Don’t be like someone I know of..85 years old,has a portfolio of 14 million, still asking his advisor if he has enough to live with..Know you’re enough amount or be doomed chasing money…
$2 millions put in s&p500 is enough to retire. I retired at 33 years old with $2 million in s&p500 VOO. Each year i withdraw 4% of my investment for retirement.
We live in the Upper east side of New York City and my wife and I spend around 250k a year and we needed 5 million to retire. It all depends on where you live.
Yes! These types of content and review are EXTREMELY helpful…. Keep it up. 58, over that amount, 2 pensions, no debt, and still don’t believe retirement is an option!
Making good money before you retire is super important. It can boost your social security benefits and give you a stronger retirement portfolio. Basically, the more you earn now, the better off you'll be later.
Love this, please keep walking through scenarios like this! Great approach and mindset, and your niche seems to be balancing the financial advice with truth-seeking on how the client can find their joy in retirement. So few advisors focus on this in their videos, and you're really good at it.
Every situation is so different. Where I live, 2 million would be one sweet retirement plan. But for other people in other parts of the country, it probably wouldn’t be enough. Thank God I don’t live in those parts of the country.
Love the real examples. Hubby and I are just getting started with the planning. I'm always looking for the questions we should be asking ourselves and FP to be sure the plan makes sense and is sustainable. Keep the examples coming (minus the country club. Anyone with $2M in retirement and spending $25k for a club needs personal finance 101).
Good to cut down on all "non value added" activities and possessions before retiring. I have no debt, no car payments, my house paid off and all of my rental properties paid off along with stocks and bonds and a defined pension from my former employer. I live a modest lifestyle compared to other people and don't feel like I'm missing out. I am treading lightly in the stock market and buying treasuries with less than 2 years to maturity. There's going to be a massive stock and bond market collapse under the debt load at the federal, state, local and individual levels. It cannot go on for ever.
Great points! It's easy to keep doing what we're doing, spending what we're spending without thinking of whether it adds value. My biggest concern for them would be managing medical insurance before Medicare kicks in, but hopefully you and the previous advisor both covered that well.
BRILLIANT! love your financial program and the what if scenarios! great piece to IT tech¡ great idea to ask them questions... sounds like they were on autopilot and didnt really think things thru as to what they would "do" and after your questions... they decided to move closer to grandkids! how wonderful!
Every consultant, no matter what their field of expertise, should be asking those kinds of who/what/why questions. I work in technology consulting and the conversation is pretty similar: what is the problem you're trying to solve and why is it important? What does success look like etc? Then you get to the "how" and work out the path to get you there. It sounds like initially the financial planner didn't ask that question and maybe the clients had never asked it of themselves. It became clear a couple of minutes into this video that the clients didn't have much of a reason to anchor their life to their current location. I was thinking "why not move to be closer to the grandkids" and then you said it. Bingo. You can join a country club in another location, you can still travel from there and you can spend more time with the people you care about. Ultimately the amount of money you have in retirement accounts is less important than what you want to do with it and how much that will cost.
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management
Want to retire early? Take your average spend per year (last two years), add 10%. Add 10% for each kid who’s about to go to college (unless 529), divide by 3.25%. That’s your number. Everyone spends more than they think initially in retirement. If you have to move to make retirement work, you probably aren’t ready unless over 70.
The “what if” is hugely important Prioritize what is important that has no defined monetary value , what the goals are , where they see themselves in 5 years , what do they currently spend money on and can that be reduced The couples goals are attainable if certain other events take place and are they willing to undertake those activities / events to achieve the plan ?
Makes sense vs just dollars coming in and trying to make it fit a rigid lifestyle . Change the lifestyle and enjoy the limited time we have on this planet
I am wondering if it benefits the FPCers company to keep them working & saving more money? 🤔 Clearly there are many solutions to retiring when you want/need to…even on far less money with not that significant of a lifestyle change.
The what ifs with real examples are very helpful, thank you. Your channel sings to us. It really hits home. Illinois, literally. Taxes as a retiree are pretty sweet but the property taxes make us want to leave, however, our first and thus far only grandchild is here so....
If that’s not enough they gotta move and adopt a more reasoned life style, they have enough for $10k a month plus a social security raise in a few years
Man, early retirement seemed like a dream until reality hit - forgot to keep tabs on social security and insurance. Now, it's like playing catch-up. My advice? Don't get too caught up in the "early" part; make sure your financial safety nets are strong. Social security and insurance might sound dull, but they're the unsung heroes of a stress-free retirement. Learn from my slip-up, folks.
Interesting way to walk through methodically. And your methodology does seem sound. However, in my mind the red flag is the whole moving to be closer to their children and grandchildren, and cost of living in retirement in SC. Do the grandchildren, and children, really want to spend a lot of time with their grandparents, especially as they age? Would the grandparents be upset if they did not? Second, according to my relatives in South Carolina it gets more and more expensive by the day. SC is a very popular retirement spot, especially as a lot of people getting priced out of Florida and moving North. And a lot of these are people with NYC money, the so called "Half-backs".
Great walkthrough. Knowing how you want to live and what you want to do is so important in the planning process. Retirement can be very expensive if you want to be very active in retirement. Thanks for the great content.
It depends on what you spend not what you have.
Don’t be like someone I know of..85 years old,has a portfolio of 14 million, still asking his advisor if he has enough to live with..Know you’re enough amount or be doomed chasing money…
If I had $2 million and my advisor told me I can’t retire….I’d get a new advisor!
Theh actually didnt have $2 million for retirement. They had $2 million net worth. Big difference. BIG.
$2 millions put in s&p500 is enough to retire. I retired at 33 years old with $2 million in s&p500 VOO. Each year i withdraw 4% of my investment for retirement.
We live in the Upper east side of New York City and my wife and I spend around 250k a year and we needed 5 million to retire. It all depends on where you live.
Yes! These types of content and review are EXTREMELY helpful…. Keep it up.
58, over that amount, 2 pensions, no debt, and still don’t believe retirement is an option!
Making good money before you retire is super important. It can boost your social security benefits and give you a stronger retirement portfolio. Basically, the more you earn now, the better off you'll be later.
I knew leaving Illinois would be part of the solution. It has been the solution for many former Illinois citizens.
why would any one who has only 2M saved be a member of country club is beyond me. These clubs are for 10M+ net worth individuals.
Love this, please keep walking through scenarios like this! Great approach and mindset, and your niche seems to be balancing the financial advice with truth-seeking on how the client can find their joy in retirement. So few advisors focus on this in their videos, and you're really good at it.
Every situation is so different. Where I live, 2 million would be one sweet retirement plan. But for other people in other parts of the country, it probably wouldn’t be enough. Thank God I don’t live in those parts of the country.
Another thing to think about is the difference in people at age 58 and age 70
I like this type of approach to seeing all the possibilities you can have...I wish I can find an advisor like you!
Exploring these case studies is always interesting. All the "what if" scenarios make me question our current retirement plan, which is a great thing.
This content is outstanding! I love watching retirement plans and scenarios. Subscribed.
Love the real examples. Hubby and I are just getting started with the planning. I'm always looking for the questions we should be asking ourselves and FP to be sure the plan makes sense and is sustainable. Keep the examples coming (minus the country club. Anyone with $2M in retirement and spending $25k for a club needs personal finance 101).
Good to cut down on all "non value added" activities and possessions before retiring. I have no debt, no car payments, my house paid off and all of my rental properties paid off along with stocks and bonds and a defined pension from my former employer. I live a modest lifestyle compared to other people and don't feel like I'm missing out. I am treading lightly in the stock market and buying treasuries with less than 2 years to maturity. There's going to be a massive stock and bond market collapse under the debt load at the federal, state, local and individual levels. It cannot go on for ever.
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
I hear you !
Great points! It's easy to keep doing what we're doing, spending what we're spending without thinking of whether it adds value. My biggest concern for them would be managing medical insurance before Medicare kicks in, but hopefully you and the previous advisor both covered that well.
The “Advisor” just wanted their annual cut of your nest egg. Good call running away! 😂
Very refreshing. Lifestyle needs is the most important number, not the plan itself.
What planning software is this?
BRILLIANT! love your financial program and the what if scenarios! great piece to IT tech¡ great idea to ask them questions... sounds like they were on autopilot and didnt really think things thru as to what they would "do" and after your questions... they decided to move closer to grandkids! how wonderful!
Every consultant, no matter what their field of expertise, should be asking those kinds of who/what/why questions. I work in technology consulting and the conversation is pretty similar: what is the problem you're trying to solve and why is it important? What does success look like etc? Then you get to the "how" and work out the path to get you there. It sounds like initially the financial planner didn't ask that question and maybe the clients had never asked it of themselves.
It became clear a couple of minutes into this video that the clients didn't have much of a reason to anchor their life to their current location. I was thinking "why not move to be closer to the grandkids" and then you said it. Bingo. You can join a country club in another location, you can still travel from there and you can spend more time with the people you care about. Ultimately the amount of money you have in retirement accounts is less important than what you want to do with it and how much that will cost.
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management
I imagine that health insurance would be a huge part of their budget if you retire that early.
Want to retire early? Take your average spend per year (last two years), add 10%. Add 10% for each kid who’s about to go to college (unless 529), divide by 3.25%. That’s your number. Everyone spends more than they think initially in retirement. If you have to move to make retirement work, you probably aren’t ready unless over 70.
Caviar life style?
Yes, I rather enjoy seeing the numbers along with the plan.
The “what if” is hugely important
Prioritize what is important that has no defined monetary value , what the goals are , where they see themselves in 5 years , what do they currently spend money on and can that be reduced
The couples goals are attainable if certain other events take place and are they willing to undertake those activities / events to achieve the plan ?
Makes sense vs just dollars coming in and trying to make it fit a rigid lifestyle . Change the lifestyle and enjoy the limited time we have on this planet
I like this format. It allows for more unique content.
This video was ace.
I am wondering if it benefits the FPCers company to keep them working & saving more money? 🤔
Clearly there are many solutions to retiring when you want/need to…even on far less money with not that significant of a lifestyle change.
Great advice! Very comprehensive.
Great video as usual. Always interested in content about RMD withdrawal strategies and taxes.
Yes i like the what if scenarios!
The what ifs with real examples are very helpful, thank you. Your channel sings to us. It really hits home. Illinois, literally. Taxes as a retiree are pretty sweet but the property taxes make us want to leave, however, our first and thus far only grandchild is here so....
Great video, thank you!
If that’s not enough they gotta move and adopt a more reasoned life style, they have enough for $10k a month plus a social security raise in a few years
Great video
Excellent
Love these videos …. Thinking of retiring in 1 year and weighing all the options …. These videos help!
We would like to meet with you
Move to South Carolina from Illinois? You could afford a mansion for half the price.
What's the BEST question to ask your retirement planner to identify whether or not they're going to be asking YOU the right questions?
You could be 30 years old and live of 3% dividend aristocrats with that much forever in Thailand.
The country club reference lost me and I turned this off.
Too many issues. Just work more years or make more money
Man, early retirement seemed like a dream until reality hit - forgot to keep tabs on social security and insurance. Now, it's like playing catch-up. My advice? Don't get too caught up in the "early" part; make sure your financial safety nets are strong. Social security and insurance might sound dull, but they're the unsung heroes of a stress-free retirement. Learn from my slip-up, folks.
Interesting way to walk through methodically. And your methodology does seem sound. However, in my mind the red flag is the whole moving to be closer to their children and grandchildren, and cost of living in retirement in SC.
Do the grandchildren, and children, really want to spend a lot of time with their grandparents, especially as they age? Would the grandparents be upset if they did not? Second, according to my relatives in South Carolina it gets more and more expensive by the day. SC is a very popular retirement spot, especially as a lot of people getting priced out of Florida and moving North. And a lot of these are people with NYC money, the so called "Half-backs".
Great walkthrough. Knowing how you want to live and what you want to do is so important in the planning process. Retirement can be very expensive if you want to be very active in retirement. Thanks for the great content.
Super helpful to see the exploration of the what ifs!