Have You Saved Too Much For Retirement
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- Опубликовано: 28 авг 2024
- Today we share with you our thoughts on if you have saved too much for your retirement. We will share from our personal experience and what we have learned from others along the way.
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Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,
Most people miss it but the secret to retiring comfortably is finding a way to make returns while your money works for you. My Dad, as i remember started saving for retirement quite late but I know he was making more than 10k returns from his investments monthly and it was completely passive.
Great video, one that folks really need to watch. I' m 50, retired a while at 45. 1 have 35% of my capital invstments in an IRA. 25% in index funds, and the balance spread across other investment accts. in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly. My financial consultant has been patient and has done a wonderful job for me throughout the years.
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
Lol there's no such thing as too much,
Also It's crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively. Especially preparing for retirement
What a thought-provoking video. I retired at 48 and am very bored. Watching your video helped me to realize and acknowledge my “expertise“ and now I’m learning how to use it. Thank you!
"What a thought-provoking video! It's inspiring to hear how you've embraced retirement at 48 and are now discovering new ways to utilize your expertise. This video encourages viewers to reflect on their own skills and passions. Thanks for sharing your journey!"
I guess that was the difference with me. I was very efficient with my money all my life. My mom taught me this from a very early age. I am so fortunate. I lived under my income most of my life. The transition to retirement at 52 was quite easy for me.
I'm thinking about the transition less as "retirement" and more as entering "financial independence".
I'm on track to retire at 55yrs old (about 9 years from now). But this "mundane middle" just working hard and sacrificing is HARD. I keep hoping it's worth it!
Short answer is YES.
I'm 1 month from 55. The first year for us will be the tightest. Need wait for some investments to mature but there after the budget increases each year.
❤ I love your content. Could you do a video on solo retirement long term travel? As a retired single woman (62) I would appreciate it if you guys could share experiences of maybe solo friends or people you may know who are doing what you are doing and do not have a partner. Thanks! 👋🏼
You two are awesome. Your mindset about retirement should be the definition of how many of us 50 and older should strive for as a retirement goal.
Slow travel, RUclips, and taking advantage of the gogo years.
Especially as you show how well someone over 40, who uses their life experiences and interests can do becoming a content creator. 📺📺💰🤯📚🎬🎙👍
I’m watching this on my break where I’m contributing to my HSA to help me retire early
You two really helped turn my mind around about what i thought my retirement could be like. Each video reinforces that. A little over 2 years to my pension, but preparing now!
Wow ~ lots of great advice here. 😊 My husband is going to retire soon, and we are so excited. We plan on cutting way down on living expenses. So glad to be part of your YT course community! Thank you!
I loved, loved this video. You all hit the nail on the head. I'm going to show this to my hubby. I keep telling him that we have more than enough. It's time to go!! This was super helpful. 👌🏾
Thanks for the RUclips Community! BTW, we're visiting Chicago right now (first time) and definitely went to Portillo's! Thanks for showing us paths forward. Robert in NYC.
Awesome! We do love it there, will be going soon ourselves!
I was more than ready to retire late last year at 64.10 and am now solo, slow traveling the world (in SEA now and maybe I’ll run into you around BK when I’m there in a few weeks). I just started a YT channel to document my travel, primarily for F&F so not expecting to monetize. I may put more into it after I get past the “ don’t want anything that resembles work” phase of retirement.
Rob, don't forget about taxes that need to be paid! Love your videos....JP Portugal
Always learn from your fabulous videos, thank you!!! 😁
Great points and quality content, as always!
It's hard to pull the trigger because investment grows exponentially. So, if you accumulated $1m, then if you work for one more year, even without extra contributions, on average, your investment would go up to $1.1m. With the 4% rule, your annually spending goes from $40k/yr to $44k/yr. You can do a lot with the extra $4k annually.
That's their argument. Your line of thinking results in continuing to work longer at a job to save "just a little bit more" towards retirement. The next thing you know you've run out of good health and time. It's hard to break away from the investment bankers' logic.
You can do what I did
Moved to vietnam and lived on less than 20k a year for 4 years
Meanwhile invested in basic etfs and btc
Exponential growth of my savings, at least partly due to low spend
The whole point of this channel is the low spend factor of se Asia
P.s. that is high spend in vietnam I lived in central park (most lux apt complex in hcmc) taxis /grab car 3-4x a day, food delivery 1-2x a day , dined at the best restaurants, a flight to the midcoast beach towns once a month
@@msadventure49 It is the same logic that prevents ppl from selling stocks when the fundamentals stop making sense. Then they are surprised by a big sell-off. Many "conventional wisdom" opines are untrue like real estate is a great investment. It's poor compared to equities. Experts who have studied the appreciation after expenses over the last 150 years and placed the net return at just 0.6% above treasury bonds so you are exposed to the ebb and flow of price fluctuations. Wall Street mistakenly believed residential real estate NEVER declined but ignored the period around the Great Depression in their models.
Allie and Rob are great role models for those who want to assess their opportunity to retire to a life of minimal or part-time work. I remember during my peak earning years when I contemplated the same issues. I envisioned being a hamster on a wheel. No matter how fast I ran, I was not getting any further ahead. It was an illusion. Corporations love us to keep chasing the dream so to speak.
Most people do not dedicate themselves to saving for their retirement. As a financial advisor in Southern California once wrote, he noticed every time his payroll checks got another digit at the end, his spending did as well. Dr. Joyce Brothers wrote (and I paraphrase), that there are 2 questions you need to answer to become rich. 1. Are you willing to work hard and grow your wealth towards that goal? and 2. Can you adjust your spending to accommodate that increased income? The correct answers are 1. Yes and 2. No. Wealthy ppl keep much of what they earn.
Too many believe their identity is tied up in their work. We retired at 60 and did so recognizing neither of us wanted to work. We wanted to travel as much as possible and planning for that became a full-time job. It is working out for us because we understood our finances and realized we didn't need to work to enjoy retirement. We found a decent way to live in a major city, dispose of our cars, and stay within a modest budget.
I simply cannot understand why someone like Warren Buffet would continue going into the office at his age. He surely doesn't need the money. In fact, he has pledged to give away his billions for charity. If your whole life is dedicated to impressing others by what you own or what you do for a living, you lose IMHO.
Hi Rob & Allie, Thank you for making this video. It's exactly what I'm looking for. This year, I'm 53 and my husband is 51. I think we have achieved financial independence but we are quite not there yet mentally. I've been thinking about creating videos like you (inspired by your success with RUclips) and turn this activity into a potential source of retirement income but I have zero knowledge from creating, editing, etc. You're so right about the importance of keeping ourselves engaged in activities that are good for our mental and emotional health; added income for retirement is a bonus! How can I join your community of subscribers wanting to learn how to create and edit videos? Thanks!
Here is the link to the RUclips course which also includes the community and group trips etc... It's a great way to learn how to do it! groundedlife.thinkific.com/courses/youtube-after-40
Don't leave it on the table. Where were you when we we younger (77 & 81), but we still have enough healthy years to do some table clearing.
Can you say priorities and budgets?? We live frugally, invest those savings and then plan lower cost travel, during the next 15-20 years, while we still can. We are eliminating unnecessary costs and selling things that we don't plan to use going forward.
"Discussing whether one can save 'Too Much For Retirement' was thought-provoking. This video dives into balancing financial security with enjoying retirement years. It's an eye-opener for anyone planning their future finances!"
You guys are awesome
Great chemistry. Just wondering if you watch your own video? I like to watch how long rob can stay frozen
Lol great video.
I like your videos before they even play!
Great vid kids.
Hi
Great video. 2 years away from retirement. $8,000 monthly budget. Going to the Dominican Republic and renting by the beach. If we like it there will consider buying. If you don’t mind sharing how much money saved did you have when you retired?
thanks
Thank you for all the valuable information! You stated your budget was roughly $4000/mo. Would that include all the travel then? :)
I have more than enough for myself. I’m concerned about my elderly parents needing very expensive care.
I understand the traveling experience. But at some point, you will no longer want or will be able to travel. Where will you permanently retire? Will it have to be overseas to fit that budget. Will there be enough left for a permanent location. Are you considering SSN to help at that point? Does your course answer these budget concerns.
Now retired in a very secure financial position, I still have the same strong desire to save 20-25% of our income. It's a hard habit to break.
Saved too much? Is there such a thing. Guess I should listen.
3m is enough to retire to SE Asia , Started already in vietnam from 2016 to 2020 , now planning TH permanent
You can have what is considered "high spend" at 60-80k usd/yr and still your stacks grow
You don't need anywhere NEAR that kind of budget to retire anywhere, never mind SE Asia.
@JayandSarah agree to disagree
Having comfort in knowledge that your funds are likely to grow at that amount. Long term care that everyone needs later in life will become increasingly expensive
Think 30 years out
I am retired with that budget
I think it is a minimum
@@ericsmith-xd1xm22 planning 30 years out for anything is futile whether life or business. Having said that, long term care in Canada is basically free, there is no major excess to be paid or by the individual. Why waste net worth on your old age care, that money should be spent during quality years of life... not waiting for the eventual end.
My job gives me medical insurance.
In all countries but one, does this even matter.
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I'm not so sure the majority of people have millions saved in retirement.
The hamster wheel
Can you connect and coach me
Funny title. No such thing as too much savings!!!
I think it's about when to stop working and start retirement. I lived in vietnam fir 4 years and between the low cost of living and compound interest it was more profitable than continuing working