Відео

Your picking all the low hanging fruit that people in their 30's already know. Its far more important to prepare people at any age for job insecurity and how to cope with that. What do you do when your government decides its in their interest to give jobs to the Chinese or people that come here illegally and suck all the opportunity away from the poorest citizens. No matter your income or self worth you'll probably be left to reverse mortgage your home or worse hand your money over to a financial adviser. Just because you have a job now doesn't mean your wife's vote won't destroy you.

🎯 Why not? Donald Trump is using our tax money for hookers. We are eating peanut butter and jelly sandwich. Our government is full of SCAM💩

Pulling 4 percent out ya pension pot is crazy and it should be growing bwtween 5 and 10 percent a year

This video really helped me understand that I am simply fu$ked!

I earn about 3500 a month ( With overtime ) 1200 goes st8 into my work pension and work pays 300 a month in I usually take home about £1800 a month 800 goes st8 into my vanguard isa stocks and shares isa That leaves £1000 I pay £500 into a joint account and my wife also pays in £500 Every bill and food and insurances ect are covered easily from that £1000 That leaves me £500 a month spending money Most months i spend about £300 ,thats gym ,takeaway once a week ,grabbing a coffee at work ,and a meal out once a week or so Usually have a couple of hundred left at end of the month but sometimes i dont. If ive bougtb gardening stuff or diy stuff like paint or a new toilet seat or a new rug or a pair kf trainwrs or a pair of jeans etc If your sensible and thrifty yiu can live well on very little Thats if your also sensible enough to have your mortage paid off by time ya middle aged ,mine was paid off by aged 45

I'm 72, and must start takingRMDs this year (don't want to wait till 73, because then I'd have to take two RMDs in the same year, increasing my taxes.) I really wish I'd known to do conversions much earlier, but better late than never, I guess. I converted about $75K over the last 5 years, paying the taxes due from non-IRA sources. The conversion caused me to have to pay income taxes on 85% of my SS, but because my RMDs will only be about a third of my yearly previous conversion amounts, I'm betting that my SS taxable rate will drop to 50%. And I'm betting that federal income taxes will keep going up during the rest of my lifetime.

Looking forward to the Roth conversion topic

Well the first thing you need is to work out what your budget will be like when you retire based on todays figures. I know I won't have a mortgage so i know what my annual budget will be. Next, I know what guaranteed income I will be getting from different sources and can project how much my investments will be based on historical data, That's the best you can hope for. Once you have a baseline, you can work out your average tax rate and estimate what your net income will be. Divide your net income by your expenses and if the answer is 1.25 or more then you are probably going to be OK. For example, if your net income is $40,000 and your expenses are $32,000 per annum then you have wiggle room for unexpected bills and can use the disposal income for treats like trips or eating out

If I leave work at 60 the Social Security tool does not calculate from the day you leave work before eligibility at 62 - 70. The tool assumes you are working until 62 - 70. This makes getting a real number possible. I had to call social security and they didn't seem to understand my question the lady kept giving me numbers that assume I'm working up til 68. I had to explain multiple times I'm leaving work at age 60. She finally understood, said she would have to call back and never did

Retiring with $1 million in 1957 is the same as retiring with $11.16 million today. Not attainable for most people. Pulling $50 thousand a year in 1957 is $557,914 today. Who needs that much income? Adding 3% a year to your withdrawal rate is clearly insane. If inflation is high then just go without an increase in the withdrawal rate for a few years. A bit of "belt tightening" in retirement will not kill you. The real "death spiral" is the constant increase in the withdrawal rate.

People in their 70’s and 80’s will be working the jobs the Influencers don’t want to do so they will be fine. Nothing to worry about

Great video. Despite your very clear explanation of SS and the SS Trust Fund there are people who will not want to believe the facts.

Great video! Thank you. What age do you consider close to retirement?

wow i had no idea that a taxable acct could be passed onto beneficiaries tax free due to step up basis.

Great video! So many misconceptions about SS! Would be great if younger families would have more kids!

Didn’t Carter use some of the Social Security funds for welfare in the 70’s because he thought it was as overfunded?

I’m 51 and plan on retiring by 53; as mentioned by others here I have zero debt and purposely live a spartan life. I have $3.5 million invested with an annual dividend/interest payment of $100,000 plus……I intend to enjoy my retirement as my father never got to do that after working hard for decades.

I can't get past the concept of the inverted Pyramid. It's been around for years and so many people don't talk about it. You picture a Pyramid and the boomers are on the bottom. For years they've been paying into this system and the tiny point on top were drawing benefits. that Pyramid is inverted. Now all of the boomers are on the top and we all want our money. On the bottom is who is paying into that system? That's that little point balancing and it's going to tip over. Because there aren't enough people to pay into the system, and nobody wants to work. You can't get around that concept. The boomers were the largest generation paying into that system for years. And when we all start asking for our money, the system will collapse.

We need to eliminate the $168600 cap on SS to cover the deficit. It would also be nice if this could eliminate the tax on social security benefits at 50% & 85% or at least raise the taxable threshold indexed for inflation which they currently do not.

So they (the US Gov) have been paying the money back to the trust fund with interest??? I’d heard they have not paid back anything. ❓

They should have invested SS to target life plan, what a bunch of losers running it

If we had invested the $175 BILLION dollars that we gave Ukraine into Social Security, we'd be in great shape. All politicians suck.

Are you worried Social Security is going away?

The trust fund gets no money, as it has all been going into the general fund and the govt just providing the SSA IOUs. Where have you been?

The US Govt should be charged with elder abuse, as they took their money for social security, didn't properly invest it for growth, and left them with pennies to survive on.

I thought a person couldn’t file for spousal benefits until the spouse claimed. In your example Clare claimsT age 67, 3 years before her husband.

Employers are very Mean and Nasty to Older workers,, Some people will be forced to Go On Social Security at age 62 with little to no savings, many will learn to Live on Social Security Alone or will Semi Retire

I am a diy investor and I am my own financial advisor. I also help my kids with their investments as well as grown grand kids. We are all doing great. My greatest frustration is that I fear my family isn’t financially literate enough to go it on their own. Working on that all the time.

Well, I'm 55 and fully retired for some years now. When I had my 21st birthday my mother told me to start planning my retirement then. Seemed ridiculous at the time but I took her advice and started my investment journey. Its had ups and downs but our income per year now is more than 100K and we live pretty well. A new car every 5 years, private health insurance and two overseas trips a year plus we also have enough to help out the kids with their mortgages. No govt pension of course. The secret, if there is any, is to start early to get the benefit of compounding. I started working early with Cynthia McClure Alexander early and today I am happily retired .

It's great to have an estimate on how much you will want/need for retirement income. But one huge factor is location. Where you choose to live greatly effects what you need. A retiree in TN needs less than half what a retiree in NY needs.

This video is great. It stands out from other UA-cam retirement talks. The presenter is very logical and to the point. It helped me a lot. Thank you!

Wow I've been saying Time = money is the biggest lie since I've been 20. Recently I could choose between a 3% salary increase or 5 extra vacation days... I chose 5 extra vacation days and most of my coworkers did too, because we actually discussed it with eachother. And I remember specifically saying......you can always earn more money, but you can't earn more time.

I’d rather touch my Roth before withdrawing from 401k

Great video. Thanks 🙏

Is the median pension the median of those who have pensions, or does it include people with zero pensions?

100% of my retirement funds are in a Roth, and as a retiree I’ll never pay income tax again. With no income other than SS, easy qualification for ACA health coverage. Plus inheritance and RMD advantages make this a no brainer.

I'm gonna convert all mine to a roth right before i die ! because i will not need it at that point! LOL then put in my will that no moneys will be distributed for a 5 years. by then it will have time to grow.

do long term care policies actually pay out?

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If you convert from a traditional ira to a Roth ira you have a 5 year waiting period

40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $900k, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

How about same situation, but with Munis in the brokerage account.

The big surprise for me was Estimated Taxes. No one warned me that I'd be doing taxes five times a year. (The four quarters plus the final 1040.) Then you get to meet Schedule AI because your income unevenly distributed, but the IRS wants taxes paid in equal installments unless you can prove you get paid unequally. In early June I'll be doing taxes again, tax quarters are not always calendar quarters. 🙄

With a paid off mortgage I can live on less than $2000 a month. Social Security will fund my frugal lifestyle. My investments will grow until I am forced to withdraw at 73. If I pass away before then, my heirs will benefit from my savings. Social Security will die with me.

WOuld LOVE to use your "ROTH IRA" conversion tool as stated in Video you would liknk in "Show Notes" All I found was a link to sign up for your services... DISSAPOINTING! IF there is such a link (without giving my first born,child, my cat, dog and goldfish information.) Please post it below. Perhaps if you used the KISS approach you would get more intrest and client.

Working till I drop dead hallelujah 🙌 🙏

Im behind at 37 years old with $90k in retirement. Now Im adding $23k a year into my 401k to catch up.

Pay off the note. Best decision of your life. This will make you home insurance free.

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. .

I convert to ROTH when my passive loss (real estate rentals) permits me to pay zero tax or very little. Don't be an earner be an investor.