We Rejected A Couple's $700k Retirement Plan

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  • Опубліковано 21 гру 2024

КОМЕНТАРІ • 45

  • @garyfarley323
    @garyfarley323 2 місяці тому +12

    That's their problem, $100k lol please....it's all about spending and needs! Have your house and debts paid off, and have a nice life! lol

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому +1

      Thanks! It's definitely important to be mindful of spending. Thanks for watching!

  • @Old_Sailor85
    @Old_Sailor85 2 місяці тому +4

    I need $100k, net, a year to retire.
    I also have no idea why I need $100k a year to retire because I have no idea what I will do when I retire.
    We are a country full of highly paid idiots.

  • @striperkid
    @striperkid 2 місяці тому +1

    I can't imagine being bored in retirement. My wife retired a few months ago, and I'm retiring next month. We are going to be very busy between doing projects around the house, entertaining friends, and traveling.

  • @griffinreitz7041
    @griffinreitz7041 Місяць тому +3

    So 60k in SS and 700k at 6% would be $42k that's 102k and never touch the principle. They should be fine.

    • @AnthonyMaxwell-pb1sd
      @AnthonyMaxwell-pb1sd 5 днів тому

      How do you “guarantee” 6% growth. Might not happen every year. But if you’re retiring later in life and I would consider this as later. It may be safe to do 6%.

  • @mbmatt100
    @mbmatt100 2 місяці тому +8

    Man, think of how great their retirement plan will look if they wait until they are 80. They’ll be killing it. These guys offer poor advice. The couple does need to get aligned but how many more years do they even have left that they want to spend that much.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      You've got a point! But sometimes life throws curveballs, and early retirement becomes the only option. We're here to help people navigate that. Thanks for watching! 👍

    • @mbmatt100
      @mbmatt100 2 місяці тому

      I was joking on the wait until 80. Ha.

    • @marvinnichols9465
      @marvinnichols9465 Місяць тому +1

      I agree, they need to get on the same page about what’s most important. Five more years of work is five fewer healthy years they will have to spend together and make memories. If their main goal is optimize on $$$$ then keep working but if they want to optimize on life they need better options. Bob might want to work long enough to get that retirement account into a Roth at which time they would hv little to no taxes on their social security or withdrawals and then they only need 100K. I’d also ask how important is it to spend $8300 a month in retirement. That’s a lot but I’m not them. That’s equivalent to Bob making $154K right now. The default should not be to work longer

  • @anag965
    @anag965 3 дні тому +1

    are you US or Canada

    • @wasmithfingroup
      @wasmithfingroup  3 дні тому

      We operate in the United States and can all 50 states with offices in Ohio and Florida!

  • @AG-so4gl
    @AG-so4gl 2 місяці тому +2

    Geo Arbitrage. Live very comfortably and early retire to SE Asia. All it takes is 2-2.5k a month and good health insurance. Make your savings work hard for you. Limit fixed costs is the key. Everywhere is but a flight away. Smarter not Harder 😊

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      That's a great point! Geo-arbitrage can be a fantastic way to stretch your retirement budget further. For those who are open to relocating, it opens up a lot of possibilities. Thanks for watching! 🌏

  • @rorybray7487
    @rorybray7487 8 днів тому

    It's sad to think that you have no idea what you will do in retirement. No hobbies or interests, nothing. I'm glad I don't tie my entire life to my job. There's much more to life.

  • @malkov0001
    @malkov0001 3 місяці тому +1

    They can only retire if they rent out their home and move to a cheap country. This will reduce their cost of living by 50% or extend their savings by double before it runs out. Once they run out of savings in 15-20 years, they can downsize and release more equity.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      That's a creative solution! Relocating can be a great way to lower expenses in retirement, whether it's to a different state or even another country. It's definitely something to consider! Thanks for watching! ✈️

  • @jjcnpa
    @jjcnpa 7 днів тому

    Do they have a mortgage? If not, why on earth would they need $100k/yr?

    • @wasmithfingroup
      @wasmithfingroup  6 днів тому

      That's a great question! It's definitely worth considering that they might be allocating for various expenses and planning for uncertain times, rather than just spending it on material goods. It's always wise to have a financial buffer for unexpected costs or emergencies.

  • @joseperez1085
    @joseperez1085 2 місяці тому +1

    I’d like to do mine, let me know next steps.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      Hi Jose! Thanks for the comment! Please send us a message at williamsmith@wasmithfinancial.com. A member of our team will reach out and talk about the process. Thanks again for watching!

  • @7SideWays
    @7SideWays 2 місяці тому +1

    Champagne taste, beer (nest egg) budget. Duh $700k isn't enough for that. Bob doesn't want to retire because he'll be stuck with what's her face 24 /7.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      It's all about finding a balance that works for each individual. Thanks for watching! 😊

  • @jmac03191961
    @jmac03191961 2 місяці тому

    Spending is way too high. I'm going to go out on a limb and assume they play the lottery and visit casinos

  • @ei513563854
    @ei513563854 2 місяці тому

    the "house" just can't make enough annuity commission off $700k 😂

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      Annuities can be a helpful tool for some, but they're not right for everyone. We focus on finding the solutions that best align with each client's unique needs. Thanks for watching! 😊

  • @Toogoodtobetrue458
    @Toogoodtobetrue458 3 місяці тому +1

    I coulda told you with $700k and want a $100K per month ain’t gonna happen. What lifestyle are they wanting to live.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      You're right, $100k/month is a big goal! It's important to be realistic about your spending needs and adjust your expectations if necessary. Thanks for watching! 😊

    • @jimbrown4640
      @jimbrown4640 12 днів тому

      Per year. Social Security plus 6% interest off that $700k is over $102k per year.

  • @devengudinas1649
    @devengudinas1649 3 місяці тому +1

    100 k a year just to spend is outrageous. Especially at their age. They should only live on less than their ss

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      That's a valid point! Spending needs and priorities vary from person to person. It's important to be mindful of expenses in retirement. Thanks for watching! 👍

  • @steveelwell7624
    @steveelwell7624 3 місяці тому +1

    Sell your stuff and buy a shack. It's as simple as that. You think that you are going to live forever? Fire your financial advisor.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому +1

      Downsizing is definitely an option worth considering! It can free up resources and simplify life. Thanks for watching! 😊

  • @rmh691
    @rmh691 Місяць тому

    Do you understand that the average person has nowhere near $700,000 in the retirement account?

    • @martywilliard
      @martywilliard 27 днів тому

      What’s the average would you say?

  • @briand4000
    @briand4000 2 місяці тому +4

    complete crap.

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      We appreciate your perspective! Everyone's situation is different, and we do our best to offer tailored advice. Thanks for watching! 🙏

  • @bskinny9009
    @bskinny9009 3 місяці тому +3

    $100K a year net😂

    • @wasmithfingroup
      @wasmithfingroup  2 місяці тому

      It's important to remember that everyone's financial situation and goals are different. What might seem high to one person could be necessary for another. Thanks for watching! 😊

  • @jimbrown4640
    @jimbrown4640 12 днів тому

    Never use W.A. Smith financial group. This is ridiculous retirement advice. At 67, the are on deck for death within a decade or a decade and a half. Social Security and $700k is not enough for 2 people to make it 15 years? You guys should lose your license and business.

    • @wasmithfingroup
      @wasmithfingroup  9 днів тому

      We appreciate your feedback! While we respect your opinion, we believe in the value of professional financial guidance, especially as people approach retirement and face complex decisions. We encourage you to explore a variety of perspectives and find what works best for your individual needs. Thank you for being a part of our growing community!

    • @SpookyEng1
      @SpookyEng1 9 днів тому

      Not if your expenses are 100k a year 😂

    • @jimbrown4640
      @jimbrown4640 9 днів тому

      @@SpookyEng1 Oh, if their Social Security between the two of them is $30k a year, they could last 15 years with that $700k, spending an average of $100k a year.