Drew, when doing the 25X rule, when figuring out your monthly expenses, are you supposed to subtract your expected social security from the monthly expenses amount or is it best to just use the full monthly amount to stay conservative?
Just so we don’t completely abandoned the average earner in the U.S it might be a good idea to mention how Social Security and pensions can be a part of that monthly income requirement …
I just subtract my pension dollars from the amount needed. For example, you need 100k a year, and your pension gives you 50k. Then my portfolio needs to make 50k a year. The pension makes it so my portfolio can be a little more aggressive because of the passive pension income.
Exactly, very surprised at him that he missed that! I am close to 62, with $960,000 in retirement savings, single ZERO debt, with projected monthly expenses needed in retirement right around $3800 a month. This is NOT factoring in SS, which if I delayed 5 years to 67 would produce an additional $2900 a month. I am pretty confident I can retirement comfortably NOW, and not run out of money, particularly since I plan on working part time around 15-18 hours a week the first 5-7 years or so, so I guess you can call it a "soft" retirement!
@@yourfinancialekg the problem is if everyone understood the context the video wouldn't be necessary Not everyone knows what you know and teaching what you know is very complex
This was a quick video about the rules of thumb. I don't think the rules of thumb take social security into account because they are a general guide for people. Social security is there as icing and to help with a deficit but I wouldn't count it in my retirement plan until a few years from retirement.
@@bobknob8440 the rule of thumb is 25x minus other income like Social Security and pensions Yes the rule of thumb considers Social Security. This was a quick video was correct
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Drew, when doing the 25X rule, when figuring out your monthly expenses, are you supposed to subtract your expected social security from the monthly expenses amount or is it best to just use the full monthly amount to stay conservative?
I like the conservative aspect but yes subtracting all guaranteed sources of income is a good practice as well.
Just so we don’t completely abandoned the average earner in the U.S it might be a good idea to mention how Social Security and pensions can be a part of that monthly income requirement …
I just subtract my pension dollars from the amount needed. For example, you need 100k a year, and your pension gives you 50k. Then my portfolio needs to make 50k a year. The pension makes it so my portfolio can be a little more aggressive because of the passive pension income.
Yes, of course!
Please do this analysis and take social security income into account. Thanks!
Yes, please! 🙂
Of course! Keep in mind, this is just a fundamental video.
Your worst video ever! No mention of guaranteed sources of income.
Exactly, very surprised at him that he missed that! I am close to 62, with $960,000 in retirement savings, single ZERO debt, with projected monthly expenses needed in retirement right around $3800 a month. This is NOT factoring in SS, which if I delayed 5 years to 67 would produce an additional $2900 a month. I am pretty confident I can retirement comfortably NOW, and not run out of money, particularly since I plan on working part time around 15-18 hours a week the first 5-7 years or so, so I guess you can call it a "soft" retirement!
Wow y'all. I would maybe take each video in context. Appreciate you watching!
@@yourfinancialekg the problem is if everyone understood the context the video wouldn't be necessary
Not everyone knows what you know and teaching what you know is very complex
This was a quick video about the rules of thumb. I don't think the rules of thumb take social security into account because they are a general guide for people. Social security is there as icing and to help with a deficit but I wouldn't count it in my retirement plan until a few years from retirement.
@@bobknob8440 the rule of thumb is 25x minus other income like Social Security and pensions
Yes the rule of thumb considers Social Security. This was a quick video was correct