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I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

Guess your saying we can trust yous guys. How much?

Agree BUT. You leave out gains of 8 yrs on money left in and not removed since using SS money. So, 96mo x 1600 = 144k still in your acct not including its gains. 😮

Is there a way to collect child support never paid child , 4 children from an 11 year marriage, my ex husband recently passed and never paid

Ex and I were married 12 yrs, he passed on 4 yrs ago, I never remarried and will be 60 this year but not wanting to claim yet. How do I find the monthly amount of mine and my late ex-spouses SSI benefit?

This whole issue of longevity makes having life insurance much more important.

Not cool.. I worked at a grocery store-paid into ss for 5 years. Worked as a police officer-no ssi for 20 years but i will get a small pension wheni turn 50. Now i happily work at Walmart for 16 an hour and paying into ss. Im 45 years old. Here's my question.. i have 36 ss points. Do i work to get my 40 points or cut my losses cuz im going to receive maybe 50% of my ssi benefit?

One clue as to which is more expensive over that long run.. .Insurance companies in Washington State pay insurance brokers twice as much to sell an advantage plan as a medicare supplement plan. (Last time I checked it was 800 vs 400). IF there is a problem with your advantage plan not paying as it should.. .you cannot go the Medicare.gov to get the problem solved. Advantage plans are a private insurance plan and it has the same drawbacks as many other private insurance plans..including changing the plan every year so you cannot know in advance what you signed up for except for that first year. Speaking of "moral hazard", the brokers who sell so called "advantage plans" and Medigap plans get paid 800 to sell the advantage plan, and 400 to sell the Medigap plan. So how is this not a moral hazard? The insurance companies can change their plans annually, but the insured person cannot simply go to a medigap plan once they are on an "advantage" plan. How is this not a moral hazard.

I’ve always figured the $255 is a small payoff for letting them know that they can quit paying. It’s not to help anyone, just signaling that they can save money by stopping payments.😅

Can you do advantage first when you sign up then switch medi gap after 4 years of retirement.

I am confused about one part. If I was married over 10 years and I’m 60 if my exact passes, I Don’t receive full amount unless I’m 67?

Just got laid off at 60 due to company reorg. Feel like I want to retire now. Thinking I will take out from 401k. Wondering when is best time to file for SS. Came across your channel and video where you spoke of a report you run. I’d be interested in said report. Thanks for the channel as it’s helping me to understand things.

The Medicare advantage plans primary goal is to save money. They do not only put up guard rails they straight out deny care. I work in a skilled nursing facility for rehabilitation and the advantage Plans allow a much shorter length of stay than Medicare with a supplement. For example, they may decide that a patient who had a stroke is ready to go home after two week rehabilitation before they’re even walking independently. As a healthcare provider, I believe the advantage plans are great for healthy people and people who cannot afford the secondary insurance. But otherwise in my industry traditional Medicare is always a better choice.

What's an emergency in retirement? Roof, car replacement, septic and leach fields, special med costs.

Is it $1.46m per person or per couple? I guess it must be per person. Also, I assume they don’t intend to leave any significant inheritance to loved ones. And this $1.46m is additional to social security. Say $2.5k a month. Yes I guess that can give a decent total of about $7.5k a month to spend. Assuming 4% returns. And 2% annual increase. Yes. Reasonable view of what’s needed.

62 for my husband and 55 for me. We have 4 more years.

All of this standard stuff is on the ss website. You stop right at the point where I need to k ow if ss is going to further cut my widow benefit via gpo. Also, you guys sit here all smug and armchair quarterbacking and acting amused that people took their pension at 62, I would say that every person that did that, did it because they had to, they didnt take it early just to piss off their wife. You guys make people feel bad and you act like the choice they were forced to make makes us stupid. We all worked hard, sometimes you have to do things out of necessity. If you are making these hal-ass videos thinking you will get future customers breaking your door down because you think you are smarter than them, you are sadly mistaken. Provide some amswers that can't be read straight off the ss website, stop sneering, act compassionate.

Capital One360 HY Savjngs is paying 4.25% was 4.30% 2 month ago. Seamless slide into Checking as needed. My CashFlow and Emergency are there. Not for growth but nice to get 4.25% for now? CD Past 1 yr fall off a cliff! Mite get MYGA Annuity to lock in 5.7% all the way out to 20 years on July 2024 quote! 😊

One half take it at 62.This is much higher because you have to factor in the healthy 62 year olds and all the people who sign up for disability at 62 that get their fra benefit at 62 instead of 67.

The current FU number is $2.5M per person due to inflation.

WEP=socialism

My husband and i both started our SS at 62 no regrets at all.

Enough so not to panic when my investments (IRA, 401k) are down.

Does anyone know a reputable law firm in Florida that does this?

Omg this was awesome

Personally I keep an emergency fund that can last more than 3 years But each to their own

I would never take advice from someone who doesn't even know about hysa and can't even save enough money for their emergency fund with 2 incomes. Not everyone that is retired is on ss or pension. Some retire early and draw out of their savings every month. It's called the bucket strategy. 2022 was somewhat of a bear market. If would have been insane to pull money out of your brokerage account when your stocks were low. The savings is also for tax strategy. For instance if you are trying to stay in the lower tax braceket to be able to get low premiums for the affordable care act, you can't just pull 50k out of your 401k. Or if you convert 70k to a roth and you need 30k to live off of, you can't pull 100k out of your 401k if you want to stay in the 22 percent tax bracket. Or if you want to stay under the IRMAA threshold, you can't have an income of over 103k for a single person and if you are already drawing ss and pension and converting money to a Roth, you will go over the threshold! There are so many reasons to have cash in your savings account other than making money. It's sad that people who are supposed to be professional financial people don't know this.

10:00 I'm confused, just turned 62, my x is 55....can i claim on their social security? been married 10+ years, never remarried... or do i have to wait until they reach 62 ( and i am 69) before i can claim on my x's ss?

My son who is 28 is on track to retire at 50. Worst case 55.

Good discussion, because it forced me think. Like, what happens if I have a heart attack? Break a leg? Do I have enough credit to get by while waiting for an insurance payout? How about burglarized by people with a moving truck? A spate of funerals I need to travel for? A change of weight means needing new clothes. Etc.

Great vid. I've been seeing so many people saying you need a year or two of your expenses to cover a down market. But that would imply that you are paying all of your expenses with your investments. With pensions an SS, that might not be the case. Now, someone might want more in their savings to be able to maintain their lifestyle during a down market. And that's fine, but its not really an emergency fund then. Just a lifestyle buffer fund. :-)

Emergency = car repair, roof, home repair, medical emergency, inflation, etc….

I’m 59 1/2 my husband passed at 55 he made 200,000 a year I filled for disability while he was alive and was turned down he told not to worry he would take care of me, I have filed again for disability and widow, it’s been over a year and now answer yet on decision , I been without income for two years but was trying to wait for disability so I wouldn’t be cut for drawing early, about how much would I draw if I drawed before being approved for disability and do I draw both

I’m in my 50s and plan on retiring by 60

I think 99% of finance CZcams channels are focused around people who are on the edge of not having enough money to retire. If you started early and have a few extra millions none of this talk really matters.

I think when you retire makes the decision for you. For my situation my wife should claim at 65 and I should claim at 62. This is because all our social security will be invested making probably 6%. This means we get the COLA plus 6%. We expect I will die first and the invested money will make up more than the difference of my survivor benefit from my pension lose. Effectively this means my wife’s annual income won’t change when I die.

To me being on disability retirement, everything that comes up over and above my usual expenses is an emergency, because I don't have any savings left. I'm working on it by paying down my debt and I hope to take my income eventually and have an emergency fund. Some examples are: a storm that came through and took down several branches of my trees more than once this year for a total cost of $1,000; I needed repairs and maintenance on my whole house generator that cost $750. I also need to have work on my deck so it doesn't fall apart and that quote was over a thousand dollars along with some work that I need on my front sidewalk for 1,400. Oh and I took my car in for some warranty work and found out I needed to spend $1,500 on a new timing belt! Yay that all went on my credit card.

I paid off my $729k 2.625% 15 years loan in 25 months. Before my retirement I went into investment after my retirement and made more savings from it ..

I have 60k in my savings @ 4.6% apy with Sofi. It gives me peace of mind to have a years worth of expenses in case i lose my job. Also. Im building my cash bucket of the three bucket strategy when i retire in 5 years.

My Sallie Mae Money Market account has check writing and is paying 4.65%. I have $75k in that and $240k in another money market account earning 5.25%. I keep $10-15k in a standard bank checking account for daily expenses.😊.

I would add unexpected hefty condo assessments and getting dropped by insurance carriers especially for retirees who reside in Florida to that list.

It depends on how much money you have, and how much income. At 64, I have zero investments or assets - no 401K, property or stock. All of my limited funds are in a HYSA earning 5.25%. I get $5000/month from Social Security, pension and side hustle. 50% goes towards living expenses and the other half goes into savings. I earn less but take no risk and pay no taxes. Keeping it simple is my priority.

Sorry guys, I could only watch 5 minutes of this video. If, we had a time machine and could go back to say 2018, when the interest rates on Bank checking, savings, and money market accounts were near zero, my number to keep would be a total of $25,000 ($20,000 in a savings account and $5,000 in my checking account). Now, in 2024, I can earn annual interest between 5.25 to 5.75 APY, in either a Certificate of Deposit (CD) or an on-line High Yield savings account. After the next stock market correction, I will be moving about $500,000 from fixed assets back into the stock market (smile ... smile).

I just spent 20,000 to replace my septic field That was not in the plan

Financial advisers are crooks. They steal YOUR money.

All of it.

Starlink will give you high speed internet for cheap.

Getting a reduction of SS for claiming it @ age 62, is unfair to those who have always worked, all their life, when a spouse “who did not work”, can receive SS benefits that they did not earn! Some of us had to take SS at 62, even while working (and in fact), worked well past full retirement age and paid in to Social Security all those years, as well! It’s grossly unfair to someone who worked and struggled “ financially, “alone”, all their life to earn those 40 credits or more, whenever (there are people getting benefits at the expense of (others who “worked” for more than they are able to receive)! If you have to take SS at 62, but go on working well past retirement age, You should not be penalized for taking SS early! And…how is it they can allow the influx of illegals and take care of them if the System is going broke? SS is not supposed to be a handout to everyone! Those who have earned it have certain criteria they must meet, so how is it those who never worked, can receive more than many who have worked steady for 45-50 years?

I retired at 63. We stuffed a bunch of cash in our mattress (around 5% interest) to qualify for decent Obamacare subsidies and avoid excessive Roth conversion taxes. Once we start Social Security at full retirement age or later we won't need as much cash. Thank you for the discussion.

The fed is full of BS with their 3% inflation rate..90% of everything us retirees buy has gone up over 15%,food,utilities,insurance,gasoline ect.