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I Found The World's Easiest Retirement Plan - Get Yours in Under 10 Minutes
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- Опубліковано 10 лип 2022
- The world's easiest retirement plan can work whether you have $10 million saved or $100,000 saved. And the 2nd step gives you that important number of "How much do you need to retire?".
-Dave Zoller, CFP®
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I have always had a very detailed budget throughout my working years. A few years ago I started my retirement budget. I have also created an income spreadsheet so I know how much I am receiving from each source of income for each year of retirement. I am lucky I will have three pensions, SSAN, VA and my 401K. I can then analyze the difference between my future retirement income against my retirement budget. My retirement budget is about $60k a year and I am projecting about $150K a year in retirement which is significantly less than I am making. I just don't want to worry about money during retirement.
Thank you for sharing this simple plan. Finally someone gives a non complicated view of what you might need.😊
This is a great simplified plan to get you started. That is exactly what this is supposed to be. Especially for people in their 30s, 40s, and early 50s. BUT... taxes, taxes, taxes. Taxes could be one of, if not the largest expense in retirement. If you took deductions all through your working life, you may be in for a surprise, especially when you reach age 72 and RMDs start. As a CERTIFIED FINANCIAL PLANNER™Professional I often point out to clients that where your assets are, (also called asset location) is extremely important to consider. Are they in a traditional IRA/401k that is fully taxable, Roth IRA/401k that is not taxable, HSA (not taxable), or a non-retirement account will have a big impact. Remember the 4% withdrawal rate includes assumed taxes. Plan now to create a tax-free retirement income. Great Video!
I originally estimated $65k a year, though inflation might change this some. However, our Social Security at about 67 is about $70k, close to $90k if we wait until 70. Being debt free with no mortgage, car payments, or credit card debt sure helps.
Thanks for your great video... My wife and I are retiring this year, did very well in the amount of money that we amassed for retirement. Well over 80% of that money was made because 0f taking advantage of buying high-end stocks at a deep discount during the Great Recession.up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an lnvestment manager in our corner and didn’t look at our portfoli0 for nearly a year. Just kept buying at low prices..
Keep in mind some of your income can come from dividends. So SS plus dividends ,pension if any , can reduce how much you withdraw every year or month
Thanks Dave for sharing very simple calculator for anyone to get started to get an idea and take it from there.
You’re very welcome!
It’s not how much you have…. It’s what you owe……. Don’t get me wrong by any means, yes a nice fat nest egg is everyone’s goal, being 100% Debt free has given us the opportunity to grow our Egg ….. absolutely enjoy your videos. So easy and enjoyable to watch and learn….. thank you……. Enjoy the day…..
Good video. It really is that simple. So many people fear this process. I don’t know why.
This is very informative. Thank you.
Good video, but would be better if you shared whether or not the income needs estimates were before or after tax.
As a retiree, I like taking less than 1% a year from my assets. You want to have a margin of safety, so you don't have to worry about running out of money. In an ideal scenario, your assets will continue to grow throughout your retirement.
If income gap to be covered by investment is $60K-$80K a year, 1% rule would mean nest egg as much as $8M. That's too much. 3% is conservative enough, in my opinion.
This is very clear. Thank you
Thank you so much for your videos and information. Very informative and helpful
Monte Carlo simulator works great
great staff Dave big fan!
How about doing a Video on "All weather portfolio" that limits the downside & maybe not as aggressive as Tech Heavy S&P 500 which was up 15+ % past 2 years but giving decent returns YOY?
great content thanks
Bravo!
I’m not the CFP but aren’t you under selling how much tax you will have to pay from your social security if you are withdrawing that much? Only simple way around that would be if your assets were in Roth accounts.
Is this for a single or a couple?
I think it’s just household expenses - so whatever the size of your household is, estimate based on your annual household expenses and expected social security income for the household. Of course I assume estimating social security for a couple could be complicated given how many options there for when each person starts, if you assume one person lives longer than the other, etc.
Jim is right. It can be used single or a couple.
Who gets 24K in SS?
2K per month for a couple seems reasonable.
My wife and I, claiming at 67, will bring in $60K a year.
I’ll be getting $3,250 a month at FRA
Just about everyone. The average monthly is about $1600 or $19,200 a year. That 1600 includes old retirees who are getting 1000 a month.
$24k from SS is a very reasonable amount. Some may have to wait until FRA. It becomes even more realistic for couples even if one is receiving only the 50% spousal benefit.
At least for me, this plan is too simple to be of any value ...
Who has $100K? Not your average American. This isn't for me.