It's my third month being retired now. And life hasn't been so difficult as I thought basically because I put my head down and made ways for other source of Income. I'm a huge fan of earning more money, and I think everyone should have a side hustle. Side hustling can allow you to earn that little bit of extra money that can help you achieve your financial goals faster - whether it's paying off student loans or saving for retirement.
I've been considering buying ETFs/SCHD stocks for retirement, I have set asides $300k but somewhere along the line, I get cold feet maybe because I'm a rookie and have no idea what I'm doing, please I could really use some guideline
@@carlterry9686 personally I use Karen Marie Emma, she has strategies designed for both long and short term investments, retirement planning. Lookup the name and reach out to_her.^^
Fantastic content and great timing as I'm about to embark on retirement planning. Thank you Morningstar and especially Wade Pfau for helping me put things in perspective!
I get a kick out of these people who assume that we're all going to live forever. I'm 58, and constantly see obituaries of people who are about my age.
You're suffering from confirmation bias. It doesn't matter what age somebody else dies unless they are related. On average you have about 25 more years to live at 58. Of course you know your lifestyle and your family history. So I would make a good decision, not one on reading obituaries
Inflation and health are my 2 biggest retirement risks. Using the rules of 72 with inflation running at the rates that it is 14%, my purchasing power decreases 50% every 5 years 72/14 = 5. ie 1 mil at the end of 5 years 500k and after 10 years 250K. My parents bought their first house when I was a kid for 17K when I was in 2nd grade. It was a big deal for them. Houses in that neighborhood small 3 bedroom brick now sell for over 2 mil. College tuition was 1K.yr, gas was 15 cents/gallon, dimes and quarters were made of silver and our dollar was tied to gold. I have no control over my health and have no control of a congress spending us into oblivion and paying through inflation. Such is life. Hence my 2 largest risks
How about this scenaro: When you purchase an annuity out of QUALIFIED money (401k, 457, etc) and your RMDs EXCEED the guaranteed monthly payout..what happens, THEN? I can't seem to find an answer to that "conundrum"??
I understand that delaying social securiry benefits has its advantages, but sometimes this "work longer" sounds a like "well, just dont die" a way to live longer.
I have two masters degrees and always feel like I missed all the pre requisite classes for these sessions. Who is the audience? If it’s the average long term investor living the 401 k dream… too high level.
Makes sense. I suggest you start by looking at every TH-cam interview with Vanguard founder John Bogle. Then, same drill with Warren Buffett TH-cam interviews. Ms. Benz also as a plethora of available interviews and podcasts that are wonderful learning tools.Together, this approach will give you a solid, sensible investors mindset and dial you in to the lingo of investing. Next, listen to John Bogle's audiobooks on investing. (TH-cam is your friend once again!) Finally, there are many outstanding retirement planning podcasts that will school you in the fundamentals of long-term investing and retirement planning. Through repeated listening and consistent study, everything Wade Pfau discussed in this podcast will be familiar to you. It's time-consuming, but worth it. Enjoy the journey.
It's my third month being retired now. And life hasn't been so difficult as I thought basically because I put my head down and made ways for other source of Income. I'm a huge fan of earning more money, and I think everyone should have a side hustle. Side hustling can allow you to earn that little bit of extra money that can help you achieve your financial goals faster - whether it's paying off student loans or saving for retirement.
I've been considering buying ETFs/SCHD stocks for retirement, I have set asides $300k but somewhere along the line, I get cold feet maybe because I'm a rookie and have no idea what I'm doing, please I could really use some guideline
@@carlterry9686 You can buy dividend ETFs if you don't want to get into individual stocks. My favorite is SCHD. you can use a coach as well.
@@justingregory2965 I will like to get a good coach, please do share.
@@carlterry9686 personally I use Karen Marie Emma, she has strategies designed for both long and short term investments, retirement planning. Lookup the name and reach out to_her.^^
@@justingregory2965 Karen has been doing a lot for many retirees in my district, a very honest and reliable woman.
Fantastic content and great timing as I'm about to embark on retirement planning. Thank you Morningstar and especially Wade Pfau for helping me put things in perspective!
I get a kick out of these people who assume that we're all going to live forever. I'm 58, and constantly see obituaries of people who are about my age.
You're suffering from confirmation bias.
It doesn't matter what age somebody else dies unless they are related. On average you have about 25 more years to live at 58. Of course you know your lifestyle and your family history. So I would make a good decision, not one on reading obituaries
Inflation and health are my 2 biggest retirement risks. Using the rules of 72 with inflation running at the rates that it is 14%, my purchasing power decreases 50% every 5 years 72/14 = 5. ie 1 mil at the end of 5 years 500k and after 10 years 250K. My parents bought their first house when I was a kid for 17K when I was in 2nd grade. It was a big deal for them. Houses in that neighborhood small 3 bedroom brick now sell for over 2 mil. College tuition was 1K.yr, gas was 15 cents/gallon, dimes and quarters were made of silver and our dollar was tied to gold. I have no control over my health and have no control of a congress spending us into oblivion and paying through inflation. Such is life. Hence my 2 largest risks
How about this scenaro: When you purchase an annuity out of QUALIFIED money (401k, 457, etc) and your RMDs EXCEED the guaranteed monthly payout..what happens, THEN? I can't seem to find an answer to that "conundrum"??
I have the same question.
Secure 2.0 now lets RMDs be covered on other Ira mandated rmds.
I understand that delaying social securiry benefits has its advantages, but sometimes this "work longer" sounds a like "well, just dont die" a way to live longer.
How can i invest from India ?
US stocks and mutual funds.
I have two masters degrees and always feel like I missed all the pre requisite classes for these sessions. Who is the audience? If it’s the average long term investor living the 401 k dream… too high level.
Makes sense. I suggest you start by looking at every TH-cam interview with Vanguard founder John Bogle. Then, same drill with Warren Buffett TH-cam interviews. Ms. Benz also as a plethora of available interviews and podcasts that are wonderful learning tools.Together, this approach will give you a solid, sensible investors mindset and dial you in to the lingo of investing.
Next, listen to John Bogle's audiobooks on investing. (TH-cam is your friend once again!)
Finally, there are many outstanding retirement planning podcasts that will school you in the fundamentals of long-term investing and retirement planning. Through repeated listening and consistent study, everything Wade Pfau discussed in this podcast will be familiar to you. It's time-consuming, but worth it. Enjoy the journey.
Read Just Keep Buying by Nick Magguili
Also, read books by Wade Pfau. They are often available at library.
people are not actually living longer and longer.