Видео

Hmm. 54 years old I’m at $500,000

For those that don't get it, it is not about having too much money. Drew is talking about saving money and not enjoying life or retiring at a suitable age to enjoy the money saved.

Law of diminishing returns applies to everything. Even retirement savings. Life should also be enjoyed before retirement but don't go overboard.

We retired over the last 4 years. I don’t find averages to be very useful. The ideas on spending 80% or so make slightly more sense, but ultimately it is a budget that gets you where you need to be. If you plan ahead, expenses in retirement can be much different. For instance we paid off our mortgage at the time of retirement. Our other expenses also mostly decreased. We are living a nice lifestyle on 60%, and I haven’t even started SS yet. So when you get close try to develop a rational budget. My suggestion is to create a base budget of all necessary expenses, and then add on discretionary spending as your income stream or portfolio allows.

Nearly every video about retirement that I see fails to consistently distinguish between gross income and net income. You are tossing numbers out and talking about different percentages that the retiree might or might not need. These “rules” are useless unless you distinguish between gross and net. Every statement that you make in this context - EVERY ONE OF THEM - needs to differentiate between gross and net income, otherwise you are disseminating ambiguous and therefore meaningless information.

How do you calculate savings rate if your employer puts 15 percent away for you each year as part of the company's ESOP program? Count it as part of the 15 to 20 percent you need to save each year or don't include it and put the 15 to 20 percent away yourself?

Texas is its own country! Lol!

This guy is a clown!

Dr, where you a GS-15 when you retired?

Another thing that might escape people because they just don’t think about it is if you’re maxing out your retirement savings then that’s $30k that you’re not going to have coming out of your money in retirement. My house is paid off so for the last 15 years my retirement savings are my biggest expense.

Am I saving way too much for retirement? That's like saying my partner has relations with me too much. It can't happen.

I only need 50% of my 9-5 income because of Geoarbitrage. I have tripled my 9-5 income in retirement, so I am good.

I retired early, with just enough. There is never too much because I want to make sure that my wife will be OK if something happens to me.

Are you doing a Roth IRA or regular IRA also? You can do a SEP IRA and put $7,000 in an individual IRA/Roth (or double that if you include your wife). Income limits apply, Roth limit is over $200k/yr though.

A lot of fun hypotheticals - almost no actual advice on how to do it.

I'm going for it - will be 63 in 2months - will continue to work full time - but want to pay my debts down - and perhaps dump some 4% return $$$... Thank you for sharing this!

I never heard anyone complaining of having or saving too much money. LOL

You should do a video for someone with lower class income, at the same age, with no house, little in savings.

This was VERY helpful.

I live in New York City and needed 3 million to retire. My budget is 120k a year. It really depends where you live.

If Americans severely under save for retirement, then why would reaching the age-adjusted average be reassuring?

Don’t live in America. It’s way too expensive here. Look at slow travel RUclipsrs spending under $30k a year for 2.

150k saved with a paid of house. Pretty sure he can get a part time job at any minimum wage employer (where they offer health insurance) and make that work with some serious compromises. Also 5%? Really? why bother with any of this just pickup some treasuries and call it a day . Aim for 5% is not even a bunt.

I am 62 years old, single and have 500k (stocks+saving)my ssi is around $1790 if I retired 62 , should I retire now?

Payoff your house before you retire.

Hi doggie ❤❤

I’m in Canada

I sure wish you would do my plan. How much do you charge?

The average sounds about right for my household and single to

I rather pay credit card debt over retirement savings since credit card debt is at 20%+ interest rate. I would only contribute to retirement the % of company matching, rest goes towards cc debt.

If you take SS at 62 vs 70 you break even at 79 with no investing ---if you invest 6% in both scenarios you break even at 91--money is fungible so the spending in your example and the starting balance don't need to be introduced to make your point-- I have heard many channels like this that also comment on IRA conversions and taking SS as late as possible-- Take SS as soon as you can after you stop working and don't do IRA conversions unless you have a good reason

Tim better stay single. Being with a woman is why he’s struggling to retire

But at 93 Social security will keep giving her money as long as she is alive

$500k at 53, including real estate, 401k, Roth IRA, cash.

Im 55 with multiple health issues. Longevity doesnt look too great. I managed to work since 1988 with a fused back, asthma, and half dozen other issues. I have 1.1 million squirreled away but unsure what medical costs, inflatation will do to beat up my savings. No family, paid off but very modest home, 18 year old car... frugal but rather boring life. I watch the 20 and 30 somethings fly by in their new cars and doing fun things... i guess i better start burning through my money or should i just hunker down?

Tim is SOL, shouldn’t even be asking the question with only $150k saved… get to at least $500k and then can start inquiring

I wish this dude would have explained what specifically we are talking about, like in a savings account, stocks, retirement funds, home equity. I’d like to understand net worth and monthly income that the average retired person has

Is this based on savings or net worth?

If i have 800k in savings at age 60,is that a good savings?

I get $5,000.00 per month + my home is paid off + health care taken care of ,, I save $3,000.00 each month. $2,000.00 is my monthly expenses.

He has zero debt and makes 85k he needs to be maxing that 401k out for next ten years he could be Rocking the 401k by the time he’s 60 and he could easily retire then hold out to 67 to take his social security.

I agree. I am taking mine from last year when I turned 60. Have 2 other passive incomes and work 26 hrs a week. My parents died in their 60s and I have no debts and no dependents and some money in IRA, CDs and 5 mths emergency funds, none of will be touched till I have to.

Did you factor in the taxes on his post-retirement income?

Waiting to take social security is letting years of incone go. Most people will take until they are 76 to break even for the years of payments they missed waiting until 67. Take your money. You never know how long youll live.

I looked up the article, and I think she's referring to those who want to retire early (like the FIRE movement). The Yahoo headline is misleading.

I plan on it ,tomorrow is not guaranteed

What about taxes? I retired at 62 on a pension. I pay tax on my pension and also on my social security. An average of $800 a month.

I am going to retire at 78 😂

Thanks for sharing this informative video! It's important to consider all of your options when it comes to retirement planning. If you're looking to outpace inflation and build real wealth, you might want to check out My Digital Money. It's a platform that makes it easy to invest in cryptocurrency in a tax-advantaged IRA.

Probably but I’d rather have too much than not enough.