Uncomfortable Truth about your Retirement Planning
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- เผยแพร่เมื่อ 19 ก.ย. 2024
- Retirement planning is about spending money. Everything thinks retirement planning is about saving money. You have to figure out what your life looks like in retirement. Then you can figure out how much it costs. Most people just come up with an arbitrary number they think they need and then they try to fit a life into that amount. This doesn't guarantee that you will get the life you want in retirement. You need to plan for the life you want, and then figure out how to pay for the lifestyle.
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Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
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Retried with a 7 figure portfolio and receiving about $243k in dividends. I have been in the stock market about 20 years. Am I worried? Am I selling? Absolutely not. I have purchase growth stocks too a little at a time over the past few weeks. I am going to sit back and observe how this all plays out, adding more at a time. my investment strategy with my FA actually calms me down. Eye on the prize, stay the course!
That is awesome. Unless you are in a seriously high cost of living area, you have a great amount of wiggle room. That wiggle room is where that piece of mind comes from.
Growing affluence is such a lovely thing to see!
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Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
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There is not perfect way to save money or retire. You just have to keep working and saving, period. Pretty simple IF you have enough leftover to even save. That's the biggest problem with a lot of people. They just don't make enough to do both, unfortunately. I was semi-retired at 60. Retirement is tough whether you have money or not. It kinda sucks and can be very boring. LOL. Finding things to do, new friends, etc. Good luck to everyone.
Not alot just $2300 a moth. So all I needed was 3 rent houses and I have them now and still working full time just because I truly like my job. Age 63
That is awesome. I used all of my income last year to pay off mortgage instead of buying more houses. I paid off one mortgage last month. Now I have 2 houses paid in full. It feels pretty good. Good just my friend.
In short figure out a budget for retirement, then figure out how to get the cash flow to meet the budget. Sounds easy, but it is incredibly difficult. I agree it is a better approach than just targeting a $2million portfolio without a bunch of other parameters. In the end we all have to worry about money and spending, without “knowing” exactly what those numbers will be.
Having retired over the last 2 years, we are fine, enjoying it immensely, but still constantly learning and adjusting. There is no right plan. There are better and worse approaches. We will inherit one rental soon, but have no interest in being a landlord, but have other resources. The advantage of living off of just Social Security, is that there is little to worry about except being poor. Once you have more than that it becomes a lot more complicated.
Congratulations on retiring. You make good points too. You should looking into getting a property manager for the rental you may inherit. If its a long term rental they should only charge you 10% and then maybe the numbers still make sense and then you don't have to deal with the day to day. I've looked at all of the retirement calculators and watched a 1,000 videos on the subject myself. But, you are right, life has to many variable to nail it down. I belive in buffers. But, I also think the fear of the unknown also keeps a lot of people working longer than they need to. I call it "one more year syndrome". Thanks for the comment.
First, being debt free is the best way to need less money in retirement. Second, most people have social security income at some point and some even have pensions. This needs to be addressed as well. Third, taxes and RMD's need to be addressed in all your calculations. Not all income is taxed the same and the amount that you personally will need from income will be different based on what is 'automatically' coming to you from social security (and pension, if any). If you need $50,000 a year, for example, and you will be getting 25,000 a year from soc. sec., then the remaining 25,000 is all you really need to concern yourself with. Real estate properties can be a pain in the neck for lots of people to manage due to tenants not paying or destroying property, etc. I think I would do almost any job before I would be a landlord; too many stories from grandparents who went that route to entice me to follow suit.
Great points Peter. I didn't get into taxes etc. because I just wanted to make the point that people need to know what they want their life to look like and then plan for that cost. I've always been self employed so I just don't even factor in SS payments because they will be very low and my wife immigrated to this country so she only had about 10 years of paying into SS before she retired. So I just plan on being self sufficient. As far as owning rentals go, it is not for everyone. But, whenever I hear people talk about how hard it is owning properties it is usually from people who have just heard how hard it is. They haven't actually been a landlord. I don't say this to sound snarky, just that is what I've noticed. But, I've been doing it a long time so it is part of my life.
I turned it off when I heard you say that EVERYONE is planning their retirement all wrong and YOU will tell people a "better way" of how to plan for their retirement. lol
I corrected myself and said "almost everyone" because I know there would be one grouchy person out there who would have smart alec comment. Thanks for not letting me down.
I’m sorry but I learned nothing from this video that I didn’t know. Use your 8 minutes for something else
If you're so smart you should have a TH-cam channel and enlighten the rest of us.
@@TheRetirementality I agree, it’s not easy doing what you do. And you are right. I apologize, don’t want to be unkind. Frustrated because it was good clickbait. I was really looking forward to finding out some new plan. Having listened to this again, I agree with what you said completely.
what IS retirement?
My definition Is when Im to physically unable to stop doing things. For self or others etc.
I'd say my idea of retirement is when I truly don't have to do anything to earn money. That's why I call what I do now, recreational employment. I don't have to work but I still want to. And I do 'have' to do work on my rental properties. If I stopped selling real estate, and stopped making youtube videos, and turned over all of my rentals to a management company and I had to do zero things related to money. I'd say I was "in retirement". It isn't really my goal right now. I'm enjoying "recreational employment".
I know exactly what I both want and need and exactly how I will get there and maintain it
Your video was good except one observation
Your rental properties cost/are worth a sum of money,no different than having/ needing a pot of money in stocks/ bonds to reach retirement
I grew up with grandparents both having rental properties and I NEVER want any part of that.
@@edwardpate6128 I agree, I also want no part of it.
But I can understand those who have done it a long time, it's part of who they are. No different than me and my investment style.
I don't trust they are always honest about there real return though. They leave a lot out of there experience of being a landlord
That is true, but the money I spent to buy the rentals is a lot less than the money I would have needed to save to pay me the same about of income. I guess I didn't make that point in the video. Thanks for the comment.
Yea, it's not for everyone. But, for me it is a lot less scary than the stock market.
@@TheRetirementality I wish you luck rental properties seem to be what you are comfortable with