Appreciate the scenario that is realistic for a large population. Lot of people are less than the average. By definition, half are below the median! Good presentation
Thank you for making these videos for us normal people that do not have over a million at retirement . Can you make some about when we should take our 401k dispersement like monthly yearly. Thanks again
John is not in good financial shape. I’m not bragging, I just got lucky after growing up dirt poor. I can retire now at 57 and a much better financial outlook with a government pension and free health insurance. Choices can make you or break you in life.
@@yourfinancialekg oh no it’s the right answer. 👍🤣 Here’s one for you. I notice you guys generally do couples the same age or within a year of each other , how about a scenario with 5-8 years between them. That gets complicated!
I'm wondering if John currently has health insurance included in the base expenses. I did not see it on the retirement planner screen. If he needs to purchase health insurance from 60 to 65 (until he reaches Medicare) in my opinion he does not have enough saved to retire at 60. Private insurance plans are very expensive. He had better take his $500 per month for entertainment/recreation to buy health insurance. I notice in these scenarios of early retirement planning there is often no mention of health insurance which is one of the most important considerations.
ACA is very affordable from age 55-65 if your income is around 65k or less, which most people in retirement would be at, or less than that. I'm not an Obama lover, but i will admit that ACA has been a lifesaver for people who want to retire at ages pre65.
@@Sackattack_ we will be getting AcA come november for me and my wife we are retiring so need it for 2 years only income is SS benefits..of $3000 and possible work PT for myself understanding income limits of $1860 a month for 2024. so wont go over that
@@Sackattack_ It was more affordable before ACA. ACA actually benefit the people who never had health insurance and were below the poverty level. It was probably less than 2 million people.
@jjred233 gotcha. My aca quote for me and wife with a retirement income around 65k was under $600mo vs a outside policy with blue cross being over 1k. I'm still working, so work pays half and I currently pay around 500 for a family plan. So aca is not cheaper insurance than while working, but alot better than $1000+mo. I think it helps alot of people retire earlier than they used to be able to. Having to work until age 65 so you can swap from employer insurance to Medicare, sounds depressing.
There is a lot of information missing to make that assumption. Let’s say I have a $350,000 house that’s paid for. I have a brand new car paid for. I have $100,000 in cash. I am debt-free. These are all things that could make my retirement very easy. I can do a reverse mortgage on my house when I’m done using my Retirement savings. I would also have my Social Security and if I’m married my wife’s Social Security.
@@aws0698 very true, it does depend on your monthly expenses. But if your debt-free and mortgage free it really lessons your expenses. So you have to worry about his insurance and taxes as well as maintenance items on the home. You could also find yourself a rich widow.😂😂😂
Appreciate the scenario that is realistic for a large population. Lot of people are less than the average. By definition, half are below the median! Good presentation
Thanks Ken! That is why we are here.
Thank you for making these videos for us normal people that do not have over a million at retirement . Can you make some about when we should take our 401k dispersement like monthly yearly. Thanks again
Sure! Great idea 💡
OK a new video. I guess they have to work either full time until 65 or part time to their FRA! OK time to click play and see how I do!!! 😅
HAHA...ok give me a better answer and I'll do it!
John is not in good financial shape. I’m not bragging, I just got lucky after growing up dirt poor. I can retire now at 57 and a much better financial outlook with a government pension and free health insurance. Choices can make you or break you in life.
@@yourfinancialekg oh no it’s the right answer. 👍🤣
Here’s one for you. I notice you guys generally do couples the same age or within a year of each other , how about a scenario with 5-8 years between them. That gets complicated!
I'm wondering if John currently has health insurance included in the base expenses. I did not see it on the retirement planner screen. If he needs to purchase health insurance from 60 to 65 (until he reaches Medicare) in my opinion he does not have enough saved to retire at 60. Private insurance plans are very expensive. He had better take his $500 per month for entertainment/recreation to buy health insurance.
I notice in these scenarios of early retirement planning there is often no mention of health insurance which is one of the most important considerations.
ACA is very affordable from age 55-65 if your income is around 65k or less, which most people in retirement would be at, or less than that. I'm not an Obama lover, but i will admit that ACA has been a lifesaver for people who want to retire at ages pre65.
@@Sackattack_ we will be getting AcA come november for me and my wife we are retiring so need it for 2 years only income is SS benefits..of $3000 and possible work PT for myself understanding income limits of $1860 a month for 2024. so wont go over that
@@Sackattack_ It was more affordable before ACA. ACA actually benefit the people who never had health insurance and were below the poverty level. It was probably less than 2 million people.
@jjred233 gotcha. My aca quote for me and wife with a retirement income around 65k was under $600mo vs a outside policy with blue cross being over 1k. I'm still working, so work pays half and I currently pay around 500 for a family plan. So aca is not cheaper insurance than while working, but alot better than $1000+mo. I think it helps alot of people retire earlier than they used to be able to. Having to work until age 65 so you can swap from employer insurance to Medicare, sounds depressing.
Appreciate the video as the majority of Americans have retirement savings in the $200k-$500k range.
Thank you for watching!
hmm no utilities on there? no prop tax no home insurance? so is the baseline covering those expenses?
Yes baseline covers that
If you are under 65 and have less than 5ooK in savings you need to work. unless you want to starve.
There is a lot of information missing to make that assumption. Let’s say I have a $350,000 house that’s paid for. I have a brand new car paid for. I have $100,000 in cash. I am debt-free. These are all things that could make my retirement very easy. I can do a reverse mortgage on my house when I’m done using my Retirement savings. I would also have my Social Security and if I’m married my wife’s Social Security.
Not unless you live in public housing
It all depends on your monthly expenses.
@@aws0698 very true, it does depend on your monthly expenses. But if your debt-free and mortgage free it really lessons your expenses. So you have to worry about his insurance and taxes as well as maintenance items on the home. You could also find yourself a rich widow.😂😂😂
Depend what is your definition of saving. If your saving is money sitting in the bank, 401K, that is not true. My house is $2.3M ( mortgage
This is a joke. 😂
You know a better joke? Knock knock? Or Chicken crossed the road?