Regarding withdrawal rates and the fear of running out of money, these planners all fail to realize that seniors don't need to spend very much $ to be happy. The planners are too young to understand. Life is not linear. Nor are physical and mental health. Everyone 70+ is on borrowed time. Just being healthy is 90% of fulfillment. The rest is being mentally alert. If you're healthy and have your wits about you, life after 70 is just fine. Having excess $ doesn't mean a thing, except to greedy heirs. The financial industry paints a ridiculous picture of wealth, security and contentment in old age. In reality, nobody > 70 is trying to impress anyone, or compete - unless they're nuts. Older folk want health and a sense of purpose. Beyond that it's superfluous.
I caught a nasty skin infection at 40, though, & really wasn't able to find anything to help until we had more $, from my husband's social security ( he's still working). I wasted good years because of lousy, clueless doctors, & an insurance company & former employer who couldn't care less. Clindamycin helps, IF they prescribe it, but the heartburn is unbearable. All this is to say that events can happen ( I also have misophonia, which is often VERY painful), that become shockingly expensive, & I still don't have a cure ( to a painful, contagious skin disease, & hair loss).
A healthy 70 or 80yr old doesn't need a lot of money... That is until your health deteriorates, for any reason. If you need to pay for care or help of any kind... All of a sudden life becomes very expensive.
All of that is true, but if you cant pay your rent or mortgage, or even property tax, life is hard. If you have to eat cat food, because you ran out of money. It's a real problem
I'm 59 and turning 60 this June. I got laid off with a bunch of other people at my firm. I was a little down (for about a day) because I was one of those people who did the right thing over the last 30 years. I'm now retired and love it. I say that because over those 30 years I was a personal finance junkie and listened to all my financial mentors (John Bogle, Warren Buffett, David Bach, sometimes Dave Ramsey and now J.L. Collins) and this guy is the best new financial expert I have seen in years). It's nice to see these younger guys helping the new generation. Bravo, Bravo, Bravo and so well done!
Such an amazing and thoughtful comment. Those are some big names and you probably stretched a bit with putting us in even the same paragraph, but hey, I will take it. Again, super kind and it means a lot. We sure try hard! 😀
Retired at 56 to take care of my Dad who had Alzheimer's. Been retired for 3 years. No regrets. My Dad passed away but I don't plan to go back to the workforce because I don't miss the toxicity at work. Of course this was only possible because i lived beneath my means and saved/invested at high rate during my earning years. Also a habit of living frugally means i need a lower nest egg to afford that lifestyle in retirement.
Great video. You and Zac explain things really clearly. As a retiree, I think one thing Zac might have added to his list of how to protect your retirement would be to do everything possible to stay as healthy as possible by paying attention to diet/exercise and other self care.
I'm 46 and had to pay for my own car and insurance at 16 and worked all through high school and college. In my experience, people around me who didn't have responsibility instilled lack motivation to work as kids and struggle to take care of themselves as adults.
Learning that responsibility is important. Want to clarify... I have been PAYING my cell phone bill since high school, just on my mom's plan. Now... my wife and I are on our own plan and my mom actually joined our plan :) Circle of life with cell phones. Appreciate you watching and sharing your thoughts!
@@jameskelly9243 In some ways yes - we didn't have computers, cell phones, subscriptions and the price of homes were reasonable. Interest rates were much higher though in the 80s. We also did not buy new cars until after we had a home. Finally, medical insurance was affordable.
@@jameskelly9243 , there were also less opportunities and minimum wage was $4. Play the hand you're dealt. I can tell you're one who gives excuses and doesn't get results. IDGAF. It's your life so do what you want, but don't dissuade others from being financially wise.
Dude! This is the 3rd of these videos I have watched, and they are gold! And wile these videos are long, they don't feel long. They could absolutely be longer and I wouldn't mind at all!
@@Theretirementnerds This is the 1st video in the series and I am very impressed. In 1 hour so many topics were talked about, all of which were of interest to me. The depth of each topic was amazing with how much was presented in an hour or so and how easy to understand even by this minimal financial knowledge person. The best part. We have all heard the financial planing hucksters on the radio, especially on Sunday mornings. I cannot reach for the dial changer fast enough when happening across them because they are one sales pitch after another at every turn. In this video no mention of any services was even made till the last minute or so of the video and then it was very soft basically the website addresses for further info. Love it. Thanks and Keep it up.
@markm4242 this comment represents everything we're trying to accomplish. Thank you for spending time with us and taking the time to write this. Means a lot to us!
1. Health insurance and health costs are the biggest unknown in retirement I dont think enough was discussed on this topic and how it should be planned for in retirement
While it is true that a health catastrophe could place a serious strain on your retirement funds. There is plenty of statistical evidence to support an educated guess about planning for such contingencies.
It's not health insurance and medical costs that's the biggest unknown. It's the "adult day care" costs that are hard to predict. Dimensia and/or a stoke and their timing are hard to predict.
Thanks for these long-form RUclips videos, Ninety Days From Retirement! Thanks also to Zacc, as well!! You are the dynamic duo of financial RUclips videos, even without a souped-up 1966 Lincoln.😀
00:00:00 - Rules of Thumb Problem 00:07:40 - External Factors Outside Your Control 00:08:19 - Longevity Risk 00:10:08 - Investment Risk 00:10:59 - Sequence of Returns 00:26:45 - Inflation Risk 00:31:47 - Rise in federal and state tTaxes 00:35:14 - Summary of External Factors 00:37:08 - Internal Factors Within Your Control 00:39:24 - Live for the Future - Fear 00:43:47 - Overspending - Lack of Discipline 00:46:24 - Adult Children - Love 00:51:17 - Structure of Income - Knowledge 00:51:34 - Ripple Effects of Decisions - Knowledge 00:53:52 - What You Can Do to Prepare 00:56:19 - Now and Later vs Multi-stream 00:58:07 - Common Stocks 01:02:28 - Now and Later Bond Ladders 01:05:14 - Fixed Index Annuity 01:07:27 - Fixed Rate Annuity 01:09:16 - Bond Fund Portfolios 01:12:09 - Pension-Like Annuity 01:15:11 - Annuity Riders 01:16:47 - Multi-Stream Bond Ladders 01:18:10 - Dividend Stocks 01:20:47 - REITs (Real Investment trusts) 01:22:49 - Selling Stocks at a Loss 01:25:44 - Asset Allocation Drift 01:29:39 - Getting Help
This was a great discussion. The "multi year tax plan" is spot on. Converting even a million dollars is tough, not exceeding the 24% bracket, even $100k per year, the account builds back over the course of the year. Almost needs to be $200k. My tip, convert after a correction to get the most moved over in any particular year.
retirement felt like a distant dream, but its becoming a reality for me and I don't know if I'm ready, 62, Ive saved up a decent amount but not sure if its enough, its a weird spot to be
I retired at 50 with little savings in my Roth and 401k and worried about surviving retirement. Now, less than a year later, I've just hit my first $1 million
It's such a difficult shift from save, save, save our entire life to spend, spend, spend. From past comments, seems like you are in a good spot and have planned well over your life.
@@teams3345 my thought is you can take some of this surplus income and continue to contribute the max to Roth accounts. Let's say there is you and your wife and it's $16,000 a year. You can say to your wife hey we saved 16,000 this year maybe we should treat ourselves to something. These past 30 years I have been contributing 16.5% of gross to the 401K and occasionally when I wanted to spend money on something I was able to remind myself hey look you've already saved 16 1/2 % it's okay to spend some money.
@@hogroamer260 I would never leave money to family or charity. I did donate to Trump twice this year. Family should save for themselves and charities have enough money.
Push education and responsibility when they are young. Raise kids who stand on their own financially. Then you don't need as much in retirement. Worked well for us.
I think giving my kids and grandkids money they didn’t earn or deserve is a useless thing and can be detrimental. Make your own way. Paid for my kids education otherwise they expect nothing
Spot On ! I have given my kids 3/4 of everything I have ! They are always in some dire need & the grandchildren are a big part of it ! But, I’ve told all three of my children …I just can’t do it anymore, or I’ll be broke & there’s no one to save me!
@@margiejones870 same here. Half my income goes to children. I'm concerned I'll have to work until 75 or 80 just to get the grands out of school and off the payroll. I have no debt but live paycheck to paycheck
Zach is one of the few FA who has the ability to succinctly explain topics while not being an alarmist. He and his team put on an excellent presentation covering a merrid of topics, although the SS segment was truncated. I highly recommend people give it a watch👍
This is why I’m a dividend investor. No complicated math, I simply reinvest half of all the dividends received and I will not run out of money as I have been doing this for 7 years and I now have more than what I started with.
@@Renee847 just start buying high monthly paying ETFs that you like and be sure to reinvest at least half into the same ETF or a new high paying one and keep it up. You’ll build up your dividend amount each month and the more different positions you hold the safer you will be. If you don’t like price decay in one or two of your choices just sell and move to another. Give it time and it will work!
True true true true true true One of the gifts my wife and I want to give our son is setting it up so he'll never having to worry about us financially when we get old. It's a gift our parents didn't give us so we hope he'll appreciate it
Loved the video and truly understand the math. Your smiles of not understanding living on Ramen and beans was amazingly disturbing. I lived without running water and sewer for 6 months yearly for 5 years (frozen pipes) and I didn't move because it meant I could save more money. My rent was reduced. Now so many young people talk about not being able to make it when they are spending money on cable (we were lucky to get 3 channels) cell phones (many of us had party lines) hair cuts (only got a professional one on special occasions) fans were our air conditioner's and feet and buses our transportation. I'm 68 so its not that long ago and much of the world still lives this way. On top of that we supplemented one parents final years. A penny saved is a penny earned. Yet, we're doing our very best to spend it now!
Longevity is abused by most financial advisors. It simply scares people for no good reason. There's a reason insurance companies win more than they lose. It's called actuarial tables and playing the odds. How you invest and how you go about preserving your wealth depends on so many variables. The most important in retirement is your amount of debt, if any, versus your cost of living. Always have a budget and live within it. I've been retired (so to speak) for 10 years. My wife and I live easily off our SS. We have a net worth of a few hundred thousand dollars. However, we've yet to need really any of it. Why? We live without debt and within our means. It helps that we live in the Mid West where the cost of living is lower than many areas of the country.
Thank you for sharing your perspective and experience. Not sure how much you were able to watch, but I think in general, we agree with you. Living within means is vital. If someone can't do that, hard to ever have enough
@@Theretirementnerds I watched the entire video. But I have never understood why somebody would remain living in a section of the country where the cost of living is extremely high. I realize there are exceptions. However, I'm convinced that most could move if they really tried. I would never live in a state where I had to struggle to get by year in and year out. You might have to make some concessions. But it's worth it. Now that's good financial advice.
@dmjh932 can definitely understand that perspective. From my personal experience, if I tried to convince my wife to move away from her family for an extended period of time, I'd be sleeping on the couch for the rest of my life 😬. And, once retirement becomes a reality, trying to convince her to move away from our kids would be equally challenging. Hopefully, our kids will choose to live in a lower cost-of-living part of the country 🙏 Definitely agree with your logic!
@@Theretirementnerds Understand. However, during our 55 plus years of marriage we never allowed our family or our children to influence our financial decisions. I worked for some years in radio broadcasting. In media employment a person often must move while hoping to improve their lives. We lived in small and medium towns as well as a large metropolitan city. Once we even chose to live for almost two years in a major Old Order Amish settlement in mid Missouri. No utilities. No plumbing. No telephone and no running water. Our children had to take a horse and buggy to school. We started each day by hand milking 15 Holstein cows. Now in hindsight, I don't want to imply that these were great choices. But they were ours. But I do know many people think of family, friends and children before riding off into the sunset. More often than not. It's not where you live that brings about struggle. It's the choices you make.
@@Quinu12 During my 76 years I've moved and readjusted numerous times without a problem. The last was 12 years ago. But I do know everybody has different needs. My wife and I lookout for ourselves and have never worried about starting over socially.
LOVED every min of this video! I am in my 50's and every bit of this info is extremely useful for me and my husband. You guys are TERRIFIC and i hope to see more! Thank you so much! ❤️❤️❤️
This is the second guest appearance that I've watched with Zacc Call. Both were relatively long, but he makes the information so easy to understand & listen to....makes it entertaining (not exactly the correct descriptive word, but you know what I mean), 😄 & the time goes by pretty fast. Also, I want to see the 106 years young lady on here one day. ❤
Zacc has a gift, for sure! We are making an update to this because we've been able to spend a lot more time with her over the past year, but here is the video we did with her when she was 105 🙂 ruclips.net/video/4r35TZZc2IE/видео.html
I’m one of the DIY people you all have mentioned and I made it to the very end of this video and will replay the whole thing. Thank you so much for all these insights. And I highly appreciate your guest as I have watched all the videos where he is in it. 😊
41:34 If I recall, the Dow didn’t recover until somewhere in the early 50’s, making it closer to 20 years than 10. Good conversation. I think the reason for having more in bonds reaching retirement is precisely so you don’t have to sell stocks during down markets, but can still take out enough to sustain you (and if you lower your spending during this time, you can stretch the time you have the ability to stay in the market. Thanks.
Thank you for this info. It is nice to have a more balanced viewpoint on the subject and not the doom and gloom I've seen others post. this is my first day of retirement. After watching this I am happy to have confirmation of my plan to "lay low" and keep spending down in the coming year.
The best advice iv ever gotten about how to live in retirement came from the poorest people in the comment section of many yuptube videos thanks for the video!!!!
All facts here in this video. 🙏 I’m 67 later this year and this is all I think about. Thinking minimalist, nesting, what do I really need at this point b4 retirement, when to retire is a gamble as well. Thank God, as a single woman I can afford my mortgage to own my own home is security at this time. ATM, my financial advisor is the person I talk with more than anyone else!
Is there an amount of net worth that makes you feel comfortable? Are you expecting to live a long time? I’m 65 and happily working, expecting to get to at least 105 years old. Running out of money is biggest fear because I’ll be retired for decades.
@@VivaciousOM I’m okay with living as a minimalist if need be. I have a lot and will have a decent financial nest, it’s large expenses that may come up, I suppose that can be a worry. Live your best!
Zacc is great on every video you've made. Thank you. Would you mind inviting to talk about LIFE insurance for retirement in details, not just the differences between TERM and WHOLE , but more towards on HOW the retiree can utilize and maybe choose what kind of life insurances if they were to purchase to prep for their retirement (not at all as in infinite banking). Or please invite someone to talk about this topic, if Zacc is not the most ideal professional to talk about it. Thanks
1:13:30 Great strategy! Figure out your income stream for your normal expenses, then have a separate pool of money that would be more discretionary income/spending that you treat with the now/later strategy. I’m retiring in ~3 years and have been using a now/later strategy with all my portfolio. I’m calculating the total amount of money I want to have each year, and doing the now/later thing with everything. Thanks for your discussion.
Zacc Call can talk and explain very nerdy stuff casually and easy to understand and to me his voice is very similar to Ronan Farrow so when I listen to his podcast The Financial Call I always picture Ronan Farrow who’s talking and I can listen all day long, always good stuff all the time. 👍🏼👍🏼👍🏼
@@TheretirementnerdsI really like your RUclips channel and has gained me some good knowledge. Do you have your own podcast? You and Zacc are both amazing!!! Thanks so much!! 🙌🏼🙌🏼🙌🏼
Thank you for this informative video. I would add catastrophic medical incidents(s) is a risk as well. And for some people, even if health and nutrition are within their control, some conditions are surprises doled out by the universe outside of their control.
Imo I usually don't consider insurable risks to be that risky. You can insure away risk of long term care, and medical risk. It may not be extremely cheap to insure away these risks, but it's worth it imo for the security, especially if you're the bread winner.
Thank you for watching! Yes, on 1 flip, probability is always zero. But on multiple flips, the probability of 1 of the outcomes is greater than 50. For example, if you flip a coin twice, the probability of flipping heads just once out of the two flips is 75% Hope that helps! Appreciate you spending time with us!
You both are so compassionate with how people may feel in all of these scenarios, it isn’t just about numbers, it is about people’s lives and well being. It is clear you want people to live their best lives and money shouldn’t cause anxiety. 🙏😉
Great video! Thanks to both of you for taking the time to discuss this very important topic. As a 75 year old retiree, I found the discussion very understandable and useful.
A Really good explanation of Sequence of Return Risk. I’ll give you a Real world example. When I retired in early 2022, I began to prepare in 2021. Capital gains were taken in early 2022 while the Markets were still high as lower income once retiring was lower, hence eliminating much of those Capital gain taxes. Going into mainly Cash type instruments, Risk was lowered to zero re: market fluctuations, while earning about 4-5%. I ‘ve stayed in this for a full 2 years. Portfolio has a Total Return Of 11-12% with an additional 5+% for 2024. My old Balanced portfolio is still down after a full 2 years about 8%. To catch up to the Cash position it will this year need to rise about 24%. This does not include any withdrawals over now 3 years. Cash type investments (T-Bills/CDs/ M.Ms) are normally less advantageous than a Balanced approach. But it has been for the past 2 years. By the by a straight S&P portfolio would have to rise about 12% this year to also match. Capital preservation with no risk to capital AND a 5% annual return to boot in early retirement is a no brainer to me - for now. Cheers.
Personally I believe in moderation, don’t believe in living on beans just to save for retirement. We travelled during our working years, enjoyed life as much as we can. Key is figure out how much you need to save and invest that amount in portfolio first, then you can spend the rest guilt free. Also work hard to earn as much as you can without breaking your back or burn you out. It’s a balance act for sure.
Outstanding how well you put this together ! There's so much good information packed into this presentation, I found myself having to play it multiple times. This is the second vid I've watched and both are just fabulously insightful. Yeah, I used to listen to Dave Ramsey... even bought tickets to bring some of my cash strapped culinary colleagues to one of his live events... I had plenty of room to stretch out. I quickly grew out of debt and haven't looked back. This video provided me with the idea that there's multiple financial avenues available. It makes me realize the old saying is true... "There's more than one way to get to California". It just depends on how much time you have to get there, what risks you're willing to take along the way, and your comfort requirements. PS I hope you can splice in an interview the 106 year old for a cameo or sound bite.
It's like listening to the Odyssey or Man of LaMancha. It will take listening several times and testing oneself on content to get all of it - the sign of useful content. I will listen the second time take notes.
This is one of the best financial planning / investme t videos I've seen so far on youtube. Im in banking, and know quite a bit, but I even learned a couple things.
Regarding inflation, on the flip side, with most retirement planning calculators (and planners) confuse inflation rate versus a retirees personal inflation rate. My personal inflation rate is very different in retirement as I have no mortgage, no kids, one car, etc.
100% and the takeaway we hope is not "try and time the market." That's been basically impossible. It's more along the lines of structure investments so that, when the market is down, you are taking money from assets that are not stocks that happen to be down 🙂 Thank you for spending time with us!
@@Theretirementnerds I have a portion of my retirement income in well established dividend stocks. With this, I don’t need to touch the principle. I find with this strategy, I don’t worry about sequence of returns, selling at a loss, longevity, or timing the market. Further, living in Canada, dividend income tax rate is capped at 15%. You do miss out on capital appreciation opportunities as dividend stocks typically appreciate at lower rate than the market, but so be it. I sleep well 😴.
Greetings from Sydney! One of the best speaker in financial investment even though it's in America. Nontheless the fundamental principle of investment strategy does not change regardless where you are. Speaker is able to explain complex analogies into the most simplified terms.
Very well rounded overview. Time and time again peace of mind and guarantees come up as the most important thing to retirees. They are fortunate to live and retire in this current rate environment. Hes the only YT advisor I’ve seen talk so comprehensively
Nice you are back "home" and under budget as expected. There are always unexpected and maintenence costs. If you're like me, the budget is a conservative estimate and I frequently exceed it. In my case, it's for gifting family, church or charity. Even then I'm at ~4% and not drawing Social Security yet. You did great and obviously you are confident in yout plan and not afraid to make some splurges like massages.
I agree much of what the comment before me said. A person's health in retirement is everything have to keep moving working out play some sports eat well but less. I am 63 and retired wife is still working. My parents grew up in the Great Depression and if I would run out of money I would still live comfortably comfortably. comfortably. comfortably.
Excellent content! both individuals doing an excellent job in keeping the information in a level that the listeners can understand. I'm 45 married with 2 young children, so a bit far from retirement, but really interested in doing the right thing with my investments to support my kids future education expenses, and definitely have enough for a comfortable retirement with my wife. Thanks for putting this quality content together, and making it available!
Thanks so much for this. I did watch right to the end, and the method for determining which assets to pull from first solved an issue I have been worrying about for months !
I’m 71, my wife is 48. My portfolio reflects decisions based on her age more than mine. I loved this video. I do and don’t do most of the things mentioned. I do take money from my most aggressive investments and slowly feed them into my more conservative investments. Understand, my more conservative investments are aggressive for a 71 year old male. The one thing I don’t engage in is a preservation of capital strategy. I grow my net worth. One of the things I’ve accomplished is my spending varies from 40% to 50% of my income. Soon that will change once my wife qualifies for Social Security. I will then supplement my retirement income with the passive income from my non-tax protected account while continuing to grow our Roth.
As always, great content and very useful. I've been retired now into my 3rd year now a practitioner of time segmentation/bucket approach. I was surprised the financial advisor missed the opportunity to talk about the role and utility of buffer assets that are independent from the markets. Specifically, having a cushion of liquid cash you can tap for emergencies during market downturns. Specifically, emergency savings, reverse mortgage and cash value of life insurance. And the biggest challenge now is restructuring of the portfolio to endure stagflation and a falling dollar by diversifying portfolio in order to bring income from stable foreign countries including developed and emerging market economies.
This is really great! I have watched some of your other videos on social security and taxes as well. Over the last six months I have been watching RUclips videos, reading relevant material, projecting stuff using off the shelf software, and talking to supposedly knowledgeable financial planners (from reputable companies) - no one has provided a comprehensive approach (breadth and depth) to retirement planning as you guys have (and I have substantial financial experience). Thank you!
Love this video. Not seen your content before, gotta say this was excellent, and I have subbed. Nice to see something fairly generic that covers all people in all countries. Being from the UK, when I see specific content on things we don’t have here, like IRAs, then obviously I don’t watch. But this video is just good sound general advice that anyone can benefit from. Good stuff!
Great hair! No kidding this episode makes me think about some things I don’t normally think about, like optimizing types of dollars withdrawn and their corresponding tax brackets.
Delayed SS till I turned 68 and wife reached her full SS. I look at SS as insurance against running out of money in old age. Live modesty and still able to help our kids.
Man, this guy always looks like the nerd from a movie where he gets contacts, drops the register of his voice, and turns into Ryan gosling. Great information. Thanks!
Listening to this makes me so, so happy to be Australian. Where we have an amazing superannuation guarantee scheme. Its heavily regulated buy we can all expect really great retirements!😊
❤❤Thank you. I love how Zacc defended Ramsey and his "tough love" approach towards those struggling with financial dilemmas and don't always qualify for financial help.
With the portfolio he describes at 1h24m you re-balance yearly and when you re-balance you sell to cash that you will withdraw through the next year. You do not sell stocks and bonds every month, only when you re-balance.
Your last comment was spot on. You do such a great job explaining these strategies. This is better information than I have ever heard before. Thanks for these videos!
If you have a couple that is married, and the one with the lower benefits takes Social Security early because SS is a team game and the other one has the higher PIA . . . but then the couple gets divorced, the spouse who took the lower benefit is at a great disadvantage for the rest of her/his retirement, because she/he is locked into the lower benefit.
With the immediate annuity you really would need to consider your age when purchasing the annuity. Also for people who would need Medicaid for long term care nursing home expense the annuity would disqualify them
I am planning to retire at 62. The idea being if there are any issues with the market being down I would hope to delay retirement by 2-3 years to mitigate. Alternatively if I can 2-3 years of cash then maybe just count the pennies for a couple of years. If I have to I will go live somewhere cheap for a couple of years while there is a low chance of health concerns and traveling to see family is easy. Basically I generally hear on your videos that being dynamic and flexible is key.
I love your content! I love Zach and his podcast FYI, I had an appointment with Zach’s company . I’m pretty sure this would not be the advice Zach would give. Michael founded the company??? I had an appointment with - he expressed to me I should take out a HELOC to catch up on my retirement???Forget paying off the house just get a HELOC. I expressed that I would be receiving a little bit of an inheritance and needed help navigating. Was a very strange zoom call. Zach’s a great guy gets very solid methodical well thought out advice. It’s a shame. It doesn’t
Hmm, that is strange. I wonder if Mike miscommunicated on that. HELOCs can be helpful for certain strategies, but not to catch up on retirement. Let me know if we need a follow up convo to clarify things. Happy to chat if needed.
Paying off credit card when used. Finding is same as discipline to stay within the budget per category. Key is spend less and build personal savings for when the unexpected happens.
Regarding withdrawal rates and the fear of running out of money, these planners all fail to realize that seniors don't need to spend very much $ to be happy. The planners are too young to understand. Life is not linear. Nor are physical and mental health. Everyone 70+ is on borrowed time. Just being healthy is 90% of fulfillment. The rest is being mentally alert. If you're healthy and have your wits about you, life after 70 is just fine. Having excess $ doesn't mean a thing, except to greedy heirs. The financial industry paints a ridiculous picture of wealth, security and contentment in old age. In reality, nobody > 70 is trying to impress anyone, or compete - unless they're nuts. Older folk want health and a sense of purpose. Beyond that it's superfluous.
Not sure how far you were able to make it. Keep watching though 😊 Zacc addresses this. Thank you for watching!
Right you are. We have enough.
I caught a nasty skin infection at 40, though, & really wasn't able to find anything to help until we had more $, from my husband's social security ( he's still working). I wasted good years because of lousy, clueless doctors, & an insurance company & former employer who couldn't care less. Clindamycin helps, IF they prescribe it, but the heartburn is unbearable. All this is to say that events can happen ( I also have misophonia, which is often VERY painful), that become shockingly expensive, & I still don't have a cure ( to a painful, contagious skin disease, & hair loss).
A healthy 70 or 80yr old doesn't need a lot of money... That is until your health deteriorates, for any reason. If you need to pay for care or help of any kind... All of a sudden life becomes very expensive.
All of that is true, but if you cant pay your rent or mortgage, or even property tax, life is hard. If you have to eat cat food, because you ran out of money. It's a real problem
I'm 59 and turning 60 this June. I got laid off with a bunch of other people at my firm. I was a little down (for about a day) because I was one of those people who did the right thing over the last 30 years. I'm now retired and love it. I say that because over those 30 years I was a personal finance junkie and listened to all my financial mentors (John Bogle, Warren Buffett, David Bach, sometimes Dave Ramsey and now J.L. Collins) and this guy is the best new financial expert I have seen in years). It's nice to see these younger guys helping the new generation. Bravo, Bravo, Bravo and so well done!
This is such a nice thing to say! Thank you so much for watching and sharing this comment. Really appreciate you!
Such an amazing and thoughtful comment. Those are some big names and you probably stretched a bit with putting us in even the same paragraph, but hey, I will take it. Again, super kind and it means a lot. We sure try hard! 😀
Snap, 60 in June. Retired nearly 5 years now and I find it blissful. I still enjoy not commuting!
Retired at 56 to take care of my Dad who had Alzheimer's. Been retired for 3 years. No regrets. My Dad passed away but I don't plan to go back to the workforce because I don't miss the toxicity at work. Of course this was only possible because i lived beneath my means and saved/invested at high rate during my earning years. Also a habit of living frugally means i need a lower nest egg to afford that lifestyle in retirement.
This guy is one of the best ive listened to.
Zacc is amazing! Thank you so much for watching and leaving such a nice comment!
Great video. You and Zac explain things really clearly. As a retiree, I think one thing Zac might have added to his list of how to protect your retirement would be to do everything possible to stay as healthy as possible by paying attention to diet/exercise and other self care.
Thank you for watching Debbie! Great point!!
I'm 46 and had to pay for my own car and insurance at 16 and worked all through high school and college. In my experience, people around me who didn't have responsibility instilled lack motivation to work as kids and struggle to take care of themselves as adults.
Learning that responsibility is important. Want to clarify... I have been PAYING my cell phone bill since high school, just on my mom's plan. Now... my wife and I are on our own plan and my mom actually joined our plan :) Circle of life with cell phones. Appreciate you watching and sharing your thoughts!
It was a lot cheaper to live when you were 16.
@@jameskelly9243
When I was 16 I charged $4 to mow the neighbors ½ acre AND THEY ALL COMPLAINED!
It's all relative Jimmy
@@jameskelly9243 In some ways yes - we didn't have computers, cell phones, subscriptions and the price of homes were reasonable. Interest rates were much higher though in the 80s. We also did not buy new cars until after we had a home. Finally, medical insurance was affordable.
@@jameskelly9243 , there were also less opportunities and minimum wage was $4. Play the hand you're dealt. I can tell you're one who gives excuses and doesn't get results. IDGAF. It's your life so do what you want, but don't dissuade others from being financially wise.
Amazing! THANKYOU guys. So tired of fake gurus. Thank you soo much. It is refreshing the RUclips ai is now feeding me something real
Dude! This is the 3rd of these videos I have watched, and they are gold! And wile these videos are long, they don't feel long. They could absolutely be longer and I wouldn't mind at all!
So glad they are helpful! A couple new videos coming soon 😉
@@Theretirementnerds This is the 1st video in the series and I am very impressed. In 1 hour so many topics were talked about, all of which were of interest to me. The depth of each topic was amazing with how much was presented in an hour or so and how easy to understand even by this minimal financial knowledge person. The best part. We have all heard the financial planing hucksters on the radio, especially on Sunday mornings. I cannot reach for the dial changer fast enough when happening across them because they are one sales pitch after another at every turn. In this video no mention of any services was even made till the last minute or so of the video and then it was very soft basically the website addresses for further info. Love it. Thanks and Keep it up.
@markm4242 this comment represents everything we're trying to accomplish. Thank you for spending time with us and taking the time to write this. Means a lot to us!
I love them too. I listen to them while I’m doing chores or getting ready for work.
“Tolerance vs. Capacity” for risk. An excellent observation. 22:42
Thabk you David!
End of life medical expenses will deplete savings quickly. Leaving the surviving spouse living on SS alone.
I outlived my wife. She died at 51........so, i guess no spouse to struggle on social security.
1. Health insurance and health costs are the biggest unknown in retirement
I dont think enough was discussed on this topic and how it should be planned for in retirement
This is my whole business. I do Medicare but mostly retirement planning to PLAN for that cost with blue collar and public workers.
While it is true that a health catastrophe could place a serious strain on your retirement funds. There is plenty of statistical evidence to support an educated guess about planning for such contingencies.
It's not health insurance and medical costs that's the biggest unknown. It's the "adult day care" costs that are hard to predict. Dimensia and/or a stoke and their timing are hard to predict.
Nothing gives me more peace than knowing if I die today my wife and kids will be financially good. Not super wealthy but they will never go short.
Thanks for these long-form RUclips videos, Ninety Days From Retirement! Thanks also to Zacc, as well!! You are the dynamic duo of financial RUclips videos, even without a souped-up 1966 Lincoln.😀
Thank you David! Zacc is so smart and fun to learn from.
@@Theretirementnerds Positively!
00:00:00 - Rules of Thumb Problem
00:07:40 - External Factors Outside Your Control
00:08:19 - Longevity Risk
00:10:08 - Investment Risk
00:10:59 - Sequence of Returns
00:26:45 - Inflation Risk
00:31:47 - Rise in federal and state tTaxes
00:35:14 - Summary of External Factors
00:37:08 - Internal Factors Within Your Control
00:39:24 - Live for the Future - Fear
00:43:47 - Overspending - Lack of Discipline
00:46:24 - Adult Children - Love
00:51:17 - Structure of Income - Knowledge
00:51:34 - Ripple Effects of Decisions - Knowledge
00:53:52 - What You Can Do to Prepare
00:56:19 - Now and Later vs Multi-stream
00:58:07 - Common Stocks
01:02:28 - Now and Later Bond Ladders
01:05:14 - Fixed Index Annuity
01:07:27 - Fixed Rate Annuity
01:09:16 - Bond Fund Portfolios
01:12:09 - Pension-Like Annuity
01:15:11 - Annuity Riders
01:16:47 - Multi-Stream Bond Ladders
01:18:10 - Dividend Stocks
01:20:47 - REITs (Real Investment trusts)
01:22:49 - Selling Stocks at a Loss
01:25:44 - Asset Allocation Drift
01:29:39 - Getting Help
And time stamps? THANK YOU!
This was a great discussion. The "multi year tax plan" is spot on. Converting even a million dollars is tough, not exceeding the 24% bracket, even $100k per year, the account builds back over the course of the year. Almost needs to be $200k. My tip, convert after a correction to get the most moved over in any particular year.
Good advice and saves taxes on an equal number of shares
retirement felt like a distant dream, but its becoming a reality for me and I don't know if I'm ready, 62, Ive saved up a decent amount but not sure if its enough, its a weird spot to be
The psychological effects of saving for so long and then needing to draw that down can be significant!
that fear of running out of money is a constant worry
I retired at 50 with little savings in my Roth and 401k and worried about surviving retirement. Now, less than a year later, I've just hit my first $1 million
that feeling you get just when your luck comes last minute
@@RobertNoppers how exactly did you make that million
I find it hard to spend in retirement. Our house and cars are all paid for. It is so hard to spend after saving on all these years.
It's such a difficult shift from save, save, save our entire life to spend, spend, spend. From past comments, seems like you are in a good spot and have planned well over your life.
This is called the decumulation paradox and it’s a phenomenon well known to economists.
@@teams3345 my thought is you can take some of this surplus income and continue to contribute the max to Roth accounts. Let's say there is you and your wife and it's $16,000 a year. You can say to your wife hey we saved 16,000 this year maybe we should treat ourselves to something. These past 30 years I have been contributing 16.5% of gross to the 401K and occasionally when I wanted to spend money on something I was able to remind myself hey look you've already saved 16 1/2 % it's okay to spend some money.
But, are you happy and do you have a plan for leaving money to family/charity?
@@hogroamer260 I would never leave money to family or charity. I did donate to Trump twice this year. Family should save for themselves and charities have enough money.
This young man is awesome. I truly understood. Thank you.
Zacc is the best!
myself I tried to create enough wealth that my children and grand children may reap the rewards. I would hope that is most people's goals
Push education and responsibility when they are young. Raise kids who stand on their own financially. Then you don't need as much in retirement. Worked well for us.
I think giving my kids and grandkids money they didn’t earn or deserve is a useless thing and can be detrimental. Make your own way. Paid for my kids education otherwise they expect nothing
What about my grandkids, got any money for them. ;)
Except for those of us without any kids. 😁
Spot On ! I have given my kids 3/4 of everything I have ! They are always in some dire need & the grandchildren are a big part of it ! But, I’ve told all three of my children …I just can’t do it anymore, or I’ll be broke & there’s no one to save me!
@@margiejones870 same here. Half my income goes to children. I'm concerned I'll have to work until 75 or 80 just to get the grands out of school and off the payroll. I have no debt but live paycheck to paycheck
Zach is one of the few FA who has the ability to succinctly explain topics while not being an alarmist. He and his team put on an excellent presentation covering a merrid of topics, although the SS segment was truncated. I highly recommend people give it a watch👍
Thank you for such kind words! He is amazing and we love having him on for these conversations
This is why I’m a dividend investor. No complicated math, I simply reinvest half of all the dividends received and I will not run out of money as I have been doing this for 7 years and I now have more than what I started with.
@@Renee847 just start buying high monthly paying ETFs that you like and be sure to reinvest at least half into the same ETF or a new high paying one and keep it up. You’ll build up your dividend amount each month and the more different positions you hold the safer you will be. If you don’t like price decay in one or two of your choices just sell and move to another. Give it time and it will work!
You miss out on some of the best growth stocks doing this though.
@@brianruff1133 he also misses out on the much bigger risk of growth stocks
Let's hope you have more than what you started with.
@@KMF3 I live off them and have for 7 years 85000-90000 annually and have more now than I started with so I guess it’s working so far!
About kids... Always place the mask on yourself before helping others.
True true true true true true
One of the gifts my wife and I want to give our son is setting it up so he'll never having to worry about us financially when we get old. It's a gift our parents didn't give us so we hope he'll appreciate it
Well put !!!
Loved the video and truly understand the math. Your smiles of not understanding living on Ramen and beans was amazingly disturbing. I lived without running water and sewer for 6 months yearly for 5 years (frozen pipes) and I didn't move because it meant I could save more money. My rent was reduced. Now so many young people talk about not being able to make it when they are spending money on cable (we were lucky to get 3 channels) cell phones (many of us had party lines) hair cuts (only got a professional one on special occasions) fans were our air conditioner's and feet and buses our transportation. I'm 68 so its not that long ago and much of the world still lives this way. On top of that we supplemented one parents final years. A penny saved is a penny earned. Yet, we're doing our very best to spend it now!
Longevity is abused by most financial advisors. It simply scares people for no good reason. There's a reason insurance companies win more than they lose. It's called actuarial tables and playing the odds. How you invest and how you go about preserving your wealth depends on so many variables. The most important in retirement is your amount of debt, if any, versus your cost of living. Always have a budget and live within it. I've been retired (so to speak) for 10 years. My wife and I live easily off our SS. We have a net worth of a few hundred thousand dollars. However, we've yet to need really any of it. Why? We live without debt and within our means. It helps that we live in the Mid West where the cost of living is lower than many areas of the country.
Thank you for sharing your perspective and experience. Not sure how much you were able to watch, but I think in general, we agree with you. Living within means is vital. If someone can't do that, hard to ever have enough
@@Theretirementnerds I watched the entire video. But I have never understood why somebody would remain living in a section of the country where the cost of living is extremely high. I realize there are exceptions. However, I'm convinced that most could move if they really tried. I would never live in a state where I had to struggle to get by year in and year out. You might have to make some concessions. But it's worth it. Now that's good financial advice.
@dmjh932 can definitely understand that perspective. From my personal experience, if I tried to convince my wife to move away from her family for an extended period of time, I'd be sleeping on the couch for the rest of my life 😬. And, once retirement becomes a reality, trying to convince her to move away from our kids would be equally challenging. Hopefully, our kids will choose to live in a lower cost-of-living part of the country 🙏
Definitely agree with your logic!
@@Theretirementnerds Understand. However, during our 55 plus years of marriage we never allowed our family or our children to influence our financial decisions. I worked for some years in radio broadcasting. In media employment a person often must move while hoping to improve their lives. We lived in small and medium towns as well as a large metropolitan city. Once we even chose to live for almost two years in a major Old Order Amish settlement in mid Missouri. No utilities. No plumbing. No telephone and no running water. Our children had to take a horse and buggy to school. We started each day by hand milking 15 Holstein cows. Now in hindsight, I don't want to imply that these were great choices. But they were ours. But I do know many people think of family, friends and children before riding off into the sunset. More often than not. It's not where you live that brings about struggle. It's the choices you make.
@@Quinu12 During my 76 years I've moved and readjusted numerous times without a problem. The last was 12 years ago. But I do know everybody has different needs. My wife and I lookout for ourselves and have never worried about starting over socially.
LOVED every min of this video! I am in my 50's and every bit of this info is extremely useful for me and my husband. You guys are TERRIFIC and i hope to see more! Thank you so much! ❤️❤️❤️
So glad this is helpful!! Thank you so much for watching!
This is the second guest appearance that I've watched with Zacc Call. Both were relatively long, but he makes the information so easy to understand & listen to....makes it entertaining (not exactly the correct descriptive word, but you know what I mean), 😄 & the time goes by pretty fast. Also, I want to see the 106 years young lady on here one day. ❤
Zacc has a gift, for sure!
We are making an update to this because we've been able to spend a lot more time with her over the past year, but here is the video we did with her when she was 105 🙂
ruclips.net/video/4r35TZZc2IE/видео.html
@@Theretirementnerds I wanna grow up to be her! ♥️
I’m one of the DIY people you all have mentioned and I made it to the very end of this video and will replay the whole thing.
Thank you so much for all these insights. And I highly appreciate your guest as I have watched all the videos where he is in it. 😊
Zacc is amazing! Thank you for spending some time with us!
41:34 If I recall, the Dow didn’t recover until somewhere in the early 50’s, making it closer to 20 years than 10. Good conversation. I think the reason for having more in bonds reaching retirement is precisely so you don’t have to sell stocks during down markets, but can still take out enough to sustain you (and if you lower your spending during this time, you can stretch the time you have the ability to stay in the market. Thanks.
Thank you for this info. It is nice to have a more balanced viewpoint on the subject and not the doom and gloom I've seen others post. this is my first day of retirement. After watching this I am happy to have confirmation of my plan to "lay low" and keep spending down in the coming year.
So glad it was helpful for you! 🙂 congratulations on Day 1 of retirement!
Loved this video and this whole series. Learning a lot on how to systematically think about managing money, withdrawals, etc. during retirement.
So glad it has been helpful! Thank you for watching!
The best advice iv ever gotten about how to live in retirement came from the poorest people in the comment section of many yuptube videos thanks for the video!!!!
All facts here in this video. 🙏 I’m 67 later this year and this is all I think about. Thinking minimalist, nesting, what do I really need at this point b4 retirement, when to retire is a gamble as well.
Thank God, as a single woman I can afford my mortgage to own my own home is security at this time. ATM, my financial advisor is the person I talk with more than anyone else!
Thank you for spending time with us!
Is there an amount of net worth that makes you feel comfortable? Are you expecting to live a long time? I’m 65 and happily working, expecting to get to at least 105 years old. Running out of money is biggest fear because I’ll be retired for decades.
@@VivaciousOM I’m okay with living as a minimalist if need be. I have a lot and will have a decent financial nest, it’s large expenses that may come up, I suppose that can be a worry. Live your best!
wow thanks, so many lightbulb moments for me, this helps so much as I prepare for retirement in a few years time
So glad it was helpful! Thank you for spending time with us!
Zacc is great on every video you've made. Thank you. Would you mind inviting to talk about LIFE insurance for retirement in details, not just the differences between TERM and WHOLE , but more towards on HOW the retiree can utilize and maybe choose what kind of life insurances if they were to purchase to prep for their retirement (not at all as in infinite banking). Or please invite someone to talk about this topic, if Zacc is not the most ideal professional to talk about it. Thanks
Thank you for watching! I believe he touches on that in thos one: ruclips.net/video/8uC1lgkZUWE/видео.html
Hello 👋 thank you for your Guest on retirement money 💰 thank you
Of course! Thank you Eddie! Zacc is very sharp!
@@Theretirementnerds great 👍
1:13:30 Great strategy! Figure out your income stream for your normal expenses, then have a separate pool of money that would be more discretionary income/spending that you treat with the now/later strategy. I’m retiring in ~3 years and have been using a now/later strategy with all my portfolio. I’m calculating the total amount of money I want to have each year, and doing the now/later thing with everything. Thanks for your discussion.
Thank you so much for watching!
Zacc Call can talk and explain very nerdy stuff casually and easy to understand and to me his voice is very similar to Ronan Farrow so when I listen to his podcast The Financial Call I always picture Ronan Farrow who’s talking and I can listen all day long, always good stuff all the time. 👍🏼👍🏼👍🏼
He is amazing!
@@TheretirementnerdsI really like your RUclips channel and has gained me some good knowledge. Do you have your own podcast? You and Zacc are both amazing!!! Thanks so much!! 🙌🏼🙌🏼🙌🏼
Thank you for this informative video. I would add catastrophic medical incidents(s) is a risk as well. And for some people, even if health and nutrition are within their control, some conditions are surprises doled out by the universe outside of their control.
100% great point to add!
Imo I usually don't consider insurable risks to be that risky. You can insure away risk of long term care, and medical risk. It may not be extremely cheap to insure away these risks, but it's worth it imo for the security, especially if you're the bread winner.
@@anotherdedchannel
It's Extraordinarily Expensive!
The probability of heads or tails is always 50 50. Love the talk and great information. Thank you.
Thank you for watching!
Yes, on 1 flip, probability is always zero.
But on multiple flips, the probability of 1 of the outcomes is greater than 50.
For example, if you flip a coin twice, the probability of flipping heads just once out of the two flips is 75%
Hope that helps! Appreciate you spending time with us!
Housel's book was great! "Die with Zero" was also great. Preaching to your choir.
Thanks guys!
Thank you, Michael!
You both are so compassionate with how people may feel in all of these scenarios, it isn’t just about numbers, it is about people’s lives and well being. It is clear you want people to live their best lives and money shouldn’t cause anxiety. 🙏😉
Thank you for sharing this!
I plan to retire this year, and this post was extremely helpful. Thank you!
So glad it was helpful! Thank you for spending some time with us!
Great video! Thanks to both of you for taking the time to discuss this very important topic. As a 75 year old retiree, I found the discussion very understandable and useful.
Knowing this was helpful for you makes us both so happy. Thank you for watching and taking the time to brighten our day with this comment.
Have watched you two over and over. Learn something new every time. Love this !!
Thank you so much for spending time with us!
We have a lot of exciting things coming :)
A Really good explanation of Sequence of Return Risk.
I’ll give you a Real world example.
When I retired in early 2022, I began to prepare in 2021. Capital gains were taken in early 2022 while the Markets were still high as lower income once retiring was lower, hence eliminating much of those Capital gain taxes.
Going into mainly Cash type instruments, Risk was lowered to zero re: market fluctuations, while earning about 4-5%. I ‘ve stayed in this for a full 2 years.
Portfolio has a Total Return Of 11-12% with an additional 5+% for 2024.
My old Balanced portfolio is still down after a full 2 years about 8%.
To catch up to the Cash position it will this year need to rise about 24%.
This does not include any withdrawals over now 3 years.
Cash type investments (T-Bills/CDs/ M.Ms) are normally less advantageous than a Balanced approach.
But it has been for the past 2 years. By the by a straight S&P portfolio would have to rise about 12% this year to also match.
Capital preservation with no risk to capital AND a 5% annual return to boot in early retirement is a no brainer to me - for now.
Cheers.
Thank you for watching and sharing your experience!
Great video - glad to see the "realness" in the convo. Thanks, guys!
Appreciate you watching!
I'm in a pre-retirement glide slope and this is gold.
So glad it was helpful!
Personally I believe in moderation, don’t believe in living on beans just to save for retirement. We travelled during our working years, enjoyed life as much as we can. Key is figure out how much you need to save and invest that amount in portfolio first, then you can spend the rest guilt free. Also work hard to earn as much as you can without breaking your back or burn you out. It’s a balance act for sure.
Excellent conversation which I found great value in. Thank you!
So glad it was helpful! Thank you for tuning in!
Outstanding how well you put this together ! There's so much good information packed into this presentation, I found myself having to play it multiple times. This is the second vid I've watched and both are just fabulously insightful. Yeah, I used to listen to Dave Ramsey... even bought tickets to bring some of my cash strapped culinary colleagues to one of his live events... I had plenty of room to stretch out. I quickly grew out of debt and haven't looked back. This video provided me with the idea that there's multiple financial avenues available. It makes me realize the old saying is true... "There's more than one way to get to California". It just depends on how much time you have to get there, what risks you're willing to take along the way, and your comfort requirements. PS I hope you can splice in an interview the 106 year old for a cameo or sound bite.
Thank you so much for saying this Paul! You are too kind!
Check this video of her out!
ruclips.net/video/DlRpTcwGm5w/видео.html
It's like listening to the Odyssey or Man of LaMancha. It will take listening several times and testing oneself on content to get all of it - the sign of useful content. I will listen the second time take notes.
This is one of the best financial planning / investme t videos I've seen so far on youtube. Im in banking, and know quite a bit, but I even learned a couple things.
Thank you so much! 🙏
Regarding inflation, on the flip side, with most retirement planning calculators (and planners) confuse inflation rate versus a retirees personal inflation rate. My personal inflation rate is very different in retirement as I have no mortgage, no kids, one car, etc.
Knowing your own expenses and accurate forecasting is the key (and suitable “safe assets for Market downturns).
This was incredibly helpful to me and answered so many of my questions. Can’t thank you enough.
Thank you for watching!!
This guy speaks to something that's been hard to deal with: dealing with the swings of the market
100% and the takeaway we hope is not "try and time the market." That's been basically impossible. It's more along the lines of structure investments so that, when the market is down, you are taking money from assets that are not stocks that happen to be down 🙂
Thank you for spending time with us!
@@Theretirementnerds I have a portion of my retirement income in well established dividend stocks. With this, I don’t need to touch the principle. I find with this strategy, I don’t worry about sequence of returns, selling at a loss, longevity, or timing the market. Further, living in Canada, dividend income tax rate is capped at 15%. You do miss out on capital appreciation opportunities as dividend stocks typically appreciate at lower rate than the market, but so be it. I sleep well 😴.
Greetings from Sydney! One of the best speaker in financial investment even though it's in America. Nontheless the fundamental principle of investment strategy does not change regardless where you are. Speaker is able to explain complex analogies into the most simplified terms.
Thank you for watching!
Very well rounded overview. Time and time again peace of mind and guarantees come up as the most important thing to retirees. They are fortunate to live and retire in this current rate environment. Hes the only YT advisor I’ve seen talk so comprehensively
Thank you so much for spending time with us and writing such a nice comment!
Nice you are back "home" and under budget as expected. There are always unexpected and maintenence costs. If you're like me, the budget is a conservative estimate and I frequently exceed it. In my case, it's for gifting family, church or charity. Even then I'm at ~4% and not drawing Social Security yet.
You did great and obviously you are confident in yout plan and not afraid to make some splurges like massages.
I agree much of what the comment before me said. A person's health in retirement is everything have to keep moving working out play some sports eat well but less. I am 63 and retired wife is still working. My parents grew up in the Great Depression and if I would run out of money I would still live comfortably comfortably. comfortably. comfortably.
So good. Watching from Australia. Great principles to put into practice .
Thank you for tuning in!
1st time on your channel and this was super helpful. Will be tuning into more.
So glad you found us! Thank you for spending some time with us!
Loving this series - eloquent and simplistic in understanding
Thank you so much, Kevin! New episode dropping Sunday!
This is great. The detailed "toy" examples of all of the math are so incredibly helpful.
So glad this is helpful! Thank you for spending some time with us!
I shall I will I can overcome anything life throws at me. Hallelujah !
This is a great talk, I learned a lot from this talk.
Thank you for spending time with us!
Excellent content! both individuals doing an excellent job in keeping the information in a level that the listeners can understand. I'm 45 married with 2 young children, so a bit far from retirement, but really interested in doing the right thing with my investments to support my kids future education expenses, and definitely have enough for a comfortable retirement with my wife. Thanks for putting this quality content together, and making it available!
Appreciate you taking the time to watch!
Thanks so much for this. I did watch right to the end, and the method for determining which assets to pull from first solved an issue I have been worrying about for months !
So glad it was helpful!!
I’m 71, my wife is 48. My portfolio reflects decisions based on her age more than mine. I loved this video. I do and don’t do most of the things mentioned. I do take money from my most aggressive investments and slowly feed them into my more conservative investments. Understand, my more conservative investments are aggressive for a 71 year old male. The one thing I don’t engage in is a preservation of capital strategy. I grow my net worth. One of the things I’ve accomplished is my spending varies from 40% to 50% of my income. Soon that will change once my wife qualifies for Social Security. I will then supplement my retirement income with the passive income from my non-tax protected account while continuing to grow our Roth.
Sounds like you have a strategy that's working! Thank you for spending time with us!
@@indydawson you’ve done well in more ways than one having a spouse that much younger than you wow
Thank you for affirming the DIYers.
As always, great content and very useful. I've been retired now into my 3rd year now a practitioner of time segmentation/bucket approach. I was surprised the financial advisor missed the opportunity to talk about the role and utility of buffer assets that are independent from the markets. Specifically, having a cushion of liquid cash you can tap for emergencies during market downturns. Specifically, emergency savings, reverse mortgage and cash value of life insurance. And the biggest challenge now is restructuring of the portfolio to endure stagflation and a falling dollar by diversifying portfolio in order to bring income from stable foreign countries including developed and emerging market economies.
This is really great! I have watched some of your other videos on social security and taxes as well. Over the last six months I have been watching RUclips videos, reading relevant material, projecting stuff using off the shelf software, and talking to supposedly knowledgeable financial planners (from reputable companies) - no one has provided a comprehensive approach (breadth and depth) to retirement planning as you guys have (and I have substantial financial experience). Thank you!
Thank you so much for spending time with us! So glad it is helpful!
Love this video.
Not seen your content before, gotta say this was excellent, and I have subbed.
Nice to see something fairly generic that covers all people in all countries. Being from the UK, when I see specific content on things we don’t have here, like IRAs, then obviously I don’t watch.
But this video is just good sound general advice that anyone can benefit from.
Good stuff!
Appreciate you watching! Glad you found us 🙂
I’m impressed you comment to everyone. New to the channel.
We try to 🙂 some slip through or are trying to start fights. We try to avoid those.
Great hair! No kidding this episode makes me think about some things I don’t normally think about, like optimizing types of dollars withdrawn and their corresponding tax brackets.
Passed this comment on to Zacc so he knows his hair was looking good that day :) Thank you for spending some time with us!
This was absolutely AMAZING. "If you've made it this far, you're probably pretty DIY," i loled.
🙂 glad you made it that far haha
Thank you!
Host & guest great 👍
Thank you!
Wow, what a great video! Thank you for sharing all of this insight! And yes, I watched it to the end. Sprinklers aren’t as complicated as this ;)
Haha! Sprinklers are my nemesis
Excellent - lively, informative, empowering
Thank you for spending some time with us!
Delayed SS till I turned 68 and wife reached her full SS. I look at SS as insurance against running out of money in old age. Live modesty and still able to help our kids.
Man, this guy always looks like the nerd from a movie where he gets contacts, drops the register of his voice, and turns into Ryan gosling. Great information. Thanks!
Hey, any comparison to Ryan Gosling is a win in our book. Zacc is a handsome nerd for sure 🤓 Thank you for watching!
Thank you for this video. It was very informative and I really appreciated the discussion on asset allocation drift.
Thank you for watching! It was a long one 🙂
Thank you for sharing your knowledge. Great episode, watched the entire thing.
Thank you so much for spending time with us! So glad it was helpful
Listening to this makes me so, so happy to be Australian. Where we have an amazing superannuation guarantee scheme. Its heavily regulated buy we can all expect really great retirements!😊
Thank you to DAVE RAMSEY for helping me getting out to debt and be financially independent 🙏🙏🙏
That's great but he is probably not the best at investment advice I've found.
The inflation numbers and its effects are more severe at this point in time, it seems (spring 2024). Good luck to us all. I enjoyed the video.
Thank you for watching!
❤❤Thank you. I love how Zacc defended Ramsey and his "tough love" approach towards those struggling with financial dilemmas and don't always qualify for financial help.
Zacc is the best! Appreciate you watching!
My favorite guest that you have!
Excellent content!!! Happy 2024!!
Thank you so much!!
Thank you for sharing this knowledge and trying to educate
Thank you for watching 🙂
With the portfolio he describes at 1h24m you re-balance yearly and when you re-balance you sell to cash that you will withdraw through the next year. You do not sell stocks and bonds every month, only when you re-balance.
Your last comment was spot on. You do such a great job explaining these strategies. This is better information than I have ever heard before. Thanks for these videos!
Thank you so much for watching and taking the time to leave such a nice comment! We appreciate you!
If you have a couple that is married, and the one with the lower benefits takes Social Security early because SS is a team game and the other one has the higher PIA . . . but then the couple gets divorced, the spouse who took the lower benefit is at a great disadvantage for the rest of her/his retirement, because she/he is locked into the lower benefit.
With the immediate annuity you really would need to consider your age when purchasing the annuity. Also for people who would need Medicaid for long term care nursing home expense the annuity would disqualify them
I am planning to retire at 62. The idea being if there are any issues with the market being down I would hope to delay retirement by 2-3 years to mitigate.
Alternatively if I can 2-3 years of cash then maybe just count the pennies for a couple of years. If I have to I will go live somewhere cheap for a couple of years while there is a low chance of health concerns and traveling to see family is easy.
Basically I generally hear on your videos that being dynamic and flexible is key.
Flexibility is a big asset that's hard to quantify :)
Add being educated (as to financial basics) to the list. But you're already watching these videos, so maybe I'm preaching to the choir!
Brilliant discussion.
Thank you!!
I enjoyed this so much!
Thank you so much for spending time with us!
Great conversation.
Thank you!!
So I’m older and don’t like wasting time so the info starts at 39:39! Worst problem is taking care of Adult Children @ 53:30.
I love your content!
I love Zach and his podcast
FYI, I had an appointment with Zach’s company . I’m pretty sure this would not be the advice Zach would give. Michael founded the company???
I had an appointment with - he expressed to me I should take out a HELOC to catch up on my retirement???Forget paying off the house just get a HELOC. I expressed that I would be receiving a little bit of an inheritance and needed help navigating.
Was a very strange zoom call. Zach’s a great guy gets very solid methodical well thought out advice. It’s a shame. It doesn’t
Thank you for tuning in. Zacc is great. Michael is great as well. Both have different styles. I'll check into this and see what the reasoning was.
Hmm, that is strange. I wonder if Mike miscommunicated on that. HELOCs can be helpful for certain strategies, but not to catch up on retirement. Let me know if we need a follow up convo to clarify things. Happy to chat if needed.
Paying off credit card when used. Finding is same as discipline to stay within the budget per category. Key is spend less and build personal savings for when the unexpected happens.
Old video but the information is so relavent! Who knew I was an investment nerd (Oh yeah I knew)
😊 thank you for watching!