Do These 3 Things To Set Yourself Up for Retirement 

For me, I believe 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 determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $875k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

Mind if I ask you to recommend this particular coach you using their service?

"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.

As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.

That's why I make it a point to speak with a financial counselor before choosing any investments. I've been using one since the pandemic. using profit-oriented tactics and minimizing risk as a buffer against inevitable downtrends. In addition, they have access to insider knowledge and analysis, making failure virtually impossible for them. I made almost $700K after working with an advisor for over two years.

Can you leave your investment planner information and how i can reach out here? I need it badly

Aileen Gertrude Tippy' 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.

Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.

😂😂

Needs to be a T shirt

It affects survivor benefits and taxable income as well talk with an advisor probably shut wait till your 67 as its also indexed for inflation.

From my understanding you’ll lose $1 of SS benefit for every $2 of earned income over ~$21k. The max you would lose would be the total of your SS benefit. So not exactly 50% tax on all income over $21k. Also, this only applies to people who are still working (earning income). If you are retired, your retirement withdrawals are not affecting this.

Put it into a Roth.

You will not LOSE anything. It will be held back until later. But I guess if you die before all of it is given back you would lose that part.

That is an incorrect statement

@@lamleg1172don’t trust our government and there is no accountability to track the repayment?!?!?

Take it out now and enjoy because you don’t know if you’ll wake up again tomorrow

Take it out now. Tomo isn’t promise n ss won’t be here for long

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

Everyone has means and unique ways of operation, the point is ensuring you’re profitable, I’ve seen my $170k startup surpass a million and its been only 18 months having an FA guide me on my investments. It’s a necessity going about the fin market if you want to be profitable, Nothing can match professionalism and experience.

Heather Ann Christensen is a hot topic even among financial elitist in California. Just browse, you’d find her, thank me later.

Maybe 68-69

​@@snakeonia7542to get the full social security with raises is 70 if you are born 1960 to 64. If you retire before 70 it's about 2300 and no increases. Social security is tax at federal and some states level plus they take health insurance out of it. It's just pocket money

Right!!!.💯...lol

Maybe to 400 years 😂

Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.

I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred and fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.

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 determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

It doesn't make all that much difference until a few years before you retire. Sometimes the market goes up and the stuff you already own grows in value, sometimes goes down and your new contributions buy bigger chunk's As long as the overall trend is up, long term, vou'll be fine.

How did you find a good finance advisor? How do you know if they are trustworthy and competent.

Thanks. Do you ever feel anxious about your finances?

You could retire with no mortgage or bills if you choose.

​@@carolannstevens5814you still pay for house tax and insurance, car insurance, etc.

And that's the mistake most of the people don't realize. Moat of them grab that money as soon as they turn 62.

Work black

You can take at 62 & work. Rules for income though.

​@@valeriekehrt7566if someone has a high paying job / career it would be foolish to take SS at 62 if you plan on continuing to work.

​@@valeriekehrt7566 Max 22grand income per year while waiting for the compounding.

Except Social Security will never see it. Audit the whole shebang the government and agencies who signed to receive money but can not account for the money.

That’s only good if America can still sell its debt to other countries. At some point America won’t be a good investment.

ZERO sum budgeting for government spending. Justify each expenditure, like a real budget for taxPAYERS.

I mean maybe. Idk when the U.S. debt bubble is going to pop but when it does, it's going to be ugly.

Yes if you take it you can only make up to 21k a year......some or should i say many camt live on that if you need more at that time

You can make as much as you want/need to. If you make more than app. $21,000, you'll have some of your social security taxed and have to give bac k half of what you're over. It's not lost tho. You'll eventually get it back. Look it up. You don't get a dime if you die before your full retirement age and won't have any money to pass on. Even if the stock mkt is down, it'll usually come back within a couple of years. Besides, you should have some liquid money set aside just in case.😊

Cheapcookies- So well said!! But I’e never heard the term “grey panther”, what is that?

@@candecarro Grey panthers = senior voting bloc that can be relied on to consistently vote.

@@cheapcookiesAhhh! Thank you. I’m a grey panther. Great term.

Exactly who is not taxed heavily if they are making an income above minimum wage? Also 10% is an average, and very doable.

@@alinatamashevich3354 At federal minimum wage the effective federal income tax rate would be around 10.5%. Even at $15/hour, the effective rate would only be a little over 11%. Heck, the highest rate of 37% only applies to amounts above $578k. Compare that to the 50% deduction to social security payments to amounts earned over $22,230 if you continue to work and draw social security before full retirement age. And to add insult to injury, you still pay income tax on both your earnings and the amount of social security received. It is effectively a 50% penalty on top of the regular tax rates. So no, it does not make sense to collect social security early if you are still working, unless it is out of necessity. Do not collect it just to invest it. And while true that average stock market returns of 10% are not only possible but reasonable long term, once you are older/retired you need to consider volatility and sequence of returns much more than the average investor.

SS was set up as a ‘savings’ for Americans.

Work? What is that?

True. And their calculation is based on 10% rate of return. Maybe if you do investing full time (researching and analyses) then you'll get that much return. Besides, if you start collecting at 62, you're locked into that for life and your wife and survivors too when you die if she's not working. Also, at 62, you'll lose 30% of your SS income but if you delay it till age 70, it will increase 8% anually from full retirement age.

It will always seem financially wise to wait. Obviously, you will get more money . what if you die early ? People assume they will live problem free past 70...will you though ?

Well said!

@@bruceang82if you die early? You can’t take it with you and your spouse (if you leave one) will be saddled with lower payments for life (unless theirs is higher and they have waited).

@@WAN2TREE4What happens if you don’t live until 70? Why would or should people wait to collect money that is already their money from the beginning? The government is rolling the dice and hoping people wait longer to collect benefit so they are not responsible for payments over longer periods of time for citizens. This topic is all about Math and risk management.

66 and 10 for me 😂

I agree, horrible advice by Ramsey folks... HORRIBLE

My Dad developed dementia and had 2 devastating strokes at 69. There is no way on God’s green earth I’m waiting until 67 to retire. I’m going to do my darndessed to retire by 58. Earlier if I can manage it.

@@kerrissedai6857darndest..

You are correct. Totally bogus advice from people that supposedly are experts in finances.

Love M22!

Wait. Our extended family had a cottage on the Leelanau Peninsula named “Morning Glory”.

That is misinformation. No advisor will recommend a withdrawal rate that will deplete one's retirement account. Dave is broadcasting to millions, his advice has to be generic. Quit trying to claim he is everyone's personal financial guru. I believe the term is called due diligence.

@@alinatamashevich3354 seriously? Do you have an affiliation with Ramsey? He’s making a specific recommendation to millions of followers that 8% might even be on the low side of a safe withdrawal rate. Many will take that advice without ever talking to a qualified advisor. There is a very high likelihood taking that oversimplified advice will ruin those retirements due to sequence of returns risk. That’s malpractice. Ask any qualified financial planner.

They need to remove this video. It's far more complicated than what they're saying, but simple if they'd spend 15 minutes reviewing the rules. The ignorance is staggering.

That is what you need to know. A lot to consider. Every situation different.

I believe he’s assuming they also have a 401 or other money to live from while investing the social security payments.

Oh, really? Tell us more! I'm always interested in hearing success stories.

​@@MelodiRavoIt's Renee Marie Harrison doing, she's changed my life.

After I raised up to $700k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.

I do know Renee M. Harrison, I also have even become successful....

Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Renee Marie Harrison.

Vary fatalistic view of SS lol. What if the USD suddenly collapses and you're in Thailand? lol

@@WAN2TREE4It will still be worth more than in the US if the dollar collapses

@@WAN2TREE4 if the US dollar collapses money doesn't matter anymore, all you need are food, water, and guns....and at that point I prefer not to live on this earth.

What are they talking about, you can’t take early SS and keep earning the same salary without penalty.

Horrible advice from them. They confidently portray ignorance... I can't believe they said that...

They really need to brush up on their knowledge of social security if they're going to talk about it. If you take it before your full retirement age according to your age, you cannot work more than a certain amount before you get reductions. They did not even cover that topic.

@@RetroGamer20109 I’m well aware of the rules. I’m 62, so I study this relentlessly. And I have a financial advisor as well. At the end of the day, we are individually responsible for our (and our families) financial fitness.

I think you would need to run the numbers, if you are making +80k at 62, and have followed the baby steps, which means your home is paid off etc, who cares about the penalties. That extra amount even if penalized should net you more when you do fully retire, because lets me honest, i dont want to wait until im almost 70 to grow my returns even more. Im flipping 70! I want to enjoy my damn money way before that.

You know?, you have a point there.

You're mistating their advice. And you know it. Liar.

​@@amireallythatgrumpy6508 Obvious troll is obvious. Try harder next time

Yes you are obvious. @@lepoj

Again ,broke Joke advice. You cannot get out of a hole while digging out the bottom. The wealthy understand this, why make others rich while try to make it investing crumbs....

30% penalty

@@WAN2TREE4 From the Social Security website: "If you are under full retirement age (FRA) for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit." 30% in the year you reach FRA, 50% in all years prior to the year you reach FRA.

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

​ *@Buffet-walton22* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

"Gertrude Margaret Quinto" 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

Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.

That's a great question.

There is no money, it's just marginally less government debt.

The ones that live long get it all

A spouse and/or minor children can potentially receive survivor benefits based on the earned SS benefits of the person who died.

Do the math on breaking even for every year you postpone. No matter how you slice it, it's roughly 10 years. So for example if you take it at 67 instead of 62, then you won't break even until you hit 77. 50 percent of males in this country will be deceased if we are to believe the averages.

@@maxrobins4282 you are correct, however, older age is when we should consider the spouse left behind. I have a nice job and will work it until I don’t want to. But regardless, I’ll wait to take SS benefits until 70. Only to increase the comfort level of my wife… if averages were to play itself out.

@@maxrobins4282 There's more to consider. If the male is married (I am), then he may want to leave his wife with a much larger SS check if he passes first (which I do) we can end there, that's good enough... And maybe the man has a very nice, good paying remote job that he enjoys and is maxing retirement contributions for them both to enjoy, self-insure long term care, and still leave a significant inheritance.

The break even is not as long as they are telling you. The COLA adjustments annually on $2,000 a month compared to on $4,000 a month is a huge difference for the rest of your life. Most can’t afford to invest it as social security only lets you earn about $22K a year or they clawback $1 for every $2 of social security so you only get a pittance. Don’t do it

@@anitahill4937 amen!!!

I think he said that the example assumes that you continue to work.

You should do that anyway.

Report the video for misinformation

Retiring before the age of 80 should be illegal.

illegals and all the older americans that contributed little or nothing are drawing from it. Also the amount of "disabilities" that draw from it as well

Yep, that should a financial goal of everybody before you retire.

I'm there now at 58 and still working

Like that plan...been there for years in my 40s now. It's amazing how much you can save when you aren't paying off so much car and home debt off every month.

Because no one knows when they’re going to die is why you would take it out early. If you die at 64 waiting on your full benefit, you’ve lost it all versus that extra money you could’ve enjoyed your life more.

@@tmi4507 I’m asking how could invest your social security if you take it at 62 while continuing to work. If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320. Then you still would have to pay federal income tax of the half of social security benefits you get. So impossible to invest your full social security because you can’t get it all while earning over $22,320. I know no one knows when they are going to die that is why I tell people to believe on the Lord Jesus Christ

​​@@tmi4507I think that Calvin is referring to how the withdrawls if starting at 62 are split in half - heavily taxed for anything above a small income (22k or similar) if you are still working. They never mention that on this show.

Not to mention this 3:40

If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you're younger than full retirement age during all of 2024, we must deduct $1 from your benefits for each $2 you earn above $22,320.

The majority of people will not invest on their own.

If everybody works then the govt will have money to pay you. BUT if all the companies start employing AI and robots instead of you and me then we become unemployed with no SS lol.

The government will keep printing money to pay it.