Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Looked at my portfolio one day while working and realized that I had more than my goal for retirement saved, it was like a slap in the face! Asked myself what I was still working for...and then handed in my notice (after consulting my wife 😉). That was four years ago. NO REGRETS!
I met my goal at about 61yo. Hung around one extra year. Been out now for 6 years. Living within my means, my accounts are still in line. I'm try hard to "Enjoy the youth of my senior years"
Thank you, Azul, for your words of wisdom!!! Would you consider doing a video on losing your job in your late 50's totally unexpectedly? Ageism is real and getting worse.
I recommend that when you hit “the magical number”, that you stop contributing to the retirement account and build an emergency account (laddered CDs) that could sustain you in a multi-year downturn. In this way, you can avoid selling in a downmarket, but stay 100% in stocks to take advantage of the growth.
This is also known as an asset allocation. Downturns are why having 3-5 years worth of non-stock retirement is important. Something like 1 year in near-cash (high yield savings) and two more years in ultra-safe returns, such as CDs or short-term bonds.
I just turned 47 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $80k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Many people often underestimate the effectiveness of a financial adviser in planning for retirement. Over the past 5 years, my FA has consistently restructured and diversified my portfolio and expenses, resulting in over $1 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
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 ‘’Judith Lynn Staufer’’ for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
I was so accustomed to working hard, living very frugally, and saving and investing aggressively that my CPA finally put things in perspective for me and encouraged me to spend money on myself. So I retired with zero debt, an eight-figure net worth, and multiple income streams. My perks are a couple of new vehicles, traveling, and making significant monetary gifts to worthwhile nonprofit organizations.
Wife and l are at about 800k age 61. I’m planning on really maxing my savings the last few years, but was really surprised when my advisor said it wasn’t necessary. Never thought I’d hear that
Please feel free to retire, you will be ok, as long as you spend reasonably. Don't buy an RV or something that you don't really need. You are in the top 1% with this savings.
the last year of savings I realized the extra I Was saving in my 401K was not moving the needle. I reduced my 401k saving down to the match and I decided to put that extra into a cash reserve to increase my secondary emrgency fund to be equal to a year of income in a HYSA
I should have done that for the last 5 years before retirement. I have double what I need but 80% of it is pretax so I'm rich but cash poor or high tax for these first few years of retirement.
Still max contributing to my 401k, but also adding to my cash reserve and taxable brokerage accounts. In cash, I want to have 18-24 months reserve; and my youngest starts college next fall, and I'll be paying cash so he doesn't have any student loan debt. Once he's ensconced in college, I'll see if I want to work longer or retire; really depends on the Trump market and my job
I'm about to turn 65. I have a comfortable net worth. I have no expenses, with modest home and cars all paid off. I have no passive income streams, and won't take SS until I turn 67. I have only been out of work for two months, and have already been scrambling to find a new full time job. To me retirement is a bore fest and I am not comfortable spending money uncontrollably. I am having a horrible time moving from saver to a spender. I wish I was able to let go of that stigma and fear. I have no heirs except my younger wife to worry about. I wasn't born wealthy as all of my money was made through slow time tested ETF's and 401K contributions and matching. I was a middle manager employee who always lived beneath his means. So now that I have the means it feels uncomfortable to be economically irresponsible. What I am finding is that decision's after 65 seem more emotional than financial yet I seem unable to get there after two months of not working. Thanks for the video.
It’s a huge transition and will take time (perhaps a year or more to adjust). I have a big home improvement project or something similar each few months. When I finish, there’s a big let down for a few days until I hit the next project. I recommend maybe doing some short trips to get into the retirement mindset.
Well, what makes me an outlier I guess! I am 57 year-old English immigrant, with zero interest in tech or stocks, and yet I am 110% committed to Bitcoin. I would describe myself as an extreme conservative/libertarian. I have been involved in UK politics for some time, and the main thing that drove me to study Bitcoin and ultimately recognize its value to Humanity was the threat posed by an over-weening government, first in the UK and lately in the US also. I regard the CBDC as the final brick in the wall of the totalitarian prison the world's governments are building for us. And Bitcoin is the ultimate defense against a tyrannical government.r.....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Aria Cookings Crypto, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
My wife continues to work part time at 58 even though I show her that our bills are only 9 percent of our retirement income. She grew up very poor and says that the shoe could always drop.
That "magical point" is actually not a permanent state that once attained, lasts forever. In a bear market, you could be regularly saving as much as usual, and yet your net worth stays stagnant.
Great video and a good point. I’m still working and enjoying it. Planning to scale down the hours I work and to increase my spending to really enjoy my 50’s and 60’s
My wife and I have a lot saved in our 401k, but it truly is hard to walk away from a high paying fully remote stress free job while only in your 40's. The one more year syndrome is an easy talk but a hard walk.
I am 14 years into retirement and I can't stop saving for retirement. Once I hit $3 million expect to earn +5% (150k/yr) + Social Security, then I will start giving away unspent interest.anually to my heirs so they won't have to wait until I die to start receiving inheritance.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@BrandonIvan-c6e However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
Proverbs 13:22. Be the good man who leaves an inheritance for his children’s children. I believe when we are blessed we have the responsibility to help those who follow … not only monetarily but also in strong values. We - today - help create and shape the future. Lastly - In everything … give thanks.
Yes, starting early is critical. Establishing IRA and non-IRA brokerage accounts in my 20s and contributing to them aggressively and consistently throughout the decades has been highly profitable for me. I retired at 63 with zero debt, an eight-figure net worth, and multiple income streams (including rental properties, which are now all mortgage-free).
Gosh, Azul, you really keep stepping on my toes in a good way. I just told my financial advisor to start building a plan for my retirement. I just turned 59 and have a really nice income of $1 million+ annually. But, I’m starting to think about my free time valuation (i.e. time to go travel whenever and wherever I want) and the cost-benefit of losing the “go-go” years. My net worth is about $7 million with passive income of about $100 thousand. Most of that $7 million is invested in the markets and does not include my residence. No debt and no longer any kids at home. I’m just having a hard time with the “quit saving” aspect as I’ve been doing it for so long. How do you get over that barrier (because it is a huge mental one for me)?
Hi Auto_Pilot. I have a couple videos coming up on how to stop saving (and start spending). It's important to start flexing that "spending muscle". As you say ... it is super hard. That is a big salary. I see why it is hard to walk away from it and retire. That said, you only get one shot at life. You don't want to look back later in life - once you have lost your health - and say "why the heck did I not retire earlier and enjoy all those things I can no longer do". No right answer for all of us. Just what is right for you. Work with your financial adviser on it ... and other people close to you. You are asking the right questions and that is half the battle to making the "right" decision for you. Good luck! 😎 Azul
There's going to be a new sherrif in town soon, and there will be change. Until I find out how these changes effect the economy, the Stock Market, employment and Social Security, I'm not not buying anything. Time to stack cash, remain seated, and prepare for turbulence. It's going to be a bumpy ride.
@@Rick-of6gx Sure it does. I'm looking at retirement in a few months, so adding more cash makes perfect sense. I have the right asset mix for me and have no reason to take on the additional risk.
@@truthsleuth271 I'm having a hard time finding any logic these days, but I'm at a good place right now. I'm not selling, and might even buy if/when the market corrects.
I have been poor all my life. Saving for education and training, working multiple jobs to survive. When I hit the jackpot and it finally paid off I couldn't stop living like a pauper. I continued to save invest driving an old car no new clothes. Trying to find the balance is hard. I know I have more than enough but I can't get over the fear of being broke and homeless again.
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with ‘’Stacy Lynn Staples’’ for the last five years or so, and her returns have been pretty much amazing.
Insightful... I curiously looked up her name on the internet and I found her site, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Depends on how old you are, but I would say that inflection point is 7 figures. At least keep contributing for the match, and have a plan to aggressively pay off the house then get back to the retirement savings.
what is your average annual change in market value of your 401k? in dollars and % versus your mortgage interest rate? For example, for 2024 so far, my change in market value for my retirement savings is around 38%, vs 4% mortgage. Going back a decade, my average annual change in market value over 10 years is still much higher than my mortgage rate. with numbers like this, I'd lose more paying off the mortgage early vs investing more for greater returns / compounding. not financial advice, but I want to maximize my ROI
@@zoomzoom3950 brilliant! Thank you for that very easy to understand explanation. My mortgage is 4.25 vs. my 401k return at 19% this year so far. I’ll keep investing. 😊
@@Oglulubell I'm sure there are counter-arguments and other ways to see it. My approach is working well for me for many years. Another consideration is to add more principal to your mortgage payment each month while continuing to invest in your 401k...depending on how many years remain, for example adding an extra $100 to the monthly mortgage payment could take months off the backend of the mortgage. There are formulas and videos on doing this, to pay down a mortgage faster over time. Cheers!
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28 fact forward time I'm 57 now not laid off
This is huge! would love to grow my reserve regardless of the economy situation, my 407k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
It’s very hard to spend money for both my hubby and me. I’m 42, he is 59, net worth 10m, I work 7 days a week, for past 2 months, I took only 2 days off. He has his white collar job. The biggest spending is my daughter’s private school. Buy a bottle of Fuji water is expensive for us. But we can make the decision to buy a 500k rental property in cash in 10 minutes. I’m debating on retiring early. but he still wants to work for another 10 years. Thanks for your advice. We should enjoy our life. However, the spending habits are difficult to change because we don’t feel secure
Can you suggest where a 75 year old should keep there money getting ready to retire soon - what percent should be moved to cash/liquid and what percent should stay in the market?
It's never going to be time to stop while I can still use retirement contributions to completely eliminate our income tax liability while making tax free Roth conversions! Beyond that there's the confusion most folks have with enjoying life being equated to spending. Using the fly fishing as an example since I also enjoy the hobby, I've kept gear to a minimum so not much invested, even with fly tying. I went with half capes for feathers, a very basic vice and tools and minimal color selection based upon what works in my area. I also started in my youth with an old pair of tennis shoes and swim trunks for wading and I still prefer that so I've got a pair of felt bottom wading shoes, skipping the bib waders. Imagine doing this with everything, all your interests, pursuits and hobbies where nothing costs much so it's all the fun with no regrets. I love to cook so restaurants are nothing but an expensive disappointment where I don't even get the fun of cooking much less the food being as good as what we're making at home. Travel? I've seen the world through my TV seeing many things tourists never get to view and we prefer spending our vacations in the Northwoods fishing. With an antenna, free streaming and our library cards we've got unlimited free home entertainment. I buy basic clothes every 8 years and expensive jewelry/watches don't interest me because my 4G flip phone has the time right on it and I still have a $35 stainless steel Timex I bought 25 years ago that I don't wear much anymore. I don't even have to buy new computers or electronics as family and friends are all too happy to give my their slightly used off-casts from their frequent upgrades. I'm running Windows 10 on my laptop and desktop and I can't wait for support to end so I can finally switch both machines to Ubuntu and get several more years with them. Heck, we're not even driving that much so buying new vehicles doesn't really make sense any longer so it's likely going to be used going forward, saving even more. For that matter I like base model vehicles with cloth seats that keep my butt planted rather than the creepy "freshly crapped pants" feeling of heated and slippery leather seats, lol. For now I'm keeping my eye out for a deal on a 2020 Ford Transit van to turn into a simple camper van and maybe small lake home a mile or so down the road from us. It's not as same as in the Northwoods but going forward having a single property rather than trying to maintain two is a much better choice. Looking forward to enjoying hobbies, our small town community and unlimited home entertainment which sounds fantastic to me. Cheers!
Luckily at 62 I’m at the point I’m earning more than ever, able to save AND spend more than ever, self employed and have 150 days off a year. Two foreign holidays this year to Asia and Europe, so why retire, living the dream, which in my earlier working life I I never thought would be possible.
@@WestsideCollectorCarStowage I’m self employed so none are ‘paid’, all are earned during the days I work. The challenge is to earn enough when you work to fund when you don’t. Earn lots, save/invest some and always living debt free within the budget is the key…..hasn’t always been like that, I’m benefiting from decades of consistent work and saving.
According to my calculations, I can stop investing my money now, and very comfortably retire at 65. But Since I want to retire earlier than that, say early 50's, I still need to invest and work more.
Stopped saving last year after we hit our number. Then the stock market went completely bonkers and now we're up a few hundred grand. Let your money work for you. It sure out earned by a LONG shot.
Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.
My CFA Carol Vivian Constable, 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.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Our Finacial Guy Told Us Last Month.....START SPENDING....!! We Have No Children...Own Our Home.....Have A Net orth Of 1.5 Million. And We're Bringing In Close to $100,000.00 A Yr. He's Telling Us Go buy Someting Nice.....Take A Vacation. It's A Good Place To Be. But We're So Used To Saving....!!
It is a good place to be. Congratulations for working hard, saving and making good decisions to be where you are now. You adviser is smart ... it is important to enjoy all that hard work now. 😎 Azul
!!!I already own shares of NVDA and PLTR. I'll also add TSLA to my portfolio. But I'd like suggestions on long-term opportunities to explore that could make solid additions to my $260k portfolio for stable cashflow.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
Inflation is 2.6 percent. the unemployment rate is 4 percent, the stock market is booming. Not sure why people think the economy is "going down the tubes." Yes, prices are still high, but not because of inflation.
Thank you for your video, … you know,.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 55%!
She also helped me create a savings strategy that allowed me to set aside an additional $10000 a month. Now, I feel confident that I can retire five years earlier than I originally planned. If you're serious about securing your financial future, Shellane Maxwell is the one to talk to!
Wow I am suprise to see her mention here, after following her investment strategy, my retirement account grew from $500,000 to $750,000 in less than 6 month
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Looked at my portfolio one day while working and realized that I had more than my goal for retirement saved, it was like a slap in the face! Asked myself what I was still working for...and then handed in my notice (after consulting my wife 😉). That was four years ago. NO REGRETS!
Congrats!
I met my goal at about 61yo. Hung around one extra year. Been out now for 6 years. Living within my means, my accounts are still in line. I'm try hard to "Enjoy the youth of my senior years"
😊😊😊😊😊
Thank you, Azul, for your words of wisdom!!! Would you consider doing a video on losing your job in your late 50's totally unexpectedly? Ageism is real and getting worse.
I recommend that when you hit “the magical number”, that you stop contributing to the retirement account and build an emergency account (laddered CDs) that could sustain you in a multi-year downturn. In this way, you can avoid selling in a downmarket, but stay 100% in stocks to take advantage of the growth.
This is also known as an asset allocation. Downturns are why having 3-5 years worth of non-stock retirement is important. Something like 1 year in near-cash (high yield savings) and two more years in ultra-safe returns, such as CDs or short-term bonds.
I just turned 47 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $80k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Many people often underestimate the effectiveness of a financial adviser in planning for retirement. Over the past 5 years, my FA has consistently restructured and diversified my portfolio and expenses, resulting in over $1 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
Could you kindly elaborate on the advisor's background and qualifications?
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 ‘’Judith Lynn Staufer’’ for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
I was so accustomed to working hard, living very frugally, and saving and investing aggressively that my CPA finally put things in perspective for me and encouraged me to spend money on myself. So I retired with zero debt, an eight-figure net worth, and multiple income streams. My perks are a couple of new vehicles, traveling, and making significant monetary gifts to worthwhile nonprofit organizations.
Wife and l are at about 800k age 61. I’m planning on really maxing my savings the last few years, but was really surprised when my advisor said it wasn’t necessary. Never thought I’d hear that
Please feel free to retire, you will be ok, as long as you spend reasonably. Don't buy an RV or something that you don't really need. You are in the top 1% with this savings.
Been recently wondering why I’m saving as the account is growing way more than contributions! A very timely video! Protect this man at all costs!
totally agree with you, Azul - that point when your money grows faster than you're putting it in is magical.
the last year of savings I realized the extra I Was saving in my 401K was not moving the needle. I reduced my 401k saving down to the match and I decided to put that extra into a cash reserve to increase my secondary emrgency fund to be equal to a year of income in a HYSA
I should have done that for the last 5 years before retirement. I have double what I need but 80% of it is pretax so I'm rich but cash poor or high tax for these first few years of retirement.
Still max contributing to my 401k, but also adding to my cash reserve and taxable brokerage accounts. In cash, I want to have 18-24 months reserve; and my youngest starts college next fall, and I'll be paying cash so he doesn't have any student loan debt.
Once he's ensconced in college, I'll see if I want to work longer or retire; really depends on the Trump market and my job
I'm about to turn 65. I have a comfortable net worth. I have no expenses, with modest home and cars all paid off. I have no passive income streams, and won't take SS until I turn 67. I have only been out of work for two months, and have already been scrambling to find a new full time job. To me retirement is a bore fest and I am not comfortable spending money uncontrollably. I am having a horrible time moving from saver to a spender. I wish I was able to let go of that stigma and fear. I have no heirs except my younger wife to worry about. I wasn't born wealthy as all of my money was made through slow time tested ETF's and 401K contributions and matching. I was a middle manager employee who always lived beneath his means. So now that I have the means it feels uncomfortable to be economically irresponsible. What I am finding is that decision's after 65 seem more emotional than financial yet I seem unable to get there after two months of not working. Thanks for the video.
It’s a huge transition and will take time (perhaps a year or more to adjust). I have a big home improvement project or something similar each few months. When I finish, there’s a big let down for a few days until I hit the next project. I recommend maybe doing some short trips to get into the retirement mindset.
I read that it takes a couple of years to find the new normal.
Take the young wife on a world tour.
Well, what makes me an outlier I guess! I am 57 year-old English immigrant, with zero interest in tech or stocks, and yet I am 110% committed to Bitcoin. I would describe myself as an extreme conservative/libertarian. I have been involved in UK politics for some time, and the main thing that drove me to study Bitcoin and ultimately recognize its value to Humanity was the threat posed by an over-weening government, first in the UK and lately in the US also. I regard the CBDC as the final brick in the wall of the totalitarian prison the world's governments are building for us. And Bitcoin is the ultimate defense against a tyrannical government.r.....I've been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 24Bitcoin....I'm especially grateful to Aria Cookings Crypto, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
She's often interacts on Telegrams, using the user-name.
@Ariacookings
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
Productivity is never accidental; it is always the result of careful planning, dedication, and consistency.
Trading with an expert is the best strategy for beginners and busy investor's who have little or no time to monitor their trades.
My wife continues to work part time at 58 even though I show her that our bills are only 9 percent of our retirement income. She grew up very poor and says that the shoe could always drop.
Moving from saving to spending is tough
I bet it is because you spent all those years being conservative.
Yes, I agree with enjoying the journey to retirement.
Great advice. Thk u!
That "magical point" is actually not a permanent state that once attained, lasts forever. In a bear market, you could be regularly saving as much as usual, and yet your net worth stays stagnant.
Great video and a good point. I’m still working and enjoying it. Planning to scale down the hours I work and to increase my spending to really enjoy my 50’s and 60’s
Spot on
Better to travel in 50s and 60s.
About same price to stay for a month as a week.
Working till 65 because I don't want to pay for health insurance
So where is the FREE insurance at age 65 ???😮 sorry, Medicare isn't free
My wife and I have a lot saved in our 401k, but it truly is hard to walk away from a high paying fully remote stress free job while only in your 40's. The one more year syndrome is an easy talk but a hard walk.
If you are at the very least, content with what you do, and the job isn't physically or mentally killing you... why not keep doing it?
@rebeltheharem7028 The only downside is the 40 hours a week commitment. The remote work has to be from the home location.
Yup
But don’t have to keep paying into SS and big tax bills.
I am 14 years into retirement and I can't stop saving for retirement. Once I hit $3 million expect to earn +5% (150k/yr) + Social Security, then I will start giving away unspent interest.anually to my heirs so they won't have to wait until I die to start receiving inheritance.
Can you adopt me
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@sloanmarriott5 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing below the $100k mark and in the first 2 months, my portfolio was reading $234,800. Crazy right!, I decided to reinvest a huge percentage of my profit and it got more interesting.! For over a year we have been working together making consistent profit just bought my second home at the beginning of summer.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@BrandonIvan-c6e However, if you do not have access to a professional like Suzanne Gladys Xander, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@Bestjudy001 Oh please I’d love that. Thanks!.
@@BrandonIvan-c6e Suzanne Gladys Xander is her name .
Lookup with her name on the webpage.
Average lifespan is 69.8 in Mississippi.
The day they stop doing the 6% match is the day I stop saving for retirement
Proverbs 13:22. Be the good man who leaves an inheritance for his children’s children. I believe when we are blessed we have the responsibility to help those who follow … not only monetarily but also in strong values. We - today - help create and shape the future. Lastly - In everything … give thanks.
Marty - thanks for sharing the importance of not just money but also leaving strong values to the generations that follow us. Wise words ... 😎 Azul
@ LOL - yes. That always seems to be left off the equation. And you know the other part too … peace!
Also give money to groups that help those less fortunate. We should care for our community in addition to our family. Congratulations on your wealth!
Great advise.
I believe a crucial aspect is to begin saving for retirement early, while maintaining a financially and emotionally sound approach.
Yes, starting early is critical. Establishing IRA and non-IRA brokerage accounts in my 20s and contributing to them aggressively and consistently throughout the decades has been highly profitable for me. I retired at 63 with zero debt, an eight-figure net worth, and multiple income streams (including rental properties, which are now all mortgage-free).
Gosh, Azul, you really keep stepping on my toes in a good way. I just told my financial advisor to start building a plan for my retirement. I just turned 59 and have a really nice income of $1 million+ annually. But, I’m starting to think about my free time valuation (i.e. time to go travel whenever and wherever I want) and the cost-benefit of losing the “go-go” years. My net worth is about $7 million with passive income of about $100 thousand. Most of that $7 million is invested in the markets and does not include my residence. No debt and no longer any kids at home. I’m just having a hard time with the “quit saving” aspect as I’ve been doing it for so long. How do you get over that barrier (because it is a huge mental one for me)?
what are you waiting for ? lol.... retire and go have fun!
Hi Auto_Pilot. I have a couple videos coming up on how to stop saving (and start spending). It's important to start flexing that "spending muscle". As you say ... it is super hard. That is a big salary. I see why it is hard to walk away from it and retire.
That said, you only get one shot at life. You don't want to look back later in life - once you have lost your health - and say "why the heck did I not retire earlier and enjoy all those things I can no longer do".
No right answer for all of us. Just what is right for you.
Work with your financial adviser on it ... and other people close to you. You are asking the right questions and that is half the battle to making the "right" decision for you.
Good luck! 😎 Azul
Retire dude
And not to go into panic saving I don’t have an income mode.
I take all my time.
I use all 30 (every year) of my PTO days and all holidays and we go all over the world.
There's going to be a new sherrif in town soon, and there will be change. Until I find out how these changes effect the economy, the Stock Market, employment and Social Security, I'm not not buying anything. Time to stack cash, remain seated, and prepare for turbulence. It's going to be a bumpy ride.
2016 to 2020 did pretty well, so unless you recently became an adult, it doesn't really make sense to have that mentality.
Evidence for all of stock market history says that is a bad idea. You’re letting your emotions override logic and math.
@@Rick-of6gx Sure it does. I'm looking at retirement in a few months, so adding more cash makes perfect sense. I have the right asset mix for me and have no reason to take on the additional risk.
@@truthsleuth271 I'm having a hard time finding any logic these days, but I'm at a good place right now. I'm not selling, and might even buy if/when the market corrects.
His tariffs plan is likely to cause a bumpy ride for US companies for sure.
I have been poor all my life. Saving for education and training, working multiple jobs to survive. When I hit the jackpot and it finally paid off I couldn't stop living like a pauper. I continued to save invest driving an old car no new clothes. Trying to find the balance is hard. I know I have more than enough but I can't get over the fear of being broke and homeless again.
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Hey, this caught my interest. I worry that I have a couple more months before retirement, can you share more info?
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with ‘’Stacy Lynn Staples’’ for the last five years or so, and her returns have been pretty much amazing.
Insightful... I curiously looked up her name on the internet and I found her site, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
I’ve been thinking, since my 401k just hit 6 figures, should I stop contributing and throw that money towards my mortgage?
Depends on how old you are, but I would say that inflection point is 7 figures. At least keep contributing for the match, and have a plan to aggressively pay off the house then get back to the retirement savings.
what is your average annual change in market value of your 401k? in dollars and % versus your mortgage interest rate?
For example, for 2024 so far, my change in market value for my retirement savings is around 38%, vs 4% mortgage. Going back a decade, my average annual change in market value over 10 years is still much higher than my mortgage rate.
with numbers like this, I'd lose more paying off the mortgage early vs investing more for greater returns / compounding.
not financial advice, but I want to maximize my ROI
@@zoomzoom3950 brilliant! Thank you for that very easy to understand explanation. My mortgage is 4.25 vs. my 401k return at 19% this year so far. I’ll keep investing. 😊
@@Oglulubell I'm sure there are counter-arguments and other ways to see it. My approach is working well for me for many years.
Another consideration is to add more principal to your mortgage payment each month while continuing to invest in your 401k...depending on how many years remain, for example adding an extra $100 to the monthly mortgage payment could take months off the backend of the mortgage. There are formulas and videos on doing this, to pay down a mortgage faster over time.
Cheers!
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28 fact forward time I'm 57 now not laid off
This is huge! would love to grow my reserve regardless of the economy situation, my 407k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
GREGORY LEO CATTEL is the licensed FA I work with, I can't speak much about him you should make a search with his name, you'd find the necessary details to schedule an appointment.
I just Googled his name and his website came up right away. It looks interesting so far. I sent him an email and i hope he responds soon.
Never.
Always stay at least a little in accumulation phase with growth holdings.
Even your dividend payers should make some money over the years.
It’s very hard to spend money for both my hubby and me. I’m 42, he is 59, net worth 10m, I work 7 days a week, for past 2 months, I took only 2 days off. He has his white collar job. The biggest spending is my daughter’s private school. Buy a bottle of Fuji water is expensive for us. But we can make the decision to buy a 500k rental property in cash in 10 minutes. I’m debating on retiring early. but he still wants to work for
another 10 years. Thanks for
your advice. We should enjoy our life. However, the spending habits are difficult to change because we don’t feel secure
$10 million is not nearly enough to retire on. You had better keep working 7 days per week for the next 10 to 15 years, or you'll be left behind.
Can you suggest where a 75 year old should keep there money getting ready to retire soon - what percent should be moved to cash/liquid and what percent should stay in the market?
At 75 should be consulting an undertaker.
It's never going to be time to stop while I can still use retirement contributions to completely eliminate our income tax liability while making tax free Roth conversions!
Beyond that there's the confusion most folks have with enjoying life being equated to spending. Using the fly fishing as an example since I also enjoy the hobby, I've kept gear to a minimum so not much invested, even with fly tying. I went with half capes for feathers, a very basic vice and tools and minimal color selection based upon what works in my area. I also started in my youth with an old pair of tennis shoes and swim trunks for wading and I still prefer that so I've got a pair of felt bottom wading shoes, skipping the bib waders. Imagine doing this with everything, all your interests, pursuits and hobbies where nothing costs much so it's all the fun with no regrets.
I love to cook so restaurants are nothing but an expensive disappointment where I don't even get the fun of cooking much less the food being as good as what we're making at home. Travel? I've seen the world through my TV seeing many things tourists never get to view and we prefer spending our vacations in the Northwoods fishing. With an antenna, free streaming and our library cards we've got unlimited free home entertainment. I buy basic clothes every 8 years and expensive jewelry/watches don't interest me because my 4G flip phone has the time right on it and I still have a $35 stainless steel Timex I bought 25 years ago that I don't wear much anymore. I don't even have to buy new computers or electronics as family and friends are all too happy to give my their slightly used off-casts from their frequent upgrades. I'm running Windows 10 on my laptop and desktop and I can't wait for support to end so I can finally switch both machines to Ubuntu and get several more years with them. Heck, we're not even driving that much so buying new vehicles doesn't really make sense any longer so it's likely going to be used going forward, saving even more. For that matter I like base model vehicles with cloth seats that keep my butt planted rather than the creepy "freshly crapped pants" feeling of heated and slippery leather seats, lol. For now I'm keeping my eye out for a deal on a 2020 Ford Transit van to turn into a simple camper van and maybe small lake home a mile or so down the road from us. It's not as same as in the Northwoods but going forward having a single property rather than trying to maintain two is a much better choice. Looking forward to enjoying hobbies, our small town community and unlimited home entertainment which sounds fantastic to me.
Cheers!
Luckily at 62 I’m at the point I’m earning more than ever, able to save AND spend more than ever, self employed and have 150 days off a year. Two foreign holidays this year to Asia and Europe, so why retire, living the dream, which in my earlier working life I I never thought would be possible.
Like you I enjoy being "recreationally employed"
That's only 30 weeks of vacation per year. How many paid holidays do you get?
@@WestsideCollectorCarStowage I’m self employed so none are ‘paid’, all are earned during the days I work. The challenge is to earn enough when you work to fund when you don’t. Earn lots, save/invest some and always living debt free within the budget is the key…..hasn’t always been like that, I’m benefiting from decades of consistent work and saving.
According to my calculations, I can stop investing my money now, and very comfortably retire at 65. But Since I want to retire earlier than that, say early 50's, I still need to invest and work more.
Stopped saving last year after we hit our number. Then the stock market went completely bonkers and now we're up a few hundred grand. Let your money work for you. It sure out earned by a LONG shot.
I am only giving up 500.00 a month if I retire at 65, so I am waiting till then. 😅
Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.
Are you planning to retire before 59? That's the key factor for me. I transitioned to cash-flowing assets because I wanted to retire early.
Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.
Do you have any recommendations? I’m looking for a CFP to help grow my retirement account.
My CFA Carol Vivian Constable, 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.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I had an HSA (Health Savings Account).
They went belly up and I lost all my money.
No reason to save for the future in this society.
Pls put timestamp on your videos
Our Finacial Guy Told Us Last Month.....START SPENDING....!! We Have No Children...Own Our Home.....Have A Net orth Of 1.5 Million. And We're Bringing In Close to $100,000.00 A Yr. He's Telling Us Go buy Someting Nice.....Take A Vacation. It's A Good Place To Be. But We're So Used To Saving....!!
It is a good place to be. Congratulations for working hard, saving and making good decisions to be where you are now. You adviser is smart ... it is important to enjoy all that hard work now. 😎 Azul
Hey Azul! I would really like to get your advice, I submitted a question on your form link. Would love to get your feedback!
Maybe I can fund my retirement with RUclips.
!!!I already own shares of NVDA and PLTR. I'll also add TSLA to my portfolio. But I'd like suggestions on long-term opportunities to explore that could make solid additions to my $260k portfolio for stable cashflow.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $200k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?
How do you spend more when you see the economy going down the tubes
You lie and tell yourself everything for YOU is going to work out well:-) who knows it may not be a lie afterall...
Inflation is 2.6 percent. the unemployment rate is 4 percent, the stock market is booming. Not sure why people think the economy is "going down the tubes." Yes, prices are still high, but not because of inflation.
Thank you for your video, … you know,.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 55%!
She also helped me create a savings strategy that allowed me to set aside an additional $10000 a month. Now, I feel confident that I can retire five years earlier than I originally planned. If you're serious about securing your financial future, Shellane Maxwell is the one to talk to!
She mostly interacts on Telegrams, using her name
@shellanemaxwell she’s verified
Wow I am suprise to see her mention here, after following her investment strategy, my retirement account grew from $500,000 to $750,000 in less than 6 month
You know I was able to save over $55,000 last year, which I reinvested into my retirement account due to her tax strategies,
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.