I just turned 50, and retirement is starting to feel very real. I’ve saved close to $300,000, but with inflation and market volatility, I’m worried it won’t be enough. I’ve been reading about strategies to hit $2M, but honestly, it’s overwhelming to figure out where to start.
Love the retirement strategy clips. Love to see a video on what if you over saved. When I was younger, 54 now, just starting out as a police officer, I worked a lot of OT just to fund my deferred comp. I retired and went on to a second career. With my pension, brokerage account, and SSN, my wife and I will have bills covered. Don’t “need” my deferred comp so I’m going to run into RMD tax issues. I guess all I can do is Roth conversions in my 60’s so I don’t leave out son a tax bomb. To all the younger folks just starting out, compound interest is real. I didn’t think it was when I was in my 20’s.
Love this and will see if I can craft a video around this topic! Maxing out deferred comp plans is a perfect example of how front-loading retirement savings can work out well... even if it creates some extra tax planning down the road. Also, as you know, you're not the only one who didn't believe in the power of compound interest in their younger years. Don't beat yourself up too much, it sounds like you did great! :)
Thank you for the video content. I'm in a similar situation, 95% of my money is in pre-tax but I plan to retire at 57 instead of 60. Would using retirement spending SMILE increase your success odds??
Great content, as always! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
Letting the wife work while you kick back, huh? 😂 While there are some popular free tools out there like Portfolio Visualizer, most public Monte Carlo calculators miss important stuff like tax implications, healthcare costs, and Social Security optimization.
@@Jazzwealth Wife is a band director, so I am sure that there will be band trailer transportation, chaperone, and other band stuff I will be volunteered for! Taxes and Social Security are a headache and Jazz can help me figure that out when time gets closer 😁
I do not like the wording at 1:40, LIEs! Maximum benefit depends on the age you take social security not when you retire. Dot the i's cross the T's miss guide the masses...
Our biggest fan is always here and ready to help! Good call Swamp Rat :) The numbers are right but my brain went faster than my words. I think it's still understandable but I'll slow it down next time just for you :)
@@Jazzwealth It's those IRS and SS people website thinking people retire and take Social Security at the same time.... I forgive you this time. But I was looking at your national average on health plans for the 60 year old. The lowest coast plan in two different counties is $780 or $689 a month. Highest plan is $1460 or $1329. Don't think they updated the numbers.....or My area is high because of all the good food and AC we have here now.
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Thank you for great content very thought provoking.
Thank you and thanks for watching!
Love the video, Eric! 🥳🥳
Thanks Haley!
I just turned 50, and retirement is starting to feel very real. I’ve saved close to $300,000, but with inflation and market volatility, I’m worried it won’t be enough. I’ve been reading about strategies to hit $2M, but honestly, it’s overwhelming to figure out where to start.
Max Roth IRA and max 401k contributions a start to get closer to hitting higher numbers.
Love the retirement strategy clips. Love to see a video on what if you over saved. When I was younger, 54 now, just starting out as a police officer, I worked a lot of OT just to fund my deferred comp. I retired and went on to a second career. With my pension, brokerage account, and SSN, my wife and I will have bills covered. Don’t “need” my deferred comp so I’m going to run into RMD tax issues. I guess all I can do is Roth conversions in my 60’s so I don’t leave out son a tax bomb. To all the younger folks just starting out, compound interest is real. I didn’t think it was when I was in my 20’s.
Love this and will see if I can craft a video around this topic! Maxing out deferred comp plans is a perfect example of how front-loading retirement savings can work out well... even if it creates some extra tax planning down the road. Also, as you know, you're not the only one who didn't believe in the power of compound interest in their younger years. Don't beat yourself up too much, it sounds like you did great! :)
Thank you for the video content.
I'm in a similar situation, 95% of my money is in pre-tax but I plan to retire at 57 instead of 60.
Would using retirement spending SMILE increase your success odds??
Great content, as always! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
Am i able to contribute to my HSA outside my paycheck deductions ?
Know of a site that I can use the Monte Carlo to play with my numbers? 2029 and the age of 55 is my goal!!!!!! Wife can keep working!!! 😅
Letting the wife work while you kick back, huh? 😂 While there are some popular free tools out there like Portfolio Visualizer, most public Monte Carlo calculators miss important stuff like tax implications, healthcare costs, and Social Security optimization.
@@Jazzwealth Wife is a band director, so I am sure that there will be band trailer transportation, chaperone, and other band stuff I will be volunteered for! Taxes and Social Security are a headache and Jazz can help me figure that out when time gets closer 😁
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@@Jazzwealth
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I do not like the wording at 1:40, LIEs! Maximum benefit depends on the age you take social security not when you retire. Dot the i's cross the T's miss guide the masses...
I believe he was quoting max benefits with the ages, that is the same for everyone.
Our biggest fan is always here and ready to help! Good call Swamp Rat :) The numbers are right but my brain went faster than my words. I think it's still understandable but I'll slow it down next time just for you :)
@@Jazzwealth It's those IRS and SS people website thinking people retire and take Social Security at the same time.... I forgive you this time. But I was looking at your national average on health plans for the 60 year old. The lowest coast plan in two different counties is $780 or $689 a month. Highest plan is $1460 or $1329. Don't think they updated the numbers.....or My area is high because of all the good food and AC we have here now.