If I am no longer working - why would I NOT "Subtract" from my Gross Salary: HSA, 401k & After Tax Roth contributions as well as MED/EE & OASDI/EE deductions currently coming out of my paycheck. Therefore, in retirement I would not need to replace 100% of salary nor would anybody else. Bad advice - best of luck.
Thanks so much for watching and your comment! In the video, Andrew was recommending that individuals should seek to replace their NET wages, not their GROSS salary, or in other words, the NET money you're currently living off of. So, yes - we agree that you wouldn't have to replace 100% of your GROSS salary! Thanks again for watching!
All good traits to have if you want to retire with 100% or more of your pre-retirement income and cover unexpected expenses, however, unrealistic for most retirees sadly.
If people only seek advice from you tubers, they will think they could never retire. It all comes down to his number five point of having a budget and who you are. Living in rural Indiana in a modest home, a couple decent cars and the desire to spend time with family and friends is much different from someone living in NY or San Fran in a palatial home, exotic cars, world travels with an assortment of expensive toys. Keep in mind that a lot of these financial guys here are used to dealing with the upper tier of earners so it's easy to talk in millions vs folks having much less. And those with much less retire everyday and are okay.
@@gregkloe We agree that #5 is a big one. Making sure you have a firm grip on what your regular retirement budget should be so that you can live comfortably and spend confidently is one of the most important aspects of planning. If you have a modest lifestyle, you certainly can retire successfully on less money saved. We have plenty of clients who are living a successful retirement with less than $1,000,000 saved up! Thanks for watching!
@@wasmithfingroup Good stuff Andrew. Yeah I think your #1 trait is maybe too much and too high a hurdle for most (replacing 100% of pre-retirement income in retirement)--I think it's much more important to focus on what your retirement spending needs and wants will be (trait #5) then calculate from there.
@@gregkloe i doubt most retirees or planning retirement and only getting advice from you tubers, i think most people use different resources to make decisions mostly their own personal situation. Sure comparing rural Indiana to NYC with a high end life style is not comparable. I live quite comfortably on $2000 a month but it is in another country and not comparable to if i was living in the USA in any state.
What a shame. Never once...did you mention one of the most grounded and low-risk investments that almost always helps one sleep at night. What is the one thing in this world that God is not making any more of? Land. Real Estate. I cannot thank God (and my Dad) enough for telling me to BUY REAL ESTATE!!! In my career, I produced internal Videos for worldwide corporations. My father, showing concern for my future retirement, explained to me that being "self-employed," required me to make a plan. Then he sat me down and explained the value of real estate investing. At 28 years old, I began buying real estate. Today, at 65, I laugh all the way to the bank. I watch and listen to many many "financial groups" regularly, to see if any of them will even MENTION real estate as a nest egg. It never gets mentioned. A tragedy. Regardless of the economy...everyone needs a bed at night. Please consider at least mentioning real estate in your suggested investment opportunities.
Thank you so much for watching and your comment! For this video, Andrew focused on a few basic traits that all pre-retirees have in common - investments are such a large part of a full retirement plan, but to do that topic justice, we'd need to create an entire video on investment opportunities. Stay tuned for that video in the future and thanks again for watching!
If I am no longer working - why would I NOT "Subtract" from my Gross Salary: HSA, 401k & After Tax Roth contributions as well as MED/EE & OASDI/EE deductions currently coming out of my paycheck. Therefore, in retirement I would not need to replace 100% of salary nor would anybody else. Bad advice - best of luck.
yes, i believe he is targeting high end earners it appears...
Thanks so much for watching and your comment! In the video, Andrew was recommending that individuals should seek to replace their NET wages, not their GROSS salary, or in other words, the NET money you're currently living off of. So, yes - we agree that you wouldn't have to replace 100% of your GROSS salary! Thanks again for watching!
All good traits to have if you want to retire with 100% or more of your pre-retirement income and cover unexpected expenses, however, unrealistic for most retirees sadly.
If people only seek advice from you tubers, they will think they could never retire. It all comes down to his number five point of having a budget and who you are. Living in rural Indiana in a modest home, a couple decent cars and the desire to spend time with family and friends is much different from someone living in NY or San Fran in a palatial home, exotic cars, world travels with an assortment of expensive toys. Keep in mind that a lot of these financial guys here are used to dealing with the upper tier of earners so it's easy to talk in millions vs folks having much less. And those with much less retire everyday and are okay.
@@gregkloe We agree that #5 is a big one. Making sure you have a firm grip on what your regular retirement budget should be so that you can live comfortably and spend confidently is one of the most important aspects of planning. If you have a modest lifestyle, you certainly can retire successfully on less money saved. We have plenty of clients who are living a successful retirement with less than $1,000,000 saved up! Thanks for watching!
@@wasmithfingroup Good stuff Andrew. Yeah I think your #1 trait is maybe too much and too high a hurdle for most (replacing 100% of pre-retirement income in retirement)--I think it's much more important to focus on what your retirement spending needs and wants will be (trait #5) then calculate from there.
@@gregkloe i doubt most retirees or planning retirement and only getting advice from you tubers, i think most people use different resources to make decisions mostly their own personal situation. Sure comparing rural Indiana to NYC with a high end life style is not comparable. I live quite comfortably on $2000 a month but it is in another country and not comparable to if i was living in the USA in any state.
What a shame. Never once...did you mention one of the most grounded and low-risk investments that almost always helps one sleep at night. What is the one thing in this world that God is not making any more of? Land. Real Estate. I cannot thank God (and my Dad) enough for telling me to BUY REAL ESTATE!!! In my career, I produced internal Videos for worldwide corporations. My father, showing concern for my future retirement, explained to me that being "self-employed," required me to make a plan. Then he sat me down and explained the value of real estate investing. At 28 years old, I began buying real estate. Today, at 65, I laugh all the way to the bank. I watch and listen to many many "financial groups" regularly, to see if any of them will even MENTION real estate as a nest egg. It never gets mentioned. A tragedy. Regardless of the economy...everyone needs a bed at night. Please consider at least mentioning real estate in your suggested investment opportunities.
I discussed Real Estate with my oldest son yesterday!! He stated, it will become part of his "Plan". Good stuff.
Can you please be more specific with what you mean by real estate?
Rental properties.@@CheckThisOut77
Thank you so much for watching and your comment! For this video, Andrew focused on a few basic traits that all pre-retirees have in common - investments are such a large part of a full retirement plan, but to do that topic justice, we'd need to create an entire video on investment opportunities. Stay tuned for that video in the future and thanks again for watching!