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.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.
Annette Marie Holt 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
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Carol Vivian Constable 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.
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
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
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 ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, 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 retired with $600k saved, and looking back, I realize I could’ve done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it’s not something I can easily ignore. Not saying it’s the only way to go, but it’s something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn’t enough for me. Despite that, I’ve managed to do well and am on track to retire with around $5 million
I usually avoid making specific recommendations because everyone's situation is unique. However, my experience with Emily Ava Milligan has been quite positive. You might find it worthwhile to see if her approach fits your needs
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, it’s advisable you work with a financial advisor to help set up a well-structured portfolio.
I agree. Based on personal experience working with a financįal advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
Yep... the DemocRats have been lying 🤥 about job growth (almost 1mill were fake). Now they have a huge TAX plan to swamp us and give it to illegals and war countries.
If you've paid off all bills - no car note, no mortgage, and no consumer debt - you can live very well on a relatively low number. When I've talked with investment advisors looking to help my portfolio, it's always an immediate turn-off when they use my income as a gauge, rather than my out-go as a gauge. For people with high income, no debt, and a reasonably frugal lifestyle, the numbers are vastly different. They should be applying the 4% rule to my out-go as a starting point. If you've had a "hockey stick" pattern for your income across your career, using income-multipliers to figure out if you're on track versus off-track will always be wrong. It's my litmus test to figure out if my advisor is thinking, versus following rules that apply poorly in some situations. Investment advisors that think of retirement as an age rather than a financial goal are equally shunned by me.
I just turned 61 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 65 at least, so how best do I maximize my savings of over $500k
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 advisor in planning for retirement. Over the past 10 years, my financial advisor has consistently restructured and diversified my portfolio and expenses, resulting in over $3 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
Impressive! I admit I'm scared about retirement as I'm approach that chapter. I need to ensure I have enough savings to survive on. My retirement account isn't doing great. Now, I need that professional rescue. Please direct me on how to reach a sound adviser
There are a handful of professionals in the field. I've experimented with a few over the past years, but I've stuck with ‘'KATHLEEN CHERYL CONSTANTZ” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Kathleen sure knows her onions in this industry, from her intimidating profile which I went through, on her web home page. I started off last year tailoring a colleague's tradin strategies but it didn't pan out well. Hopeful that Kathleen will attend to my message.
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
Finding financial advisors like "Rebecca Nassar Dunne 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.
This is the second video of yours I've watched so far. I must say, I find your approach to this subject amazing. The way you discuss retirement focused on simplicity and actual figures breaths life into your presentations. Thank you. For my personal situation at 52 next month, by mid-2026 I should be retired. I'm not a stock market person, nor do I have a 401(k). Probably should, just never had the vision for those things. Besides, I try not to leave things to chance. But come Jan 2026, what I will have is a paid off $323K new construction home in Dominican Republic currently appraised at $380K, $9K monthly income from a combination of my military pension & returns from $300K in a CD that I renew annually, and also $100K in liquid cash. If I can not make a life for myself with these figures in DR, then I need to go back to elementary school and try life all over again.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Melissa Elise Robinson is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment
This is one of the better "how much you need to retire" videos I've watched. Your estimates are spending based as opposed to using popular rules of thumb.
This was the easiest explanation I’ve ever seen on RUclips. Looks like I have an extra 100K and should cut back my part time work to just 2 mornings doing work that I like. The extra income assures really nice consistent travel.
So, my wife and I are in pretty good shape. In our early 50’s and have quite a bit saved in our 401k, my wife will receive a state pension plus allowed to be on medical plan she’s currently on if she retires at 60. The finish line is in site. Hopefully the economy doesn’t tank and change all of this.
Nice to have you back! I created a formula that works from the ground up. To determine my approximate gross income needed in year 1 of retirement, I will do the following: Compile my total annual expenses during my final year of work. Add in a 10% to 15% buffer for incidentals and emergencies. Take that number and divide it by 0.8 to account for income taxes. The resulting number should be my approximate gross income needed for year 1. Add in a COLA for each subsequent year.
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
@@justlikeasoldier sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
We are FORTUNATE to have a state pension in the mix that is greater than both of our social security incomes combined. That is a tremendous blessing. We are fortunate to live in a state that is very sound financially.
Need to keep in mind that expenses don't stop rising during retirement, my expenses have doubled in the 12 years since I retired, plan on expenses rising 6% a year compounded annually during retirement, a person needs to keep growing their income during retirement.
Looking at income and assets without looking at expenses is leaving out most of the picture. Getting rid of what is probably your biggest expense (Mortgage) changes these numbers significantly.
Wouldn’t it be better to start with your current annual spending instead of current income? If you are spending below your earnings or have a significant 401k or pension contribution, current income is not relevant. I would think a better starting point would be current spending less any significant expenses that will end in the near future (mortgage if the end is near, cost of supporting children that should move out, and so on). The new starting point would need to be adjusted for taxes.
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Ann Doran.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Great job and very interesting. But personal finance is personal. I could fit in all three categories (sections of the plane) at the same time My current spending I'm poor My income is median My savings are already putting me in the front of the plane
My life been a budget. Been knowing what goes in and what goes out for years. Doing good, since I been debt free since I was 36, own my home out right. I'm set, I don't have to worry about anything. The only if since my journey of life has been, will my health hold up. Well I'm 60 and in good shape and very healthy. Don't see the what if anytime soon. That what if, always can be that brick in your life. I'm not much of a worrier of those what if incidents.
Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.
I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.
I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra
Agreed, opting for financial advise can be a wonderful resource for getting your finances in order. At first-hand, I average 4 figure/month in dividends and my overall ROI just hit $550k. I only have 30 or so stocks with more of my investments in digital assets.
@@KelvinWallace I'm glad I found this conversation. I recently settled a lawsuit and would like to talk to your coach about investing for my retirement.
I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with “Marisa Breton Dollard” for years and highly recommend her. See if she meets your criteria.
@@KelvinWallace I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me. Thanks.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
Marisa Michelle Litwinsky is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
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 Marisa Michelle Litwinsky for the last five years or so, and her returns have been pretty much amazing.
Middle class was defined by HOUSEHOLD income. Your video showed investments needed for single, middle-class. What is the median income of single, middle-class people?
Im a single man at 28 living in Missouri. 30k is actually not bad for me. And that's still more than i make annually. I make more like 25k. I'm not middle class but im not doing bad financially.
Not so fast... If you look at the the amount of social security income you presented alone, over 50% of retirees are living above a lower middle class lifestyle on social security income ALONE! That is an overwhelmingly positive sign and strong evidence you really don't need investment income at all to get by very well. And if you have a paid off house and no consumer debt, I'd argue the net effect is an upper middle class lifestyle. Those with investment income in addition to SS are really just enjoying additional "wants" since their needs are certainly covered on SS alone. With that in mind, your portfolio size really just needs to correspond with how inflated you want your completely discretionary lifestyle spending to be in retirement.
huh? median ss w/spouse is $32,244/yr, so how is that above lower middle class at $49,720? In order to get the $32,244/yr ss w/spouse you would have had to have ending income of $96,500, far higher than the lower and middle middle-income range. 80% of that ending income would be $77,200. Poverty line for 2 is currently $20,440.
As a soon retiree, keeping my $401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to $25Ok R0I in this current crashing market, any recommendations to scale up my R0I before retirement will be highly appreciated
Investors in U.S. stocks have enjoyed strong tailwinds for decades, but the current environment is more fragile. That’s why I recommend seeking the guidance of a financial advisor to navigate these uncertain times effectively.
Having an lnvestment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know.
Thank you for sharing this. I took the time to Google the individual you mentioned, and after reviewing her resume, it is evident that she is a seasoned professional. I have reached out to her and am eagerly awaiting her response.
Glad to see you are back, although you couldn't have shaved?🤣 There's a household definitional difference between houehold povertly line qualification for welfare assistnce and what a household of 1 or more earners earn combined. Basing middle class on net worth rather than investable assets is problematic, too, since net worth includes assets that aren't generating retirement income (e.g. your house). "Are you behind" is also not a good question if you are comparing yourself againt the median or average American, since you should be comparing against your needs rather than everyone else's.
Fair point, @hanwagu9967 . Comparison is the thief of joy. And the beard is saving me money in replacing razor cartridges! 🤣 Seriously, everything is turning grey. Probably need to get new headshots for my profile pic, too.
I can never make sense of these because I don't receive social security OR a pension. These always talk about social security. Some of us don't get that. All I have is my retirement savings. I am 57, I have 1.4 million in retirement/high yield savings accounts, make 100,000 per year, own my place with no debt. I live frugally and usually spend around 50,000 a year including taxes (super high cost of living in my area). Still, I feel insecure about retirement. I want to work at least till 62, and once I quit, no SS, no pension, no health insurance. I dunno. Am I ok?
I live check to check. I am planning on retiring early since it is way to expansive to live in NYC. If I dont leave soon I will be unable to afford rent in a few years. I have no IRA and little savings. I am scared for me and my family. I wish I could afford an IRA or something like it. Any advice?
I’ve worked hard to save about $500,000 for retirement, and now I’m ready to turn my savings into a paycheck. But how much can I afford to withdraw from savings and spend is what I don’t know. If I spend too much, I risk being left with a shortfall later in retirement. But if I spend too little, I may not enjoy the retirement I envisioned. What’s your advice on this please?
stay flexible - If the market performs poorly, you may not be comfortable increasing your spending at all. If the market does well, you may be more inclined to spend more on some ''nice to haves''
Personally, I used the 4% rule as a guideline, didn't follow it precisely. For greater level of confidence around portfolio longevity and ability to meet my goals, I use a well experienced advisor from Montana. In a nutshell, I'm semi-retired and only work 7.5 hours weekly since getting fully invested in the markets for 5 years now, amassing about $1.3m so far, after subsequent investments.
@@justamanwithbeliefs such an eye opener! never heard or used the 4% rule, I spend what I want and when I want, however i'm interested in supplementing my streams of income by investing, mind if i look up your advisor please?
Katherine Nance Dietz is the licensed advisor I use. Just google the name and you’d find necessary details. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Basing retirement costs on working income is a nonsense. Just pre-retirement is when you usually earn the most, and housing cost drop hugely (end of mortgage payments). You have bought everything you need, and are just replacing on failure. Jobs you would have farmed out before retirement you have the time to fix yourself. No life insurance (you have no dependents to protect). Kids have left home. I could go on. Personally, I was spending close to my income in the decade before retirement, I now find it difficult to spend more than half.
Before I stopped dca-ing into my retirement account, it was 220k and has now depleted to 175k in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
It all depends on what you have done to prepare. No debt, you won’t need 80%. According to my calculations lower 60% replacement ratio. You didn’t mention anything about what retirees actually spend. About 25% of retirees still have 80% of their nest egg after 20 years of retirement. They were good savers but didn’t transition to spenders.
Maybe I missed something but it looked like you are saying that not having spousal income requires more income. While you don;t have thier income you also do not have the spending that goes along with it. I get you still need a house, car, etc. But it seems odd to assume the same level of need with a whole person not even there. The decreased medical alone should offset any loss of spousal income. Again, maybe I am not thinknig about it the right way.
I always saved 15%(plus employer match) and my wife has a government pension. Retirement is just a few years away. $2M+ 401k and $200k per year pension. This isn’t hard if you work hard.
I wish you would do a retirement plan that includes military disability? I have free health care for life. I'm 58 with 90% VA disability and 858000 in my 401k. Can I retire at 59?
I am 62, single, no kids, great health, with currently right at 1 million saved for retirement. I have ZERO debt and plan to "retire" new fall 2025. My employer's health insurance continues in retirement for life (80% employer pays, 20% I pay). I think I am in decent shape.
I would say your upper middle class. Good insurance, good pay, good savings and no kids. Unless you live in a high cost of living city you're doing great. Enjoy your retirement!
Looking at single ssavings numbers. At 67 I'm not even close to any of those numbers, and the "less social security" number is way low, unless that's somehow after taxes?. Hmmm, this is the kind of stuff that scares people into working beyond their 70s and then have to listen to people complain about boomers not retiring.
I appreciate your channel and videos. But, single never married (no kids) do not a "Legacy" issue. Plus, I feel singles spend less in retirement than married couples. Plus, most singles do not need Life insurance. So, the concept singles need more seems off to me. But, I appreciate your posting this video. Great info.
In other words, If you played during your working life, you will pay by not being able to retire or retire with only the basic needs being met. For some that lived life hard that might just work out for them. Hope you enjoyed those $80,000 trucks and the toys you pulled with them.
One way to address this crisis is to redistribute from those who saved to a government retirement fund and distribute to those who never saved through steep retirement asset taxes. Yea, that's the solution!
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
Finding financial advisors like “Jessica Lee Horst” 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 for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.
you could have 15 million and if 1.00 $ is worth nothing then 15 million of them won't help you. my 401k is 489k and growing my retirement is based on selling two properties to get my final place and have an additional nest egg when I'm about 55 make about 148k annually between business/work I will be fine unless the dollar is worthless.
The term Middle class means nothing. Technically, my household is above middle class yet I guarantee we are middle class on our take home pay. We still need to budget, measure, adjust …. I guarantee we are not sipping champagne and eating caviar.
@@kathyt2108 if your spouse passes you get 100% of their benefits. Why should one home get 150% of benefits and another get 100% benefits while paying the exactly the same amount. Or even another household fet double the benefit while paying twice the amount. The system is providing benefits for no contribution yet we are concerned the system will become insolvent due to overpaying benefits. Granted, I would start cutting fraudulent disability, alien nationals that didn’t pay in prior to getting benefits first. However the system needs to be x in y out and that’s it. Sorry. My health will probably prevent me from getting any benefits but that’s the deal that was made under the treat of violence by the government.
In The United States middle class is working class , barely above poverty. Who wants that? Remember, if you don't fly first class your kids will! Move to the other side of that curtain! Glad to see you back.
I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
Thanks for the info. I searched for her full name and found her website right away. I reviewed her credentials and did my research before reaching out to her.
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.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
That's quite impressive! Can you share more information about your financial advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up on web, and I have sent her an email. I hope she gets back to me soon.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.
Annette Marie Holt 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
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Carol Vivian Constable 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.
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
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
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 ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, 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 retired with $600k saved, and looking back, I realize I could’ve done things differently. Not saving enough, plus the impact of inflation and sequence of returns risk, makes me worry about outliving my savings, and it’s not something I can easily ignore. Not saying it’s the only way to go, but it’s something I think about
I'm approaching retirement and having a financial advisor has been helpful. I started investing later than most, so relying on compound interest from index funds or bonds alone wasn’t enough for me. Despite that, I’ve managed to do well and am on track to retire with around $5 million
I'm worried about my portfolio and could use some guidance. How can I get in touch with your manager?
I usually avoid making specific recommendations because everyone's situation is unique. However, my experience with Emily Ava Milligan has been quite positive. You might find it worthwhile to see if her approach fits your needs
I looked for the name online and found her page. I emailed and made inquiries. Thanks for the help
Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?
Look up dividend aristocrats. Pick six to ten from that list. Those companies have a track record of 25+ years of paying dividends. Also, it’s advisable you work with a financial advisor to help set up a well-structured portfolio.
I agree. Based on personal experience working with a financįal advisor, I currently have $2 million in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I searched her full name online and found her webpage. I emailed to make an appointment to talk with her; hopefully, she gets back to me.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Yep... the DemocRats have been lying 🤥 about job growth (almost 1mill were fake). Now they have a huge TAX plan to swamp us and give it to illegals and war countries.
If you've paid off all bills - no car note, no mortgage, and no consumer debt - you can live very well on a relatively low number. When I've talked with investment advisors looking to help my portfolio, it's always an immediate turn-off when they use my income as a gauge, rather than my out-go as a gauge. For people with high income, no debt, and a reasonably frugal lifestyle, the numbers are vastly different. They should be applying the 4% rule to my out-go as a starting point. If you've had a "hockey stick" pattern for your income across your career, using income-multipliers to figure out if you're on track versus off-track will always be wrong. It's my litmus test to figure out if my advisor is thinking, versus following rules that apply poorly in some situations. Investment advisors that think of retirement as an age rather than a financial goal are equally shunned by me.
We are the $100,000/ yr spenders. But even still we save 1/3rd of our SS and won't be taking RMDs until next year
I just turned 61 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 65 at least, so how best do I maximize my savings of over $500k
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 advisor in planning for retirement. Over the past 10 years, my financial advisor has consistently restructured and diversified my portfolio and expenses, resulting in over $3 million in gains. While it might not seem like a huge amount, retirement now feels within reach.
Impressive! I admit I'm scared about retirement as I'm approach that chapter. I need to ensure I have enough savings to survive on. My retirement account isn't doing great. Now, I need that professional rescue. Please direct me on how to reach a sound adviser
There are a handful of professionals in the field. I've experimented with a few over the past years, but I've stuck with ‘'KATHLEEN CHERYL CONSTANTZ” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Kathleen sure knows her onions in this industry, from her intimidating profile which I went through, on her web home page. I started off last year tailoring a colleague's tradin strategies but it didn't pan out well. Hopeful that Kathleen will attend to my message.
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.
Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?
Finding financial advisors like "Rebecca Nassar Dunne 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.
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.
This is the second video of yours I've watched so far. I must say, I find your approach to this subject amazing. The way you discuss retirement focused on simplicity and actual figures breaths life into your presentations. Thank you. For my personal situation at 52 next month, by mid-2026 I should be retired. I'm not a stock market person, nor do I have a 401(k). Probably should, just never had the vision for those things. Besides, I try not to leave things to chance. But come Jan 2026, what I will have is a paid off $323K new construction home in Dominican Republic currently appraised at $380K, $9K monthly income from a combination of my military pension & returns from $300K in a CD that I renew annually, and also $100K in liquid cash. If I can not make a life for myself with these figures in DR, then I need to go back to elementary school and try life all over again.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
This is all new to me, How do I find a suitable fiduciary advisor, can you recommend any?
Melissa Elise Robinson is the licensed advisor I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Happy to see you back!
Thank you, Amy! I'm excited about what I have planned for this fall!
This is one of the better "how much you need to retire" videos I've watched. Your estimates are spending based as opposed to using popular rules of thumb.
This was the easiest explanation I’ve ever seen on RUclips. Looks like I have an extra 100K and should cut back my part time work to just 2 mornings doing work that I like. The extra income assures really nice consistent travel.
This comment section has way too many sketchy bot comments pushing people to potential scam links/pages. Geez, RUclips needs to do better.
Report them. I do when I see them and the more people who report, the better the chance they get banned.
So, my wife and I are in pretty good shape. In our early 50’s and have quite a bit saved in our 401k, my wife will receive a state pension plus allowed to be on medical plan she’s currently on if she retires at 60. The finish line is in site. Hopefully the economy doesn’t tank and change all of this.
Nice to have you back! I created a formula that works from the ground up. To determine my approximate gross income needed in year 1 of retirement, I will do the following: Compile my total annual expenses during my final year of work. Add in a 10% to 15% buffer for incidentals and emergencies. Take that number and divide it by 0.8 to account for income taxes. The resulting number should be my approximate gross income needed for year 1. Add in a COLA for each subsequent year.
Welcome back! Love your videos!
Thank you so much, Shannelle! It was good to take some time off after 4 years, but I'm excited about what's to come!
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
in my opinion, some financial situations can be handled on your own if you research enough, while others are best navigated in consultation with a financial advisor
Agreed, the role of advisors an only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
@@justlikeasoldier sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
Ellen Geskin kettle is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.
Simple, practical advice. Your videos should be mandatory for every high school senior so they can make a life plan budget and goals.
We are FORTUNATE to have a state pension in the mix that is greater than both of our social security incomes combined. That is a tremendous blessing. We are fortunate to live in a state that is very sound financially.
Need to keep in mind that expenses don't stop rising during retirement, my expenses have doubled in the 12 years since I retired, plan on expenses rising 6% a year compounded annually during retirement, a person needs to keep growing their income during retirement.
Grateful for these info... thanks for putting this together.
Looking at income and assets without looking at expenses is leaving out most of the picture. Getting rid of what is probably your biggest expense (Mortgage) changes these numbers significantly.
YAAAAAAAAY, you're back!
Thank you, @BSGSV ! Needed a bit of a break. Excited about what's in store for this fall!
😮😢😊@@PranaWealth
@@PranaWealth😅😅
Wouldn’t it be better to start with your current annual spending instead of current income?
If you are spending below your earnings or have a significant 401k or pension contribution, current income is not relevant.
I would think a better starting point would be current spending less any significant expenses that will end in the near future (mortgage if the end is near, cost of supporting children that should move out, and so on). The new starting point would need to be adjusted for taxes.
Awesome to see a new video!! Hopefully all is will with you and yours!!
Thanks, @kenr8823 ! I'm excited about what I have planned for this fall. Thanks for the kind note!
Welcome back. We missed you.
Thank you! Just needed a break after doing this pretty intensely for 4 years. More great stuff to come this fall!
Happy to see you back. Looking forward to your future videos.
Thank you so much @pglover19 ! I'm excited by what I have planned for this fall.
Welcome back!
Thank you, @corvette1023 ! Glad to be back!
Glad see you back
Thanks, Leonard!
Good to hear from you
Thank you!
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Ann Doran.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
You trade with Kimberly Doran too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.
Is there a calculation for singles?
Great job and very interesting. But personal finance is personal. I could fit in all three categories (sections of the plane) at the same time
My current spending I'm poor
My income is median
My savings are already putting me in the front of the plane
Sounds like an ideal combo, John! Great job!
My life been a budget. Been knowing what goes in and what goes out for years. Doing good, since I been debt free since I was 36, own my home out right. I'm set, I don't have to worry about anything. The only if since my journey of life has been, will my health hold up. Well I'm 60 and in good shape and very healthy. Don't see the what if anytime soon. That what if, always can be that brick in your life. I'm not much of a worrier of those what if incidents.
It might help, if social security were not taxed upon receipt!
Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.
Simple and good, thank you.
I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.
I would advise the counsel of a seasoned financial pro. It may seem expensive, but as the old saying goes - "you get what you pay for" "Expert solutions require Expert providers" - my mantra
Agreed, opting for financial advise can be a wonderful resource for getting your finances in order. At first-hand, I average 4 figure/month in dividends and my overall ROI just hit $550k. I only have 30 or so stocks with more of my investments in digital assets.
@@KelvinWallace I'm glad I found this conversation. I recently settled a lawsuit and would like to talk to your coach about investing for my retirement.
I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with “Marisa Breton Dollard” for years and highly recommend her. See if she meets your criteria.
@@KelvinWallace I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me. Thanks.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
impressive gains! how can I get your advlsor please, if you dont mind me asking? I could really use a help as of now
Marisa Michelle Litwinsky is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
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 Marisa Michelle Litwinsky for the last five years or so, and her returns have been pretty much amazing.
Middle class was defined by HOUSEHOLD income. Your video showed investments needed for single, middle-class. What is the median income of single, middle-class people?
Did that final amount needed in portfolio to retire account for taxes on the retirement income?
Im a single man at 28 living in Missouri. 30k is actually not bad for me. And that's still more than i make annually. I make more like 25k. I'm not middle class but im not doing bad financially.
Not so fast... If you look at the the amount of social security income you presented alone, over 50% of retirees are living above a lower middle class lifestyle on social security income ALONE! That is an overwhelmingly positive sign and strong evidence you really don't need investment income at all to get by very well. And if you have a paid off house and no consumer debt, I'd argue the net effect is an upper middle class lifestyle.
Those with investment income in addition to SS are really just enjoying additional "wants" since their needs are certainly covered on SS alone. With that in mind, your portfolio size really just needs to correspond with how inflated you want your completely discretionary lifestyle spending to be in retirement.
huh? median ss w/spouse is $32,244/yr, so how is that above lower middle class at $49,720? In order to get the $32,244/yr ss w/spouse you would have had to have ending income of $96,500, far higher than the lower and middle middle-income range. 80% of that ending income would be $77,200. Poverty line for 2 is currently $20,440.
Not so fast. The lower middle class living on social security must also pay medicsre
As a soon retiree, keeping my $401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to $25Ok R0I in this current crashing market, any recommendations to scale up my R0I before retirement will be highly appreciated
Investors in U.S. stocks have enjoyed strong tailwinds for decades, but the current environment is more fragile. That’s why I recommend seeking the guidance of a financial advisor to navigate these uncertain times effectively.
Having an lnvestment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Actually its a Lady. Yes my go to person is a 'LUCIA ALICIA CRUZ '. So easy and compassionate Lady. You should take a look at her work.
Thank you for sharing this. I took the time to Google the individual you mentioned, and after reviewing her resume, it is evident that she is a seasoned professional. I have reached out to her and am eagerly awaiting her response.
Google says the avg monthly Canadian Pension Plan payment is just $816.52 (half of the avg U.S. equivalent Social Security monthly payment). Very sad
Glad to see you are back, although you couldn't have shaved?🤣 There's a household definitional difference between houehold povertly line qualification for welfare assistnce and what a household of 1 or more earners earn combined. Basing middle class on net worth rather than investable assets is problematic, too, since net worth includes assets that aren't generating retirement income (e.g. your house). "Are you behind" is also not a good question if you are comparing yourself againt the median or average American, since you should be comparing against your needs rather than everyone else's.
Fair point, @hanwagu9967 . Comparison is the thief of joy. And the beard is saving me money in replacing razor cartridges! 🤣 Seriously, everything is turning grey. Probably need to get new headshots for my profile pic, too.
@@PranaWealth 🤣
so a little confused where does the Federal Reserve get there information from and where do you get your information from ? Whose right?
I'm wealthy as can be, outside of California. Inside California, I am lower middle-class LOL. Thank gosh I own a home here.
I can never make sense of these because I don't receive social security OR a pension. These always talk about social security. Some of us don't get that. All I have is my retirement savings. I am 57, I have 1.4 million in retirement/high yield savings accounts, make 100,000 per year, own my place with no debt. I live frugally and usually spend around 50,000 a year including taxes (super high cost of living in my area). Still, I feel insecure about retirement. I want to work at least till 62, and once I quit, no SS, no pension, no health insurance. I dunno. Am I ok?
I live check to check. I am planning on retiring early since it is way to expansive to live in NYC. If I dont leave soon I will be unable to afford rent in a few years. I have no IRA and little savings. I am scared for me and my family. I wish I could afford an IRA or something like it. Any advice?
I’ve worked hard to save about $500,000 for retirement, and now I’m ready to turn my savings into a paycheck. But how much can I afford to withdraw from savings and spend is what I don’t know. If I spend too much, I risk being left with a shortfall later in retirement. But if I spend too little, I may not enjoy the retirement I envisioned. What’s your advice on this please?
I'd highly recommend using the 4% rule, maybe you'd know just how much to spend after retirement
stay flexible - If the market performs poorly, you may not be comfortable increasing your spending at all. If the market does well, you may be more inclined to spend more on some ''nice to haves''
Personally, I used the 4% rule as a guideline, didn't follow it precisely. For greater level of confidence around portfolio longevity and ability to meet my goals, I use a well experienced advisor from Montana. In a nutshell, I'm semi-retired and only work 7.5 hours weekly since getting fully invested in the markets for 5 years now, amassing about $1.3m so far, after subsequent investments.
@@justamanwithbeliefs such an eye opener! never heard or used the 4% rule, I spend what I want and when I want, however i'm interested in supplementing my streams of income by investing, mind if i look up your advisor please?
Katherine Nance Dietz is the licensed advisor I use. Just google the name and you’d find necessary details. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Great video!
Glad you enjoyed it!
Basing retirement costs on working income is a nonsense. Just pre-retirement is when you usually earn the most, and housing cost drop hugely (end of mortgage payments). You have bought everything you need, and are just replacing on failure. Jobs you would have farmed out before retirement you have the time to fix yourself. No life insurance (you have no dependents to protect). Kids have left home. I could go on.
Personally, I was spending close to my income in the decade before retirement, I now find it difficult to spend more than half.
Before I stopped dca-ing into my retirement account, it was 220k and has now depleted to 175k in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
If you want to rebuild your retirement by yourself, without the help of a partner, I will tell you it is near impossible. Even NewRetirement and co can’t do the job of an FA with expertise, a large following/client base and experience. Vet and hire one and begin to develop a rapport.
How can one get in touch with them? I’m looking for a fiduciary what’s the kinda fee for consulting?
It all depends on what you have done to prepare. No debt, you won’t need 80%. According to my calculations lower 60% replacement ratio. You didn’t mention anything about what retirees actually spend. About 25% of retirees still have 80% of their nest egg after 20 years of retirement. They were good savers but didn’t transition to spenders.
Maybe I missed something but it looked like you are saying that not having spousal income requires more income. While you don;t have thier income you also do not have the spending that goes along with it. I get you still need a house, car, etc. But it seems odd to assume the same level of need with a whole person not even there. The decreased medical alone should offset any loss of spousal income. Again, maybe I am not thinknig about it the right way.
I always saved 15%(plus employer match) and my wife has a government pension. Retirement is just a few years away. $2M+ 401k and $200k per year pension. This isn’t hard if you work hard.
I wish you would do a retirement plan that includes military disability? I have free health care for life. I'm 58 with 90% VA disability and 858000 in my 401k. Can I retire at 59?
I am 62, single, no kids, great health, with currently right at 1 million saved for retirement. I have ZERO debt and plan to "retire" new fall 2025. My employer's health insurance continues in retirement for life (80% employer pays, 20% I pay). I think I am in decent shape.
You are way above middle class! Healthcare alone is worth its weight in gold.
@@logicae4096 I dont think so! Definitely middle class! I only earn about $85,000 a year.
Any pension? Projected SS?
@@Markrtsoon Pension?? This is not the 1950s! Projected SS at 62 is $2100 a month, 67 is $2700 and 70 is $3600.
I would say your upper middle class. Good insurance, good pay, good savings and no kids. Unless you live in a high cost of living city you're doing great. Enjoy your retirement!
Looking at single ssavings numbers. At 67 I'm not even close to any of those numbers, and the "less social security" number is way low, unless that's somehow after taxes?. Hmmm, this is the kind of stuff that scares people into working beyond their 70s and then have to listen to people complain about boomers not retiring.
Do these figures assume you own a home? I’m above average in retirement accounts but own no real estate. Still rent.
I appreciate your channel and videos. But, single never married (no kids) do not a "Legacy" issue. Plus, I feel singles spend less in retirement than married couples. Plus, most singles do not need Life insurance. So, the concept singles need more seems off to me. But, I appreciate your posting this video. Great info.
Once retired, no one needs life insurance, which is to replace lost income. If you’ve saved enough money, there is no need for it.
Beware of scammers commenting on this video promising riches if you follow their lead
Missed ya!
Thank you so much, Rick!
Are these numbers household or individual?
In other words, If you played during your working life, you will pay by not being able to retire or retire with only the basic needs being met.
For some that lived life hard that might just work out for them.
Hope you enjoyed those $80,000 trucks and the toys you pulled with them.
One way to address this crisis is to redistribute from those who saved to a government retirement fund and distribute to those who never saved through steep retirement asset taxes. Yea, that's the solution!
I guess I’m lower class then. What are my numbers?
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Finding financial advisors like “Jessica Lee Horst” 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 for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.
with th median you can live like a king just about anywhere in SE Asia and as a duke in some parts of western europe
Middle class come in San Francisco is $300,000.
you could have 15 million and if 1.00 $ is worth nothing then 15 million of them won't help you. my 401k is 489k and growing my retirement is based on selling two properties to get my final place and have an additional nest egg when I'm about 55 make about 148k annually between business/work I will be fine unless the dollar is worthless.
The term Middle class means nothing. Technically, my household is above middle class yet I guarantee we are middle class on our take home pay. We still need to budget, measure, adjust …. I guarantee we are not sipping champagne and eating caviar.
We need to do away with spousal SS benefits. One person pays in should not result in 1.5X in benefits.
@@walkingdude8779it is a safeguard for those who stay home with the kids. Very necessary.
@@kathyt2108 if your spouse passes you get 100% of their benefits. Why should one home get 150% of benefits and another get 100% benefits while paying the exactly the same amount. Or even another household fet double the benefit while paying twice the amount. The system is providing benefits for no contribution yet we are concerned the system will become insolvent due to overpaying benefits. Granted, I would start cutting fraudulent disability, alien nationals that didn’t pay in prior to getting benefits first. However the system needs to be x in y out and that’s it. Sorry. My health will probably prevent me from getting any benefits but that’s the deal that was made under the treat of violence by the government.
In The United States middle class is working class , barely above poverty.
Who wants that?
Remember, if you don't fly first class your kids will! Move to the other side of that curtain!
Glad to see you back.
This was too confusing.
I guess I’m flucked.
Dont forget to factor in debt...You better have ZERO...
Good point. Although with some of the extremely low interest rate mortgages out there from 2021 and 2022, you could make a case for keeping those.
Median savings is pathetic.
Move to Mexico and voila you are now upper middle class.
Everyone of these retirement videos by all the people have scammers all through it waiting to steal from you
dumb anything between 200,000 and 500,000 is middle class
BS. Who cares about averages?
These videos are worthless…
I need to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K from my cash savings.
Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
pls how can I reach this expert, I need someone to help me manage my portfolio
Monica Shawn Marti is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for the info. I searched for her full name and found her website right away. I reviewed her credentials and did my research before reaching out to her.