The Magic of the 5 Years BEFORE Retirement (Double your savings!)

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6 сен 2024

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Комментарии : 132

@LJITYP Месяц назад

10% of my nest egg is literally more than I make in a year. I know you can’t cover every situation, but I just don’t know where to go with this information. I will add that I am widowed, have just become an empty nester, am debt free including owning my home. Due to health issues and the nature of my job I work limited hours at about 24-30/week, but even at full time it would take my entire income to use this method.

@StressLessFinancial Месяц назад

It’s great that you’re in a strong financial position with no debt and owning your home. With your situation, balancing your nest egg and income can be tricky. Have you considered working with a financial planner to explore options that might better align your assets with your current needs and future goals?

@mollyr.8224 Месяц назад

Thank you. I hope in future videos you address older people and their issues who are already retired.

@rusilver2 Месяц назад

the more you have, the harder it becomes - ie, you have 1.5 million, you need to come up with $150,00 a year

@emox6400 Месяц назад

Exactly! 10-13% of our nest egg is roughly equal to our gross household income.

@rusilver2 12 дней назад

@@emox6400 same here

@debocknolan6273 Месяц назад

Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.

@keithfletcheer2156 Месяц назад

The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.

@masangogabriel3356 Месяц назад

I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.

@thomaswhiddon9124 Месяц назад

I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.

@masangogabriel3356 Месяц назад

I definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@thomaswhiddon9124 Месяц назад

Monica 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.

@ld5714 2 месяца назад

Great video Julia with very clear explanations and examples. I am an avid consumer of content in this arena and just subscribed. I am retired but strive to educate my children and grandchildren in this area so they can have their best futures. I am going to start watching your other videos. Keep up the great content! Larry, Central Valley, Ca.

@RetirewithJulia 2 месяца назад

Love to hear this! Thank you for watching😃

@StressLessFinancial Месяц назад

wow! It's fantastic to hear that you're focusing on educating the next generation about financial planning. What topics or strategies do you find most crucial for your children and grandchildren as they prepare for their futures?"

@Seaward1224 Месяц назад

I live in Canada. He who makes interest, compounded or not has our wonderful government take 53% of it in my income bracket! If you earn more then $235,000 a year the government says your rich and takes 53% of your income! Interest is treated as income!

@onlywenilaugh6589 27 дней назад

Coming to the US near you if Dems get re-elected again.

@emox6400 Месяц назад

lol! Another 10-13% of our “nest egg” a year is a tad more than our gross household income! 😂😂

@acdatz6222 Месяц назад

large nest egg already?

@KR-sc2yv Месяц назад

Thank you for your video, it is very clear and concise. Do you have any insights for someone who was never able to say for their retirement? I know I am never going to be able to really retire, I am currently 61 years old. However, I can’t keep working at the same rate forever. I’d like to be able to cut back, in about five more years

@StressLessFinancial Месяц назад

It’s commendable that you're planning ahead even if retirement feels distant. There are strategies that can help you transition gradually. Have you looked into options like phased retirement plans or creating a flexible income stream to ease the shift in five years?

@RetirementTravelers 2 месяца назад

Great video! Thanks for explaining!

@RetirewithJulia 2 месяца назад

Thanks for watching, guys!🤩

@andonemorething49 2 месяца назад

Nice, your video quality is pretty awesome. Not too busy and not to dull, I am taking baby steps, someday I hope I can get to your refined level. Keep growing. "Subscribed"

@RetirewithJulia 2 месяца назад

Thank you for the kind words! Keep going💪

@deborahb.277 16 дней назад

I like your idea that if you pay something off (home, car), put that payment towards retirement. I definitely can’t afford to put 10% of my nest egg amount per year into my retirement accounts. Good to know there is a formula though. Hoping for NVDA, TSLA and about a dozen other similar stocks to average more than 10% per year over the next few years.

@LP-it9jy Месяц назад

wonderful, clear content, subscribed! I don’t have enough saved for retirement, but I also make too much to contribute to a Roth Ira. I find so many videos recommend the Roth for good reason, but I can’t take advantage of it.

@RetirewithJulia Месяц назад

Thanks for watching and subscribing! You may be able to do a "backdoor" Roth IRA or contribute to a Roth 401k through your employer (there are no income limits).

@LP-it9jy Месяц назад

thank you! My employer does not offer that. I am looking into the back door, Roth Ira, but still trying to understand the tax implications.

@StressLessFinancial Месяц назад

Great that you're exploring different retirement strategies! It’s true that Roth IRAs have many benefits, but there are other effective options too. Have you considered exploring strategies like after-tax contributions or investing in annuities that offer tax advantages?

@LP-it9jy Месяц назад

@@StressLessFinancial thank you ! Good suggestions!

@kiltedpiper98 2 месяца назад

Thanks for the 7/5/10 rule!

@petergregory9458 Месяц назад

Really loved the clear and concise way you walked through this , thx

@RetirewithJulia Месяц назад

Thanks so much for the kind words, and for watching!

@onlywenilaugh6589 27 дней назад

I kept saving in my 401k for last 30 years and people kept saying it would balloon in later years. It's not really unfortunately. Maybe the target fund just wasn't aggressive enough to but I lost quite a bit in 2008 so had to catch up again I guess. Now I'm saving around 40% a year for last 2 years and starting to see some headway. Want to retire end of next year I'm hoping. Thanks for the video.

@natalialy154 12 дней назад

Are you saving or investing? Thanks

@DEEZEEMTB 10 дней назад

Best of luck!

@daleholler8277 День назад

Does the rule of 72 help to determine the doubling power of the rate of return?

@BF2021-kf8xz 12 дней назад

At married & 55 I'm doing a decent job of saving in retirement accounts (approx $650k) but our debt is too high and I can't seem to whittle it down. I don't want to stop saving in order to pay down CC balances but also find side income unrealistic (a professional working at Domino's on the weekends? Come on...)

@jamescares9003 20 дней назад

7k a month in retirement expenses. Dang, thought I had it bad at 1k a month

@quitefrankly6815 Месяц назад

Thank you for this!

@dwaynemauk566 2 месяца назад

So many refer to doubling, and 12% in the stock market, etc, but my 403b is lucky to pull 5 - 7% when you look at the years were it was negative growth. The majority of growth has been employer employee contributions, not market growth. I don't know who is getting their 12%, but it isn't me for sure.

@truckingmoney485 2 месяца назад

It depends on the plan really by 12% long term is high. You probably either have high fees or poor options. My company was sold a few years ago and now we have much lower fees and Better funds to choose from . Bigger companies have better options typically, or you have a higher concentration in bonds.

@dwaynemauk566 2 месяца назад

@@truckingmoney485 Yeah, the fees seem low enough, but since most of what I am able to invest in is driven by ethical/religious invested type stocks, I suspect that I'm not able to get into higher growth. Also, I ended up in a managed portfolio of rebalancing, and I'm noticing it rebalances into bonds which have torpedoed me the past 3 years. It's an employer based 403(b) and either I'm all in myself having to allocate things (which I'm not smart enough) or depend on the company overseeing the 403(b) and I'm not really sure they have my best interest at stake.

@StressLessFinancial Месяц назад

It sounds like you've had a more modest experience with your 403b compared to the high returns some talk about. Diversification might be key in your situation. Have you explored other investment options or strategies to help improve your returns and balance the risk?

@dwaynemauk566 Месяц назад

@@StressLessFinancial Part of the problem with my 403b account is its controlled by the organization I work for, and they have "advisors" for managed funds. When I turned 52, they encouraged us to move from Aggressive to Moderate Conservative which increased the % of bonds. Then thanks to the Feds, the bonds went south, and destroyed our growth. I was rather upset with the investing company. Called the advisor and put us back to Moderate Aggressive which has helped, but still no where close to the stock market. (It also is limited to the investments because if any of the companies invested in, touch any ethical or moral issues, such as gambling, tobacco, military, etc, those are excluded.) I have no way of adjusting for specific companies, only groups. Anyway, I'm also investing outside of a 403B through Charles Schwab and doing fairly well there, so setting us up for several streams of income, plus house going to be paid off. But the 403bs seem to benefit the investing company far more than the specific employee.

@happycampers6592 Месяц назад

Why would you recommend a ROTH for someone 5 years out from retirement, when they are probably in a much higher tax bracket than they will be after retirement?

@dan6756 Месяц назад

I am within 5 years of retirement and I contribute 100% to my Roth 401k😊

@happycampers6592 Месяц назад

@@dan6756 What is your tax bracket now and who talked you into that?

@dan6756 Месяц назад

@@happycampers6592 No one talked me into investing into a Roth 401k; I believe that my future RMD will have higher tax . Currently, I have 85/15 % 401k/roth 401k mix

@gayle2276 Месяц назад

Whether or not your in a higher tax bracket now or not. In a regular 401 or IRA you'll still be paying tax again. With the Roth IRA you don't have to pay tax again.

@annarakannan6620 12 дней назад

I am doing the same. All Roth 401 k. A few years from retirement

@MarvinGoff-e8b Месяц назад

Great information!

@RetirewithJulia Месяц назад

Thanks for watching!😃

@digit4455 2 месяца назад

FWIW, the compound interest quote is very often falsely attributed to Einstein.

@billmesheimer1513 Месяц назад

I don't know why all you advisors push the 401k Roth, the problem with that is you can't choose where you want your money invested; put money into it but maximize the regular Roth account at least you can control where you are putting your after tax money.

@drumsticknuggets5123 Месяц назад

That may depend on whom you're working with. I can choose with Fidelity- though I have to look up the equivalent version of voo, vug. Just search for s & p 500 and verify it's a low cost.

@edcastillo4456 Месяц назад

Hmmm…last time I checked, I had 38 funds to choose from in my Roth 401k. You are missing the bigger picture. It allows a higher contribution limit than just the Roth itself. Just diversify and pick funds with low expense ratios.

@SweetPotata10 11 дней назад

I think between a Roth 401k or Traditional 401k, Roth wins. Whether through contribution or conversions will depend on your income. Roth IRA trumps it all, just because the flexibility it also has over 401k in general.

@SweetPotata10 11 дней назад

@@Retrocomputernerd how do you know what the tax brackets and rate for each bracket will be in the future? Does “lower” bracket guarantee a lower rate 20-30 years from now compared to now/

@jldsystemsltd.4657 Месяц назад

We have $400k in Fidelity S&P 500 fund and we contribute over $40k per year, how do I estimate when it will be $1 million?

@krissamy8385 Месяц назад

HI Julia ..Good work..I am not a US citizen and our ruth IRA sucks gives 2.5%,,,Currently investing on US ETF to generate dividends but I am TAX 30%. do you think it worth doing so or any other advise you have me thanks

@krissamy8385 Месяц назад

Seems like no one has an answer

@TallDrinkofDaniel 23 дня назад

I'd love to compound my interest retiring with Julia.

@SteveCriola Месяц назад

Very informative video. When you talk about investing 10% of our nest egg, are you referring to a 401k or IRA ? thx Steve

@RetirewithJulia Месяц назад

Everything combined. Thanks for watching!😀

@michellemybelle22 Месяц назад

There are no income limits to save into a Roth 401k? What?

@daveh3988 Месяц назад

Julia - would you still recommend the Roth portion of a 401K if we are at the highest tax bracket?

@RetirewithJulia Месяц назад

It depends on how much pre-tax monies you have and what your expenses will be in retirement.

@Bismarksolomon 3 дня назад

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

@Deboramichael-c1z 3 дня назад

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

@ArleneMaxwell-l2p 3 дня назад

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

@Danielchirs 3 дня назад

I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!

@ArleneMaxwell-l2p 3 дня назад

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@Danielchirs 3 дня назад

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

@ByGraceBeauty Месяц назад

How can you save 20k in a Roth?

@RetirewithJulia Месяц назад

Roth 401k😀

@username00009 Месяц назад

@@RetirewithJuliawhat about the back door Roth?

@daisypeanut1251 Месяц назад

Can you have Roth IRA and 401K Roth ?

@edcastillo4456 Месяц назад

Yes

@michaelnoonan7832 2 месяца назад

Money geek link? I am having difficulty finding it.

@RetirewithJulia 2 месяца назад

www.moneygeek.com/compound-interest-calculator/

@KR-xv3ko Месяц назад

Einstein never said that. Misquoting him automatically undermines your entire video. 👎

@jeffb.4800 25 дней назад

It was Warren Buffet

@DEEZEEMTB 2 месяца назад

Some flaws. Tax deferred means more $ invested. Let’s say you are taxed at 25%… that is additional $ working for you over a period of time. Also when you retire you need less $ so you will most likely be in a lower tax bracket. Just do the math based on your situation.

@RetirewithJulia 2 месяца назад

Completely disagree. Very few people need LESS money in retirement. I do the math for a living. Thanks for watching!

@DEEZEEMTB 2 месяца назад

@@RetirewithJulia Thanks….I also do math for a living🙃

@RetirewithJulia 2 месяца назад

@@DEEZEEMTB Unless you do retirement planning for a living, you won't understand what a myth "you'll need less $ in retirement" actually is. The only ones who "need less" are the ones that have no choice because they didn't save enough. You're not taking into account possible tax increases, inflation, Medicare IRMAA, and many more harsh realities of pre-tax retirement savings. All the best.

@DEEZEEMTB 2 месяца назад

@@RetirewithJulia I am a money manager and everyone’s situation is different. Things to consider. Employer match on a traditional 401K vs. Roth. In many cases it is much lower. Tax bracket in your earning years. Number of dependents. Where you live. Plans in retirement. When you plan to retire…..and the list goes on. Basically one size doesn’t fit all. Some people max out their traditional 401K to the employer match and then switch to a Roth. We will just need to agree to disagree. Have a nice day.

@RetirewithJulia 2 месяца назад

Agree to disagree. Please explore tax planning. It will help your clients tremendously.

@gayle2276 Месяц назад

Man, your example is rich😂😂

@nellyridel4356 8 дней назад

Oh yeah, that’s doable😂😂

@stuarthudson2158 Месяц назад

Thank you Julia Beaurifull 😘 love the info ❤️ i needed this change your mindset to growth cheers 🍻 mate regards from stewy Hudson and Family Birmingham city England 🇬🇧 👍 😀 👏 💙 🙌 🇬🇧 👍 xxxxxxxx