How Long Will $1 Million Last in Retirement (Not Very Long)
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- čas přidán 5. 09. 2024
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After 18 years I still have 1.3 million. I only take 4% on a 70/30 stock bonds portfolio . I guess I’ll be dead and still have over a million.
Are you taking 4 percent of the balance every year, or did you start at 4 percent of the first year balance and add a cola to it each year?
@@Dave-sw2dm The Rule says you should increase each year by the COLA rate.
@@DaveM-FFB , I understand that. Since he has been retired 18 years I was wondering what he does.
Good for you Will.
You could have easily taken 6% annually and it would still grow
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Depends on how much you spend.
I am interested in working with a financial planner who specializes in retirement planning. I'd prefer someone with experience and with the newer retiremnt planning credentials. How do I narrow down my search?
So they don’t even account for social security at all? What a weird study.
Oddly enough they rarely do.
So dumb.
If you're Kim Kardashian, $1M will probably get you through a few months.
If you're Warren Buffett, $1M could last for 30+ years
If your mortgage and cars are paid off along with S.S.and spend normally should be okay.
Buffett is 93, not sure how long it will be before he’s pushing up daisies.
We have WAY less than a million. TOTALLY depends on where you live AND your lifestyle
We live very well in Southern Indiana!
I love revisiting these articles too Josh, every time they refresh it, the retirement "crisis" gets more dire. In the meantime, through the roller coaster of inflation over the past four years, I've kept my expenses well within my earnings on investments. We have nowhere near $1M and we live mighty comfortable in sunny FL.
Great to hear.
Wow I’ve been retired 4 years and pull 4% out of my conservatively invested IRA annually along w social security and I have the same amount of $$$ I started with.
The key is expenses. Low expenses, low amount needed for retirement. I have only averaged $50,000 a year over the last three years. Home paid off and no debts.This is less than 1% of my portfolio. Did all major work to my home back in 2020, new roof, siding, paint, along with renovating the bathrooms. Can get a fully subsidized ACA plan, keep my AGI in the 12% bracket and still live the life I currently do as a successful business owner. Just gotta keep that "Just one more year" voice out of my head. Retirement date, Aug 30th 2024.
How did you grow your portfolio to $10m, I'm impressed, I have a lump sum in the bank, the rates are not impressive so I'm moving it, what's your cash flow like?
Sure it's all about DCA, could you please share her name with me or any details so I can look her up online? Thanks!
Thank you, just searched her up and left her a message.
These articles always give me a chuckle.
I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
I believe the average life expectancy in the US is around 77.5 years, but many individuals live into their 80s. Therefore, $1 million needs to cover all those years as well as any unexpected expenses. While $1 million is a solid beginning, I recommend seeking financial advice just to be safe.
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 46 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends
Depends on how materialistic you are
If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.
Investing can be complex, so it's smart to get professional guidance when building your financial portfolio.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over $2.8million.
@@joshbarney114 I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Excellent share, just inputted Marisa Breton Dollard on the internet, spotted her consulting page ranked top and was able to schedule a call session. I've seen commentaries about advisors but not one looks this phenomenal.
hilarious...i don`t have near 1 million , and i`m living great... all depends on where you live and if you like to spend your money foolishly
I saw that article (again) and just shook my head. I plowed ahead like crazy, had multiple jobs at times, and retired at 55. Even while being less frugal than I was when working, my expenses are still lower than I thought. At this point I know I could spend a lot more, but there’s no reason to do that unless I want to. If you live within your means during your working life, you’ll do so when you retire as well.
Not enough in America, yeah.
However, if you live in a lower cost country, you can live like royalty if you don't waste it.
I moved to Chiang Mai, Thailand as a widow, living off the dividends from my late husband's IRA, roughly 1100 usd per month. My rent was 225 per month, electricity was 45, internet was 40, and food about 350, entertainment not much more than 50 most months. Easy peasy. You gotta find the courage to find a place where you CAN live off a million, or 300K or whatever funds you have!
Same in Pattaya. Been here 3 weeks. Love it!
You guys are welcome to it...I ain't going anywhere.
@@penelope5500 No worries! We will sip a coconut or margarita on the beach for ya!
What kind of Visa, ..if you don't mind. Thanks
Take dividends for as long as possible. Take principal last.
Imagine that, a company that makes their money from retirement planning services says $1M isn't enough. Who'd have thought it.
With 1 mill in retirement, a seasonal job, and ss, I can pull the equivalent of 2 mill in retirement. I plan on no more than 40k on living incl travel and tax.
Huh?? How do you figure that?
@@crimsonpearl4686 If I annualize at the 4pct rule, I can pull from an equivalent of 2 mill in savings.
So if the qverage annual income is $70k how is the average expenditure $100k???
I early retired in June 2019 at 53 with 1.2m, no pension. Didn't think I had enough but due to the merger with yet another hospital they pretty much let all IT go in favor of contracting. Five years latter my investments grew to 1.6m while drawing 30k per year for living expenses. A withdrawal rate of 4 - 5% works with normal retirement age but doing it in your early 50's requires a more conservative withdrawal rate which I did.
Expense’s ?? 🤔that might be important to know !
Absolutely!!! You live in NYC and your expenses will be one thing. You live on a boat floating down the Florida coast, your expenses will be TOTALLY different! Throw in a few ex-wives and alimony and child support, well you get the picture😬
If you don't spend anything it last forever, if you buy a couple of Ferrari's it's immediately gone. A modest rate of return would be $45,000 per year income. Combine that with SS and it would total approximately $75,000 per year. Now go from there.
Thanks for blowing this kind of bs out of the water. We have $700K and have both been fully retired for 4 years now. And I only started taking social security last year (at the age of 70). Guess what? Our investments hit $723K at one point. And it now sits at $704K. In the last 4 years we have spent $100K+ a year and traveled the world. We are and will be fine!
No debts no worries...
If you liquidated all your porfolio and put that million in a money market fund paying 5% it would generate $50K a year. Add in your SS, should work for most people.
If you are a little smarter and have a nice mix you could get 8%. Do these writers think people who retire take all their $$$ and put it under a mattress?
It might be 3% next, who knows can't depend on interest rates
@@jhfityeah that coming over the next two years.
I have an even 1 mil in IRA’s live in LA county CA. Luckily I’ve paid off home, I live great without touching my IRA’s.
SSA pays all bills, and again I live in LA county.
Save your money, work hard and enjoy your life after retirement
My daughter will be a happy fairly rich woman someday
It will last 30 years....if you live in Dothan Alabama😆😂🤣
I bought my motor home in Dothan, flew across the country for it. 😀
For most people, more than the rest of their lives.
Balderdash, I have a $100,000 in an IRA and have no reason to touch it and haven't in my first 3 years of retirement. Social security and pension are more than enough
They are assuming 0 growth ?who is astute enough to achieve 1 million and not astute enough to get growth?
Or social security like other people said so ridiculous
Just treat what ever you have like an emergency fund and it will last forever
How long does a human last in Retirement (Not Very Long)
Yo..... Joe Kuhn put a plug in for ya. He rehashed one of your quotes. Why keep playing the game when you've already won? He didn't plagiarize, gave you credit.
How about the median expenditures? We know the average is skewed towards the high end. Between that, the 0% returns, and completely neglecting social security, it's no wonder they found $1M wasn't enough. 🙄
What you have to as financial planner if you have million dollar in retirement accounts. Keep it in growth stocks and take 3 percentage every year along with 8 percentage growth rate that means total growth is 12 percentage. Yearly you can take 30k so go to cheap countries take retirement over there.
i have a third of that in tsp, owe 3 more years left on my house...have a postal pension and ss. I feel i will be just fine, or as they say down here in Ga.."Hold My Beer"
How many years out from retirement? Are you 100% in the C Fund?
@@glasshalffull2930 sept. will be 3 years...100% in G fund,i know C and S have better returns just not willing to take the risk. G has avg 4% and i never worry about losing money.
Has the author of this stupid article ever heard of social security or a pension? To which a safe withdrawal rate from a $!M investment fund would be a supplement.
I don't plan on living over 80/85 and if you live conservatively a million with ss you will be fine.if you want to eat out and spend money on trips then your asking for trouble
I dont believe at all the ship is sunk. If you have max SS, maybe a pension or two, a spouse with full SSN and a pension, you are way ahead of the game. You will be fine with $1m if your home is paid off, dont go crazy with expensive vacations, cars, etc. So, if you have $2m, $3m are you “less sunk” or can you live comfortable? Good video for debate.
I think you’re mistaken. At $100,000 a month in expenses it won’t even last one year.
Unless you can retire in Caligulan splendor, what's the point?
One number I track is my actual and average change in market value (monthly, annually, combined over several years). I plan to retire early in the next 1-2 years.
My annual average change in market value has been steadily increasing most years; comparing 2023 number with estimated 2024 number, it will be close to double compared to 2023.
Basically, my annual average change in market value is significantly more than I need to withdraw for living expenses, allowing me to reinvest or leave what I don't need. If I have a down year in my retirement investments, I have cash set aside, and will replace what I use when the market corrects.
so even as I draw down money from my retirement accounts, my retirement accounts will continue to grow; unless we hit a recession or depression.
Stupid article indeed.
The movie: “It’s A Wonderful Life”. Donna Reed and Jimmy Stewart.
Do you do anything on Rumble?
What an incredibly stupid article.
What’s with the Mr. Exasperated routine? It’s tiresome.
Don’t watch then
@@HeritageWealthPlanning I can hear the exasperation.
"All 50 states plus DC"...who in their right mind would retire in DC!? 😂
Of course Josh expects you to take your ss at 67. Not feasible for everyone
If that pronunciation is how modern you are, got A lot of catching up to do
Wrong!!!!!
I moved to Argentina and I am living like a multi millionaire on just one million!!!
Hahaha hahaha hahaha....
(Not very long) if you retire in the USA.
$1M can last 20 years easy.
Click bait.
And you don’t have a million dollars?
I know right? I want to take diet advice from a fat guy 🤨
Couldn’t finish the video-too distracted by the annoying pronunciation of Hawaii. I frequently watch your videos, but this one was a no.
Whispering and yelling makes for bad audio
More annoying mouse clicking
A waste of time survey. People actually get paid for producing this dross!! 😂