Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is great! mind if I look up the consultant that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I work with Sharon Lee Peoples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
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 has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
My $700k retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate Peace? I don’t want to fail after 22 years of working hard.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
@@greekbarrios 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 $30k passively 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.
She goes by ''Jennifer Leigh Hickman'' a renowned figure in the financial industry with over two decades of experience. I'd suggest you research her further on the internet.
I started my 401(k) at age 54 around 16-months ago. Putting 10% plus a 3% match. Current balance is a little over $30k. If I can work until age 70 I'll have around $750k (assuming I increase contributions by 1% each year and get a 3% raise each year). I am a statistician, so I have very accurately run the numbers. I'm a T1 diabetic, so I know I will not have a long retirement. Have around $500k life insurance to support my wife if I die first, and never had kids. My circumstance is certainly not everyone else's.
54 and only doing 10% with only $30k balance? You need to up that sense of urgency. Scale back, get another line of income via part time job, but you need to be maxing it out + catch-up. I’m 50 and was lax about it. $25k this year and done the math/budget to get $33,000 with company match, plus $7500 in Roth. Maxed out 401k, Roth IRA & HSA 3 years running now. Over $100k increase & it’s still behind. $750k isn’t enough, and thinking will be working till 70 with your health? I’ve run the numbers too, and in 4 years I’m concerned that the $40k pace I’ve been contributing won’t be enough. In the 1990s, my dad left my mom $350k in life insurance. It was gone in 5 years. A $500k policy isn’t enough. Sincere-good luck.
@K Maxx That means savings AND yielding returns of over $125k per year AFTER taxes even if they have things like mortgages, children, and other liabilities that they must keep paying down. I'd love to know how that can be done, as some of us are not getting smarter or younger when it comes to getting and keeping knowledge in this head.
I basically retired at various points in my 30’s and 40’s so at 51 I basically envision working until 65 at least…it is what it is…most likely I die first…again, it is what it is
I am self-employed and no matter how much wealth I accumulate, I will never stop working. All men have to be working on something. Without work, a man shrivels up and dies.
You will be happy you started now when the time comes... and even a few hundred thousand can go a long way - especially in foreign countries where you can live a very high standard of living off of just 1500$ a month.
This is all great! HONESTLY. But if you want REAL #'s take the $50K completely out and start at 50 with ABSOLUTELY ZERO if you want whats REALLY happening out there! But seriously, you have good stuff here.
@NonyaBusiness! Where would the medical needs be taken care of? Money is one thing but if you don'y]t have access to medicaid or the age for medicare what would be that foreign option.
Good video, i am 53 and have $300,000 saved contributing max 401k/yr.... hope to retire at 62 with $60k annual. Haven’t ran the numbers just contributions as much as I possibly can afford
All my stuff is payed for and I drive a truck and only work when I want to. I can live on a 1300 dollar a month budget and I get payed to travel. I own shares in a camp grounds in Florida and in 100 acres of land. I have bared witness to the retired who don't do anything but watch TV all day and start drinking to much along with other bad habits. So I am part of that 29%, if that is what retirement is I will be working until I have to retire. Unless your Jay z I don't think it's gonna be so great. Just work alot less and keep using it, so you don't lose it is my way of thinking.
I live in Texas and love making people smile. I say things to strangers that almost always make them smile. I met a lady last summer, as she was walking out of Walmart with a smock, and engaged her. She wasn't a very happy lady. She was skinny and looked like she had been beaten with a broom. I simply asked her if she was ready to take the rest of the week off. This usually gives people a reason to express their wish that it was possible. But this lady was not pleased my question and told me as much. We talked for a few minutes and it turned out she was 88 years old working at Walmart. She hated it. The rules and manipulation by management made her job difficult. I told her I thought no one should be working at 88 years old. She proceeded to tell me how her husband died 20 years earlier and left a mobile home with floors rotting. She had to work to take care of her home and working at Walmart was required. It broke my heart to hear that she had those problems and I was not in a position to help.
I had to start over at 40 was only making about 22k 15 years later i'm making 39k and i've managed to save about 132k. I'm on target to retire at 62 to 64 and collect social security at 70. So this video example is 100 percent right. 😊
That is great! It's amazing what people can do when properly motivated and willing to make the hard choices and take a slice for themselves. You're proof! I could go for an Imo's medium deluxe right now. Peace!
@@pizza4me298 You said it brother. At some point it becomes about preservation instead of accumulation. What's great is with proper planning and implementation, you can get paid handsomely for your haircuts. 2008 made me wealthy beyond my wildest dreams...well actually the ensuing 11 years did. Keep on keeping on.
I’m a dividend investor, my wife and I have invested in the s&p500, both through my TSP with the government and through fidelity in her 401-k. Cashed out 370k from the S&P and invested with a full service broker.. Until about 3years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of the month at 59, while my wife will retire next year at 54. We currently have 5.7 million in out tex deferred savings.
@Thomas Freddy Our Fin_ancial advisor is “ Gary Andrew Debellis “. He is a professional fin_ancial/Investment advisor. you can search him up on the internet where you can get necessary info about him and as well to connect with him.
Two words "Social Security". I know what you are thinking, ' the government pissed that money away". In part you are right, but then again 'grandpa' we want you to retire. Call it "Age Discrimination" , there are just some jobs you physically can not do. It is not that you are unhealthy, but if I ask a 60 year old man to lift the thing at the rate I TELL a 21 year man to lift a thing. You may have a heart attack. It is just a reality......The counter to that is young people dont want to work, and I know some old farmers who will out work the shit out of some kids. They just dont want to, but those damn kids cant keep up.
It doesn't matter, whether it's because of age discrimination or lower physical abilities - the end result is that older people may not be able to work, even if they wanted to.
You are supposed to learn how to do things more efficiently and have a store of knowledge as you age. I may not be able to lift what I once could, but I know many different ways to move what I need to move that are actually easier and safer than lifting. But really, if you're 60 and your job is to lift heavy things, then you probably aren't going to retire anyway.
Dustin if everyone with no hope of retiring with dignity could see these videos you put out it would change their retirement outlook completely. You are a bright light in a very dat room. Thanks
THANK YOU for making this so hopeful ~ b/c A LOT of people who are 50+ feel like they just can't make it if they haven't started already ~ we're in between ~ meaning ~ we didn't start until 46 yrs and now we have a net worth of about $700K but that includes 4 rentals. But only 2 pays us ~ we're always having to evict someone. SMH
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Hi a friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $110k and in the first 2 months , my portfolio was reading $294,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I just turned 45. I make about 95k a year. I live check to check because we are a one income family. I have zero savings. I never learned about money management besides a few words of advice from my father. I feel like I am going to work until I am old and have a heart attack on the job or something. But this video is hopeful.
You are living beyond your means. House hacking. Buy a duplex live in half and rent the other side. No more mortgage payment. Or sell your house buy a cheaper one. Figure other ways to save and make money. Cut back and budget. Sell things you don't need or use a lot. By a fixer upper. Fix the house then after year rent in out and buy another and do it again. I invested my money in the stockmarket when it dropped in March and made over double what I put in.
I'm in my 40s and plan to retire within the next 10 years. I have a day job and I make money online as well. Always have a side hustle. I take one "fancy" vacation a year and the rest of my vacation time I stay local or visit family. I drive a 12 year old car and hope to drive it for 3 or 4 more years while I put aside money for my next one. I teach my kids to train for a career but to OWN something so that they can have more than 1 stream of income.
Mary Ann summers...you are a very wise lady...I'm 50 & my wife is 48, I'm thinking about investing in CBD cannabis oil or maybe build a substantial portfolio through Charles swabb & hopefully by the time I'm 60 I can relax 👍
Im 52 ive been divorced 2 times so i dont have a lot saved. Im just getting started. I have 15% im putting into my 401k and it matches 2%. i put it into Fidelity 500 index fund. I figure it will ave the stock market returns. On the side I invest in Fidelity dividend ETF.. But again ive just started doing these things. I have 14k saved in Roth IRA. Hope I can retire some day!
All I can say as somebody from a foreign country where I live you have done very well and saved like a demon if you can have what Americans get as social security. Most places you get taxed and get no social security. As Buffet says first step to financial security and wealth be born in the USA
Thank you for this video. I have found the concepts of Minimalism and FIRE later in life and so much stuff that I see is aimed at high earners in their 20s and 30s. As someone who has always worked in the public sector and non-profits (with a reduction in the value of my wages in real terms since at least 2008) , grown up in the credit culture of the 1980s, plus having hardly any real understanding of finance beyond paying my bills, starting looking at this stuff age 50 can be daunting and makes me wish to have a time machine! Thank you for providing hope and some semblance of a possible plan.
At 62 on s.s. and my wife working, 6481 or more is impossible to save. Most of our money is invested in the market thanks to my wife and myself so we are diversified. But even saving 200 a month isn't feasible.
I am almost 49. Just started saving $300 every 2 weeks into a traditional IRA. I make too much as a ROTH IRA. I want to retire in about 10 years or 15. Once I hit the $6,000 limit, 7k when I turn 50 I want to buy stock as well.
This is probably the best video clip I have watched. I have been reading a lot lately about working on my retirement plan and most of it felt like it was written for people in their 20s and 30s. I feel utterly motivated and the picture & purpose is clear ahead. Thank you.
Great Video...however... this example is for someone who already have 50K saved.... I always say to people like yourself... impress me.. show me a path for a 50 working person that is starting off with zero..and wants to retire at 75... is that possible? I have a 401K... however... I have friends in there 50’s that have no savings... how can you assist them in being able to retire... thanks... like your Chanel.
Looks good, but the 50 year old would not have a cusion for car repairs, a new roof or whatever. Not doable for most people on a normal income. Take into consideration that more and more people live as singles, and have to do it all on one income, and energylevels goes down with age, so a second job is out of the question. The median income for a female woman in the US, at 50 is about 46.000USD. And withdraw the taxes, this person would live on around 25.000USD a year, to cover all expenses from medical to car and house. I would rather go with the Dave Ramsey plan. When you are absolutely debt free, you can live off social security. You can sell your house and downsize. You have more options.
@@SDSunriser just put Dave Ramsey and it will pop up he's the best to show you how to get out of debt first before saving you see most people can't save for retirement because they got so much debt in there life's check him out
I wish you'd have told me about energy levels going down years ago. I just returned from a solo 4,200 mile 23 day motorcycle trip around southern Europe. At 68 I guess I gotta start remembering I'm not a 55 year old kid anymore.
@@snakechrmr6398 I hear what you are saying, but I know 20 year old's that can wake up at 3am to go fishing/hunting, but are late for work at 9am. It's much easier to find the energy for things you want to do, than for things you have to do. 4,200mi in 23 days is about 200mi per day (maybe a few more miles per day if you stop for a day or two), or 4-5 hours of riding and riding at the pace you choose, Do that every month, month after month on a schedule, and as fun as it may be, I'll bet you would grow weary after a few months. Peace and keep enjoying life Brother!
@@jamie49868 20 year olds that get up at 3 to go fishing/hunting and can't get to work on time at 9 are suffering from planning and other problems indigenous to their generation, not lack of energy. 20 year olds were born around 1999. (Generation Z aka Generation Snowflake - enough said). 200 miles a day? Nice try little one. First day was 987 miles in 26 hours w/o sleep. Belgrade, Serbia to Aix-en-Provence, France. Goal was 1,000 miles in less than 24 hours but losing time with 1st five hours in rain (couldn't wait a couple of days to start due to scheduling), between 1-2 hours lost waiting in line for 2 border crossings and another 2.5hrs-3hrs lost on unmarked detours with closed highways 1AM-4AM in Italy. Stayed 2 nights in the hotel and 3rd day from Aix-en-Provence to Geria, Spain (700 miles). From that day hours upon hours, miles upon miles of off highway side trips in Spain/Portugal videoing and photographing castles, often overlooked historic sites, Roman and other ruins, museums and art. 23 nights in hotels packing/unpacking every day or two before finally returning home after riding across the Pyrénées (Spain to France) and Alps (France to Italy). 3 nights in Torino, Italy. Riding Torino to Belgrade (730 miles) in 15 hours (9AM-midnight). Once again losing hours at 2 border crossings and 2 slower hours in rain at night. (always seems to be raining around Slovenia/Croatia in Oct). Yeah right, 200 miles/day riding 4.5 hours. Gonna make the same basic trip next summer focusing on different photo/video points hopefully closing out my visits to Spain/Portugal to focus more in the future on eastern Europe. Training now for a 450 mile (700+ KM) bicycle ride (French border in the Pyrénées across northern Spain to Campostela) photographing and videoing the Pilgrimage's northern route. Then, in June, there's my annual ride to the European H.O.G. Rally (2020 in Portorož, Slovenia). Don't belong to H.O.G., just like to make the ride and meet up with folks I only see once/year. A short 400 mile ride from Belgrade. (Swing by Nikola Tesla's birth home and museum, castles and other sites in Slovenia/Croatia on the way home) Then there's my dolmen project.......and really got to get caught up on the website, RU-vid channel and Instagram.........need to finish online college courses........continue working on my photography..........Dec moving to a new house.........Jan bring furniture/tools/household goods from Portugal to Serbia.......so much to see/do, so little time. 200 miles a day? You children are funny.
Love the way you explained this. Hopefully 1 of those 2 decades won't be the like the 2000's decade. Thanks for thinking of us silver folks. The ad before your video showed an incompetent "dad" on his PC. It's always fun to be insulted by the next generation. ha ha
I'm aiming to retire at age 60. I live modestly and have built a decent passive income portfolio. I can't see myself working to age 70 + because of necessity.
That is much more achievable but I have a challenge for you. What about the 56 yr old who has no savings and can only put $200 a month plus a little more from tax season. I realize it won't get the retirement results you are offering but what advise would you give to this person. We all have to start somewhere and I would rather do something rather than nothing. Thanks
There are lots of mixed opinions about stocks and there projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading, but then again what do I really know? I'm just looking for the right moves to grow and hedge my stagnant reserve of $370k from inflation.
Yeah, more reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $1.5m in return on investment, since using a coach 2years and counting.
Now apply this idea at your current age. I can retire in 10 years? With income from investments and from a job. Never afraid of being fired again? Financially independent with gravy on top...
Please make a video for 50-somethings who are starting with little to nothing. There are a lot of us, yet conventional advisors won't sit down with until we have 10s of 1000s of dollars to work with. Your example here is helpful, but what if the starting figure were $500? And what if there is no existing 401K nor employer that contributes? And no spouse or partner covering half of the bills? This is reality for too many people in one of the world's richest nations, and guidance specific for these circumstance is greatly needed, and "Too bad" is a heartless but too-common answer.
I’m 52 with 159k in a retirement plan Dedicated my youth to ti everything am old man can’t. Now Im ready to work until 70 Im jacked Im pump and ready for the second half😂🙌🏼
The math here is fine. The problem is, many of us don't have an income where it's possible to save over $6,000 a year. I dutifully contribute all of my remaining income after taxes to my IRA, but that only comes out to about $2400 per year. If it wasn't for the government, I'd have a secure future. As it is, I'll probably never be able to retire. It's a bit frightening.
I have a 55 y.o. brother like this, "I can never afford to retire", I've told him time and again, it may not be his choice. Having no plan, is a terrible strategy. Even though you demonstrate a pathway to retirement, he would look at it and say, "where am I going to get an extra $6500/yr?" People like this are poor money managers, very difficult to teach.
Yup and I know people like that, but the mentality with those types are when they get a windfall, it is spent within a month and there is always an excuse not to save. If they woke up tomorrow and they had their pay doubled, they would still have an excuse not to put any away for retirement.
Tell him read the book, _"The Richest man in Babylon"_ , you have to teach those ppl to fish rather than giving them the fish. That book is quite ideal and it's here free on RU-vid as an audio copy! (^_^)
@@bezeebee -Normally I'd agree 100% ZadyB, but with people like him (and I love him dearly), he knows it all and he knows there's nothing he can do about it. Closed minds are the greatest handicap you can have.
Thank you for the video. Few questions / comments please. 1. I work for a large corporation and know no one here age 70 or even 65. My point is who can find a job at 70? Most companies will kick you out right after you hit 60. I think 50-62 example would have more sense and appear more realistic. 2. How did you come up with $551,293.00?
Set up a Roth 401k. A Roth 401k is much better than a traditional 401k, because Roths lack RMDs and feature tax-free withdrawals. Contribute the maximum possible to that account, starting in your 50th year. This should be possible if your longest child has graduated from college and your spouse works full time. Invest that 401k in a stock market index fund. It should return an average of at least 8%/year. Expected outcome: you will accumulate about $1M by your 66th birthday.
*My* *strategies* *for* *an* *Early* *Retirement* 1. Replace active income with passive income sources (Real Estate Rentals For Cash Flow) 2. Reduce personal operating cost (Housing costs are typically the largest) 3. Automate income streams (Property management, online businesses) 4. Leave the 9 to 5 =) (Success)
Awesome content as always. I believe your going to go very far with your channel been watching a long time not sure why you dont have a larger following but im sure they will come. Im 33 cashed out my 401k about 4 years ago to help grow my business and buy some real estate both great choices and doing well but looking to start saving for retirement again separately. Can you do a video about saving for retirement in your 30s self employed? Thanks
From 4/1/21, 9.8% will be a real challenge over the next decade. If we get a serious crash in the next 2 years, 9.8% becomes possible from that new reset point.
You forgot the Caregive who taking care senior people a regular caregiver charge $20 per hour but if is through a company will be from $40 to $30 per hour…. Just thinking if you need 24 hours cares for 3 years :( Best to do be close to your family.
That's the same question I've just asked. I see no one responded to you 4 months in, so I'm guess it's a bit hopeless for me to get a response too... sigh...
You really have your work cutout for saving money over the next 10 years plus. I can tell you from personal experience, you will be amazed how much you can save in 10 years if you throw $500 - $1,000 a Month into investing, I had a wakeup call when I turned 40. I didn't have no retirement savings and very little emergency money. Today at 53 years old, I have a little less than $400K in savings and my home will be paid for in a couple years. I did it exactly the way I said above. Compound interest is crazy. Start today and you will be amazed what your balance is after 10 years. I guarantee it.
Goodmorning Dustin,I’ve just gotten a raise and plan on being debtfree in 5yrs at 62,SS will be $1500 and I have an extra $150 weekly I’d like to through it all into a investment how can you help.
So if someone invests 6,481 every year for 20 years they will come out with roughly 500 k in 20 years..... Am I understanding correctly? This is at the average return of 7%?
@@jonathanwoodworth3667 I think I get it...the money grows to be worth $550k but with that same inflation, so does costs of living such that $550k then feels like $225k now.
I fully retired at age 50. I'm now 51, I'm just waiting on 62 so that I can get my early social security, I still have 11 years to go :( Many people like myself have moved to Asia were the U.S. dollar goes further. I call the Philippines home, and you can live just as good there as you did back in the USA for only $1500 to $1750 a month.........some of my buddies even do well on $1200 a month, it's all about financial discipline. I will tell you right now, the USA KEEPS PEOPLE IN DEBT period. Many spend money on a few $5 coffees at Starbucks everyday or go impulse buying for that new outfit that will eventually end up in the back of the closet and later on in a future garage sale. Stop that crap, become a minimalist and quit wasting money. Life is way to short folks, especially to work your whole life. If you can retire early then do it. Like I said above I'm just waiting on my early social security and many financial advisors will say to take it at 62 if you can do so financially, that's because nobody has a crystal ball of how long they will live...........the difference in taking it at 62 rather than 67, it would take you around 12 to 14 years to make up that difference so if you think you'll live to be in your 80's or higher then go for that 67 age but I'm pretty sure nobody can predict any of that. They way I look at it, I'm getting paid at 62 and not taking the chance of it going back in the social security pool, the government owes me that and I'm collecting it as soon as possible. Trust me, the government hopes you do take it at 67, they know some won't be making it!
I'm 54. I want to retire at 60. I have $148k in 401k, $15k in HSA and I'm earning $75k/year. I'm retiring to either Thailand or the Philippines. I'm only going to need about $15k/yr. According to Social Security, I will be getting around $2200/month. I plan on living off my savings until I can claim social security at 67. What's your opinion?
I just started saving for retirement at age 62. Planning on retiring at 72-75. I'm submitting 98 dollars a week to 401k with match. How much would I need to have that saved up when I retire in 13 years? Can yo help me plan for me?
