I feel lost now that I'm 49 years old and jobless. With $425,000 saved for an early retirement at age 6 0, $10,000 in an HSA, and a property that could yield an extra $200,000, what opportunities do I have for passive income?
I'm not sure whether I should merge all of my investing accounts into one. If so, what should I know and how should I respond to this? In addition, I intend to sell my property, which might potentially fetch an additional $200,000. Is it better to put everything in one account or spread it out among several investments?
These are important questions for a financial planner. I met mine at a summit, and with her assistance, my wife and I reallocate our $1.7 million assets between a regular IRA and a brokerage account. She has been handling the investment with our agreement and has helped us recover twice as much as we lost. Currently holding steady and gently navigating the market
I’m impressed how this guy seems to do his videos in one take and never gets distracted by people walking past etc. That’s quite difficult and he must save ages on editing.
Age, she and I, 60. I'm retiring next year; she does side gigs, real estate (more nuisance than its worth these days), online auctions, etc. SSI taking at 62: $4100/ mo, credit debt: zero. Child: 22, homeowner, fully self-sufficient. Assets: $820k liquid, $500k real estate equity. Cars: all owned outright; I do all maintenance on them and the house. Medical: ACA until 65 plus HSA for out-of-pocket expenses. Traveling plans: (with the dog) he goes with us in an RV. We'll be ok.
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.
I retired at 62 and went on Obamacare. No premium payments for 3 years by using the bronze plan and keeping income below the subsidy limit. Packed a HSA to cover the deductible. I got lucky and with the right investment planner, returns actually had more in my HSA after I reached medicare age compared to when I first retired.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Caroline Suzan Olson" for about five years now, and her performance has been consistently impressive. She's quite known in her field; look her up.
I retired at 51. If you want to retire without social security or a pension you better make sure you have your health insurance premiums figured out and your home mortgage is paid off. It’s a lot more expensive than just writing down your monthly expenses. Stuff breaks, trips and let’s not forget about inflation. That being said if you retire early you should have cash flow 1.5 to 2x your monthly expenses. Good Luck! If you love your home and your job just filter in all vacation time and just take those trips. A trip today will be cheaper than it will be in 10 to 20 years. Putting it off is a mistake, but don’t go into debt cash flow them out. People put off vacations or cash out the time to save money for future retirement. One big trip every two years from age 30 to age 60 would be 15 awesome trips.and before you get to you early or normal retirement. Remember vacations in the future will be taxed as you withdraw the saved money vs paying early with money you earned at your job. Balance spending is the key to a great life. Here’s the truth retirement is over rated if you love your job and you take all your vacation time annually and you don’t put off living for some fantasy of traveling the world etc.
I did an SEPP 72T early withdrawl plan along with a glide path work plan going to part time for 2 years prior to retirement. Worked well for me. 2 more years of SEPP withdrawls to complete that plan.
How much you need starts with how much you need to spend. As long as your income and investments produce that cash flow for the rest of your life then you can retire. How much you need to have invested will change depending on your rate of return and other sources of income. Someone can easily retire with $50K invested if the rest of the cash flow is covered by other sources of income. Hence how much the average person has invested doesn't show much if you aren't looking at the full picture.
My current asset allocation is about 70% market funds, and 25% income ETF's, and 5% other. I plan to retire in 10 years when I turn 45 or so, so as long as the market doesn't crash horribly, I should be okay. Depending on the market, I might retire earlier or later. My current job, while I don't like it, I don't hate it either. It's 4 days WFH, 1 day go to office, and is government, so its relatively secure, with some decent benefits. And my recent boss is really into traveling, so she also is fine with us traveling a lot as well, which is pretty nice, all things considered.
I would like to see a video about how to keep your retirement funds secure in retirement. I do not have great faith in the stock market. If there is a way to make 5% guaranteed, that would be nice.
If the 5% guaranteed includes 3% of inflation annually, leaving a 2% annual "real return" above inflation, that is currently available now with individual TIPS bonds.
The best decisions I ever made were to l not hire any financial advisors, live within my means , and to pay off my credit cards nearly every month. I saw too many other people get sucked into the credit card debt black hole and nearly ruined from it financially.
!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analysing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking??
Those of us who’ve already surpassed certain goals still never feel like it will be enough to retire early. Maybe we never feel like it’s enough due to inflation, the weakening dollar, the threat of recession or stagflation, and Medicare/SSI not being available in 10-15 years. At least that's what I’m worried about!
There will always be something to hold you back. Always. .com bust, housing market crash, inflation, or the pessimist....Valuations are too high to retire. What if I retire and the market crashes? There will always be something you can use to talk yourself out of retirement.
@@ariefraiser140 Agreed! That's why I doubt I'll feel safe enough to retire until at least 62 and not in a few years at 55. But, it's still techinically early if I can swing it :)
Wrong on the Rule of 55. You just have to leave the job in a year you turn 55. So your birthday is December 31st ,and you are 54. You qualify on January 1st of that year.
One thing to keep in mind regarding the Rule of 55. It is a provision from the IRS- meaning that not every 401k administrator will allow an employee to utilize the rule. Call your plan administrator to ensure that you can, in fact, use the Rule of 55 prior to retirement, of course. Also, you can use the Rule of 55 in the calander year that you turn 55 or later. So, for example, if you turn 55 in October of 2025, the earliest that you can use the Rule is January 1, 2025.
Well it's the law, your 401k plan administrator can't stop you. What you may run into is that the administrator doesn't want to service disbursements and rather steer you towards rolling the money out to an IRA or maybe only allowing a limited number of withdrawals per year. The rollover would prevent you from using the 55 rule and limited withdrawals may not meet your lifestyle needs in retirement.
@@bill3143 It is an IRS provision, but employers are not required to follow said provision. Check with your plan adminstrator to ensure that you can, in fact, use the rule.
@@swtexan6502 A plan administrator might incorrectly withhold a 10% penalty on disbursements but you would be able to recover than when filing since the disbursement would be allowed under the 55 Rule.
@@swtexan6502 It's not up to the plan administrator to determine what your taxes due are on disbursements. They might withhold an additional 10% because they're wrong about the 55 Rule, but when you file taxes the disbursement will be considered not subject to the extra 10% tax. There's no need to be snippy about it.
I guess I'm lucky. I'm on track to be a Tax Free Millionaire by my retirement goal age of 60 in 12 years. Lucky I will hit $2.5 MILLY. 💪🏾💪🏾💪🏾🤞🏾🤞🏾🤞🏾 wish 🤞🏾 me luck.🎉🎉🎉🎉🎉🎉
My husband is 65 and not planning on retirement yet. I’m 63 and I am retiring in a few months. He believes that once you have made withdrawal from your IRA, you are then committed to withdraw that amount of money every month for the rest of your life or until it’s gone. I have not found anything to substantiate this belief. Is it true?
The plan sounds backwards to me. If you are currently spending 70k and golfing 3 times a week and you think you can retire on 40k and golf once a week, I think it is clear that you are not ready to retire. You should golf more when you retire if that is what you like to do. I would think working and golfing 3 times a week is a better life than being retired and have time to golf 7 times a week but you can’t afford to do it more than once. IF golf is what you enjoy.
Thank you for the video!! All we need is the right advice on how to invest in crypto and we will be set for life, I made over a million dollars from trading this year regardless of the market conditions😊
I bought 1,000 Bitcoin on July 18th of 2010. I forgot I had them until someone asked me about them. We used to pay for pizza in Brooklyn with something like 30 Bitcoin for a Gluten free pie. JK on the Bitcoin. It was 5 cents per on 7/18/10. I thought it was a joke back then. Oh well.
I retired at 55. How did I make it happen? By firing my financial advisor. They steal your money. They are all crooks. They belong in prison. EVERY. SINGLE. ONE!!!
We would appreciate it Deeply if anyone could pray for us our 12 year old daughter Candice living with chronic congested heart failure passed away peacefully in her sleep may 30 2022 we are all devastated please pray for peace and comfort with God's love conquers all amen we lost our first daughter 15 years old Angel passed away peacefully in her sleep in 2018 she had Ms this is very hard we are grateful to God for two wonderful daughters and we will be Altogether again praise God praying for everyone Everyday God bless you All
Jesus Christ died for our Sins According to the scriptures and that he was Buried and he rose Again the third day praise God praying for everyone Everyday God bless you all...
I feel lost now that I'm 49 years old and jobless. With $425,000 saved for an early retirement at age 6 0, $10,000 in an HSA, and a property that could yield an extra $200,000, what opportunities do I have for passive income?
Consulting a financial advisor is a logical step at this point, but postponing retirement could be a wiser decision
I'm not sure whether I should merge all of my investing accounts into one. If so, what should I know and how should I respond to this? In addition, I intend to sell my property, which might potentially fetch an additional $200,000. Is it better to put everything in one account or spread it out among several investments?
These are important questions for a financial planner. I met mine at a summit, and with her assistance, my wife and I reallocate our $1.7 million assets between a regular IRA and a brokerage account. She has been handling the investment with our agreement and has helped us recover twice as much as we lost. Currently holding steady and gently navigating the market
That’s impressive! My portfolio has been struggling. Who is your advisor?
*June Renae Matthysse* You are likely to find more information if you look her up online
I’m impressed how this guy seems to do his videos in one take and never gets distracted by people walking past etc. That’s quite difficult and he must save ages on editing.
Age, she and I, 60. I'm retiring next year; she does side gigs, real estate (more nuisance than its worth these days), online auctions, etc. SSI taking at 62: $4100/ mo, credit debt: zero. Child: 22, homeowner, fully self-sufficient. Assets: $820k liquid, $500k real estate equity. Cars: all owned outright; I do all maintenance on them and the house. Medical: ACA until 65 plus HSA for out-of-pocket expenses. Traveling plans: (with the dog) he goes with us in an RV. We'll be ok.
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.
I retired at 62 and went on Obamacare. No premium payments for 3 years by using the bronze plan and keeping income below the subsidy limit. Packed a HSA to cover the deductible. I got lucky and with the right investment planner, returns actually had more in my HSA after I reached medicare age compared to when I first retired.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. Don't want to take any chances.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with "Caroline Suzan Olson" for about five years now, and her performance has been consistently impressive. She's quite known in her field; look her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I retired at 51. If you want to retire without social security or a pension you better make sure you have your health insurance premiums figured out and your home mortgage is paid off. It’s a lot more expensive than just writing down your monthly expenses. Stuff breaks, trips and let’s not forget about inflation. That being said if you retire early you should have cash flow 1.5 to 2x your monthly expenses. Good Luck!
If you love your home and your job just filter in all vacation time and just take those trips. A trip today will be cheaper than it will be in 10 to 20 years. Putting it off is a mistake, but don’t go into debt cash flow them out.
People put off vacations or cash out the time to save money for future retirement. One big trip every two years from age 30 to age 60 would be 15 awesome trips.and before you get to you early or normal retirement. Remember vacations in the future will be taxed as you withdraw the saved money vs paying early with money you earned at your job. Balance spending is the key to a great life. Here’s the truth retirement is over rated if you love your job and you take all your vacation time annually and you don’t put off living for some fantasy of traveling the world etc.
Good post!
I'm trying to retire at 52.
The "trick" for me is that i'll be OVERSEAS somewhere.
can't afford to retire early in the U.S>.
Thank you for helping us to set realistic expectations for ourselves and giving us guidelines to meet them. Fantastic background today too!
I did an SEPP 72T early withdrawl plan along with a glide path work plan going to part time for 2 years prior to retirement. Worked well for me. 2 more years of SEPP withdrawls to complete that plan.
Love the positive segments!
Oh, you said, "Hey Azul." I heard something else.😂😂
How much you need starts with how much you need to spend. As long as your income and investments produce that cash flow for the rest of your life then you can retire. How much you need to have invested will change depending on your rate of return and other sources of income. Someone can easily retire with $50K invested if the rest of the cash flow is covered by other sources of income. Hence how much the average person has invested doesn't show much if you aren't looking at the full picture.
My current asset allocation is about 70% market funds, and 25% income ETF's, and 5% other. I plan to retire in 10 years when I turn 45 or so, so as long as the market doesn't crash horribly, I should be okay. Depending on the market, I might retire earlier or later. My current job, while I don't like it, I don't hate it either. It's 4 days WFH, 1 day go to office, and is government, so its relatively secure, with some decent benefits. And my recent boss is really into traveling, so she also is fine with us traveling a lot as well, which is pretty nice, all things considered.
I would like to see a video about how to keep your retirement funds secure in retirement. I do not have great faith in the stock market. If there is a way to make 5% guaranteed, that would be nice.
If the 5% guaranteed includes 3% of inflation annually, leaving a 2% annual "real return" above inflation, that is currently available now with individual TIPS bonds.
The best decisions I ever made were to l not hire any financial advisors, live within my means , and to pay off my credit cards nearly every month. I saw too many other people get sucked into the credit card debt black hole and nearly ruined from it financially.
The stock market is the only way unless you’re a singer or actor or politician
I found real estate much better and safer
@ I’m the opposite, I swing trade and have 3 long term index funds
!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $200k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analysing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking??
Uh oh he's got the Blue heart!
he would do better without either
Ok after making about 500 videos on retiring early. Let's change it up to retiring really old or almost dead :)
🤣🤣
That would be my goal.
U can retire before 55 and get access to your 401k thru the irs 72t sepp rule and not have the 10% penalty.
Those of us who’ve already surpassed certain goals still never feel like it will be enough to retire early. Maybe we never feel like it’s enough due to inflation, the weakening dollar, the threat of recession or stagflation, and Medicare/SSI not being available in 10-15 years. At least that's what I’m worried about!
There will always be something to hold you back. Always. .com bust, housing market crash, inflation, or the pessimist....Valuations are too high to retire. What if I retire and the market crashes? There will always be something you can use to talk yourself out of retirement.
@@ariefraiser140 Agreed! That's why I doubt I'll feel safe enough to retire until at least 62 and not in a few years at 55. But, it's still techinically early if I can swing it :)
Wrong on the Rule of 55. You just have to leave the job in a year you turn 55. So your birthday is December 31st ,and you are 54. You qualify on January 1st of that year.
Zul, to be honest I would not be comfortable retiring with less than a million dollars. Old age is not a chap proposition.
One thing to keep in mind regarding the Rule of 55. It is a provision from the IRS- meaning that not every 401k administrator will allow an employee to utilize the rule. Call your plan administrator to ensure that you can, in fact, use the Rule of 55 prior to retirement, of course. Also, you can use the Rule of 55 in the calander year that you turn 55 or later. So, for example, if you turn 55 in October of 2025, the earliest that you can use the Rule is January 1, 2025.
Well it's the law, your 401k plan administrator can't stop you. What you may run into is that the administrator doesn't want to service disbursements and rather steer you towards rolling the money out to an IRA or maybe only allowing a limited number of withdrawals per year. The rollover would prevent you from using the 55 rule and limited withdrawals may not meet your lifestyle needs in retirement.
@@bill3143 It is an IRS provision, but employers are not required to follow said provision. Check with your plan adminstrator to ensure that you can, in fact, use the rule.
@@swtexan6502 A plan administrator might incorrectly withhold a 10% penalty on disbursements but you would be able to recover than when filing since the disbursement would be allowed under the 55 Rule.
@@bill3143 If you say so... you're the expert.
@@swtexan6502 It's not up to the plan administrator to determine what your taxes due are on disbursements. They might withhold an additional 10% because they're wrong about the 55 Rule, but when you file taxes the disbursement will be considered not subject to the extra 10% tax.
There's no need to be snippy about it.
I guess I'm lucky. I'm on track to be a Tax Free Millionaire by my retirement goal age of 60 in 12 years. Lucky I will hit $2.5 MILLY. 💪🏾💪🏾💪🏾🤞🏾🤞🏾🤞🏾 wish 🤞🏾 me luck.🎉🎉🎉🎉🎉🎉
My husband is 65 and not planning on retirement yet. I’m 63 and I am retiring in a few months. He believes that once you have made withdrawal from your IRA, you are then committed to withdraw that amount of money every month for the rest of your life or until it’s gone. I have not found anything to substantiate this belief. Is it true?
He's wrong. Where in the world did he get that idea 💡
Many of us are being forced into early retirement. It's critical to have a plan.
You are correct. I know of a half dozen men 55 to 62 that have been laid off this year.
Let your light 🕯️ shine praise God praying for everyone Everyday God bless you all...
The plan sounds backwards to me. If you are currently spending 70k and golfing 3 times a week and you think you can retire on 40k and golf once a week, I think it is clear that you are not ready to retire. You should golf more when you retire if that is what you like to do. I would think working and golfing 3 times a week is a better life than being retired and have time to golf 7 times a week but you can’t afford to do it more than once. IF golf is what you enjoy.
Thank you for the video!! All we need is the right advice on how to invest in crypto and we will be set for life, I made over a million dollars from trading this year regardless of the market conditions😊
I bought 1,000 Bitcoin on July 18th of 2010. I forgot I had them until someone asked me about them. We used to pay for pizza in Brooklyn with something like 30 Bitcoin for a Gluten free pie.
JK on the Bitcoin. It was 5 cents per on 7/18/10. I thought it was a joke back then. Oh well.
I retired at 55. How did I make it happen? By firing my financial advisor. They steal your money. They are all crooks. They belong in prison. EVERY. SINGLE. ONE!!!
Wow! That’s a pretty big statement. What happened?
Dang!
The other way is to never have one in the first place.
Oh Wow, Really!!??
Its best to teacb yourself and learn the financial. That's what I did.
We would appreciate it Deeply if anyone could pray for us our 12 year old daughter Candice living with chronic congested heart failure passed away peacefully in her sleep may 30 2022 we are all devastated please pray for peace and comfort with God's love conquers all amen we lost our first daughter 15 years old Angel passed away peacefully in her sleep in 2018 she had Ms this is very hard we are grateful to God for two wonderful daughters and we will be Altogether again praise God praying for everyone Everyday God bless you All
Jesus Christ died for our Sins According to the scriptures and that he was Buried and he rose Again the third day praise God praying for everyone Everyday God bless you all...