I don't use the 4% rule as gospel, I use it as an analytical tool to gauge my cash flow spending level. I budget cash flow by rent, food, health insurance, electric bill, taxes - you know, real cash flow things...then I compare my detail budget to 4% of wealth - and I am finding I don't even need 4%, I only need 3 at least for now. Nothing wrong with a large financial balance, given the cost of life in America today, and tomorrow. You are right about purpose. Fortunately for me, I married a younger widow with 3 children...my purpose is to give this person and these children a stable home and education opportunity through their early lives, at least high school and hopefully college. I may not be golfing or cruising, but I am helping someone directly, and my money is more important for their support and development than it is for me.
I just retired last month at 53. A lot of good advice here. Definitely a major mental shift from saving to spending. Spent my whole working life building a mindset that retirement funds are untouchable. Not easy spending them. The health insurance gap is one thing, but the other is having enough funds in accounts you can access without penalty until you hit 59 1/2
Hey John, I’m faced with the same issues… (Being named John) and retiring at 53 next February. Fortunately, I was made aware of this challenge early. My job has a 457b, which allows for pre-59 withdrawals without penalty. Of course, it’ll still be taxed income, but spared of the extra 10%. Unofficially, I’m retiring this week. Due to having enough leave to carry me past February. Either use or lose it. Easy choice for me. Happy Retirement to You… 👍🏾✌🏾
We are leaving the country for at least the 1st decade of retirement(55-65). Health care is only a problem in the US, the majority of the world seems to have it figured out.
We are in that 13% of wanting to retire early. We strive for financial freedom over "status". Once we receive full financial independence we plan on using our time for us and volunteering.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
With generational reform headwinds over the next decade to future retirement planning (e.g. SS and Medicare reforms at the top), current working Millennials and GenZers may be looking at 65+- as retiring early.
Talking about Healthcare Market Place premiums and not one word about the offsetting subsidies is nearly criminal. Why would you not share a single word about income based subsidies when the group is going to be sharply reducing their income ?
@@MCalcagno:1 min 50 sec: discuss premium cost of health insurance: but you did not discuss the subsidies. You suggested tax planning but there is no mention of the tax subsidies. So the commenter @ronriehle1337 is accurate.
Yeah step 4 is gonna be a big one for me. I was raised by parents who went through the Great Depression so frugality is pretty ingrained in me. I’ve seen the projections from my financial advisor and when I’m getting low-mid 6 figure RMDs, I can’t conceive how to spend that. I’m hoping to retire next year at 53 so the health care gap is a big issue for me being diabetic. Time to start researching now.
It's a huge mindset shift. Roth conversions might help with your RMDs, but would need to find the sweet spot and factor in the health gap! Thanks for sharing.
Why is it, no one who does these videos on retiring before 60 take into account that some people have tax-free pensions and free healthcare. Like V A disability
Thanks for the video! I love the idea of retiring to something. Id love to retire to training for triathlons more and doing more mountain climbing of the WA peaks. This matches my lifestyle well and keeps me healthy and fit too. Setting a race goal gives me some sense of purpose as well as giving my time towards my nephews and niece.
![[[OFFICIAL MV]] เอิ้นขวัญให้อ้าย- อ๊ะอาย สกุณาพร | ค่ายเพลงเป็นหนึ่ง](http://i.ytimg.com/vi/83x6L3X3qh0/mqdefault.jpg)
Here is the Google doc for the questions you can use: docs.google.com/document/d/1GOxmkrTgqYBeb0RZSaM-33G8KL1B8FTx0sfgqxwvrFA/copy
Can you do a video on super early retirement. Like retiring at 25 years old. Say dad dies and leave you 7 million.
I don't use the 4% rule as gospel, I use it as an analytical tool to gauge my cash flow spending level. I budget cash flow by rent, food, health insurance, electric bill, taxes - you know, real cash flow things...then I compare my detail budget to 4% of wealth - and I am finding I don't even need 4%, I only need 3 at least for now. Nothing wrong with a large financial balance, given the cost of life in America today, and tomorrow. You are right about purpose. Fortunately for me, I married a younger widow with 3 children...my purpose is to give this person and these children a stable home and education opportunity through their early lives, at least high school and hopefully college. I may not be golfing or cruising, but I am helping someone directly, and my money is more important for their support and development than it is for me.
Helping those in need is so cool!
I just retired last month at 53. A lot of good advice here. Definitely a major mental shift from saving to spending. Spent my whole working life building a mindset that retirement funds are untouchable. Not easy spending them.
The health insurance gap is one thing, but the other is having enough funds in accounts you can access without penalty until you hit 59 1/2
Hey John, I’m faced with the same issues… (Being named John) and retiring at 53 next February. Fortunately, I was made aware of this challenge early. My job has a 457b, which allows for pre-59 withdrawals without penalty. Of course, it’ll still be taxed income, but spared of the extra 10%. Unofficially, I’m retiring this week. Due to having enough leave to carry me past February. Either use or lose it. Easy choice for me. Happy Retirement to You… 👍🏾✌🏾
We are leaving the country for at least the 1st decade of retirement(55-65). Health care is only a problem in the US, the majority of the world seems to have it figured out.
We are in that 13% of wanting to retire early. We strive for financial freedom over "status". Once we receive full financial independence we plan on using our time for us and volunteering.
Awesome!!
Good post, I agreed 100% with point 4. It can be very difficult to spend your money when you have spent a lifetime working to save it.
Great video! Lots of good advice and I appreciate a different perspective on early retirement and just retirement in general.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
With generational reform headwinds over the next decade to future retirement planning (e.g. SS and Medicare reforms at the top), current working Millennials and GenZers may be looking at 65+- as retiring early.
Talking about Healthcare Market Place premiums and not one word about the offsetting subsidies is nearly criminal. Why would you not share a single word about income based subsidies when the group is going to be sharply reducing their income ?
Addressed this in the video!
@@MCalcagno:1 min 50 sec: discuss premium cost of health insurance: but you did not discuss the subsidies. You suggested tax planning but there is no mention of the tax subsidies. So the commenter @ronriehle1337 is accurate.
Felt like that was implied. But can go into further detail next time 👍
Good info
Yeah step 4 is gonna be a big one for me. I was raised by parents who went through the Great Depression so frugality is pretty ingrained in me. I’ve seen the projections from my financial advisor and when I’m getting low-mid 6 figure RMDs, I can’t conceive how to spend that. I’m hoping to retire next year at 53 so the health care gap is a big issue for me being diabetic. Time to start researching now.
It's a huge mindset shift. Roth conversions might help with your RMDs, but would need to find the sweet spot and factor in the health gap! Thanks for sharing.
Great advice 👍
Thanks for watching!
Why is it, no one who does these videos on retiring before 60 take into account that some people have tax-free pensions and free healthcare. Like V A disability
Due to the fact that 95% of people don't have VA tax-free pensions or VA disability
Thanks for the video! I love the idea of retiring to something. Id love to retire to training for triathlons more and doing more mountain climbing of the WA peaks. This matches my lifestyle well and keeps me healthy and fit too. Setting a race goal gives me some sense of purpose as well as giving my time towards my nephews and niece.
Love this!