I'd be retiring or working less in 5 years and I'm only curious how people split their pay, how much of it goes into savings, spendings or investments?? I earn around $165K per year but nothing to show for it yet
@milesmiller9784
Жыл бұрын
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks have been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
@tomricky1361
Жыл бұрын
There are actually lots of ways to make high yields in a crisis, but such trades are best done under the supervision of F.A.
@mirabeldurant2423
Жыл бұрын
@@tomricky1361 That's true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
@jackcooper2093
Жыл бұрын
@@mirabeldurant2423 Impressive can you share more info?
@tomricky1361
Жыл бұрын
In terms of portfolio diversity, she's a genius. You can look her name up on the internet and verify her yourself. She has years of financial market experience plus she is also FINRA & SEC verifiable.
@Riggsnic_co
Жыл бұрын
One thought is to buy the dip and then wait to break even, another thought is: Will buying low during a recession work if I'm retiring in the next 3years, I'm no way near prepared for retirement and I just need strategies to scale up to atleast 2million by the time I'm set to retire
@angelicaaquino4109
Жыл бұрын
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
@hermanramos7092
Жыл бұрын
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
@martingiavarini
Жыл бұрын
@@hermanramos7092 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
@hermanramos7092
Жыл бұрын
@@martingiavarini All of this happened in less than a year after ‘Catherine Morrison Evans’ told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
@Riggsnic_co
Жыл бұрын
@@hermanramos7092 She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website; thank you for sharing.
@annemoore4461
Жыл бұрын
It is gone, we lived through the zenith of our time. These bourgeoisie individuals in tandem with the corrupt govt. will take down this country like what happened to Rome. My condolences to anyone approaching retirement, you may have concerns over whether your pension pot will stretch to cover the rising cost of living, bad regulatory policies, bad energy policies and insane fiscal policies
@dilara4130
Жыл бұрын
I'm 54 and my hubby 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, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, 30years nonstop just for a crooked system to take all you worked for
@ellaaysun6181
Жыл бұрын
@@dilara4130I feel your pain mate, as a fellow retiree I'd suggest you look into trading services and investing and learn some more. For me, had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor-JOFFREY ADAM SMITH-for aid, and following him advice, I poured $30k in value stocks and digital assets,Up 200k so far and pretty sure I'm ready for whatever
@ellaaysun6181
Жыл бұрын
@@dilara4130Joffrey Adam Smith is a portfolio manager and investment advisor. Joffrey Adam Smith has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
@ellaaysun6181
Жыл бұрын
a search on with the keywords "JOFFREY ADAM SMITH" should get you what you need
@glenn9196
Жыл бұрын
@@ellaaysun6181From being financially empty-handed to dedicating months of hard work delivering for Uber eats, I managed to accumulate approximately $20k, which I then invested with Joffrey Adam Smith. Currently, my investment has grown to $128k, and I couldn't be more delighted that you've brought him up in this conversation
@Raymondjohn2
Жыл бұрын
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
@hermanramos7092
Жыл бұрын
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
@martingiavarini
Жыл бұрын
I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
@bob.weaver72
Жыл бұрын
After the pandemic, things became extremely difficult, which is precisely when I sought a consultant's counsel. I've been investing on my own for nearly 3 years and have built up a stagnant reserve of $280K to $570K in just over 24 months.
@hermanramos7092
Жыл бұрын
@@bob.weaver72 I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@hermanramos7092
Жыл бұрын
@@bob.weaver72 Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
@jimk59
Жыл бұрын
I struggled with this for a couple years in retirement. If you have not read "Die with Zero', it's worth the time. I sometimes still have difficulty tapping retirement funds but I'm making progress. 'There's no trailer hitch on the hearse' and 'don't fly coach so your kids can fly first class' are 2 of my favorite sayings.
@swright5690
Жыл бұрын
We just started flying 1st class last year, and once you go to the front of the plane; there is no going back. 😊
@HB-yq8gy
Жыл бұрын
Yeah, I read the book. It was awesome. We’re spending down starting at 60 y/o years old in 2024!
@Joekuhn__
Жыл бұрын
Like Warren Buffet said, dividends are only good if the business you're investing into can't make good use of that capital. So, if you're trying to invest in businesses with actual growth, looking at dividends is a waste of time. Why are you investing into a company if they're returning capital to you because they think you can make better use if it than they can. It's not much different from bond investing. The way I see it, if you have a $1 million at some point, that'd be enough to create a portfolio that would pay you between 50k - 70k in dividend income.
@Timkaine310
Жыл бұрын
It's not difficult, but you have to learn and handle it. Another thing is that if you can't manage your home, maybe you shouldn't invest on your own. If so, you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows rather than betting on penny stock
@Tricia772
Жыл бұрын
True, a lot of folks downplay the role of advisors until they are burnt by their own emotions. I remember a couple of summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserves notwithstanding inflation, from $275k to approx $850k so far
@Elmerolockerjr726
Жыл бұрын
I'm intriguing by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
@Tricia772
Жыл бұрын
Having a counselor is essential for portfolio diversification. My advisor is Mr Morris who is easily searchable and has extensive knowledge of the financial markets.
@ernestvasquez3379
Жыл бұрын
Very true! I've been able to scale from $50k to $189k in this red season because my financial advisor figured out defensive strategies that help portfolios be less vulnerable to market downturns
@onlygrace2012
Жыл бұрын
Josh you are one in a million. Thank you so much for what you do.
@prairiemark4084
Жыл бұрын
Yes, ole Josh is OK! But he crushes my spirit when he calls me passive aggressive.
@chrisbottalico2012
Жыл бұрын
9 years and 4 months into retirement and I still can't spend money, been living off my pension from the telephone company and have not touched my 401(k) and have not started SS yet, never had this much money before but still enjoying life, thanks Josh.
@danhanson9101
Жыл бұрын
This is so very true. I've been retired almost a year, and this adjustment is still a struggle!
@larrywall9565
Жыл бұрын
Me too, have similar story.
@richardcarlin1332
Жыл бұрын
Very accurate. This is why I live on dividends. I'm only having my dividends automatically go to my checking account. Money that I'm not spending I'm reinvesting to by more stocks or treasury bonds. So as the market goes up and down, doesn't matter, I'm not touching the principle.
@jeffg4008
Жыл бұрын
1000% correct. By far the most difficult part. I believe the only way to really have a worry free retirement is to have enough to live off returns and not touch the principal. Not realistic for most, but anything outside that feel like walking on a highwire.
@jaynelson8304
Жыл бұрын
Retired a year and a half ago into the beginning of a downturn in the market. We had two years cash and another two years of short term government bonds so the downturn hasn't affected us - so far. Even so, taking money out instead of putting it in requires a shift in thinking and can be scary!
@bige3277
Жыл бұрын
Turned in my retirement notice last week. End of July I'm out the door.. So, I'm right where your talking about ... Kinda scary because of the unknown! Thanks, allot to you and your insight and all this information! Turning off a steady paycheck is a big deal! No COJ here but. just time to enjoy some things before its to late. Thanks, Josh!
@prairiemark4084
Жыл бұрын
You are right Josh. I didn't really have a formal "bucket system" but I had a 117K trad IRA and some CDs. I drew 20K from my IRA for 5 years leading up to age 70. I used it all up. It was fun watching it go down. The last few years my stock portfolio jumped around some. But I let it ride and lived off my IRA (gaining a low interest amount). Now I am 70 and eligible for a nice social security and I can almost live on that plus my $675 mini-pension. So the pressure is off to make my stocks grow. I call it mental compartmentalization where I have the solid IRA money I could freely deplete to meet my needs on one hand. And I have the stocks on the other hand. They can grow or go down and I still can fill my gas tank with $30 gas every 2 weeks and not worry about my stocks going down. I even snitched some out of the stocks for a heart surgery I needed in Asia and it didn't bother me. Both my wife and I agree that an income above 80K a year of income doesn't increase our happiness quotient much. And being "poor on paper" keeps the IRS somewhat less troublesome. I learned that "poor on paper" phrase from someone. And I paid my share of when I had a business and worked. Thanks for the help the last few years Josh.
@kevinkanter2537
Жыл бұрын
great idea of compartmentalization - the basis of all focus and discipline --- much better than diatribe against 'rational' economic theory or a financial industry - ridiculous. At some point you got the idea of 3-6 months of emergency fund to 3 years of 'bucket 1' with the other 22 or whatever bucket amt you want to refill the 3 years ---- great. Pfau & Kitces provide great insight into a 5-year time to increase the "bond tent" which minimizes risk and addresses the sequence of return issue. NB(keeps anxiety down -or at least allows you to see and manage your stress - definitely a behavioral challenge as Josh keeps making the same point!) ... Good rubric so your mind can address your human reorientation from a single metric (size of portfolio) to the value of cashflows allowing you to live the life you want. anyway - rationaliity is good since we are so irrational. Thanks
@markcanfield7598
Жыл бұрын
I’m a little over 6 months into retirement and this idea is very true. I achieved my goal a couple of years ago. That’s why it’s important to establish a CASH buffer that allows you to get used to the transition. Get your real estate paid off a couple of years prior to retirement and put that money into the cash bucket.
@OnmywaytoFI
Жыл бұрын
Great advice!
@dforrest4503
Жыл бұрын
You are absolutely correct with the transition being tough. I’m just heading into retirement and saw what my first pension check will be, and thought, “ooh, that could be tight” before realizing the plan is also to spend dividends instead of always reinvesting them.
@ericboenker9378
Жыл бұрын
Josh, you are the man 👍🏻 Love your videos and appreciate all the different ways to look at retirement planning that you present. I’m feeling a lot more confident after following your channels.
@jws3925
Жыл бұрын
This is SO true, Josh!! I was a chronic saver doing just what you described in this video. Five years ago I retired and had to make the switch to using these savings. Making that switch, speaking psychologically, is NOT easy. From my observations there really are two different kinds of people when it comes to money: savers and spenders. I suppose there are some in the middle but I have not met any. Usually they are one or the other. I am a saver. Always have been. Looking back I can see this pattern all the way back to receiving my first allowance. I would spend a portion but save at least half. My brother spent his within 24 hours of receiving it. I was almost exactly like your example. My goal was to have a million dollars in retirement accounts by the time I retired. Now, I never made more than $70,000/year, had four children and assisted all of them so that they all graduated from college without debt. So you know how frugal we were. Never had a new car. Bought a home and lived in it for 40+ years (no constant moving up to more and more expensive houses). Paid off the mortgage in 18 years. Vacations were visiting relatives or camping (no Disney or Florida Spring Breaks). You get the point. Well, now it is time to spend those hard earned savings. Even after 5 years of retirement I am very uncomfortable taking any of that money out. I waited to take SS until 70 so I have a good monthly income from that plus I am fortunate enough to have a small pension of $1800/mo. Because I have NO debt I can live on those two incomes. I really only need those retirement accounts for emergencies and any luxuries my wife might want (which are few). So, the vast majority of my life long savings will be enjoyed by my heirs. I am ok with that. If I really had wants I could spend it on myself but after a lifetime of living below my means I don't have any wants or desires. I have no desire to travel the globe. I am completely satisfied with my Honda. We downsized into a manufactured 55+ community and have no desire to own a big house. I think the only thing I can say I would enjoy having was my own 100 acres of wooded land on which to build a small cabin to use for hunting and relaxing. Unfortunately, my wife does not share that vision besides I'd want this cabin and land in PA or upstate NY. I live in Florida so that is impractical. In the process of converting all IRA to Roth so my heirs don't have to pay any taxes. Don't really care if it is not the most prudent thing to do for ME from a tax perspective. My goal is just to provide tax free income for my heirs. Maybe they can do a better job of spending my money for their desires. I suspect they will have no problem at all! It is always easier spending someone else's money. I don't care as long as someone can have fun utilizing this money because I just was unable to do so.
@genxx2724
Жыл бұрын
John, please consider whether that is really success. I hope you will spend and enjoy. Dave Ramsey says to set a monthly budget for fun and force yourself to spend it.
@hagakuru
Жыл бұрын
I couldn't imagine being in your shoes. Cannot wrap my head around working 40+ years and skimp over those years and save and put away. Only to reach an age to spend it and enjoy what it can bring, and yet do nothing with it and die with it all sitting in an account to be spent by others.
@OldMan1962
Жыл бұрын
@@hagakuru in some cases after 40+ years of work folks are just too damn tired to enjoy the financial fruits 🍉 of retirement.
@peterhoffman8525
Жыл бұрын
I agree very strongly with your message. We listened to our parents and other Christians about not being in debt and paid off everything as fast as we could, including mortgage. That, of course, required some sacrifice. We did take family vacations, though, as that was something I enjoyed as a kid but my wife never had the chance during her early years, so we gave our kids that opportunity. Now, we are still fairly frugal but somewhat balancing that with visiting family out of state a couple of times a year. We are satisfied with what we have and don't feel the need to spend just for the sake of spending. If we pass away with some investments in our name, so be it. Our family will definitely be able to use it as they live in more costly areas of the country. God provides for us all in one way or another.
@prairiemark4084
Жыл бұрын
Great and thoughtful post. Thanks for sharing it!
@davidbrisbin8735
Жыл бұрын
It is hard to use money from the retirement account! I retired April 2022 after watching my account lose about 3 years of living expenses from the beginning of the year. I felt I was "prepared" with several years cash and cds but it is shocking just the same. All you can do is prepare the best you can and enjoy life!
@bigjohnson7415
Жыл бұрын
How ya like losing all that money in March of 2020? At the onset of COVID?
@kathysheeran6589
Жыл бұрын
Love the cow pic behind you ❤️. Keep up the great work Josh. Happy 4th too. 🎉
@ryangreen9770
Жыл бұрын
Josh I have learned a lot from your straightforward advice and I love it. Keep the videos coming.
@SeanCreighton-k8z
Жыл бұрын
Hey Josh, great retirement and investment advice. Rarely agree with any of your political or other thoughts but I love your channel and advice. It's a great country and glad you are out there with a positive message about uniting us as Americans.
@garthf9609
Жыл бұрын
Josh, your'e' 100% correct, going to decumulation is hard, retired 2 years now and still struggling with the change in mindset
@stevennevins6643
Жыл бұрын
I took a completely different road to financial security. Retired from the USAF as an O-6 with 34 years for pay. That’s $10,700 monthly after deducting about $750 a month for a survivor’s benefit for my wife. Then I worked another 12 years for the VA, retired again with a pension of $2200 monthly after reaching full retirement age. Adding my wife’s pension from teaching and both our social security benefits, our monthly pension income is $18,000. Going from working full-tilt to fully retired overnight was stressful, but not for financial reasons.
@unorthodocs1
Жыл бұрын
Well done and thank you for your service. I did 5 years in the Navy and planned 5 at the VA. After a year I had had enough and left. No pension or health benefit. Oh well.
@johnristheanswer
Жыл бұрын
"not for financial reasons" You don't say !
@GusMahn
Жыл бұрын
We have been programed to not decumulate, that you are a retirement failure if you die with less than you started with in retirement. My father died a multi, but he always had the attitude that you can only eat one meal at a time and live life one day at a time. My mother spent it all in 10 years, and she's living life one day at a time while waiting for her SS to hit. I know Josh is correct, but I want 0 chance that I'll ever be a burden on my children.
@shawnmaddox6336
Жыл бұрын
Great video. We're preparing to retire within 2 years. 1. Move investment to a safer option. 2. Lowering savings amount 3.Pay down debt. 4. Spend less. So slowly not thinking about building more savings but preparing to enjoy life without a crappy old job.
@genglandoh
Жыл бұрын
I will be retiring in 12 months and I am slowly moving my money in the 3 buckets.
@northerncaptain855
Жыл бұрын
After a lifetime of saving and generally watching your portfolio increase, pulling money out while the portfolio market value is declining is incredibly difficult. The cash bucket helps a fair amount.
@markkeller9378
Жыл бұрын
You are so spot on. Its very emotional…..driven to save (ok to spend)….now conserve (but spend some for enjoy,ent) …ugh!! The truly sane approach!! Thanks Josh!
@debragiovine9797
Жыл бұрын
Thanks Josh,,, well said again,,,👍
@bomberoretired9197
Жыл бұрын
Thank you for your being a realist and a man of faith.
@siglandoe3913
Жыл бұрын
I like Rob Berger. But I a read a book called Buckets of money. Years ago I set up annuities, I have an ira from a 401k, will have a pension about half of salary,max out social security and an apartment complex. Lots of buckets. Right now I’m on disability living off half of what I will live off when I retire. I’m buying a vehicle with what I didn’t use in the past few years.
@unorthodocs1
Жыл бұрын
Retired 4/22. Still accumulating. 50% VOO, 25% JEPI, and 25% JEPQ. Once I reach my shares goals I will start adding SCHD to infinity. I live off about 85% of my dividends and reinvest the rest. Too young for SS but will take it at 62 and buy shares. Just can’t bring myself to be a bucket person.
@superduper9357
Жыл бұрын
I've never seen a person argue so verciferously with himself.
@jordanl.7210
Жыл бұрын
I’m not retired yet, but I agree with you 100% Josh.
@AidenFade
Жыл бұрын
The scariest is saving all that money for years.. and you will never had a chance to enjoy it. Coz tomorrow is never promised
@johnswofford599
Жыл бұрын
I am on the cusp of retiring, and this is one of the things that makes me most nervous. @josh - I appreciate your posting this contene
@anniealexander9616
Жыл бұрын
I'm 51. I was furloughed a little over a month ago. I finally received unemployment today. After looking at my budget, I realized I've actually been able to save a little money. I got my teenager to buying her own wants. I still pay her car insurance and phone. She is working crazy long hours due to people quitting. Tuesday, the company I work for sent me a letter giving me a raise. I went to 3 interviews this week. When i asked about benefits, I was looked at like I'm crazy. I see my employer in a new light. I've been taking things for granted like insurance including, free life insurance, 6% 401k $$ match, HSA contribution, nice bonuses, and raises. My time off has also given me an idea of how much I'll need to retire. Of course I've received notices of property tax increases and car insurance increases while being unemployed. I budget but I've done some online shopping and I eat at fast food like subway, McDonald's and Zaxby's on occasions. I realized just how much of my salary was going to taxes, 401k, and HSA. Watching my 401k and after tax brokerage accounts increase while I'm off is great. I'm earning more than my salary.
@richardshaw4336
Жыл бұрын
Such a great video Josh. Hits me right between the eyes. This has been my problem. Keep educating and thank you.
@Gypsy2057
Жыл бұрын
Oh Josh, thanks for the perspective. I'm in that boat, I just can't bring myself to flip the switch and it's just hard to start taking money out after decades of saving. I've liked several of your earlier videos and now I hit Subscribe. Yea, I don't agree with some of your political points but financially IMO you are right on.
@Splenda2021
Жыл бұрын
Great video one of a kind
@paulbunyan1682
Жыл бұрын
Thank you for your words about God and faith. It IS what is most important. And yes, it is very difficult to adjust to the drawdown phase of your life!😮. I have been retired for a year and a half. living off cash reserves because the market took a dump ant the same time my company tried to force me into the shot. I sure am glad I listened to you and built a nice cash reserve. I will have to take a small distribution at the end of this year (because I don’t want my cash reserves to drop any further and the market has improved). I do feel more comfortable taking a distribution than I would have a year ago.
@leathers2
Жыл бұрын
Josh, I love your ability to be yourself on KZitem.
@shipdog44
Жыл бұрын
You read my mind. Thinking of this this morning. I retire at the end of the year.
@kirkroyse4705
Жыл бұрын
This is why tithe’s 10% to God is so important!! ❤❤.. I love you josh my brother
@BRuane-pw6xq
Жыл бұрын
Big risk is called sequence of returns risk
@dc76384
Жыл бұрын
The way I understood the ideal scenario of retirement is to have enough to finance your life, and continue to grow your finances and investments?
@2Rugrats9597
Жыл бұрын
I totally here you Josh! I think about that when my retirement day comes. A lot of things run Thru my mind constantly.. I am a saver and a minimalist, been doing it for Atleast 15-20yrs now
@Jfhelwig
Жыл бұрын
One of the best videos in a while
@TheBeagle1956
Жыл бұрын
Retired ten years ago (wife six years ago) with close to ten years of living expenses in CDs and other cash like investments. Most of funds were in stocks. Lived off the cash investments and stock dividends all those years since my wife retired. We’ve still got about four years in cash and are just now starting to sell some stock holdings to replenish our cash stash at age 67.
@Broker-in-Maine
Жыл бұрын
You nailed it…once in a lifetime change is so true…give yourself space to settle. Life isn’t all about money….it’s a balance. Great stuff Josh. I see your Maine Pillow…. I live in Portland. Do you vacation in Maine? Cheers- John
@pepster60
Жыл бұрын
I think of it like being a glider taking off and being towed to an altitude where you release the tow plane. There is no going back and you hope for some updrafts along the way down.
@jc10907Sealy
Жыл бұрын
Pablo! ❤
@brucef1299
Жыл бұрын
What a great random find. Thank you.
@genxx2724
Жыл бұрын
“Distribution phase” is a better term. Not retired yet, but GUILTY AS CHARGED.
@Blublod
Жыл бұрын
Been living on cash since early retirement at 58 and it's only now at 62 that I've started to tap into pre-tax savings because my cash has essentially run out. I'm suddenly faced with the prospect of either taking SS at 62 or waiting until FRA (67) which will pay me $1,200 monthly more if I wait to 67 (not counting any future COLAs). So I'm thinking of taking a parked annuity and annuitizing for 5 years until the whole thing is exhausted which should give me about the same monthly payments between 62 and 67 ($3,400) as I will be receiving from SS if I wait until FRA. This would allow me to leave my 401K alone and hopefully continue to see it grow, which I agree, is psychologically comforting. With the annuity income, plus my wife's income, and passive income from a rental, I think I should be good from a cash flow perspective until FRA. Great video Josh!
@brianmcg321
Жыл бұрын
I’m 50 now and considering retiring in a few years. And the thought of this does make me uncomfortable. I’ve always gotten a lot of satisfaction maxing out my accounts and watching it grow. I’ve been enjoying reading more about the psychology of drawing down my account.
@cabragooncabulous4082
Жыл бұрын
Ive noticed. Efficient to wall st means consistent to their pocket! Youre a 100% right. And if we do our things right? No/ low debt, healthy enough to do a side hustle for fun money. And I found out. If one does a 1099? They can be allowed to acquire more thsn a W2 in retirement. 👍🏻
@tinasyoga
Жыл бұрын
I love how you wake folks up to live vs continuing to work, once you lose a loved one, you will realize all the money won’t change that, enjoy your friends/family and don’t put work over them
@peb3232
Жыл бұрын
I'm 6 months into early retirement and I'm feeling this for sure.
@CB-bp2fl
Жыл бұрын
When you won the game you CAN; Stop Playing OR Move into Cash, CD's, MM, Ect. to SIDE STEP Market Down Turns to avoid getting squished. LOVE THE BUCKETS
@gcburkett
Жыл бұрын
A person that is fugal during their working years will likely remain fugal in retirement. Setting up an automatic paycheck like Fritz talks about and not closely monitoring the portfolio is probably the way to go. I am kind of addicted though at looking at my portfolio so not sure how to break that addiction.
@carlosjaneiro-g9p
Жыл бұрын
No it`s not. Agree that it is a hard thing, for some people, but definitely not all. Many people 'decumulate' well before retirement, while they are in the 'on ramp' phase. The hardest thing - by far - is to find things to fill the 12-14 hours per day of time, that work previously occupied. The thing is, most people only have done school (which is the 'work' that prepares you for the 'real work') or work for their entire life going back even before they can remember. We all started school at 5 (how many can remember much about their life going back to the age of 5?). Work started immediately after school. Our whole lives, starting early in childhood, are built around - and structured by - school and work. When work stops, that default structure is gone. So, by far, filling that time is the hardest thing. Even harder is to find things/activities to CONSTRUCTIVELY and ENJOYABLY fill that time. By far and away, more people come out of retirement back to some number of hours per week of work, to fill the time, as opposed to doing it for the money only.
@agates9383
Жыл бұрын
Find a passion and pursue it - assuming you can afford to do it and stay retired🙂
@carlosjaneiro-g9p
Жыл бұрын
@@agates9383 So easy a thing to say. How many people find their passion, or a passion, after retirement? The best most people can hope for is to find something they are at least enthusiastic about, and it costs them little or nothing. That is why volunteering and missionarying are popular retirement age activities, it helps people that need it, and the volunteer is investing mostly just their time. The point of my comment was that decumulating is not the biggest challenge for retirees, it is what I said it is.
@agates9383
Жыл бұрын
@@carlosjaneiro-g9p I agree with you decumulation is part of the equation, watched a recent vid on another retirement channel and they talked about what their experience was with their clients re happiness in retirement - activities, giving, spirituality, and relationships - I have no idea how universal these observations are but it made sense.
@acarter2072
Жыл бұрын
If you're in pretty decent physical shape try playing pickleball! It's sooo much fun!
@agates9383
Жыл бұрын
@@acarter2072 Yes it is and I did 2 yrs ago - then the retired WORLD found out about pickleball and at least here in AZ good luck finding an open court to play on...
@masterlee4370
Жыл бұрын
I am 64 still working not drawing social security yet. I have had the 401k plan since age 21, at times of career change I converted to IRA Accounts, always in large cap funds which over the years did very well. I was with Vanguard, American Century, and Fidelity. I just recently converted everything to Edward Jones which is how I found out it was all in large cap funds. So my advisor is diversifying my portfolio and telling me I won't make as much as in the past but my money will be more spread out. I know I need to do this and at this point I have more than enough to last, but it is really getting to me that I won't make as much. I can't even imagine watching it go down when I start drawing on it.
@martinneumann9345
Жыл бұрын
I was rational. I locked in gains of 13% in 2021 mid-November, 45 days before retiring, to prepare for decumulation stage. My advisor for 2/3 of my portfolio said i was crazy. Just yesterday I ran analysis of where I would have been had i not sold out 55/45 portfolio. I am happy with buckets.
@vinyl1Earthlink
Жыл бұрын
There are those who do continue to save in retirement. You need a rather large amount of money, but it can be done.
@yorkpa3767
Жыл бұрын
I am so fortunate I found Josh 10:43 many years ago. The advice has been amazing along with the use of right capital 9:51 and the every dollar app I have been able to clearly identify my expenses and long term strategy. I just rethree weeks and yes, Even with all that planning and even working a few extra months to cover any unexpected expenses. It is an odd feeling. No, it's just a matter of sticking to the plan. And enjoying the ride :)
@annetter765
Жыл бұрын
I use the every dollar app still. Hit baby step 7 last year and met with Josh. He helped me get past the fear and craft a plan. We are not millionaires but we’ll be fine. Grateful for the abundance of passion and education Josh brings to everyone regardless of their financial experience or standing. A true gift from God.
@bradk7653
Жыл бұрын
I have to make the switch next week, it will be interesting. I retired in Dec of 2022, the day I turned 60, but continued to be paid thru the end of June 2023. So starting next week I will be spending my retirement savings. I don't expect it to be too bad, we retired with about 4 years cash so the market fluctuations don't worry me too much, but it will be a weird feeling when the cash accounts start going down.
@andyw6996
Жыл бұрын
Calm down people. Just use the 4% rule and chill. Sheesh.
@jwall62
Жыл бұрын
haha 🤣
@dancurran8977
Жыл бұрын
I have been retired a month. I just moved my first money from money market to checking to pay upcoming bills. It's going the wrong way! haha
@christopherbilkey5237
Жыл бұрын
I retired 4 years ago and just started Social Security at age 70. Spending over those 4 years was mentally hard but made easier with the age 70 goal in mind. Now I want to spend every cent coming in plus follow the 4 percent rule. with leftover savings.
@ralphnaomimills6379
Жыл бұрын
My Man Josh!!! I don't care if you loose subscribers either just as long as you keep making videos. Keep up the good work.
@lifesIronyboard
Жыл бұрын
It is scary. It doesn't help when one hears voices talking about how the economy will turn and all those people who retired early will be trying to get their jobs back or the ones that say we are facing dire economic times ahead and if you have a job, do whatever it takes to keep it. Be the first to come in and the last to leave, but keep that job, no matter what.
@CraigandJoan
Жыл бұрын
at 65, this is exactly what my wife and I talk about.
@JosephDickson
Жыл бұрын
It's rough. I've set my contributions to pull a day after payday to keep my contributions flowing in. Otherwise I'd be tempted to hoard cash. I can't imagine what it's going to feel like in 20 years when I start decumulating. Perhaps automatic withdrawals will keep me sane.
@MrWaterbugdesign
Жыл бұрын
IMO many people, especially "retire early" folks seriously ignore the biggest risk to retirement...divorce. Seen it happen many times particularly for high earning guys. The pile of money gets high and the other spouse starts seeing it as "their's" and friends say "you can do better" and they take the cash. Better imo to look really close and critically at a marriage even closer than you would at investments because divorce is a much higher risk. The marriage should be worth that risk. If you're being disrespected, sex being used as a weapon, or just plain not thrilled...bite the bullet and prepare for divorce and then execute. I'm moving to SE Asian as a single guy (divorced 6 years ago) and thrilled I can date very attractive, very young great women there.
@minoozolala
Жыл бұрын
lol these very great young women are after your money too. If you think they're after you as an older/old guy, then better wake up from the fantasy.
@ac2329
Жыл бұрын
Great topic Josh you nailed on this one
@Columbus1152
Жыл бұрын
I agree with the bucket strategy 1000%, between cash, an income annuity, a small pension, and our SS, that takes care of more than 80% of our retirement expenses. We pull more than adequate income from our IRA's and 401K's, but we're still only withdrawing less than what we make and we're very conservative in our investments. So we sleep well, even in a very volatile market that we're in today.
@johnnyboyvan
Жыл бұрын
Doesn't scare me at all with a DB teacher's pension. Glad they removed my money 💰 annually.😮
@thomasrudy6132
Жыл бұрын
the hardest part for me is getting anywhere near the value for the things i am decumulating. it appears i will eventually get pennies on the dollar for my stuff. my loss will be the buyers gain, sucks, not good.
@wsgriffi
Жыл бұрын
Hey Josh, I am hitting the 3 year retired mark next month and I am still feel very good about pulling all of my funds out of the market back in 2021. I had anxiety worrying what the market was going to do during my first few years in retirement. That went away when I moved all into cash. I will eventually start moving some back to Wellington/Wellesley but not this year.
@stevejohnson2108
Жыл бұрын
Good points Josh. There is another way to look at this although many people will never reach this type of wealth. If you have enough money invested in dividend aristocrats or kings when the dividend along can be your "cash" bucket then you don't have to worry about the ups or downs of the market. I knew I reached my retirement goal when the dividends I made from my brokerage account paid all my expenses (147K in dividends per year). I am not touching our 401Ks which combine is 1.7 million. Wife and I are too young to take SS which we don't need so 8 years from now when reach 67 I will decided to I push it to 70.5 or take it. Same thing with the wife. Like you said many times and I say to people the same thing. Make sure you are completely debt free when you retire including no mortgage. Then your expenses can be adjusted accordingly.
@agates9383
Жыл бұрын
So if this ends up being a serious impediment to enjoying retirement (not having enough to comfortably, PSYCHOLOGICALLY! decumulate) then get a temporary part time job for a year or two to test drive the process of living off your investments, it will be self evident during this time that it either works for you or it doesnt and you can overcome the hurdle. Good one Josh not being retired I hadnt thought of this issue and it WILL be an issue for many.
@davidleonard4925
Жыл бұрын
I think a good goal would be to still have accumulation during retirement as there are many reasons why you want your net worth to keep growing. For examples- You want to have a nest egg built up in case you need long term care You want to leave money to your family You want to leave money to causes that you care about. Here are the steps of how this could work- You determine that you can live the lifestyle. you want for $3000 per month Your getting $2500 per month in social security So you need another $500 per month in income You have $300,000 invested in dividend paying stocks Your dividend yield is at 4 percent= $1000 per month $500 in dividends gets added to your $2500 per month social security giving you the $3000 per month to live on The remaining $500 per month in dividend income goes to buying more shares of dividend paying stocks
@genglandoh
Жыл бұрын
People Some will invest in high dividend stocks and just spend the dividends in a down market. Some will use the bucket system and only spend from the cash bucket in a down market. Some will just keep the money in growth stocks and ride thru the down market. In my case I will be using the bucket system with 3 years in cash, cd, etc. I think of the bucket system as an insurance policy to protect me from a down market. So I will give up a little in returns to help me sleep better at night.
@duane2243
Жыл бұрын
Fourth !--------Frame of mind on stuff- you Deal and and lose someone close to you over a few years of decline it puts many things into perspective very quick.
@dwayne5698
Жыл бұрын
I'm considering retiring this fall and seeing the decline scares me to death!!! Ugh!
@stevewhite4231
Жыл бұрын
Me 2 man....going in 10 months. 2.5 years cash. Now just trying to rebalance my 75% (S&P 500) into something more like 40% S&P500 and 60% bonds. Just trying to find the safe bond fund is driving me crazy much less spending it.
@dwayne5698
Жыл бұрын
@@stevewhite4231putting together a plan is like a jigsaw puzzle. So may moving parts to consider. I think we'll be okay but it's hard pulling that trigger. I keep putting it off out of fear.
@lt5771
Жыл бұрын
My army pension is my cash bucket. I’ve used my growth on my investor to bake out of my real estate investments Which I can break even on at any time. It will come back. But it’s time to stop playing the game when I’ve won
@terryB4713
Жыл бұрын
Josh totally agreed Thanks for mentioning. Could I ask you to do information about IRA in Bank vs Fidelity.I tried to see difference what I see is Fidelity charges when pulling $$ out vs a Bank.
@christinehirabayashi9598
Жыл бұрын
Yes this is what I am struggling with right now whew....
@joethecomputerguy1
Жыл бұрын
Didn't know that was a word. Yes it is not easy.
@briandillard3809
Жыл бұрын
My wife and I will be transitioning to part time soon for a couple of years before full retirement.
@univibe23
Жыл бұрын
There are a million youtube channels and investment books that tell you all about ways to save/accumulate and invest for retirement but it's crickets when it comes to... Now I'm ready to retire, I've saved my Million + bucks, or whatever you need, but wait, how do I draw down. And yikes!! That's a scary thought experiment I keep playing over in my head. Makes me keep going to work every day.
@jimhoge3252
Жыл бұрын
Two years in and can attest it takes longer than that to adjust this mentality. My checking account has always been my spend bucket. Auto bi-monthly transfers from savings account has helped adjust mindset to spending. Retirement savings is a separate bucket which auto distributes to savings account.
@bigjohnson7415
Жыл бұрын
I can appreciate this for sure, but coming from a poor family and essential inheriting nothing from any family members, I have accumulated a decent amount. I personally don't mind leaving my heirs a little something to help them from the struggle I have lived. Scrimp and save, No I don't or haven't, as I live a comfortable life and want for nothing. Just very practical.
@vernshird711
Жыл бұрын
My solution will allow me to still accumulate one account while decumulating another. I plan on retiring at 60 at the end of 2025 with a nice pension. I'll also have a nice 401k and an even larger 457b. I draw down on the 401k from age 60 until it's depleted by age 74 while the 457b isn't touched and continues to grow on its own. The first RMD on the 457b starts at age 75 so I won't really care about the 457b decumulation at that point - after all, I'll be 75. Add in SS at 62 and I'm set.
@user-me3np9cx2d
Жыл бұрын
Goal is to get where you have enough wealth that you are not decreasing the total when you retire
@jw4849
Жыл бұрын
Josh, Doesn't the cash bucket go down every year, and need to be refilled from bucket two? So you are essentially living off bucket two every year as you refill bucket one to keep your 4 year cash bucket. I'm not sure what I'm missing here?
@manuelr1405
Жыл бұрын
I'm preparing for it now put half in stable funds(1st draw for 8 years another half in stocks. Hopefully it won't take me that long to adjust on spending it I'm sure my wife will be just fine :) Thanks Josh !
@garrysinger9704
Жыл бұрын
Just curious about your comment regarding worshiping to God during retirement. If I do it sporadically, will I still get 6% returns or if I worship more often, will I get 8% + returns? What’s your experience as to the relationship between worshipping and portfolio returns?
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