Supporting materials can be downloaded here - please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX) docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial expert. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
She's known as ‘Izella Annette Anderson’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q4 2024.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks, I just googled her full name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@YinusaSaheed The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Hi, I’m retiring in two years and I’m curious how others split their income into savings, spending, and investments. I make around $150,000 a year but haven’t saved much. Can you share some advice?
When it comes to investment planning, learning from an experienced advisor is incredibly valuable. Their expertise can help you navigate complex financial decisions, avoid common pitfalls, and build a strategy tailored to your goals.
That’s right. I’m a wife, mother of four, and new grandmother. After 28 years in Corporate America, I recently retired at 57. Since the pandemic in early 2020, I’ve been investing and grew my $250,000 savings to nearly $1 million, thanks to my investment advisor.
Melissa Elise Robinson is the licensed advisor I work with. You can simply search her name, and you'll find the necessary details to set up an appointment.
If buffet selling, then is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all but just how long will It take to recover or am I better off putting my money elsewhere. I need a lot as rent, inflation alone eat up almost all of what I make with dependents and other obligations included. Tbh it's an uncertain year for me.
Be extremely attentive as we are entering an unusual market economy. That doesn't mean that you can't unravel opportunities in every sectors, you can but you should be considering rewarding options first. It would be a vast awareness to align under a top performer for easy earning picks. I did the same and it works.
As they say. Time in the market, not timing the market. Only contribute what you can afford bcos it’s a long term thing. Property & Stocks will dip & peak but they aren't going anywhere anytime soon.
right now I’m being focused on renewable energy, semiconductors, Ai chips which will be hugely integral on every sectors in the coming years. an absolute power move right now.
A good starting point. We are retired for about 4 years. Additional points would be to be more aware of your actual spending and budget rather than using some % of previous spending. Our real number has been closer to 60% of pre-retirement income. This is due to an active effort to pay off debt and our mortgage before, and a much better handle on spending and saving. We started planning for that about 8 years before and it included downsizing our home. The other major point is that portfolio needs are NOT the same from year to year, in part due to when SS kicks in. We are currently at a 6.5% withdrawal rate, but in 4 years when full SS kicks in it will drop to 2.5%. We are frontloading our spending, but we really don’t have any chance of running out of money. Worst case we would lower discretionary spending that is currently funding about 15 weeks of vacation. Having low basic expenses created a lot of opportunities and confidence.
Agree. And if you are able to retire and have a meaningless job, you have the freedom to chose a better job, even if less paid, and compensate trhough your investment's return. Cash is freedom.
I'm kinda there at 54 but I still have two kids in high school so I'm just not that comfortable with retiring considering they are covered under my health plan and not knowing how much help they'll need to finance college.
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 with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
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
@@MathewOliver486 However, if you do not have access to a professional like Clementina Abate Russo, 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.
IMHO, your spread sheet does not allow for retiring early. If someone is retiring early, (Say 60) they likely have 1 or 2 SS benchmarks. For instance, if my wife and I retire at 60 and the wait 2 years top take hers, then 5 years to take mine, your simple spread formula does not allow for those figures. In other words, we have THREE "required portfolio incomes". 1 at 60 (This would be the highest), then a reduced one at 62 (the first needed - my wifes new SS income), then our final one at 65 (this would be the lowest). Make sense?
Relying on both spouse's SSec is very unwise. When one dies, the household is left with only the higher of the two SSec payments. But the household budget typically does not go down by anything close to 50%.
@@martinlord8837sorry you are incorrect. When 1 spouse dies, the surviving spouse either keeps their own amount or switches over to the other spouse’s higher amount. You do not get 2 benefits.
What if you’re not taking social security right away? A 3.33% withdrawal rate is fine - but may be too conservative for many - especially if you retire during a rising market
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
I'm not saying a recession is coming, but it might be. I would hold off until the economy looks more stable. There will always be bumps in the road but it's worse if they happen right after you retire.
I felt the same way, until I found an advisor Maria Stockwell..... just kidding, not a bot! Seriously though, if you don't have a CFP, consider finding one as they can give you peace of mind knowing you're making the right decisions. Then you can follow the math and not emotions.
@@TravisFisherthat's a good point! A fiduciary that isn't selling me products or getting commission is important. One of the last things I want, is a conflict of interest when it comes to my finances! That's why I recommend Maria Stockwell.... etc etc! In actuality, I looked up that name and made sure there wasn't a bot associated with it. I really don't want people getting scammed.
Can you modify your spreadsheet and add comments to the various boxes with explanations? For example, describing what legacy balance is. Also, could you add another sheet, providing instructions? Thank you!
Are you willing to live with in your means? If you are, then learn to invest. If not, don’t worry about retirement, you will need to work for the rest of your life.
Why would you assume you will spend 15% less in retirement? More time to do more stuff, I'm planning on spending way more, at least for the first 15 years. You also need to pay for medical coverage you might be getting free/discounted from your employer, you may no longer need life insurance, etc... there is a lot more to figuring out retirement income needs
Some people have enough money to live a good comfortable life yet they wait to retire not knowing that they might have underlying health issues that will cut their life short. Then, they don’t get to fully enjoy retirement at all and their retirement savings has to be used to pay for assisted living. Few people can afford insurance that covers the cost of a long term medical condition and if they are single, well then, desperation.
Beware unexplained statistics. People who retire early may be prone to dying younger perhaps because they were not in great health before retirement and which is why they retired earlier in the first place.
People generally see a nice bump in increased health(weight loss, better eating, etc) in retirement. Of course they are also aging so there is a pull against that gain in health.
Reverse causation could be at play here. People who are sick and unwell early in life, tend to retire early (or being forced to due to poor health and unable to work).
Your title, "3 Signs You Have Enough Money to Retire, NOW", is misleading. You cover whether you have ENOUGH MONEY in question number 1. Instead, your title should be, "3 SignsThat You Are Ready to Retire." Or perhaps more aptly, "3 Signs That You Are Prepared to Retire." (There's a subtle difference between being "ready" and being "prepared".) Notwithstanding my nitpicking your title, I agree with what you have to say. Perhaps, I would have spent a little more time on retirement investment portfolios in both the discussions of question numbers 1 and 2, especially number 2. Retirees sometimes choose ridiculously conservative investments.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
Personally, I think every retiree should look for a way to earn some part-time income. At a 5% rate of return, an extra $250/week would be worth the rough equivalent of an extra $250K in the bank.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Excellent presentation and I contact with the camera. I have to believe that some of the script was posted in large font on the wall. Otherwise the speaker is clearly a genius of presentation flow.
Regarding the first third of the video, you do not provide the formula used to determine the starting pool of retirement assets. That's why I'm not viewing any further. Assuming that everyone needs a 30-year plan is also unrealistic. What 30-something CFPs do not get, is the finite nature of life. You have to reach 60 in order to fully grasp that concept.
In another earlier video, you said people planning on withdrawing 4% were being too conservative and could end up under-spend. In this video, you showed an example of $34,400 in yearly withdrawal and a need of $1,032,000 in base portfolio value (3.33% withdrawal rate). So, which one is it? 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Both are true. The point of the other video was that you can't take a random percentage (the so-called "4% Rule") without looking at the full picture. "Under-spend" is not a bad thing if you want to leave money behind when you die. On the other hand, you might be living like a pauper, when you could have a normal financial life. The withdrawal percentage is actually a number that is the result of doing all the calculations, not the starting point (as it was in the other video).
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas.
At a point like this, when the pressure is already on you to retire, it’s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's 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 $30k 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.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Vivian Jean Wilhelm 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.
Not sure how close you are to retirement. In general, a diversified portfolio (mix of large-cap, mid,cap, small-cap and high dividend stocks) of good growth stock mutual funds with at least a 10-year track record of solid returns relative to the market will reliably grow your nest egg over time. As you get closer to retirement (say 5-7 years out) you need to guard against large losses since you have a shorter time horizon for the market to bounce back. This means you may need to allocate more of your portfolio to bonds or money markets as you approach retirement, but still need some growth stocks in your portfolio. A retirement of 20-30 years is a long-time horizon and those growth stocks will provide some growth to your portfolio over this timeframe. Much of this is dependent on the market conditions. If you do not actively follow the market as you near retirement, an advisor would be a good bet.
The full retirement benefit kicks in at 67 but your estimate for someone retiring at 62 assumes that income before it's available. Clarify that better.
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX) docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX) docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
On retirement morality............did they do a breakout of those who were wanting to retire and thus had been planning............AND those who were forced to retire due to being let go, health event forced them out. I'm betting there would be a statistic difference between the two.
Yes the report did break that data out - here is a link to the full report if you'd like to review the data: www.ncbi.nlm.nih.gov/pmc/articles/PMC6524971/
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX) docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
Supporting materials can be downloaded here - please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial expert. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
@@mikegarvey17I have been considering a strategy change with the help of a coach. Is it possible to get in touch with your coach?
She's known as ‘Izella Annette Anderson’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."
Well said! Retirement is the reward of disciplined investing over the long term, not just a destination.
Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Considering the shaky economy, I'm keen to know best, how people split their pay, how much of it goes into savings, spendings or investments. I’d be retiring/working much less in 5 years, and sometimes earn up to $160K per year, but nothing to show for it yet.
thats personal, you should connect with an advisor for proper financial/investment planning, never can tell what the future holds
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q4 2024.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Finding financial advisors like Sophia Maurine Lanting who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks, I just googled her full name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@YinusaSaheed That's actually quite impressive,
@@AlilatTiamiyu My advisor is *MARGARET MOLLI ALVEY*
You can look her up online
@@YinusaSaheed The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Hi, I’m retiring in two years and I’m curious how others split their income into savings, spending, and investments. I make around $150,000 a year but haven’t saved much. Can you share some advice?
When it comes to investment planning, learning from an experienced advisor is incredibly valuable. Their expertise can help you navigate complex financial decisions, avoid common pitfalls, and build a strategy tailored to your goals.
That’s right. I’m a wife, mother of four, and new grandmother. After 28 years in Corporate America, I recently retired at 57. Since the pandemic in early 2020, I’ve been investing and grew my $250,000 savings to nearly $1 million, thanks to my investment advisor.
I’ve been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
Melissa Elise Robinson is the licensed advisor I work with. You can simply search her name, and you'll find the necessary details to set up an appointment.
Thanks for the tip. I quickly found her website after searching her name. I checked her credentials and did my homework before getting in touch.
If buffet selling, then is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all but just how long will It take to recover or am I better off putting my money elsewhere. I need a lot as rent, inflation alone eat up almost all of what I make with dependents and other obligations included. Tbh it's an uncertain year for me.
Be extremely attentive as we are entering an unusual market economy. That doesn't mean that you can't unravel opportunities in every sectors, you can but you should be considering rewarding options first. It would be a vast awareness to align under a top performer for easy earning picks. I did the same and it works.
As they say. Time in the market, not timing the market. Only contribute what you can afford bcos it’s a long term thing. Property & Stocks will dip & peak but they aren't going anywhere anytime soon.
very well, I got in on multiple sectors myself, I think about adding more to my individual account or is holding off more better for me?
right now I’m being focused on renewable energy, semiconductors, Ai chips which will be hugely integral on every sectors in the coming years. an absolute power move right now.
add Gold and silver as well.
A good starting point. We are retired for about 4 years.
Additional points would be to be more aware of your actual spending and budget rather than using some % of previous spending. Our real number has been closer to 60% of pre-retirement income. This is due to an active effort to pay off debt and our mortgage before, and a much better handle on spending and saving. We started planning for that about 8 years before and it included downsizing our home.
The other major point is that portfolio needs are NOT the same from year to year, in part due to when SS kicks in.
We are currently at a 6.5% withdrawal rate, but in 4 years when full SS kicks in it will drop to 2.5%. We are frontloading our spending, but we really don’t have any chance of running out of money. Worst case we would lower discretionary spending that is currently funding about 15 weeks of vacation.
Having low basic expenses created a lot of opportunities and confidence.
Outstanding! Don't be in too much of a hurry to retire. If you have a meaningful and interesting job, don't throw it away for no good reason.
Agree. And if you are able to retire and have a meaningless job, you have the freedom to chose a better job, even if less paid, and compensate trhough your investment's return. Cash is freedom.
Key is reducing fixed costs and having your savings work hard. I retired at 55 to SE Asia, very comfortable life on 2.5k a month
I'm kinda there at 54 but I still have two kids in high school so I'm just not that comfortable with retiring considering they are covered under my health plan and not knowing how much help they'll need to finance college.
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 with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
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
@@MathewOliver486 However, if you do not have access to a professional like Clementina Abate Russo, 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.
@@Lourd-Bab Oh please I’d love that. Thanks!.
@@MathewOliver486 Clementina Abate Russo is her name.
Lookup with her name on the webpage.
IMHO, your spread sheet does not allow for retiring early. If someone is retiring early, (Say 60) they likely have 1 or 2 SS benchmarks. For instance, if my wife and I retire at 60 and the wait 2 years top take hers, then 5 years to take mine, your simple spread formula does not allow for those figures. In other words, we have THREE "required portfolio incomes". 1 at 60 (This would be the highest), then a reduced one at 62 (the first needed - my wifes new SS income), then our final one at 65 (this would be the lowest). Make sense?
Social security will be 70% higher than my income 😂
Never lived on that much money in my entire life 🤷🏻
No debt, just a satisfying simple life !
Relying on both spouse's SSec is very unwise. When one dies, the household is left with only the higher of the two SSec payments. But the household budget typically does not go down by anything close to 50%.
That's not true. the survivor spouse gets survivor benefits from their dead spouse on top of their own
@@martinlord8837I don’t think that is true.
@@martinlord8837sorry you are incorrect. When 1 spouse dies, the surviving spouse either keeps their own amount or switches over to the other spouse’s higher amount. You do not get 2 benefits.
@@martinlord8837no, no they don’t.
What if you’re not taking social security right away?
A 3.33% withdrawal rate is fine - but may be too conservative for many - especially if you retire during a rising market
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
I'm not saying a recession is coming, but it might be. I would hold off until the economy looks more stable. There will always be bumps in the road but it's worse if they happen right after you retire.
I felt the same way, until I found an advisor Maria Stockwell..... just kidding, not a bot! Seriously though, if you don't have a CFP, consider finding one as they can give you peace of mind knowing you're making the right decisions. Then you can follow the math and not emotions.
@@Bulletpronemonk That was hilarious! I quit reading the first time. Just make sure it's a fee only CFP!
@@TravisFisherthat's a good point! A fiduciary that isn't selling me products or getting commission is important. One of the last things I want, is a conflict of interest when it comes to my finances! That's why I recommend Maria Stockwell.... etc etc! In actuality, I looked up that name and made sure there wasn't a bot associated with it. I really don't want people getting scammed.
It’s was way worse in 2008. WAY worse…
Fantastic content!
Can you modify your spreadsheet and add comments to the various boxes with explanations? For example, describing what legacy balance is. Also, could you add another sheet, providing instructions? Thank you!
Are you willing to live with in your means? If you are, then learn to invest.
If not, don’t worry about retirement, you will need to work for the rest of your life.
Thanks Eric for another informative video!
Any time!
Why would you assume you will spend 15% less in retirement? More time to do more stuff, I'm planning on spending way more, at least for the first 15 years. You also need to pay for medical coverage you might be getting free/discounted from your employer, you may no longer need life insurance, etc... there is a lot more to figuring out retirement income needs
Just spend most of your money at the beginning of your retirement, who knows what happens after 10 years.
Some people have enough money to live a good comfortable life yet they wait to retire not knowing that they might have underlying health issues that will cut their life short. Then, they don’t get to fully enjoy retirement at all and their retirement savings has to be used to pay for assisted living. Few people can afford insurance that covers the cost of a long term medical condition and if they are single, well then, desperation.
Perfectly Said👏
with the million financial portfolio inplace, how people pass the assets assessment for the social security income?
Beware unexplained statistics. People who retire early may be prone to dying younger perhaps because they were not in great health before retirement and which is why they retired earlier in the first place.
if those same people would have worked longer their lifespan would be extended? That makes no sense.
This is certainly possible.
Correlation does not imply causation
People generally see a nice bump in increased health(weight loss, better eating, etc) in retirement. Of course they are also aging so there is a pull against that gain in health.
Reverse causation could be at play here. People who are sick and unwell early in life, tend to retire early (or being forced to due to poor health and unable to work).
Your title, "3 Signs You Have Enough Money to Retire, NOW", is misleading. You cover whether you have ENOUGH MONEY in question number 1. Instead, your title should be, "3 SignsThat You Are Ready to Retire." Or perhaps more aptly, "3 Signs That You Are Prepared to Retire." (There's a subtle difference between being "ready" and being "prepared".)
Notwithstanding my nitpicking your title, I agree with what you have to say. Perhaps, I would have spent a little more time on retirement investment portfolios in both the discussions of question numbers 1 and 2, especially number 2. Retirees sometimes choose ridiculously conservative investments.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
If you are including social security then both husband and wife need to be at least 62 years old.
great information. that last point is good to take note of! life satisfaction is key. Also, have you been lifting? Pecs and arms looking bigger!
Lol thanks!
Personally, I think every retiree should look for a way to earn some part-time income. At a 5% rate of return, an extra $250/week would be worth the rough equivalent of an extra $250K in the bank.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Yes
Well done, young man.
Sign 1: You are a Multi Millionaire and have a bunch of F*** Y** Money…. I learned that on the Joe Rogan Podcast
LOL
Excellent presentation and I contact with the camera. I have to believe that some of the script was posted in large font on the wall. Otherwise the speaker is clearly a genius of presentation flow.
Regarding the first third of the video, you do not provide the formula used to determine the starting pool of retirement assets. That's why I'm not viewing any further. Assuming that everyone needs a 30-year plan is also unrealistic. What 30-something CFPs do not get, is the finite nature of life. You have to reach 60 in order to fully grasp that concept.
In another earlier video, you said people planning on withdrawing 4% were being too conservative and could end up under-spend. In this video, you showed an example of $34,400 in yearly withdrawal and a need of $1,032,000 in base portfolio value (3.33% withdrawal rate).
So, which one is it? 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Both are true. The point of the other video was that you can't take a random percentage (the so-called "4% Rule") without looking at the full picture. "Under-spend" is not a bad thing if you want to leave money behind when you die. On the other hand, you might be living like a pauper, when you could have a normal financial life. The withdrawal percentage is actually a number that is the result of doing all the calculations, not the starting point (as it was in the other video).
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas.
At a point like this, when the pressure is already on you to retire, it’s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's 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 $30k 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.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Vivian Jean Wilhelm 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.
Not sure how close you are to retirement. In general, a diversified portfolio (mix of large-cap, mid,cap, small-cap and high dividend stocks) of good growth stock mutual funds with at least a 10-year track record of solid returns relative to the market will reliably grow your nest egg over time. As you get closer to retirement (say 5-7 years out) you need to guard against large losses since you have a shorter time horizon for the market to bounce back. This means you may need to allocate more of your portfolio to bonds or money markets as you approach retirement, but still need some growth stocks in your portfolio. A retirement of 20-30 years is a long-time horizon and those growth stocks will provide some growth to your portfolio over this timeframe. Much of this is dependent on the market conditions. If you do not actively follow the market as you near retirement, an advisor would be a good bet.
Great Information thanks 😊
Glad it was helpful!
The full retirement benefit kicks in at 67 but your estimate for someone retiring at 62 assumes that income before it's available. Clarify that better.
Hi! Great Video! Where can find the spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
Where's the spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
@@ThePeakFP Thank you!
Do you have enough to retire on rice and beans?
“More, please” - Oliver
On retirement morality............did they do a breakout of those who were wanting to retire and thus had been planning............AND those who were forced to retire due to being let go, health event forced them out. I'm betting there would be a statistic difference between the two.
Yes the report did break that data out - here is a link to the full report if you'd like to review the data: www.ncbi.nlm.nih.gov/pmc/articles/PMC6524971/
Spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
What???
👍🏼👍🏼
SS is years away for me…
The days maybe long, but the years go by fast. I hardly recognize the person looking back at me in the mirror.
Good segment! But... you misspelled 'contingency' on your chart. :)
I have run into this problem more than I am proud to admit :(