Refreshing to see someone who doesn't have a boatload of money and how planning is approached.
@susantaylor2937
8 сағат бұрын
David, you look fantastic for 61 years old. Those plants are treating you very well! Best of luck in retirement. James is right about filling up that tax bracket with Roth conversions because the tax rates are rolling back in 2025 so they are most likely going to be higher when you hit RMD age.
@MatrixMatched
7 сағат бұрын
Thank you, Susan, for the advice and the compliment. The hair dye keeps me happy, but I'm not fooling anyone.😊
@danoberste8146
6 сағат бұрын
Think about Roth Conversions the same as you would sequence of return risks. If you convert pre-tax to tax free, you have to pay tax today (or whatever year you do them) and that money is no longer growing at those compounded gains rates. Those voluntary taxes you pay can be thought of the same way as portfolio loses due to a downturn in the market. Say you pay $1000 in tax instead of investing it, you may be saving 200 basis points in future tax savings, but you may be giving up MUCH more capital gains because that money isn't in your account for decades, early in your retirement. I would think that at rather modest retirement savings, RMDs aren't going to be overly onerous. RMDs can be prudent income sources if they don't force you into several tax brackets higher.
@jnachtig2
10 сағат бұрын
Good luck in retirement David. I hope the market cooperates and lets you pull SS at 70
@MatrixMatched
7 сағат бұрын
Thank you so much. It's scary, but I am so excited!
@andre-l3j
9 сағат бұрын
Thank you David for sharing your situation with us. Thanks again, James for a helpful retirement session. I'm enjoying the variation of 'guests' on this long form review. Very helpful.
@JimS-p9v
8 сағат бұрын
Big fan of all of your content but this is, far and away, the best video you’ve done. Highly detailed without undue complexity, very relatable. You hit every significant topic I would have brought up if I were sitting in David’s chair. Thanks!
@GyanAli
8 сағат бұрын
I commend James for taking his time to do this review. Despite the low retirement assets and way below their $2mill threshold for investment advice he chose to help this guy out. These kids (James and Ari) are going to do well. Breath of fresh air from what I have been seeing lately. Integrity and selflessness over personal gain.
@ChristopherCurtis
6 сағат бұрын
This is a great followup video relative to my comment on the last one, where I replied to some commenter complaining that an estimated $12,000/mo withdrawal rate was not going to be enough. This is a much more common retirement scenario and it's good to have explained that by making smart choices modest retirees who are diligent with their finances can still do very well in retirement.
@EdwardJerlin
9 сағат бұрын
He's describing a typical NYC commute from Staten Island, except add about 15-20 minutes to that. Good luck getting out of the rat race.
@janetkenny4861
10 сағат бұрын
I’m concerned he doesn’t have enough “cash” on hand, and the ability to accumulate more for home repairs, replacement of a vehicle, paying for a good supplemental Medicare coverage plan, once he is no longer working. A new roof alone is going to be $20,000, which could need to happen in a down market year.
@trseven100
8 сағат бұрын
I had the same question. Replacing a vehicle, even with a used car, is likely 25-30K. Add on other surprises, new roof, new HVAC, broken fridge or washer/dryer; then it seems like he'll be very pressed for cash. In practical terms, it seems like this is just a year too early.
@susantaylor2937
8 сағат бұрын
Agree, and in a townhome sometimes you can’t time those kind of expenditures.
@shockwave1126
8 сағат бұрын
Looks like he’ll be doing tutoring and the long term projection indicates that he can absorb. He did mention changing portfolio to also help accommodate. I think he can do it especially if having much money isn’t that important to him at time of death.
@MatrixMatched
7 сағат бұрын
Thank you for the critical eye. Please share any other concerns you may have...now it the time for me to consider everything.
@dmorga1
5 сағат бұрын
Good for David in saying "I don't like this anymore--can I do something else?" He's frugal and sounds like he'll have a good retirement. Kudos!
@susantaylor2937
8 сағат бұрын
Thanks James! Finally someone who is very close to my situation, with similar questions. Yay East Coast people, the TRI-state traffic nightmare is very real.
@janemcgrath9773
8 сағат бұрын
Great to see how detailed this analysis is.
@tomsparks6099
7 сағат бұрын
I'm almost in the same scenario as David, except I still have a mortgage. I wish I had the capacity to understand this in one sitting.
@jillhansen6216
8 сағат бұрын
Thanks David and James for sharing this helpful information!
@Andrew-zh6jl
9 сағат бұрын
David estimates expenses very conservatively.
@MatrixMatched
7 сағат бұрын
True. David (me) has always lived very conservatively (cheaply) 😉
@dorinatudisco1308
9 сағат бұрын
I absolutely loved this video and hearing the thought process throughout. Thanks to David for sharing his story and best of luck to him in retirement! Hope to see more of these types of videos. 😊
@MatrixMatched
7 сағат бұрын
Thank you for the kind wishes. I hope the future is bright for all of us! Careful planning and living within my means.
@rmccp
8 сағат бұрын
Love it!!! Good luck David!
@MatrixMatched
7 сағат бұрын
Thank you...let's stay hopeful for the future (and prepared for whatever comes)
@BarbHurley-s6m
9 сағат бұрын
Love these!! Good luck David!
@MatrixMatched
7 сағат бұрын
Thank you so much. I wish I had 100x times more assets than I do, but I am so happy that now is the time to begin my next journey!
@schreiber1958
7 сағат бұрын
Totally unrealistic. He is going to need a great deal more. He can't live of 2 - 3000.00 a month. He should NOT retire at this time.
@beanbean321
7 сағат бұрын
I agree
@Satjr35031
5 сағат бұрын
I agree too
@pearleelife
10 сағат бұрын
Thanks David
@beanbean321
6 сағат бұрын
Your job needs a UNION . Only 200$ a month pension , that's criminal . 😢
@trobop1
8 сағат бұрын
Long term healthcare concerns me. What is he doing for that?
@FreeBirdUSA
8 сағат бұрын
Enjoy having guest with real examples.
@EdwardJerlin
9 сағат бұрын
I can't help but wonder, has he spoken to his employer about possibly shifting to a part-time role for 2-3 years as a transition to retirement? It buys him a little time, gives him less commutes and more time, would be a nice transition to retirement, and potentially helps his employer also. It sounds as if he's a valuable employee who they wouldn't want to lose. This could be a win-win for all involved. I'd be interested to know if this has been considered or is a possibility. One would think he should at least inquire about such arrangement. Of course, thatassumes he'd even be interested in that; he may want to be done, especiallywith his tutoring gig.
@MatrixMatched
7 сағат бұрын
Thank you! We will have this conversation within the next two weeks.
@OscarLook-sl4qu
9 сағат бұрын
9-minutes in. Shout out Lucas!
@daveschmarder-1950
9 сағат бұрын
David will do well with those plans. If he wanted to, perhaps there is a part time career he might find locally. Plant biologist? Is pot legal where he is? Hmmmm.
@shockwave1126
8 сағат бұрын
Lol. He can also expand his virtual tutoring even some virtual teaching.
@Knglugonn1
8 сағат бұрын
I think he said he does tutoring. That should have been included in the calculation, right?
@susantaylor2937
8 сағат бұрын
Yes, I live in NJ too.
@jeffgehman8344
9 сағат бұрын
James - Great vid With clients like this do you recommend regularly revisiting the plan to update the data and make sure it's still on track or if not, discuss and establish changes?
@fairfeatherfiend
6 сағат бұрын
No.
@SantaBarbaraAlberto
7 сағат бұрын
What are your expenses and health?
@user-iw1cq4ft9t
8 сағат бұрын
Excellant
@shosh63
9 сағат бұрын
Hey. Thanks
@shenabui8367
9 сағат бұрын
I think he should change job
@susantaylor2937
8 сағат бұрын
Hard to do at 61. I work in a similar industry, and ageism is very real.
@TheJoshgol
10 сағат бұрын
First! Great episode😅
@pearleelife
10 сағат бұрын
🫡🍻
@Fyawtfc
6 сағат бұрын
500k enough to step away yes, for 5 years, get ready to look for job at 66
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