I’m a retired federal physician and my wife is a retired state architect. We have a combined networth of $11M, no mortgage or debt, and receive pensions that more than cover all of our expenses. We still enjoy the Costco $1.50 hotdog and soda combo. Savings mode psychology is very difficult to break!
drmittofit...Absence stupidity on your part, you are bulletproof. You didn't indicate your age or Social Security benefits status, only your pension. As a retired federal employee, you most likely have federal health insurance in retirement, like TriCare for Life, so health insurance is not an issue for you. With $11M, no mortgage and no debt, you could spend $200-$350K annually, and never run out of money. You could take $5M of your $11M and buy MYGAs at 6.00% and in 10 years, they would return 100% of your principal PLUS $3,954238 in interest earnings alone. Your balance of $6M, invested conservatively, with a 7.0 return, would generate earnings sufficient to end the same 10 year period at $11,802,908. You didn't mention your age, or the amount in deferred tax deferred funds, but at your assumed savings/income level, RMDs could be substantial. My life savings are considerable smaller than yours, at @1.4M and our annual income in retirement is $124K, (net of 10% with holding on SS and Medicare Plan B costs,) with only $58K in annual retirement living expenses, but like you absent stupidity, we should live quite comfortably for the remainder of our lifetimes. We are 74 and 70, in decent health. Enjoy your retirement!
Very true. I retired about a yr ago, I’m now 60. I do have a problem going out for an expensive dinner ($100+) I just don’t see the value and usually the food isn’t that good for you. I live in FL for the winter-fall and Cape Cod in the spring-summer. I do use the bucket strategy and we should be fine. But it is tough spending after a lifetime of saving.
Yes, that's so true but, after reading "Die With Zero" We are both 60 y/o I retired 11 years ago. We are gifting now to our children. So far we have paid for weddings, vacations, and closing for our daughter's house. Florida gets hot, and they need a new Central AC. I won't be selfish cheap A""s like my father.
Tom, we just retired and feel the same about spending $$$ at restaurants because we feel like we cook our meals better than any restaurant can. It seems we never leave a restaurant without some sort of digestion issue - mostly minor. Our thinking is that what we don't spend can go to our only son and his family. We still travel some and enjoy visiting places but we also really like staycations. I mean, we bought a killer house that has everything we need, so when we want to we just jut out in a direction on a day trip and visit something local we never knew existed but was really enjoyable, and then return home. We'll never be the couple that has to post a new major trip on facebook everyday other week so we keep it simple. Most folks I know who were very disciplined about saving and paying things off have the same sentiment as you. You do you, and the rest can do their thing. Best of luck!
I just retired from the insurance industry 15 days ago. We are both 71 and have cash and investments of $2M (not NW). No debt. House paid off at 50 and 2 late model cars are paid as well. I’m now looking at what is the right amount to spend monthly which is a bit confusing. There’s so so much information. My financial advisor is good and helpful but the answer has to come from me and my wife. The other concerns are obviously developing an efficient tax plan and the impossible question of what effect will inflation have on the portfolio. This does consider both of us stay healthy or all bets are off. I’m confident but unsure of the best options going forward. So much for my rant.
How did you manage to achieve that level of growth? I've been trying everything I can to improve my investments, l want to retire in a few years and I need a better diversification
I think the knowledge that I might have to spend less at an unknown time would still result in spending hesitancy. I'd want to save in the good years for that potential rainy day, or for that big spend I have planned for a year or more in the future.
great video. Dynamic spending makes lots of sense and I like the notion of spending capacity. Something I missed and need guidance with, is about longevity of the portfolio. Do you have to input value such as zero at end of life of a specific $ amount that you want to have left for inheritance for ex?
Thank you for the video - great approach! Question… does this approach take into account 2 items related to the client’s spending: a) inflation (today’s $9800 vs. tomorrow’s $9800), and b) changes in spending desires over time (“spending smile”)?
Does that include Social Security and are they waiting until full retirement because they are much younger than that according to your income lab projections can they spend that much for a month until they get to 67 that seems awfully high for a roughly $600,000 portfolio thank you
They are retiring in 2027, so it looks like they aren't retiring until he is 67 and the spending page says it is for 2027. The SS page isn't scrolled down far enough to see the claiming strategy, but it looks like full retirement age.
It’s hard to find expensive things worth buying that won’t end up giving you more worries or headaches. Example vacation homes that become money pits/security/insurance issues or expensive cars that crash or get stolen. I don’t foresee a Lamborghini making me any happier.
An increasing number of people are likely to face challenges in retirement. Low wages, rising inflation, and high rental costs make it difficult to save adequately. Now, even middle-class Americans are struggling to afford homeownership, putting their retirement plans at risk.
The surge in living costs has disrupted my plan to retire at 62, work part-time, and continue building my savings. I can't help but wonder if those who weathered the 2008 financial crisis had it easier than what I'm facing today. The volatility of the stock market, paired with a decrease in income, has raised concerns about whether I’ll have enough funds to secure a comfortable retirement.
This is exactly why I rely on a portfolio coach for my investment strategy. Their expertise-managing both long and short positions, capitalizing on asymmetric risk, and strategically hedging against market downturns-makes it incredibly difficult for them to underperform. Over the past two years, working with a portfolio coach has helped me generate over $800,000 in returns.
Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.
I’m a retired federal physician and my wife is a retired state architect. We have a combined networth of $11M, no mortgage or debt, and receive pensions that more than cover all of our expenses. We still enjoy the Costco $1.50 hotdog and soda combo. Savings mode psychology is very difficult to break!
Good for you!
drmittofit...Absence stupidity on your part, you are bulletproof. You didn't indicate your age or Social Security benefits status, only your pension. As a retired federal employee, you most likely have federal health insurance in retirement, like TriCare for Life, so health insurance is not an issue for you.
With $11M, no mortgage and no debt, you could spend $200-$350K annually, and never run out of money. You could take $5M of your $11M and buy MYGAs at 6.00% and in 10 years, they would return 100% of your principal PLUS $3,954238 in interest earnings alone. Your balance of $6M, invested conservatively, with a 7.0 return, would generate earnings sufficient to end the same 10 year period at $11,802,908.
You didn't mention your age, or the amount in deferred tax deferred funds, but at your assumed savings/income level, RMDs could be substantial.
My life savings are considerable smaller than yours, at @1.4M and our annual income in retirement is $124K, (net of 10% with holding on SS and Medicare Plan B costs,) with only $58K in annual retirement living expenses, but like you absent stupidity, we should live quite comfortably for the remainder of our lifetimes. We are 74 and 70, in decent health.
Enjoy your retirement!
somehow I smell bullshit
@@OlegScherbina Tonight I splurged and ate two Costco hotdogs, $3.00 plus tax. Yum!
Very true. I retired about a yr ago, I’m now 60. I do have a problem going out for an expensive dinner ($100+) I just don’t see the value and usually the food isn’t that good for you. I live in FL for the winter-fall and Cape Cod in the spring-summer. I do use the bucket strategy and we should be fine. But it is tough spending after a lifetime of saving.
I’m so TIRED of the winters in Chicago!!! Thanks for watching.
@ retire and move here! I’m on my way to play some golf. Nice for January
Yes, that's so true but, after reading "Die With Zero" We are both 60 y/o I retired 11 years ago. We are gifting now to our children. So far we have paid for weddings, vacations, and closing for our daughter's house. Florida gets hot, and they need a new Central AC. I won't be selfish cheap A""s like my father.
Tom, we just retired and feel the same about spending $$$ at restaurants because we feel like we cook our meals better than any restaurant can. It seems we never leave a restaurant without some sort of digestion issue - mostly minor. Our thinking is that what we don't spend can go to our only son and his family. We still travel some and enjoy visiting places but we also really like staycations. I mean, we bought a killer house that has everything we need, so when we want to we just jut out in a direction on a day trip and visit something local we never knew existed but was really enjoyable, and then return home. We'll never be the couple that has to post a new major trip on facebook everyday other week so we keep it simple. Most folks I know who were very disciplined about saving and paying things off have the same sentiment as you. You do you, and the rest can do their thing. Best of luck!
Great content Darryl, thank you so much
I just retired from the insurance industry 15 days ago. We are both 71 and have cash and investments of $2M (not NW). No debt. House paid off at 50 and 2 late model cars are paid as well. I’m now looking at what is the right amount to spend monthly which is a bit confusing. There’s so so much information. My financial advisor is good and helpful but the answer has to come from me and my wife. The other concerns are obviously developing an efficient tax plan and the impossible question of what effect will inflation have on the portfolio. This does consider both of us stay healthy or all bets are off. I’m confident but unsure of the best options going forward. So much for my rant.
Hit 220k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 34k in November 2024..
How did you manage to achieve that level of growth? I've been trying everything I can to improve my investments, l want to retire in a few years and I need a better diversification
It's Kimberly Ann Doran doing, she's changed my life.
I'm surprised that you just mentioned and recommended Kimberly Doran, I met her at a conference in 2018 and we have been working together ever since.
I'm new at this, please how can I reach her?
The first time we had tried, we invested €14,000 and after a week we received €50,230. That really helped us a lot to pay our bills.
I think the knowledge that I might have to spend less at an unknown time would still result in spending hesitancy. I'd want to save in the good years for that potential rainy day, or for that big spend I have planned for a year or more in the future.
Good stuff. Thank you for watching.
great video. Dynamic spending makes lots of sense and I like the notion of spending capacity. Something I missed and need guidance with, is about longevity of the portfolio. Do you have to input value such as zero at end of life of a specific $ amount that you want to have left for inheritance for ex?
Yes. I usually put an inheritance number if that’s of interest to people.
Thank you for the video - great approach! Question… does this approach take into account 2 items related to the client’s spending: a) inflation (today’s $9800 vs. tomorrow’s $9800), and b) changes in spending desires over time (“spending smile”)?
Yes, exactly. Both are considered
Does that include Social Security and are they waiting until full retirement because they are much younger than that according to your income lab projections can they spend that much for a month until they get to 67 that seems awfully high for a roughly $600,000 portfolio thank you
Yes, include Social Security
They are retiring in 2027, so it looks like they aren't retiring until he is 67 and the spending page says it is for 2027. The SS page isn't scrolled down far enough to see the claiming strategy, but it looks like full retirement age.
It’s hard to find expensive things worth buying that won’t end up giving you more worries or headaches. Example vacation homes that become money pits/security/insurance issues or expensive cars that crash or get stolen. I don’t foresee a Lamborghini making me any happier.
You’re exactly right. I prefer to rent in Florida a bit in the winter. ❄️ Chicago
Screw leaving $ for the kids. If your kids need $, spend it on them while you are alive to watch them enjoy it.
I agree
Some people want to pass something along to their kids after they pass away.
Yep. I agree. Thanks for watching.
An increasing number of people are likely to face challenges in retirement. Low wages, rising inflation, and high rental costs make it difficult to save adequately. Now, even middle-class Americans are struggling to afford homeownership, putting their retirement plans at risk.
The surge in living costs has disrupted my plan to retire at 62, work part-time, and continue building my savings. I can't help but wonder if those who weathered the 2008 financial crisis had it easier than what I'm facing today. The volatility of the stock market, paired with a decrease in income, has raised concerns about whether I’ll have enough funds to secure a comfortable retirement.
This is exactly why I rely on a portfolio coach for my investment strategy. Their expertise-managing both long and short positions, capitalizing on asymmetric risk, and strategically hedging against market downturns-makes it incredibly difficult for them to underperform. Over the past two years, working with a portfolio coach has helped me generate over $800,000 in returns.
How can I find a trusted financial planner like yours?
Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.
She seems highly qualified. I looked her up and found her website-thank you for the recommendation!
A third head? 😂
Yes, 3 bald heads.
@ 😂😂