Don’t Retire Unless You're Doing These 6 Things!
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- čas přidán 20. 07. 2024
- Retirement is something you should only need to do once. But there's a lot of preparation that goes into it. There are six things you need to do before you make the decision to retire:
➡️ Income Strategy: Crafting a Blueprint for Cash Flow
Understanding your lifestyle and long-term expenses, from daily needs to aspirations, is crucial, guiding the alignment of income sources for a secure and enjoyable retirement.
➡️ Investment Strategy: Tailoring Your Portfolio to Your Goals
Customize your investment strategy to match your distinct retirement goals and adapt your portfolio with a mix of stable income assets and growth investments.
➡️ Tax Strategy: Navigating the Tax Landscape
Thoughtful planning, including tactics like Roth conversions, tax gain harvesting, and charitable giving, can enhance your tax situation, allowing you to retain more of your earnings.
➡️ Insurance Strategy: Protecting Your Well-Deserved Peace of Mind
Retirement plans can be disrupted by healthcare, long-term care, and unexpected events, making an insurance strategy essential.
➡️ Estate Strategy: Planning for Your Legacy
Extend your financial legacy beyond retirement by preserving and distributing your wealth to future generations or meaningful causes through a well-aligned estate plan.
➡️ Purpose: Discovering the Heart of Retirement
The essence of retirement is discovering purpose, fulfillment, and joy beyond the finances. Crafting a plan around your passions, embracing new experiences, and nurturing a sense of purpose drive your retirement years.
As you embark on this journey towards retirement, remember that each step is interconnected, forming a comprehensive plan that supports your dreams and aspirations. Your retirement isn't just about financial security - it's about embracing a new phase of life with enthusiasm and purpose.
Learn the tips & strategies to get the most out of life with your money.
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⏱ Timestamps ⏱
0:00
0:32 Cashflow
1:21 Portfolio goals
4:45 Taxes
6:12 Insurance strategy
7:22 Estate strategy
8:31 Purpose
10:22 Outro
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A key message I would communicate to others is don't delay retirement if you have the financial wherewithal to do so. Too often I have seen many people delay retirement and then experience health issues which constrain the very things they wanted to do post-retirement. Moreover, the most significant benefit of retirement for me is that I no longer have to deal with people I do not want to. That has proved to be the ultimate blessing.
Amen brother, I couldn't have said it better
Totally agree!
Brilliantly said and often overlooked.
86 days until retirement for me.
Lucky!
I’ve started that mindset shift. Just realizing that I don’t have to work all the way up to my death. I started looking at my finances and realized I don’t have to work beyond 70. So I’ve been watching a bunch of retirement related CZcams videos and drilling down further into my expected expenses , etc. The paradigm shift has begun!
A
Great! I retired at 63 after planning hard core for 2 years. Not taking SS till 70. All good, and spending less than expected.
Do you really have to work until 70?
You'll miss the go go years of 60-70 when you're healthiest.
Retiring in less than 1 year. I have been tracking all expenses this year since January. Average monthly- $7100. I estimate that to go down to $5000 in retirement when l sell my current home and move into our cabin and my daughter finishes college. I have a $6000/mo pension and will be able to spend up to an additional $6k per month from various accounts - which could change.
I have to say that watching James videos and listening to his podcast have been most helpful with building my knowledge and confidence to retire early.
Such a helpful video. Thank you!
Very informative video. Thinking about retirement but definitely not ready. Keep up the good work. Cheers
James, you are the BEST! We've been working on how to manage my husband retiring in a year. We've done something on all of these, but you made me realize that we need to re-evaluate our insurance.
I like these kind of "big picture" type videos because it really starts to get you thinking about all aspects of your life, finance and otherwise.
I just love your channel. I learn so much from it. As for me, when it comes to reallocation of investment, there is that hesitation of "what if" and "is it safe" that will weather the storm, in this case "inflation" and "interest rates". I always doubt my judgement..
For most people, Finance is like weight loss: the formula is simple but the implementation hurts
Very true.
We start out about $100,000 per year for a couple years and then SS starts and we can drop down to $40,000 per year plus SS
Great Video!
Thank you James, excellent content!
My pleasure!
We are about ten years away. We have a couple different options for retirement lifestyle, that we'll need to choose between now and then, based on where kids end up and so forth. Whether we stay in a southeast US city to be near family, or move to a southern European town and fly back and forth to visit, the costs will end up being about the same, between $60-80k as a floor and up from there depending on how much we want to spend on nice-to-have experiences.
We go to Europe every year, a bit cheaper there for sure, but not life changing. The key to all is no debt. Then your numbers could work if you adjust for inflation which is rampant in Europe also.
For us the issue is family which keeps us from wanting to be permanently in Europe. Just got back from a month there, great time! We travel 12-15 weeks per year. Our total annual budget is at about $100k. Retired 2 years ago at 62.
Good luck!
Listening to you already makes me anxious
Hi, really enjoy your videos😊. I am about 5 years from earliest retirement, and would like a fiduciary strategy consulting for planning. I do my own investment portfolio (bit of a hobby and self challenge) and have a mix of taxable, IRA, Roth, liquid assets. Do you or your firm do any consulting planning - I am located in NC? Thanks for all the educational videos- very well presented, straightforward, and simple given such a complex set of factors influencing best tax efficient retirement. Sue
OMG. I can't cope with all this
Retired this year. Expenses are $4500 a month.
I’m retired 6 years. My purpose is to enjoy life, read, take care of my pets and my home, participate more in church activities. I absolutely love retirement.
My yearly expenses is 17k a year and currently living off of 67k net. No debt. Our yearly income is coming from my small pension, wife's SS and dividends. Im waiting 3 mores years to collect my max SS at 70.
Can you give some info on a small business owner? MOM & POP shop type. Very small.
Planning for 6,000 per month
We are budgeting for 7k a month.
In reality our monthly spending will be far below this but since we are retiring outside the US, vacations back will be pretty expensive.
I'm a bit of a minimalist, so $2,000 to $2,500 per month is roughly what I'm expecting. But it'll probably be less, especially since I'm taking care of some big infrequent expenses before I pull the trigger (e.g. roof replacement).
I know that CAN work, but need to account for occasional shocks(roof, transportation, AC, medical care, etc) Obviously no debt is key. Life at that level is pretty simple, but not my cup of tea. Watched both sets of parents survive on about $2500/mo. Not the lifestyle for me. Double that, and life is pretty good.
Uh oh, I’m already retired. This’ll be interesting.
Update: I think I’m pretty good other than some uncertainty in the tax plan, and I don’t have dependents, but I need to think about an estate plan as well. Nice video!
We are 50 and 48 years old. Both of us have hard, physical factory jobs. We will both have a pension, and social security. Our finances are $250,000 in the bank, $35,000 in brokerage accounts, $30,000 in Roth, and $140,000 in IRAs. I would love to retire at 60, or 61, living off my investments until I start my s.s. and pension. I am the senior in my relationship hoping I can convince my "better half" to join me in retirement as soon as I stop the work, insanity. We live in wisconsin, and I don't believe I could get my spouse to move, so our finances shouldn't be too extreme.
Put a little more of your in the bank funds into growth production. Or take advantage of the high bank interest CD now. Good luck!
If you have a pension, should be all set! No debt is key
@@janetkenny4861 Thank you!
My expenses in retirement will be about $3,000. My social security will cover. I have three small pensions that will be extra money. My 401 will pay for other things like travel and bigger items when needed. I hope to leave my home of 25 years and beach house to my son.
Our parents are still alive and we are retired and on SS, lol.
Maybe the grandkids?
If the math is right, and you feel good about retiring, then go ahead and retire. One cannot possibly plan for every life event. You know yourself and situation better than anyone.
My initial expectations are between $10k-$12k per month in retirement. We're planning for $20k-$25k monthly so we will be in the best position possible.
Living large!
Wouldn't the best position have been retiring earlier so you have more life left to enjoy retirement? If you have 2x more than needed that's a lot of extra life spent on working (and probably the best years you had remaining at the time).
Everybody is unique, but $12k per month is where we are at, and we can’t imagine spending more, unless we start wasting money on stuff. No debt is key. We are taking 12-15 weeks of vacation per year. I guess we could start flying 1st Class, lol
A very nice presentation... but no where near the average Joe's capabilities. Think outta the box. I live half the year in the central colonial highlands of mexico.. The other half in Thailand. No one can predict the future. Get out and ENJOY life! I do.. and on a monthly budget of 1500 to 2000 USD per month! I'm currently living in a beautiful one bedroom condo ON the beach in Krabi Thailand.... my rent is 400 month... I could easily find a nice place away from the beach for 250 month. Fully furnished... nicely with all modern amenities. My electric bill in Thailand.. Using aircon.. Is about 40 usd per month.... México is much less.. No aircon needed in San Miguel de Allende.
Stop worrying about not having enough. Enjoy your retirement. Good wishes you all.
I'm 4 month away from a very similar plan. The world has so much to offer while also safe and friendly. Cheers
Don’t retire in expensive ares, degrade you “wants”, best retire overseas where your $$$ will go a long way. Have almost free healthcare, enjoy slower pace of life, travel and enjoy new places and people.
Retirement in the US is as stressful as working 40-60 hours a week
It’s complicated as hell!
Yean, Which project do I start with today? Shall I ride my bike? Will the wife want to cuddle a little extra this morning? Very stressful.
$20,000 per month. Love to travel. That would be 70 % of current spend.
I'm aiming for 4k a month in todays money
Same. In Manhattan.
@@jpny4750 ouch - that's not going to go very far?
Same. Good to hear.
Is it true u should get a waiver signed to freeze Medicaid premium's even if u dont expect to subscribe to it at 65 ?
Medicare? Medicaid (aka MA or Medical Assistance) is for low-income earners and people with disabilities.
James
Outstanding
How can i get your help
Thanks Bill! You can go to RootFinancialPartners.Com and click “Start Here”
I want to spend $125K per year. So I think I need $3m to retire...... sound about right??
👏
“Retirement is something you should only do once” someone should tell that to Michael Jordan. Haha
Perfect example why this country (the U.S.) is does nothing for its citizens.
this whipper-snapper speaking about retirement makes me laugh