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.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Marisa has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
@@rpdrpd4153as usual? I don’t agree with that. Furthermore, if you are doing well enough that her tax plan would affect you, then mozel tov! You have VERY well. If not, it really doesn’t matter.
We pay an advisor to manage our portfolio. We did a detailed budget just before retirement. We actually were too conservative on withdrawals that first year and later bumped it up to about 4.2% in the second year. This is basically on a 60/40 allocation. That first year was during covid and the second year was when bonds were getting crushed. We know feel a bit better as things are headed back in a decent direction. We are spending about 80% of our pre retirement income.
My advice always, Invest into Real estate and Digital Market, Time has changed and we need to move with time. Seek the help of a financial advisor to tailor a plan to your specific needs and goal. Avoid debt at all cost and build an emergency fund.
It is actually not intentional to accumulate debt, I have always tried my best to stay debt-free but then life happens. Real estate is a No for me due to financing challenges like securing a mortgage.
I have found that most financial planners will only offer advice if they can take over managing a persons assets. Do any offer advice for a one time fee
Mint was seemingly the king of the user interface. I know people are using Rocket products and like them. Unfortunately, there's not really a consensus #1. Haley of the @dohstr8 channel on RU-vid reviewed each of the popular apps and laid out the pros and cons. Hope that's helpful!
The whole bond vs stock balance is way too simplified. MLPs, CEFs, REITs generate high levels of current income without such significant swings in the original capital. And in 2024, there are option funds like JEPI, JEPQ, SPYI, SVOL that have been returning 10+% for 3+ years. These types of assets do not fall into the traditional equity investment and withdrawl strategy.
A person currently in their 20's will need $10 million to retire in 40 years. This is the math: Cost of living doubles every 12 years no matter what government says about inflation because the dollar is constantly devalued, that is 6% devaluation compounded annually. If a person needs $50K to live now, in 12 years they will need $100k to stay even, in another 12 years they would need $200k to stay even, another 12 years that person would need $400k. It would take $10 million earning 4% to produce that $400k/yr to live on, this is why a person in their 20's now will need $10 million to retire.
Wow. The math appears undeniable. I appear to be doomed then as I am going to need to retire next year at 59 with not nearly enough if I hope to live another 30 or more.
