Am 58 retiring next year but the thought of retirement gives me weakness. 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.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
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.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. 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?
When people thank me for my military service, I tell them that the Marine Corps thanks me on the first of each month. Post 30 years of service, I taught highschool for 14 years. Pension number 2 but no COLA. Lived below my means then and now. Semper Fidelis
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@imohimoh3441 That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@EleanorMabel VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
50 working days until I retire at age 50 with a .gov pension. 31 years served as a wildland firefighter but only 24.9 count (was a temporary/ski bum for too long 🥴). Very grateful. This job broke me physically. It’s been a great ride but it’s time for me to be done. Can’t wait for the next chapter(s).
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.
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
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.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.
Retired in 2020 at 53 after 30 years in law enforcement. Pension is great. Doubling it up the last 4 years with another FT position as a director of security. Paying off everything and buying my toys now. One more year and I’ll be done!
Why you buying a big house on the later stages on life when its usually just 1 or 2 people living there my wife and I use 4 rooms bedroom bathroom kitchen livingroom
I'm close to clenching a 30 year government pension...I'm grateful for that. The fact that the expected out-of-pocket expenses for a Medicare enrollee from age 65 to death (and excluding long-term assisted living/skilled nursing costs) is $157,000 is a scandal...a scandal that is under the rug and will catch a lot of retirees in a bad way before they pass on.
It is also an expense/risk you have significant control over if you do the hard work of sifting bad health info from good, ditching the standard American diet, and manage weight, fitness and stress. No guarantees, but average doesn't mean inevitable.
That 157k number is very misleading. 75% to 80% of that big number is Medicare part B & part D premiums and the cost of a Medicare supplement plan. These premiums are paid on a monthly basis over a 25 year period.
I recently retired from the retail clerks union after 35 years. I’m receiving a defined pension and supplementing my retirement from my dividends. I have no debt and will be applying for my max SS at 70. I worked hard for my pension and I started investing when I was in my mid 20’s. It took a lot of sacrifices & time but well worth it
@@jeffro221 congratulations. I figured by waiting 4 more years until 70, hopefully the increase of 8% a year would offset any potential cuts in SS in 2033.
@@cashflow68 My thinking as well. Also, a financial planner wrote in an article a long time ago, that instead of paying for long term care insurance, which can have premiums raised with no limit, and can have coverage reduced whenever the company wants to, instead wait for SS to 70 if your health will support it, and let your extra SS effectively be your long term "insurance" for extra money you might need.
I retired at 58 with a CALPERS pension. Will qualify for SS next year 🎉. Both receive COLA increases. A big plus. I’m glad I stuck with my job for as long as I did.
CalPERs here too. Paid into FICA/SS my entire 35 year career. Not wanting to take SS when I turn 62 because we'll pay too much in taxes with no write offs.
Same (Air Force). Had no idea at the time and mentally minimized the importance of the pension, but it’s HUGE. Compared to the alternative of trying to manage a large portfolio, withdrawing just enough but not too much. That would be stressful
Thank you for your service and sacrifice. 4.8 yrs active Seabee’s, 19 yrs active reserves. Life circumstances got me back in service. With a monthly retirement check, I am thankful.
I am blessed to have a military and GS pension, plus SS all get adjusted with COLA. In addition, a 7 figure portfolio. Prioritizing savings, controlled spending and putting the nose to grindstone vice chasing dream jobs has enabled a great retirement.
I have a military pension with full medical for the rest of my life. I'm about to retire from teaching at a college and it will be a large pension. My social security even at 62 will be pretty good.
I worked 2 jobs for over 30 years each simultaneously: jobs that nobody really wanted. It was rough at times, but found out each job came with a pension. So when retirement comes in a few years, i will be fortunate to have 2 pensions, social security and some investments and dividends Thank you God.
Having a Army reserve retirement, along with my government retirement, Social Socurity, and a 100% VA Disability it adds up to pretty good chunck of change for myself.
I was a single high school teacher for 32 years and am set for life. My last salary was over 100k . I worked hard for this. I supplement with my own investments and no debts. Amen 🙏 COLA adjusted.
Great for you! I’m a high school teacher in Illinois and hope to retire with a bit over 31 years in 2028 and 100k base with one time 4.6% increase after 61st birthday. After that, 3% COLA after that. Wife gets 50% of my pension for life.
Teachers. What a racket. Summers off, long break in spring, fall, winter. Finished by 3pm every day. School system is awful. And still “teachers don’t make any money”
1. If you consider using the 4% rule, if your pension gives you 40,000 a year it is like having a million dollars in savings. 2. It is nor considered earned income and will not effect your Social Security payments if you are eligible for it and you take it before full retirement age.
My pension is basically work till 67 to collect without penalty, I said screw that I am trying to retire no later than 60. I will take the penalty and invest on the side and live way below my income until retirement.
I took my private pension as a lump sum and rolled it into my 401k. Then I took that lump sum amount and purchased lifetime annuities from two different insurance companies (to spread the risk). My income would have been larger if I had taken the pension as an annuity from my employer, but I had no faith my employer would remain solvent for long. Yes, it would have been backed by PBGC, but I didn't have much confidence in PBGC either.
6/23/24 = retirement i have been retired since 2012 a teamster retired at 55 yrs old , first home has to be paid for,, all cars and trucks pd for , no credit card bal, , health care will be costly , do home work ,common sense will help u , never used pro for help , just common sense your income will tell u if u can retire = good luck
Thanks for your content. Will be retiring next year with a full paid pension. Employees after 2017 have to put in 4% a check. Backed by County Municipality. Im a Corrections Officer
I worked to full retirement..and have a pension that i also contributed 7% a year After 43 years between Social Security and the pension i will gross $12,000 more than my annual salary prior to retiring. Yes i will pay about the same in Fed. Income Tax, but no State Tax or retirement saving so that is extra 10% a year. Once the mortgage and yes second mortgage was paid off 5 years ago we started making big improvements to the house. remodeled kitchen, new roof, converted to gas new furnace & Air conditioner, and finishing up a remodel to the bathroom. Then I decided to work part time for the rest of this year, and my wife also is working full time. This will cover a Alaskan Cruise and a new car by the end of this year. We'll that is the plan..lol
My pension also exceeds my salary with a margin. Some will say it’s crazy, but if you were happy with your spending during past times - I was - it just feels great. Good luck!
I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, l'd love to know best possible areas and ways to invest amid downtrend, my goal is to retire comfortably at a ballpark of $1.2M
good luck! comfortable retirement all comes down to how you want to live your life, if you pinpoint a particular amount to retire with, then it's only right to plan with a well-qualified advisor
I agree, the role of advisors can only be overlooked, but not denied. I remember few summers back, just after my awful divorce, I was in dire need of investing guidance to keep my head above water and thankfully, I came across someone of grit, helped a lot to grow back my reserve notwithstanding inflation, from $360k to nearly 7figure as of today.
great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time
Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just spoke with a friend yesterday about his upcoming retirement. He said his pension was a fixed amount each month with no Cost of Living Adjustment. I reminded him inflation since 01-31-2021 was up 20.71%. He has other savings/investments to compensate for that.
@@francisoconnor2392 I'm not sure but I don't think he had a lump sum option. A utility worker. His brother told me about a month ago he took a lump sum option from his (different) utility company.
24 Work/ + 21 Vacation/ 64 Calendar Days until my 70% CalPers Pension just after Age 62. CalPers & Social Security are Coordinated. I'll draw down my 403b to put off Social Security until Age 65 & Medicare.
@@edhcb9359 I'm not sure how a lump is taxed or if you can avoid taxes by rolling it over. With a 401k that is pre-tax can be converted to a Roth when your working and taxes are lower rather than higher during retirement. Your taxable income determines how much of SS us taxed. Lower your taxable income lower your taxes. A pension pays out until the end a d is taxed based on what tax bracket you are in. They are not very flexible when trying to lower your taxes.
@@normt430 You would be surprised at what you can do to lower tax burden with pension income. No different than any other income with that exception that many states don’t tax pensions at all.
@@edhcb9359 Depends on the angle one looks at it. I'm happy that mine will cover the mortgage and utilities. The rest of my friends have to continue working till the late 60's. I'm retiring early. FERS isn't weak in my life.
I'm fortunate to have two pensions. This after starting over at 48 (loss of husband etc). In the perfect world to eliminate risk (like what happened to United) I'd like to take a lump sum at retirement, but the monthly I can get from an annuity makes a huge difference for me. With that and social security I can almost live without touching my investments. I need to further research risk of annuities. Unfortunately all my money is in accts where I'll be taxed. I've been using 20% but maybe should go to 25% for taxes, in creating my budget? Many companies who still do provide a pension also have some benefit toward healthcare. My company provides a stipend for non-medicare costs after retirement, when you've worked x 15 years. My employer offers like 15 options in how you can take a pension. Azul would be interesting to hear you talk more on annuities.
Thank you Azul: I wish that you would dedicate a series to the very well to do. Like a very diversified business owner in the top ten to top one percenters, these people can be very productive members of society but not sure about social security or how to find a good financial adviser.
Work for a private (not listed/no stock) company that has both a legacy pension in which I'm vested, a 401k that transitioned to a double match (17%) when the pension was ended. Then in the last few years ended the extra-high match back down to 8% match and implemented a 3% of salary defined contribution pension. With another small pension from a prior employer, I'll net about the average SS check. A lot of moving parts for sure, but all consolidated at one administrator and will be pretty easy to manage.
you work where I work. 401k works a little different than what you stated, but you get the big picture. the biggest factor for me was immediately contributing for the full 401k match in my early-mid 20s and never stopping.
Always appreciate your videos, Azul, especially since they give me a lot of hope! Didn't truly get started saving for retirement until my late 30s but due to a strong, nation-wide union pension, along with us both having 401 accounts (and that's not counting our SS payouts) I've come to believe that we will be in better shape than many Americans. Thanks for the heads-up about the tax burden on higher pension earners, wife's continued payout in the event of my death, and the 'hidden' costs of Medicare (if one wants decent coverage)! I was somewhat aware of these but a deeper look is certainly warranted! Keep up the good work, it's very much appreciated!
I retired at 59 ,and that was 14 years ago, I do get a pension from my state job of 33years and social security, I am blessed, house and car paid off and no credit card debt
Retired at 49, pension 165k a year, 3-5% yearly increase depending on CPI. 6 months into retirement I was bored so I Moved to another state and now have 6 years vested into a 2nd pension but won’t be that much but it’s something. Pay attention to what states tax retirement income and at what rate. A few states don’t tax retirement income, so it helps in the long run.
Azul, One of the largest groups Sir that still have pensions, that I think were omitted, are the LABOR UNIONS. I am 56 yrs old and have 24 years in same Union so can technically retire in one year/at 25 yrs and 55 or older--(although pension is reduced 3% per year I retire before age 62). PBGC insured, and I will select the Spousal survivor at 50% , which reduces my pension by 9% just share more nuances as all pensions are unique. Rich
I have a 401K, I have a pension plan and will soon have medical coverage during my retirement next year. I will have options for my pension that you mentioned in your video. My medical coverage will be from 62 years old to 65 years old. After that I am required to get Medicare and my medical coverage will work with that. The company that I work for no longer offers a pension plan or medical coverage in retirement . I am grandfathered in. The company I work for now offers an enhanced 401K plan for newer employees. I am feeling pretty lucky that I will get this. Thoughts?
I do not have a pension, but my wife does. By the time we retire (in 10-13 years or so, in our 50’s) we are considering taking the lump sum, and selling my business. We will also have our own 401k and IRA’s, so we should be OK. I love the idea of consistent monthly income, but we’d rather have control of that money and be able to pass it down to our kids when we die.
Azul, will you do a video about the windfall prevention act regarding pension and SS ( who, how ) this can affect you. I get conflicting info about how this works mostly about if you did or didn’t pay into SS
From Own experience. I had the minimum 40 credits to receive SS. I would receive $750.00 per month at 62. I took a City Job and retired after 30 yrs. In 2013 at age 58. At 62 I signed up for SS and was surprised I received anything due to WEP. But I received $400.00 a month more than enough to pay for Medicare when I signed up at age 65. My pension was plenty to cover the shortage. My wife who worked for the school district retired with Calpers pension and will receive full SS. No WEP because the district made continuous contributions throughout her career. It can be straight forward to understand. Good luck.
My problem is I married someone who was already retired so I am not entitled to his pension and it is significant. So if I die he is set because I have transferable 401k, BUT his teachers pension does NOT transfer to me so if I outlive him and I am 13 years younger, I get nothing some I loose about 4,500 a month without his pension and SS which is significant. Luckily we have no debt.
I will get hit with the GPO penalty, for me that will mean little to no survivor's benefit if my husband passes before me. Also my pension doesn't adjust for inflation 😢
I do have a state penison for the state of N.Y.and medicare comes from ssi but ny gives it back in my penison as well as health ins which I pay 50.00 monthly because I gave back sick time this all being said it's still hard on the working and seniors in this country to support themselves something must be done country wide..
Amazing video, you work for yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Good day all from Australia. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
And if you worked for the government at some point in your life, and are getting a pension, then there is a formula they use to reduce your Social Security payments, by a certain percentage of the pension.
Best of both worlds when you’ve earned a private pension? When your company sells the pension and all its features to a reputable highly rated insurance company. In effect, converting it to an annuity. You thereby avoid the PBGC risk of your pension getting a severe haircut if your company goes out of business.
Can you do a video on the Fidelity average cost for healthcare outside of Medicare at $150k per year. How does someone plan for that? Even the HSAs rarely, if at all, rise to that level.
I had a small pension from a previous employer, that they turned over to an insurance company so its now a annuity. Should I worry about the insurance company going under and my annuity disappearing, or are those insured in some way like it was as a pension?
Hey Azul, you referenced in the PBGC for insured pensions, but is it correct PBGC is for private pensions only? How are government pensions insured and do u have the same concern with a gov pension going belly up?
Govt pensions are rock solid. Now some tiny lilttle water district somewhere may well not be so solid, but normal govt pensions are very solid. Why? They will just issue pension obligation bonds (borrow money) or raise taxes to pay the pensions.
The fact that there’s no cap is just unethical. There are retired (executive-level) civil employees earning hundreds of thousands of dollars every year. Totally unnecessary.
My guaranteed public pension that I took at 58 pays me $8.5k per month for life. COLA-adjusted and 100% passed to surviving spouse for life. Didn’t contribute a dime to the plan. Add SS at 62, and we are doing well in retirement. Public employee unions are great.
I heard that, too - but believe he misspoke and meant that amount over the average retirement lifetime (per individual) based on information in some of his other videos
Azul. Just watched this video. Great content. I am just curious as you had mention near the end of the video that people will spend over $150,000.00 a year over what Medicare covers. Did I hear you right? Just curious. I am assuming that you mean without a supplement plan? Thanks for all your insight on retirement. A big fan of your Channel.
No, I think that number was in reference to another timeframe - perhaps lifetime. I actually thought fidelity's study indicated to have 300k per person available for medical expenses not covered by medicare. Even if you go with a managed medicare plan (which eliminates much need to get supplemental health plan) there are co=payments for things per month (durable medical equipment should you need coming out of hospital is one example)
@Azul I think you mispoke the annual cost of medical costs outside Medicare (Fidelity study) being $150,000/YEAR. That CANNOT be correct. I believe that's a lifetime amount per person?
Azul I have a pension should I take the lump sum or the monthly annuity?? Its a solid company. Doing the 6% rule I should take the monthly payment, the payout % is 7.4%. Any ideas ??
Yea that would be UNITED AIRLINES… scumbag outfit went bankrupt Dec 2002….. to get out from under pensions, work rules and pay rates…. Took about a 45% paycut, lost a pension to the PBGC and then lost seniority with the merger with that other GD airline named Continental. Gave that company the finger after they then laid me off a year later, never looking back. Continued my flying career in the corporate sector and after 20 years still going strong with nary a threat of job loss. The Armed Forces did me right as well (NAVY) and after 22 years , retired with a pension for life.
You say you lost your United pension to PBGC. What do you mean? The PBGC didn't make your United pension whole? Slashed it? How long were you at United when it happened?
@@jeffro221Airline pilots for the majors got solid gold pensions generally over 100K a year. When several went bankrupt after 9-11, the PBGC took over the pensions. They have a maximum amount they pay, I think it was under 60K. Plus the amount they pay is reduced for every year a pensioner retired before age 65. Airline pilots used to have a mandatory retirement age of 60, now its 65, therefore retired pilots who were getting 6 figure pensions saw them reduced to 25-50K a year or thereabouts after the government agency took over. So you can understand why the pilots were bitter. Of course, most companies have found pensions to be too financially unsustainable to have, so mostly just government agencies have them now where they can borrow or tax to fund.
@@jeffro221 United airlines dumped one of our pension funds to the PBGC. The PBGC pays only a fraction of what was owed to me by that company. Other airlines followed suit and did the same thing to their employees. These CEO’s knew how to use these entities to their advantage.
@@hawkeye681 That sucks. Lots of crooks run lots of companies today, and they always line their own pockets first. I guess it's safe to say that when you fly anywhere today, it's not on United.
US Air did exactly the same thing, we are getting approximately 50 cents on a dollar for our retirement. And yes we took all the pay cuts. People wouldn't believe when we told them what we gave back. The common response was don't you have a union.
Scenario say retirement income needed $100,000 for a couple then each has $150,000 in medical costs per year so annually they need $400,000. On a 5% withdrawal rate they need a portfolio of $8 million dollars If that’s the case in your scenario then almost no one can afford to retire. I plan to retire with no where near that amount of money. Chime in for those sitting on $8 million
I think you misspoke when you made the last point on uncovered healthcare costs. The $150,000 of uncovered healthcare costs is over the course of one’s entire retirement, not per year. You just wanted to see who was listening, right? 😂
Azul…… why are so many of the comments on your channel from scammers? I don’t notice this from other financial retirement information TH-cam channels. I can only conclude that you profit from the people that push these fraudulent scams.
I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
predicting short-term market movements is extremely difficult in reality. It also essentially requires the investor to be right twice: they must perfectly time both their entrance to and exit from the market.
That is exactly the reason I stopped taking advise from TH-camrs; in the long run, I only end up with a jumbled collection of stocks and bonds. Whereas all I needed to earn over $350k in less than two years was guidance from a true market expert.
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. 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?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.
It amazes me that in living memory a military pension used to be a joke. For the vast majority of service members it paid 50% of an already comically tiny paycheck. The only upside is it paid as soon as the service member left. But thanks to public gratitude during GWOT that paycheck went up and so did corresponding pensions. Meanwhile government pensions (generally) became less generous and corporate pensions became nearly extinct. The government is trying to dial military pensions down to near nothing again with an elaborate IRA style substitute. But it’s doing it slowly so it won’t scare people out or bother recruiting.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
The best thing to do for anyone who has a pension is to have additional 457 plans, 401ks, and ROTH IRA. Having more buckets is always the best thing to do.
A pension is very is very important. I have 2 pensions both government. These pensions take the stress out of accumulating hundreds of thousands of money in retirement just to make a go of it in retirement. I also have some savings on the side.
Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....
I rather invest my money on crypto. Bitcoin trading is great unlike the stock market and other financial markets, bitcoin has no centralized location , since it operates 24hrs in different parts of the world...
I will be blessed to get a modest, non-COLA pension (God willing I live that long). My idea is to budget my necessities from investments and SS, and use the pension for travel/fun, knowing I will be less active (and have an inflation reduced pension payment as time goes by).
I thought they recommended 300k.... That it would be wise to put aside at least 300k for long term care expenses not covered by medicare. In my area of N. CA, a board and care home (which unfortunately sometimes, one spouse may have to go to since they cant provide care to other) is between 6-10K per month. If you're in this horrible situation, 300 k will go quite quickly!
It has been interesting watching these videos and comparing them to my situation. As an Aussie, our systems are both similar enough (different terms but basically the same) and different enough to warrant a lengthy explanation. In Australia, the classic defined benefit (db) pension scheme (some multiple of final average salary, years service, and retirement age factor) was basically limited to government, military, or maybe a dozen or so major companies. These schemes closed to new members in the first decade or so of this century. I'm not at retirement age yet (about 15 years to go), but I'm lucky enough to have a military pension and a government service pension when I do retire. One big difference is that unlike Social Security, the general aged pension payment available to Australians aged 67 and older has both an income and an assets test to determine eligibility. Exceed either one, and you can't get the aged pension. If everything goes according to plan, my db pensions will exceed the income limit for the aged pension. The big variable will be what lumps of money I'll be able to accumulate between now and then.
Am 58 retiring next year but the thought of retirement gives me weakness. 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.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
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.
Mind if I ask you to recommend this particular coach you using their service?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. 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?
⚠️* SCAM ALERT *⚠️
Folks read posts like this and don't understand it's a scam.
When people thank me for my military service, I tell them that the Marine Corps thanks me on the first of each month. Post 30 years of service, I taught highschool for 14 years. Pension number 2 but no COLA. Lived below my means then and now. Semper Fidelis
Thanks for your service and enjoy your pension and retirement!
From a Canadian we love ya for your service bro
Thank you for all you’ve done. You are living well!
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
@@imohimoh3441 That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@FernandoBowen-78 How do i reach her.......
@@EleanorMabel VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
* SCAM ALERT *
50 working days until I retire at age 50 with a .gov pension. 31 years served as a wildland firefighter but only 24.9 count (was a temporary/ski bum for too long 🥴). Very grateful. This job broke me physically. It’s been a great ride but it’s time for me to be done. Can’t wait for the next chapter(s).
Thank you for risking your life to save others. Have a wonderful retirement, you more than earned it! :)
Congrats on your well earned retirement and pension. I wish you the best in the next chapter in your life
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.
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
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.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.
Retired in 2020 at 53 after 30 years in law enforcement. Pension is great. Doubling it up the last 4 years with another FT position as a director of security. Paying off everything and buying my toys now. One more year and I’ll be done!
Buy your car, large housing-expense, RV etc BEFORE you retire. Get all of that out of the way 😁
don't buy an RV at all. rent one.
@@jdenino6022true!
100%. No big expenses in retirement.
I did exactly that and love it. I even bought a cheap small boat too.
Why you buying a big house on the later stages on life when its usually just 1 or 2 people living there my wife and I use 4 rooms bedroom bathroom kitchen livingroom
Public safety for 23 years. Been on my pension for 14 years now
I'm close to clenching a 30 year government pension...I'm grateful for that. The fact that the expected out-of-pocket expenses for a Medicare enrollee from age 65 to death (and excluding long-term assisted living/skilled nursing costs) is $157,000 is a scandal...a scandal that is under the rug and will catch a lot of retirees in a bad way before they pass on.
pay off your mortgage before retiring and sell (or consider reverse mortgage) if you end up needing LTC.
It is also an expense/risk you have significant control over if you do the hard work of sifting bad health info from good, ditching the standard American diet, and manage weight, fitness and stress. No guarantees, but average doesn't mean inevitable.
Get a Medicare advantage plan so that at least you’ll know exactly what your costs are.
My mortgage has been payed off for years, so at least I know that that would be an option if push came to shove.
That 157k number is very misleading. 75% to 80% of that big number is
Medicare part B & part D premiums and the cost of a Medicare supplement plan. These premiums are paid on a monthly basis over a 25 year period.
I recently retired from the retail clerks union after 35 years. I’m receiving a defined pension and supplementing my retirement from my dividends. I have no debt and will be applying for my max SS at 70. I worked hard for my pension and I started investing when I was in my mid 20’s. It took a lot of sacrifices & time but well worth it
I have been waiting to start SS also. In August, I'm going to put in the order to start in December, my 70th birthday month.
@@jeffro221 congratulations. I figured by waiting 4 more years until 70, hopefully the increase of 8% a year would offset any potential cuts in SS in 2033.
@@cashflow68 My thinking as well. Also, a financial planner wrote in an article a long time ago, that instead of paying for long term care insurance, which can have premiums raised with no limit, and can have coverage reduced whenever the company wants to, instead wait for SS to 70 if your health will support it, and let your extra SS effectively be your long term "insurance" for extra money you might need.
I retired at 58 with a CALPERS pension. Will qualify for SS next year 🎉. Both receive COLA increases. A big plus. I’m glad I stuck with my job for as long as I did.
And healthcare! I have Calpers too
Windfall?
WEP & GPO don’t apply to me
CalPERs here too. Paid into FICA/SS my entire 35 year career. Not wanting to take SS when I turn 62 because we'll pay too much in taxes with no write offs.
My husband and I are in the CalPERS club too, we are so grateful for our pensions.
25.5 yrs in the Army. The best decision I ever made Retired fulling at 51.
Same (Air Force). Had no idea at the time and mentally minimized the importance of the pension, but it’s HUGE. Compared to the alternative of trying to manage a large portfolio, withdrawing just enough but not too much. That would be stressful
Thank you for your service and sacrifice. 4.8 yrs active Seabee’s, 19 yrs active reserves. Life circumstances got me back in service. With a monthly retirement check, I am thankful.
I am blessed to have a military and GS pension, plus SS all get adjusted with COLA. In addition, a 7 figure portfolio. Prioritizing savings, controlled spending and putting the nose to grindstone vice chasing dream jobs has enabled a great retirement.
I have a military pension with full medical for the rest of my life. I'm about to retire from teaching at a college and it will be a large pension. My social security even at 62 will be pretty good.
I am lucky to have both Social Security and a 1/2 pension from my deceased spouse.
My retirement is golden.
The only thing you don't have is.......me!
My teaching pension in Ohio is a life saver.
I worked 2 jobs for over 30 years each simultaneously: jobs that nobody really wanted. It was rough at times, but found out each job came with a pension. So when retirement comes in a few years, i will be fortunate to have 2 pensions, social security and some investments and dividends
Thank you God.
@@davidgress6535 You worked 60 years?
Having a Army reserve retirement, along with my government retirement, Social Socurity, and a 100% VA Disability it adds up to pretty good chunck of change for myself.
Nice
I was a single high school teacher for 32 years and am set for life. My last salary was over 100k . I worked hard for this. I supplement with my own investments and no debts. Amen 🙏 COLA adjusted.
Great for you! I’m a high school teacher in Illinois and hope to retire with a bit over 31 years in 2028 and 100k base with one time 4.6% increase after 61st birthday. After that, 3% COLA after that. Wife gets 50% of my pension for life.
Teachers don't get paid very well! Ask one!
If they’re CALSTRS they do. Most are paid very well. The only bad thing is no social security.
Most teachers here in California end up with a pension about 65-70 percent of their highest annual salary.
Teachers. What a racket. Summers off, long break in spring, fall, winter. Finished by 3pm every day. School system is awful. And still “teachers don’t make any money”
1. If you consider using the 4% rule, if your pension gives you 40,000 a year it is like having a million dollars in savings. 2. It is nor considered earned income and will not effect your Social Security payments if you are eligible for it and you take it before full retirement age.
I didn't know that thanks
Exactly, pensions are great
My pension is basically work till 67 to collect without penalty, I said screw that I am trying to retire no later than 60. I will take the penalty and invest on the side and live way below my income until retirement.
RIGHT ON…..AZUL….. I’m a pension guy … looking to retire first of the year …. Great to hear other ways of retirement….. EXCELLENT 🍺🍺
I think you mean $150K in medical expenses for the rest of their life, not per year. Who could afford $150K per year of medical expenses?
Most trade unions still offer pensions.
I took my private pension as a lump sum and rolled it into my 401k. Then I took that lump sum amount and purchased lifetime annuities from two different insurance companies (to spread the risk). My income would have been larger if I had taken the pension as an annuity from my employer, but I had no faith my employer would remain solvent for long. Yes, it would have been backed by PBGC, but I didn't have much confidence in PBGC either.
6/23/24 = retirement i have been retired since 2012 a teamster retired at 55 yrs old , first home has to be paid for,, all cars and trucks pd for , no credit card bal, , health care will be costly , do home work ,common sense will help u , never used pro for help , just common sense your income will tell u if u can retire = good luck
Thank goodness I have a pension and I'll have my BCBS health insurance to go with Medicare part A & B.
Thanks for your content. Will be retiring next year with a full paid pension. Employees after 2017 have to put in 4% a check. Backed by County Municipality. Im a Corrections Officer
Congrats.
I worked to full retirement..and have a pension that i also contributed 7% a year After 43 years between Social Security and the pension i will gross $12,000 more than my annual salary prior to retiring. Yes i will pay about the same in Fed. Income Tax, but no State Tax or retirement saving so that is extra 10% a year. Once the mortgage and yes second mortgage was paid off 5 years ago we started making big improvements to the house. remodeled kitchen, new roof, converted to gas new furnace & Air conditioner, and finishing up a remodel to the bathroom. Then I decided to work part time for the rest of this year, and my wife also is working full time. This will cover a Alaskan Cruise and a new car by the end of this year. We'll that is the plan..lol
My pension also exceeds my salary with a margin. Some will say it’s crazy, but if you were happy with your spending during past times - I was - it just feels great. Good luck!
I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, l'd love to know best possible areas and ways to invest amid downtrend, my goal is to retire comfortably at a ballpark of $1.2M
good luck! comfortable retirement all comes down to how you want to live your life, if you pinpoint a particular amount to retire with, then it's only right to plan with a well-qualified advisor
I agree, the role of advisors can only be overlooked, but not denied. I remember few summers back, just after my awful divorce, I was in dire need of investing guidance to keep my head above water and thankfully, I came across someone of grit, helped a lot to grow back my reserve notwithstanding inflation, from $360k to nearly 7figure as of today.
great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time
Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Wow, I just typed her full name and came across her platform on the net, Truly thanks for bringing this to light will definitely reach out to her.
I just spoke with a friend yesterday about his upcoming retirement. He said his pension was a fixed amount each month with no Cost of Living Adjustment. I reminded him inflation since 01-31-2021 was up 20.71%. He has other savings/investments to compensate for that.
Be sure to vote for Joe Biden again to get even more inflation.
I’m assuming no lump sum option
@@francisoconnor2392 I'm not sure but I don't think he had a lump sum option. A utility worker. His brother told me about a month ago he took a lump sum option from his (different) utility company.
If you have Medicare you should have a supplement. It can take the stress out of life if you have one.
So true!!
Most Military, Federal, State, County, City jobs ALL have pensions. I would say 2/3rds of them have it.
Im a Teamster with a pension. Thank you James Riddle Hoffa SR.
24 Work/ + 21 Vacation/ 64 Calendar Days until my 70% CalPers Pension just after Age 62. CalPers & Social Security are Coordinated. I'll draw down my 403b to put off Social Security until Age 65 & Medicare.
Financial advisors hate pensions. It’s money that they can’t steal from you.
Unless they can talk you into taking a lump sum. And if it’s an option, they ALWAYS try. 😂
It is the tax planning flexibility with pension and SS that can create a tax nightmare down the road.
@@normt430 A lump sum payout is taxed automatically as capital gains. Is that flexible?
@@edhcb9359 I'm not sure how a lump is taxed or if you can avoid taxes by rolling it over.
With a 401k that is pre-tax can be converted to a Roth when your working and taxes are lower rather than higher during retirement. Your taxable income determines how much of SS us taxed. Lower your taxable income lower your taxes.
A pension pays out until the end a d is taxed based on what tax bracket you are in. They are not very flexible when trying to lower your taxes.
@@normt430 You would be surprised at what you can do to lower tax burden with pension income. No different than any other income with that exception that many states don’t tax pensions at all.
Thanks, Azul. I'm headed toward retirement with a Federal pension. Thankful for the cost of living raises with my pension.
FERS is pretty weak as far as govt pensions go.
@@edhcb9359 Depends on the angle one looks at it. I'm happy that mine will cover the mortgage and utilities. The rest of my friends have to continue working till the late 60's. I'm retiring early. FERS isn't weak in my life.
I'm fortunate to have two pensions. This after starting over at 48 (loss of husband etc). In the perfect world to eliminate risk (like what happened to United) I'd like to take a lump sum at retirement, but the monthly I can get from an annuity makes a huge difference for me. With that and social security I can almost live without touching my investments. I need to further research risk of annuities. Unfortunately all my money is in accts where I'll be taxed. I've been using 20% but maybe should go to 25% for taxes, in creating my budget? Many companies who still do provide a pension also have some benefit toward healthcare. My company provides a stipend for non-medicare costs after retirement, when you've worked x 15 years. My employer offers like 15 options in how you can take a pension. Azul would be interesting to hear you talk more on annuities.
Thank you Azul: I wish that you would dedicate a series to the very well to do. Like a very diversified business owner in the top ten to top one percenters, these people can be very productive members of society but not sure about social security or how to find a good financial adviser.
Work for a private (not listed/no stock) company that has both a legacy pension in which I'm vested, a 401k that transitioned to a double match (17%) when the pension was ended. Then in the last few years ended the extra-high match back down to 8% match and implemented a 3% of salary defined contribution pension. With another small pension from a prior employer, I'll net about the average SS check. A lot of moving parts for sure, but all consolidated at one administrator and will be pretty easy to manage.
you work where I work. 401k works a little different than what you stated, but you get the big picture. the biggest factor for me was immediately contributing for the full 401k match in my early-mid 20s and never stopping.
Will you get SS pension also?
Always appreciate your videos, Azul, especially since they give me a lot of hope! Didn't truly get started saving for retirement until my late 30s but due to a strong, nation-wide union pension, along with us both having 401 accounts (and that's not counting our SS payouts) I've come to believe that we will be in better shape than many Americans. Thanks for the heads-up about the tax burden on higher pension earners, wife's continued payout in the event of my death, and the 'hidden' costs of Medicare (if one wants decent coverage)! I was somewhat aware of these but a deeper look is certainly warranted! Keep up the good work, it's very much appreciated!
Let’s go for a walk!
I retired at 59 ,and that was 14 years ago, I do get a pension from my state job of 33years and social security, I am blessed, house and car paid off and no credit card debt
In Illinois we have the TRIP healthcare plan up to age 64. I intend to get the Open Access Plan for a very reasonable monthly rate.
I'll have a Federal pension when I retire. I can be relatively assured that the Federal government will be around longer than me.
Retired at 49, pension 165k a year, 3-5% yearly increase depending on CPI. 6 months into retirement I was bored so I Moved to another state and now have 6 years vested into a 2nd pension but won’t be that much but it’s something. Pay attention to what states tax retirement income and at what rate. A few states don’t tax retirement income, so it helps in the long run.
May I ask…what kind of job nets you a $165k pension per year??
Azul, One of the largest groups Sir that still have pensions, that I think were omitted, are the LABOR UNIONS. I am 56 yrs old and have 24 years in same Union so can technically retire in one year/at 25 yrs and 55 or older--(although pension is reduced 3% per year I retire before age 62). PBGC insured, and I will select the Spousal survivor at 50% , which reduces my pension by 9% just share more nuances as all pensions are unique. Rich
That sounds like my pension. Are they offering you a lump sum ? Was there a 100% survivor benefit for your spouse? Sorry just curious
I have a 401K, I have a pension plan and will soon have medical coverage during my retirement next year. I will have options for my pension that you mentioned in your video. My medical coverage will be from 62 years old to 65 years old. After that I am required to get Medicare and my medical coverage will work with that. The company that I work for no longer offers a pension plan or medical coverage in retirement . I am grandfathered in. The company I work for now offers an enhanced 401K plan for newer employees. I am feeling pretty lucky that I will get this. Thoughts?
I do not have a pension, but my wife does. By the time we retire (in 10-13 years or so, in our 50’s) we are considering taking the lump sum, and selling my business. We will also have our own 401k and IRA’s, so we should be OK. I love the idea of consistent monthly income, but we’d rather have control of that money and be able to pass it down to our kids when we die.
Azul, will you do a video about the windfall prevention act regarding pension and SS ( who, how ) this can affect you. I get conflicting info about how this works mostly about if you did or didn’t pay into SS
From Own experience. I had the minimum 40 credits to receive SS. I would receive $750.00 per month at 62. I took a City Job and retired after 30 yrs. In 2013 at age 58. At 62 I signed up for SS and was surprised I received anything due to WEP. But I received $400.00 a month more than enough to pay for Medicare when I signed up at age 65. My pension was plenty to cover the shortage. My wife who worked for the school district retired with Calpers pension and will receive full SS. No WEP because the district made continuous contributions throughout her career. It can be straight forward to understand. Good luck.
@@stevelopez372 Appreciate the info
My problem is I married someone who was already retired so I am not entitled to his pension and it is significant. So if I die he is set because I have transferable 401k, BUT his teachers pension does NOT transfer to me so if I outlive him and I am 13 years younger, I get nothing some I loose about 4,500 a month without his pension and SS which is significant. Luckily we have no debt.
Tell yours kids to get a state or city pension!
At 65 Fidelity says 150k in medical costs not covered by Medicare? I do not think so.
It's not just nice that we have medicare. For most Americans, it is the difference between a shorter, sicker life and living healthy into older age.
Retiring this year from the city after 5 years of service. The small pension will be reducing My SS benefits. The impact is called windfall effect
Yep. Mine too. I’m guessing a ton of people have no idea that may have contributed a lot and won’t get anything.
I will get hit with the GPO penalty, for me that will mean little to no survivor's benefit if my husband passes before me. Also my pension doesn't adjust for inflation 😢
I do not understand this. My research says that pension income is not counted against your social security.. Please explain this.
@@alonpalmer Do a search on “Windfall Pension”
@@alonpalmer if their SS is being offset by pension it means they didn’t pay into SS while they worked at the job providing the pension.
I do have a state penison for the state of N.Y.and medicare comes from ssi but ny gives it back in my penison as well as health ins which I pay 50.00 monthly because I gave back sick time this all being said it's still hard on the working and seniors in this country to support themselves something must be done country wide..
Amazing video, you work for yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
loretta logan expertise is truly commendable.
She has this skill of making complex trading concepts easy to understand.
Good day all from Australia. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
Such information we dont get from must TH-camrs, how can I get to her. ?
And if you worked for the government at some point in your life, and are getting a pension, then there is a formula they use to reduce your Social Security payments, by a certain percentage of the pension.
165K a year!? Absolutely, fantastic…well done!!!
Best of both worlds when you’ve earned a private pension? When your company sells the pension and all its features to a reputable highly rated insurance company. In effect, converting it to an annuity.
You thereby avoid the PBGC risk of your pension getting a severe haircut if your company goes out of business.
Can you do a video on the Fidelity average cost for healthcare outside of Medicare at $150k per year. How does someone plan for that? Even the HSAs rarely, if at all, rise to that level.
I think that was an unfounded statement.
I had a small pension from a previous employer, that they turned over to an insurance company so its now a annuity. Should I worry about the insurance company going under and my annuity disappearing, or are those insured in some way like it was as a pension?
i have a great federal pension
How much do you get a month from it? Do you also get social security pension.? Just answer, nobody here know you or me.
Hey Azul, you referenced in the PBGC for insured pensions, but is it correct PBGC is for private pensions only? How are government pensions insured and do u have the same concern with a gov pension going belly up?
Govt pensions are rock solid. Now some tiny lilttle water district somewhere may well not be so solid, but normal govt pensions are very solid. Why? They will just issue pension obligation bonds (borrow money) or raise taxes to pay the pensions.
What is crazy is hearing folks call in for advice and have pensions generating $10,000 a month! No wonder they went away!!
Not really common, but not unheard of in California or New York.
The fact that there’s no cap is just unethical. There are retired (executive-level) civil employees earning hundreds of thousands of dollars every year. Totally unnecessary.
My guaranteed public pension that I took at 58 pays me $8.5k per month for life. COLA-adjusted and 100% passed to surviving spouse for life. Didn’t contribute a dime to the plan. Add SS at 62, and we are doing well in retirement. Public employee unions are great.
@Fell214 except for taxpayers.
@@captainkrunch6372 My 30 years of service were great for taxpayers.
I’m going to create my own “pension” by means of an immediate annuity.
Azul I am 65, working and retired military and interested in discussing further with you. How do we connect?
@Azul, what are your thoughts on inflation eating up your pension payments over time.
Great advice!!
$150,000 per year for medical expenses not covered by Medicare???? WHAT???
I heard that, too - but believe he misspoke and meant that amount over the average retirement lifetime (per individual) based on information in some of his other videos
If you have to pay 2x or 3x for Medicare it’s a good problem. It means you’ve got $
Azul. Just watched this video. Great content. I am just curious as you had mention near the end of the video that people will spend over $150,000.00 a year over what Medicare covers. Did I hear you right? Just curious. I am assuming that you mean without a supplement plan? Thanks for all your insight on retirement. A big fan of your Channel.
Thought I heard him say 150/yr too ... really meant during the whole period?
@@geraldk1445 Thanks for commenting. Thought i was going nuts here
150k outside of medicare during their entire retirement might make sense
No, I think that number was in reference to another timeframe - perhaps lifetime. I actually thought fidelity's study indicated to have 300k per person available for medical expenses not covered by medicare. Even if you go with a managed medicare plan (which eliminates much need to get supplemental health plan) there are co=payments for things per month (durable medical equipment should you need coming out of hospital is one example)
@@Lealelan I thought I remembered 300k also.
@Azul
I think you mispoke the annual cost of medical costs outside Medicare (Fidelity study) being $150,000/YEAR. That CANNOT be correct. I believe that's a lifetime amount per person?
Yes, you are correct. That is out of pocket costs from 65 on … thank you for pointing this out. 🙏Azul
Azul I have a pension should I take the lump sum or the monthly annuity?? Its a solid company. Doing the 6% rule I should take the monthly payment, the payout % is 7.4%. Any ideas ??
Bankruptcy is just a simple way for companies to Union bust.
What’s a pension?
Great info! Thnx!
Yea that would be UNITED AIRLINES… scumbag outfit went bankrupt Dec 2002….. to get out from under pensions, work rules and pay rates….
Took about a 45% paycut, lost a pension to the PBGC and then lost seniority with the merger with that other GD airline named Continental.
Gave that company the finger after they then laid me off a year later, never looking back.
Continued my flying career in the corporate sector and after 20 years still going strong with nary a threat of job loss.
The Armed Forces did me right as well (NAVY) and after 22 years , retired with a pension for life.
You say you lost your United pension to PBGC. What do you mean? The PBGC didn't make your United pension whole? Slashed it? How long were you at United when it happened?
@@jeffro221Airline pilots for the majors got solid gold pensions generally over 100K a year. When several went bankrupt after 9-11, the PBGC took over the pensions. They have a maximum amount they pay, I think it was under 60K. Plus the amount they pay is reduced for every year a pensioner retired before age 65. Airline pilots used to have a mandatory retirement age of 60, now its 65, therefore retired pilots who were getting 6 figure pensions saw them reduced to 25-50K a year or thereabouts after the government agency took over.
So you can understand why the pilots were bitter.
Of course, most companies have found pensions to be too financially unsustainable to have, so mostly just government agencies have them now where they can borrow or tax to fund.
@@jeffro221
United airlines dumped one of our pension funds to the PBGC. The PBGC pays only a fraction of what was owed to me by that company.
Other airlines followed suit and did the same thing to their employees. These CEO’s knew how to use these entities to their advantage.
@@hawkeye681 That sucks. Lots of crooks run lots of companies today, and they always line their own pockets first. I guess it's safe to say that when you fly anywhere today, it's not on United.
US Air did exactly the same thing, we are getting approximately 50 cents on a dollar for our retirement. And yes we took all the pay cuts. People wouldn't believe when we told them what we gave back. The common response was don't you have a union.
$150,000 per year for health care costs not covered by Medicare? I assume you misspoke and you meant over all of their retirement years.
You just depressed the hell out of me. I have a pension coming.. but Medicare will wipe is out.
Scenario say retirement income needed $100,000 for a couple then each has $150,000 in medical costs per year so annually they need $400,000. On a 5% withdrawal rate they need a portfolio of $8 million dollars
If that’s the case in your scenario then almost no one can afford to retire.
I plan to retire with no where near that amount of money.
Chime in for those sitting on $8 million
I think you misspoke when you made the last point on uncovered healthcare costs. The $150,000 of uncovered healthcare costs is over the course of one’s entire retirement, not per year. You just wanted to see who was listening, right? 😂
Pensions are few and far between these days.
Not if you work in a trade.
Azul…… why are so many of the comments on your channel from scammers? I don’t notice this from other financial retirement information TH-cam channels. I can only conclude that you profit from the people that push these fraudulent scams.
😅❤We both have pensions, not much, but every pennies help❤❤❤❤❤😂😂😂😂😂❤❤❤
My friend's mom worked for Sears her entire life. She was single, then Sears went bankrupt, she lost her ENTIRE PENSION!
That’s awful!
Shameful…that’s the worst.
Those Sears/Kmart pensions were turned over to the PBGC. If she was vested, she should have gotten her pension.
@@thomasbruner854 or at least a good percentage of it
What year did she retire? Are you sure the Pension Benefit Guaranty Corp did not pay her pension benefit that Sears walked away from?
I would be retiring or working less in 5 years, and I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
predicting short-term market movements is extremely difficult in reality. It also essentially requires the investor to be right twice: they must perfectly time both their entrance to and exit from the market.
That is exactly the reason I stopped taking advise from TH-camrs; in the long run, I only end up with a jumbled collection of stocks and bonds. Whereas all I needed to earn over $350k in less than two years was guidance from a true market expert.
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
"Nicole Anastasia Plumlee" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. 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?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
Help is something I will be happy to have and glad to have, but how can one tell which one is reliable?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
How and where can i reach her, if you don't mind me asking?
Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.
Stay at home mom until 53?? WHAT? Ya right. Y'all this is a salesman. Beware.
scammer
It amazes me that in living memory a military pension used to be a joke. For the vast majority of service members it paid 50% of an already comically tiny paycheck. The only upside is it paid as soon as the service member left. But thanks to public gratitude during GWOT that paycheck went up and so did corresponding pensions. Meanwhile government pensions (generally) became less generous and corporate pensions became nearly extinct. The government is trying to dial military pensions down to near nothing again with an elaborate IRA style substitute. But it’s doing it slowly so it won’t scare people out or bother recruiting.
And yet recruiting is in the dumps.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
That's an intriguing outcome. How can I contact your Asset manager?
I work with Jessica Lee Horst as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
The best thing to do for anyone who has a pension is to have additional 457 plans, 401ks, and ROTH IRA. Having more buckets is always the best thing to do.
A pension is very is very important. I have 2 pensions both government. These pensions take the stress out of accumulating hundreds of thousands of money in retirement just to make a go of it in retirement. I also have some savings on the side.
Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....
I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...
I rather invest my money on crypto. Bitcoin trading is great unlike the stock market and other financial markets, bitcoin has no centralized location , since it operates 24hrs in different parts of the world...
The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways...
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this...
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing...
federal employees, many state employees, teachers, police, firefighters, union jobs all usually have pensions.
I will be blessed to get a modest, non-COLA pension (God willing I live that long). My idea is to budget my necessities from investments and SS, and use the pension for travel/fun, knowing I will be less active (and have an inflation reduced pension payment as time goes by).
Sorry but the fidelity study has been incorrectly quoted … it is NOT over 150k per year in medical expenses … go back to the study
I thought they recommended 300k.... That it would be wise to put aside at least 300k for long term care expenses not covered by medicare. In my area of N. CA, a board and care home (which unfortunately sometimes, one spouse may have to go to since they cant provide care to other) is between 6-10K per month. If you're in this horrible situation, 300 k will go quite quickly!
He meant 150 k total over remaining life span.
Thank you Azul. I retire as a 30 year arts educator in 2025.
It has been interesting watching these videos and comparing them to my situation.
As an Aussie, our systems are both similar enough (different terms but basically the same) and different enough to warrant a lengthy explanation.
In Australia, the classic defined benefit (db) pension scheme (some multiple of final average salary, years service, and retirement age factor) was basically limited to government, military, or maybe a dozen or so major companies. These schemes closed to new members in the first decade or so of this century.
I'm not at retirement age yet (about 15 years to go), but I'm lucky enough to have a military pension and a government service pension when I do retire.
One big difference is that unlike Social Security, the general aged pension payment available to Australians aged 67 and older has both an income and an assets test to determine eligibility. Exceed either one, and you can't get the aged pension.
If everything goes according to plan, my db pensions will exceed the income limit for the aged pension. The big variable will be what lumps of money I'll be able to accumulate between now and then.