Need $10,000 Per Month in Retirement? Here's How Much to Save.
Вставка
- Опубліковано 4 чер 2024
- Retirees in big cities may need $10,000 per month in retirement for living expenses. How much do they need to save to make that happen?
► Announcing THE RETIREMENT ADVENTURE CLUB!
retirement-adventure-club.mn.co/
We've launched an online membership designed to help you plan for retirement and connect with others who are asking the same retirement questions you’re asking right now.
The Club will feature access to RightCapital financial planning software, a growing library of financial planning checklists, online courses, and regular access to me and the team during live-streamed office hours calls.
Want to run these numbers for yourself? I've created a spreadsheet for you! Download it here:
pranawealth.vipmembervault.co...
** Free Retirement Checklist **
pranawealth.com/resources
#pranawealth #patrickking #howtoretire #retirement #retirementplanning
To learn more, visit our website:
www.pranawealth.com/
-- About Patrick King CFP® --
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
Let’s connect:
LinkedIn - PatrickBKing
Facebook - @pranawealth
Instagram - @pranawealth
Twitter - @PranaWealth
----------
DISCLAIMER: This is a publication of Prana Wealth Management LLC. All opinions of the authors expressed herein are as of the date of publication and are subject to change. Any information presented herein is not an offer to buy or sell, nor a solicitation to buy or sell any securities or products mentioned. Any investment, tax, legal, or estate planning or information is to be considered general in nature and is not intended as personalized financial planning advice. Always consult a financial, legal, or tax professional regarding your specific situation. Different investments have varying degrees of risk and there is no assurance that they will be suitable for a particular person’s portfolio. Past performance is not indicative of future results. Prana Wealth Management LLC is a registered investment adviser in the state of Georgia and other states where it is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement from securities regulators. Prana Wealth Management LLC receives compensation from UA-cam for the presence of advertising before, after, and during this video content. Prana Wealth Management LLC does not control the content or presence of any advertisements. The presence of any advertisement does not constitute an endorsement of the ad, company, entity, or product by Prana Wealth Management LLC.
----------
CONTENT DISCLAIMER: The views and opinions expressed through this media or in comments on this channel are those of the creators and do not necessarily reflect the views and opinions held by this channel's broadcaster.
Due to the social nature of this channel, these videos may contain content copyrighted by another person or entity. This channel's owner claims no copyright to said content. The broadcaster of this channel cannot be held accountable for the copyrighted content. The broadcaster shares and strives to verify information, but cannot warrant the accuracy of copyrights or completeness of the information on this channel.
Any copyrighted material shared on this channel is intended to be shared by Fair Use. If you have a complaint about the use of copyrighted material, please contact the broadcaster prior to making a copyright claim. Any infringement is unintentional and will be rectified to all parties' satisfaction.
excelent video. well done.
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
@@benalfredo this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
@@Javier_Rodri I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
@@benalfredo thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
Great video. It gave me something to think about as I really haven’t considered inflation for my budget. Appreciate all the thoughtful video’s.
Extremely well and clearly presented. Quite useful. Thank you!
Great video! Nice indicator that time helps yield the biggest return for the least amount of work/stress. 🤙
Thanks for the kind words! Yes -- compounding is truly magic!
Thank you…if you live in the NYC area you need just about that much. Property taxes, state income taxes, insurances, transportation, health care surcharges for uninsured…..10k per month is not out of line even for single people.
@SeaLisa, I'm not surprised at all. That's kind of the jumping-off point for a lot of my clients here in Atlanta, so I'd assume it would be even higher in NYC.
Thanks for the comment! 🙏 Hope you found the video helpful!
Great ballpark discussion. I'm leaving at 62 in 2 years and won't draw SS until 65 or 67.
Thanks, Jay! It was hard to blend enough detail to be useful, but also not get lost in the weeds. If you don't need the cash at 62 and feel like you're healthy, I think waiting is a good strategy. Good luck! Sounds like you're on top of things!
First need to calculate in expected life expectancy, I’m leaving the work force just before age 60, wife is 5 years older and we are over the 1m mark combined. Calculated to age 95 our monthly combined income gross will be just over 5 k. For 10 k a month need a lot more or planning on a short life. Most people will not even have the 1m saved. 10grand a month you are very wealthy. In addition, should also retire debt free, no mortgage, car payments or credit card debt. In other words live debt free before retirement. I have been fortunate to do so for several years.
Awesome, Harry! Congrats on being debt free! 🙌 For those folks who need $10,000 per month, they'll certainly need to have plenty saved to make it happen.
Your scenarios left out an important and significant financial aspect, which is taxation, both on the deferred tax portfolio as well as the social security benefits. If the couples in the examples must maintain that $10K/month net spending level, then the drawdown from the portfolio will have to exceed the 4% rule, and shorten the life of the retirement fund.
Great point, @rushmore IV -- the 4% rule does not take into account the tax factors associated with different types of accounts. It's one of the limitations and criticisms of using it for nuanced financial planning. The 4% rule is great as a rule of thumb.
It only shortens the life of the fund if it is performing at the 7% level in the example. If a fund isn't making 10% on average, then I would move it to something else that does.
I would use the 3.3% rule and estimate about $3 million. Yields are lower today than when the 4% rule was recommended. Let's say Social Security income is $4,000 per month. Then a $6,000 monthly income is required from portfolio. Then a $1.8 million portfolio is required.
Social security should also be inflated at 2.6%/year not just the other numbers. Increases in SS will reduce the amount needed from the portfolio.
Great point, Sergio -- let's hope Social Security can keep giving us those COLAs in the coming decades! 🤞
I believe I read the last decade averages 1.3% COLA for SA.
Only if we keep stealing from younger and younger workers.
What do you think of warren buffet’s 90/10 assett allocation recommendation for his family members?
Great question! I think it's a good strategy for someone who's young and saving for retirement. However, if you're nearing (or just) retired, it has an awful lot of risk.
The way things are going, $15,000 is the new $10,000.
Ha! Pretty much!
No problemo.
Thanks for watching and the great comments, Chess Dad! 🙏
If you need $10K you'll need about $13.3K before State and Federal taxes. That's $9.3K per month after deducting their combined social security benefits. That $ 2.79 million in investments.
Taxes add up!
God bless you
Thank you so much! 🙏
Nice video but it seems like you should have increased the amount of social security if delaying retirement.
Great point, Rob. I've been thinking about doing a follow-up to this one.
Yea just put it off till your Dead…..then social security will not matter.
I teach a bit to my guys about the tsp. What plan would you give someone just starting out at the age of 20? They get up to a 5% match as well. Thanks :)
Michael -- if you're 20, you have plenty of time to let all of this stuff compound. If I were 20 years old, I'd get that 5% match as well and put away as much as possible into a Roth IRA every year!
Stay away from the lifestyle funds and the G fund
100% of contributions to the S&P500 fund
Doesn’t retirement length have a big impact on the amount needed? Plus if you retire early you have increased healthcare costs before Medicare and you lose SS because you didn’t get 35 years of credits in. This plan seems to work for people close to SS age.
You don’t have to work 35 years in order to qualify for SS. At age 40, I had enough creditable working years to qualify for full benefits at retirement age
If your fund's performance exceeds the amount you withdraw, then the fund balance would never be depleted. It would actually continue to increase every year. If it earns 10% and you only withdraw 4%, then the balance grows by 6% each year.
I live in the 18th largest US city with a combined population of about 750k across Minneapolis and St Paul since the 2 metros run together. This puts us right behind San Francisco, but with a likely lower cost of living. I can't fathom needing $10k per month in retirement. Not that I couldn't spend it - on travel, improvements to my $500k fully d mtg free home, and just living life. But what would deter me is the thought of the tax bracket inwould be in. That, I would not like. Btw, I'm debt free, have always lived well below my means and have assets enough to draw this income.
Ivan -- congrats on being debt free! Keeping those expenses reasonable is a fantastic way to do that!
You need to invest into real estate syndications for the big tax write offs. Educate yourself! These wealth managers just collect your money and stuff it into their own glad trash bags!
Great video. Is the $10k / month after tax or before tax? To make $10k after tax every month, I need a whole lot more to save than those in the video if most of my savings is in pre-tax accounts like 401k. Just federal tax alone reduces $10k by 22% easily :-\
Thank you for the kind words, James! And great question! Here, we're talking pre-tax. After tax adds a completely new level of complication.
@@PranaWealth Makes sense. Anyway, $10,000 pre-tax every month probably will become like $8,000 to me after tax. I will think about my future plans to save up more to get to $10k after-tax. Thanks for your great starting lines, which helps me a lot.
@@jacobkowski7705 -- so glad you got something from this! My whole idea here was to just give folks a benchmark for where to start their planning. Best of luck!
Will -- I agree. I think that folks don't realize how fast you can get to $10k/month if you're young and active.
@@PranaWealth There always seems to more questions than any of these videos can answer. So why not pose possible questions and answer within or make follow up videos?
I think he’s talking to the one percent in this video God knows everyone I know it’s not gonna come anywhere near the figure he has we’re gonna be lucky if we have 300,000 in an IRA and Social Security I’m more looking at about 180 in my IRA with 800 a month coming for my state pension plus Social Security and of course my house is paid off the only bill I have will be the power of the heat in those sort of bill i’ve never owned a new car and not gonna get one when I retire so I’m not too worried I’ll probably have close to 2400 to 3000 a month pretax to live on I doubt that I will be starving but I’ll survive better than most not as well as others
Philip -- there are certainly more folks who spend like this who live in some of the big metro areas. Everything costs more in the big city.
Would love to see a video on pensions!
You got it, Grace! Any particular aspects? Maybe do an analysis just like this, but with a pension?
Please throw in WEP for one of the spouses.
@Grace Hendricks... great suggestion! They never seem to include the pension! I know pensions are becoming rare, but not for everyone.
@@PranaWealth it would be nice to hear the timing on when to withdraw from 403(b) and when to begin social security.
@@PranaWealth like Grace said in her post, can we see a video on Pensions? Most Pension’s pay 50%-90% of current income. Obviously, based on time and which pension plan. But let’s assume 65% and the need to feel the remain gap to 100%. So how much money for 35% set back with a 403b or 457 differed comp. You Tube community has a lot of government workers like Grace and I. I’m assuming Grace is a teacher with a 403b…
Please post the same numbers on a single person. Not all are retired. What are reasonable expenses for a single person in a middle class neighborhood in middle America?
Done! 😉 ua-cam.com/video/lRzuLA4pZmw/v-deo.html
My husband and I just moved back in the US from working overseas as an expat we’re not planning to go back to work we’re 57. Throughout out our careers we were able to saved $3.5m from various investments with passive income of $65k/yr from our dividend stocks & growing every year bc of reinvestment we are not counting our social security as an income yet since we’re not sure about the availability. We still have to build our house but we have cash set aside for that expenses. Do you think $3.5m enough to retire?
@kelly51757 -- you could certainly make $3.5m work. Of course, it all depends on how much you spend every year. If you keep your expenses low enough where that $65k covers most of it, you'll likely be in great shape. Of course, it might make sense for you to get a financial plan to confirm all of this. At some point, you have to do the math!
NO.......Kelly you are just on her Flexing.....If you can't retire on 3.5 Million then you are living way beyond your means. And if you are seriously asking this question....then you need some serious financial help......Now get out of here!
3.5 million should be earning 10%, so $350,000 per year ought to be enough.
Lol...After my Company closed our Facility, we live on a lot less than 10k and still a few years to go b4 retiring.
Dennis -- not everyone needs $10k/month, for sure. Hate that your job got shut down. 🙁
@@PranaWealth Thank you. Wish you well.
The one thing about the 4% rule which I don’t agree as as we age we spend less money I never see that included in anyone’s calculations am I wrong?
JP, you bring up a great point. The 4% rule is a broad heuristic, at best. Retirement spending is rarely so predictable. Most people tend to spend more in the early years of their retirement, slow down their spending when they get a little older and want to travel less, and finally, spend more as their healthcare expenses increase in retirement.
@@PranaWealth I guess as a social w'kr for the elderly (retired) I see this a little differently than a lot of people. As people get older in their retirement...sure, the spending on travel & so forth declines, but the need for more household/personal care help can definitely increase. People often need more help w/ cleaning, personal care, errand running, etc. And that can get pretty pricey. If they need to go into ass't. living, again, pretty pricey. According to what I've seen the spending can go up...way up, as people age.
@@dresser6135 -- you're absolutely correct. While it does decline transitioning from the "Go-Go" years to the "Slow-Go" years, spending increases when retirees transition from the "Slow-Go" years to the "No-Go" years. Much of the spending increase comes in the form of health and personal care. Sounds like I need to make a video about this!
Also -- God bless you for doing what you do! I'm sure the people in your care are so grateful for you! 🙏
@@PranaWealth Thank you. I would be interested in such a video.
@@dresser6135 -- I've put it in my queue! It usually takes a few weeks to research, write, record and edit, so please be patient if I don't have it out next week. Great idea for a video, though.
At 26 my partner and have 200k+ across retirement accounts, hoping we can surpass the 3m mark by age 40 and 8m by 50. Besides 401k, HSA, Roth IRA, and Brokerage accounts, are there any other type of accounts we should invest/save in?
Awesome work!
If the savings are taxable like 401k would you use more like a 3% rule?
@firstofficerspock311 -- great question! The 4% rule holds for tax deferred accounts. Remember, it's a super-simple tool and is pretty conservative. There's been a ton of research on this since the idea was put forth. Others have said that something like 5.3% is sustainable under certain conditions. These are all just rules-of-thumb and don't give you the kind of nuance that a full financial plan would.
What if your portfolio is earning 10-12% annually? Then you could be using the 8% rule.
@@anthonydooley3616true, but the point is to maintain a conservative withdrawal rate since the market will always dip down at some point.
Hello! There are people in America that have Never made 10k per month their whole working career. Wow!
That's true, @Hillbilly Sportsman ! I think it all depends on where you live. I'm in Atlanta and this kind of spending isn't out-of-line for a working couple. They get paid more, but everything is way more expensive. When I go back home to S.C., I feel like everything is half price.
Hope you had a good deer season! 🦌 Thanks for commenting!
Just to make sure I am following....if i retire at 52.... I would need 2.5 million at 52 to live out on $100k yearly for 30 years. Do I have that right?
R Da -- it depends on a lot of other factors, like your Social Security and any pensions you may have. Also remember, these are just estimates and not a full financial plan. I am working on an online course that will help walk you through all of these calculations step-by-step, so stay tuned!
If you are retiring at 52 you need more money then a traditional retiree aged 65. If your yearly spend is 100k i would say you need 33x that which is 3.33 million. And you also need to factor in inflation because 3.33 million in 10 years is something like 4.5 million assuming 3% yearly inflation.
It appears you are ignoring capital gains income taxes on portfolio withdrawals and conversions
Rick -- you're right. This was meant to be a 40,000 foot view, so I did caveat all of this in the video. Someone with all of their assets in a tax-deferred account is going to have a completely different experience than someone who has all of their assets in an after-tax account. There's no substitute for a full financial plan!
If you need $10k a month then you are doing something terribly wrong. By the time you retire your house should have been paid off long ago. Living expenses are no where near $10k a month unless you have some ungodly property tax or you need constant medical attention or you are constantly traveling.
@Encourageable -- I have to say, I've seen a lot of folks here in Atlanta that wanted to start out at $10k per month. Of course, it's pretty expensive here compared to a lot of places.
Or unless you live in NJ or NYC. Property taxes and insurance are outrageous.
Hi There, Love your video's but there's one thing I'm not following on this one - Why doesn't the Total Income Needed increase in 5 years and 10 years? It looks like you're applying the 3% for inflation to the amount needed after social security is considered, but the purchasing power of the a SSI payment $2,000 today is more than what it would be in 5 years which is more than what it would be in 10 years.
I can’t imagine spending 10k a month, even 5k would require a lot of effort
@Dennis S -- it's super easy to do if you live in or near a big city. There's a reason why a lot of people choose to move to smaller towns when they retire.
Exactly. Still paying a mortgage but live on roughly $3000 a month. Once the mortgage is paid that will go down to $2000. If you live below your means and don't buy everything your heart desires, you'll be able to retire comfortably and still have the occasional splurge!
@@dianepereira1860I’m all for living below your means but not everyone wants to live like a hobo. Some people make good money and save a ton therefore still allowing them to live a great life in retirement. It all comes down to where you sit on the income scale. I respect everyone’s choice on where they want to be UNLESS they spend more than they make or do not save. They deserve who they get.
I know you deal with mostly wealthy clients but could you do a video on retirement strategies for city workers with pensions ? Most of us don't have 1,000,000 saved LOL. Or point me to videos that do.
Good call, Gary. If you have a pension, you can certainly make a great retirement for yourself. Those of us who don't have pensions need to save all that moolah to make it work! I'll think about some video topics about this... Give me a few weeks to pull ideas together.
@@PranaWealth thank you. We need help as well. Along with pensions, we need SS advice and also how to start talking from our savings and pre tax plans as well. Appreciated.
Will do! This will be a great topic. I'm going to start digging into this and try to have this ready for either next Thursday (11/4 ) or the Thursday after that (11/11). This week, I'm working on what the average American actually spends in retirement, so that should dovetail nicely with this.
@garyjsimm -- wanted to get back to you. This week's video is a remake of the $10k/month one, but with the average American's retirement spending. That being said, it's just one video and doesn't address all of your questions (such as when to take Social Security and which accounts to use). I'll keep plugging away at each topic over time.
By the way, I'm working on an online course that will allow you to run these calculations for yourself. I'll let everyone know when it's completed.
Hope all is well and life is good! Happy Friday!
ua-cam.com/video/qJDxxjRSDks/v-deo.html
Five years ago I interviewed 5 investment/retirement planning firms. My question was simple. If I gave them 2 million, how would they invest it and what are their fees. I left each meeting shaking my head in disgust. Each firm showed an annual growth of 4-5% using a combination of annuities, stocks, bonds, and REITS. Thank God I’m a savvy investor. I’ve been in the game since 1979. I will not turn my portfolio over to anyone. I keep 85% in quasi safe ETFs like SCHD and 15% in exponential growth Pre-IPOs and Lithium Juniors. My 15% EG portfolio with 500,000 shares will probably match my 85% safe money portfolio in 18 months. EG is up 174% in the last six months. Lithium is exploding.
@jdbucha - sounds like you have a plan! Best of luck!
You’re predicting your risky portfolio to 6x in 18 months?
Those firms are saying they'll give you 5% and pocket 20% in the good years and still charge you 1-2% in the bad years
Calvin -- yeah, you have to know exactly how these fees are structured before investing. The 2 & 20 model (2% per year and 20% of profits) is popular with most of these private equity & venture capital deals. Everyone looking and there are only so many unicorns... 🦄
You aren’t the target market for advisors. 80 percent of people have no clue how to invest. An advisor is only good to you when you start losing your mental fastball.
who the hell needs that much?? I would be happy with 3K
You're absolutely right, CheapoBunny! It's all about making choices. However, I'd say that $10k / month is probably the spend for most households with 2-income "professionals" in a big city. You can certainly live on much less if you wanted to.
@@PranaWealth I guess in a big city.. .but if you check statistics most people live outside the city, and single women outnumber every other demographic. and finding useful info on that is rare.
Sounds like a good idea for a future video!
@@PranaWealth definitely... I have a fb group that has mostly retired women most are single. and they are struggling with low income. part time jobs, downsizing, renting out rooms.... all part of trying to get by... I do have a few that are not retired yet and could use some good tips... If you get a focused video, I would share with my group.,
@@anniesshenanigans3815 -- will do. My video queue is about 4 - 6 weeks out. (it takes a lot of planning to create these things while I'm running a business) I'll get things started now to get to it ASAP.
I am depressed after listening
Didn't mean to depress you, @Calventius ! Hope you're on track for your goals. 🙏
Maybe 5% return..
I haven't watched the video yet but if you need $10000/month. Isn't that $120000/year. If $1 million gives $40000/year then $3 million will give $120000/year at 4% withdrawal rate. Now with social security in the mix will be even less depending on benefits amount. Some individuals have pensions which makes it even less. I believe once you reach a million in retirement accounts, it's too much and you are basically saving to avoid tax or pass onto heirs which should be be taxed accordingly. How much is enough?
Gary -- I go into that a little bit, but yes -- how much is enough? Some people want the world. If they can save for it, more power to them! I had someone tell me once, "You can have anything, but you can't have everything." That pretty much sums it up!
I’m about to be at $7k/mo from real estate investments off of $650k in real estate
Fantastic! Sounds like you're making the rental real estate strategy work. I've known a few people who really turned that into some serious cash flow.
@@PranaWealth I don’t get why people waste time with stocks given how easy it is to make $ from rentals
@J T -- I've also seen a bunch of folks do the rental real estate game wrong over the years! Some people are cut out for it and others aren't. Plus, not everyone can be a good landlord. It certainly works if you can do it. There's no one way that's right or wrong about building wealth and retiring.
Do one for single ppl
Done! The numbers are a bit different since it's geared toward the "average" American rather than someone who may need $10,000 per month. Let me know if this is what you're looking for, Brinda!
ua-cam.com/video/lRzuLA4pZmw/v-deo.html
I realized things in America were worsening for retirees 5 years ago, so I started my "Escape to The Philippines Plan"; I was 60, with only $25,000 in savings and I had debt when I started. I'll
be 66 when I retire in The Philippines 4/2024, and I'll have $220,000 in savings, $1,800 in Social Security $850 in monthly interest income, $1,500 monthly from 50 hrs. of part time work for
a U.S. company and NO DEBT. I can live VERY well in The Philippines for under $2,000 monthly, and this includes a "top tier" health plan at the best hospitals there. I'll be able to SAVE $30,000
yearly and live without fear of "running out of money" before I die, as the WAY LOWER cost of living and good healthcare (a fraction of The U.S.) in the Philippines makes this a nice reality. I
recommend others give this "plan" some thought, and there are other places in The World with similar low costs too, but as a retired Veteran I can get a retirement visa for only $1,400 with a
$10 yearly fee, English is widely spoken in The Philippines, and there are many other benefits and "perks" for retirees there.
The perks you speak of, are these the young females? Asking for a friend…
$10,000 a month???? I didn’t make that much working!!! Obviously you prefer richer clients. That’s too bad.
Blake -- For a married couple in a big city like Atlanta, $10k/month isn't uncommon. Life in the big city isn't cheap! However, I did make a similar video that focuses on what the average American spends in retirement rather than $10k/month. You may enjoy it:
ua-cam.com/video/qJDxxjRSDks/v-deo.html
Do not collect Federal welfare until you are 70. If that means you have to keep working then so be it.
Ha ha...I'd just like to take this opportunity to thank these kind of people for all of the taxes they're paying now and in the future solely due to their spending. It's really nice of them to pay so much so I don't have to. Good Lord.
I think someone once said, "Mo money, mo problems".
@@PranaWealth Indeed but I think more accurately mo spending, mo problems. Oddly enough, the money itself doesn't cause any problems, it solves many.
Well, definitely mo spending, mo problems. As far as simply having money goes, I've seen it both ways, especially when it comes to a sudden wealth situation.
@@PranaWealth I think it comes down to the perspective of the individual. Far too many view sudden wealth as an opportunity to spend when in reality it's an opportunity to gain financial freedom which is a very rare thing. Nothing you can buy comes close, it's all a distant second.
That's the truth!
Too little too late
I’m aiming for $20k per month in retirement (after taxes). Figure I want a nest egg of $6M.
Joshua -- that sounds about right. Good luck! 🙌
When do you want to start tapping the nest egg?
@@angstfree2008 59.5
Believe it or not, I’m 46 and am currently there now. $20k month. If any question, I’d be happy to explain how it all happened..
The 4% rule is far too conservative and I always dismiss anyone who subscribes to this rule. If your investment strategy involves the 60/40 portfolio, bonds, or annuities then it is destined to fail. Investments in equities should produce 10% over the long run, on average. Conventional wisdom gets you conventional results. Exceptional results are achieved when you don't follow the crowd.
Well okay. I did make a video that covers the virtues and drawbacks of the 4% rule: ua-cam.com/video/1QxfA1-ApuI/v-deo.html
Does not following the crowd involve investing in leveraged crypto through Three Arrows or Celsius?
If you're not getting an average over 10% a year from a money manager, you should fire them.
I guess they're all going to get fired this year?
Inflation 5% Return 8%
Although these days, it seems like you should flip those numbers...
@@PranaWealth You sure got a point, but hopefully on long run we should see the inflation calming down! Otherwise we all will be working in our 90s!
Ha! If inflation keeps going at this pace, something's going to break. 😳💸
Nobody really needs $10K a month in retirement unless their stupid or living beyond their means. Just retire. Whatever you have, you have. There isn't anymore. You're flat out of time. The majority of today's retirees do not have anywhere near $1.8 million. Those are people considered to be very upper middle class.
I didn’t care for how you kept going back in their years, you can’t do that in real life
I hate that you didn't like how I presented this, Jane.
i laughed at this title. do a 3000 a month LOL
Not everyone needs $10k / month!
By the way, if you want to run these numbers for yourself, I've created a spreadsheet you can download and fill out! 📊 Check it out here:
pranawealth.vipmembervault.com/products/courses/view/17