I just turned 59 and awfully late to investing with barely any portfolio asides my 401k. I have a decent amount of cash saved up but I have some debt. I’m getting worried about retirement. How do I best optimize my savings?
Retirement is now more difficult than it was in the past, it’s all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
AGREED. I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2022. I’m now semi-retired and only work 7-8 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
I’m intrigued by your progress. Could you share some insights into your strategy or perhaps recommend specific resource or advisor that has led to your success.
My CFA, *Peter Dewitt Martin* is a renowned figure in his field. I recommend searching his name online; you’ll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion, I really needed it. I looked him up on Google and explored his website, he has an impressive background in finance. I’ve sent an email and I hope to hear back from him soon!
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.
You 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 them later when they go up. Just do your homework and be aware of the risks before diving in!
@@MarcoWanner-h8j I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@FostersCapones Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
@@JacobReynolds-t7v There are many independent advisors to choose from. But I work with MARGARET MOLLI ALVEY and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
@@FostersCapones Thank you so much for your helpful tip! I was able to verify the person. She seems very proficient and I'm grateful for your guidance.
I went through the mental part of this VLOG. I so was not mentally prepared for doing nothing all day. It almost killed me. I live alone. Never married, No kids, no relatives who live close. Kinda the trifecta for loneliness. Overcoming the loneliness is still ongoing but I'm convinced I will get there.
Can I suggest moving to a 55 plus community? There are a zillion activities and social clubs and you can do as much as you want or as little. It is an outstanding lifestyle for people who are alone, including singles clubs etc.
Not sure how healthy you are or where you live but if you can, buy you a nice high quality bicycle and get out and ride, join some riding clubs and meet older folks like yourself and ride a couple times a week or more with others if you can. It makes you feel young, its super enjoyable once you get over the initial out of shape issues and there is nothing better for putting you in a great mood. You will be able to eat more, since your burning more calories, you will sleep better and will get into better overall shape. If that is not a viable option try walking. Being outside is good for the sole. Sitting on your butt inside day in and day out is awful. That's my .02 worth.
Start volunteering, especially at church, to contribute to society and build your social group with like-minded individuals. If eligible, you could join the Daughters of the American Revolution or the Sons of the American Revolution.
I took a pre-retirement 'gap year' overseas. I was turning 55 and had the means to do this for just one year. Learned a LOT about myself and my hobbies and goals. Made sure to get out and explore every day. I took art lessons and train rides to rural locations. I discovered that I am an early riser and NOT just because of an alarm clock! (who knew??) Came back to determined to replicate the same or better experience at age 65 and energized to make it happen. BEST decision EVER!
My biggest fear is exactly that spending too much time on the couch. In all honesty, I find myself doing that already on my weekends especially during football season and fall weather. I am thinking of getting a part time job shortly after I retire before the lore of the couch has me completely in its grasp.
I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?
I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.
She goes by “Annette Christine Conte I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Thanks for spending time on insurance. Health insurance is the biggest obstacle for me. The gap before qualifying for medicare is one part. Then the gap for my wife after I qualify is a second challenge. It's the one thing that there is no clear answer for.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Stacy Lynn Staples taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so many ways! She has upscaled my portfolio and even got me reading self help books haha
Stacy Lynn Staples' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Planning to retire in 20 years? With rising inflation, the cost to maintain your current lifestyle could reach $2.6 million or more. The combination of high inflation, lower projected stock market returns, and stagnant wages makes securing an early retirement more challenging than ever
A good way to invest during a recession is by buying stocks in sectors like consumer staples, utilities, and healthcare, which usually stay strong. But it's important to consult a financial advisor before making these decisions.
AGREED. I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2022. I’m now semi-retired and only work 7-8 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
Medical was hard, its pretty much a black box until you are ready to retire. you can't get access to resources for planning at least in terms of costs until your only a month or 2 out from retirement.
Medical is easy. Retire to a country that has a civilized and affordable healthcare system. I no longer name the country I am going to in order to limit the interest from other Americans. I don't want those people around me ever again.
@@timboehm8700What is your problem? I have lived and worked on four continents and the healthcare system in the US is a failure. However, your ignorance precludes you from understanding that little factoid. Even Colombia, South America is rated higher in distribution of healthcare with better outcomes than the third world country of the USA. Just listen to the damn video.
Geoffrey, thank you for what you do to help all of us plan for a better retirement. This video is just the latest example. Your channel is by far the most trustworthy source I've found.
Great video! My dad retired two years ago, and he struggled with the adjustment. It’s true that preparing mentally is just as important as the finances. Your wife's coaching sounds invaluable for making that transition smoother!
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
Julianne Iwersen Niemann is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.
Great ideas and points to consider. Please consider doing a more in depth video for " Getting Mentally Prepared" for retirement. I too have saw too many folks retire, go home, sit in the recliner until their health deteriorates. They seem to lose their purpose in life, so sad.
We have $1M in an IRA. I have $55K per year in federal pensions, backed by COLAs. She is 63 and spending down her accounts (a huge life insurance surrender value and an IRA.) I'm still working, but for myself as a "solopreneur." I work about 20 hours per week, doing only what I like to do (instead of running the bureaucracy). I now no longer give my most; I give my BEST! Neither of us has yet to file for Social Security. She'll file when she spend down those other accounts. I'll file at 70. We anticipate the value of our "permanent" income will be about $140K, plus whatever our IRA provides 5 years from now.. Our hardest question is how to transition from being savers into being spenders.
A financial advisor told me that the "emergency fund" was not meant to cover a new roof or HVAC system; those should be planned for in advance. We sat down and made a list of every extra expense we will either HAVE to make or WANT to spend on for the next 5 years and set aside $$ in our short term assets for those.
Good stuff here! My wife and I retired in April. 2 1/2 years ago we buckled down and paid off all of our credit card debt (over $25000) . We also saved enough for an emergency fund. How did we do that you ask? BUDGETING! Get a good budgeting program and know where every cent goes, every single month. We will still have a mortgage payment for a couple of years, but we knew that when we retired. He is right about it being A LOT of work! But we feel blessed!
In my second year, just keeping looking around and finding new, interesting things to do. Trying to keep it activity / action based as opposed to purchase / toy based... LOL
The most terrifying transition is when you have a family owned business and some children who will be taking over the business, as you continue as a ‘silent partner’ trying to avoid taxes from selling the business outright & avoid children taking a loan with interest to buy the business outright. It is a nightmare to try to figure out when you have several children, some continuing your profession, some not.
One of the things we don't really have to worry about in UK is healthcare. Pretty much all free ( although we do have waiting lists ) and free prescriptions for all from age 60.
Waiting lists? Can you please explain? For instance, if you were diagnosed with cancer, how long would it take for testing to grade the cancer and to treat that cancer? Is the treatment options decided by your oncologist/specialist and you, or is there outside entity having to prove the treatments?
@threeftr3349 Our healthcare is looked at regionally by individual health authorities, so each area will have varying waiting list times operating under national targets snd guidlines. So if you live in one area, you might be seen in a week , but in another it may be 2 or 3 months depending on availability/seriousness of diagnosis / demographics etc . Of course, you can also pay privately if you wish.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since the pandemic in early 2020, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.
'Izella Annette Anderson’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance
Why isn’t just banking $100-$150k in liquid assets to cover medical expenses until Medicare a viable option for early retirees? I've researched everything from triple bypasses to cancer and paying cash for those procedures and even in California and New York $150k is enough. Paying $10-15k in insurance premiums is a waste of money for an event that will likely never happen to most of us in the early retirement years of 57-65. Mr Schmidt I'd love to hear you thoughts on this approach. It’s all a hedge at some point is t it?
My employer includes a continuation of fully paid insurance as part of their defined benefit retirement. It transitions into a really good Advantage plan. The job pays less, but the tradeoff is looking to be well worth it.
If you can plan your early retirement date and you plan to use the ACA for health insurance. Since your monthly premium is based on your estimated income for the calendar year, plan to retire in January-March as your yearly income should be lower and as a result your monthly ACA health insurance premiums.
Many Americans, including myself, are struggling financially. According to statistics, 22% have no retirement savings, 64% worry about running out of money, and 47% of non-retirees expect to work part-time in retirement. I've saved some money outside of my retirement accounts, but it's dwindled over time. What's the best way to grow my savings?
I have watched almost all of your videos and they have been a huge help. My home is paid off, and almost no debt. Saving lots of cash. I do have a question. What would you do if you had one large debt and wanted to retire in 2 years? With a 6month emergency fund already in place? Would you take all your 'extra' funds and pay on the debt? Or would you continue socking away the cash?
Dave Ramsey would berate you for not paying off the debt. However, cash (on hand) is king and always will be. If cash reserve is solid, then yes, attack the debt. That would be my plan but I'm no CFP nor do I play one on TV. ;)
I’m 62 years old widows retired 5 months ago. I’m Japanese came to us 38 years ago. I love your show been watching for month. One advice I have is I pay every thing with Credit card and pays off every Friday, so I build points to use other things.
The stock market is definitely picking up pace right now, but I still think investors should be careful at this time. I'm actually a newbie in this space, so l'm open to hearing other investors' take on this.
Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
I am in 68 years old and plan to retire in two years. I know some of you are going to ask, why didn’t you retire already? The answer is simple, I enjoy what I do, plus I’ve worked since I was (about) 15. This will be the 2nd time I have “retired”. The first time was when I retired in the army, so this time I am ahead of the game.
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider advisory services for better planning
I'm quite lucky exposed to finance at early age, started full time job at 19, purchased first home 28. Going forward, got laid off 36 amid covid-outbreak and at once consulted a professional. As of today, I'm just about 10% short of $1m after 100s of thousands invested.
bravo!! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your FA can be of help?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Becky Lou Gordon” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Even with health insurance, most people of modest means will be bankrupted if they get a chronic, debilitating condition. The health insurance companies are a 'fair weathered' friend.
Nine minutes and 30 seconds in, yes some folks DO choose to sit in front of the TV. But they normally do NOT make it "20, 30 or 40 years." Indeed, they go downhill VERY FAST, and they DIE.
My husband is 70 years old, but not planning to retire for another year after I turn 65. Should he go ahead and start drawing SS and putting it into a savings account of some kind for the next year or is that a tax problem?
Yes. He should file immediately. I believe he can file retroactively for 3 months. His benefit does not increase after turning 70. Have taxes withheld from his social security payment since it is taxable income and bank the rest.
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
The comments in your videos contain people recommending "Life Coaches" and financial advisers. They use the exact same sentence structure every time. The next comment is someone asking who and how to contact them, same language every time. Clearly lots of scammers in your video comments.
The biggest unknown is if there will be cuts to S.S. Or not for us that are in our mid 50s. That’s a big factor. Our government likes to leave these important issues to the last minute. That’s why I use a reduced S.S. For my calculations.
I would add Christian health care sharing arrangements to the medical plan options. Far cheaper than regular insurance and often pay nearly 100% of medical expenses. Only downside appears to be it will not cover pre-existing conditions.
They are mostly scam "insurance options". They aren't insurance and so aren't regulated by the state. They can change the price and the rules whenever they want and for any reason they desire. It's just another big grift like all the other religious grifts.
@@jdenino6022 Some might be more comfortable with a regular insurance contract, but have you ever read the exceptions? Take it from an attorney, regular insurance companies are in the business of denying claims and will invoke any exception clause they can without regard to how cruel it is. Whereas a religious group is likely to actually consider the equities.
I have BC/BS through the federal civil service. I also have TRICARE through my military retirement. When I turned 65, I had to take Medicare Parts A and B--even though I didn't need them--In order to continue to be eligible for TRICARE. This is important because my wife isn't yet Medicare-eligible. Once she is, we might drop both TRICARE and Medicare Part B. We'll see.
Obamanation care works great for me. But I am poor (on paper). Income below $20k year and that's mostly by converting IRA to Roth. Works for me. I retired at 52. Life is GOOD!
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
This is good advice, but please, edit yourself. More money per month, but "fewer" payments! This sort of mistake makes me wonder what other details you are missing.😊
I think you misunderstood the statement. Regardless of when you start SS payments, they stop at your passing. So if my expiration date is at 80, waiting until 70 means I get bigger checks but only 10 years of them as opposed to starting at 62 and getting smaller checks for 18 years.
@@jreeser11 If I am receiving investment/retirement advice from an English major, you are correct (I did not use the word “right” which hopefully pleased you). But the purpose of all language is communication. If the listener understands what the speaker is attempting to communicate: Job done. Sorry if I sent you into convulsions with that closing colloquialism.
I just turned 59 and awfully late to investing with barely any portfolio asides my 401k. I have a decent amount of cash saved up but I have some debt. I’m getting worried about retirement. How do I best optimize my savings?
Retirement is now more difficult than it was in the past, it’s all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
AGREED.
I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2022. I’m now semi-retired and only work 7-8 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
I’m intrigued by your progress. Could you share some insights into your strategy or perhaps recommend specific resource or advisor that has led to your success.
My CFA, *Peter Dewitt Martin* is a renowned figure in his field. I recommend searching his name online; you’ll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion, I really needed it. I looked him up on Google and explored his website, he has an impressive background in finance. I’ve sent an email and I hope to hear back from him soon!
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.
You 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 them later when they go up. Just do your homework and be aware of the risks before diving in!
@@MarcoWanner-h8j I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@FostersCapones Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
@@JacobReynolds-t7v There are many independent advisors to choose from. But I work with MARGARET MOLLI ALVEY and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
@@FostersCapones Thank you so much for your helpful tip! I was able to verify the person. She seems very proficient and I'm grateful for your guidance.
I went through the mental part of this VLOG. I so was not mentally prepared for doing nothing all day. It almost killed me. I live alone. Never married, No kids, no relatives who live close. Kinda the trifecta for loneliness. Overcoming the loneliness is still ongoing but I'm convinced I will get there.
Can I suggest moving to a 55 plus community? There are a zillion activities and social clubs and you can do as much as you want or as little. It is an outstanding lifestyle for people who are alone, including singles clubs etc.
Not sure how healthy you are or where you live but if you can, buy you a nice high quality bicycle and get out and ride, join some riding clubs and meet older folks like yourself and ride a couple times a week or more with others if you can. It makes you feel young, its super enjoyable once you get over the initial out of shape issues and there is nothing better for putting you in a great mood. You will be able to eat more, since your burning more calories, you will sleep better and will get into better overall shape. If that is not a viable option try walking. Being outside is good for the sole. Sitting on your butt inside day in and day out is awful. That's my .02 worth.
Your local library may have community activities. I plan on playing cards , joining a walking club etc. When I retire.
Start volunteering, especially at church, to contribute to society and build your social group with like-minded individuals. If eligible, you could join the Daughters of the American Revolution or the Sons of the American Revolution.
I took a pre-retirement 'gap year' overseas. I was turning 55 and had the means to do this for just one year.
Learned a LOT about myself and my hobbies and goals. Made sure to get out and explore every day. I took art lessons and train rides to rural locations. I discovered that I am an early riser and NOT just because of an alarm clock! (who knew??)
Came back to determined to replicate the same or better experience at age 65 and energized to make it happen. BEST decision EVER!
I am 61 going to retire in July at 62- I just love your videos- you are 100 % right about everything on this video !
My biggest fear is exactly that spending too much time on the couch. In all honesty, I find myself doing that already on my weekends especially during football season and fall weather. I am thinking of getting a part time job shortly after I retire before the lore of the couch has me completely in its grasp.
Easy solution - get a dog.
My labrador keeps me active. 😊
Embrace the couch. Watch sports. You earned it.
A part-time job or volunteering schedule can help keep you engaged.
It’s easy to do. Best of luck.
My husband sits on the couch a lot but he also goes for walks. Not enough exercise and we have a small dog that he walks.
I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?
I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
She goes by “Annette Christine Conte I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I love your videos. They're so informative, but also really funny! Thanks Holy Schmidt!
Thanks for spending time on insurance. Health insurance is the biggest obstacle for me. The gap before qualifying for medicare is one part. Then the gap for my wife after I qualify is a second challenge. It's the one thing that there is no clear answer for.
People are facing a tough retirement. and it's even harder for workers to save due to low-paying jobs, inflation, and high rents. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire in.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Stacy Lynn Staples taught me to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so many ways! She has upscaled my portfolio and even got me reading self help books haha
Impressive! How can I contact this advisor? My portfolio has underperformed, and I need guidance.
Stacy Lynn Staples' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Planning to retire in 20 years? With rising inflation, the cost to maintain your current lifestyle could reach $2.6 million or more. The combination of high inflation, lower projected stock market returns, and stagnant wages makes securing an early retirement more challenging than ever
A good way to invest during a recession is by buying stocks in sectors like consumer staples, utilities, and healthcare, which usually stay strong. But it's important to consult a financial advisor before making these decisions.
AGREED.
I’ve always delegated my excesses to an advisor, since suffering major portfolio loss early 2022. I’m now semi-retired and only work 7-8 hours a week with barely 25% short of my $1m retirement goal after subsequent investments to date.
@@j.ottinger Could you kindly elaborate on the advisor's background and qualifications?
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
Medical was hard, its pretty much a black box until you are ready to retire. you can't get access to resources for planning at least in terms of costs until your only a month or 2 out from retirement.
Medical is easy. Retire to a country that has a civilized and affordable healthcare system. I no longer name the country I am going to in order to limit the interest from other Americans. I don't want those people around me ever again.
Wow... now thats helpful...@@randymillhouse791
@@randymillhouse791we’re glad your gone
Actually there is a game to play with adjusting your income into the correct ACA windows. The Key word is income.
@@timboehm8700What is your problem? I have lived and worked on four continents and the healthcare system in the US is a failure. However, your ignorance precludes you from understanding that little factoid. Even Colombia, South America is rated higher in distribution of healthcare with better outcomes than the third world country of the USA. Just listen to the damn video.
Ouch! Was it your birthday they had to miss? Good stuff btw. I love your advice and your voice.
It’s great that you made this channel! You have helped me and many others along our path to retirement. Love your channel and keep up the great work!
Geoffrey, thank you for what you do to help all of us plan for a better retirement. This video is just the latest example. Your channel is by far the most trustworthy source I've found.
This is great info. Thank you!
Thankyou oh mighty algorithm for suggesting Geoff's content. Gotta go ask my Magic 8 Ball at what age to start soc sec.
Cheers!
Great video! My dad retired two years ago, and he struggled with the adjustment. It’s true that preparing mentally is just as important as the finances. Your wife's coaching sounds invaluable for making that transition smoother!
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
Julianne Iwersen Niemann is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.
Carefull with your assets friend, I hope you don’t fall into a scammer
@@KentBronoHey is she finally off parole?
I saved for retirement but I don't see it lasting very long. My health care under Medicare is 3x what I paid at 64
Great ideas and points to consider. Please consider doing a more in depth video for " Getting Mentally Prepared" for retirement. I too have saw too many folks retire, go home, sit in the recliner until their health deteriorates. They seem to lose their purpose in life, so sad.
So true….
We have $1M in an IRA. I have $55K per year in federal pensions, backed by COLAs. She is 63 and spending down her accounts (a huge life insurance surrender value and an IRA.) I'm still working, but for myself as a "solopreneur." I work about 20 hours per week, doing only what I like to do (instead of running the bureaucracy). I now no longer give my most; I give my BEST! Neither of us has yet to file for Social Security. She'll file when she spend down those other accounts. I'll file at 70. We anticipate the value of our "permanent" income will be about $140K, plus whatever our IRA provides 5 years from now..
Our hardest question is how to transition from being savers into being spenders.
A financial advisor told me that the "emergency fund" was not meant to cover a new roof or HVAC system; those should be planned for in advance. We sat down and made a list of every extra expense we will either HAVE to make or WANT to spend on for the next 5 years and set aside $$ in our short term assets for those.
Great video, for health care if you’re a veteran you may qualify to use the VA as a health care option.
Good stuff here! My wife and I retired in April. 2 1/2 years ago we buckled down and paid off all of our credit card debt (over $25000) . We also saved enough for an emergency fund. How did we do that you ask? BUDGETING! Get a good budgeting program and know where every cent goes, every single month. We will still have a mortgage payment for a couple of years, but we knew that when we retired. He is right about it being A LOT of work! But we feel blessed!
In my second year, just keeping looking around and finding new, interesting things to do.
Trying to keep it activity / action based as opposed to purchase / toy based... LOL
thanks. 62. out of debt. Your vids are good. like you said few plan ahead.
The most terrifying transition is when you have a family owned business and some children who will be taking over the business, as you continue as a ‘silent partner’ trying to avoid taxes from selling the business outright & avoid children taking a loan with interest to buy the business outright. It is a nightmare to try to figure out when you have several children, some continuing your profession, some not.
One of the things we don't really have to worry about in UK is healthcare. Pretty much all free ( although we do have waiting lists ) and free prescriptions for all from age 60.
Waiting lists? Can you please explain?
For instance, if you were diagnosed with cancer, how long would it take for testing to grade the cancer and to treat that cancer? Is the treatment options decided by your oncologist/specialist and you, or is there outside entity having to prove the treatments?
@threeftr3349 Our healthcare is looked at regionally by individual health authorities, so each area will have varying waiting list times operating under national targets snd guidlines. So if you live in one area, you might be seen in a week , but in another it may be 2 or 3 months depending on availability/seriousness of diagnosis / demographics etc . Of course, you can also pay privately if you wish.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
consider investment planning, learning from a well experienced advisor is invaluable
That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since the pandemic in early 2020, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.
@@mariaguerrero08That's quite impressive! Can you share more information about your financial advisor?
'Izella Annette Anderson’, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Why isn’t just banking $100-$150k in liquid assets to cover medical expenses until Medicare a viable option for early retirees? I've researched everything from triple bypasses to cancer and paying cash for those procedures and even in California and New York $150k is enough. Paying $10-15k in insurance premiums is a waste of money for an event that will likely never happen to most of us in the early retirement years of 57-65. Mr Schmidt I'd love to hear you thoughts on this approach. It’s all a hedge at some point is t it?
My employer includes a continuation of fully paid insurance as part of their defined benefit retirement. It transitions into a really good Advantage plan. The job pays less, but the tradeoff is looking to be well worth it.
If you can plan your early retirement date and you plan to use the ACA for health insurance. Since your monthly premium is based on your estimated income for the calendar year, plan to retire in January-March as your yearly income should be lower and as a result your monthly ACA health insurance premiums.
ACA costs are based on the whole year, which you estimate when you sign up. It's irrelevant when you retire.
Many Americans, including myself, are struggling financially. According to statistics, 22% have no retirement savings, 64% worry about running out of money, and 47% of non-retirees expect to work part-time in retirement.
I've saved some money outside of my retirement accounts, but it's dwindled over time. What's the best way to grow my savings?
You can search her name on Google & check if she meets your requirements, You'd find necessary details to work with to set up an appointment.
I have watched almost all of your videos and they have been a huge help. My home is paid off, and almost no debt. Saving lots of cash. I do have a question.
What would you do if you had one large debt and wanted to retire in 2 years? With a 6month emergency fund already in place? Would you take all your 'extra' funds and pay on the debt? Or would you continue socking away the cash?
Dave Ramsey would berate you for not paying off the debt. However, cash (on hand) is king and always will be. If cash reserve is solid, then yes, attack the debt. That would be my plan but I'm no CFP nor do I play one on TV. ;)
I’m 62 years old widows retired 5 months ago. I’m Japanese came to us 38 years ago. I love your show been watching for month. One advice I have is I pay every thing with Credit card and pays off every Friday, so I build points to use other things.
At 60 lost my job health insurance premium went from 25 to 1k a month.
Switched to Medi-cal
No cost !
The stock market is definitely picking up pace right now, but I still think investors should be careful at this time. I'm actually a newbie in this space, so l'm open to hearing other investors' take on this.
Wow! I thought it was as simple as quitting your job once you had enough money.
Yes ... But define "enough". I find that hard.
Excellent video.
Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
I am in 68 years old and plan to retire in two years.
I know some of you are going to ask, why didn’t you retire already?
The answer is simple, I enjoy what I do, plus I’ve worked since I was (about) 15.
This will be the 2nd time I have “retired”. The first time was when I retired in the army, so this time I am ahead of the game.
I’d be retiring or working less in 5 years, curious to know how best people split their pay, how much of it goes into savings, spendings, and investments. I earn around $250k per year but nothing significant to show for it yet.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider advisory services for better planning
I'm quite lucky exposed to finance at early age, started full time job at 19, purchased first home 28. Going forward, got laid off 36 amid covid-outbreak and at once consulted a professional. As of today, I'm just about 10% short of $1m after 100s of thousands invested.
bravo!! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your FA can be of help?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Becky Lou Gordon” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
How important is downsizing? I live in highly taxed NYS. Kids are almost out.
The kids cost more than you realize in consumption. You will notice when they're gone.
Kids are 300k until age 18
Even with health insurance, most people of modest means will be bankrupted if they get a chronic, debilitating condition. The health insurance companies are a 'fair weathered' friend.
53 now will retire in two years.Will work part time for fun.
Tricare for the win.
We pay $700 a month for health insurance. I sure hope it is less than that.
Just checked on mine and it would be $1,000 per month. Crazy!!
Nine minutes and 30 seconds in, yes some folks DO choose to sit in front of the TV. But they normally do NOT make it "20, 30 or 40 years." Indeed, they go downhill VERY FAST, and they DIE.
My husband is 70 years old, but not planning to retire for another year after I turn 65. Should he go ahead and start drawing SS and putting it into a savings account of some kind for the next year or is that a tax problem?
Yes. He should file immediately. I believe he can file retroactively for 3 months. His benefit does not increase after turning 70. Have taxes withheld from his social security payment since it is taxable income and bank the rest.
Planning ahead is the key to a smooth transition! 🗝✨ Can’t wait to see what tips are on the list 👀📋
Does your wife have a TH-cam channel on transitioning into retirement? What does she charge for her services! I’m retiring in 4 1/2 months.
!!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
As a newbie investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $200k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice! once you hit a big milestone, the next comes easier. How can i reach her, if you don't mind me asking?
The comments in your videos contain people recommending "Life Coaches" and financial advisers. They use the exact same sentence structure every time. The next comment is someone asking who and how to contact them, same language every time. Clearly lots of scammers in your video comments.
COBRA is 36 months in New York fyi.
Your relative didn't just retire from work.
He retired from life.
The biggest unknown is if there will be cuts to S.S. Or not for us that are in our mid 50s. That’s a big factor. Our government likes to leave these important issues to the last minute. That’s why I use a reduced S.S. For my calculations.
This has happened many, many times before, there is nothing new here.
In my opinion if there are cuts made to SS, they will largely apply to future retirees who are still young enough to make adjustments.
Cut in 4 years. Gone in 6.
@@13thBeatleJr doubtful. Social security is basically the third rail of US politics.
@@Ethan-bu2zynope project 2025 will be fully implemented.
SS fully disposed by 3031
At almost 69 it's time to retire. Money is not an issue any longer so even though I like to work, it makes no economic sense.
Then retire and start enjoying life.
"Retirement isn’t an end goal, but a journey best secured by careful and consistent investments."
Well said! My adviser guided me through retirement planning, ensuring my investments were strategically positioned for long-term rewards.
That's a great point! Finding a reliable financial adviser would be essential for me to ensure my retirement plans are well-structured.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
I would add Christian health care sharing arrangements to the medical plan options. Far cheaper than regular insurance and often pay nearly 100% of medical expenses. Only downside appears to be it will not cover pre-existing conditions.
They are mostly scam "insurance options". They aren't insurance and so aren't regulated by the state. They can change the price and the rules whenever they want and for any reason they desire. It's just another big grift like all the other religious grifts.
no, that's not insurance, that's pet insurance.
@@jdenino6022 Some might be more comfortable with a regular insurance contract, but have you ever read the exceptions? Take it from an attorney, regular insurance companies are in the business of denying claims and will invoke any exception clause they can without regard to how cruel it is. Whereas a religious group is likely to actually consider the equities.
The biggest reason I am looking forward to my retirement is I will have more time to spend on my hobbies
I have BC/BS through the federal civil service. I also have TRICARE through my military retirement. When I turned 65, I had to take Medicare Parts A and B--even though I didn't need them--In order to continue to be eligible for TRICARE. This is important because my wife isn't yet Medicare-eligible. Once she is, we might drop both TRICARE and Medicare Part B. We'll see.
You don't need to OWN a place to retire, just budget in rent into your retirement cashflow
Federal employee… will retire in 3 years at 59 1/2. I cannot wait! Tired of rate race!
"Transition Coach" has more than one meaning these days...
Lmao
Yuck
Ok that's funny right there. You win the internet for today. Well played!
😂
@@johngarceau541I aggree yuck
I don’t expect it would be that with this channel.
Retirement is a tough job.
Obamanation care works great for me. But I am poor (on paper). Income below $20k year and that's mostly by converting IRA to Roth. Works for me. I retired at 52. Life is GOOD!
I think investors should always put their cash to work, especially In 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
❤
bummer
You’re relaxed guy sounds more like someone who completely burned themselves out over a lifetime of work. He needs help not criticism.
that sounds like cognitive loss
😀
Be alert- SCAMMERS POSTING
This is good advice, but please, edit yourself. More money per month, but "fewer" payments! This sort of mistake makes me wonder what other details you are missing.😊
I think you misunderstood the statement. Regardless of when you start SS payments, they stop at your passing. So if my expiration date is at 80, waiting until 70 means I get bigger checks but only 10 years of them as opposed to starting at 62 and getting smaller checks for 18 years.
@@anthonyhale1110 you misunderstood me, the choice of words is incorrect. Fewer, not less. Grammar is important.
@@jreeser11
If I am receiving investment/retirement advice from an English major, you are correct (I did not use the word “right” which hopefully pleased you).
But the purpose of all language is communication. If the listener understands what the speaker is attempting to communicate: Job done.
Sorry if I sent you into convulsions with that closing colloquialism.
Zzzzzzz
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Kathy lien
Same, I met Kathy lien last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Kathy lien
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
Bring good paying jobs back to this country. TRUMP 2024!!@