Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@williamDonaldson432 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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?
No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and 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.
She goes by '‘Karen Lynne Chess'’ I suggest you look her up online. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
thanks for leaving this here... came across the consulting page of Karen Lynne Chess just after inputting her full name on the web, super impressed with what i've seen so far, no bs
Regarding Rule of 55. I've heard that not all companies' 401K plans subscribe to this rule? Also, if you have old 401Ks from previous employers, can you roll them over into your new company's 401K and eventually use it as part of the Rule of 55??
If you have multiple retirement accounts (a 401k, reg IRA, pension, etc.), can you go the 72t route on just one of them whilst sticking to 59.5 on the others?
72T is only possible for the IRA account in the example you list. A person can have multiple IRA accounts, and you can start a 72T withdraw plan on any one IRA account you want. I did that, started 72T on one IRA and leaving the others until 59.5 or later.
Part of my early retirement includes 72T withdrawls. Many people say don't do these, they are too complicated. I disagree. The calculation is easy. Remembering to withdraw the amount is not difficult either.
In your example of the guy with the job that got moved to another state in December, he could have just told his employer he was going to relocate and then waited until to January to tell them he actually wasn’t. 😂
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@williamDonaldson432 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.
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! remember you are in for the long haul, but at this point I'd suggest you consider financial advisory
No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and 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.
ambitious! could you be kind enough with details of your advisor please? i'm a complete noob at investing
She goes by '‘Karen Lynne Chess'’ I suggest you look her up online. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
thanks for leaving this here... came across the consulting page of Karen Lynne Chess just after inputting her full name on the web, super impressed with what i've seen so far, no bs
Love the 72t, simple and predictable cash flow for early retirement.
Regarding Rule of 55. I've heard that not all companies' 401K plans subscribe to this rule?
Also, if you have old 401Ks from previous employers, can you roll them over into your new company's 401K and eventually use it as part of the Rule of 55??
It’s true. My ex-employer’s plan with Vanguard did not allow for withdrawals at 55. My current one does.
Yes, you can roll old 401ks into your current 401k, and then use rule of 55 on the full account balance.
If you have multiple retirement accounts (a 401k, reg IRA, pension, etc.), can you go the 72t route on just one of them whilst sticking to 59.5 on the others?
72T is only possible for the IRA account in the example you list. A person can have multiple IRA accounts, and you can start a 72T withdraw plan on any one IRA account you want. I did that, started 72T on one IRA and leaving the others until 59.5 or later.
Part of my early retirement includes 72T withdrawls. Many people say don't do these, they are too complicated. I disagree. The calculation is easy. Remembering to withdraw the amount is not difficult either.
In your example of the guy with the job that got moved to another state in December, he could have just told his employer he was going to relocate and then waited until to January to tell them he actually wasn’t. 😂
SEPP works with SPIA Fixed Lifetime Annuities. I retired at 46 that way.
Same is true in regards to "the exception" with 403B's.