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This is crazy that they want to wait so long before they retire. Why work 40+ years before retirement and only have a few years to fully enjoy retirement and the fruits of our labor. Enjoy all that life has to offer and don't be a slave to work all your life. After 70, how many years of health does one have? I want to be thinking about health, happiness and enjoyment and not when I might be going to a senior home. I think one should live well below their means and establish a budget that they can easily manage that is very constant and brings them happiness. Work backwards from that budget number.
A key note about the 401k vs IRA: 401k is federally protected in a lawsuit. God forbid you run over someone, but if you do, your none 401k retirement accounts are accessible to pay for damages. Also, most brokerage firms offer the ability to buy other assets. Fidelity BrokerageLink for example, is where I have my 401k money. I've got stocks there.
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.
@@NancyBetty-x 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?
This was excellent. I just retired and discovered that I can't make monthly distributions from my 401K. I was wondering if I could convert it to an IRA and you answered my question! Thank you!
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.
@@claircourtway 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?
I have been working diligently, saving and contributing towards early retirement and financial freedom, but most times I wonder what I would do with my 401k after retirement to meet my goals. Do I keep contributing to my 401k or look at alternative sectors to meet my goals now.
@@richardlewis9309Without a doubt, getting proper financial advice cannot be overemphasized, my portfolio is well-matched for every season of the market and has just yielded 125% from early last year to date. I and my coach are working on a 7 figure ballpark goal, though this could take another year.
@@richardlewis9309 No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and has just yielded 125% from early last year to date. I and my coach are working on a 7 figure ballpark goal, tho this could take another year.
@@richardlewis9309 No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and has just yielded 125% from early last year to date. I and my coach are working on a 7 figure ballpark goal, tho this could take another year.
@@richardlewis9309 No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and has just yielded great returns from early last year to date. I and my coach are working on a 7 figure ballpark goal, tho this could take another year.
I am o the same age as Sally, and I have a little more than her so this video is really valuable to me. And Ryan, THANK YOU for the way you presented this video. You're the very first one who was able to really show different scenarios and choices we can make in a way that is really accessible and is easier to understand and you actually presented options in a real easy way to understand. Thank you very much. I'm a bew subbue. God bless you.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Your calculation is oversimplified because his needs start at $1000 per month, obviously with inflation that will increase by a minimum of 3% annually. The current time value of money is not included in your calculation and that is leading the dollar amount needed to purchase an item in the future will be more than it is today.
Depends on the retirement lifestyle they want. But, for the bulk of the folks that is plenty. If you want more money, then work longer, it's your life.
My pension is worth about 2 million from age 60 to 85 (we dont live past 80 usually). My 401k and IRA should be worth 1.6 mil if I can average 7 percent over the next 20 years. Even with 2 properties that should both be paid off by then, I dont feel like it will be enough to retire comfortably and leave some behind for the grand kids. I need to learn amazon selling or something 😂
Ryan, great job illustrating the complexities of retirement planning. For those looking to explore alternative investment options, My Digital Money is a platform that allows you to invest in crypto within an IRA. It's a unique way to diversify and potentially build real wealth for the future. Just a suggestion for those looking to think outside the box!
based on the limit, you're talking Roth IRA. From an IRA 401k to Roth, you will have to pay taxes cause you're going from pre to post tax retirement accounts. But from Roth 401k to Roth IRA, no you don't, but it's a little different in this case. But for the most part, it's almost like apples to apples.
I'm single, 54 and will, barring a plunge in the market, have about $3 million in retirement/investments/savings by the end of this year. I was planning on retiring at 60 but it is beginning to dawn on me that this may be overkill, especially since I would be saving/investing around $250K per year for the next five years without really trying. So, assuming a very modest rate of return plus additional savings, I would be looking at around $4.5 million at retirement, which seems unnecessary for a single person living somewhat modestly. I am also an only child and will likely inherit most of, if not all of, my parents' estate, which is probably worth in the upper 7 figures. I have a "dream job" (senior management, multiple six-figure income, work remotely), and I currently live comfortably in 2 homes on a fraction of what I make. But I have to admit that I have grown tired of being on a schedule, I honestly hate being "the boss," and I want to go out and do some adventure traveling before I am too old. Intellectually, I know that I could probably retire much sooner, but emotionally I hate the thought of leaving behind the title, the respect and the salary. I know I am very, very, very lucky and this is not a complaint at all. I'm just wondering how the financial, intellectual and emotional paths all converge at a single point where you finally say, "okay, I'm done."
My Financial planner asked me “what do I have against spending money?” LOL. I am retired. He says I don’t have to be such a saver forever…but these folks sure figured it out fast!
Based on the income groups watching these videos and the example Ryan uses. My advice is to simplify the planning process by aiming for a perpetuity not a declining balance. Set a spending range (min/max by year adjusted for inflation). Then be flexible every year adjust your spending to maintain your chance of success in the out years. If your retirement assets are increasing year over year at the rate of inflation by definition you have 100% chance of success. Overall, this will yield less spendable income and a bigger remaining balance. And in this wealth bracket you really don't need to increase your spending to be happy. Lead with your actions and distribute the remainder to your grandkids and favorite charities. I'm sure they will find a way to do 'good' with the money.
So you are saying that people with three million dollars in assets can safely retire? The suspense is killied me. The worst case scenario, the husband dies tomorrow, and the stock market goes to zero, and the wife would still have over 70K a year. I think they'll be okay.
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
I think your conclusion was to take SS earlier because there is more of the nest egg left than if he started SS at age 70. I am trying to find a video which takes into account the time value of money. I always see the break even point calculation taking into account the actual payments only, however, if a reasonable interest rate is assumed, I have found that this pushes out the break even point by years. Those payments received in the months prior to 67 or 70 produce lots of interest over time.
I am planning to retire at age 60 with $3 million. I also have a pension from work. This excludes the home with $1.5 million in equity. I will most likely inherit a couple million but I do not include it in any of my calculations. I live pretty frugally and plan to spend my days at the gym, biking, golfing, playing tennis and gardening. The largest expense could be healthcare or travel. I see so many articles saying that you need more than $3 million to retire. I expect to take social security at age 62 and Medicare at age 65. If need be I can work part time at an easy job just to have benefits for the first few years.
Social Security benefit cut? Particularly for current and soon to be current beneficiaries look at the voter demographics. Baby Boomers and older Gen. represent too many votes. Highly unlikely. Much more likely - delaying full retirement age for current under 45-50 year olds. Eliminate the income cap on SS payroll taxes. Raise the payroll tax rate. Eliminate or reduce the tax deductibility of Employer retiree contributions, perhaps only on higher incomes. Cap IRA/401K tax deductibility by income. All of these are more likely than hitting current retirees. But worst likely case, squeezing the SS benefit bend point %’s for the SS benefits (PIA) of under age 45 future retirees.
Ryan and team- thanks for this. I watched in 2023, and rewatched it in early 2024. With the month over month effects of inflation, the encouragement to not take out large sums of money has rung true. Inflation feels excruciating. Good luck to us all.
