How Much Do You Need To Spend $6k/month in Retirement?
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- Опубліковано 13 лип 2024
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Deciding how much you need to retire early can be tough, but this case study will help you decide. The video discusses a real-life case study to demonstrate the necessary portfolio management to support your retirement dreams.
It discusses the common concerns and misconceptions many face when considering early retirement, as well as doubts about market performance and tax bracket changes.
So, without any delay, Let's dive deep into it!
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Time Stamp
00:00 Intro
01:20 Introduction To Case Study
03:05 Cash Flow Planner
03:39 Finacial Goals Of Clients
05:25 Are They On Track With Their Goals?
07:05 Understand Your Trade-Offs
09:45 Are You Prepared For Uncertain Market Fluctuations?
11:03 Analysis of Relocating in Retirement
15:05 Summary/Conclusion
15:35 Work With Us
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Watch More Case Studies Here:
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PODCAST - earlyretirementpodcast.com/
INSTAGRAM - / earlyretirementari
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Ari Taublieb, CFP®, MBA, is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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⚠️ "DISCLAIMER:⚠️
All content is not to be received as financial advice, and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc., before making any financial decisions.
This video contains content I created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities; all contents provided by This Channel are meant for EDUCATIONAL AND ENTERTAINMENT purposes only.
The detailed breakdown in the video really illuminates the often-overlooked aspects of retirement planning, such as healthcare and travel expenses. It's a powerful reminder that understanding and planning for these costs is key to achieving a worry-free retirement. 👍
These case studies are so insightful and inspiring! Every time you show this tool, there appears to be a new function we hadn’t explored previously - such as the relocation feature! Thanks for sharing!!
Glad it was helpful!
I really appreciate your realism and passion in helping people get to retirement! Super inspiring, and Im learning a ton. Thank you!
You’re welcome!
Great Video!
Thanks Ari for another very informative video!
My pleasure!
Great information. Thank you.
Thanks for watching!
They had a $1.8M house with $645k mortgage balance, their monthly expenses are way over $4K. Insurance, taxes, and maintenance are likely that much. They likely have about 15 years of mortgage at $5-6k per month that would overlap the beginning of their retirement. Throw in $2k a month for medical coverage and expenses, it looks like they need $15k/month.
A lot of companies (larger ones??) offer “non- medicare eligible retiree benefits” - i work for university hospital so can continue great medical benefits at a highly reduced rate (not COBRA) ❤
(My mortgage balance is $520k and i pay just under $3k/mo, includes taxes and insurance… they probably have a better rate than i do)
The way that you typically model mortgages (including insurance and taxes) and healthcare in this software is to model them outside of the month expenses. I assume that is what was done here. However, I fully agree that most people forget to include maintenance which typically would be in the monthly number. Ari's spreadsheet has a line for this so hopefully they included it.
Correct @markgordon6717
Why would you not model a housing expense of $4000/month. I’m confused
@@cpg0973 it’s included.
Is this software that you use in the video available to the public?
You have a waiting list ??.. omg 😮 but I’m very happy that you released your money tools for free. At least I can use that in the meantime while I wait in line.
Yes! Thank you!
What's your Retirement allocation of 'Moderate'? Does that indicate the nominal 60% stocks and 40% bonds investment ratio?
Is 100% stocks (S&P 500) 'Aggressive'? Or is 'Aggressive' 50% S&P and 50% TQQQ?
I think the biggest challenge for me, with videos like this, is that I'm not sure what to takeaway from them. I understand the idea that all your financial decisions are connected, there are a ton of different strategies and assumptions and you can run all sorts of stress tests. This is great but it doesn't give me a direction or a plan, just a million different options that make my head spin. For example, how often do you need to run a scenario, is it based on a certain number of times per year or is it mandatory each time you make a financial movement? I'd hate to run a scenario in February that says it will be ok for me to buy a Porsche and then the market crashes in March and suddenly I'm eating ramen for the rest of the year. How do you implement actions based on predictions and how much risk to you take when you make a prediction. So many variables is driving me to analysis paralysis.....
After taking care of my 92 yr old mom's finances ..You ll spend far more than you ever anticipate in staying in your house. And Medical costs. So much of what she needs to feel good is not covered by medicare So her out ofpocket costs are astronomical. She switched to super overly conservative investments 20 years ago that did not keep up with inflation at all.
Important comment. Thank you for sharing
The question posed in the title of the video was never answered 😢
Ari, can we buy this software? What is its name?
It's from Right Capital. I do know it's expensive and probably not viable to keep long term. Also, having played with it myself, I can say that I won't be firing my financial advisor any time soon. It's a great visualization tool though. But it's only a snapshot in time. The output can and will change as economic conditions and your situation change.
Since most retirees don’t spend linearly. Does this take that into account? Statistically spending is go go, slow go, no go which looks like a “smile”
The software has an option for the "Retirement Spending Smile". It doesn't look like Ari has it turned on, but it typically makes the plan more successful when it is turned on.
Correct again @markgordon6717 and @sprinttri57 yes we have an option for that as you’re correct! Just didn’t click every button this video :)
@@earlyretirementari If you use the smile, it doesn't increase your expenses at the beginning of retirement right? I think it just decreases them over time and then increases healthcare costs. So if I want to do more travel early would you suggest having higher monthly expenses which the smile would decrease over time?
How do they need 4k per month when they already have a $3300 mortgage?
Everyone spends differently!