Good stuff Drew. I retired about 4 years ago at age 56 with about $3.2 million in tax deferred assets, with a $100,000 cola pension. I’ve watched a lot of videos on SS, Roth conversions, and legacy planning. Just jumping into the Roth conversions, actually did my first last year, trying to have it all in Roths prior to RMDs, which start at 75 for me. Your video was a good pace, with good explanations, and easy to follow, much better than most I’ve watched. You only touched on RMDs at the end, but I’ll assume your model spreadsheets accounted for those and you were avoiding getting into the weeds. I look forward to looking at your other videos and will subscribe shortly.
If he took SS at 62 he’d have $1,960 in SS plus $2,000 form his 401k equals a total of $47,520 annually. … It depends on where he lives if he’s single he certainly could retire. ….It’s the equivalent of $22.80 an hour from a regular job. .. He could walk away today 👍👍
It helps he doesn't have a mortgage. That is huge in retirement. I refinanced into a 15 year mortgage and i'm trying to pay it off in 2032. I've been throwing in extra payments.
At the 10:25 minute mark you are showing the difference in benefits having converted to Roth vs. Not with the difference in net value being $600K but only $85k difference in taxes? Where did the other $515K go to? I presume the rates of growth are the same in each scenario.... $500K of RMD's changes his lifestyle quite a bit.
Good stuff Drew. I retired about 4 years ago at age 56 with about $3.2 million in tax deferred assets, with a $100,000 cola pension. I’ve watched a lot of videos on SS, Roth conversions, and legacy planning. Just jumping into the Roth conversions, actually did my first last year, trying to have it all in Roths prior to RMDs, which start at 75 for me. Your video was a good pace, with good explanations, and easy to follow, much better than most I’ve watched. You only touched on RMDs at the end, but I’ll assume your model spreadsheets accounted for those and you were avoiding getting into the weeds. I look forward to looking at your other videos and will subscribe shortly.
Thank you! For all you do. I appreciate you. ..You have a good nature about you.
If he took SS at 62 he’d have $1,960 in SS plus $2,000 form his 401k equals a total of $47,520 annually. … It depends on where he lives if he’s single he certainly could retire. ….It’s the equivalent of $22.80 an hour from a regular job. .. He could walk away today 👍👍
It helps he doesn't have a mortgage. That is huge in retirement. I refinanced into a 15 year mortgage and i'm trying to pay it off in 2032. I've been throwing in extra payments.
Waiting for the "God Bless"..... ahhhh just icing on the cake +
Thank you! 🙏
At the 10:25 minute mark you are showing the difference in benefits having converted to Roth vs. Not with the difference in net value being $600K but only $85k difference in taxes? Where did the other $515K go to? I presume the rates of growth are the same in each scenario.... $500K of RMD's changes his lifestyle quite a bit.
No need to even watch video. $24,000
Teachers in a union who are retirement eligible are able to collect close to their ending salary. They also have a 403b.
Feels like David didn't prepare for his retirement year very well if he only has 15k in liquid cash.
Tax laws change. Can’t count on anything these days.
You mentioned tax-free accounts to pay for LTC, but does the fact that medical expenses (over 7.5%) are tax-deductible change the strategy a bit ?
Tax deductible and tax free are two different considerations, but YES! Here is IRS paper to help: www.irs.gov/taxtopics/tc502
@ thanks for the reference...everyone's retirement situation is personal, sometimes complex and many times difficult to quantify decisions being made.
Drew, any thoughts on crypto in retirement planning?
Having a living will is very important and buying a gravesite in advance is advisable. 🪦
Sky is the limit.
I would like to see several billionaires retire. I think they have the means.
ha
👍
No. No one can live off of 24k. that won't even pay the taxes and insurance on my house in sfl
Other sources of income (SS, pensions) and the 4% rule isn’t black or white a lot depends on investment allocations
Don't say no one buster.
Sell your house then. You can't afford tax and insurance.