More than 3 Million and Can't Afford to Retire ? | On The Money

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In a scenario where a couple possesses three million dollars in savings yet remains apprehensive about retirement, the advisor addresses their concerns and conducts a comprehensive financial assessment. The advisor underscores the significance of considering health and time alongside monetary factors. The couple's financial details, encompassing investments, annuities, and assets, are meticulously discussed. Core income streams from home ownership, Social Security, and annuities are identified. Addressing their anxieties, the advisor examines potential risks like market fluctuations, inflation, Social Security adjustments, and long-term care. Utilizing simulations, the advisor demonstrates that despite potential challenges, their retirement remains viable. The narrative highlights the need to strike a balance between financial security and overall well-being.
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16 сен 2024

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Комментарии : 179

@1Skeptik1 Год назад

$3 million? LOL I have 1/3 of that and retired 10 years ago very comfortably.

@onthemoney1 Год назад

It can most certainly be done. Many thanks for watching.

@SuzanneU Год назад

Absolutely! The amount one needs is directly dependent on lifestyle. We're retired on $1.3 million and have 98% probability of dying with a legacy.

@onthemoney1 Год назад

Keeping spending under control is a key factor in long-term success. Many thanks for watching. @@SuzanneU

@InMyBrz Год назад

I have $20,000, live overseas S AMERICA, and am DOING JUST FINE SO WHAT IS YOUR PROBLEM ? INSECURITY ?

@gregm7991 Год назад

Great video, thanks! Really only ~$2.6M in retirement savings as the house shouldn’t be included in my opinion.

@peterlee4131 11 месяцев назад

If 3.6M isn’t enough to retire at 70, then what hope does the rest of the country have?

@onthemoney1 11 месяцев назад

In many cases, a solid retirement plan can be executed with fewer dollars. Many thanks for watching and commenting.

@ideasetgo 9 месяцев назад

It's plenty of money. This idea that you should save all your money - and sacrifice your actual life - just in case you end up in an expensive home at age 90 is lunacy. These folks sound like they need therapy more than they need financial advice.

@bernie9728 7 месяцев назад

It's called poor money management. People spend too much money trying to keep up with what they others have and get in trouble financially because of that. Everybody worries about how much they have and too many of them don't consider how much they owe. It's easy to live a lifestye that is above your pay grade if you do it by building debt. Debt can be a good thing if it's managed correctly. It can also be a huge burden if not managed correctly. I retired 8 years ago debt free. So I have not touched a dime of my investment money. My wife and I are having no problems living on just our Social Security. We can pretty much do anything we want any time we want with zero money worries. Being debt free is what does that.

@rickyayy 10 дней назад

It's never enough

@GillerHeston 11 месяцев назад

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.

@onthemoney1 11 месяцев назад

Many thanks for watching and commenting.

@blueknightcraze6766 7 месяцев назад

Im saving 10% in 401k, maxing roth ira, and investing in a brokerage account. 👍🏼

@dlg5485 11 месяцев назад

People with this much money who claim they can't retire are making excuses. The truth is, they're either a workaholic or addicted to accumulating wealth and chasing ever more of it. If you have either of these mindsets, you will always have a bogus excuse not to retire. Life is far too short for that kind of thinking. This couple can easily pay off their mortgage now and still have plenty of income for the rest of their lives. That looks like an amazing retirement to me! I plan to retire at 62 with about 1.2 million and even that might be later than necessary. Also, SS benefits are not likely to be cut. Every member of Congress knows that's a death sentence for any politician that votes for it. It is far more likely that retirement age and the SS tax will be gradually increased, but the best solution would be to simply lift the income cap on the tax so that ultra high earners are paying the same percent of income as average workers. That alone would make SS solvent for a century.

@onthemoney1 11 месяцев назад

Many thanks for watching and commenting.

@davidfolts5893 Год назад

It ain't what you make it's what you spend.

@onthemoney1 Год назад

True! Many thanks for watching.

@ivanvarykino8202 Год назад

I really enjoy the unique perspective you provide by presenting real life situations. Thanks, and keep these coming if possible!

@onthemoney1 Год назад

Many thanks for the kind words. More to come. Please stay tuned.

@EdA-bz3bu Год назад

We live in the land of plenty for MOST it is NEVER enough. 🤦🏻‍♂️

@onthemoney1 Год назад

Thanks for watching the video

@brissiAU 10 месяцев назад

This is why you have to be careful when choosing a financial advisor, seriously, if an advisor is saying you cannot retire with $3 million at aged 68 then the advisor is just trying to rip you off with fees.

@onthemoney1 10 месяцев назад

To the contrary, these folks needed confidence they could retire. This is covered in the video. Many thanks for watching and commenting.

@RLX12373 Месяц назад

I think he’s trying to say these people have unfounded fear of retiring.

@LadyCatherine538 Год назад

It is all about the 3 M’s: money, marbles, mobility.

@onthemoney1 Год назад

The best comment we have ever replied to and so true! Many thanks for watching.

@dyinglikeflies Год назад

The pivot analysis that better sustained health equals lower health expenses or at least delayed extra health related expense is not stressed enough by most. Moderate exercise itself is a form of financial planning. Good perspective here. Thanks.

@onthemoney1 Год назад

Great point! Health is Wealth. Many thanks for watching.

@rhondavigil795 Год назад

It is sad to me that some people simply can't stop working. They have not built a life outside of work. So they cling to work because it is all they have in life. I am certain Jack is smart enough to know his money will generate enough income to live very comfortably. If facts don't ease their fears then they need counseling.

@onthemoney1 Год назад

Well said. Many thanks for watching.

@sampropane Год назад

Time to read “Die With Zero” by Bill Perkins

@rickyayy 10 дней назад

For many people work is their life

@anad44 Год назад

I’m retiring on 10% of that. WTF are they buying?

@onthemoney1 Год назад

It was more the fear of whether could they make it than what they were spending. Many thanks for watching.

@mocheen4837 6 месяцев назад

Retire on 10% of that amount is not good.

@The.Harsh.Truths 2 месяца назад

@@mocheen4837lol yeah but maybe he gets SS and has a pension.

@Larimarc 7 месяцев назад

What’s a financial planner’s commission on a $3,000,000 portfolio? 2%? $60k/yr… Yeah, I could retire with the commissions alone.

@bernie9728 11 месяцев назад

I retired 7 years ago at age 62 and started taking back my Social Security at that time. (Don't be fooled by the idea that more per month equals more money because it's not true) The reason I get less per month at age 62 is because I'm going to draw the money for a longer period of time. It's not rocket science, it's really just grade school math. 7 years in and we have not drawn one dime of our retirement savings, or investments. The key to a worry free retirment is to retire debt free. I never think about investments. I never worry about monthly payments. In, fact I hardly worry about anything. Worry will make you old quick so just don't do it.

@onthemoney1 11 месяцев назад

Many thanks for commenting. Many thanks for watching.

@kimanhle1197 11 месяцев назад

Let them continue to work. We need people like that to support all the retired baby boomer. LOL

@onthemoney1 10 месяцев назад

Many thanks for watching and commenting.

@JayandSarah Год назад

Anyone with $3 million who claims they can't retire has just had it fall into their lap. Anyone who has been planning for decades knows the value of money and would retire in an instant.

@onthemoney1 Год назад

For some letting go of the paycheck and living off the nest egg is a hard thing to wrap their head around. Many thanks for watching.

@TheFirstRealChewy 7 месяцев назад

I'd say it depends on the lifestyle they want to live, so depends on expenses.

@terryweller1233 11 месяцев назад

This couple is more in need of a psychiatrist than a wealth advisor. But still good of you to try and assist them with their fears (most of which will likely cause them to die early from undue stress)!

@onthemoney1 10 месяцев назад

The key to being a great advisor is understanding you are a money shrink. Many thanks for watching and commenting.

@worldchanges10 Год назад

This couple must live extravagantly for having 3M and isn't enough, comparing to my $1400/mo on ssa only

@onthemoney1 Год назад

Watch the video. Many thanks for tuning in.

@scarbo2229 10 месяцев назад

This is crazy. If you worry about everything, you’re not living your life.

@getinthespace7715 11 месяцев назад

Crazy. I'm 40 hoping to retire early. Investing 15-20% since late 20's. Our income just tripled. Over a decade of hard work is finally paying off. We'll be 100% debt free this year then shifting to Investing 63% of our gross, by leveraging employer matches, etc. Hoping to increase our investments by 1 million every 3-4 years until we actually retire. I don't like annuities... they are only as good as the company that holds them. Company goes under and your money evaporates. You shouldn't pretend annuities are "guaranteed". To me they have all the same risks as a pension. Company folds and its bad news.

@onthemoney1 11 месяцев назад

Many thanks for commenting and watching.

@allanc9472 Год назад

It all depends on individuals whether is enough or not for the lifestyle they want. Example if you ask Trumpy to live on just 3.6 M he will says are you nut! But then if he goes to jail for numerous years, he would have more than enough 😂, right.

@onthemoney1 Год назад

Many thanks for watching.

@mphil3051 Год назад

Really nice review and subscribed !!!!

@onthemoney1 Год назад

Many thanks for watching!

@lordabhikingfisher8087 3 месяца назад

I was in that same situation. I had 3 and then I saved up to 7M and I still cannot retire. I plan to work till I die.

@rickyayy 10 дней назад

Why

@lordabhikingfisher8087 9 дней назад

@@rickyayy Trophy Wife.

@rickros3677 11 месяцев назад

For social security...the tax increase will happen by elliminating the tax cap. Reducing benefits will happen by cola reductions. These are what state pension plans have, the GAO has recommended, and are not so obvious to voters.

@chocopie6277 2 месяца назад

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.

@RaechelMaelstrom 7 месяцев назад

I really don't see it as useful to say that the house value is part of the net worth. First, to tap that value, you have to sell it or put a home equity line of credit on it. Second, in order to keep the value of the home where it is, you have to put in repairs, which I can imagine being pricey on a $900,000 house. This is why to be an accredited investor you can't count your primary residence. So now they're at about $2.5 million for two, and going into long term care can easily eat up $100k per year for just one person. I still think they're fine for retirement, but there are a lot of people thinking that because their house has high value they are ready for retirement. I say ignore primary residence in planning, unless they're planning on downsizing.

@nyaz1749 8 месяцев назад

People got issues if 3 mil isn't enough.

@southjersey10 11 месяцев назад

This was a very interesting analysis. And very helpful to me. 😊

@onthemoney1 11 месяцев назад

Many thanks for the kind words and watching.

@rodrigok1220 3 месяца назад

Only worry I have is health insurance and inflation. Hopefully will have all kids through college or self sufficient and a paid off house.

@joedarneal5409 5 месяцев назад

A person’s needs should always come First, And Wants Come Last Only if you can Afford Them.

@peterwilliams1074 29 дней назад

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.

@M22Research 7 месяцев назад

Tax brackets inflate with inflation, so spending to 12% bracket in itself won’t necessarily drive them into the next bracket.

@larriveeman Год назад

if you have no debt, a good federal pension plus SS ( both with COLA's) you don't need a whole a large TSP/IRA...I'm living that right now, I have plenty of income

@onthemoney1 Год назад

You are well set. Many thanks for watching.

@shockwave1126 11 месяцев назад

I hear you. The key is not to have debt.

@onthemoney1 11 месяцев назад

It certainly is helpful. Many thanks for commenting and watching. @@shockwave1126

@Maxrotor1 Год назад

I have several paid off rental properties to lean on if the market crashes.

@onthemoney1 Год назад

Real estate is a great part of a well-diversified portfolio. Many thanks for watching.

@scoutandscooter Год назад

My father in law planned for MIL to live another ten years, she died 11 weeks later. Annuities are a big mess for heirs. If congress doesn't get involved, max your 401k / SEP in a Roth. Start at 20, you'll being wondering what super yacht to buy went you are 60.

@onthemoney1 11 месяцев назад

Time value of money and compound interest. Many thanks for watching.

@meibing4912 10 месяцев назад

13:37 a number of European countries have done what is needed to save future pensions. Not popular. But not impossible to explain people why its needed. Netherlands and Denmark are two good examples of how this can be done.

@onthemoney1 10 месяцев назад

Many thanks for commenting and watching.

@ArduinoRR 11 месяцев назад

First thing I looked at was their income forecast. With Jack's SS and the annuity, the household income would be $100K+. Sounds like they currently make twice that and want to continue spending more into retirement. I guess that's OK, but not what most people are expecting.

@onthemoney1 10 месяцев назад

Thats an excellent point. Many thanks for commenting and watching.

@inikkor520 7 месяцев назад

Genius, you left out the goal.

@neilanthonytijing3663 Год назад

Diane can get half of her husband’s social security of $28.5k instead of just $22k

@onthemoney1 Год назад

It all depends on age and timing. The bigger goal is to get his when he does as he will likely outlive her.

@tomgrimmer947 Год назад

She'll get half of his Primary Insurance Amount (PIA) which is his benefit at full retirement age, not his actual benefit if he delayed taking it.

@frankangotti7281 Год назад

can't retire on 3 million dollars, get real

@onthemoney1 Год назад

It can most certainly be done on less and we have proven that in other videos on the channel. Many thanks for watching.

@Markrtsoon 7 месяцев назад

I did not watch the full video. It is too long. We are in our early sixties, with more money than Jack here. We have two pensions and will have about the same SS as Jack. I am still working too.

@Nickulous64 11 месяцев назад

Dianne is only going to get 50% of Jack’s SS at his PIA which is his age 66 SS. She does not get half of the extra 8% per year Jack earned from age 66 to 70.

@onthemoney1 11 месяцев назад

Correct. The primary focus is what Diane will receive from Social Security when he dies. Many thanks for watching.

@user-bm6wu9zw9m Год назад

I know I can retire easily with $2m. 😎

@onthemoney1 Год назад

You certainly can. It's all about how much income you need. Many thanks for watching.

@joeg8391 9 месяцев назад

3.6 million and you don't feel like you can retire, maybe move somewhere cheaper like South Dakota or Wisconsin. If you can't live on 4% or $144,000 per year the problem is you.

@CarrieV9 Год назад

What is a “domestic engineer?” It must pay peanuts as Diane has only saved 90k in qualified account

@onthemoney1 Год назад

Homemaker... Many thanks for watching.

@truthbetold6942 Год назад

It is a term for housewife 😂😂😂😂

@The.Harsh.Truths 2 месяца назад

@@truthbetold6942lol that’s hilarious.

@heltonja 5 месяцев назад

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.

@henryfung943 11 месяцев назад

Inflation is the biggest enemy !!!!

@onthemoney1 10 месяцев назад

It certainly can be a headwind along with taxation and healthcare costs. All of which seem to be increasing. Many thanks for watching and commenting.

@69hdavid 9 месяцев назад

They had better change their life style. Give me a break.

@rickros3677 11 месяцев назад

My wife died a year ago at age 56. Don't assume one spouse will be the one who dies first. I have family and friends who's children have pre-deceased them. The only certainty...we will all die.

@onthemoney1 11 месяцев назад

We here at on the money are truly sorry for the loss of your wife. Thanks for watching and commenting.

@Svartr.HrafnSvartr Год назад

I'm one renoviction away from homelessness. I hope this couple learns how to give themselves permission to breathe and enjoy their success.

@onthemoney1 Год назад

Many thanks for watching.

@meomeomeomeow 2 месяца назад

Do y’all plan to live until 170 years old?

@JBoy340a Год назад

Let me guess. That is not net. They have a lot of debt they have to cover.

@onthemoney1 Год назад

175K owed on a 900K house. Which will be paid off upon retirement. Many thanks for watching.

@missadda8890 Год назад

I am going to work hopefully until I die, this retirement infatuation is just that, to be honest, I have never met a retiree whose lifestyle I envy you can only play so much golf.

@onthemoney1 Год назад

Having a vision for what you want to do if you retire is super important. Many thanks for watching.

@markdavis1116 Год назад

Work until you die. You know who benefits from that? The government. You are a tax slave

@rogeredwards3563 Год назад

Infatuation with retirement? I'm infatuated with LIVING, not WORKING...it's the old working to live vs. living to work. But, everyone has different goals as they age. It sounds as though you really enjoy working...if that's what makes you happy and fulfilled good on ya! I'm about to turn 59 and plan to be done with my work life no later than age 62. I simply can't imagine working past that. I suppose it all depends on what you do, the stress involved in your work, etc. I've witnessed more than one co-worker die AT the office (different employers)...and nothing could be more pathetically sad to me. I've worked in a very stressful yet rewarding field my entire career (cyber security) and will not allow that to happen to me. While my work is financially rewarding, I am quickly getting to the point where I simply "don't care" about it anymore. I find rapidly decreasing joy in my work, and am just "done". While I'm still healthy and able bodied, I want to be able to spend time doing things I actually enjoy like engaging in my hobbies, hiking, biking, art, sipping a nice whiskey, traveling, giving back to the community, spending time with friends and family, sleeping in on Monday mornings, traveling some more, and just enjoying not answering to an employer anymore. I took a year hiatus several months ago and got a taste of retirement and I rather liked it! I can't wait to go "full-time" retired. My best wishes to you!

@TheFirstRealChewy 7 месяцев назад

I'm not looking to retire either. I'm looking for financial independence. I'll still be doing something.

@gabrielj.negrontroche4188 11 месяцев назад

Most of the people i know moved back with their parents until their 30s to get a headstart. America is loosing its ground and hardworking ethic for survival and basic needs i sold my car taking the bus 24/7 can save more but even 50,000 is not enough when i get to 67 years old it sucks . Really bad now without a car i can invest 15% to 401k and match of 6 percent employer’s and HSA account but it’s still not enough. Barely make a dent

@onthemoney1 11 месяцев назад

Many thanks for watching.

@mapmanlxii1715 7 месяцев назад

Wow I thought I conservative and a worrier!!! 😄

@jeeplife5262 Год назад

Not sure if this a real couple, but who the heck has a "goal" of staying in the 12% tax bracket!? That’s bizarre. Paying the least amount of taxes, sure, but why pick a tax bracket…. Strange

@onthemoney1 Год назад

The next bracket is an 83% increase and it was important to them to stay out of it. They wanted to have 118k ish per year in income and could so do by only filling up the 10% and 12 % brackets. Many thanks for watching.

@zwebslinger3526 26 дней назад

118k is not in the 12% bracket which only goes up to $23,200 for married filing jointly. Rather it will put them in the 22% bracket up to $201,050.

@InMyBrz Год назад

JESUS, I have $20,000, live overseas S AMERICA, and am DOING JUST FINE SO WHAT IS YOUR PROBLEM ? INSECURITY ?

@onthemoney1 Год назад

Many thanks for watching.

@rickros3677 11 месяцев назад

2 other things are important in retirement, and life in general...besides time, healthy, and money. They are God and family/friends...

@onthemoney1 11 месяцев назад

Amen. Thanks for watching and commenting.

@TheBryanmauro 8 часов назад

Are we still allowed to give rude answers to stupid questions? Suzy Orman did say you would 5 mil so looks like canned cat food for me.

@M22Research 7 месяцев назад

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.

@slyfox909 7 месяцев назад

Can you tell this guy sells life insurance?

@johnl4235 11 месяцев назад

imagine if the 400,000 was making 5%

@onthemoney1 11 месяцев назад

It is good today for sure. But as we know rates have only recently climbed this high. Another thought is you have to be in an account making 5% for an entire 12 months to realize a 5% return. Many thanks for watching and commenting.

@williamlouie569 7 месяцев назад

They can continue to work and leave their money to their children when they die.

@timsilva1944 Год назад

Oh no! They'll never be able to retire. So sad. Both need to work until they're dead. Keep contributing to SS so the govt can funnel it into other programs. Sarcasm

@stacked3112 Год назад

I need to retire with 15 mil minimum 😮😅

@onthemoney1 Год назад

Many thanks for watching.

@mccoyji Год назад

OMG, her hair coloring must be expensive AF....

@onthemoney1 Год назад

Many thanks for watching

@EdA-bz3bu Год назад

**They need a therapist.** I know his about the numbers of will it work, and they need a shrink.

@onthemoney1 Год назад

Many thanks for watching.

@Pat7629 Год назад

My net worth alone (not with 2 people) is $3.6 million and I'm only 46 and definitely feel poor. Honestly, $3 million for a couple over age 60 is pennies in today's world. That's not a great net worth at all for that age especially for 2 people. If you live in a top city (LA, NYC, Boston, SF, Miami) even a 1 bedroom condo is over $1 million and you're going to want to travel nicely, go to nice restaurants, etc. If you think about the fact that $1 million invested is only going to generate $40,000/year net of inflation, you really need $5 million minimum of investable assets minimum to generate even a moderate income after you stop working. Sure you can live off 60K/year somewhere like Kansas in the middle of nowhere and have zero disposable income but who wants to live like that?

@1Skeptik1 Год назад

Pat76: My Benz is paid for, my toy box is full and my wife enjoys the leisure and lifestyle of the Country Club we make home along the Gulf Coast of Florida. We are worth about $1.25 million and own (4) modest paid-for rental properties. We spend too much time in restaurants and we travel as we please. About 65% of our income is disposable (entertainment money) and we are better off than about 90% of Americans. If you can't get along on $200 a day spending money you are doing something wrong!

@GreatWhiteLionSnake Год назад

Why live in one of those hell holes? At 46, if you can't make enough to retire (just on what you have now), even living in a shit hole like LA or NYC, then you don't know how to invest. Using the rule of 70, your money should double 3x (that's 800% difference). I.e. per $1mil, you should have $8 mil by the time your full retirement age is. So, your $40k should be a real value of $320k. Either learn to invest, or stop using a FA, IAR, or RR. All they do is get rich off of you.

@BearsBeetsBattlestarGalactica1 Год назад

are you nuts?

@1Skeptik1 Год назад

Pat: $3.6 million? LOL I have 1/3 of that and retired years ago very comfortably. My Benz is paid for, and we make a Country Club home on the Gulf Coast. My toy box is full, and we spend too much time in restaurants and travel as the mood strikes. I live like royalty with $200 a day disposable (entertainment) income. We are better off than about 95% of Americans and 99% of the rest of the world. (We own 4 modest income-producing rentals.) . You feel poor and I feel rich. Point of interest: On a worldwide basis the top 1% income bracket is $34.000. It would appear you are short on investment financial management and life skills.

@onthemoney1 Год назад

@@1Skeptik1 that sounds like a great life. Congratulations on an awesome retirement. Many thanks for commenting and watching.

@GreatWhiteLionSnake Год назад

Hope Jack doesnt die before he breaks even. Taking SS at full retirement age and putting it away and investing it, is a far better plan.

@onthemoney1 Год назад

While that may be true depending on many things like market performance and sequence of returns risk, the idea in this example is leaving the larger social security to check to the much younger spouse. Which was most important to Jack.