@12:30, i would have done a reverse rollover from rollover IRA into the current 401k. thats what i did in Feb this yr and retired May 31st under rule off 55 but I am 54 until Dec. use my 401k until its depleted and then start with Roth. Have my taxable account as a backup. take SS whenever i feel like it and see if congress steps in on the sunset of the tax cut for end of 2025. No RMD's and no worries.
@@alvaroalvarez5009 Great question, please check with you CPA or tax accountant for exact info (Sorry I can't give tax advice in comments...compliance issue)
Numbers look doable when calculated for individual people on the ship. But what if the same calculations are performed on the TITANIC, the ship that we're all in. By their own forecast, government Debt will reach nearly $50 Trillion by 2033. Will Social Security Payments even be sustained at levels promised to people? Inflation at 3%? when federal printing presses will be red hot propping up the failing U.S. financial system (soon, with the largest government disbursements going to debt service). All the while people's net worth and purchasing power plummet. Not to mention when the U.S. petrodollar gets dumped sometime in the near future. Politicians and bureaucrats have painted us into a no-escape situation. In my opinion, Government mismanagement is insurmountable and fudging the numbers won't help us individually here unless you happen to be extraordinarily wealthy.
I think your calculations are very optimistic. I have a handsome retirement due to my navy pension and VA disability, and now social security.we still have 1,500,000 in the bank which we haven’t touched. I think getting a 6% return on that money right now in 2023 is very very unrealistic. My running expenses are $3600 a month between taxes, condo, fees, utilities, etc. my last car last at 16 years, I finally broke down and bought a new Lexus RX 350 with 10% down and have a payment of 765 a month. I think it’s impossible to retire with anything less than 2 to 3,000,000 and being debt-free in today’s economy outside where you live in a low cost area.
I disagree with you. i am not saying you are wrong I just disagree. I am same boat as you (retired Army) but i dont have 1.5M in the bank (~500k in 401k, ~300k in Roth and 300k in taxable ). I have 2 mortgages, a Yukon, Camaro, Maserati and a class A RV with no payments. retired this yr with rule of 55. got to have a good plan. But thats me GL
@@yourfinancialekg thank you for the answer. Since you presume (I think correctly) that there will be future inflation of goods and build into that an average 3%, then I think you really must also take a similar approach and take a conservative average cola to the projected future SS payments. By doing so, again conservatively, you will provide a better estimate to the income gap needed between estimated costs and estimated SS payments, which will of course change the math and projection for the better in each of the 500, 750 and 1M models. I recommend you provide another video for us with these adjustments for us to see and understand as further projections. You may well need another new black marker 😀
@@maritoreyes6392 life expectancy is 75. That's decades on average. 10 decades if you're eating above average diet. I worked to buy freedom from working. Others work to 'buy more work'. To each his own
@@yourfinancialekg lol yeah that doesn’t really fit my plan. I prefer buying real estate and growing income. Just need to learn how do benefits and everything else.
