It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Sonya lee Mitchell 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 wasn't financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly basis via my investment and got 5 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this.
Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so
The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.
@@MiikeFaber Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
@@MiikeFaber I looked up your advisor's full name and she appears to be trustworthy and knowledgeable. She is a fiduciary who acts in any individual's best interests. So I left a message on her website, and I'm hoping she responds soon.
I was in my mid 40s before I looked at my retirement and what I had to do about it. I was renting and had no pension. I was lucky to come across the ads of a company called "ferrochrome securities" They organised my wrecked finances and made me set priorities. First on my list was sorting a home that I would own when I hit 60. Then looked at how much I would need if I wanted to retire at 60. This gave me my goal, and I am happy to say that 10 years later, and 5 years from retirement I am on track. Amongst the few things they helped me to realise was adjusting my IRA, inputting capital into annuities, corporate bonds and other securities and leaving them to compound and grow. It's pretty exciting once you start the journey!
I ponder on how my retirement experience would generally feel like because I've not yet been able to save enough money and according to my spreadsheet, I am few years closer to my retirement schedule
Teresa Jensen White is one of the best mentor/trader I have ever worked with in the past few years, she knows how best to deal with whatever market situation.
That's what I like to hear man. just don't get student loan debt, don't buy an expensive car, invest 60% of your income in S&P 500 indexes, house hack a duplex and start an online business and you'll be good to go.
Jazz Wealth Managers I agree with that. At school you learn too much nonsense. If I knew that. Today I would have more money and travel more. Just an example...
I bet if you put together a 30-60 minute presentation, your local high school would let you present it to students. It may be after school, and totally voluntary, but they'd let you. You could start the financial revolution in your area.
AWESOME JOB!!! I am getting close to 40 (this year). 401K plus my Roth I'm at about 120k. I hope to increase my 401k to another 2% next year (15% total). I took my merit instead of placing it in my 401k this time around because I am getting married. I will be back on track as soon as the wedding is over.
You are doing awesome, keep it up! Make sure its diversified to guard against a market crash. My story from when I was your age. I was always a good saver and thought i was doing well at investing in my retirement fund. In 2005 I was 33 had 30+k in savings/checking, and 70k in an IRA index fund and no debt. Long story short, bought a house in 05, housing market crashed in 06, and in 08 the stock market crashed, by 2010 my IRA was worth 35k, the house was sold, my bank account was zero, and debt around 15k. The 30k in my bank account, and 15k debt all went into the house. I took a thrashing...LOL! Even through all that I kept being a saver, and doing just fine today!
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
I'm 40. I add $1000 a week to my retirement. Next year, $1350 a week. At 50, I'm buying a sailboat and leaving the USA. Imo, people have spending problems.
I'm 39 y/o. No prior 401k saved. I just began working for a company with 401k with a match of 50% up to 6%. Not qualified for it yet but next month I'll be eligible. Planning on doing 10% investing on it. I just began a Roth IRA with you all this week. Planning on depositing $200 per check (biweekly) in to it. Fingers crossed for retirement. Lol
I'm 26 and about to pay off all student loan and car debt with about 30k in retirement accounts (401k, Roth IRA). plan on investing 65% of income into index funds and also real estate to retire by 35.
To all the youmg savers out there....I'm 37 with $470k in 401k & Roths...Another $120k in brokerage account...Honestly wasnt difficult at all (25% of my pay into index funds, thats it). I plan to stop working at 50...Just get going and trust in the process
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
Great video! I turn 40 this year! Had some mishaps in life but Just started my 401k this year. I think that if you can afford to pay the IRS then you should at least match what they are pulling out or the maximum $18500 contribution limit! It’s funny how people say I can’t afford to invest in my 401(k) but yet they have brand new cars they drive a $200 a month cell phone bill satellite TV boat or camper but yet they don’t put any money into their 401(k) because they can’t afford it I used to be one of these people now I make sure my 401(k) is first priority!
I'm 39 and just started my 401k. My company matches 8% so I'm understanding I need another $350 a month in a Roth IRA? Currently only about $130 per check goes to my 401k. This video is very helpful thank you
What a great Video, I’m 50 now and my 401k is 42k, there is no ways for me to get $Million when I retired, I’m running way behind, Young people, watch this video Cheers’
If you're single you only need $50000 a year to live without any worry ( that is you live in reasonably priced geographic location ). So at 50 years old which is 2 years away you need to have 1.25 million dollars if you live to 75 which is average. Honestly I would recommend 2 million since more is better in the long run and what happens if you live to be 100?
@@known3617 who needs that much money when you’re that old? What do you plan on spending it on every month?? Floating around on same dumb Cruise Ship hoping to get laid? Pass... I could easily live on 30,000 a year, I could care less about traveling and the yada yada traditional retirement crap. Just not having to get up to meet another damn deadline would be a dream come true. I plan on isolating from the total BS society pushes on people. If I get sick, I’ll have a rope and end it.
Man. The more I see from you. The more I think I should have started earlier I'm 39 now with 69K in 401. I'm so deep in debt I don't even know how I have managed that would love to do more but I'm so past broke too much debt.
I’m 47 and have 25k in credit card debt just started a 401k save nothing before lost money in 08 gave up on saving. What do I need to put away for retirement a month in 401k and still pay my credit card debt
Been there. That credit card debt is like killer quick sand. Do you by chance have equity in a home that you could do a ‘cash out refinance’ to pay off the credit card debt? That way you could have like a 7% (or whatever refi rates are these days) interest instead of what is probably double triple or quadruple that rate on the credit cards that are so damn tough to get paid down
I'm gonna hope I lived a good life and dead by retirement (67)😳😳I see so many old people who cant retire...smh...its my fault, I'm 38 and been told to invest in a roth... I like most...dont have the funds
We are 45/46, about 100g in 401ks (wife and myself). Our house will be paid off in 10 months. We have both had health issues and are wanting to retire asap....lol. After our house is paid off we will live off one income as much as possible.....the question is. When can we retire at 70K a year combined....(or are we NUTS)
I'm 37 and have 35,000 in a 401K, job matches 4% and I only take home $45k/annually. I invest 6% in 401k and 4% in ROTH. I don't take home a lot of money but somehow making it work. How am I doing? Could contribute more or less in either account?
Divorce wiped mine out in my 30’s. About 40 I started at 6% with a 3% match. At 45 I’ve increased to 15% and if all goes well I’ll be putting 20% in at 46. That being said it won’t be enough. Gonna do a Roth, some other funds and save.
I saw where you were talking about How $50,000 a year in return on investment interest would be taxed at 22% at 4:47 but I hate to bust your bubble but you're incorrect. Capital gains tax is usually between 10 and 15% and that's at most. And that's if you've got a crazy amount of money coming in. Capital gains tax is not taxed at the same rate as regular income.
I found this honest and want to share I never believe in forex trading, until I got my profit of $44,020 through forex trading with the help of Mr Nicholas Myron on Instagram @nicholas__fxtrade
I just subscribed to your channel and I must say I love your videos, I am in my late 30's and I don't have a 401k. Can you do a video for a person starting from scratch?
I’m 43. 15k already saved. 10% contribution to 401k per pay= $400 mth. 401k matched at 100% . I want to retire at 63. Am I doing ok? How much would I have for retirement?
What is the strategy if someone is...and wants 1 million dollars by age 67, if possible. 40 years old, doesn’t have access to 401k bc they are self employed and only has traditional or Roth access, currently setup in Roth IRA and have about 20k in it at moment. 6k maximum current contribution let’s assume will max out for years to follow...
Please, I need help. I want to start this roth IRA. Where do I open this account? And do I have to spread it through 4 investment accounts. I'm 41 and I want to start now. Please help!!!
If I want to move my money to your firm and have you invest on my behalf, but I'm already working with someone what do i need to do? I don't want to have the akward "you're fired" conversation. Things have been going well, but I like that you are a teacher and I can see that you know your stuff.
+Devin Plocker a Roth IRA is not what returns your gains. It's the investments inside of it. At your age I agree you should be aggressive. If you need help we're here for you.
At age 21 the answer to any type of investment option is YES!! You have the magic of time on your hands. Use it or lose it. Once it’s gone, the magic is gone forever.
I'm 30 years old with 148k in my 401k... I will max it out every year until I retire. I'm thinking of getting a Roth IRA and was wondering would that be overkill?
Im 40 yrs old my job provides a pension plan. My other co workers have a deferred comp account as well. Should I look into getting one too. Or is my pension plan good enough?
Also 40 plus my job(state job)has forced retirement. I'm also contributing to a defered comp plan not performing well thinking about withdrawing it and investing in Vanguard
Im in the same boat. State employee with a pension plan. I started contributing to a deferred comp plan also. A pension is great but you never know. I think about those poor folks in Detroit and how they got screwed. Tax savings on the deferred comp is a bonus. Most likely your deferred comp will have you in one of those retire by such and such date plans by default. I switched to an index fund. Better rate of return, lower expense ratio. Additionally it was rated as less risk to boot.
That is always a tough question, and its different for everybody, as we all have different pay, debts, taxes, cost of living...etc. I'm 44 and here is what I do: 1) Max out my employer matching 401k in an common stock index fund(85%), Government bonds (15%). I put in 5% employer matches up to 4%. 2) Save, Save, Save! Be a good saver. Saving/checking i capped at 6 months pay, now that money goes into my once a year premium for item #3. 3) 500k whole life insurance policy. This is now my savings account that I will draw from tax free in retirement. ****DO LOTS OF HOMEWORK BEFORE YOU COMMIT TO THIS, its LONG TERM**** and there are LOTS of bad deals, and lots of rules that go along with them. 5) Lastly, ETF's in a Blackrock brokerage account.
Hello. I’m 43 (no retirement savings) I have a recent Master of Health Administration degree I’m struggling to make use of currently employed in temporary position as Licenses Health Insurance Benedict Consultant. I’m thinking I need 1) a Matched 401(k) 2) ROTH IRA adding $458 per month 3) Emergency Savings account building 6-12 months of cost of living 4) Two whole life policies, one for final expenses and one as a savings vehicle. I’d greatly appreciate your thoughts.
My husband will be 40 next year and we don’t have anything saved for retirement. We plan on saving like the FIRE community so that he can retire on time. :)
OK. I’m 46 and just got scared on your video. LOL I would like to retire as soon as possable personally I have $28000 in a 401 & 1500 in a ROTH IRA. But the more I contribute to my retirement the harder it is for me and my family. I am the only income at the time. I just don’t see it happening for me.
That's sounds good but I really don't know what that means anymore. Making a budget and fixing life's unexpected problems is to much. I feel like i'm trying to squeezing an orange that's already dried out.
I'm 42 and just now getting started I get a pension. But I want to start a roth Ira now. Where do I start stock wise? How many stocks should I have or just grab 4 or 5 Vanguards and go from there?
I'm 38, I have 2500.00 in savings, and about 8,000 in stocks. I'm planninon doing the Roth IRA and paying the $5500 until I'm 65-70. I only make between 38,000 and 50,000 a year.
Go for it! If you’re in the military you can open an account at Navy Federal Credit Union and start your Roth IRA. They are doing a special this month on IRAs and ESAs for 40 months.
I am 40. I have $1.3m in cash, no debt on primary residence or rental properties. I have a wife and two children ages 2 and 5. I saved for their college including room and board, books and supplies, tuition and fees, plus a new Toyota Camry when they turn 16. My major concern is health insurance at a cost of $1405 per month. What should I do now?
I’m 46 years old and retirement is not an option for me as long as I’m still healthy and able to continue working. Working keeps me feeling young. Once I retire I will feel old and that is something that I want to avoid. Retirement is not for everybody.
I really admire your take on retirement. I've never been a fan. I'd rather continue investing and remain engaged with some form of work. Where are you from and what do you invest it? Let's share ideas please
Nope! You can get stated now. Work on paying off your debt little by little, using the Snowball Method or Avalanche Method. You can start a Roth IRA and invest a little into it until your debt is paid off.
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $950,000 PROFIT within 3months he invested $120,000. I just began investing and i will really appreciate any tips or helpful guide.
Tip; I’m a new investor as well and I use a broker Joanna Maliva Lee, she’s been guiding me with my investment since I began Late Dec and I’ve been able to accrue a profit of $426,000 with a principal of $85,000
I think i may have actually come across Joanna somewhere talking about the stock market and she spoke so brilliantly, please how do i get to reach her?
@@karolings1774 thanks for sharing, I am currently on her website and what I see is impressive. her resume and her experience is just awesome. I hope she replies me
sarasuperid get on it. My suggestion is to have auto payment set up, don't count on putting in money when you have extra, almost no one does that reliably.
I'm 43yrs old, legally blind. I'm receiving $1,500 a month on Disability. I have Two 401k accounts One is with an employer that fired me unjustly years ago ($8,000) The other is with Lincoln Finantial ($15,000) I can withdraw from the 401k without penalty but paying taxes since I'm fully disabled. What should I do? Should I take it out and invest it somehow? I have no debt but own no property (renting at the moment)
I had a job once that offered a 401k. I don't remember the details. After 2 years there was $400 in it after putting into it what I could afford and still be able to pay bills and live. I'm not sure how to save like that making 13.00 an hour with 2 kids and a mortgage. I keep putting away in my savings instead so I have easy access to it in case shit hits the fan and I need it.
I think the best way to save is to invest, I've had much progress with my finances since I started trading forex with the help of a professional trader Mr Stephan Briggs.
My return of investment isn't close to 7%. I remember back in the day when I set up my 401k, they give you 3 options, aggressive, moderate, and low risk. I took the low risk. I'm afraid to make a change, but I'm starting to realize I almost have to. What should be my next move?
You should contribute at least enough to receive the company match in your 401(k). As a rule of thumb you should aim to invest at least 10% of income toward retirement, more for the better chance of getting a higher 401(k) / IRA balance at retirement.
Hey. I’m 34 and don’t have anything saved up. I have like 5000 in savings. I would like to start saving aggressively into roth or a retirement account. There’s roth IRA at Pentagon...should I start putting in money into that account and that’s it? Thanks
42 here. made every mistake. not my fault. I have a SEP IRA barely funded and a tiny 401k from past employer not matched :( some savings. I can live cheap in retirement. hoping for invest plus SSI by 63-67 depending on health. Where do I go from here?
I followed on Twitter. Thank you so much for your amazing channel. I'm a 37 y/o divorcee and I am just getting back on my feet. I have a child with autism and student loans. I do not get income taxes, so finances have been beyond a struggle for me. I am opening a roth IRA this month. I only have 350.00 to roll-over from my 401k but it's tiny start where there once was nothing at all. Any advice for me? should I call you up?
+AutismAware 417 sure! Would be happy to chat with you. On JazzWealth.com click chat with jazz in the menu to pick the best time for you. Thanks for the follow!
If you're retiring at 40, don't put money in a retirement account. Put it in a taxable account. There are penalties for taking money out of retirement account prior to certain ages.
*Awesome! your potential seems timeless.* Understanding your financial needs and chalking out a plan remains the smart way to prepare for the unexpected. 11yrs in investing space and extremely pleased with the decision I made. The good news is - it’s not too late
Here is a complicated one..... I am 32 i do not have a Roth IRA or any savings at all. I am on permanent disability and on top of that there is a judgement against me for a car accident that happened when i was 18 years old. I can't even have a bank account because it was seized by the judgement that i have against me. What can i do???!!!! Someone please reach out to me and help me out a little!!!! Searching for advice!
