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I have a defined pension available. I can start it right away or, as usual, if I wait there will be more, per month. I’m trying to figure out the calculator .. where would the amounts even out as I age (?). It’s my decision , I know, but it can be like reading a crystal ball. I appreciate your information via this video.
Very informative video. Can you tell me, what do Snowbirds do about protecting their second home from Squatters? Seems to be a lot of that happening lately with people coming home to find it occupied by someone without permission.
After retiring with 3 pensions, military, local government, and 31 years with a telecommunications cooperative. What I wished I had back when I started was a Roth 401K/IRA. Defined contributions plans are partnerships with the IRS. Now I'm busy doing Roth conversions. Plus, there is a rule of 55 where you can retire and draw from your 401K without the 10% early withdrawal penalty. This only applies to the 401K though! I did it, and your distributions have to be of equal amounts. Bob is right though, the earlier you become financially literate, the better you understand your investment options.
Great explanation however she forgot the Reserve and National Guard option for service members. This Reserve pension provides the best of both worlds and sevice members can extend their service ensuring a pension at age 60 for life. Also, once someone seperates from service they can no longer contribute to Thifts Savings Plan. The Reserve option allows someone to stay eligible for future contributions up until seperation from service. This can be significant as it provides extended contribution time for the service members past active duty time. Also, any reserve service member that accumulates 7200 points recieves an active duty pension upon obtaining those points instantly prior to age 60 which is not easy. The reserve pension is paid generally at age 60 however there is a age reduction for certain time spent deployed in the War on Terrorism. Just a very important option they didnt cover. I am fortunate to have a AF Reserve pension and im 5 years away from colllecting my 2nd pension. Thank You for your Service Barbera and all you do for our Veterans. Folks, if you encounter a Veteran when you out and about, take the time to Thank them they deserve our admiration !
It's nice to see someone talking about planning with pensions. Many folks with DB pensions will be subject to the WEP. Perhaps you could cover that topic since it can be a bit tough to factor in. Thanks.
Regarding WEP. I had 40 SS credits minimum to receive SS at 62. Which would amount to $675.00 per month. I spent 30 yrs. In Public Service in SoCal. Calpers system. I knew upfront WEP would apply since city made no contributions to SS. Also knowing my pension formula. I decided to move up the Career ladder a few rungs. From a five figure salary to a six figure salary, also to maximize the pension formula to 75% I needed to work a full 30 yrs. This move made the $325.00 WEP reduction very easy to take. And I was able to retire at age 58. Raising four kids made it difficult to keep a savings plan. So this worked for me. It may be different for you. God Bless.
For every almost every rule there's an exception, especially when it comes to taxes! I don't often see videos about pensions since they are so rare these days. There are a lot of things to consider, I don't know if it's common for defined benefit pensions but mine has an early payout penalty (% reduction per year before 65), and the lump sum would be a lot smaller right now since interest rates are higher.
@@SpookyEng1no he’s not think about the poor saps that took the lump sum in 2022 and saw it melt down 22%. There’s a simple 6% rule to see which is better.
Thanks for the video, very informative. I'm one of the fortunate few that have two pensions. One is from 21 yrs of military service and the other is a defined benefit plan pension from the corporate world (rarity these days). I was laid off after 17 years with them a few weeks ago with 8 months severance but was hoping for it since I planned on retiring early next year. So now I can say I retired twice at the age of 56. Not too bad.
Those are good points, I would add; if you own a home, get an inspection done. They will identify potential issues you might have to deal with.. a roof replacement might cost $30k which you’d want to have done before you retire..
What's crazy is he is my distant cousin and we share the same name. So people all the time would just assume I was his son but they were so dumb because he's like 10 years older than me. Pretty sure our grandfathers were brothers
He stole my life and future. I hate that pig. Fu. My drug addiction daughter is administrator. . Over a year now she hasn't payed the taxes or changed the deed. . Stole her mom's credit cards used them Applied for credit and got it . Using her mom's name my wife. My wife's wishes were not followed. My 50 years didn't matter. I live like a bum. I was her aid for her Pancreas cancer stage 4 metastatic. I hat you. . I'll be going to jail one day. I love and miss my wife very badly. Daughter hated both of us. Had her kids taken from her meth. . Certified statements form all her sisters. All mine he is not for the people. My lawyer was scared of Legg. Then quitts my case. Zachary d morahan llp
I retired 2 days ago. I turn 58 in October. I'm planning to hold off until at least age 65 to start taking SS. Having no debt, and a simple lifestyle has helped make this possible.
To stressful to have 2 places. Just keep your house and rent in Cambodia or the Philippines. Cambodia is only $55/month to rent a nice room with A/C. Siquijor, Philippines it is only $40/month to rent an entire house. Visas are easy as well. Cambodia is the $180, 1 year visa. Philippines is $31/month for a tourist visa.
So the title of the video is should you buy or should you rent? The video was more about things to consider in buying or moving but its it doesn't address nor answer the qustion of Should you buy or should you rent.
Thanks for watching, Josh! We hear you-the video doesn't technically answer the question because everyone's situation and preferences are different. Instead, we present things to think about so YOU can answer the question, 'Is it better for ME to rent or buy?' more easily for yourself. Thanks again for watching!
This was a good discussion however the main question that people have is why on earth would they get a Medicare supplement and pay $150 a month versus that of the zero pay advantage plans
Hi, Missouri! The answer is Deductibles, Copays, Coinsurance, and Out of Network Costs. The majority of Medicare beneficiaries have at least one chronic condition. Medicare Advantage plans can be more expensive than getting a supplement if you need a lot of doctors visits and treatments. Here is a Forbes article on the topic. www.forbes.com/sites/forbesfinancecouncil/2017/07/25/the-hidden-costs-in-medicare-advantage-plans/
I appreciate the very general article however I am one of those as I’ve just retired likewise my wife and Medicare advantage is wonderful With your line of thinking then you Must get a zero dollar co-pay on your collision insurance for your car You must get a zero dollar co-pay to cover your roof on your homeowners insurance I think you get my point and so it is with the 95% of retirees But thank you for reading my post
I just read that article you sent me in detail here’s my question to you Did you read it I mean really did you It talked about co-pays of $10-$40 I mean really Come on now that’s what you would pay if you had your health insurance at work At work would you take out a plan that cost $150-$200 more per month because you have to go to the doctor for specialist once a month for $40 co-pay I mean really now See now I find this upsetting because I happen to know a lot about this having worked in a hospital for all these years and recently retired That’s why I said you need to make a comparison chart for the average every day person who is in retirement and I think your listenership could benefit from this But my goodness get a better article next time can you please read this article that you sent me holy moly
Thanks for the question, Missouri! Jon had this to say: The decision on whether to choose a Medicare Advantage plan with a low monthly premium vs a Medicare Supplement with a higher monthly premium is based on an individual's circumstances. The benefits of a Medicare Advantage plan include the following: a low or $0 monthly premium, extra benefits including dental, vision, hearing, gym membership, money towards OTC items, and the flexibility to change between Advantage plans. The potential downsides are the following: cost sharing through copays or coinsurance for each service (except for preventive care visits or screenings) up to an annual maximum out of pocket limit that will typically range between $6,000-$8,300, provider network, and pre-authorization requirements for certain services. The benefits of a Medicare Supplement plan include the following: low out of pocket exposure for services, no network restrictions, no pre-authorization for services. The potential downsides are paying a higher monthly premium whether or not you utilize the plan, no extra benefits included, and medical underwriting requirements to change between Supplement plans. An individual that would rather save money on premium costs and pay as they go, while accessing the extra benefits may be more attracted to the Advantage plans, while an individual with concerns about paying for service or accessing their preferred providers may be more attracted to a Supplement plan. There's no right or wrong answer. What's important is that you find the plan that fits your needs the best!
Going slightly out of season we can stay in places for a month or 2 at a time. By booking month long stays you can get 40-60% off the rental over what it would cost if you did it weekly. We are allocating 20K a year for our travel. On that we can go to Ireland, Scotland, Iceland in the summer for a couple months and new zealand in the winter months here, their summer. The thing about travel in Europe is that public transit works ! If you plan a little, you do not need to rent a car in most countries in mainland Europe.
@2:15, not sure how Texas is rated as a tax unfriendly state. It has no state income tax on social security, nor tax on IRA-401K withdrawals or pensions.
nys has no income tax on my NYC pension, NYS pension, My , or my annuity. Im 57 and been retired since 2015, My wife collects Social security and Pension in NYS and Pays no income tax on either. Web are snowbirds we own 2 homes, a house in Long Island Ny and a Condo in west palm Beach.wev have No mortgages and Our taxes and HOA Are high
