3 Signs You Have Enough Money To Retire, NOW
Vložit
- čas přidán 11. 09. 2024
- Interested in a plan to Navigate the Retirement Risk Zone?
www.thepeakfp....
Supporting materials can be downloaded here - please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.co...
Finance Expert That Wants To Explode On CZcams? Hire my team: creatorforceiq...
Eric Amzalag, CFP®, RICP®
_ _
Disclaimer: Please consult with your own tax, legal and financial advisors for personalized advice. Peak Financial Planning Inc, or its members cannot be held liable for any use or misuse of this content.
#retirement #howmuchtoretire #retirementplanning #retirementplan
Supporting materials can be downloaded here - please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
I just want my money to keep growing faster than inflation. That’s why I’m looking for companies to invest my retirement savings of $250K I have sitting in the bank. I just don’t know the best strategies to use to make solid gains with steady cash flow.
Pick quality stocks and keep track of them. If that feels too complicated, consider hiring a wealth manager to grow your money. That's what I do.
No doubt, getting proper financial advice is invaluable, my portfolio is well-matched for every season of the market and just yielded a much better % from early last year. I and my advisor are working on a 7 figure ballpark goal, though this could take another year.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Annette Marie Holt is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
My life changed too when I started doing this and putting money in stocks. The first few years it as really great, but this year I haven't felt like my portfolio is doing well. I have lost more than $40,000 from my portfolio the past four months, and it's now very worrisome.
The year has been really rough for everybody. But I've been able to cushion the effect though. Have you thought of using an investment advisor? They can make you good money especially during uncertain times like this.
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Key is reducing fixed costs and having your savings work hard. I retired at 55 to SE Asia, very comfortable life on 2.5k a month
A good starting point. We are retired for about 4 years.
Additional points would be to be more aware of your actual spending and budget rather than using some % of previous spending. Our real number has been closer to 60% of pre-retirement income. This is due to an active effort to pay off debt and our mortgage before, and a much better handle on spending and saving. We started planning for that about 8 years before and it included downsizing our home.
The other major point is that portfolio needs are NOT the same from year to year, in part due to when SS kicks in.
We are currently at a 6.5% withdrawal rate, but in 4 years when full SS kicks in it will drop to 2.5%. We are frontloading our spending, but we really don’t have any chance of running out of money. Worst case we would lower discretionary spending that is currently funding about 15 weeks of vacation.
Having low basic expenses created a lot of opportunities and confidence.
Social security will be 70% higher than my income 😂
Never lived on that much money in my entire life 🤷🏻
No debt, just a satisfying simple life !
Relying on both spouse's SSec is very unwise. When one dies, the household is left with only the higher of the two SSec payments. But the household budget typically does not go down by anything close to 50%.
IMHO, your spread sheet does not allow for retiring early. If someone is retiring early, (Say 60) they likely have 1 or 2 SS benchmarks. For instance, if my wife and I retire at 60 and the wait 2 years top take hers, then 5 years to take mine, your simple spread formula does not allow for those figures. In other words, we have THREE "required portfolio incomes". 1 at 60 (This would be the highest), then a reduced one at 62 (the first needed - my wifes new SS income), then our final one at 65 (this would be the lowest). Make sense?
Beware unexplained statistics. People who retire early may be prone to dying younger perhaps because they were not in great health before retirement and which is why they retired earlier in the first place.
if those same people would have worked longer their lifespan would be extended? That makes no sense.
This is certainly possible.
Correlation does not imply causation
People generally see a nice bump in increased health(weight loss, better eating, etc) in retirement. Of course they are also aging so there is a pull against that gain in health.
Reverse causation could be at play here. People who are sick and unwell early in life, tend to retire early (or being forced to due to poor health and unable to work).
Are you willing to live with in your means? If you are, then learn to invest.
If not, don’t worry about retirement, you will need to work for the rest of your life.
Just spend most of your money at the beginning of your retirement, who knows what happens after 10 years.
Why would you assume you will spend 15% less in retirement? More time to do more stuff, I'm planning on spending way more, at least for the first 15 years. You also need to pay for medical coverage you might be getting free/discounted from your employer, you may no longer need life insurance, etc... there is a lot more to figuring out retirement income needs
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
I'm not saying a recession is coming, but it might be. I would hold off until the economy looks more stable. There will always be bumps in the road but it's worse if they happen right after you retire.
I felt the same way, until I found an advisor Maria Stockwell..... just kidding, not a bot! Seriously though, if you don't have a CFP, consider finding one as they can give you peace of mind knowing you're making the right decisions. Then you can follow the math and not emotions.
@@Bulletpronemonk That was hilarious! I quit reading the first time. Just make sure it's a fee only CFP!
@@TravisFisherthat's a good point! A fiduciary that isn't selling me products or getting commission is important. One of the last things I want, is a conflict of interest when it comes to my finances! That's why I recommend Maria Stockwell.... etc etc! In actuality, I looked up that name and made sure there wasn't a bot associated with it. I really don't want people getting scammed.
Sign 1: You are a Multi Millionaire and have a bunch of F*** Y** Money…. I learned that on the Joe Rogan Podcast
LOL
What if you’re not taking social security right away?
A 3.33% withdrawal rate is fine - but may be too conservative for many - especially if you retire during a rising market
Some people have enough money to live a good comfortable life yet they wait to retire not knowing that they might have underlying health issues that will cut their life short. Then, they don’t get to fully enjoy retirement at all and their retirement savings has to be used to pay for assisted living. Few people can afford insurance that covers the cost of a long term medical condition and if they are single, well then, desperation.
Perfectly Said👏
If you are including social security then both husband and wife need to be at least 62 years old.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas.
At a point like this, when the pressure is already on you to retire, it’s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
Can you modify your spreadsheet and add comments to the various boxes with explanations? For example, describing what legacy balance is. Also, could you add another sheet, providing instructions? Thank you!
Thanks Eric for another informative video!
Any time!
great information. that last point is good to take note of! life satisfaction is key. Also, have you been lifting? Pecs and arms looking bigger!
Lol thanks!
In another earlier video, you said people planning on withdrawing 4% were being too conservative and could end up under-spend. In this video, you showed an example of $34,400 in yearly withdrawal and a need of $1,032,000 in base portfolio value (3.33% withdrawal rate).
So, which one is it? 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Well done, young man.
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Yes
On retirement morality............did they do a breakout of those who were wanting to retire and thus had been planning............AND those who were forced to retire due to being let go, health event forced them out. I'm betting there would be a statistic difference between the two.
Yes the report did break that data out - here is a link to the full report if you'd like to review the data: www.ncbi.nlm.nih.gov/pmc/articles/PMC6524971/
Great Information thanks 😊
Glad it was helpful!
Where's the spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
@@ThePeakFP Thank you!
Hi! Great Video! Where can find the spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
Do you have enough to retire on rice and beans?
“More, please” - Oliver
SS is years away for me…
The days maybe long, but the years go by fast. I hardly recognize the person looking back at me in the mirror.
Spreadsheet?
Oops! Thanks for bringing this to my attention - here is the link to the spreadsheet. please make sure to download by clicking FILE - Make a Copy OR FILE - Download (XLSX)
docs.google.com/spreadsheets/d/1-f2MALEhwqJcNAojCIiVLODYsa6tKUEK_BcdCda97tM/edit?usp=drive_link
What???
👍🏼👍🏼
Good segment! But... you misspelled 'contingency' on your chart. :)
I have run into this problem more than I am proud to admit :(