Do you Really Need $3 Million to Retire? | On The Money
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- เผยแพร่เมื่อ 28 ส.ค. 2024
- A recent Bloomberg article has many in an uproar about not having enough to retire. In this video Ryan talks about retirement planning and how much money you need to to retire comfortably, and that is less than 3 Million Dollars !
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I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@NancyBetty-x That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@Margerat-x My advisor is VICTORIA CARMEN SANTAELLA;
You can look her up online
@@NancyBetty-x The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
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.
Many thanks for watching.
They are. Which is why it can help to have some assistance. Many thanks for watching. @@Mohaimam316
I retired 8 years ago at age 62. I have no idea what problem you are talking about. 8 years in and I am yet to draw dime one from my retirement savings. Care to share the problem you are talking about?
62, don’t live in New York and have 3 million. But not ready to retire yet.
That is a great position to be in. Make sure you take time to enjoy the benefits of being healthy and get all the enjoyment you can out of your golden years.
42 years working, average 50K a year is 2.4 million I made in my lifetime. Retiring at 62 and living another 20 years that's 150K a year without spending Social Security. 3 million at retirement. I would be living the life of Rieley. 🤑🤑🤑🤑
We made the video to prove you could retire with less.
$3 million is $60,000 per year for 50 years - WITHOUT investing it. That’s just spending it. Investing at 4% it’s $120,000/year. $3 million is easily much more than anyone NEEDS to retire.
They also have an annuity and social security covering a lot of the expenses. Many thanks for watching and commenting.
I’d be retiring or working less in 5 years, and considering this financial recession, 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.
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
3M is about half what you need if you want to have any kind of security and life with dignity.
Simple answer is no, you don't need anywhere near that much money. I retired at 62 almost 8 years ago. To date we have not used a dime of our investment money. At this rate, how long will our money last? Keep in mind it's debt, not income that is a retirement killer. Set your goal to be debt free by the time you walk away form work and it's clear sailing from there.
05:30 They can also downsize the house,get something smaller, and use the equity assuming they haven't already done so. Or they can get a reverse mortgage.
Downsizing can help and would fall under the option to spend less which will increase the long-term probability of success. A reverse mortgage is a viable alternative. Especially later in life.
NICE DELIVERY NICE INFO SHOCKED THERE'S NOT MORE SUBSCRIBED
I am planning to retire at age 60 with $3 million. I also have a pension from work. This excludes the home with $1.5 million in equity. I will most likely inherit a couple million but I do not include it in any of my calculations. I live pretty frugally and plan to spend my days at the gym, biking, golfing, playing tennis and gardening. The largest expense could be healthcare or travel. I see so many articles saying that you need more than $3 million to retire. I expect to take social security at age 62 and Medicare at age 65. If need be I can work part time at an easy job just to have benefits for the first few years.
3 million is more than enough to retire. With income from Social Security $$$$ and interest on Savings / A few Bonds ? Or a part time job while your already out of the full time day to day hectic life, can easily lead to $250 weekly and with those other incomes - you'll be fine.
3 Million is more than enough! This article had people in an uproar so we had to put this video out and prove it can be done well with way less.
I’m not sure that being more aggressive with their portfolio would be good advice. We may be headed for a market correction that could devastate their portfolio. Their current 60/40 mix is probably too aggressive unless they plan to continue to work. I’d play it safe and continue working to at least 62. Excellent video. You did a nice job keeping it simple. Well done!
Many thanks for watching!
Thank you for the great video. Please make videos that also take into account single people. Not all of us are lucky enough to have a significant other.
Thanks for the kind words. We have one coming up for those without a significant other.
It all matters how much dept you have. We own 3 cars, 1 motorhome and a beautiful newer home on five acres, and total dept free.
We travil a little but we live where most people want to visit. We waited till full retiment for SSI. Bare bones we only need 30% to survive. Added to that is a small pension.
All extra monthly funds go into a cash fund for "whatever".
Word of advise " stop buying stupid stuff"
Frugality is the key.
We're about a million short, guess we can't retire.
Watch the video. You are doing well.
Watch the video. You will find out you can!
@jdenino6022 dude stop listening to Dave Ramsey 😂
My pension is worth about 2 million from age 60 to 85 (we dont live past 80 usually). My 401k and IRA should be worth 1.6 mil if I can average 7 percent over the next 20 years. Even with 2 properties that should both be paid off by then, I dont feel like it will be enough to retire comfortably and leave some behind for the grand kids. I need to learn amazon selling or something 😂
I really enjoyed your video. I would like to see a workup of when or how it makes sense to wait on SS. This hit home as we have similar income needs however, we do have pension income that will largely offset expenses. This alone makes me wonder if it makes sense to wait on SS longer or take the money and just invest it at 62ish. Thanks for the video.
Thanks for watching. We can have our planning team work up some scenarios specific to your unique circumstances. Feel free to contact us.
In Australia you lose SS once your assets, outside your home, exceed $1m. So $3m here is about right. Achievable on average salaries for a couple and 40 years of going $ for $ on the employers superannuation contributions.
Wow! Thanks for watching and commenting.
I am about 2.95 million short. Im 41, gotta pick it up.
You are in a great spot. You have the time piece in the time value of money calculation on your side. Get started now and let compound interest be your friend.
@@onthemoney1 thank you so much, I only started thinking how life is so finite, when my dad passed in August of 2021. It made me really step on the gas. I wish I would've started way earlier, sadly I was ill advised. I used to be under the impression only professionals had the ability to make money off the stock market. Boy was I wrong.
@@chubbs1942sf Noting like having time and compounding on your side
I’m curious as to why, when the average retirement account in the USA is about 500,000 give or take a few 100,000, the majority of these videos tell us whether we can retire on 1-5 million? How does this help those in the brackets mentioned above? How about do a “ real life” situational video rather than an “exception to the rule” video.
We have done many. Please take a look at the channel and enjoy. If you would like some specific parameters, let us know. We may shoot a video based on those. Thanks for watching and commenting.
What about healthcare? If they retire at 60, does the expenses include health insurance as they don't have access to Medicare for 5 years?
The answer is - No, you don't. Loads of people retire without having 3 million dollars and do just fine. It depends on what retirement looks like to each individual. Not everyone lives 'large'. Some of us live quietly and don't need much to be happy and pay our bills.
You are correct. Which is why we made this video. We prove you can retire on much less.
Surveys are from traders, who are richer than most of other people.
They also live in places with a higher cost of living. Many thanks for watching and commenting.
No probably not...but it'll certainly not hurt.
It can be done well with less and it certainly wont hurt.
I was thinking about 25k actively hussled. 3mil would be easy street. Dividends for 750k, 250k secured low interest, 250k gold, 250k silver physically held, 500k crypto holds, 500k secured separate interest bearing just for irs hassles, 150k for trading for living, 10k for change for coin collecting for living, whatevers left in cash, and see ya, hot springs and camping with the dog. And I guess the OL if she's quite with the complaints, otherwise drop her at the boyfriends and me and the dog going to see the world for the rest of our lifes.
Many thanks for watching and commenting.
You need $5 million. Keep saving. Property taxes in Texas will eat you up. Politics will kill your soul.
Why is this only playing in my left earpiece?
We will check with engineering. Many thanks for watching.
Does their income include taxes?
Taxes are factored in. Many thanks for watching.
I don't know, do you really need a Mercedes-Benz when you retire?
That's a good question. Many thanks for watching and commenting.
Bad advice on the SS, The high earner should delay a bit. Modest portfolios with a 15% failure rate and a 90 year life expectancy is not good advice. All of our parents took early, moms now 86 living on $2000 per month, not pretty.
This couple is not really ready to retire unless they can pare their income needs, and even then one earner should try for a higher survivor benefit. The math on spending the portfolio to do that is not negative, and in fact can be positive. SS is inflation protected and guaranteed. The portfolio is neither. The highest check goes to the last person alive!
Thanks for watching. Your comments are well thought out and appreciated.
A consideration is the amount of drag on the portfolio in the front years. For instance, if they retire at 60 and delay social security to age 67 and 70 the portfolio will have to provide 100% of the income required. If there were a bad sequence of returns or a large amount of market volatility in the front years it could blow up the plan.
Another consideration is the residual value of the portfolio in the future. The timing of social security can strongly effect that value.
We have you thinking!
@@onthemoney1 I don’t disagree with that argument, but the decision to delay, can be changed next month, the decision to take early is cast in stone after 12 months. The split strategy should be a strong consideration for some, especially those with low to modest portfolios. My check at 70 will $4500/mo. We can survive on only that, but obviously will have more. I can still decide to go at 67 or 69 if that starts looking better(I’m 64, wife took at 63)
@@randolphh8005 Exactly!!!
If you have considerable assets it’s better to take it sooner rather than later. You don’t know how long you will be on this earth. break even is 77 years old. that does not include your portfolio increase in value. So the actual break even is much higher.
Ive 690 dollars, any good?
Contact us and let's find out...
You don't need $3MM. More like $5MM
Necro reply but if inflation stays at 7-8-9% it wont matter - no plan works unless you have 10mm
@@agates9383😂😂you people are insane and a joke
With cost of healthcare 3 million might not even be enough 😂
Healthcare cost is certainly something to be aware of. There are ways to mitigate the cost of healthcare and longterm care.
@@onthemoney1 mitigate cost by being rich as hell 😂
@@misterbanshee7992 That will most certainly help.
The answer is no, the only people who keep sowing retirement fear are some FA’s
There are good advisors out there. It is helpful to work with a Fiduciary. Many thanks for watching.
Three million: Ridiculousness.
You can retire comfortably with less.
Exactly. Which is why we made this video proving you can retire with less.
Ru kidding I hope not I have 400k and 61 yrs old I'm done at 65 no matter wgat
Depending on your expenses and social security strategy....
That is going to be tough unless you have a pension to drawn down from.