Your Retirement Roadmap: A 5-Step Plan to Retirement Readiness
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- čas přidán 5. 08. 2024
- In this episode, James emphasizes the importance of having a well-thought-out financial plan for retirement, rather than relying solely on the size of your investment portfolio. Financial security doesn't come from a specific portfolio number but from having a comprehensive plan.
Using a listener's question, James walks through a step-by-step approach to assessing retirement readiness. He discusses aspects like income planning, investment strategies, tax optimization, and protection through insurance and estate planning.
Shifting your mindset from a saving mentality to a spending mentality in retirement allows you to fully enjoy your savings. Learn how to determine if you'll be financially secure in retirement and how to optimize your financial resources to enhance your overall retirement experience.
Questions Answered:
How do you assess your retirement readiness?
How can you optimize their retirement plan to enhance their overall retirement experience?
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Learn the tips & strategies to get the most out of life with your money.
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⏱Timestamps:⏱
0:00 Intro
1:26 Listener question
4:03 The bills
6:03 Alternative strategy
10:36 The first thing we looked at
12:55 How to maximize
15:35 Your investments
18:58 Risk capacity
21:05 Deductions
23:19 Big picture consideration
25:28 Outro
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This is an incredible walkthrough of your approach. So, so helpful for me given that I'll have a pension of between $60K-$85K depending on when I choose to retire.
Nice introduction to the macro side of retirement planning using a concrete example. Yup, it's not the $ number and it's not your age, it's having a plan for your unique situation that brings peace and allows one to 'forget' (or at least not perseverate about) your finances in retirement. Thanks for posting.
I waited to take my S. S. Til 70. I was also ready to take it at any time that my situation changed.
There are so many variables that you really need guidance!
This video tells us that having a secure retirement isn't just about money; it's about having a good plan. It's like having a map to enjoy your retirement.
Nice breakdown using a high earner with a large retirement and alternate sources of income. 👍👍
Great job! Thank you James
Thanks for listening
★★★★★ Another home run. It made me very happy to listen to your analysis of the stock-bond balance in a portfolio. I am so tired of hearing "financial advisors" who have not thought it through parroting some formula. My situation is roughly similar to your case study and I hold 95% in stocks because it suits my needs and my tolerance. Over the long run it offers the best likelihood of return. Keep these great podcasts coming.
Can you please work on real world scenario. I have noticed all most all of the financial advisors always bring in these example where the retiree is already sitting in million dollar portfolio and with fully paid properties. I get it advisors dont want to work with regular american. For the sake example bring in a real world example. Such as below 300 thousand in 401k and no pension only social security with 10 years left on mortgage of 2500/month.
Are you trying to tell us that you don't have trillions of dollars like 99 percent of Americans? 😂😂😂
I agree! Why give example for people with million dollar portfolio? They can afford to get the advice and pay for a financial advisor. Give the less fortunate folks some recommendations besides...you're screwed when you retire if you don't have a million dollar portfolio.
Well, most financial advisors are paid through fees on your invested assets, and the threshold for making profit for them is that $1m of investable assets @ 1% ($10,000 per year in fees). So these videos are there to attract $1m+ portfolios. This is also why they don’t emphasize other asset types (e.g. real estate assets / rental income)
I totally understand you. I have a limited amt of dollars coming in during retirement and I don’t have all the options that people with more that a million $$$ have.
I recommend that you watch videos related to frugal living. I have watched plenty of retirement videos and most barely touch on this.
Frugal living is not living poor. It’s not living cheap. It’s practical living. It’s living with a mind set that consumerism is a waste of ur time and $$$. Because it is. It’s living an enjoyable and fulfilling life uncluttered by “things”.
With limited $$$ coming in focus on the $$$ going out
I think you should listen to Dave Ramsay. Once you graduate from that then come here.
I don't understand why you use 5% withdraw when 4% is mostly recommended.
The biggest fear people have, and investment companies want to feed, is that you will run out of money. Yes, there are many people with that issue, but if you create a budget. Invest in financial planning. There is no reason not to enjoy your money.
Worthless example, you have a multi-millionaire couple with several income properties, try An example of a couple with a few hundred thousand saved.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and
worried about retirement. I've been in the red for a while now and although people say these crisis has it
perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
Sorry James but I have also noticed that lately. Your example apply to a small population. Can you please make videos with these really interesting topics but with scenarios where people are not multimillionaires?
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