LOOK for these RED FLAGS in your Retirement Planning
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- Опубліковано 12 вер 2024
- Is your retirement plan sufficient to last you all the way through? Here are some problems that could derail your plans.
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Sound advice for anyone. We have been planning early retirement for many years. Going out at 58 and my wife will be 56. We have 4 years expected living expenses ( with a nice portion being travel and entertainment ) in that budget so we have wiggle room if need be. Also helps to ride out down markets. I have been moving some money in funds to more conservative and guaranteed returns of 3 to 5 % and going to leave about 50-60% in the markets. We need very little to keep the lights on as they say. Our cost of living is just above the poverty line. Everything above that is fun money. We take several trips a year in and out of country. Plan to up that to months away after we pull the plug on this thing called work. :) Going to turn on SS a little early ( thinking around 64-65 right now ) and mine alone will cover all our household needs plus some travel. So the need to pull off investments after that goes way down and financial planners and software shows we will actually have more money in our late 60s than we do now. So planning to pull or convert some IRAs during those years to reduce any RMD or inheritance tax bombs in later years.
Thank you for sharing, have a great holiday weekend!!
I retired in May 2023. I didn't do a Roth conversion that year because I wanted to get a decent ACA subsidy and I already had W2 income. This year I am doing a Roth conversion but it will be on the small side so we can get another ACA subsidy. In 2025 I will go for a larger Roth conversion. I have used financial advisors in the past but not since I started using New Retirement last year. Good luck with your channel!
I’ll likely pull the trigger on a conversation in 2025, made too much before retiring this year, have a great holiday weekend!!
New Sub here bro!!! Excellent vid and good to see some real down home info for retirees!! Take care.. JT
Have a great holiday weekend!!
nice to see some videos covering retirement from actual retiree's and not 30 year old youtubers who just bought their first nice house/car.
Thanks for the support!!
I see here a lot of talk about Roth conversions to help with future taxes. Just remember, that once you start S.S. conversions must end. Unless you are already getting maxed taxation on the S.S. I've got 60 percent tax free and 40 percent deferred. In my case it seems to be about right. I'm drawing S.S. and I max my highest bracket with deferred withdrawal. Also I treat the deferred accounts like bucket 1 or 2 and the Roth accounts like bucket 3. My real growth is happening tax free. Good luck and great video. Also, read read read. Learn as much about S.S., Medicare, and taxes in retirement. It's east to make a mistake and difficult to right the ship. Jane Bryant Quinn, How to Make Your Money Last, a great reference.
Appreciate the feedback, have a great holiday weekend!!
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Good info
Thanks John!!