You Can’t Retire! You Only Have $300,000! 

Debt free and deferred gratification??? That's un-American!

Biden's tax plan might conflict with your trying to leave an inheritance for your family. Socialist President's are NOT your friend.

@@LAStreetPreacher How much did U benefit from the 27+ trillion debt? Pony-up!

@@LAStreetPreacher Chairman Biden and The Party is not socialist

Nothing trumps being debt free. Expenses are what matters. Thanks Josh!

How much NET is your Social Security per month?

If your retirement accounts are traditional IRAs you may be in for a nasty surprise in five years. RMD’s can ruin your day when they blindside you. Best of luck to you

71 here Bernie, wife 68. My SS is only 900/mo, I worked self employed most of my life, plus developing our homestead to the point it now feeds us 80% of our food, provides all our electric power (solar), keeps us in heat (wood), no water or sewer bills, even our internet service pays us enough to cover property taxes due to a 100' tower I built 20 years ago and rent to a local ISP (our service included free) .Self built our home, no mortgage since early 90's. I had a small IRA, but cashed it out 20 years ago and bought physical silver with it. Wife still has a small Roth in PSLV. (We are heavy metal fans, including lead/copper...ahahahaa) Wife has a school teacher pension from 33yrs, + her SS (about 4k month total). We have more than twice the 300k referenced above in cash/metals, much from the sale of some self built rental properties I built along my working years. We not only haven't needed to tap any of our savings, we manage to save about 15-20% of our retirement income. Short of a major medical disaster (homestead life keeps us fairly healthy), I have a hard time imagining us running out of money.

@@johnscott2746 Why are RMD's a nasty surprise and how can they blindside you? First of all you know they are coming so it shouldn't be a surprise, secondly, what are you saving it for? You can't take it with you. Spend it, gift it, donate it, you decide where your money goes or the government will decide after you're gone.

@@Columbus1152 you would be surprised at how many people either don’t know about RMDs or they just plain forget about them. My comment was in reference to the poster who said that he hadn’t touched his retirement accounts yet. While I agree that he should be aware and see them coming , as you say, a lot of people don’t. They build up a massive amount in 401k or traditional Ira and then the government makes them take out so much that 85% of their Social Security gets taxed too. Oh, and I have run into a BUNCH of people who seemed to get blindsided by tax on their Social Security. I had an argument (small one) with a gentleman I know who was absolutely sure that Social Security was not taxed. I looked it up for him on my phone and he got very quiet. (Which everyone else in the produce section seemed to appreciate). My point is that all these things that people SHOULD see coming a lot of times don’t. Hell, I’d say 8 out of 10 people on the street have no idea how Social Security is figured up for them. And Josh and Devon and the rest of them put out videos all the time explaining it.

I retired at 48 due to my broker, Lisa Jill Grenell's success with my investments and on my way to FINANCIAL FREEDOM. now I'm ready to venture into the stock market in June.

@@flyingdutchman2901 Investment coaching sounds like a great idea, thought about it before but never knew how to go about it, Have you used a coach? what is the experience like?

@@cerealkiller6193 can’t disclose too much , but yea I’ve been using a coach since March 2019, growing my portfolio from $275k to $700k approx. It is pretty straightforward, not as complicated as it used to be.

@@flyingdutchman2901 Oh wow😮… This is incredible. I listen to Ms Lisa's podcasts sometimes and I have learnt lots of strategies thereso, I didn’t even know people knew about her this much

@Teslas Are Rare I copy her trades on my own trading account and at the end of the month I give her a percentage as agreed upon while i get increased exposure on how she navigates the market

enjoy it you deserve it

Congratulations Gina!!!

That's my game plan a no debt retirement. The money goes a lot further with no debt.

Congrats Watch out for freeloaders & scammers

Congrats Gina

Guess you’ll have to stay working then

But they have probably had more opportunity to contribute to 401ks, which weren't around when pensions were big time. Also pensions probably caused a bit lower pay scale, I would think.

You'll need to increase your 401K/IRA savings until then. That's the new pension.

@@HeritageWealthPlanning I was hoping the response to that statement would be more helpful.

@@conniestancil2467 why do YOU care what the AVERAGE person gets? That's the point.

Good for you, it's really an individual thing. There can never be one answer some people cook some order out daily some never take yearly vacations some drive a rogue instead of Ford explorer

Wow, your comment has me thinking.

You are right. It doesn't take boat loads of money to retire. With average income. Early retirement is very possible with ACA.

Good for you. I legally retired at 53,worked in deferred retirement for 21 months before completely retiring from the ICU bedside ( I’m an RN as are to of my daughters) at age 55. Began receiving my pension at age 55 and claimed Social Security benefits at 62. The two streams are a nice financial tag team for me.Am credit card debt free, I pulled out a home equity loan for my mom which will be paid off this year. I look forward to being completely debt free by the end of this year.. No regrets about retiring whatsoever.

Wow! Do I ever agree with that. 63 and every test makes me nervous. Former smoker, Type II, etc. No debt outside of mortgage, plenty of cash, $3300/mo SS. WTF am I doing, working still?

Yes, I am in that situation. Please Josh, illustrate that.

300k is plenty in retirement, including SS. With no debt/mortgage/car payment. Shouldn’t even be running numbers based on a fixed 4 figure travel budget. That’s not real life. Deeply laughable. Plan on a yearly of say 5-10k to use for here and there trips, maybe a bigger one. 300k does not leave much cushion for a 30 percent market pull back. If I retired on 300k I would not be planning on any extra fixed drain on my assets. I’d be comfortable with prob a 5-10k max yearly travel budget on that number. 5k per month income no sweat on 300k invested correctly for retirement!!! Those firms with the RU-vid videos need your money to make money. Most of their clients are wealthy and spend thrifts and want 5k figures monthly. 😂. You’ll be fine. Just make sure NO DEBT OR MORTGAGE!!!

Thanks mom! 🤣

Agreed.

Dude , I did the same thing and bought a new 2020 F-150 for traveling and towing a trailer here to hell and back !

How much did the X get?

The expense? Or the enjoyment?

Back in the day, maybe 1980 or so, the average number of boat motors per boat fisherman per lifetime was 2. I would guess the boats were the same. New boat, new motor. So it is like a a better replacement boat as gradual wealth allows. Personal preference to what age that happens. I myself dodged the bullet , wanting a nice boat, new or used, at 55 age and then disability hit. You know what they say, people plan and God laughs. I will never get the dream, just poor timing. But at 67, I now wish I could have played harder. It’s every mans personal decision.

"B O A T" Break Out Another Thousand. 🤣 But Hey, do what you enjoy, especially in retirement!

@@Scotty777 yup, rent that sh!t!

You forgot about peeling $$ from the 401k and the IRA on a monthly basis. That’s a Suzy Quattro !!!

I'll advîce you currently go into crypto investments with my trading manager for satisfactory profits

........ ᴡ=ʜ=ᴀ=ᴛ=ꜱ=ᴀ=ᴘ=ᴘ.

.... +=1=5=7=0=5=2=1=3=1=4=8.

You’ve worked hard over your lifetime and now you’re enjoying the fruits of your labor. God bless , stay healthy, and enjoy every day.

A hole in the water you throw money in. Better to rent a boat or hire a charter guide.

Thanks for commenting, I will advise you to look into to investing in BITCOIN and get decent profits through my trading manager ,he's managing my crypto profitlio.

W..h..@..t..s.a..p..p .... +=1=5=7=0=5=2=1=3=1=4=8.

@@instarding8376 Anyone recommending bitcoin as an "investment" should be dismissed as a financial quack. Bitcoin is a speculation at best, and should be viewed as any speculation....quick profit but always be near an exit door. Bitcoin and Dutch tulips have a lot in common...and will likely suffer the same fate.

County? Even at worse they get 75%

@@rickyaz8640 "At worse" meaning the whole fund goes bankrupt?

Depends. If it's a government funded pension, then, yeah, it's 100%. Government can (and will) raise taxes to pay the obligation, and judges won't let them out of it because the judges are usually on the same government pension plan.

@@stuartclubb4302 Raising taxes isn't a catch-all solution. People leave cities, counties, and states over high taxes. There are a number of counties with serious pension problems because voters aren't willing to accept higher taxes to pay pensions. Nobody wants to sacrifice the fire department or city waste or schools to pay pensions either.

@@RandallHallKaizenReiki Good point. Most of the time (I'm here in Oregon) the politicians simply give the voters the option of letting the rapists and murderers out early, and firing half the teachers, or pay more taxes. Hence my cynicism. :-)

During your retirement years, you want to maintain your standard of living. If you are spending $50k/year, you want to spend $50k/year after you retire. A $30k/year pension will leave you short $20k. You will have to make up the $20k from investments.

As long as u r living at 70

@@bruceeigsti5274 Yep. Dying is not a problem. If we die, all our financial concerns go out the window. But, what I wanted to do is have the cash flow that I would need to minimize financial stress in my decrepit years. Just in case I do live a long life. Low stress in life helps us to maintain a long healthy life. Update: I have decided that I'll need a minimum of $4500 a month for my retirement and not $3000. Inflation was a wake up call. That amount would allow me to have some hobbies as well as pay for my fixed expenses. It also provides some money for when the car or house need maintenance. As of now, I'll be filing at age 69. I won't need to wait till 70.

Couldn't be further from the truth, so either you're being sarcastic or just didn't watch the video. Based on his PIA sounds like he makes approx. $60k per year...when he retires he and his wife will be making as much or MORE than that with his pension and SS included. With no debt, pension and SS they may be living better than when they were working, and with a $450k house doesn't sound like they were living bad at all beforehand.

@@Robw1960 Okay, I was being sarcastic, in all fairness we could also throw in steak once a week as well.

@@benedit71 Touche 😆

@@benedit71 absolutely steak or ribs once a week on the Traeger. Don't forget to budget for a good IPA to go along with the steak.

Thinking the same thing. Minimum 5 G's/year upkeep and gas, etc.

Break, out ,another, thousand = Boat. Boats are Fun. Live your life!

Think a boat is bad! My airplane is ?? But I can use it for travel lol !

2 great days when you own a board, day you buy it and the day you sell it.

You never need a boat. You just need a friend with a boat

I pay $1,900 per year in California for property taxes. And 900.00 per year insurance. Bought home for 135k in 2000.

@@Quilt4Joy mine is just opposite. Property tax is 750.00 a year , insurance is 1900.00

Whoop-tee-doo for you.

@@LiLoTech Living on $6900 a month cash flow with no mortgage is very doable with this case. The $300K is only contributing $1250. Most people don't retire with pensions.

You paid into social security no? There is your answer

Also consider when will he actually get the pension? at 62? 65? Will he still be working there by then? Will amount in monthly benefits increase by then? Will amount in lump sum increase by then? My first reaction: take the lump sum and invest it yourself as these amounts are very low; but that suggestion could change if amounts increase, job tenure increases, etc.

@@peterhoffman8525 agree with you.

@christine _invest with Marcus, my trading manager.

.... +=1=5=7=0=5=2=1=3=1=4=8.

........ ᴡ=ʜ=ᴀ=ᴛ=ꜱ=ᴀ=ᴘ=ᴘ.

500k tax fee if you’re married

The indexing figures for 2024 have not been made yet. The statement you get from Social Security is just an estimate. It says right on it that the closer you get to retirement the more accurate it will be.

and $2500 a month pension.

5% is actually conservative. Managed IRA can do that or better. I am averaging 12%..

Yea, my concern is being employable to age 67. Only 15% of retirees retire at 67.

@@zmanphx do you mean collect Social Security at 67? When people collect Social Security is not exactly when they retire.

I agree. I've been doing the same thing for almost 3 years now and IMO, it's the best source of income on the internet. It's also fun too 'cuz it'll unleash your creativity.

Absolutely right, talking about bitcoin mining I dabbled into cryptos recently, my investment advisor Mrs. Sophia Jackie Coplan will rather refer to it as a digital currency, she uses this multi-market strategy and predicts to such an accuracy I had to leave it all up to her. You can look her up on google if you have trouble making 27k weekly lol, I make 6 figures every month only from mining in the equity and currency markets.

hi, thanks for sharing; a few Qs how long have you been working with her, how do you easily reach out to her? what fuels your certainty that she predicts correctly? I mean she looks the part but just doing dd.

@@destineeknight5261 I met her during the bitcoin bubble of last year. although I have been active for 14 years trading in the stock market. Mrs. Sophia informed me on Friday that most investors under the network were exiting positions and buying dogecoin. She predicted the dip to take place during the weekend. what she called the Weekend Effect.

@@neathloverr9183 please how do you reach out to her? can you share her contact information?

I think the 5% was just drawing down principal in retirement, rather than trying to live off earnings. At least, that's how I interpreted it.

Abbvie

@@caseymoffitt682 oil companies such as CVX are paying good interest, telecoms such as Verizon, AT&T, and Broadcom, rental company Rent-A-Center may be things to review also. I do hold Abbvie.

In today's world, I would say it's a bit like a 401k plan only the employer contributed the money (instead of giving it to the worker), distributions back to the retiree are often annuitized, and the employee doesn't have a say in where the money is invested. There are pros and cons. Some pension plans went bankrupt, though most didn't. My dad at 97 still collects his pension which pays for his nursing home care.

@@MrMleewilson this has been an interesting subject for me, for example trying to figure out what today's value of a social security payment would be. I've tried using present value of annuity calculators but I can't get consistent results. Your method is very straight forward. You mentioned some negatives with pensions; another is often that after 30 years the purchasing power of the original payment may be down to 60% or so.

@@MrMleewilson he says people’s spending drops as they get older and less active until there is a medical event like ltc

If today's 22% bracket $81k low end for married couples changes to a 25% bracket in 2026, they would still be a bit below the 25% bracket. IRMAA shouldn't be an issue though, so at least taking extra savings funds would only impact them marginally.

@@dougb8207 Thanks Doug

Where did you read that? Can you provide a reliable source for that statistic? I think you have formulated some scenario in your head that suits your pessimism.

right, in all actuality, many people just don't want to wait until 67 to retire. Having time in retirement is key for most people and waiting until 67 does not leave a lot of time to actually get out and do things.

"I'm reading 15 to 20% of people make it to 67"???? You mean live? Simply Google your age and how long you live on average. It's not 67.

You don’t know peoples circumstances so don’t judge

@@HeritageWealthPlanning wrong. its emc 101. if i can do it any one can do it. there are places you can live in the us on 15k a year

it totally depends on whether she's getting her own social security or the spousal benefit. She will get 50% of your full retirement age benefit if she retires at full retirement age regardless of what you did. The primary wage earner takes a 30% discount generally to go at 62. The wife at 62 will get just under half what he gets

Just visit your local Social Security office. They will give you all your forecast benefit payments for all the options such as drawing early, on time or waiting until 70. Cheers!

Yup, prolly saved their azzes by not having daycare raise a bunch of deadbeat kidz who never leave home!

You missed the point, obviously they want to retire because they're asking question, and ya, nobody knows "what it will be like then". Clearly very feasible at this point. Pensions help alot.

Sometimes the money is less important than the time. I could have worked for a lot more years. But it wasn’t worth it to me. Maybe if I was hurting for money it would have been different, I can’t say.

@@johnscott2746 Agreed. I think people focus too much on money.

That would assume he delays his benefits those two years. I assume these calculations are made under the premise that both Bob and Jane start taking their PIA at 67, but the example is what things will look like two years later when both are taking the (100%).

I didn't really understand the comment. Was he saying in the South, many wear t-shirts underneath t-shirts? I wondered why he did that, but it wasn't any of my business. Personally I just wear a nice t-shirt without one underneath. I would think that would get a bit warm in the South to wear 2 shirts, but everyone's different.

Thanks for commenting, I will advise you to look into to investing in BITCOIN and get decent profits through my trading manager ,he's managing my crypto profitlio.

W..h..@..t..s.a..p..p .... +=1=5=7=0=5=2=1=3=1=4=8.