Retirement Savings Guide: Expert Advice | 7 News Australia
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- čas přidán 27. 03. 2024
- Subscribe and set 🔔 » 7news.link/YTSubscribe | Are you wondering how much money you need to retire comfortably? Join us in exploring the changing landscape of retirement compared to the past, and meet individuals who are retiring in unique ways. From downsizing to living overseas, explore how people are redefining retirement to suit their preferences.
CHAPTERS | KEY MOMENTS IN THIS VIDEO
0:21 Is retiring harder today?
1:30 Impact on inflation on retirement savings
2:20 The different ways to retire and make money go further
2:47 Downsizing
5:25 The Shedders - the share house of retirees
9:19 How to retire overseas
13:20 How much do I need to retire?
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This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
I really need help, please. Can I ask who the financial advisor you work with is?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Reynold Felicia
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states.
Isn't that the same Reynold Felicia that my neighbors are talking about, she has to be a perfect expert for people to talk about her so well.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
SHE'S MOSTLY ON TELEGRAMS, USING THE USERNAME
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
@@ThomasChai05That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
'Gertrude Margaret Quinto' maintains an online presence. Just make a simple search for her name online.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
If you are planning for retirement Here are some key pointers. Firstly, kick-start your savings early to benefit from compounding. The longer your money has to grow, the better. Secondly, make the most of retirement accounts like 401(k)s and IRAs, especially if your employer offers a matching contribution - it's essentially free money. Thirdly, diversify your investments across different assets to mitigate risk. Think stocks, bonds, and real estate.
Great advice for retirement planning! Starting early and taking advantage of employer-sponsored plans can make a huge difference in the long run. And diversifying investments is crucial for managing risk. Thanks for sharing these valuable tips!
Spot on! Planning for retirement is crucial, and these pointers are gold. Diversifying investments is a key strategy plus, having an investment expert by your side can really help navigate the complexities and optimize your financial plan.
Absolutely! Diversifying investments is crucial for long-term success. Having a fiduciary has been transformative. She navigates market fluctuations, identifies opportunities, and keeps me on track for retirement. Her tailored advice boosts confidence and informed decisions. Trusting her skills brings peace of mind, ensuring my future is secure.
That's truly remarkable. I hope you don't mind pointing me towards her direction.
I don't mind, she's Sophia Elaine. One of the finest portfolio managers in the field.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@Chustinasarah That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@sanikura837 My advisor is Victoria Carmen Santaella
You can look her up online
Nah I Can't say I can relate, Victoria Carmen Santaella charge is one-off and pretty reasonable when compared to what I benefit in returns.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
Yes, buying is one thing and knowing when to sell is another, that’s why I do my own stock valuation.
My job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Tenley Megan Amerson’’ 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'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?
I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
She goes by "Kristine Amber Landis" I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
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.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach to you using their service?
Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
It is very scary to retire. Financial planning like this is beneficial for everyone. I’m open to partake in the best financial planning decisions.
Expenses increase every day because of the inflation 😢 that’s why you need a lot of money to retire .
Money is a liability, not an asset. You have to exchange it for assets that represent real value. Real estate - properties for rent. Stocks (dividends).
Well said… always start early to create smart investments and buy assets. No cappuccinos 😂
Considering the retirement tango, I'm wrestling between the elegance of a Roth IRA and the vigor of a 401(k). Any good opinions?
Ah, the financial dance! I've waltzed into retirement at 64, armed with a cool $1.8 million. Eric Paul Elmer guided me
I have already retired and found this interview very sensible and easy to understand. Thank you.
Not sure why he seems to think older people could be treated badly overseas. In some countries, they actually respect older people, look after them properly. Unlike Australia.
He seemed very conservative on all his advice . I would have thought the main thing with aging overseas would be health care ? Plus the lady in question could always sell up and move back to australia and get into an aged care facility to see out her days ?
Excelllent content. The clarity of the man is quite incredible
Where we live is a big decider to the age of retirement, if you live in an expensive CBDs, your retirement and cost are a lot different, best advice is own your own house and debt free
Kevin Rudd raised the aged pension age to 67. Just turned 65 and struggling with my health trying to make it there. Second back surgery plus some heart trouble. I have nothing against working but my body is betraying me unfortunately. The covid years and the Russian war were hard on my super. I have always lived a modest life and my retirement will have to be the same .
I am weeks away from 65 and now the goal post has been moved further away, being blue collar and worked hard and feeling the pain of old age I feel like I have been screwed over
@@sjdtmv I think we have 😳
Bank interest is also taxable income. So even at an inflation rate return you lose
Banks are currently getting the best interest rates atm. You get a better return than an investment property.
You don't lose, it's not taxed at 100%.
If inflation exceeds the interest rate after tax, it's a loss. So for example if you are earning 5% interest and you pay 30% (average Australian marginal tax rate) then you are making 3.5% after tax. Inflation in Australia is 4-5% per year depending on which 12 month window you look at. Therefore keeping money in a high interest savings account is a loss. I do keep some money in such an account but only as an emergency fund, it is not an investment.
Most informative advice I have heard in ages.
Most important thing in retirement is to have someone with you and not be alone.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Her name is 'Jennifer Leigh Hickman' can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
It is easy for someone to say invest. With today's 5% interest from the bank, higher return means higher risk. And you don't want to loose your retirement funds at the age of 75, right ? And if you play around with these returns, you are not retiring!
I believe that having a part time job is a good way to prepare aged life rather than preparing retirement. I have a friend still energetically working at the age of 75. She is happy to be greatly valued in a society and enjoy a trip during her paid leave. Honestly, I am so inspired by her, I am preparing my aged life rather than retirement. Additionally, this would be a great way to save money to be used when my aged body started malfunctioning.
By the way, haven't you thought about reverse mortgage as another option?
It’s not watching the vineyard! There’s more action in Spain, Portugal or Malaysia than in Australia.
Philippines ❤
The main problem is that the Australian welfare state and an old pension is now not reliable or enough. Previous generations could rely on good timely hospital care and an aged pension. Now public hospitals are overcrowded and unable to meet Australian's needs.
Actually we must encourage anyone who want to go and live overseas from australia.
This in turn, relieve some pressure on Australian health system and Centrelink. Ultimately good for rest of Australians.
Also you can’t change people’s preconceived notion about any country so no point of educating older folks !!!
Good idea! Costs government less if we retire overseas. Less health and a transport spending.
People should learn the share market and how it works. I day trade options and park money in shares. I am successful over 90% of time with option trades. Some profits are small, others are large but for me it is just good fun.
Goodd
I will go to spain just like that lady its not worth staying here and give your money away
You need less a lot less in Thailand. Australia is very expensive. You don’t live for long. Enjoy what you have left in life. The solution is THAILAND. VIVA THAILAND. ENJOY THAILAND. YES YES YES THAILAND.
We retire at 67 (currently). If we work for 35 years why do we start working at 16, therefore working for 51 years? Also why would we need to fund for 35 years? I don't think any of us plan on living to 102.
Who says retirement is 67? Sure, the aged pension CURRENTLY kicks in at that age, but that doesn't mean you have to retire at 67.
Retire at 60 & access your suiper. Then get pensions at 67.
Well the average age is 64-65, so it's going up. But the question is why would I fund for 35 years at the age of 60. Most people don't see 90-100 years of age.
You can start counting your working years from the age of 16 is what he meant. Also the govenment prefers people retiring in Australia so money is circulated here and not overseas.
@@kitrivers979 The Australian Government can get stuffed. We wouldn't retire at all if they could arrange it, & Australia is an expensive, glorified desert with a few trinkets along the coastline.
Hello
You said a couple need 700,000 but you did not say with or without government pension on top?
I’d say a part-pension from age 67.
You might want to update the video and remove the AdobeStock watermark on the stock footage you used without paying for.
Scott Pape has a very different view. I know we have a financial crisis but he recommends much less is needed to retire than 750000.
Good advice
I have decided that Australia is far to expensive as I don't qualify for the pension and cashed in super a long time ago to invest in property..
I now live in Andalusia by the sea, watching the waves and the vineyards...a lot more action, older people are treated with more respect, living is easy if you bother to try to learn the language..it's not perfect but it will certainly do me..
Why do they make it retirement sound so complicated. Retired at 60 and rolled my super into a pension account (tax free) and downloaded an app which allows me to monitor control my own income. Simple.
It's complicated because he is a financial planner! 😂
I agree, it’s not that hard.
what app sir
I really hate getting old...
Australia Retirement Trust is a rort super co. My Saving has been eroded since the take over
I'll never go to a retirement village, aka pensioners prison.
Yep, me too, I plan to stay strong and healthy (now 62) and live in my home till I drop. I've already warned my kids on my plans.
If you own your own property as a single person 65yo, then $750,000 in savings should do it
Yeh, easy as that
Regarding overseas retirement. I know a few who retired overseas. They haven’t returned. Something must be good about living overseas. Too many negatives in that interview.
$700k for singles or couples?
couples
what if Super fund management firms throw the flag?
Good question.
Work 35 years? You mean 50 right?
If you are dependent on the age pension and want to be able to receive the pension when living overseas, then you need to have work in AU for at least
35 years.
BUY BITCOIN. don't ignore this. do some research and live a comfortable life. 1 bitcoin can be divided into 100 million sub units so you don't have to buy a whole one.
Bitcoin won't make you rich, only a small upside compared to alts
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires thanks to Wendy Patricia Trebat
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
Go to Asia your king.
If only I could withdraw my Super and put it all into Bitcoin.
It's my money, my future. Just sitting doing nothing, just lining the pockets of other people.
I did precisely that. Set up your own SMSF - make BTC a part of your overall portfolio. Not that difficult.
I retired at 50, not from bitcoin but from altcoins. Set to make another million or more this bullrun
Dollars are only good for payments, real estate and shares aren't good value, gold is still 10x dearer than BITCOIN.
No real answer given unfortunately
A well known established & professional media company using the free adobe stock footage without paying the licence 😂 what a fkn laugh
Bitcoin is the only hedge against inflation. Has been since 2010
What happens if the baby boomers never die?
yt
Not paying for that adobe stock graphics hey…. lol. Can’t blame you as adobe is a rip off.
That said you best not be going after people “borrowing” your content
This may be useful, but its absolute propaganda??
Maybe I should put all my money into bitcoin.
you need to put about 5% into bitcoin. it is the best performing asset over the last 15 years by far.
Bitcoin won't make you rich compared to altcoins. I retired at 50 from alts on a small starting cost. Easy
Working for only 35 years, WTF is he talking about??? Who starts working at the age of 32, so then onky work 35 years, and reach 67 years old for retirement.
67 is not retirement age. It’s the pension age. Retirement age is whenever you decide to retire. Two very different things. Don’t confuse the pension age with the age you decide to retire.