There are those of us that know we will never run out of money. We are still working at jobs we love, not collecting anything yet, just letting the money grow. Maybe we fear the thought of the money not growing anymore. Maybe we want to leave it to our children. Maybe it's a combination. I am not really sure. If I retire I won't be getting on You Tube and watching these videos. I get to do it as much as I want and comment while at work. It's a win win for me and the channel.
Fear sells ads. Fear makes you keep working and paying taxes to fund WAR! Fear makes you keep putting money into investments, and the more money invested the more fees the investment companies make. Everyone profits from your fear but you. Go look up that fear mantra from Dune. Recite it every time Suze Orman or some other doom-monger starts talking. (I'd say go get a beer instead but that much drinking isn't good for you.)😉
2 retired Colonels, no debt, 57 years old. Thinking of draining investments from 59.5 until 65 and then start taking SS at 65 to level off tax payments. Your thoughts?
Also you can down size your house. My biggest risk in my plan (based on right capital) is at 79. But at that point i have my full house value (in the plan i havent downsized yet). So plan is to Sell house and down-size. Planning on downsizing anyway to go into a Senior living housing that will essentially be my long term care plan as well (as they guarantee from independent living to long term care).
While I could see that this would be downsizing physically...it's hard to understand how it would be downsizing financially. Those places are usually pretty expensive. I went to a presentation about one of them where they wanted a $500,000 buy-in & then I think the unit was about $5,000 a mo.
@@penelope5500 thx penelope, i had a question i wanted to ask them but just saw fine print for spouse its an extra 1387 per month.... Which doesnt break me at that point because i am planning on going in at 79 - 80. Thx to you i dug a little deeper... So your 5k is on the money for a couple. Updating Right Capital now :). PS when you go into additional care the extra costs comes out of your deposit (as per my dads experience) and when that is gone they guarantee staying there)
I "plan" on saving half my income from 65 - 85, my boys can have it. I'm 55 and everything is already paid off. I don't need much to be happy anyway, already am happy, I just want the time. Hopefully I can create a perpetual money machine for them and they can inherit everything via a trust.
I think the odds are even better than this because the 20% doesn’t include the effects of the retirement spending smile. No one actually spends more money every subsequent year of retirement on a straight line up with the rate of inflation. When the Monte Carlo inputs are bunk, so are the results…
You ever hear the Devil went down to Georgia? You ain’t catching this Michigan boy running around down there. I spent 7 or 8 long weekends down there for my son’s baseball. 😅Good Bbq though.😊
What’s the probability of a Venezuelan or Argentinian failure of the economy? We didn’t have that before but it’s looking increasingly likely. Should you factor that in on top of your monecarlo or is that already factored in?
Josh, I think you're double counting the probability of death. Doesn't the monte carlo simulation already consider the age of death and randomly change that variable in each trial?
Josh, what are you doing wasting your time on a treadmill? Don’t you know you’re gonna die early! If it’s a 25% chance for you to make it to 90. It’s another 25% chance your spouse does as well. Thereby doubling your odds and prudent to plan until 90. But of course you’re right. No one ever runs out of money…..
@@HeritageWealthPlanning you’re a good man Josh! You figured it out. Sharlott is more important than Guinness and Newport’s! I’d plan for a long and happy life.
Interesting content just like much of it that you deliver. But if I could suggest I'm not tuning in for your political views so please just stick to the financials
No PVC pipe of knowledge???
How can I trust what you peddle here?
😂
I only trust the unfinished walls in the basement videos
Great video, Josh. Chances are far greater you’ll run out of life before you run out of investments!!!😊
Agreed!!
Great take, Josh. Why am I still working at 62? 5% chance of running out of investments. Hmmmm
There are those of us that know we will never run out of money. We are still working at jobs we love, not collecting anything yet, just letting the money grow. Maybe we fear the thought of the money not growing anymore. Maybe we want to leave it to our children. Maybe it's a combination. I am not really sure. If I retire I won't be getting on You Tube and watching these videos. I get to do it as much as I want and comment while at work. It's a win win for me and the channel.
This is a great addition to the knowledgebase of retirement planning. Thanks for taking the time out of your workout to record this one.
You got iy
Too many people preach fear.
Fear sells ads.
Fear makes you keep working and paying taxes to fund WAR!
Fear makes you keep putting money into investments, and the more money invested the more fees the investment companies make.
Everyone profits from your fear but you.
Go look up that fear mantra from Dune. Recite it every time Suze Orman or some other doom-monger starts talking. (I'd say go get a beer instead but that much drinking isn't good for you.)😉
Not ol'Josh
Go for intense intervals within aging limits. It's a good point, though.
2 retired Colonels, no debt, 57 years old. Thinking of draining investments from 59.5 until 65 and then start taking SS at 65 to level off tax payments. Your thoughts?
Self-Directed IRA's are also an investing option worth considering! You're in charge of your own destiny...
Also you can down size your house. My biggest risk in my plan (based on right capital) is at 79. But at that point i have my full house value (in the plan i havent downsized yet). So plan is to Sell house and down-size.
Planning on downsizing anyway to go into a Senior living housing that will essentially be my long term care plan as well (as they guarantee from independent living to long term care).
While I could see that this would be downsizing physically...it's hard to understand how it would be downsizing financially. Those places are usually pretty expensive. I went to a presentation about one of them where they wanted a $500,000 buy-in & then I think the unit was about $5,000 a mo.
@@penelope5500 granted by then my spouse may be tired of me and make us get a 2 bedroom which is more than i budgeted for.
@@penelope5500 thx penelope, i had a question i wanted to ask them but just saw fine print for spouse its an extra 1387 per month.... Which doesnt break me at that point because i am planning on going in at 79 - 80. Thx to you i dug a little deeper... So your 5k is on the money for a couple. Updating Right Capital now :). PS when you go into additional care the extra costs comes out of your deposit (as per my dads experience) and when that is gone they guarantee staying there)
Great video, Josh! 95% combined chance of success. Those odds look pretty good. (But what about healthcare?! 😉).
Banned!
I "plan" on saving half my income from 65 - 85, my boys can have it. I'm 55 and everything is already paid off. I don't need much to be happy anyway, already am happy, I just want the time. Hopefully I can create a perpetual money machine for them and they can inherit everything via a trust.
Just what the world needs, more trust fund babies. People who did nothing to earn their wealth.
@@markdavis1116you’re projecting your own incapability of raising a decent human being
If you take a % out based on that year's assets, you will never run out of assets, but you may have less spending money.
Great insight.... thanks!
Does sound good, but with forced RMD’s later in life you may not be able to adjust your withdrawal $$ to account for changes in the market
Nobody said you have to SPEND that money.... 😮
Nobody said you need to spend the money! 😅
You can reinvest after paying taxes.
It’s a great problem to have 😊
I'm likely going to live to mid 90s based on family tree.
Not really worried about it though as I should retire with more than enough.
I think the odds are even better than this because the 20% doesn’t include the effects of the retirement spending smile. No one actually spends more money every subsequent year of retirement on a straight line up with the rate of inflation.
When the Monte Carlo inputs are bunk, so are the results…
Gee Josh. Touch grass. Walk outside and smell the roses. Treadmills are evil.😈
Exactly, miss the outdoor walking videos as well.
Do NOT disparage the Treadmill of Knowledge!
You ever hear the Devil went down to Georgia? You ain’t catching this Michigan boy running around down there. I spent 7 or 8 long weekends down there for my son’s baseball. 😅Good Bbq though.😊
Great topic...great vid!
Hot idea that can't wait! 😮
What’s the probability of a Venezuelan or Argentinian failure of the economy? We didn’t have that before but it’s looking increasingly likely. Should you factor that in on top of your monecarlo or is that already factored in?
I’ll take those odds too
Nope just bustin out the pvc bowl
Come on Josh
She could be your Vanna White. That way you don’t have to do the white board writing. 😜😇
True!
Josh, I think you're double counting the probability of death. Doesn't the monte carlo simulation already consider the age of death and randomly change that variable in each trial?
Nope
Horns up for The Sword 🤘
Josh, what are you doing wasting your time on a treadmill? Don’t you know you’re gonna die early! If it’s a 25% chance for you to make it to 90. It’s another 25% chance your spouse does as well. Thereby doubling your odds and prudent to plan until 90. But of course you’re right. No one ever runs out of money…..
I like to look for my lady. Maybe she’ll notice me
@@HeritageWealthPlanning you’re a good man Josh! You figured it out. Sharlott is more important than Guinness and Newport’s! I’d plan for a long and happy life.
You ran out of investments but if you still have a home you can sell and use the $$$$ for the final years.
Homes an investment
Sleep
Interesting content just like much of it that you deliver. But if I could suggest I'm not tuning in for your political views so please just stick to the financials
What fun is that? I do TH-cam because it’s fun for me
Trump 2024! Love you bro.