I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
There is an inaccuracy in your video. Spousal benefits are not based on the year the primary takes benefits, But rather the primary’s PIA and the year the SPOUSE claims benefits. If the spouse waits until 67 she will receive 50% of the primary’s PIA regardless of when the primary claims benefits. Around the 9:30 mark you state in a round about way that Jimmy claiming early will affect her amount. It has no effect on her benefits.
Thanks for the comment but here is the exact wording from SSA.gov: The spousal benefit can be as much as half of the worker's "primary insurance amount". However, if the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. Your spousal benefits will be calculated based on this reduced amount.
@@yourfinancialekg Yes, That's exactly what it says and what I read "...However, if the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. Your spousal benefits will be calculated based on this reduced amount." When SSA says "spouse" they mean "spouse". They don't mean the primary. The corollary to this would be "...If the spouse begins receiving benefits at full retirement age, they will receive the full benefit." This whole segment is talking about the spouse, not the primary insured person. When the primary takes his benefits is not material. The only thing that matters about the primary is the PIA.
Retire in the Philippines. Live like a king on $3,000/mo. If you have $1,000-$1,500/mo budget, you can have a very comfortable life there. So, if you have $300,000 invested in dividend-paying stocks/ETFs, with average annual yield of 6%, you can generate $1,500/mo income WITHOUT touching principal.
We are going though the process and will be contacting Drew to get our EKG done once we get our information all together. I dont see how you can live on 3k a month with taxes, insurances, health care and food cost etc.
Enjoy all stages of your life. Drew is right, you are only in your 20s, 30s, and 40s once and you still have to save enough so you do not have to work until you are 80. A guy I know worked hard his whole life built a 1,100 acre farm, and had millions. When his wife was on her death bed a few years ago he was crying saying he never took her on a vacation or bought her a brand new car or really enjoyed the money they had and now it was too late. He is in a nursing home now in his mid 80s and still worth millions (doesn't do him much good). My bro's father-in-law is a financial advisor and he watches the obituaries and sometimes sees his clients passed, then he checks their investments and they died with millions (if that is your goal fine) which means they way over saved and they could have had more fun while they are young. On the flip side you do not want to work until 80 either so save what you need to and enjoy your life. Great info Drew. Great reason to get a financial advisor like Drew involved in your life.
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In Italy right now. 53 is a great time to start unraveling your life.
Jealous!
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
There is an inaccuracy in your video. Spousal benefits are not based on the year the primary takes benefits, But rather the primary’s PIA and the year the SPOUSE claims benefits. If the spouse waits until 67 she will receive 50% of the primary’s PIA regardless of when the primary claims benefits. Around the 9:30 mark you state in a round about way that Jimmy claiming early will affect her amount. It has no effect on her benefits.
Thanks for the comment but here is the exact wording from SSA.gov: The spousal benefit can be as much as half of the worker's "primary insurance amount". However, if the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. Your spousal benefits will be calculated based on this reduced amount.
@@yourfinancialekg
Yes, That's exactly what it says and what I read "...However, if the spouse begins receiving benefits before "normal (or full) retirement age," the spouse will receive a reduced benefit. Your spousal benefits will be calculated based on this reduced amount."
When SSA says "spouse" they mean "spouse". They don't mean the primary. The corollary to this would be "...If the spouse begins receiving benefits at full retirement age, they will receive the full benefit." This whole segment is talking about the spouse, not the primary insured person. When the primary takes his benefits is not material. The only thing that matters about the primary is the PIA.
Retire in the Philippines. Live like a king on $3,000/mo.
If you have $1,000-$1,500/mo budget, you can have a very comfortable life there.
So, if you have $300,000 invested in dividend-paying stocks/ETFs, with average annual yield of 6%, you can generate $1,500/mo income WITHOUT touching principal.
Hello, what about the public and private school for American kid? How much it cost?
@@cathyxu3243 $2,000-$3,000 per YEAR private collge. for public school, very very cheap like $300 per YEAR.
Awesome!
Thanks didn't know about the reduced spousal benefit of 30%
Glad this was helpful!
We are going though the process and will be contacting Drew to get our EKG done once we get our information all together. I dont see how you can live on 3k a month with taxes, insurances, health care and food cost etc.
Awesome, looking forward to it!
Another great video! I like seeing others to get an idea of where I will be. Looking forward to our EKG!
Awesome! Thank you!
Love your videos. Make sure to console your gator fan clients down there . GO BIG BLUE!!
Go Cats!
Enjoy all stages of your life. Drew is right, you are only in your 20s, 30s, and 40s once and you still have to save enough so you do not have to work until you are 80. A guy I know worked hard his whole life built a 1,100 acre farm, and had millions. When his wife was on her death bed a few years ago he was crying saying he never took her on a vacation or bought her a brand new car or really enjoyed the money they had and now it was too late. He is in a nursing home now in his mid 80s and still worth millions (doesn't do him much good). My bro's father-in-law is a financial advisor and he watches the obituaries and sometimes sees his clients passed, then he checks their investments and they died with millions (if that is your goal fine) which means they way over saved and they could have had more fun while they are young. On the flip side you do not want to work until 80 either so save what you need to and enjoy your life. Great info Drew. Great reason to get a financial advisor like Drew involved in your life.
Thank you for sharing this story.