The Surprisingly Hardest Part of Retirement
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- เผยแพร่เมื่อ 8 มิ.ย. 2024
- What if retirement isn't as liberating as you imagined? In this video we'll talk about the unexpectedly challenging part of retirement that catches most retirees off guard.
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⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mariaguerrero08Mind if I ask you to recommend this particular coach you using their service?
‘Gertrude Margaret Quinto’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
The current market ? who is your advisor please
Sharon Ann Meny is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach to you using their service?
Leticia Zavala Perkins, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Absolutely, building a well-diversified portfolio and leveraging various investment instruments is a thoughtful approach to wealth creation. It's clear that you have made significant strides in your financial journey through strategic investing and the guidance of your advisor, Leticia Zavala Perkins. Diversification across different asset classes, including savings accounts, stocks, bonds, and high yield dividend funds, is a key strategy for long-term financial growth and stability.
My withdrawal rate is governed by my tax rate. I don't want to give too much to the crooks.
Agreed
Same here!
I am currently in my 60s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Should i put it in a HYSA or buy stocks?
Research dividend aristocrats and choose six to ten companies with over 25 years of dividend payments. Consider working with a financial advisor to build a strong portfolio.
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. Faced a similar situation and I sought advice from a fiduciary advisør. We've been able to build a 7 figure portfolio that has averaged an annualized return of 40% in the last 8 years.
Your advisor seems highly competent. How can I reach them? Having recently sold a property and planning to invest in the stock market, I could benefit from some guidance.
She goes by "Melissa Elise Robinson" I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you for sharing, I must say, Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
Reading "Die with Zero" helped me to loosen the purse strings. So has the market performance in the 5 years since I retired. Better to give with a warm hand than a cold one.
I totally understand this. I retired about 6 years ago and can't get out of the mindset of accumulating assets. My portfolio now is worth about 40% more than when I first retired. It didn't increase linearly though, and this didn't help me relax. I am spending money, though, so I'm not so stuck that I can't enjoy myself. But for those of you who haven't yet retired, income taxes, at least for me, are now at least as complicated as they were when I was working. So anyone who hears that taxes will be lower in retirement, don't count on it.
Spot on. We are in tax hell and will be until the end, then my child will have to deal with tax hell for the next 10 years. Good job on increasing your portfolio. Take care.
Thank you for your valuable comments. As Dale Carnegie would say, “You have earned the right” to write what you did. It is hard to switch to a spending mindset (fear of running out of money facilitates that). I appreciate your taxes comment.
Q: Are there things you want to do/own before you die? (Movie The Bucket List is great). Do them. EG: I am renting two motorhomes this summer for a vacation with my son and his family.
@@user-qe6io2mm1l Thanks. I was ranting. The part about being unable to stop “saving” (technically investing, since I no longer have a salary) is my own behavioral economic problem - although I imagine it’s common. I’m finding my total asset value isn’t really affected by the amounts withdrawn, but rather on market performance. It’s similar to how it was when I was putting money in. At a certain point, it didn’t make a real difference. I think the (psychological) problem with this is lack of control and certainty. But I can’t really complain, as many people have more serious retirement issues. I feel I can complain about taxes, though. I remember listening to an HR presentation about 401k accounts near the beginning of my career. She said that in retirement, since you’d no longer have a salary, you’d likely be in a lower tax bracket, etc. But that’s not the case at all. Also, thanks to the SECURE Act 2.0 and how it changed the way retirement accounts are inherited, these accounts are now about the worst ways (IMO) to leave assets to heirs. These changes occurred after I had already spent years accumulating money in a traditional 401k. Now I wish I had done things differently. Have a nice trip this summer with your family!
Give me the money and I'll gladly pay your taxes
I have no millions. But I still retired at 59. Inflation is my big worry. Took me a few years but my take home money is more in retirment than when I worked. Not paying much income tax makes the difference.
Growing up, I spent most of my money on women and wine...the rest I just wasted
Nothing like good clean living. 😉
Tug McGraw fan I see. :)
We solved for this by having adequate guaranteed income. Basically good SS checks, a small deferred annuity, a modest LTC policy, options for a reverse mortgage, and a rental property.
Thus, we are planning to spend down substantially all our portfolio which is well diversified by age 84.
After being retired for 2 years, we realize that we can spend even more than we planned, and we will never run out of money. Our portfolio is modest but more than adequate. We traveled 15 weeks last year, and expect the same this year.
The other keys are no debt, and a good budget that fits the resources available.
Dad was a WW2 Vet. At retirement, he was terrified of running out of money -- he had a paid house and car, but only $25k. His retirement advisor put him in REITs which grew slowly. When mother died at 87 he sold the house and moved into a retirement community. REITs and SS did not keep up with expenses, so he forced his advisor to invest in more risky stocks. He died at 94, still terrified of running out of money and being kicked to the curb -- my brother and I split $420k.
We shouldn't be living in continual fear like your dad was
Money is not our life!
Very well presented. I had a pittance when I retired and have grown it 5x through investing.
Thanks for watching!
Transitioning from a saver to a spender is indeed very difficult. I struggle with it every day. Excellent video. Thanks for posting!
Glad it was helpful!
Something funny, of the options you presented, one is the actual fear of running out of money and the rest are reasons I might run out of money (at least at the margin).
I totally agree. We did our own roadmap a bit ago. It is still difficult to spend. Recognizing the go go years is tough. We still FEEl so young as we approach slow go.
Three phases of retirement: Go-go, Slow-go, and No-go.
I get it! I’m approaching retirement in the next few years and trying to figure out how much I can live on while still having my funds grow! It’s that “rainy day” mentality!
I did the ad Map almost two years ago and retired this past January. The Road Map gave me peace f mind to retire and I'm confident we will be fine. I highly recommend.
Ty
You are correct. Drawing down savings in retirement put the FEAR in me. I'm continuing to work a bit longer to help insure a better future with delayed social security. Not sure how long I'll have a job, but hanging in there.
Five years before I retired, I started working on my own plan. Not being able to predict the future, I set investment rates two percent higher than inflation. I put SSA increases at 75% of my personal inflation. I put the Medicare bracket changes at the same percentage. Finally, I included a decrease in spending as I get older( travel is my most fun). It even calculates my Roth conversions. My solution to the market uncertainty was to plan for a max 5 year downturn to the market before recovery. Every year, I compare current prediction to original and even when things are down. On average, it is meeting the plan.
Of course, unless you are an engineer, it is impossible to read😢
I’m an engineer! I get your plan with accompanying spreadsheets with Monte Carlo simulations. Can’t let other people’s black box calculators drive answers. Need to do it myself!
My retirement spreadsheet is a worst case scenario… market crash the month I retire, low market returns and high inflation the rest of my life, social security COLA only half of actual cost of living increases, social security cut in 10 years, etc etc. if my spreadsheet says I can get by, I know in real life I’ll probably do much better.
I agree with your comments about the complex retirement plan. I also think that the 30 year retirement plan is sort of like weather forecasting. It’s going to be accurate as long as you constantly change it. A retiree might be able to plan well out to 5-6 years before making changes for market returns, inflation, taxes, expenses, life changes, etc.
4 years ago I had no plan and no financial advisor. Today I have an advisor and a plan I think will work. I'll still worry about spending in retirement. I feel sorry for my spouse. But I feel better now than I did 4 years ago.
I used to listen to Bruce Williams, he always said there was worse things than paying taxes. i.e being flat broke.
That first retirement vision is my retirement nightmare.
I'm way ahead of the game by retiring with no money! No debt helps make this happen. Its always funny watching videos where people say something like" I only have two million saved, can I afford to retire?" down size and stay out of debt.
What caught me off guard was how busy I would be in retirement. Most days are full (I call full over 6 hours) and I actually need to schedule activities in many cases. But I love it. 10 years and counting.
I've thought ahead and solved that problem. You fund multiple retirement accounts, each allocation based on when you will need the money. In my case, I'll be drawing on my more conservative 401k first once I retire and stretch it out to age 74. I'll let my agressive 457b grow untouched until RMDs kick in at 75. My rationale is that I won't be bummed about drawing down the 457b, I'll be just thrilled I made it to 75!
From my observation and historical market pattern, there might be a bit of turbulence in the market coming up, but here's the deal: Trying to guess what's going to happen next is less important than spreading your bets when trading and thinking long term. It's not about guessing the market's next move; it's about playing it smart and steady...managed to grow a nest egg of around 100k to a decent 732k in the space of a few months... I'm especially grateful to Patricia Annie Brooks whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
she's mostly on Instagrams, using the user name
fxannie19
My mother lived off of her social security ONLY...never touched retirement money, unless it was necessary (RMDs, for example)....I'm pretty sure I will be the same.
There are lots of folks out there who won't spend it.
WHY?
@@sct4040 If you have it, you can choose to spend it at any time. Once you've spent it, you've lost your freedom of choice.
@@sct4040saving it in case the need for long term care arises
Not to worry! I'm pretty good at spending money. But i can go a long time on very little.
A third of my life in retirement is not likely for me but as long as I can
It's a little surprising to me that people think working for money is "safer" than being retired.
In most places throughout the county, you can be laid off at a whim by any company at any time. In fact, most companies have incorporated continuous layoffs into their business model: you only know you have a job for another year if you make it through the Christmas holidays. They can cut your benefits if they think it makes "business sense" and even deny your unemployment claim. And you could be weeks or even months without an income while you look for work.
In retirement, hopefully you've managed to minimize your monthly expenses (home and cars paid off, for example), while you receive a reliable stream of income. The only cloud on the horizon is the potential of health problems--but that's something that can plague anyone at any time. (It shouldn't be a "new" worry that hits you like a ton of bricks.)
If you're the kind of person who was able to put together a comfortable retirement during your working life, then if something happens during your "golden years," you should feel confident that you'll do what you've always done: figure something out and DEAL WITH IT.
C'mon people: don't worry; be happy!
Die broke. By the time I no longer live I will see all inheritance abolished in this country.
I need nothing, I have everything I need or want at this age. The important things in my life money can not buy - my good health, my family and friends, my freedom.
Debt free is free, freedom from fear is free, choosing to live a healthy lifestyle is free, turning off the noise of things out of your control is freedom.
You came here with nothing, you leave here with nothing, but your soul lives forever. Be a good soul. Be honorable.
Agree, your soul lives forever if you know the one who died for you.
With the recent runup in equities and real estate I am sure many became millionaires on paper assuming there were no handicapped kids (if you had kids) or personal health issues. However, I have seen my fortunes turn up and down dramatically over the years. Currently on a major upswing. My backup plan has always been to own a home outright where I can live off the grid if necessary. I know it's a bit of a survivalist mentality but I think it's more justified than ever.
Any plan is based on examining historical events and projecting their statistical probability into the future. There is no "surety" in any plan, and for those of us that understand the concept of a black swan, confidence is not given by a statistically probable outcome, but is a choice. Confidence is nothing but a hard decision that you are going to roll the dice and hope that black swan won't come your way. By the time you are certain, it's too late because that is the definition of knowing for certain what the future holds - that happens only when there is no more future.
Currently I have a pension that covers much of my needs, I also withdraw money from my IRA. The only limit for those withdrawals is staying under the IRMAA limits. Hard to do when the brackets won't be determined for two years.
IRMAA limits won’t be going down, so as long as this years income is below current IRMAA threshold you are safe 2 years from now.
Long time CFP since 1994. Process for security and peace is to assure your income is bracketed in guaranteed buckets of 5-10 years to fill gap not covered by SS. Other assets left to grow in liquid accounts for “life happens” emergency items or more than expected inflation. This accumulation liquid fund is then tapped once guaranteed bucket is exhausted. Plenty of simple historical data to show how likely this works and can work for most any net worth individual. Key for advisor-keep it simple, stay in touch, and show them year by year the plan is working to alleviate their fears. Once the client gets thru first year or 2, anxiety (if any) drops tremendously
That's an interesting approach and I can see how it would give a measure of peace. From your observation, what weighting would this typically be in cash/fixed?
@@DevinCarroll as in all planning, “it depends”-family life expectancy, legacy goals, and current interest rates. With higher interest rates, you can utilize SPIA’s or Fixed Annuities for the bucket spend down-shift all the bond interest risk to insurance companies. The amount in the end that gets liquidated is between 35-45% with the remaining left to growth over time replacing the majority of spent down assets. Works best if portfolio large enough or income needs modest enough to make first spend down tranche to be 7-10 years which allows for ample time for “grow fund” to replenish what is spent down. Clients love the income certainty and gets their focus off day to day market moves. Analogy I always use “if you are driving from Ohio to Key West and want to know how far it is, you check odometer when you leave and when you arrive to get the total ; you don’t have your spouse hanging out the window counting mile markers on Route 95”. A mix of certain income from SS and annuity that covers income need from start of retirement gives total comfort to let market fluctuations not wreck their dreams. They know between emergency fund and long term growth funds, cash available. I always get a set aside fund as well for home repairs, car, anything they know is coming in first 3 years. Tremendous time spent building the plan finding risk comfort-showing them portfolio starting in 2007 thru 2009;reminding them of risk. If you build good foundation, mixed with my income strategy, clients are pleased and never panic. Proudly say in 2007-9 market crisis, I only had 2 client calls in panic to get out of over 500. Too many advisors make things too complex and clients get antsy when they see losses and can’t make sense of the plan
Glad i don't have such concerns when it comes to 'spending my million(s)'......
If possible,the easiest way to not run out of money in retirement is to only withdraw your RMD amount each year. The tables go out to 120 years. The withdrawal amount is also self regulating. If the market goes up you withdraw more and if it goes down the percentage may increase but you’ll probably withdraw less the following year. Not many of us will outlive the tables.
Unlikely to "run out of money" if only withdrawing/spending dividend and interest income (although it is possible especially if chasing "high dividend" stocks instead of a more diversified mix of assets)
if most money is in "tax bomb" or "traditional" IRAs and 401k type accounts there is the problem of high taxation and forced movement into taxable investments of whatever isn't spent due to required minimum distributions
"chasing 'high dividend' stocks" 👏🏻
Great program Devon now you see why the cap on Social Security needs to be taken off there is so many millionaires out there who are paying very little to nothing into the Social Security system. If they would pay into the system the system would not be in the bad shape. It is now which would guarantee the longevity of the fund where The Social Security trust fund will run out of money it is true everybody does worry about one thing even I do and I’ve got three retirements and I do fairly decent. I’m not a millionaire by any means but even I worry about running out of money because you never know when that next catastrophe is going to come down the road and hit you like a ton of bricks. I like the guy on the beach yesterday I was thinking of going down to the ocean here in New Hampshire sitting in the nice easy chair right on the beach lots of snow, freezing weather high surf’s, drinking pink coladas unfortunately it would, be frozen watching the palm trees sway back-and-forth. Oh I’m sorry we don’t have any palm trees. Well anyway Devon great program as always keep up the good work I look forward to seeing any new programs you have comeing up with Yep we sure have two take that cap Off Social Security as soon as possible so that the millionaires and the top 1% can pay their fair share God bless and protect you and yours long live the republic sorry to make this so long
Douglas: Should those millionaires also get higher benefits based off their higher contributions?
@@howardfriedman7077 I do feel that if you paid into the system, even though you were rich what you paid in is yours, that is yours and you’re entitled to it, I’m not begrudging a millionaire from getting his huge income. What I am saying is everybody must pay their fair share if they do so it might protect Social Security from going belly up down the road and keeping longevity going but yes, Social Security taxes as much as I hate to pay them I’ve got to go up and I’m not gonna cut income tax by any means no am I going to go along with Social Security cuts as far as taxes are concerned, we depend on that system, and then, as long as we pay into the system, then the system, hopefully it will stay solvent, depending on new, social security rules and regulations coming down the road, if anybody decides to get off the damn fat ass and stop passing your Social Security improvement bill but I am also for one person saying look. I think humans live a lot longer now because of all the medicine and everything we have and we’ve got to go further in plain language I am poor no more 62, retirement 62 would be 6770 would be 6775 would be the top FRA like it would’ve been if it was 70. I’m sorry to say this, but it’s true. It is time people keep working as long as they possibly can if they’re healthy and then add to other arrangements for those who cannot continue to work there should be a set up in such a way that if they become disabled, that’s what we have disability insurance for and many of the other things to protect them on Social Security those things will have to come in to play for the people who cannot continue to work cause health has gone down the tubes but those arrangements can be made with new Social Security reform but that’s up to our government. It’s got to get off at the damn backside and get moving on these things but I do believe that if you paid in the system whatever you paid into that system you were entitled to whether you get $7000 a month what do you get $10,000 a month over the years in which you paid into the system, you are entitled to what you put into it, and I won’t go against that whatsoever, have a good day sorry to make this so long please forgive any spelling errors and I didn’t edit it. This God bless and protect you and yours long live the republic.
Ya'll stay tuned for my video about how my wife and I will collect 5.9 million in Social Security benefits. I just don't think there's any way the middle to low income retiree will accept that.
Haven’t you heard of IRMAA? It’s Social Security’s answer to turn us into a socialist society. Punish those who worked hard and experienced success to subsidized the lazy and poorly educated.
@@DevinCarroll
-- "I just don't think there's any way the middle to low income retiree will accept that."
"Accept"..?? In what sense will we have to say 'yes' or 'no' to benefits earned under current rules. .??
The way I understand the current system, the 'rich' pay the FICA tax up to the current maximum income limit. If the limit needs to be higher, that is a 'law' issue. They should receive the SSA benefit they have paid toward and are entitled to. "Fair share' is a brainless, witless bumper sticker and incendiary crowd chant.
I'd retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.>
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/ planner
Put the main point up front
LTC is a real concern to worry about. It can easily wipe out life savings in short order. And there’s nothing you can really do about genetic diseases. It would be helpful cover this issue in more depth. What strategies can one take to cover this huge financial burden.
Retired 48
Made big changes only 4 years prior😫
Greed and fear for a few years. My wife is involved with her church and offered some good advice. No health insurance was one concern
She said “God will catch you” its been 13 years now and doing much better then I expected.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
This is another reason the transition from pensions to 401(K)s was a problem.
Amazing video but I will say retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. This is how it should be and I really want that have that comfortable life . Any advice on what to do ?
I have reached out to another popular financial advisor here on YT in the past but apparently I didn't have the million $$$ in assets to interest him. Do you have a minimum of $$ that you will work with a client for so we don't waste each other's time? Thanks in advance.
Goggle “Nigerian Prince”.
We generally do plans for individuals who have 750K or more in retirement savings.
Is there a financial services company that will off you in the event you run out of money so you will not have to worry about it?
I’m thinking a bottle of good bourbon on the porch will be my plan if the money runs out. No guarantees in life.
Medicare Euthanasia plan by denying care.
...truelol...
That would give new meaning to 'Full Service retirement advice.'
Move to Canada. They have paid suicide assistance up there.
C'mon some good bourbon tastes MUCH better than letting Trudeau's thugs inject me with some crap. Not happening anytime soon, anyway. @@1wheeldrive751
He was using a shell phone on the beach....
Fortunate I live in Oregon a blue state. I’m also fortunate in that our beach house cost us 107,000 in 1993. And our daughter has our first house in San Diego and we have a granny flat. Unfortunate that Oregon OHP is the best healthcare I’ve ever had. And since my benefits are low, I pay nothing for those benefits. No deductibles are co-pay when I go to the doctors. They are so good. I will not risk losing OHP and going back into the workforce as I intended to do originally at 65. Now I will experience retirement bliss. There are 270 inhabited islands amongst the 6000 uninhabited islands in Greece. As long as my health allows six weeks to eight weeks a year between August and September. I will travel those islands and enjoy retirement.
THAT's what you call a _Clickbait Title_
Can you explain? Clickbait is when the title does not relate to the content.
@@DevinCarroll Probably not happy with the sales pitch at the end.
Funny . . .I knew/guessed *exactly* what the video would cover. You need to exercise greater discernment and caution when clicking on links.
Devin's next venture: writing a romance novel. 😏
Haha! I would not have the skill set for the genre.
@@DevinCarroll, I thought you were doing rather well in the beginning of the video there. 😀
I haven't listened yet, but I'm guessing it's spending retirement savings...
That's the one thing.
This blogger has an amazing skill of speaking for a long time and saying nothing, except advertising his business. I listened to the very end patiently, still got zero information
I agree with all of it. Only scratch the blow boat and make it a big Hattteras sport fish with sail flags run up the outriggers.
Haha...that sounds like more fun to me as well!
Devin: what happened to the video of you explaining how you and your wife would collect $5.5 million in SS benefits? I thought you were going to show the math?
Recorded that today! It's going to be a good one. Oh...it's actually just over 5.9 million 🤯
@@DevinCarroll Can't wait!!
I might tackle this projection for myself and partner as well. I hope you look/looked at 'return on investment' as well.
Getting rid of social security for millionaires 😅
Collect SS at 70. Taking a small check is foolish
Same here. My decision to wait is confirmed every month. The higher benefit covers all my essential expenses. My portfolio can now be invested more aggressively because I’m not dependent upon it.
Sadly Devin due to bidenflation, Covid and other economic issues I wasn’t able to get over $80K at 62, so no early retirement for me
Result of the Trump era
Obviously Joe had nothing to do with you not investing or saving over the years. At 62 and only 82k, no one to blame but yourself. I never made over 75k a year and have 450k @63. That includes last 9 years barely working on LTD .
But continue to watch fox and blame others. Chump does it daily, so why shouldn't you as well?
Yea until 2008 comes along and you loose your business your house and get a divorce. Now living in an RV Shit can happen to anyone. So I really dont feel sorry for you.
Running out of mula? Run for the border
No one should spend 1/3 of their life in retirement. That’s a boomer expectation where they created and executed that fantasy. The rest of us might get 1/5. I have watched my parents get 1/3 to 1/2 of their life living off their grandchildren. Pleases make life realistically. 34T debt most of which is entitlements.
The fear creates a voting power to rob younger people of their lives.
Dont spend it. Leave it for the kids to fight over. Money... root of all evil
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?