Are You Saving TOO MUCH for Retirement? STOP!
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- Опубліковано 9 лип 2024
- Are You Saving TOO MUCH for Retirement? STOP!
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Thinking about retirement is smart, but there's such a thing as going retirement overboard!
This retirement video challenges the idea that more retirement savings is ALWAYS better. We'll explore signs you might be sacrificing your present for an uncertain retirement future, and how to find a healthy balance for a truly fulfilling retirement life. Don't miss out on experiences today for retirement savings you might not even need!
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Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are in your retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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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.
You should consider purchasing a 30 year term life insurance policy.
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.
Exactly!
I never heard anyone complaining of having or saving too much money. LOL
No complaint here!
If you don't enjoy it, no sense in saving too much
@@reneeann5340 Maybe you want will it to your children.
@@JBoy340a 1. lots of people don't have kids... 2. studies have shown that giving money to kids is a bad idea... hurts their motivation and creativity.
@@reneeann5340
Well my siblings and I all got money when my folks died… we were already adults and no it didn’t affect our careers which were already established….
My parents gift to me will be passed down to my kids as I invested the money I received. And it will have grown over 35-45 years by the time I kick off.
Probably but I’d rather have too much than not enough.
Yes!
What are the consequences of saving too much? Will you be able to enjoy your savings?
Am I saving way too much for retirement? That's like saying my partner has relations with me too much. It can't happen.
It happens when people become miserly and fail to live a balanced lifestyle
It's all about balance
I'd be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, learn around $130K per year but nothing to show for it yet.
On your own you could seek out several of these financial advisors, make sure the one you settle on is a fiduciary and not a fake.
Know what you're getting out of it and see if your targets can be met.
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.
That's so true, I never really thought about that Haha. I just did the math and between all my accounts, retirement and brokerage I save roughly 40k a year. I live on 20k LOL
Exactly, great comment!
Law of diminishing returns applies to everything. Even retirement savings. Life should also be enjoyed before retirement but don't go overboard.
Life should be enjoyed!
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.
I retired in 2021 thinking 300 grand would be enough. Each withdrawal has made it harder for my nest-egg to recover through compounding returns. If i had started contributing to my IRA earlier, I could have saved more for retirement
Saving too much for retirement would be a welcome problem. I am assuming I will spend in retirement what I spend now while working because I expect to travel more and have more recreational pursuits, and eventually more healthcare costs. Also, I am assuming a 3% increase in expenses each year due to inflation. That could be too conservative though. I have over a million saved but honestly don't think that is enough with what I see coming down the road. The social safety net won't be there in the future like it is today. We are broke as a nation.
Dr, where you a GS-15 when you retired?
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.
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.
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?
I would not calculate the companies 15% but that is awesome!
@@yourfinancialekg Thank you!
Texas is its own country! Lol!
Exactly! Same as Florida 😂
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.
Thanks for commenting!
I agree that more distinguishment needs to be made between gross and net incomes.. but man, that’s so vastly different for everybody I guess it’s hard to show? 🤷♂️
This guy is a clown!
😂
Why he is a clown?
🤡 I can juggle too!
@@yourfinancialekg Good comeback 😂