Do These 3 Things To Set Yourself Up for Retirement
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- Опубліковано 5 бер 2024
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I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is in currently in a downturn and that we must wait for the stock market to recover in order to break even and make a profit.
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
That's why I make it a point to speak with a financial counselor before choosing any investments. I've been using one since the pandemic. using profit-oriented tactics and minimizing risk as a buffer against inevitable downtrends. In addition, they have access to insider knowledge and analysis, making failure virtually impossible for them. I made almost $700K after working with an advisor for over two years.
Can you leave your investment planner information and how i can reach out here? I need it badly
Aileen Gertrude Tippy' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks.
“Go Fund Yourself.” 😂
😂😂
Needs to be a T shirt
I took SS at 62 and work part time...I'm 64 and everything is going great.Everyone's situation is different. 🙂
You guys are missing the fact that you can't make over about $21K per year if you take Social Security early ... otherwise you will get taxed at 50% of your earnings above the $21K number.
From my understanding you’ll lose $1 of SS benefit for every $2 of earned income over ~$21k. The max you would lose would be the total of your SS benefit. So not exactly 50% tax on all income over $21k. Also, this only applies to people who are still working (earning income). If you are retired, your retirement withdrawals are not affecting this.
Put it into a Roth.
You will not LOSE anything. It will be held back until later. But I guess if you die before all of it is given back you would lose that part.
That is an incorrect statement
@@lamleg1172don’t trust our government and there is no accountability to track the repayment?!?!?
Thank you for this advice!!!!!!! I heard this show, and I will be 62 in May. We paid off our house and final car payment February 16, so we’re now building up our savings again. I went online to apply at Social Security and they will be calling soon so that I can start in June. Blessed by you two. Thank you very much.❤️❤️
It affects survivor benefits and taxable income as well talk with an advisor probably shut wait till your 67 as its also indexed for inflation.
I'm 66 and have been retired for almost 3 years. (I haven't taken my Social Security benefits yet.) From day one -- when I was in my 20s and established two brokerage accounts, one of which is an IRA -- I have never included Social Security benefits when planning/tracking my retirement.
Take it out now and enjoy because you don’t know if you’ll wake up again tomorrow
"Be the crockpot in a world full of microwaves." I love it.
By the time I retire they government will probably raise the retirement age to 82
Maybe 68-69
@@snakeonia7542to get the full social security with raises is 70 if you are born 1960 to 64. If you retire before 70 it's about 2300 and no increases. Social security is tax at federal and some states level plus they take health insurance out of it. It's just pocket money
Right!!!.💯...lol
Maybe to 400 years 😂
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my $5m portfolio for retirement. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
Everyone has means and unique ways of operation, the point is ensuring you’re profitable, I’ve seen my $170k startup surpass a million and its been only 18 months having an FA guide me on my investments. It’s a necessity going about the fin market if you want to be profitable, Nothing can match professionalism and experience.
I fired mine 12 yrs ago. now I am beginning to see the benefits, how do I get one? Considering your point I won’t want to get into a bubble. Can you recommend any?
Heather Ann Christensen is a hot topic even among financial elitist in California. Just browse, you’d find her, thank me later.
Cheers buddy. Smart and great looking lady. Hopefully will my time. I left messages, was told to expect feedback. Thank you.
Wow! I am so surprised you said to take it at 62, so many believe that we should wait. I like it! I agree totally!!
New Ramsey sticker..”GO FUND YOURSELF”❤❤❤
Husband retired at 62, we have no mortgage and no debt and drive a paid for 10 year old Subaru Cross Treck. He pulles in 7k between SS and teachers pension, I am still working probably until 65 for health insurance reasons, I am 60. We only spend $ on travel and helping my son renovate an 100 year old house he bought.
Thanks. Do you ever feel anxious about your finances?
You could retire with no mortgage or bills if you choose.
@@carolannstevens5814you still pay for house tax and insurance, car insurance, etc.
But what about the taxes you have to pay on the Social Security if you continue to work?
The optimal choice depends on factors like your current and future tax situation, employer match, and investment options. Consulting a financial advisor can help tailor a strategy that aligns with your financial goals and circumstances.
Prioritizing effective personal finance management holds greater significance than the sheer amount saved, irrespective of income source. Consulting a certified financial advisor can offer tailored strategies to optimize financial results by reducing expenses and enhancing income, regardless of whether it's earned through employment or investments.
I wholeheartedly concur. At 60 years old and newly retired, my external retirement funds total around One million two hundred and fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs.
Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
It doesn't make all that much difference until a few years before you retire. Sometimes the market goes up and the stuff you already own grows in value, sometimes goes down and your new contributions buy bigger chunk's
As long as the overall trend is up, long term, vou'll be
fine.
How did you find a good finance advisor? How do you know if they are trustworthy and competent.
You can't take SS at 62 and keep working. Your maximum income can only be $22,320 to get SS without penalty.
And that's the mistake most of the people don't realize. Moat of them grab that money as soon as they turn 62.
Work black
You can take at 62 & work. Rules for income though.
@@valeriekehrt7566if someone has a high paying job / career it would be foolish to take SS at 62 if you plan on continuing to work.
@@valeriekehrt7566 Max 22grand income per year while waiting for the compounding.
George quoting the Bible on the fly was the most bad ass part of my day
You fail to address a few things - 1, if you take it at 62 and invest it in the market, you may in fact lose money (it has happened). 2, most people that take it at 62 are going to use it to live, not invest it and 3, you are gambling on an unknown - your date of death. Every "expert" will tell you every situation is different and in fact, if you take it early, you may again lose money if you live a long time. Scaring people by telling them it may diminish or go away is hokum - one thing you can be sure of is that the grey panther vote will scare the living beJesus out of every federal politician so much they will pump $ into it to keep being elected. *That*, you can take to the bank.
Yes if you take it you can only make up to 21k a year......some or should i say many camt live on that if you need more at that time
You can make as much as you want/need to. If you make more than app. $21,000, you'll have some of your social security taxed and have to give bac k half of what you're over. It's not lost tho. You'll eventually get it back. Look it up. You don't get a dime if you die before your full retirement age and won't have any money to pass on. Even if the stock mkt is down, it'll usually come back within a couple of years. Besides, you should have some liquid money set aside just in case.😊
Cheapcookies- So well said!! But I’e never heard the term “grey panther”, what is that?
@@candecarro Grey panthers = senior voting bloc that can be relied on to consistently vote.
@@cheapcookiesAhhh! Thank you. I’m a grey panther. Great term.
WRONG!! Of course if you use a higher rate of return on investments (George uses 10%), than the discount/increase on social security(approximately 8%) you’ll end up with more. But unless George can guaranty a steady rate of return above 8%, he is wrong. Not to mention, if you are still working and draw early, that social security will be heavily taxed. Ramsey Solutions needs to stick to what they do well (the baby steps, helping people get out of debt) and stop giving bad advice on other matters. They are right about not relying on Social Security and saving for retirement, but they are wrong about everything else.
Exactly who is not taxed heavily if they are making an income above minimum wage? Also 10% is an average, and very doable.
@@alinatamashevich3354 At federal minimum wage the effective federal income tax rate would be around 10.5%. Even at $15/hour, the effective rate would only be a little over 11%. Heck, the highest rate of 37% only applies to amounts above $578k. Compare that to the 50% deduction to social security payments to amounts earned over $22,230 if you continue to work and draw social security before full retirement age. And to add insult to injury, you still pay income tax on both your earnings and the amount of social security received. It is effectively a 50% penalty on top of the regular tax rates. So no, it does not make sense to collect social security early if you are still working, unless it is out of necessity. Do not collect it just to invest it. And while true that average stock market returns of 10% are not only possible but reasonable long term, once you are older/retired you need to consider volatility and sequence of returns much more than the average investor.
This video was very misleading since nothing was said about the maximum income limits on working and taking SS at age 62. Shame on them if they didn't know, being in the financial industry, and shame on them if they did know and didn't say anything. That is a huge piece of information to take into consideration when considering when to retire and take SS.
They need to remove this video. It's far more complicated than what they're saying, but simple if they'd spend 15 minutes reviewing the rules. The ignorance is staggering.
That is what you need to know. A lot to consider. Every situation different.
I believe he’s assuming they also have a 401 or other money to live from while investing the social security payments.
“When you decrease your risk, you increase your peace”!!!! 👏🏻👏🏻👏🏻
Great advice George! I just filed for my SS as we speak. I agree with you to invest it for your loved ones! Thank you!
And none of this factors in people's health issues. A mandatory late retirement age, may not be possible for folks who have worked in a physically demanding job
Yup. My advisor said the same.
I am taking your advice to GO FUND MYSELF. I put this on pause and applied for my CPP at 64 next month, came back and watched you say Be a crockpot i a world full of microwaves. In 3 years I have invested $36,000 and it is now worth $42.000. I will continue to work and contribute my CPP as well.
This is all wrong and doesn’t take into account reduction in social security if you are earning. Without Dave, this channel is in trouble.
What are they talking about, you can’t take early SS and keep earning the same salary without penalty.
Horrible advice from them. They confidently portray ignorance... I can't believe they said that...
They really need to brush up on their knowledge of social security if they're going to talk about it. If you take it before your full retirement age according to your age, you cannot work more than a certain amount before you get reductions. They did not even cover that topic.
@@RetroGamer20109 I’m well aware of the rules. I’m 62, so I study this relentlessly. And I have a financial advisor as well. At the end of the day, we are individually responsible for our (and our families) financial fitness.
I think you would need to run the numbers, if you are making +80k at 62, and have followed the baby steps, which means your home is paid off etc, who cares about the penalties. That extra amount even if penalized should net you more when you do fully retire, because lets me honest, i dont want to wait until im almost 70 to grow my returns even more. Im flipping 70! I want to enjoy my damn money way before that.
This was really valuable info!!!
Yes, invest early and don't count on something that might not be there...but George's example of investing from age 62 to 80 and the returns versus age 70 to 80 and the returns...is kind of irrelevant to most people since it's predicated on the assumption that in either case, you can somehow wait until age 80 to tap that money. Either that means you're expecting people to be able to count on being able to work until age 80 -- arguably a much riskier and less realistic proposition than social security in general -- or you're assuming they'll be able to fund their retirement until age 80 with their own portfolios without relying on Social Security at all...which sure, would be great, but the whole conversation is about the fact that most people aren't nearly that prepared. Sure, get prepared. Be able to do that...but IF you can, Social Security is a moot point anyway.
This is so good!!!
George and Jade....love ya and I absolutely appreciate what you're trying to convey here, but this is misguided. As others have mentioned, you have a VERY low maximum income cap before they start taking a sizeable chunk of your SS money above that $22.3k cap. If you're going to continue to work, then you should probably just hold off on collecting it until then. Also, for each month you delay taking it, your monthly payment will increase moving forward. Take it early and then you're locked into that lower payment rate(+the COLA), forever. It doesn't make sense to do that.
True. And their calculation is based on 10% rate of return. Maybe if you do investing full time (researching and analyses) then you'll get that much return. Besides, if you start collecting at 62, you're locked into that for life and your wife and survivors too when you die if she's not working. Also, at 62, you'll lose 30% of your SS income but if you delay it till age 70, it will increase 8% anually from full retirement age.
It will always seem financially wise to wait. Obviously, you will get more money . what if you die early ? People assume they will live problem free past 70...will you though ?
Well said!
@@bruceang82if you die early? You can’t take it with you and your spouse (if you leave one) will be saddled with lower payments for life (unless theirs is higher and they have waited).
@@WAN2TREE4What happens if you don’t live until 70? Why would or should people wait to collect money that is already their money from the beginning?
The government is rolling the dice and hoping people wait longer to collect benefit so they are not responsible for payments over longer periods of time for citizens.
This topic is all about Math and risk management.
Social Security was a supplement and too many people think its "retirement." If anyone thinks its all they'll need they are sadly misguided and mistaken.
Next up: Work Hard, Save, and the Government will take it and give it to those who didn't bother.
SS was set up as a ‘savings’ for Americans.
Work? What is that?
Thank you for confirming what I thought about taking it early. That was exactly my plan…just take that $ and invest it.
The magical power of 3! Great advice.
I am 62 in a few days, will try to hold on until 62 to take my SS.
Yes yes yes yes YES!! And amen. Love you guys!
If congress can find $100billion overnight to throw away on other countries, raise the debt limit in the 11th hour every time, I'm confident the federal government will take out another trillion in debt to pay for social security every time its needed.
Except Social Security will never see it. Audit the whole shebang the government and agencies who signed to receive money but can not account for the money.
That’s only good if America can still sell its debt to other countries. At some point America won’t be a good investment.
ZERO sum budgeting for government spending. Justify each expenditure, like a real budget for taxPAYERS.
I mean maybe. Idk when the U.S. debt bubble is going to pop but when it does, it's going to be ugly.
George Your analysis is incorrect. What is the person who takes social security early supposed to live on? The government only allows you to earn a small amount from 62 to full retirement age. If you take it early and work full time you are probably going to give back part of it to social security as they penalize you. Please learn the rules before you tell people to take it at age 62. I waited until 70 as I worked FT. We now collect enough social security that covers all our monthly expenses. We retired debt free including house and have not had to dip into retirement fund except to take RMDs only. We bank over half our monthly income in retirement.
Been waiting for this🙌 I definitely watched my dodge go up 15x or so then all the way back down, I did sell and buy back on dips on the way up so I made a few grand on top of my initial investment out but nothing near what I could have made just selling at even 50cents however lesson learned and everything I still hold is a free ride as well as my smallest bag because I dove head first into learning everything possible about crypto after seeing the possibilities. Dodge craze brought me in and that’s something to acknowledge about any meme hype, it’s pulls in small retail some will leave and some will also stay growing the market overall.
You do realized that if you take social security at 62 you will have to pay taxes on it and your Medicare payments comes out of it. If you continue to work they capped how much you can earn to $23,000 per year.
Do the math on how much you will get at 62. They also don't give increases if you take it at 62.
I would like to know what they are going to do with all the people that don’t have social security anymore…warehouse them?
Hi😊 I love your show to pieces. Hey Dave, do you have a video on the best way to invest without pain? I am thinking of Treasury Bills and Bonds instead of a “painful” business (loss, liquidation,bankruptcy). I am 52, single female, and a dedicated Christian. I am African working in an Asian country and wanna retire back home with zero savings. (Overtaxation here)
No you won't. If you work past 62 and take Social Security, there is an earnings income limit. If you make above that amount, Social Security will take $1 for every $2 you make over that amount. In other words, if you make a lot of money, you will not be investing ANY Social Security money.
You answered your own question. If you are working making bank there is no need to take SS early. If you are able to retire at 62 do it.
George said to get a Time Machine 🤣🤣🤣
I would want to do that when I'm reach 62, but you can only work part-time then and you can't reach the maximum income over $21k while you're collecting SS. I mean you can, but they will reduce your SS amount. That means I will lose over 75% what I'm making now if I would to collect SS at 62. That's the point your guys are missing.
I was told by Social Security that I made too much to retire at 62 because ss pays only $1 for every $2 I earned. How could I invest that small amount in my 401? What am I missing?
I get $1314/mo in SS after they take out med-b . . !
That is really ironic how we hear that Social Security is going to run out! in the meantime welfare never runs out! sending money to other countries never runs out! funding wars never runs out!
One thing to remember is if you take SSA benefits before your FRA (full retirement age), there are earning restrictions if you do work and collect benefits. It's something a lot of people are running into right now. People are going back to work at 62, 64, 65, after they discover that they can't live off just Social Security and then earning too much resulting in an overpayment of benefits.
I love your presentation
What do you advise for retirement plan for self employed people like me and my husband?
None of us are guaranteed tomorrow and social security will be gone within the next 10-years. Take the payment the SECOND you are qualified to. This is YOUR money coming back to you. (BTW…$1700 will go VERY far in Thailand or Portugal)
Vary fatalistic view of SS lol. What if the USD suddenly collapses and you're in Thailand? lol
@@WAN2TREE4It will still be worth more than in the US if the dollar collapses
@@WAN2TREE4 if the US dollar collapses money doesn't matter anymore, all you need are food, water, and guns....and at that point I prefer not to live on this earth.
I plan to work past age 62, and that will reduce my benefit because it will be taxed, correct? Not sure how to balance out that part in making the decision, any suggestions?
Wow, I didn't know u could take ur social security and work at the same time!
Even if you had money saved and in 401k, without additional social security, most of us will be working until we die.
What your saying is misleading. 1) Very few people would actually invest all of it. 2) If you are still working you will have to pay taxes, etc.. so you will not get the full amount listed to invest.
So I'm supposed to invest it at 62 and live off of what exactly? The $22,000 a year the government allows me to earn? How is that supposed to work
Anyone ever see the Sanford and Son episode when Grady explains how SS payments SHOULD work 😂
As numerous other commenters have noted, there is a 50% early retirement earnings penalty above a certain amount, currently $22,300. Where is Dave when you need him to call George an idiot. Once you get beyond step one of "muh baybee steps", Ramsey folks don't have a clue. Get your investment and financial advice elsewhere.
30% penalty
@@WAN2TREE4 From the Social Security website:
"If you are under full retirement age (FRA) for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2024, that limit is $22,320. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit."
30% in the year you reach FRA, 50% in all years prior to the year you reach FRA.
Thank god ill have a pention and tsp
401K up to the match, ROTH IRA, then brokerage to make some side income and then back to 401K to shelter $ from taxes.
When you start taking Social Security, isn't there an income cap and a huge tax change on your income? How does that balance out SS investment returns?
Hey George, what are you going to buy with your investment??? Please tell me. Because it will not be mutual funds or you'll have to pay ordinary income taxes every, single, year. Single stocks? Which ones? Your statement about taking early SS benefits is negligent at best.
Do the math on breaking even for every year you postpone. No matter how you slice it, it's roughly 10 years. So for example if you take it at 67 instead of 62, then you won't break even until you hit 77. 50 percent of males in this country will be deceased if we are to believe the averages.
@@maxrobins4282 you are correct, however, older age is when we should consider the spouse left behind. I have a nice job and will work it until I don’t want to. But regardless, I’ll wait to take SS benefits until 70. Only to increase the comfort level of my wife… if averages were to play itself out.
@@maxrobins4282 There's more to consider. If the male is married (I am), then he may want to leave his wife with a much larger SS check if he passes first (which I do) we can end there, that's good enough...
And maybe the man has a very nice, good paying remote job that he enjoys and is maxing retirement contributions for them both to enjoy, self-insure long term care, and still leave a significant inheritance.
The break even is not as long as they are telling you. The COLA adjustments annually on $2,000 a month compared to on $4,000 a month is a huge difference for the rest of your life. Most can’t afford to invest it as social security only lets you earn about $22K a year or they clawback $1 for every $2 of social security so you only get a pittance. Don’t do it
@@anitahill4937 amen!!!
What happens to the money from all the people who died and never collected SSQ?
That's a great question.
There is no money, it's just marginally less government debt.
The ones that live long get it all
A spouse and/or minor children can potentially receive survivor benefits based on the earned SS benefits of the person who died.
"Don't lose out on 8 years of compound growth"
But lose decades of compound growth by paying off the mortgage early instead of investing the difference?
You know?, you have a point there.
You're mistating their advice. And you know it. Liar.
@@amireallythatgrumpy6508 Obvious troll is obvious. Try harder next time
Yes you are obvious. @@lepoj
Again ,broke Joke advice. You cannot get out of a hole while digging out the bottom. The wealthy understand this, why make others rich while try to make it investing crumbs....
George talked about saving all Social Security benefits starting at age 62 into an account while still working to take advantage of compound growth. I'm all for it but he left out that you can only make so much money (if not at full retirement age-FRA) before your benefit gets reduced. For those looking to make a plan, I think it's very important to lay that out there in this discussion. At FRA, you can make millions and it won't effect your benefit.
We should be allowed to opt out since it seems that most likely people in my age group won’t get the SS payout.
Why is it mandatory to pay into it if we can’t have in when we are older?
If everybody works then the govt will have money to pay you. BUT if all the companies start employing AI and robots instead of you and me then we become unemployed with no SS lol.
The government will keep printing money to pay it.
The problem is most people can't save and invest SSI they need it to survive!
If you start taking social security at age 62, how does one get around the fact that you cannot earn over $x,xxx each month without being penalized on it?
If you are still working and making a decent salary there is no reason to collect before FRA - every two dollars earned reduces your benefit by $1 - hence if working and making over their limit then do not collect before 67!
66 and 10 for me 😂
I agree, horrible advice by Ramsey folks... HORRIBLE
My Dad developed dementia and had 2 devastating strokes at 69. There is no way on God’s green earth I’m waiting until 67 to retire. I’m going to do my darndessed to retire by 58. Earlier if I can manage it.
@@kerrissedai6857darndest..
You are correct. Totally bogus advice from people that supposedly are experts in finances.
people can request monthyl statements from social security? is there a portal? asking for the parents
You are omitting key aspects in this discussion 62 is not full retirement age so the benefit is reduced and they will take back 50% of every dollar if you continue working if you do your calculations based on full retirement age of approximately 68 years old your formulas would have more credibility
Can I work full time at 62 and draw SS?
While I view of Social Security is a 'safety net' not a retirement strategy.
The idea of investing SS all in at 62 in a strategy returning a 10% return is effective if you don't need it prior to 80.
The avg rate pf return of 10%? Man i need to know those investments brother. Im sitting at 7%
Terrible advice and wrong. You obviously are not an expert in social security so stop trying to give advice on it. If you claim SS at 62 and you’re still working, your benefit is reduced by $1 by every $2 you make over the annual limit of around $23,000. For someone making $50,000 this mean your benefit is reduced by over $1125 a month. Good luck getting the numbers you stated by investing $500 a month for 8 years.
Isn’t there a cap on yearly income that you can earn if you retire at 62? If you go over that cap then you are paying an enormous amount of taxes on every dollar that’s earned? For example if I have a job prior to turning 62 and my salary is 50,000 a year and decide to retire at 62- to avoid paying a lot of taxes then I would have to earn an income way less than 50,000 per year. Is that correct or are you saying that there is no cap on income earned if one takes SS at 62?
The problem is if you are still working at 62 you get docked for making money, that's the issue.
What taxable brokerage account is he referring to? Where do I open one?
Example - M1, Fidelity, Vanguard
If the government is not here then non of this matters
How much was the number he would be getting monthly from social security that he said to invest for 18 years and came up with $1.45milli ?
That’s if you can live off the small amount of taxable income that they allow before your SSI is reduced prior to full retirement age.
Taking it at 62....if you are not working...otherwise they are going to take a dollar for every 2....
SMH. Love these guys most of the time, but the fear mongering over the government grows old. There are some fairly basic things they can do to shore up SS without a huge impact.
IMHO, SS should be treated as ‘insurance’ for outliving your retirement savings so the longer you can delay, the better the insurance.
The problem with age 62 is you can’t earn over a certain amount. There are penalty’s for that.
I'm confused by something in the video. If you retire at 62 and invest the money from Social Security, don't you need that money to live off?
I think he said that the example assumes that you continue to work.
Here in Canada you can collect Canada Pension as early as age 60. You get much less than you would at age 65 or 70 but you can invest this money every month as the hosts suggest. I can't convince any of my friends to get this pension at age 60. They all tell me I made a mistake collecting it early.
Social security is meant to supplement other retirement funds.
Oh how I wish this common sense information had been available to us 40 years ago...
Do yourself a favor - do not rely solely on debt advisors for Retirement advice - specifically the age at which you start Social Security.
It is a more complex decision than these two claim.
Remember Dave also claims an 8% withdrawal rate from your 401K/IRAs is safe. Do that at your own peril.
Love M22!
Wait. Our extended family had a cottage on the Leelanau Peninsula named “Morning Glory”.
That is misinformation. No advisor will recommend a withdrawal rate that will deplete one's retirement account. Dave is broadcasting to millions, his advice has to be generic. Quit trying to claim he is everyone's personal financial guru. I believe the term is called due diligence.
@@alinatamashevich3354 seriously? Do you have an affiliation with Ramsey? He’s making a specific recommendation to millions of followers that 8% might even be on the low side of a safe withdrawal rate. Many will take that advice without ever talking to a qualified advisor. There is a very high likelihood taking that oversimplified advice will ruin those retirements due to sequence of returns risk. That’s malpractice. Ask any qualified financial planner.
If social security won’t be available when we retire then why are we still paying for it?
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
*@Buffet-walton22* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
This just reminded me of my first $700k I'm so inspired!!!!!
Oh, really? Tell us more! I'm always interested in hearing success stories.
@@MelodiRavoIt's Renee Marie Harrison doing, she's changed my life.
After I raised up to $700k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
I do know Renee M. Harrison, I also have even become successful....
Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Renee Marie Harrison.
Point I get and have said for several years is don't be a dependent on the government P.E.R.I.O.D.!! You better have or be investing otherwise RIGHT NOW! I've heard the SS funds set to run out 2034 for a while and not only here on this podcast. It upset me when I found out my SS deductions from my paychecks ever since I have worked is not mine entirely but instead someone else is getting it NOW!!😒
I'm 56 years old and want to retire and trying to map it out to get mine at 62 while it's there, maybe 🙄. It won't be my primary retirement income so therefore hopefully I can invest some of it at least.
How can they get that 10% return????????
If you think that the social security program is bad, imagine how things would be without it given the way that many plan for retirement…
If you have longevity in your family and a shaky amount of money for retirement.... it is better to work longer and boost your SS. If you don't need SS and can invest it, of course that's better.
If your longevity isn't the best, you should probably want to retire early. Other than spousal benefits, the social security is gone. Your heirs get zip.
If you start taking social security and investing it, then you can only make like $22k in earned income or they start taking some social security back.
Since when was a 10% compound return on investments every year 'guaranteed'?
But if you take SS at age 62, you can only earn around $22,000/year without penalty. No one can live on $22,000.
I just finished Chris Hogan's RETIRE INSPIRED. He stated that you should wait until you can get the max 125% of social security. This seems contradictory.
Yes, it probably is. YOU, not anyone else, have to make the decision.
“Hi. I’m from the Government. I’m here to help.” Some of the scariest words ever uttered.
You paid in part--your employer paid in the same amount. It isn’t all your money. Nevermind that it is insurance. You don’t demand health, car, home insurance to give you “your” money back.