrive with investing. without it, it's very challenging to succeed
when its consistent, its not considered luck. I attribute this to research which was the challenging part before it led me to Emily Ava Milligan, a top fund manager, in turn she made 290k into this and counting
after I pasted her name into my browser, her page was the first thing i found. from our interaction It became clear she's in high demand. Your example is rare. I wish i had it earlier to reference
As a single female traveler, I agree on Boston, Washington DC, New York City. In Canada I loved Halifax, Vancouver, Montreal, Quebec. In whatever city I am in, I always ask the front desk what areas to stay away from. Always walk confidently and be aware. I also never wear eye-catching jewelry and I use a cross-body bag.
Great tips, Clarkie! 🙌
Wise... sadly, too many creeps out there, such that a woman can never take her risk to 0, but they can always reduce their risk of being harassed (or worse) by making good decisions in advance. We have got to teach our daughters those 2 realities.
Thank You Clark Howard!!! I don't have that 1.5 million and could never have achieved it with my lifetime earnings...but, I used my common sense, intuition and chose retirement @65.5 months! I've lived frugally all my life and all the jobs I did were physically challenging. I wanted to make fra but my body was done...it's the best favor I ever gave myself and so far I'm just fine (one year later) I very well might die penniless but I'll be dead so, no worries lol I'm still saving, still frugal and so much more content.
Prime example of how people can retire happily without 1.5 million. Way to go! 👏👏👏
Mackinac Island in Michigan is CAR FREE and looks like a postcard. Jim Thorpe in the Pocono Mountains in Pennsylvania is great during Christmas.
Clark, you're the father or uncle I needed in my teenage years and 20s regarding finances.
It depends on your expenses and how you want to live. If you don't want to do much in retirement, you don't need much. But if you want to travel and do stuff, you need money.
Good point, Clarkie! 🙌
Clark and Christa I enjoy listening to both of you sharing important information. I often share with some family, coworkers and friends that enjoy receiving this type of knowledge.
I started 529's for my kids about 13 years ago on Clark's recommendation, it was a great decision. Now they will both likely have in state scholarships available so those funds can be rolled over into their Roth IRA's in the future. Thank you Clark!
This is awesome! Way to go! 👏👏👏
I like Clark, he doesn't call people "Stupid" like the other guy
That's because the other guy is mentally challenged and has to make everything personal. But people love that in today's world, probably because there so much like Dave.
Clark is a much better person than the other guy you are referring to.
Dave is abusive, in my opinion 🤔. I have bought some of his books 📚 though
Dave gives off used car salesman vibes 😮
Clark, your advise is on point. I retired at 58 and have no where near 1.5. I’m frugal and have no bills and live within my means. I do have a small pension and receiving SS now that I’m 62. I’m able to live well with what I get every month without relying on my savings, So my thought is that if I can live ok, others can as well. Take care.
Clark, do you still use the rich ratio formula? What is the formula?
Great job on getting people to get going on their retirement savings Clark! I get so irritated with the media and people like Suze saying that you need millions to retire. I think it deters people as you said because they think it’s a futile effort if they need that much. It really comes down to expenses. Debt free and living in a normal or low cost of living state and retirement is very possible on social censuring alone. People do this all the time.
I have been listening to Clark since the early 1990's when he was on the radio in Atlanta, he has always been the best consumer advocate! How do I submit a question for #Clarkstinks?
Thanks for being a long-time listener! 💚
You can submit a question for Ask Clark here: clark.com/askclark/
You can submit a disagreement for Clark Stinks here: clark.com/clarkstinks/
Clark Howard is 100000% better than Dave Ramsey
I don’t have much interest in traveling either if it involves getting on an airplane. I don’t like packing luggage, trying to figure out what I will need to wear etc. I much rather get in the car and drive to a destination.
Clark is by far the Best because he truly wants to help people. It is his passion and it shows.
Look into going to Branson Missouri, very beautiful area with very friendly locals. There is plenty shows to go to and beautiful places to see like top of the rock. We will be heading to Chicago for the first time next month.
Great info as always. Thank you.
Being a human being (financially) is very difficult. There are so many people who want to take advantage of you. This is so sad for those who have little funds. So sad!!!!😮
#BonusTip - Miami Beach - The lady traveler would love Miami Beach. Very pedestrian-friendly, with lots of fellow vacationers around. No need to rent a car. There's an express bus from the airport to the Beach. Just head back to the hotel by (maybe) 8 or so.
💚 #bonustip
Some limited partnerships are public companies, on the stock market, and legitimate.
Many years ago, the "rule of thumb" was have 10 times your annual income for retirement, which is what I did. However, today it is not enough due to how quickly the economy changed the last several years. Theres not enough time to catch up, as Im close to 70....how can one ever catch up, or are we destined to work until we die?
Answer: purchase the *NEW* Bitcoin Exchange Traded Fund (ETF) offered through FIDELITY or BLACKROCK. Easily purchased just like a stock or Money Market Fund. Bitcoin far surpasses any other Asset Class out there. Do some easy research and you'll discover for yourself. Will allow your investments to grow at STEROIDS speed. I'm 70m, too, and I own a bunch of it.
Boston is a great city but unfortunately it’s a ‘2 day’ trip; rent a car and see New Hampshire and Maine (those are VERY safe).
It that $1.5 Million (or $800K) to retire at what age (57, 59.5, 62, 65, 67)? For example, if a person wants to retire at 57, how much would they need vs someone who retires at 62?
Good point! The poll did not capture that information from respondents.
Money is very important. There are many free sources including this one. It’s totally possible to manage your own money with very little outside help. I do my own taxes through a very inexpensive online company. I invest and save my money with very little fees. It can be done.
Great show! I find it funny that Krista often looks like the cat that ate the canary.
😹😹💚
When I saw the DC words...I screamed NO!!! DON'T DO IT! WOW that they got the money back!! That almost NEVER happens.
On the Boston public transit....the T isn't as good as it used to be, so bring your patience!! But yeah, Boston/New England can be great to visit! I tell my family that I'll only come home to Boston now April to October....shoveled my last walkway/driveway/rental car. LOL
Screaming, Nooooooo! 😱LOL! 💚
Miss your show over Dave Ramsey on AM 620
Do those figures include a paid for house and no debt?
The poll did not capture that information from respondents.
Can anyone tell me what the crisis in San Francisco is, that Clark mentioned but didn't detail?
High crime and drug use.
They've always had a lot of homeless ppl, but it's gotten worse since the plandemic, more have taken over the streets. So many stores have shut down due to crime, and many still work from home so businesses aren't making as much $$. A lot of desolate areas...it's crazy how much has changed.
Remember, "con" is short for confidence. Con Artists play on others' GREED
Great show and info 👍
1.5 million is worth $60,000 per year according to the 4% rule.
Thanks for doing the math, Clarkie! 🙌
Before tax or after ?
When you state 529 funds not utilized for education can potentially be converted into a child's IRA it's worth noting the 529 money can be used to fund the annual limit not transferred as a lump rollover. Also, do you foresee a possibility of unused 529 funds being allowed as down payment money for 1st time home buyers, considering the housing unaffordability issues the nation faces?
💯 Great point! You can only transfer up to the annual limit each year, maxing at a lifetime limit of $35K.
Also, great question! We will pitch it to see if Clark will answer on a future show. 💚
Paying down low rate mortgage w/ extra principal - ( clark says "only if you have a HIGH RATE"...) - sigh - talk about "First world problems" 😅......however - many approaching retirement (losing income stream) may differ with this advice.
CLARK......VIRGINIA BEACH,VA LOVE YOU....BLESSING FOR YOU AND THE FAMILY.......BENDICIONES...❤
Re typical 401K/IRA avg size. The median is a better number to use for comparison. Looking at that, it is even more alarming. In my experience w/some family, friends, or acquaintances, they don't save due to bad habits. Some need to have a new car every 3 years. Some eat out all the time. Some spend way too much for a large house. Some decide to send their kids to private universities instead of to state universities and pay for it all so skip saving for retirement. Americans are our own worst enemies when it come to saving for retirement.
DC is NOT that great! I live near there and the radio has PSAs constantly about the increasing crime in the area and to "lock your door immediately upon entering your vehicle, don't fight someone trying to rob you," etc. There is a lot of homelessness, drugs, and vehicle related crime. Yes, you can get lucky and stay in wealthier areas, but if you aren't familiar with somewhere you are traveling, you ARE rolling the dice. It is so easy to accidently end up where you should not be. I recommend travel groups, esp for those who are older.
Comment.....750k is still a number that most will never reach.....most folks will truly never be able to retire.
I have $1.5M. I still work 40 hrs weekly, and live frugally.
If you love American history, Philadelphia is a must. Independence Hall, the Liberty Bell, Betsy Ross' House... then hit the Reading Terminal Market- cheesesteaks, Italian hoagies, tomato pies, soft pretzels, scrapple... After, swing over to the art museum and visit the Rocky statue
I love it. Theft without a gun. I get it at my bank every time I go on line. There are too many thieves out there.
What's upper middle class? What's $$$ is associated with upper middle class. At what age is $750k enough? I think age matters because a 55 year old has more time in retirement than a 65 year old.
Saying the average American has any amount saved for retirement is meaningless unless you add in the age range of the sample
I didn’t plan with 4% rule and focused more on living within means,zero debt,saving,and investing.
Retired completely debt free at 49 in 2020. Currently have 1.9 million in my 401k and rollovers I can’t use yet.
Taxable investments,qualified dividends,etc to tap into if needed. $200k emergency fund.
Currently living on $30k/yr. pension.
I travel 2-5 months a year out of U.S. exploring,hiking,backpacking,sailing,etc..(lifetime airline flight benefits)
With no mortgage my primary home total living expenses (including property tax,condo fee,and home/auto insurance) is less than $15k a year which is pretty good for upper middle class area in Oklahoma.
So what I spend over pension is my cash which so far has been up to $15/yr. for activities,hobbies,and interests.
More than enough. Debt free is the key.
My expenses are much lower than planned. Even with my car I only fill the tank once or twice a year and change oil once every three years. Cost around $1500/yr. for gas,insurance,tax,and preventive maintenance.
Great tips, Clarkie! 🙌
Actually a CALPERS pension requires 30 years of work-as early as 50-over 100 K USD annually w COLA for life-tell your kids if you don’t have one-nobody believed me in 1985!
But Suze Orman says you need at least 5 million! 😂
I mean, realistically, you do.
That’s a general rule , depends on where you live how much of debt you have and general health status !!
3:34 $750k to retire… good luck with that. Maybe if your mortgage is paid off.
Plenty ppl doing it dummy, you could to and be grateful. Smh don’t be so dramatic 😅you going to work til you die just to save millions of dollars you want enjoy
You shouldn’t retire until your mortgage is paid off.
@@chemquestseveryone doesn’t own a house. You should speak for yourself 🙄 all this investing and y’all scaring people about retirement 😂Jesus Christ it’s not the big of deal lol
Georgia HOPE is paid for from lottery ticket purchases, not taxpayers. At least my best understanding of the program.
Does Clark have hearing issues at age 69 if not why is he wearing. Those specialized headphone.sets