Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
@bernadofelix
Жыл бұрын
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
@SandraDave.
Жыл бұрын
Do you mind sharing info on the adviser who assisted you? I'm 40 now and would love to grow my stocks investment portfolio and plan my retirement..
@bernadofelix
Жыл бұрын
My financial advisor is "Margaret Johnson Arndt " she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversification and is considered an expert in the field, I recommend researching his credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@anneharry9918
Жыл бұрын
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, l'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let's say $1M.
@Kevinbrian1
Жыл бұрын
I totally agree, I'm 60 and newly retired with about 1.8 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one...
@Kevinbrian1
Жыл бұрын
@pamelaparis1659 The advisor that guides me is Marcia Ann Bice , most likely the internet is where to find her basic info, you can run a quick research with her name. She's established..
@larshultberg6972
Жыл бұрын
Here’s a tip: move to Thailand. You can have a comfortable life for 2000 us $ a month. 2500 $ and you live a semi luxury life there. Hospitals are great. The weather lovely. Food is cheap and tasty.
@kevinp8108
Жыл бұрын
@larshultberg6972 - I'm actually planning to retire there at age 58! Based on the calculation, I should have at least $2000 per month before my SSA kicks in at age 62. Thailand's cost of living is 45% less compared to the US. I'm looking forward to my daily $6 one-hour massages.
@Peteliao
Жыл бұрын
I am 50 a retired. I moved to Thailand 2 years ago and married a beautiful Thai women that is 28 years old. I retired with 3.6 million. Bought a house here next to the beach for 175k USD. Great food, amazing people, and best of all, I don’t need to worry about getting shot when grocery shopping.
@Peteliao
Жыл бұрын
@GrizeldaCarmelo hi, I have about 2.0 in Roth IRA, 401k, and a brokerage account. The rest is in a high yield savings account. I do have a house worth about 400-500k that I rent out back in the states. I have a lot in my savings account now because I plan on buying a house for my 2 kids this year.
@kevinvasquez9951
Жыл бұрын
@@Peteliao Where in Thailand? I’m planning on a golf trip next year with friends to Malaysia & Thailand. I would like to explore the areas as a retirement option. Currently living in California and want to retire next year. Thx in advance Dolphin.
@Peteliao
Жыл бұрын
@@kevinvasquez9951 hi, I reside in Hua Hin, Thailand. It’s about a 3 hour drive from Bangkok. It’s really laid back and away from the busy large cities. When you visit Thailand, I assume you will land in Bangkok. I would visit Chiang Mai as well. Its just a 1 hour plane ride from Bangkok and cost less than $100. Have fun out here.
@graywilliams_77.
Жыл бұрын
The market's direction can swiftly change, with indexes frequently transitioning from a bear market to a bull market precisely when the news is most negative and investor sentiment reaches its lowest point. I came across an article highlighting individuals who achieved profits of up to $150,000 during challenging market periods. Considering this, I am curious about the best stocks to purchase now or add to a watchlist.
@NouraEl-k1l
Жыл бұрын
Thanks for the info..
@davipereira5741
Жыл бұрын
I’m a dividend investor, My wife and I have invested in the S&P500, both through my TSP with the government, and through fidelity in her 401-k. Cashed out 270k from the S&P and invested with a Financial adviser, Janet Santa Sherry. Until around 3 years ago we were 100% in the s&p after over 30 years. I’m retiring at the end of this month at 62, while my wife will retire next year at 60. We currently have 3.7 million in our tax deferred savings..
@williambray6352
Жыл бұрын
I’m playing the long term game with a well diversified investment portfolio. By the way, I googled the lady you mentioned and after going through her credentials I can tell she’s a pro.
@Stephanieskryzowski100
Жыл бұрын
I invest in stable stocks, my rule: if you previously liked the stock, then you should love it at a discounted price.
@boydsummerhays322
Жыл бұрын
I did read about Janet Santa Sherry, her performance in the market has been quite outstanding.
@josehenry7205
Жыл бұрын
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year... Investment should always be on any creative man's heart for success in life.
@wilsonrichard440
Жыл бұрын
I agree with you and believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don't know who agrees with me but either way I recommend real estate or crypto and stocks.
@lea5898
Жыл бұрын
Yeah!! It would be more beneficial and yield more profit if you actually trade on cryptocurrency, I've been trading since the dip, I've made so much profit trading.
@wells7147
Жыл бұрын
How does this trading stuff work? I'm really interested but I just don't know how it go about it. I heard people really make it huge trading
@benjaminocampo3359
Жыл бұрын
trading is easier with proper guidance, especially from a professional, Newbies who are not aware of how crypto truly works and wish to make profits from it, I would advise to invest with a professional like Fergus waylen, It helps secure and minimize the possibilities of losses.
@charles2395
Жыл бұрын
Well, you are saying the fact. I invested $4,000 with fergus Waylen. and earned $12,000 in 7 working days.
@andrew.alonzo
Жыл бұрын
The thought of retirement makes me cry because am a widower. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
@edward.abraham
Жыл бұрын
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
@Kim.beneteau
Жыл бұрын
@@edward.abraham 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?
@rebecca_burns14
Жыл бұрын
@@edward.abraham 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. She is experience can't wait to have a chat.
@leejohnson7471
Жыл бұрын
Ignore all this scam bull sheeet
@baybay7898
6 ай бұрын
@@leejohnson7471 don’t you enjoy watching their comic shows😝?
@CoinOpTV
Жыл бұрын
I appreciate your videos but you flashed to the graphics back and forth too quickly - leave those up longer please
@PranaWealth
Жыл бұрын
Good feedback! Thanks! 🙏
@patrickscott258
Жыл бұрын
I just paused the video and read them at my leisure
@NipItInTheBud100
Жыл бұрын
Learn where your pause button is and I think you’ll survive!!
@sct4040
Жыл бұрын
When I was 60, TIAA CREF told me I had enough in my retirement accounts. I didn’t even counted my SS. He was correct, I was not educated enough to know. 62 is a good age, since you can start SS, and keep the rest invested. I paid Cobra then Obama care, both are expensive, but doable, and well worth it. Medicare is coming up soon 👍.
@CalmerThanYouAre1
Жыл бұрын
If you read between the lines, these numbers show just how important it is to have a paid off house in retirement. Eliminating $2K of principle and interest expenses means $24K less of income needed in retirement, a much lower tax bill, and a lower portfolio value. You’re really in a strong position if you also have your investments spread across Roth, traditional and brokerage accounts and can basically keep your taxes at or near $0 for the first decade+ of early retirement!
@jdollar5852
Жыл бұрын
I am married. I took our combined BRING HOME pay for the 5 years leading up to retirement and used that number as an estimate of our spending in the first 10 years of retirement. Our health insurance through ACA is actually cheaper than our work plan. We each retired at 58. Me in 2020 and my wife in 2022. We were both good savers during our 40s and 50s so we had more than adequate finances. Most of hers us in an IRA while most of mine is more diversified. We have a rental house, 5x annual expenses in "cash", and a brokerage account. Way too many people save everything in a 401k without understanding the tax implications later in life. We are very fortunate that we saved so much outside my work plan so we can manipulate our taxable income. We really didn't plan it this way, but it makes life easier.
@wdeemarwdeemar8739
Жыл бұрын
60 is my goal to retire.
@pamelaphelps8427
Жыл бұрын
I retired at 57 after 30 years as a letter Carrier. I received a supplement along with my pension until age 62.
@rickstephan6707
Жыл бұрын
I have watched hundreds of retirement related videos and this is one of the best because I'm not unlike your single buddy and therefore it all applied to me. I retired 6 months ago at age 59.25 after 36 years with the same employer and 95 "points" (age plus years of service). These points allow me to fill the health insurance gap with the same coverage I had as an employee AND for a very reasonable cost (relative to the alternatives you discussed). I have an above average 401K, Roth IRA, and I received a lump sum pension (rolled into IRA). I am making strategic conversions from IRA to Roth IRA. I am also only a smich short of the maxmium SS benefit. Obviously I have two years before I decide when I will start taking it. I can only hope our government impode first.
@blmeanie
Жыл бұрын
can you explain further on the age/employer points and who/how that filled in the gap on health coverage? thanks
@rickstephan6707
Жыл бұрын
@@blmeanie It is a points plan - used by my former employer - that awarded 1 point for age and 1 point for years of service. Years ago, 95 points allowed you to retire with an unreduced pension benefit AND retiree healthcare coverage. Today, I only received the latter.
@Yette
Жыл бұрын
Outstanding information. One suggestion: let's stop using the scare tactic term - before you run out of money. Unless you believe our government will abolish SS, that leg of retirement income does not go away. It's likely not enough, but also not going away.
@WhatWeDoChannel
Жыл бұрын
That’s one thing about living in Canada, no health care gap!
@A.Musa76
Жыл бұрын
Same in Cyprus. USA healthcare is very expensive. I can't wait till I leave the USA for good and go back to Cyprus.
@kevinp8108
Жыл бұрын
@@A.Musa76 I'm headed to Thailand for my retirement. The cost of living is 45% less than in the US. Don't have to worry about mass shootings too!
@vinnyg2619
Жыл бұрын
When I was in my early 50s I was going to retire at 62. As I got closer to 60 I started to really get information about retiring and realized it was impossible for me to retire at 62. Taking the SS hit, paying for healthcare and not being future financially secure made that idea an impossible dream. Today, as I get closer to 64 I'm glad I didn't gamble at going out early. I've had some large medical bills (nothing too serious), my wife retired to take care of her mother and stayed retired when her mom passed away and I was able to educate myself of what I need to know for retirement. I'm still learning but I know a heck of a lot more than even 5 years ago. I've had "Plan A" which is retire at 65 since relizing that 62 is not an option. And then "Plan B" which has been in effect since January 2022 which is retire need be due to unforseen circumstances; its a bigger financial hit but the closer I get to 65 the less financially the hit is!
@B737900ER
Жыл бұрын
Reading this im very glad we have free health care in Norway and most European countries. Definitely taking a lot of risk off the table.
@vinnyg2619
Жыл бұрын
@B737900ER a lot of people here in the US will argue that nationalized healthcare doesn't work well. I think if it's thought out well (as well as politicians can think it out here in the US) and gets adjusted for the good when things are found out to be deficient it could turn out OK. Medicare for seniors is the closest to national healthcare we have and it's still costly to get. I've never lived outside the US and lived in the New York City area all my life so paying high prices even for healthcare is all I know. That's why I needed to prepare for it. I feel lucky I didn't just jump right into retirement, working to 65 is better than returning to work at 75 because I had to in my opinion.
@TT-fq7pl
Жыл бұрын
@@vinnyg2619 It works very well here in Canada, though it's always under threat from right-wing politicians who want to privatize everything to benefit the wealthiest citizens. I honestly can't understand how Americans can put up with such high medical costs. It's criminal.
@akampfer
Жыл бұрын
I retired at 56. It’s said you should be able to produce 80 percent of what you made working. I am at that point without using savings. My 401K continues to grow through a bond ladder. I took my insurance with me & have a notional account that will cover that expense for the next several years.
@slshusker
Жыл бұрын
It all depends on where you live. 48 is my goal and I'll be there soon. Aggressive Roth IRA wins have been an influence.
@davidfolts5893
Жыл бұрын
Consistently high-value financial content from Prana Wealth!Thanks for the great KZitem videos!🎯🎯🎯
@johngill2853
Жыл бұрын
While I believe the retirement smile happens a lot, I'm not betting on it. Because if you plan on it, you may just be forced to cut back on your spending When you use 4% it's pretty well known it is after other income like social security
@jimsmith8324
Жыл бұрын
I was retired at age 28 and stayed that way till age 48. Guess what happens? Life gets in the way! Health insurance just got way too expensive.
@badidea12341
Жыл бұрын
I was thinking about what my spending will look like in retirement, and I realized that I will no longer be putting cash into a 401k, social security, mortgage, 529, and a few other items. I had made the mistake of trying to replace a cash stream in terms of my salary rather than my after-investing + FICA salary-based income. As an aggressive saver, this is quite a substantial difference.
@bourbontraveler
Жыл бұрын
I retired at 60 and I spent just as much money on living and travel as when I was employed I’m just starting to slow down on my spending, I’m now 70 Make sure your well funded before you retire
@737smartin
Жыл бұрын
@@bourbontraveler Right…Peter was saying to consider backing out your “employed and saving” investments/expenses from your “retired” monthly expenses. He made no mention of “travel and lifestyle” deductions.
@NameRequiredSoHere
Жыл бұрын
I'm 72, retired, with more than enough to reach 90 without running out of money according to this scenario. (750K investments, + 300K social security, +800K home, + 12K rental income. Monthly expenses only $4K. I'm not miserly or greedy. Yet, I STILL FEEL POOR!
@sct4040
Жыл бұрын
Don’t let anyone deter you because of taxes. We get SS, pension, 401k, IRA, and our tax bracket is only 12%, not a big deal at all. Our biggest expenses are medical insurance fees.
@dr.albertroland
Жыл бұрын
This is a great video, I learn a lot watching your videos and it has been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to Mrs. Debra Hindman for improving my portfolio. keep up with the good videos.
@benandersonn12
Жыл бұрын
This is not the first time I am hearing of Mrs. Debra Hindman and her exploits in the trading world but I have no idea how to reach her..
@samanthaprocell3844
Жыл бұрын
She is really great at what she does with amazing skills, she changed my 0.1BTC to 2.1BTC within two weeks of trading, I am now fully confident that she is reliable.
@dr.albertroland
Жыл бұрын
You can communicate with her on TELEGRAMS with the user below
@dr.albertroland
Жыл бұрын
INVESTWITHHINDMAN💯
@benandersonn12
Жыл бұрын
@@dr.albertroland Thanks a lot for the recommendation, I’m already in the investment process with her.
@WHJeffB
Жыл бұрын
There are other much lower cost options for health insurance... Some states have low cost HC co-ops, then there's the provision in Obamacare for getting inexpensive insurance (though the cost is income based, the more money you make, the higher the cost).
@BEACHDUDE71
Жыл бұрын
I am retiring at 67
@DoJoe.
Жыл бұрын
Can u plz share what's the mic you use? Your audio is amazing
@r.s.334
Жыл бұрын
i retired at 47 ----- married a successful wife.... BOOYAH!!!!!
@davidbrooks8809
Жыл бұрын
Great Information..thanks so much!!
@retiredtreatmaster
Жыл бұрын
Great video!
@rockytrail3893
Жыл бұрын
Thank you for this.
@johnd4348
Жыл бұрын
After age 60, your contributions dont add very much to your SS benefits much unless you make a huge amount of money. So working past 60 just to increase SS benefits does not help. Delaying SS till 67 or 70 does. increase SS benefits.
@davidpeters9675
Жыл бұрын
I wouldn't sleep at night with a 20% chance of having to live on only Social Security. (My SS is not Maxed out.) If you are willing to take that kind of risk and can sleep well at night, then these numbers seem like a good rule of thumb.. Everyone is different, but one's risk tolerance and psychology are HUGE factors.
@paulc1352
Жыл бұрын
I retired at 57 and paid $2000.00 a month (Husband and Wife ) for health care until I hit 65. Now I pay $730.00 a month.....
@darrylk808
Жыл бұрын
Or you could retire to another country where it is much cheaper to live and health insurance is a few hundred dollars a year?
@M22Research
Жыл бұрын
Solid video, but regarding pre-65 healthcare insurance & the govt marketplace, it’s all about income. If your “$60,000”/year of spending comes from either a brokerage/saving/cash account or a Roth IRA, you have very little income and can, in many states get your healthcare insurance for “free” or near free after the govt subsidy. If you’re married, and keep your income under $50-60K (perhaps with 401K/traditional IRA withdrawals, your healthcare insurance can be very low to no cost with that govt subsidy. The gotcha, tho, is if your income is too low, you get pushed into a place nobody wants, Medicaid. Talk to a qualified Retirement Planner. Generic “Financial Planners” are often underqualified to offer retirement advice.
@skibum914
Жыл бұрын
If you have money saved outside of your retirement accounts, then you can use this interest plus this money until you turn 65. Using this strategy, a single person like your friend can manage the amount of "income" to ensure full subsidy from Obamacare which means he will pay almost NOTHING for health insurance. I have been doing this the past 1.5 years and it's working perfectly. You will want to review strategy with your tax accountant prior to the end of each year to manage that final month of each year to ensure the perfect official "income" each year. How come you don't mention this at all in your video????
@goblinzl1
Жыл бұрын
hopefully you have a 401k that can generate income even in retirement. and you should have other savings making interest. having multiple income steams will ease some concerns. no,i know nothing about retirement.
@MWS1960
Жыл бұрын
Does your calculation take into account Social Security income….I have $5500 between my wife i per month. $3700 + 1800 at age 67. At 65 $4500 per month if I take SS at earlier age 65.
@send2dwight
Жыл бұрын
5:24 Roth 401Ks & IRAs FTW‼️🙌🏾
@GaryWang
Жыл бұрын
in disposable cash or do investments count as well?
@twyscape
Жыл бұрын
Another way to retire at 60, for anybody under 55 is to get as many Tesla shares as you can now and hold.
@atholf
Жыл бұрын
You don't need any big savings plans to retire. You need cash flow. At any age. Money in bank or stocks etc are devaluing daily, cutting out all your growth. Remember what a dollar could buy 20 years ago. ... and project forward
@melvano4014
Жыл бұрын
Wife and I are 56, no debt and 15k a month coming in after taxes (pensions). Wondering if we should wait on SS and IRAs until later?
@Antandthegrasshopper
Жыл бұрын
OR your buddy can move to Philippines or Thialand for the next 10-15 years enjoy living on the cheap have a younger girlfriend and then come back (on NOT) and live rest of the life in good old USA!
@davidpetersen1
Жыл бұрын
60k a year spending as a retiree?? Your snack bracket is expensive.
@hejiranyc
Жыл бұрын
As the last couple of years have shown, we cannot assume positive growth of our portfolios or steady inflation. And I suspect that many retirees have had to burn through a lot of savings to stay afloat. I plan on retiring at 60 or only when I have my retirement gap fully funded for at least $100K per year from my NON-retirement accounts, e.g., $1 million in hand to last between ages 60 and 70. This assumes 0 growth, which is essentially what we've had for the past two years. At age 70, I will start tapping my IRA/401(k), much of it having been converted to a Roth IRA by that point, and Social Security.
@adamace25
Жыл бұрын
You haven’t had positive growth? The market is up like crazy this year. I’m up 50% in my portfolio since January. It’s been an amazing year to invest.
@hejiranyc
Жыл бұрын
@@adamace25 I'm comparing the market today to the pandemic relief-stimulated market in 2020. We're still way, way off from those highs. Keep in mind that retirees are not adding to their savings, so whatever they had in 2020 is a LOT more than what they have in 2023.
@adamace25
Жыл бұрын
@@hejiranyc really? I just checked the S&P 500. The market is 14% above the highs at the end of 2020. Are you sure you’re just not invested in bad assets?
@hejiranyc
Жыл бұрын
@@adamace25 Sorry, I meant 2021. It's been downhill ever since the end of 2021 and we still haven't recovered.
@adamace25
Жыл бұрын
@@hejiranyc it’s catching back up though. I went from 50% two days ago to 54% growth today.
@gatoborracho4572
Жыл бұрын
Tell your friend ti to go with a real financial advisor..
@cashcow4383
Жыл бұрын
How do police and fireman retire at 50 ? do they get like 100k a year in pensions ? I dont understand it .
@stevelopez372
Жыл бұрын
In California the Cal-Pers formula for Safety Employees is 3% at 50. Some changes were made in about 2012 or 2013. But they still have a good pension formula. This is a nutshell explanation.
@NamesAbhay
Жыл бұрын
The bots are strong in this one.
@NamesAbhay
Жыл бұрын
😆 they are trying to get me 🤣
@basicdose.9872
Жыл бұрын
It's always about money with people. Why can't one retire without worrying about money ? Thanks.
@bipi4363
Жыл бұрын
Because it takes money to pay for bills. Bills like electric, water, taxes, gas, food, maintenance on properties and vehicles, internet, and phone. Should I keep going?
@sct4040
Жыл бұрын
It takes money to live, medical insurance, rent, food, utilities, all add up.
@dogegamer3288
Жыл бұрын
I don't think anyone should retire at 60. I think God meant for us to work ALL THE DAYS of our lives. Hard labor builds character, and keeps laziness and sloth at bay.
@HappyPenguin75034
Жыл бұрын
True. Retire often means from corp job. Christians must continue and grow in more service.
@mallardcutter7209
Жыл бұрын
I’m pretty sure that God didn’t work a 12 hour swing shift for 40 years. You do you and I’ll do what I want.
@dogegamer3288
Жыл бұрын
@@mallardcutter7209 God's word is perfect. It says in his word we are to work ALL the days of our lives. God's word is NEVER wrong, which means you are the one wrong on that topic. You are free to choose to do you because God gave you the ability to choose, but realize there are consequences to all choices and God knows what's best for us. He sees the whole picture beyond the swing shifts. Nobody said you needed to work a swing shift job at 67, you could do something else like day work. That's well within reach for anyone. I've also been working just over 45 years and I'm gearing up for many more decades of meaningful, contribution through my labor.
@belle42
Жыл бұрын
@@dogegamer3288 I'm a caregiver for the disabled and elderly and many, many people cannot work "all the days" of their life. And many don't want to work all their life. God does not care if you work all your life. He cares how you treat others. The greatest spiritual attribute is love. Also, from the beginning of creation God said to rest on the 7th day. So clearly we aren't to work every day of our life.
@alisonf6478
Жыл бұрын
@@dogegamer3288😂
@Fadescape
Жыл бұрын
The guy is single? Dude won.
@isabellaschopper8988
Жыл бұрын
Jou Need nothing if jou go to pinoyland he Ami I find out the have many parties but me I never pay to them anything ifjou know if not the suck out jour dollars money it’s a big illusion
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