The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
Credits goes to "Lucinda Margaret Crist" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Awesome.. Please I would love to know or get in touch with your investment advisor. I could really use such expertise in growing my portfolio now that the entire markets is uncertain
I'm cautious about giving specific recommendations since everyone's situation varies, but l've worked with "Rebecca Nassar Dunne” for years and highly recommend her See if she meets your criteria.
Hi! I'm from New Delhi looking to start investing in the US stock market with $80-100k. Should I focus on index funds or individual stocks? Also, any tips on handling currency exchange rates? Thanks!
I agree. There's a lot of potential in the market. My friend from benghaal who now lives in manhattan introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey and still earn five figures in monthly dividends.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA NICOLE ANASTASIA PLUMLEE 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.
10% of my nest egg is literally more than I make in a year. I know you can’t cover every situation, but I just don’t know where to go with this information. I will add that I am widowed, have just become an empty nester, am debt free including owning my home. Due to health issues and the nature of my job I work limited hours at about 24-30/week, but even at full time it would take my entire income to use this method.
It’s great that you’re in a strong financial position with no debt and owning your home. With your situation, balancing your nest egg and income can be tricky. Have you considered working with a financial planner to explore options that might better align your assets with your current needs and future goals?
Great video Julia with very clear explanations and examples. I am an avid consumer of content in this arena and just subscribed. I am retired but strive to educate my children and grandchildren in this area so they can have their best futures. I am going to start watching your other videos. Keep up the great content! Larry, Central Valley, Ca.
wow! It's fantastic to hear that you're focusing on educating the next generation about financial planning. What topics or strategies do you find most crucial for your children and grandchildren as they prepare for their futures?"
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k 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 and profit from my port-folio this red season. I’ve made over $150k since then
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Nice, your video quality is pretty awesome. Not too busy and not to dull, I am taking baby steps, someday I hope I can get to your refined level. Keep growing. "Subscribed"
Thank you for your video, it is very clear and concise. Do you have any insights for someone who was never able to say for their retirement? I know I am never going to be able to really retire, I am currently 61 years old. However, I can’t keep working at the same rate forever. I’d like to be able to cut back, in about five more years
It’s commendable that you're planning ahead even if retirement feels distant. There are strategies that can help you transition gradually. Have you looked into options like phased retirement plans or creating a flexible income stream to ease the shift in five years?
I live in Canada. He who makes interest, compounded or not has our wonderful government take 53% of it in my income bracket! If you earn more then $235,000 a year the government says your rich and takes 53% of your income! Interest is treated as income!
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
mind sharing info of this person guiding you please? truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched for every season of the market and has just yielded 120% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
My CFA 'Grace Adams Cook' , 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.
I kept saving in my 401k for last 30 years and people kept saying it would balloon in later years. It's not really unfortunately. Maybe the target fund just wasn't aggressive enough to but I lost quite a bit in 2008 so had to catch up again I guess. Now I'm saving around 40% a year for last 2 years and starting to see some headway. Want to retire end of next year I'm hoping. Thanks for the video.
wonderful, clear content, subscribed! I don’t have enough saved for retirement, but I also make too much to contribute to a Roth Ira. I find so many videos recommend the Roth for good reason, but I can’t take advantage of it.
Thanks for watching and subscribing! You may be able to do a "backdoor" Roth IRA or contribute to a Roth 401k through your employer (there are no income limits).
Great that you're exploring different retirement strategies! It’s true that Roth IRAs have many benefits, but there are other effective options too. Have you considered exploring strategies like after-tax contributions or investing in annuities that offer tax advantages?
I like your idea that if you pay something off (home, car), put that payment towards retirement. I definitely can’t afford to put 10% of my nest egg amount per year into my retirement accounts. Good to know there is a formula though. Hoping for NVDA, TSLA and about a dozen other similar stocks to average more than 10% per year over the next few years.
So many refer to doubling, and 12% in the stock market, etc, but my 403b is lucky to pull 5 - 7% when you look at the years were it was negative growth. The majority of growth has been employer employee contributions, not market growth. I don't know who is getting their 12%, but it isn't me for sure.
It depends on the plan really by 12% long term is high. You probably either have high fees or poor options. My company was sold a few years ago and now we have much lower fees and Better funds to choose from . Bigger companies have better options typically, or you have a higher concentration in bonds.
@@truckingmoney485 Yeah, the fees seem low enough, but since most of what I am able to invest in is driven by ethical/religious invested type stocks, I suspect that I'm not able to get into higher growth. Also, I ended up in a managed portfolio of rebalancing, and I'm noticing it rebalances into bonds which have torpedoed me the past 3 years. It's an employer based 403(b) and either I'm all in myself having to allocate things (which I'm not smart enough) or depend on the company overseeing the 403(b) and I'm not really sure they have my best interest at stake.
It sounds like you've had a more modest experience with your 403b compared to the high returns some talk about. Diversification might be key in your situation. Have you explored other investment options or strategies to help improve your returns and balance the risk?
@@StressLessFinancial Part of the problem with my 403b account is its controlled by the organization I work for, and they have "advisors" for managed funds. When I turned 52, they encouraged us to move from Aggressive to Moderate Conservative which increased the % of bonds. Then thanks to the Feds, the bonds went south, and destroyed our growth. I was rather upset with the investing company. Called the advisor and put us back to Moderate Aggressive which has helped, but still no where close to the stock market. (It also is limited to the investments because if any of the companies invested in, touch any ethical or moral issues, such as gambling, tobacco, military, etc, those are excluded.) I have no way of adjusting for specific companies, only groups. Anyway, I'm also investing outside of a 403B through Charles Schwab and doing fairly well there, so setting us up for several streams of income, plus house going to be paid off. But the 403bs seem to benefit the investing company far more than the specific employee.
Why would you recommend a ROTH for someone 5 years out from retirement, when they are probably in a much higher tax bracket than they will be after retirement?
@@happycampers6592 No one talked me into investing into a Roth 401k; I believe that my future RMD will have higher tax . Currently, I have 85/15 % 401k/roth 401k mix
Whether or not your in a higher tax bracket now or not. In a regular 401 or IRA you'll still be paying tax again. With the Roth IRA you don't have to pay tax again.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with *Julianne Iwersen-Niemann* for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
At married & 55 I'm doing a decent job of saving in retirement accounts (approx $650k) but our debt is too high and I can't seem to whittle it down. I don't want to stop saving in order to pay down CC balances but also find side income unrealistic (a professional working at Domino's on the weekends? Come on...)
I don't know why all you advisors push the 401k Roth, the problem with that is you can't choose where you want your money invested; put money into it but maximize the regular Roth account at least you can control where you are putting your after tax money.
That may depend on whom you're working with. I can choose with Fidelity- though I have to look up the equivalent version of voo, vug. Just search for s & p 500 and verify it's a low cost.
Hmmm…last time I checked, I had 38 funds to choose from in my Roth 401k. You are missing the bigger picture. It allows a higher contribution limit than just the Roth itself. Just diversify and pick funds with low expense ratios.
I think between a Roth 401k or Traditional 401k, Roth wins. Whether through contribution or conversions will depend on your income. Roth IRA trumps it all, just because the flexibility it also has over 401k in general.
@@Retrocomputernerd how do you know what the tax brackets and rate for each bracket will be in the future? Does “lower” bracket guarantee a lower rate 20-30 years from now compared to now/
HI Julia ..Good work..I am not a US citizen and our ruth IRA sucks gives 2.5%,,,Currently investing on US ETF to generate dividends but I am TAX 30%. do you think it worth doing so or any other advise you have me thanks
Some flaws. Tax deferred means more $ invested. Let’s say you are taxed at 25%… that is additional $ working for you over a period of time. Also when you retire you need less $ so you will most likely be in a lower tax bracket. Just do the math based on your situation.
@@DEEZEEMTB Unless you do retirement planning for a living, you won't understand what a myth "you'll need less $ in retirement" actually is. The only ones who "need less" are the ones that have no choice because they didn't save enough. You're not taking into account possible tax increases, inflation, Medicare IRMAA, and many more harsh realities of pre-tax retirement savings. All the best.
@@RetirewithJulia I am a money manager and everyone’s situation is different. Things to consider. Employer match on a traditional 401K vs. Roth. In many cases it is much lower. Tax bracket in your earning years. Number of dependents. Where you live. Plans in retirement. When you plan to retire…..and the list goes on. Basically one size doesn’t fit all. Some people max out their traditional 401K to the employer match and then switch to a Roth. We will just need to agree to disagree. Have a nice day.
Thank you Julia Beaurifull 😘 love the info ❤️ i needed this change your mindset to growth cheers 🍻 mate regards from stewy Hudson and Family Birmingham city England 🇬🇧 👍 😀 👏 💙 🙌 🇬🇧 👍 xxxxxxxx
HOW CAN I VISUALIZE GETTING AHEAD, WHEN WE HAVE AN ADMINISTRATION TAKING IT ALL AWAY! WHAT HAPPENS IF WE GET TAXED FOR UNREALIZED GAINS? VOTE REPUBLICAN NOW! DEMOCRATS TAX, TAX, TAX!
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
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.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Credits goes to "Lucinda Margaret Crist" one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
Really enjoyed this video. I'm considering your advice, because thousands of dollars have been disappearing from my 401k due to soaring inflation, and my concern is where to safeguard and grow remaining cash about $500k+ for the next 2-3 years at no risk. I'd love to retire early and afford a life after retirement.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Awesome.. Please I would love to know or get in touch with your investment advisor. I could really use such expertise in growing my portfolio now that the entire markets is uncertain
I'm cautious about giving specific recommendations since everyone's situation varies, but l've worked with "Rebecca Nassar Dunne” for years and highly recommend her See if she meets your criteria.
Rebecca Nassar Dunne maintains an online presence that can be easily found through a simple search of her name on the internet.
Hi! I'm from New Delhi looking to start investing in the US stock market with $80-100k. Should I focus on index funds or individual stocks? Also, any tips on handling currency exchange rates? Thanks!
Individual stocks can be great but do your research. The US market is different-consider consulting a CFP before jumping in to avoid costly mistakes
I agree. There's a lot of potential in the market. My friend from benghaal who now lives in manhattan introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey and still earn five figures in monthly dividends.
Pls how can i meet this advis0r? i want someone to help me invest an Inheritance, i dont want to lose it to inflation
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with Melissa Elise Robinson for years and highly recommend her. Look her up to see if she meets your criteria.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA NICOLE ANASTASIA PLUMLEE 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.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
10% of my nest egg is literally more than I make in a year. I know you can’t cover every situation, but I just don’t know where to go with this information. I will add that I am widowed, have just become an empty nester, am debt free including owning my home. Due to health issues and the nature of my job I work limited hours at about 24-30/week, but even at full time it would take my entire income to use this method.
It’s great that you’re in a strong financial position with no debt and owning your home. With your situation, balancing your nest egg and income can be tricky. Have you considered working with a financial planner to explore options that might better align your assets with your current needs and future goals?
Thank you. I hope in future videos you address older people and their issues who are already retired.
Great video Julia with very clear explanations and examples. I am an avid consumer of content in this arena and just subscribed. I am retired but strive to educate my children and grandchildren in this area so they can have their best futures. I am going to start watching your other videos. Keep up the great content! Larry, Central Valley, Ca.
Love to hear this! Thank you for watching😃
wow! It's fantastic to hear that you're focusing on educating the next generation about financial planning. What topics or strategies do you find most crucial for your children and grandchildren as they prepare for their futures?"
the more you have, the harder it becomes - ie, you have 1.5 million, you need to come up with $150,00 a year
Exactly! 10-13% of our nest egg is roughly equal to our gross household income.
@@emox6400 same here
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.
It is advisable to save at least 15% of your income in a 401(k). Online calculators can help you estimate the appropriate savings amount based on your age and income. By saving at least 15% of your income in a 401(k), you can work towards a comfortable retirement. This strategy allows you to benefit from compound interest, potentially growing your retirement savings significantly over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k 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 and profit from my port-folio this red season. I’ve made over $150k since then
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Nice, your video quality is pretty awesome. Not too busy and not to dull, I am taking baby steps, someday I hope I can get to your refined level. Keep growing. "Subscribed"
Thank you for the kind words! Keep going💪
Great video! Thanks for explaining!
Thanks for watching, guys!🤩
Thank you for your video, it is very clear and concise.
Do you have any insights for someone who was never able to say for their retirement? I know I am never going to be able to really retire, I am currently 61 years old. However, I can’t keep working at the same rate forever. I’d like to be able to cut back, in about five more years
It’s commendable that you're planning ahead even if retirement feels distant. There are strategies that can help you transition gradually. Have you looked into options like phased retirement plans or creating a flexible income stream to ease the shift in five years?
lol! Another 10-13% of our “nest egg” a year is a tad more than our gross household income! 😂😂
large nest egg already?
I live in Canada. He who makes interest, compounded or not has our wonderful government take 53% of it in my income bracket!
If you earn more then $235,000 a year the government says your rich and takes 53% of your income!
Interest is treated as income!
Coming to the US near you if Dems get re-elected again.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing to your 401K, remember you are in for the long haul, but I'd suggest you consider financial advisory
mind sharing info of this person guiding you please? truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor
Agreed, having a good financial advisor is invaluable, my portfolio is well-matched
for every season of the market and has just yielded 120% from early last year. I and my
advisor are working on a 7 figure ballpark goal, tho this could take another year.
Her name is. 'Jessica Lee Horst’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA 'Grace Adams Cook' , 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 the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I kept saving in my 401k for last 30 years and people kept saying it would balloon in later years. It's not really unfortunately. Maybe the target fund just wasn't aggressive enough to but I lost quite a bit in 2008 so had to catch up again I guess. Now I'm saving around 40% a year for last 2 years and starting to see some headway. Want to retire end of next year I'm hoping. Thanks for the video.
Are you saving or investing? Thanks
Best of luck!
wonderful, clear content, subscribed! I don’t have enough saved for retirement, but I also make too much to contribute to a Roth Ira. I find so many videos recommend the Roth for good reason, but I can’t take advantage of it.
Thanks for watching and subscribing! You may be able to do a "backdoor" Roth IRA or contribute to a Roth 401k through your employer (there are no income limits).
thank you! My employer does not offer that. I am looking into the back door, Roth Ira, but still trying to understand the tax implications.
Great that you're exploring different retirement strategies! It’s true that Roth IRAs have many benefits, but there are other effective options too. Have you considered exploring strategies like after-tax contributions or investing in annuities that offer tax advantages?
@@StressLessFinancial thank you ! Good suggestions!
Really loved the clear and concise way you walked through this , thx
Thanks so much for the kind words, and for watching!
Thanks for the 7/5/10 rule!
I like your idea that if you pay something off (home, car), put that payment towards retirement. I definitely can’t afford to put 10% of my nest egg amount per year into my retirement accounts. Good to know there is a formula though. Hoping for NVDA, TSLA and about a dozen other similar stocks to average more than 10% per year over the next few years.
7k a month in retirement expenses. Dang, thought I had it bad at 1k a month
FI in 40s and regret saving so much in RAs. Grow nest egg buying assets under market value you have a say in. Or plunk along for 30+ yrs. Your choice.
So many refer to doubling, and 12% in the stock market, etc, but my 403b is lucky to pull 5 - 7% when you look at the years were it was negative growth. The majority of growth has been employer employee contributions, not market growth. I don't know who is getting their 12%, but it isn't me for sure.
It depends on the plan really by 12% long term is high. You probably either have high fees or poor options. My company was sold a few years ago and now we have much lower fees and Better funds to choose from . Bigger companies have better options typically, or you have a higher concentration in bonds.
@@truckingmoney485 Yeah, the fees seem low enough, but since most of what I am able to invest in is driven by ethical/religious invested type stocks, I suspect that I'm not able to get into higher growth. Also, I ended up in a managed portfolio of rebalancing, and I'm noticing it rebalances into bonds which have torpedoed me the past 3 years. It's an employer based 403(b) and either I'm all in myself having to allocate things (which I'm not smart enough) or depend on the company overseeing the 403(b) and I'm not really sure they have my best interest at stake.
It sounds like you've had a more modest experience with your 403b compared to the high returns some talk about. Diversification might be key in your situation. Have you explored other investment options or strategies to help improve your returns and balance the risk?
@@StressLessFinancial Part of the problem with my 403b account is its controlled by the organization I work for, and they have "advisors" for managed funds. When I turned 52, they encouraged us to move from Aggressive to Moderate Conservative which increased the % of bonds. Then thanks to the Feds, the bonds went south, and destroyed our growth. I was rather upset with the investing company. Called the advisor and put us back to Moderate Aggressive which has helped, but still no where close to the stock market. (It also is limited to the investments because if any of the companies invested in, touch any ethical or moral issues, such as gambling, tobacco, military, etc, those are excluded.) I have no way of adjusting for specific companies, only groups. Anyway, I'm also investing outside of a 403B through Charles Schwab and doing fairly well there, so setting us up for several streams of income, plus house going to be paid off. But the 403bs seem to benefit the investing company far more than the specific employee.
Thank you for this!
This is all subjective based on what great is for one may not great for another
Why would you recommend a ROTH for someone 5 years out from retirement, when they are probably in a much higher tax bracket than they will be after retirement?
I am within 5 years of retirement and I contribute 100% to my Roth 401k😊
@@dan6756 What is your tax bracket now and who talked you into that?
@@happycampers6592 No one talked me into investing into a Roth 401k; I believe that my future RMD will have higher tax . Currently, I have 85/15 % 401k/roth 401k mix
Whether or not your in a higher tax bracket now or not. In a regular 401 or IRA you'll still be paying tax again. With the Roth IRA you don't have to pay tax again.
I am doing the same. All Roth 401 k. A few years from retirement
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. lol
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.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with *Julianne Iwersen-Niemann* for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I simply Googled her name and her website came up right away. So far, it appears interesting. I emailed her, and I hope she responds soon. Thanks
Great information!
Thanks for watching!😃
At married & 55 I'm doing a decent job of saving in retirement accounts (approx $650k) but our debt is too high and I can't seem to whittle it down. I don't want to stop saving in order to pay down CC balances but also find side income unrealistic (a professional working at Domino's on the weekends? Come on...)
So helpful!
What man doesn’t want to retire with Julia? I’m saving as much as I can 😅
I don't know why all you advisors push the 401k Roth, the problem with that is you can't choose where you want your money invested; put money into it but maximize the regular Roth account at least you can control where you are putting your after tax money.
That may depend on whom you're working with.
I can choose with Fidelity- though I have to look up the equivalent version of voo, vug.
Just search for s & p 500 and verify it's a low cost.
Hmmm…last time I checked, I had 38 funds to choose from in my Roth 401k. You are missing the bigger picture. It allows a higher contribution limit than just the Roth itself. Just diversify and pick funds with low expense ratios.
I think between a Roth 401k or Traditional 401k, Roth wins. Whether through contribution or conversions will depend on your income. Roth IRA trumps it all, just because the flexibility it also has over 401k in general.
@@Retrocomputernerd how do you know what the tax brackets and rate for each bracket will be in the future? Does “lower” bracket guarantee a lower rate 20-30 years from now compared to now/
HI Julia ..Good work..I am not a US citizen and our ruth IRA sucks gives 2.5%,,,Currently investing on US ETF to generate dividends but I am TAX 30%. do you think it worth doing so or any other advise you have me thanks
Seems like no one has an answer
Does the rule of 72 help to determine the doubling power of the rate of return?
Yes Penney that doubt is that but their is any kind of investment that pays a daily compound interest?
We have $400k in Fidelity S&P 500 fund and we contribute over $40k per year, how do I estimate when it will be $1 million?
Very informative video. When you talk about investing 10% of our nest egg, are you referring to a 401k or IRA ?
thx Steve
Everything combined. Thanks for watching!😀
Julia - would you still recommend the Roth portion of a 401K if we are at the highest tax bracket?
It depends on how much pre-tax monies you have and what your expenses will be in retirement.
Some flaws. Tax deferred means more $ invested. Let’s say you are taxed at 25%… that is additional $ working for you over a period of time. Also when you retire you need less $ so you will most likely be in a lower tax bracket. Just do the math based on your situation.
Completely disagree. Very few people need LESS money in retirement. I do the math for a living. Thanks for watching!
@@RetirewithJulia Thanks….I also do math for a living🙃
@@DEEZEEMTB Unless you do retirement planning for a living, you won't understand what a myth "you'll need less $ in retirement" actually is. The only ones who "need less" are the ones that have no choice because they didn't save enough. You're not taking into account possible tax increases, inflation, Medicare IRMAA, and many more harsh realities of pre-tax retirement savings. All the best.
@@RetirewithJulia I am a money manager and everyone’s situation is different. Things to consider. Employer match on a traditional 401K vs. Roth. In many cases it is much lower. Tax bracket in your earning years. Number of dependents. Where you live. Plans in retirement. When you plan to retire…..and the list goes on. Basically one size doesn’t fit all.
Some people max out their traditional 401K to the employer match and then switch to a Roth.
We will just need to agree to disagree. Have a nice day.
Agree to disagree. Please explore tax planning. It will help your clients tremendously.
FWIW, the compound interest quote is very often falsely attributed to Einstein.
How can you save 20k in a Roth?
Roth 401k😀
@@RetirewithJuliawhat about the back door Roth?
I'd love to compound my interest retiring with Julia.
Einstein never said that. Misquoting him automatically undermines your entire video. 👎
It was Warren Buffet
Can you have Roth IRA and 401K Roth ?
Yes
There are no income limits to save into a Roth 401k? What?
Thank you Julia Beaurifull 😘 love the info ❤️ i needed this change your mindset to growth cheers 🍻 mate regards from stewy Hudson and Family Birmingham city England 🇬🇧 👍 😀 👏 💙 🙌 🇬🇧 👍 xxxxxxxx
Man, your example is rich😂😂
Money geek link? I am having difficulty finding it.
www.moneygeek.com/compound-interest-calculator/
Oh yeah, that’s doable😂😂
Those were the Trump tax cuts by the way
Wouldn't know; didn't benefit from any of them
⚘🚶
HOW CAN I VISUALIZE GETTING AHEAD, WHEN WE HAVE AN ADMINISTRATION TAKING IT ALL AWAY! WHAT HAPPENS IF WE GET TAXED FOR UNREALIZED GAINS? VOTE REPUBLICAN NOW! DEMOCRATS TAX, TAX, TAX!
This is a joke right? Wife and have 800k saved. We make 120k combined. We save about 35k a year. We’re supposed to save 80k?😂
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
Great information!
Thanks for watching!😃