The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back on.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment.Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you've got it all worked out with the firm you work with so i surely wouldn't mind a recommendation.
I've experimented with a few over the past years, but l've stuck with Kathie daisy bosco for about three years now, and her performance has been consistently impressive. She's quite known in her field, look her up.
I have a teacher pension. I fund it, with no help from the state of MN. It has a COLA, but there are HUGE penalties if I take it before age 65. I can’t teach 12-13 year olds when I’m in my 60’s. It could be worth as much as $3900 a month.
If you are working in the private sector (for profit corporation), a pension is not guaranteed. I worked for a large company with great benefits. I was with the company about 14 years and my company was bought out by another company. The new company scrapped our pensions, converted it into a lump sum (since they could not legally take it away from us), and then froze it so it would not grow. If you know anything about lump sums for working 14 years, the amount is very small. It is not until you work over 20 years does the lump sum become substantial. Anyway, after 14 years, I almost had nothing. I had to start pension accumulation from ground zero. I was a "new" employee under the purchasing company and they owed me nothing. So, don't count on a pension. That could be pulled out from under you at any time. Plan for retirement on your own and don't rely on your company. Then, if you planned on your own, and you do earn a pension, it will be icing on top of the cake.
I work for a private company with a pension. Difference is the company I work for is a Fortune 50 company, so the chance that we get brought out is real slim. The company I work for also offers a 401K with a 6% match, and small yearly RSUs(restricted stock units). With regards to my pension, my only concern is that they will sell it to an insurance company, who will make the annuity payments.
@@edhcb9359 I guess you didn't understand what happened. The original company was very good to its employees. However, when it was bought out, the purchasing company cut our benefits. We were at the mercy of the purchasing company's management. The purchasing company was cut throat, slashing the acquired company's (my fellow employees who worked for the acquired company) employees benefits. They soon started getting rid of the old company's employees. If the employees made a stink, their jobs were immediately in jeopardy. An easy way for them to get rid of employees was to tell us that our jobs were no longer at our current locations and that we needed to relocate to the headquarter's location half way across the country. The logic given was that we still had jobs, but at the other state's location and it was up to us to decide whether we still wanted to continue to work for the company. Most people did not want to move away from their families, so they had no choice other than to leave the company. That way the company did not have to pay them unemployment or severance. It was ugly.
I don’t think you’ll be pension envy if you knew our pension here in SC only grows 4% annually. I’m starting to think, I could have grown this myself at a much higher rate. But I’m already halfway there. Thank goodness for my IRA and taxable account. 😅
Same. Non-profit pension here - fully funded by my org but I’ve actually lost some of my vested balance over the past few years. I guess it’s free money so I shouldn’t complain.
@kindnesstoall He meant it's purchasing power has been hurt with high inflation. 401Ks invested in stocks have appreciated well over the same time period.
I am enduring 30 years of drudgery and terrible management just for the pension. the government really grinds the enthusiasm and zest of life from you lol. can't wait, only 12 years to go.
I will have 2 pensions- I did 20+ years in US Army and get just shy $30k per year for life. Then I will retire in 2034 from Fed Gov and will get another $24k per year pension. I will also have just shy of $1 million in TSP and $90k in Roth IRA. My wife has her own a 401k and Roth IRA. We have both planned to put in for SS in 2034 when we both turn 62. Our home is paid off. We plan to use $100k a year in retirement- pension +savings+no debt= freedom.
My pension pays me 12k a month plus the cost of living increases each year. I was able to retire at 43 and started another career. It's worth at least 4-5 million if you compare it to an annuity.
@@penney360 My guess would be a military (specifically officer) pension. Although that seems high for a 20ish year pension so may also include some disability income.
As always, a great analysis. Newcomers often wonder if it's too late to navigate the financial market, but the market is always unpredictable. Trading has more advantages than simply holding, so it's important to learn before diving in. Active trades are necessary to ride the market's waves. Thanks to Evelyn Infurna’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings, managed to grow a nest egg of around 127k to a decent 532k. Kudos to the journey ahead!
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back on.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment.Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you've got it all worked out with the firm you work with so i surely wouldn't mind a recommendation.
I've experimented with a few over the past years, but l've stuck with Kathie daisy bosco for about three years now, and her performance has been consistently impressive. She's quite known in her field, look her up.
I have a teacher pension. I fund it, with no help from the state of MN. It has a COLA, but there are HUGE penalties if I take it before age 65. I can’t teach 12-13 year olds when I’m in my 60’s. It could be worth as much as $3900 a month.
You can, you just don't want too. There are plenty of older teachers in our building who continue working
If you are working in the private sector (for profit corporation), a pension is not guaranteed. I worked for a large company with great benefits. I was with the company about 14 years and my company was bought out by another company. The new company scrapped our pensions, converted it into a lump sum (since they could not legally take it away from us), and then froze it so it would not grow. If you know anything about lump sums for working 14 years, the amount is very small. It is not until you work over 20 years does the lump sum become substantial. Anyway, after 14 years, I almost had nothing. I had to start pension accumulation from ground zero. I was a "new" employee under the purchasing company and they owed me nothing. So, don't count on a pension. That could be pulled out from under you at any time. Plan for retirement on your own and don't rely on your company. Then, if you planned on your own, and you do earn a pension, it will be icing on top of the cake.
If after 14 years your pension wasn’t worth much then you weren’t really working for a large corporation “with great benefits”.
I work for a private company with a pension. Difference is the company I work for is a Fortune 50 company, so the chance that we get brought out is real slim. The company I work for also offers a 401K with a 6% match, and small yearly RSUs(restricted stock units). With regards to my pension, my only concern is that they will sell it to an insurance company, who will make the annuity payments.
@@edhcb9359 I guess you didn't understand what happened. The original company was very good to its employees. However, when it was bought out, the purchasing company cut our benefits. We were at the mercy of the purchasing company's management. The purchasing company was cut throat, slashing the acquired company's (my fellow employees who worked for the acquired company) employees benefits. They soon started getting rid of the old company's employees. If the employees made a stink, their jobs were immediately in jeopardy. An easy way for them to get rid of employees was to tell us that our jobs were no longer at our current locations and that we needed to relocate to the headquarter's location half way across the country. The logic given was that we still had jobs, but at the other state's location and it was up to us to decide whether we still wanted to continue to work for the company. Most people did not want to move away from their families, so they had no choice other than to leave the company. That way the company did not have to pay them unemployment or severance. It was ugly.
I don’t think you’ll be pension envy if you knew our pension here in SC only grows 4% annually. I’m starting to think, I could have grown this myself at a much higher rate. But I’m already halfway there. Thank goodness for my IRA and taxable account. 😅
Same. Non-profit pension here - fully funded by my org but I’ve actually lost some of my vested balance over the past few years. I guess it’s free money so I shouldn’t complain.
Worked for a large NYC law firm. Grateful for my pension!
which one?
@ Weil Gotshal & Manges
You should make separate channels for Jill on money and animal spirits.
Electric Utility pension has a cash value. You can choose an annuity or a lump sum.
I don't know what a pension is worth, but it is worth 22% less than it was 4 Years ago.
Less than 4 years ago. I always thought that pensions never change though out ones life.
Hmmm interesting.
@kindnesstoall He meant it's purchasing power has been hurt with high inflation. 401Ks invested in stocks have appreciated well over the same time period.
@briangasser973 Gotcha! Never thought of it that way. Would think that COLAS would keep it up to parr.
Thank you.
Not a military pension because of COLA increases! Good stuff
I am enduring 30 years of drudgery and terrible management just for the pension. the government really grinds the enthusiasm and zest of life from you lol. can't wait, only 12 years to go.
No offense but there was literally zero content in this clip, I hope the other clips from "JoM" are better
I checked, they're not
Insightful content. Look forward to many more in the future.
I will have 2 pensions- I did 20+ years in US Army and get just shy $30k per year for life. Then I will retire in 2034 from Fed Gov and will get another $24k per year pension. I will also have just shy of $1 million in TSP and $90k in Roth IRA. My wife has her own a 401k and Roth IRA. We have both planned to put in for SS in 2034 when we both turn 62. Our home is paid off. We plan to use $100k a year in retirement- pension +savings+no debt= freedom.
I like the duality of your screen name couple by you wanting to spill your guts on every detail of your finances. 😂
@@edhcb9359great observation
My pension pays me 12k a month plus the cost of living increases each year. I was able to retire at 43 and started another career. It's worth at least 4-5 million if you compare it to an annuity.
Must be an overpaid firefighter.
@@Timmer-qp8syprobably
Most ffs can’t retire at 43. It must be another line of work.
@@penney360 My guess would be a military (specifically officer) pension. Although that seems high for a 20ish year pension so may also include some disability income.
@ sure they can. With a pension of 80 percent of their salary. It’s a gimmick.
So what is the math behind this question?
As always, a great analysis. Newcomers often wonder if it's too late to navigate the financial market, but the market is always unpredictable. Trading has more advantages than simply holding, so it's important to learn before diving in. Active trades are necessary to ride the market's waves. Thanks to Evelyn Infurna’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings, managed to grow a nest egg of around 127k to a decent 532k. Kudos to the journey ahead!