How Much Do I Need To Save For Retirement || A Step by Step Guide
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- เผยแพร่เมื่อ 9 ม.ค. 2024
- How Much Do I Need To Save For Retirement || A Step by Step Guide
Wondering how much you need to save for retirement? Look no further! This video is your concise guide to understanding and calculating the right amount to secure your retirement.
🔢 In this video, we'll cover:
1️⃣ Estimating Retirement Expenses: Learn the basics of calculating your future retirement expenses during retirement.
2️⃣ Setting Retirement Savings Goals: Discover how to set realistic retirement savings goals to ensure financial security in retirement.
Watch now to get the essential tips on saving for retirement.
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Thank you so much
You're most welcome
Great video!!
Thanks!
Great video.
Thanks!
I think 1 million is more than enough if you factor in SS. The SS should make up the 383k that he used in his chalkboard model.
Yes!
Financial EKG ..I can ..I have enough ….
YES. YOU. CAN!
Drew, thanks for all you do man. I appreciate all your videos. I try to watch them all. I do have a question, maybe you can do a video on it. Why does Dave Ramsey tell everyone he's getting 10 to 12% returns?. When reality is vanguard and Fidelity target, fun dates are 7 to 8%. Is it possible to really get a 10 or 12% return over the whole life of your investment?
Great question and thank you for watching! I love Dave and maybe he does get 10-12%, but for me I always want to project out 4-6% and if we average higher than that, we are pumped. I would just be careful projecting out too high of returns.
@@yourfinancialekg okay thank you so much! I do appreciate it very much and thank you for all you do.
Out of money at 80 in 55 years …back to work at 80 ! Not enough to get to 40 years to retire at 55 ! xtra $ 385,000
The math may be right, but the equation is wrong!
Fine to get some basic idea, but one has to consider what other sources of income will be available and when.
Fact: most people will not have steady income or distribution needs. It is quite variable, as is longevity.
We are all planning for something that likely won’t happen
What do you mean?
@@yourfinancialekg the equation is the wrong one as it leaves out other income sources.
Then the plan of an “x” year withdrawal with “x returns” is just a probability based guess. The chance of it not going as planned is very high. Much higher than getting it right. That causes us to have to build in huge safety margins. So if we build a 30 year plan to age 95, we know that it will be the wrong plan for all those that die before age 95 which is about 90%!
In other words if we knew when a person was going to die and their ROR we would have a different plan. Obviously that is not possible, but it still means most everyone is using the “wrong” plan.
50,000 * .05 = 2,500
He meant $50,000 divided by 0.05 = $1,000,000. The amount needed to withdrawal 5% to receive $50,000
@@marccarnahan9130 He does the same math in many videos. It's my hope that if I point it out enough, he'll fix it.
Thanks!
I sure hope whomever you are getting to assist you in retirement planning is better than this. How did you decide they need $50k? What about their SS. What about inflation? What other sources of income do you have. Will you be able to earn any additional money? For how long? The only thing that I think he might be right about, although he said it wrong, is that 5% of $1,000,000 is $50,,000. Whether you need more or less than a million requires much more than he describes here. (Or I can assist you in a YT comment.) My advice is to look at some of the retirement planning software out there that uses Monte Carlo analysis and helps you do some budgeting. And the more planning you do, the better your analysis will be.
I love how he doesn't even mention what type of account that the money might be in. For example is it in a traditional IRA that is tax-deferred, vs a tax-free Roth, vs a regular brokerage account, that would have capital gains taxes. Do you think it doesn't matter?
Have you seen any of our other videos before commenting?
Math don’t lie if you get it right. $50,000 divided by 0.05 = 1,000,000. Not multiplied by.
Thanks Mark! 👍
SS???
This is a basic analysis. SS is included once we get more in depth.
What!? no SS benefits?😋😋
I'm curious too
Actually a good example planning with a single income source. Let Social Security be a second income source on its own, if you wish. If you wish to consider SS as part of that $50k needed, then that changes the minimum amount needed downward. Probably more folks in that category based on median retirement savings.
@@brucesmith9144 considering Social Security is the biggest source of retirement income for the overwhelming amount of people, I feel it should have been mentioned
It's kind of the elephant in the room and it was ignored
@@brucesmith9144 really?
With the way Congress avoids passing laws, Social Security will be insolvent by the time I reach age 62 for early retirement.
Keep in mind this is a VERY basic analysis. It’s more of a promotional stunt to hire him. So many variables left out.
Promotional stunt? LOL
This can be a basic analysis and still provide good information. He has many videos going more in depth but this is a good retirement intro vid.