The Magic of the 5 Years BEFORE Retirement (Double your savings!)
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- Опубліковано 5 лип 2024
- Take control of your retirement → calendly.com/admin-ozrj
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Opinions expressed herein are solely those of URS Advisory. All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your financial adviser or qualified professional before making any financial decisions.
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I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Those sound like great picks! consider financial advisory so you don’t keep switching it up, top 3 payers for the month were $OHI, $KMI, and $EDP... not bad for 350k
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 14.3%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Things appear strange right now. The value of the US dollar is declining due to inflation, but it is increasing in comparison to other currencies and commodities such as gold and real estate. As someone with retirement funds I'm concerned about the impact of inflation on my savings, I hit $31k today, I am truly grateful for all the knowledge and nuggets you have given me over the past few months started with $11k in few weeks.
I'm a newbie in investment, can you guide me on how did it?
Financial planning is about more than just reaching a specific financial milestone. It's about figuring out how to generate income, manage expenses, and maintain your desired standard of living throughout your retirement years.
What assets did you invest in and how did you achieve so much within a such period of time?
Starting early is simply the best way of getting ahead to build wealth investing remains a priority I learnt from my last year's experience I am able to build a suitable life..
Please can you leave the info of your Investment advsor here? I'm in dire need for one
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@hasede-lg9hj I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?
Annette Marie Holt is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
Staying abreast of the latest trends and strategies is crucial for traders to stay ahead and make well-informed decisions. Beginners in trading and investing must recognize that success in these fields demands technical analysis, emotional maturity, and self-discipline. Thanks to Monica Lisa Payne insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Kudos to the journey ahead!
erNameIs Monica Lisa Payne, cant divulge much. Most likely, the internet should have her basic info, you can research if you like
I just looked up this person out of curiosity, surprisingly she seems really proficient, I thought this was just some overrated BS, I appreciate this.
It is really refreshing to see a comment about Monica Lisa Payne.I have worked with her also for months now, reached out after reading more about her on the internet. she simplifies matters, whether it's a market surge or drop; her approach consistently keeps you ahead of the trend, She's a guru i'll say
niceTo see this here, Monica Lisa Payne's understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Thank you. I hope in future videos you address older people and their issues who are already retired.
Great video! Thanks for explaining!
Thanks for watching, guys!🤩
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
@@EdmundEthan093 I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
@@roxdietren My CFA claire robert's durand , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!
@@EdmundEthan093 I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
@@EdmundEthan093 update claire robert's durand is very good.
Thank you for this!
Nice, your video quality is pretty awesome. Not too busy and not to dull, I am taking baby steps, someday I hope I can get to your refined level. Keep growing. "Subscribed"
Thank you for the kind words! Keep going💪
Great video Julia with very clear explanations and examples. I am an avid consumer of content in this arena and just subscribed. I am retired but strive to educate my children and grandchildren in this area so they can have their best futures. I am going to start watching your other videos. Keep up the great content! Larry, Central Valley, Ca.
Love to hear this! Thank you for watching😃
wow! It's fantastic to hear that you're focusing on educating the next generation about financial planning. What topics or strategies do you find most crucial for your children and grandchildren as they prepare for their futures?"
@@StressLessFinancial That is not an easy question to answer and keep it short. I keep it age appropriate and started with the basics. Give, save, spend concept of their money handling. Have a good work ethic. Interest - both receive and pay, how it works; good and bad, how to control and use. How credit works; dangers, how to use and control. The difference between wants and needs. The value of scarcity and in waiting. Business and investment concepts and build upon their lives and expand age appropriately. The difference between saving and investing and the nuances as appropriate. Encourage their questions and conversations at any time and for any reason. Encourage with dollar for dollar matching. Try to develop the interest and encourage their continued learning and understanding. There are so many resources available online that can be researched and screened. I recently gave them all a copy of Millionaire Mission by Brian Preston.
Great information!
Thanks for watching!😃
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
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 definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Monica has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
Thanks for the 7/5/10 rule!
Really loved the clear and concise way you walked through this , thx
Thanks so much for the kind words, and for watching!
I live in Canada. He who makes interest, compounded or not has our wonderful government take 53% of it in my income bracket!
If you earn more then $235,000 a year the government says your rich and takes 53% of your income!
Interest is treated as income!
lol! Another 10-13% of our “nest egg” a year is a tad more than our gross household income! 😂😂
large nest egg already?
the more you have, the harder it becomes - ie, you have 1.5 million, you need to come up with $150,00 a year
Exactly! 10-13% of our nest egg is roughly equal to our gross household income.
Thank you for your video, it is very clear and concise.
Do you have any insights for someone who was never able to say for their retirement? I know I am never going to be able to really retire, I am currently 61 years old. However, I can’t keep working at the same rate forever. I’d like to be able to cut back, in about five more years
It’s commendable that you're planning ahead even if retirement feels distant. There are strategies that can help you transition gradually. Have you looked into options like phased retirement plans or creating a flexible income stream to ease the shift in five years?
wonderful, clear content, subscribed! I don’t have enough saved for retirement, but I also make too much to contribute to a Roth Ira. I find so many videos recommend the Roth for good reason, but I can’t take advantage of it.
Thanks for watching and subscribing! You may be able to do a "backdoor" Roth IRA or contribute to a Roth 401k through your employer (there are no income limits).
thank you! My employer does not offer that. I am looking into the back door, Roth Ira, but still trying to understand the tax implications.
Great that you're exploring different retirement strategies! It’s true that Roth IRAs have many benefits, but there are other effective options too. Have you considered exploring strategies like after-tax contributions or investing in annuities that offer tax advantages?
@@StressLessFinancial thank you ! Good suggestions!
10% of my nest egg is literally more than I make in a year. I know you can’t cover every situation, but I just don’t know where to go with this information. I will add that I am widowed, have just become an empty nester, am debt free including owning my home. Due to health issues and the nature of my job I work limited hours at about 24-30/week, but even at full time it would take my entire income to use this method.
It’s great that you’re in a strong financial position with no debt and owning your home. With your situation, balancing your nest egg and income can be tricky. Have you considered working with a financial planner to explore options that might better align your assets with your current needs and future goals?
Very informative video. When you talk about investing 10% of our nest egg, are you referring to a 401k or IRA ?
thx Steve
Everything combined. Thanks for watching!😀
Julia - would you still recommend the Roth portion of a 401K if we are at the highest tax bracket?
It depends on how much pre-tax monies you have and what your expenses will be in retirement.
FWIW, the compound interest quote is very often falsely attributed to Einstein.
HI Julia ..Good work..I am not a US citizen and our ruth IRA sucks gives 2.5%,,,Currently investing on US ETF to generate dividends but I am TAX 30%. do you think it worth doing so or any other advise you have me thanks
Seems like no one has an answer
We have $400k in Fidelity S&P 500 fund and we contribute over $40k per year, how do I estimate when it will be $1 million?
Money geek link? I am having difficulty finding it.
www.moneygeek.com/compound-interest-calculator/
Thank you Julia Beaurifull 😘 love the info ❤️ i needed this change your mindset to growth cheers 🍻 mate regards from stewy Hudson and Family Birmingham city England 🇬🇧 👍 😀 👏 💙 🙌 🇬🇧 👍 xxxxxxxx
I don't know why all you advisors push the 401k Roth, the problem with that is you can't choose where you want your money invested; put money into it but maximize the regular Roth account at least you can control where you are putting your after tax money.
That may depend on whom you're working with.
I can choose with Fidelity- though I have to look up the equivalent version of voo, vug.
Just search for s & p 500 and verify it's a low cost.
Hmmm…last time I checked, I had 38 funds to choose from in my Roth 401k. You are missing the bigger picture. It allows a higher contribution limit than just the Roth itself. Just diversify and pick funds with low expense ratios.
Einstein never said that. Misquoting him automatically undermines your entire video. 👎
So many refer to doubling, and 12% in the stock market, etc, but my 403b is lucky to pull 5 - 7% when you look at the years were it was negative growth. The majority of growth has been employer employee contributions, not market growth. I don't know who is getting their 12%, but it isn't me for sure.
It depends on the plan really by 12% long term is high. You probably either have high fees or poor options. My company was sold a few years ago and now we have much lower fees and Better funds to choose from . Bigger companies have better options typically, or you have a higher concentration in bonds.
@@truckingmoney485 Yeah, the fees seem low enough, but since most of what I am able to invest in is driven by ethical/religious invested type stocks, I suspect that I'm not able to get into higher growth. Also, I ended up in a managed portfolio of rebalancing, and I'm noticing it rebalances into bonds which have torpedoed me the past 3 years. It's an employer based 403(b) and either I'm all in myself having to allocate things (which I'm not smart enough) or depend on the company overseeing the 403(b) and I'm not really sure they have my best interest at stake.
It sounds like you've had a more modest experience with your 403b compared to the high returns some talk about. Diversification might be key in your situation. Have you explored other investment options or strategies to help improve your returns and balance the risk?
@@StressLessFinancial Part of the problem with my 403b account is its controlled by the organization I work for, and they have "advisors" for managed funds. When I turned 52, they encouraged us to move from Aggressive to Moderate Conservative which increased the % of bonds. Then thanks to the Feds, the bonds went south, and destroyed our growth. I was rather upset with the investing company. Called the advisor and put us back to Moderate Aggressive which has helped, but still no where close to the stock market. (It also is limited to the investments because if any of the companies invested in, touch any ethical or moral issues, such as gambling, tobacco, military, etc, those are excluded.) I have no way of adjusting for specific companies, only groups. Anyway, I'm also investing outside of a 403B through Charles Schwab and doing fairly well there, so setting us up for several streams of income, plus house going to be paid off. But the 403bs seem to benefit the investing company far more than the specific employee.
Why would you recommend a ROTH for someone 5 years out from retirement, when they are probably in a much higher tax bracket than they will be after retirement?
I am within 5 years of retirement and I contribute 100% to my Roth 401k😊
@@dan6756 What is your tax bracket now and who talked you into that?
@@happycampers6592 No one talked me into investing into a Roth 401k; I believe that my future RMD will have higher tax . Currently, I have 85/15 % 401k/roth 401k mix
Whether or not your in a higher tax bracket now or not. In a regular 401 or IRA you'll still be paying tax again. With the Roth IRA you don't have to pay tax again.
How can you save 20k in a Roth?
Roth 401k😀
@@RetirewithJuliawhat about the back door Roth?
Can you have Roth IRA and 401K Roth ?
Yes
Some flaws. Tax deferred means more $ invested. Let’s say you are taxed at 25%… that is additional $ working for you over a period of time. Also when you retire you need less $ so you will most likely be in a lower tax bracket. Just do the math based on your situation.
Completely disagree. Very few people need LESS money in retirement. I do the math for a living. Thanks for watching!
@@RetirewithJulia Thanks….I also do math for a living🙃
@@DEEZEEMTB Unless you do retirement planning for a living, you won't understand what a myth "you'll need less $ in retirement" actually is. The only ones who "need less" are the ones that have no choice because they didn't save enough. You're not taking into account possible tax increases, inflation, Medicare IRMAA, and many more harsh realities of pre-tax retirement savings. All the best.
@@RetirewithJulia I am a money manager and everyone’s situation is different. Things to consider. Employer match on a traditional 401K vs. Roth. In many cases it is much lower. Tax bracket in your earning years. Number of dependents. Where you live. Plans in retirement. When you plan to retire…..and the list goes on. Basically one size doesn’t fit all.
Some people max out their traditional 401K to the employer match and then switch to a Roth.
We will just need to agree to disagree. Have a nice day.
Agree to disagree. Please explore tax planning. It will help your clients tremendously.
Man, your example is rich😂😂
Great information!
Thanks for watching!😃