Investing in a Roth IRA can be a good choice since they are funded with after-tax dollars, and your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 2 million dollars.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
@@FarukStingl On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my portfolio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial planner who devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $260k since then.
@@CharliesMcCormicks Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?
@@KarenDuncan-o5s MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
I think the people that should be worried are those of us who are retiring with less than a million. I have only 650k in my Roth and I don't know how to grow it.
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
I retired at 65 1/2 just this July, 2024. I was a little worried about filling my time and my social life. (I was a sales Rep. ).Enjoyed my career but I had enough. I've already filled up my time. Discovered indoor rock climbing !!!! Started Tai-Chi. I've been learning a 3rd language ( German) the last year. I can't believe how I got everything done working full time. Garden keeps me busy during harvest time. This winter oil painting.
The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.
Pre-tax contribution may help reduce tax in you pre-retirement years. While after-tax-contribution may help reduce your income tax burden during retirement.
Both have their advantages but is also very possible to save for retirement outside retirement plan, such as an individual investment account or employing the expertise of a retirement planner/advisor.
Well.. I do not perceive location as a barrier. You don't have to be in the big city to get the help you need. All you need is to get an advisor who pays close attention to your financial objectives and provide you with the appropriate strategy tailored towards achieving those goals. A financial planner that is committed to acting in your best interest. In so doing, the location where you are will not be a problem.
Yep! Retiring in a month at the age of 57. Not wealthy. Somewhat forced retirement. I have MS. But I can still get around O.K., and still could probably work part time another year, so going to call it quits and do some travel while I still can.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I can retire with full pension in February at 55, but if I stay 3 more years, I can literally 10x my nest egg aside from my pension. I’m gonna try to 58.
You nailed it, Azul, about the happiness factor. It's not about keeping up with others. Like you, it's about travel, creating new experiences and adventures, and being a lifelong learner. That's what feeds my soul. Thank you for always keeping it so real.
I decided to pull the plug next February. Its only a year earlier than planned. My financial planners say I have enough. I won’t be able to super extravagant, but I’d rather have the time off while I’m still healthy. And, too many friends of mine are getting sick, and may not get to spend any of their retirement savings ☹️
I've been trying to figure out a way to have more freedom over the past few years. Have been working seasonally (at the Grand Canyon this summer), and planning to take half the year off and spend time in countries where cost of living is much cheaper. Last year spent a few months in Thailand, this year hoping to visit Philippines, Vietnam, and Taiwan. I've met a bunch of people in the seasonal work world who are doing something similar each year, and have inspired me and given me a lot of ideas. I've never made a lot of money, don't have a huge savings, and don't see a traditional retirement on the horizon, but I kind of look at this lifestyle as being semi-retired for part of each year. While I have my health and hopefully a little time ahead of me. Thanks for sharing the video, Azul. Enjoying your content 👍👍
I think overall I wouldn't mind working till 65, based on the career path I'm in. I enjoy my work, paid well, and spend sufficient time with the family. If my career is stable and I enjoy it, I'll work as long as possible since it adds to the quality of life. However, if I get laid off before 65 and I'm only doing it to accumulate more money for retirement then I'll just quit and retire. That's my general plan for length of my career.
Your cough says I’m not the only one 😊 I figured I would retire at 66 and 4 months. My CPA said to give her my numbers. She said that I would bring home more than if I stayed working. That was 3 years ago at 64 and 6 months. No regrets.
Weight on my shoulders is to keep working to max out my pension and ensure I get (essentially) free health care benefits (stipend to cover what medicare doesnt). Hopefully only a few more years. If it were just me I'd launch, but have a disabled adult child who will need support much of her life! So I love these videos and agree.. Just can't do it quite yet! :(
I'm pretty confident saying that no financial advisor has a crystal ball or can predict the future so cannot provide certainty. Clarity in terms of what your portfolio could do, yes. Definitely like the retire to rather than retire from. You don't need to have or know that next, next thing. Been retired for nine years and I have no interest in trying to find myself or a sense of purpose. Where was the ONE question?
Die with Zero & From Strength to Strength aren't for average people. First one is for people who are leaving behind too much money when they die, the guy who wrote is worth $100m+. Strength to strength is for people who feel empty after having a successful career, written by a Harvard professor.
I have a pension, what I do is calculate retirement budget, subtract pension, multiply what is left annually by 25. That is my minimum “number” for how much retirement savings I need. This assumes a 1 year expenses emergency fund not included in the number. I have about 24k a year in uncovered expenses so I need 600k minimum in retirement assets. This assumes a COLA pension. No COLA you need to add an additional cushion to cover decreased purchasing power of your pension over a 30 yr retirement.
Fear!?. gotta take a break from these videos... Because the one main stopper is health insurance/healthcare when it comes to retiring early. Wife and i've been in the medical field for thirty years. Our insurance is Not great now, So to get coverage afterwards is such a headache especially retiring early. We are set up pretty well and can live pretty cheap to give up so much money. If not much of it, just towards healthcare coverage, let alone healthcare costs is sickening.
Losing your health is very subjective. It will only get worse as life goes on. From the day you are born, you begin to die. Enjoy life, your young life. It's a shame that it's all backwards. When you can really enjoy life, you have to work. You may even be sent off to war. Once you are in your 60's and on up, it's hard to do the things you could do at 20, 30, 40, 50. I really think you will start to feel a big difference in your stamina and health in your 60's. If you can, retire as early as you can, do it. I'm 66. Just think how fast time has gone by since you were 20. At 66, I look at it that I really only have maybe, 10 years of "good" quality of life if I even make it that long. I know people in their 80's here will say they are just fine. God bless them, but we all know better. I retired at 60 and I never looked back. I don't think about work anymore and I forget what day it is. That's a good feeling. I doubt anyone laying on their deathbed ever said, "Man I only wish I had worked just one more day". Die With Zero to me means bounce that last check you write.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals??
Out of all videos I watched by this guy, it would have been a good time to say "Let's take a walk". on this one...too much background noise/distractions!
Just based on the title, "Die With Zero" rubs me the wrong way. Annuities and reverse mortgages strike me as selfish. I hope to live off the interest/dividends of my investments and leave the principal as a legacy to my kids so that they might have some of the opportunity we boomers were born into.
Based on mine & my OH parents & grandparents any “legacy” is too late to change future generations lives, theirs (and ours) all came either after retirement or just before. If you want to make a real difference, spend it on them now - 3 kids and 3 grandkids (and counting).
@br5380 that's a valid point and you made me look at it a different way. Certainly I agree with you and Azul that experiences and relationships are more important than rates of return. Have a good one!
@@Coover90210 It was my Grandma who pointed it out to me. She was always very generous, both with time & money. One time when I'd said thank you, but we're ok thank you (to a cash gift as first child just born and she knew we were struggling a bit) she said to me: "I enjoy spending my money on the things that give me pleasure, family gives me pleasure" She lived to 97, and in good health until the last week - she never went without but left nothing, on purpose.
I couldn't agree more ! We only make money when u make money (ever heard that one ?) No kidding, they skim about 1.5% for doing nothing. I mean, the markets will go up and go down, but always go up over time . Real rough one to figure out on your own. Way better doing it yourself.😊
Investing in a Roth IRA can be a good choice since they are funded with after-tax dollars, and your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. I retired with 2 million dollars.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
@@FarukStingl On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my portfolio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial planner who devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $260k since then.
@@CharliesMcCormicks Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this teacher?
@@KarenDuncan-o5s MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
@@CharliesMcCormicks I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you.
I think the people that should be worried are those of us who are retiring with less than a million. I have only 650k in my Roth and I don't know how to grow it.
I was in this same position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
@@ThomasChai05Could you possibly recommend a CFA you've consulted with?
Izella Annette Anderson is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for this. I'll send her an email to reach her, and I hope I'm able to reach her.
I retired at 65 1/2 just this July, 2024. I was a little worried about filling my time and my social life. (I was a sales Rep. ).Enjoyed my career but I had enough. I've already filled up my time. Discovered indoor rock climbing !!!! Started Tai-Chi. I've been learning a 3rd language ( German) the last year. I can't believe how I got everything done working full time. Garden keeps me busy during harvest time. This winter oil painting.
The increasing tax rate is the reason I rolled over my 401k to a ROTH. I wouldn't want to be paying taxes on current income on withdrawals made from my retirement account. I have been maxing out my 401k, 457b and Roth IRA for the past decade. Two incomes doing the same. Grinding down hard in my 20s-30s to let it ride into my 40s and beyond.
Pre-tax contribution may help reduce tax in you pre-retirement years. While after-tax-contribution may help reduce your income tax burden during retirement.
Both have their advantages but is also very possible to save for retirement outside retirement plan, such as an individual investment account or employing the expertise of a retirement planner/advisor.
I have always thought of getting a financial guide, but I didn't know the way to go about it. I stay in a small town outside the big city.
Well.. I do not perceive location as a barrier. You don't have to be in the big city to get the help you need. All you need is to get an advisor who pays close attention to your financial objectives and provide you with the appropriate strategy tailored towards achieving those goals. A financial planner that is committed to acting in your best interest. In so doing, the location where you are will not be a problem.
Getting a credible advisor can be tough. Any recommendations?
Yep! Retiring in a month at the age of 57. Not wealthy. Somewhat forced retirement. I have MS. But I can still get around O.K., and still could probably work part time another year, so going to call it quits and do some travel while I still can.
My last day: 31 Sept 2024. I am done!
Congrats, end of Sept (30th), is my date as well.
so you aren't ever retiring?🤣
Congratulations, mine is December 30th. Enjoy your retirement.
Just keep waiting for that date.
"Genetics loads the gun, diet and life style pulls the trigger."
Yeech. Simple but to the point.
Correct.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
I can retire with full pension in February at 55, but if I stay 3 more years, I can literally 10x my nest egg aside from my pension. I’m gonna try to 58.
You nailed it, Azul, about the happiness factor. It's not about keeping up with others. Like you, it's about travel, creating new experiences and adventures, and being a lifelong learner. That's what feeds my soul. Thank you for always keeping it so real.
I enjoy the sound of people having fun in the background!
I decided to pull the plug next February. Its only a year earlier than planned. My financial planners say I have enough. I won’t be able to super extravagant, but I’d rather have the time off while I’m still healthy. And, too many friends of mine are getting sick, and may not get to spend any of their retirement savings ☹️
We don’t know how many days we have left, but it is one less than yesterday.
but if yesterday was a good day, it can also be considered as one more day ✌🏼
Azul: "I apologize for the background ..."
girl in bikini floats by.
Me: "we're good!"
That's funny. Astute observation ... 😎 Azul
😆
I've been trying to figure out a way to have more freedom over the past few years. Have been working seasonally (at the Grand Canyon this summer), and planning to take half the year off and spend time in countries where cost of living is much cheaper. Last year spent a few months in Thailand, this year hoping to visit Philippines, Vietnam, and Taiwan. I've met a bunch of people in the seasonal work world who are doing something similar each year, and have inspired me and given me a lot of ideas. I've never made a lot of money, don't have a huge savings, and don't see a traditional retirement on the horizon, but I kind of look at this lifestyle as being semi-retired for part of each year. While I have my health and hopefully a little time ahead of me. Thanks for sharing the video, Azul. Enjoying your content 👍👍
Thank you Azul for your content, I really enjoy watching your videos. A breath of fresh air!
Great reminders about life stages, and nice discussion, Azul. Also love the "out and about" talks. Thanks for this video!
Azul, this is your best video yet! 🌟 Thank you for all the good things to consider!! 👍
Wow! Thanks for the kind words MaryAnn. You made my day. 😎Azul
I think overall I wouldn't mind working till 65, based on the career path I'm in. I enjoy my work, paid well, and spend sufficient time with the family. If my career is stable and I enjoy it, I'll work as long as possible since it adds to the quality of life. However, if I get laid off before 65 and I'm only doing it to accumulate more money for retirement then I'll just quit and retire. That's my general plan for length of my career.
Thanks!
Nice video as always. Like the location and the sounds of life.
Your cough says I’m not the only one 😊 I figured I would retire at 66 and 4 months. My CPA said to give her my numbers. She said that I would bring home more than if I stayed working. That was 3 years ago at 64 and 6 months. No regrets.
Weight on my shoulders is to keep working to max out my pension and ensure I get (essentially) free health care benefits (stipend to cover what medicare doesnt). Hopefully only a few more years. If it were just me I'd launch, but have a disabled adult child who will need support much of her life! So I love these videos and agree.. Just can't do it quite yet! :(
I hear you. ❤
Thank you Azul for your helpful content.
I'm pretty confident saying that no financial advisor has a crystal ball or can predict the future so cannot provide certainty. Clarity in terms of what your portfolio could do, yes. Definitely like the retire to rather than retire from. You don't need to have or know that next, next thing. Been retired for nine years and I have no interest in trying to find myself or a sense of purpose. Where was the ONE question?
Good stuff as always! Thank you brother!
Die with Zero & From Strength to Strength aren't for average people. First one is for people who are leaving behind too much money when they die, the guy who wrote is worth $100m+. Strength to strength is for people who feel empty after having a successful career, written by a Harvard professor.
I had a successful career as a nurse, I started strength to strength and I found it for a corporate person.
When you have a pension how would you calculate how much money you have for retirement?
I have a pension, what I do is calculate retirement budget, subtract pension, multiply what is left annually by 25. That is my minimum “number” for how much retirement savings I need. This assumes a 1 year expenses emergency fund not included in the number. I have about 24k a year in uncovered expenses so I need 600k minimum in retirement assets. This assumes a COLA pension. No COLA you need to add an additional cushion to cover decreased purchasing power of your pension over a 30 yr retirement.
Great video Azul. Loved it. 🙂
Thanks for the kind feedback. 🙏 Azul
Thank you for the reminders - so helpful.
Background noise distracting.
Azul, I like the location you chose to film from today 😊 Hope you have a blessed weekend 😊
Fear!?. gotta take a break from these videos... Because the one main stopper is health insurance/healthcare when it comes to retiring early.
Wife and i've been in the medical field for thirty years. Our insurance is Not great now, So to get coverage afterwards is such a headache especially retiring early.
We are set up pretty well and can live pretty cheap to give up so much money. If not much of it, just towards healthcare coverage, let alone healthcare costs is sickening.
This comment. Every person who retires early with Healthcare and a pension, well no kidding. As for the rest of us...
Use “voice isolation” on your IPhone to get rid of the background noise. Otherwise, great stuff, keep it coming!
I will be living abroad! Just by doing that , My expenses will CUT DOWN 50 percent .
I give up, what was the One question?
My pension is the only thing that's stopping me. It's like a chain; they get to keep tou for that period of time. 😢
Great content as always.
@azul, can you recommend a good financial advisor in south Davis county? Are you taking new clients?
TY sir. Feb 2025 for me.
Enjoyed it as usual Azul. But, you seem like you might be a bit sick. Take your own advice about maintaining you health and get it checked out.
I’m always clearing my throat and coughing. I have asthma and allergies. So maybe that’s what’s going on 🤷♂️
Living in a van down by the river. The American retirement dream
Feel lucky you got a van brother 😅
Losing your health is very subjective. It will only get worse as life goes on. From the day you are born, you begin to die. Enjoy life, your young life. It's a shame that it's all backwards. When you can really enjoy life, you have to work. You may even be sent off to war. Once you are in your 60's and on up, it's hard to do the things you could do at 20, 30, 40, 50. I really think you will start to feel a big difference in your stamina and health in your 60's. If you can, retire as early as you can, do it. I'm 66. Just think how fast time has gone by since you were 20. At 66, I look at it that I really only have maybe, 10 years of "good" quality of life if I even make it that long. I know people in their 80's here will say they are just fine. God bless them, but we all know better.
I retired at 60 and I never looked back. I don't think about work anymore and I forget what day it is. That's a good feeling. I doubt anyone laying on their deathbed ever said, "Man I only wish I had worked just one more day".
Die With Zero to me means bounce that last check you write.
Great video
How can you retire before 65 without a high cost of medical benefits
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals??
keep contributing to your 401K, remember you are in for the long haul, but I'd suggest you consider financial advisory
Have to retire at 65 due to insurance benefits...
Out of all videos I watched by this guy, it would have been a good time to say "Let's take a walk". on this one...too much background noise/distractions!
Good content just the same Azul as always.
4:00 that cough doesn’t sound good, when are YOU retiring?
Family hx of heart attack = check yourself out for sleep apnea please.
The one question is: do I have enough money? 😂
Just based on the title, "Die With Zero" rubs me the wrong way. Annuities and reverse mortgages strike me as selfish. I hope to live off the interest/dividends of my investments and leave the principal as a legacy to my kids so that they might have some of the opportunity we boomers were born into.
can't judge a book by its cover...title.
Based on mine & my OH parents & grandparents any “legacy” is too late to change future generations lives, theirs (and ours) all came either after retirement or just before.
If you want to make a real difference, spend it on them now - 3 kids and 3 grandkids (and counting).
@br5380 that's a valid point and you made me look at it a different way. Certainly I agree with you and Azul that experiences and relationships are more important than rates of return. Have a good one!
@@Coover90210 It was my Grandma who pointed it out to me.
She was always very generous, both with time & money. One time when I'd said thank you, but we're ok thank you (to a cash gift as first child just born and she knew we were struggling a bit) she said to me:
"I enjoy spending my money on the things that give me pleasure, family gives me pleasure"
She lived to 97, and in good health until the last week - she never went without but left nothing, on purpose.
If you're such a financial wizard, why are you living under a bridge?
He’s under a bridge so that you can relate to him!!!
He's under there looking for you!
You missed his earlier video about saving for retirement by living under a bridge. We're all doing it and saving tons of money.
January of 2025…
❤❤❤
The one question that frees someone to retire: Did I fire my financial advisor? If answer is a “ yes”, you can retire. Crooks!
I couldn't agree more ! We only make money when u make money (ever heard that one ?) No kidding, they skim about 1.5% for doing nothing. I mean, the markets will go up and go down, but always go up over time . Real rough one to figure out on your own. Way better doing it yourself.😊
@@MW-bz1qe Index funds at your chosen asset allocation and risk tolerance, set and forget 😊
That's what I am going to do next week. Should have done it sooner!!
Flat fee advisors. No incentives on selling you anything. Worth it for me.
WTF, why do we have Biden messages.
Stop it or you will lose me forever.
I didn’t see any Biden advertisement. Rather not see that as well.
😎👍👍
What advice for those who can't stand Wall Street? Who believes in annuities and have owned relastate??