Do I Have Enough to Retire?!
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- Опубліковано 16 вер 2024
- Do I Have Enough to Retire?!
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I'm preparing to retire at 68 and seeking advice on managing my 401k distributions. I'm concerned about whether my savings will suffice for retirement, given that my current contributions are lower. Should I consider taking a lump sum payment and paying the upfront 20% tax, or would it be wiser to opt for periodic distributions and spread out the tax payments over several years? I'm looking for guidance on the most tax-efficient and beneficial option for my long-term financial situation.
choosing between a lump sum payment and periodic distributions from your 401k involves careful consideration of your tax situation, financial needs, and personal circumstances. Balancing these factors with the guidance of a financial professional can help ensure a secure and comfortable retirement.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
Sharon Marissa Wolfe is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
“My husband and I did.”
She wanted to give her late husband some of the credit too.
This is inspiring. I'm a nurse and I try to live on the same budget when I made minimum wage.
We follow Dave so much that most of us know this video has been posted before 😂
I figure I probably just heard it on the podcast
@@PhillipAndrew24-7 she was on the podcast a couple days ago. :) others are mentioning it was posted under a different title on nov 30 though.
Reals fans know this is a re-upload 🙃
@@connordavis2345 no worries fam, I gutchu
Same!
At first I thought this was the same person as the previous call but needed more advise and asked a different question but you're right it's just a re upload.
No now they know it’s a re upload because of you 😕🤦♀️
For real...I thought so....
What is the point of saving money whole life and living below your means , to have money when u get old ?? I'm into saving but I dont know what is the point of living poorly in my best ages ?
I have not seen this video before - was new for me - thanks for posting it
thats a real women right
there between 5:17-5:20 her husband would be so proud,stll honouring the man in death never leaving him out.
So glad I watched this. And so good for her.
@Dave Ramsey Love the closing statement: "I told my boss this year, I don't think I'm going to drive anymore. I'm a millionaire." Thanks for the the laugh.
She lived her entire life like she earned minimum wage. And when she will die she will still have 600k in the bank because she will still live like she earning minimum wage. This is how us humans are wired: We develop a pattern and we just stick to it. Congrats to her for the achievement, tho.
To everyone who remembers this...I never saw it and am so glad they replayed it. These are results that are so inspiring!! Thank you for uploading again!
Spoiler alert: "It's a reupload video."
Oh it’s the millionaire bus driver.
When was it originally uploaded? Recently?
She said no matter how much money she made, she always lived like she made minimum wage... which is barely a livable wage. This is exactly why when Dave and Chris Hogan say teachers are in the top 5 careers for net worth millionaire, the first thing I want to know is how their lives actually look! I know I can be a net worth millionaire, thanks to Dave Ramseys team. But now my concern is how much do I have to make to be a net worth millionaire AND living in a beautiful neighborhood with good schools, go on yearly tropical vacations, have a spare room in the house dedicated to an at home gym/ yoga studio, and be able to support my aging immigrant parents who were not taught to save for retirement... My goals are bigger than JUST retiring with a paid-for house... now I’m off to go figure out how to triple my income.
Great points! I agree know is the time for you to make your own decisions and it’s huge that you educate yourself so you can use it the best. Keep it up!
I’m proud of her as well! 🙌🏼
Into music little too loud, I try to mute the first couple seconds because it's a little jarring - compare to Chris Hogan's less jarring intro
I hate the intro music so much. I skip the first 10 seconds of every video to avoid it
I wonder what was added or taken out the video to re-upload it.
i know people retired living on $30,000 a year..just have to be strict with your budget.anyone can do it just have to be careful
This was posted already. Why they posted it again?
Exaaaactly.
Views. Ad revenue. New viewers.
It was new to me and it help me a lot
@@mikedelrossi6981 It was posted November 30th (and still is posted) with the title "I'm Scared That I don't Have Enough to Retire". I wonder why they reposted; they just liked it that much?
It could be an oversight. It could be they didn't have any new videos ready and the UA-cam algorithm penalizes channels for not uploading consistently. So missing a day could be problematic. Of course Dave doesn't care about revenue but I imagine they care about staying visible. And its not like Dave manages the channel directly I'm sure, so the person that does handle the channel is just doing their best they know how on their job and may not be thinking about either revenue or visibility.
Wow this was already posted but still some solid advice from Dave!!!
I wonder if a SmartVestor Pro would recommend a portfolio with enough to risk to get a 10% return for a 61 year old retiree. Crazy.
She mentioned Thrift Savings Plan and buying back time. From those statements I deduced she is a Federal Employee. "Buying 5 years of employment" means she was in the military at one time. If you're a Federal Employee you can "buy back" your military time so that it'll add points to your annuity in retirement.
I bought back my 4 years of Active Duty Army so now I have 14 years Federal instead of just 10 years. It's worth it in the long run.
Spam alert.
Retired, receiving about 43k in dividends. I have been in the Stock market about 20 years. Am I worried? Of course. Am I selling? Absolutely not. I have purchased stock a little at a time over the past few weeks. I am going to sit back and observe how this all plays out, adding a little at a time. I am not going to panic. my investment strategy actually calm me down. It is difficult not to make emotional decisions in times like these. Eye on the prize, stay the course!
That’s good for you ! Great job I’m looking to get my dividends to 10k next year. Do you have any clues that will help me achieve this ?
what route did you take? how can one invest more efficiently? help. sounds like you got something going for you. I am new at investing and really want in
@@jamesmorgan852 Reach out to my broker *Elizabeth* *Warren* *Shaw* , with her help I have been able to post enormous gains on numerous open and closed positions in my portfolio, You can look her up onlįne to verify her status and to get ample information about her services
Please how can I get to her ? I don’t have much in my Portfolio right now but I have been saving up and I feel professional guidance would be ground breaking for me.
@@nicholebishop3430
There's more information about her on the internet. Simply Search; ELIZABETH WARREN SHAW and visit her website.. You'll discover from her site that she's highly qualified. You can also Send her an EMAIL to make inquiries.
Taking 10% each year IS killing the goose Dave! Even if it goes up 10% each year, some of that is due to inflation and should stay in to maintain your standard of living. She really shouldn’t take out any more than 4% if she wants to ensure she’s not killing the goose.
the financial advisor coach will probably help her with that. :)
I agree if we are talking about a 30-35 year retirement the nest egg should be growing at first.
I feel like as a 60+ year old retired individual, 10% should not be your target rate of return as that’s a somewhat aggressive investing strategy. Wouldn’t a 5% target be a bit better for a conservative retirement investing strategy?
@@LoboLakerGaming I somewhat agree. Many, including Dave, think staying fully in stocks is best even for older investors. They just need a larger cash reserve so they can use that cash instead of pulling anything out of stocks if the market drops for a couple years. So I'm fine with Dave assuming a 10% return but what's not ok is for Dave to tell this lady that she can pull out whatever she gets in gains. She could live another 30-40 years. Over that time, the price of everything will likely be MORE than double so she needs her portfolio to have doubled as well to maintain the same standard of living.
As a school bus driver with $624k in the bank and a $400k property, she is better set than most Americans. Good on her. She must have done well on her investment returns.
she got like 200,000 from husband and mother dying, and both the house and other $400K in investments were probably split between her and her husband. She really made about $300,000 over her 60 year life but made the right choice in marriage xD not to mention that $300,000 was probably GROWN to that point..
she probably had like a 5-8% pa return cause she didnt know she was doing and even THEN she ended up with that much. if you make 50k+ a year you have absolutely no excuse to NOT be a millionaire at retirement
Sadly nobody has enough fiat currency saved to spare them from the horrendous inflation that is coming!
Those heading up world banking monetary system incl IMF and World bank etc are looking at fast tracking digital currency/open block chain ultimately controlled by central banks - stopping transactions if they want. Tied into immunity passports and a world ID cards. These are facts and buried in white papers they know 99.99% don’t read. Look up Corbett report on YT.
Ya know I'm 51 years old and I've heard this warning my entire adult life. Still no massive inflation.
@@ModernRelic69 too many people keep listening to Peter Schiff.. Hilarious!
Do you know that inflation existed while the gold standard was in place? Inflation is not unique to fiat
Crazy how financially independent she is and she's completely unaware.
better to ask the question than not?
The intro music needs to be faded in. Just fade it in versus it hitting super loud like that.
Yes! I always have the sound turned off at the beginning of the video.
I've been thinking of this question myself. Hard to know whether to retire early around 40 or 50, or to keep working til 60 and be a few million dollars wealthier.
I wonder if all the personalities sitting with dave know they are at a job interview.
"As long as you're not hitting the actual goose that lays the eggs, it goes on forever!" Great analogy , and setup for the 4% rule!
Unfortunately Dave doesn't preach the 4% rule. If you take out 10% per year like Dave advises many will go broke.
People from out in the country have the funniest analogies and hyperbolic statements
@@ModernRelic69 he literally says if you earn 10% to take 10% and dont touch the goose that lays the egg. If people followed that they would protect their principal and draw on the growth...did you intentionally misunderstand?
@@briansalter43 The problem with that is you need more money every year to live on due to inflation. For instance if inflation doubles the price of everything after 15 years or so you would need to make 20% on your investments.
@@ModernRelic69 sure if inflation every year is 5% sadly your math has that huge flaw. Inflation is between 1-3% on average lets take 2% for example it will take 35 years to double. Also in 35 years peoples situations may change and may not need the 10% they may need less, may need more. If you retire at 60-65 that gets you to 95-100 before your costs double...a lot of factors depend on the type of living conditions in 35 years which nobody can predict if when I am 95 and inflation has eroded purchasing power of my growth ill dip into the principal and still die with the ability to gift my descendants with a large nest egg. Daves advice is correct you just overestimated inflation.
I see Dave Ramsey, I click!
Is this reupload?
Same thought. It is
Legit?? I brought a cc from *Ericroboti* on telegram the best vendor I know and very trustworthy. He sell cc, debit fullz,Bank,Drops,and Dumps
@Eric da' MAJ Legit?? I brought a cc from *Ericroboti* on telegram the best vendor I know and very trustworthy. He sell cc, debit fullz,Bank,Drops,and Dumps
@@edwardlee501 Legit?? I brought a cc from *Ericroboti* on telegram the best vendor I know and very trustworthy. He sell cc, debit fullz,Bank,Drops,and Dumps
is this the second time they posted this?
Yeah
Yes, first posted six days ago.
Yes, I noticed that too.
With that amount of acreage, she could look into subdividing it, sell off a parcel or 2 to help with retirement.
We’re planning to retire with the vast majority of our money in retirement accounts and withdraw with a similar cost of living as we do now, adjusted for inflation. Granted that could come earlier than traditional retirement age, in which case we will need to lean more on taxable accounts, side income, and some cash.
Not sure you could get a constant 10 percent return and then paying tax on it. Think 7 percent is more reasonable.
you can't. And that's why Dave loses it with his investing recommendations. Just bad
if i was retiring with $600k in bank i would be set . i could live on that easily.
Really? I'm concerned having 1.2 M
Did this lady call twice
Retire abroad and live like a king
Where is Dave getting the 10% return figure from? Isn't that much too high to assume on a yearly basis?
VTSAX earned 14% over the past 10 years
Could have sworn I already heard this one...
Agree with others ‘don’t touch the goose’ good analogy for living off investment interest vs drawing on capital (nest with all your eggs ; ) often ~3-4%. My goal is self sustaining income from investments/assets for when/if income is limited.
Move to low cost countries and half a million dollars should be fine for as long as you are alive and healthy ❤️
We already watched this one.
5:40 AO asleep at the wheel
Good morning
Good morning and God bless
Legit?? I brought a cc from *Ericroboti* on telegram the best vendor I know and very trustworthy. He sell cc, debit fullz,Bank,Drops,and Dumps
Still, its a great video.
We need videos of how to invest money!!!
Contact my account manager
I like Dave, but in my humble view, his 10% return on investment is too high for a mutual growth fund.
Is 300k in savings and house paid off enough to retire? Can I assume a return of 30k per year if I invest in mutual funds?
Its verbatim... the lesson needs to be retaught. KISS...keep it simple silly
Legit?? I brought a cc from *Ericroboti* on telegram the best vendor I know and very trustworthy. He sell cc, debit fullz,Bank,Drops,and Dumps
That's definitely not enough to retire unfortunately.
It definitely could be. With some investing and staying minimal, she could. Especially in a low cost state.
Why? I think she could be fine.
If she keeps budgeting like she has been on a bus driver's salary to save that much money, she should be fine.
It is if your debt free and live on $1200 a month.
Easy. Get a gd financial adviser that you trust. Why is that so hard?
♦️Help needed from one of you baby step experts♦️
A few years back we bought a two-stage snowblower with tracks. Didn’t really need it with our short driveway, but I was the envy of the guys in the neighborhood. After all, they offered 84 months financing same as cash. Can’t beat that. Fast forward to today and we are both going through Financial Piece.
We were just finishing up baby step one when getting ready for winter I discovered the snowblower engine is surging. Thank goodness we have that emergency fund. Off I went to get a new snowblower.
But on the way I got a call from the wife. She found a UA-cam video that explains how to fix the problem by cleaning the engine carburetor jets. I came back home, followed the steps, and bingo, it hums like new.
With the savings, I again went off to the store, but this time to get a new, larger TV, using the money I saved by fixing the snowblower. But my wife just called and insists since she found the repair video, she gets to spend the emergency fund on what she wants to buy with it.
This does not seem fair to me and the program seems ambiguous. Who gets to spend the the money I saved by fixing the blower, her or me?
dear God I hope you are joking and this is tongue in cheek
Literally can't believe what I just watched. This is straight up bad. I can't say I'm shocked as I've seen this sort of video before but man, just embarrassed.
Why did they reupload this?
Dave this is a re-upload. What are you doing man???
Inflation???
Buy those five years
Debt free! 👍
Ahh this is a repost🤣
Get a timeshare and call it a life
This is reuploaded with diffrent title.
She needs to live a little and stop living on minimum wage.
Yep, a reupload... next
Stop re-uploading
Is this the Dave Ramsey version of getting Rick Rolled? This is a re upload
Anthony oneil and I*
Dave is correct. He is the indirect object so he should use the indirect object pronoun. Remove Anthony and he would say “thanks for calling ... me”. That’s how you know it’s correct.
@@Al_Ting378
Yep.
How does a bus driver have 600k
Save save save
she had many good jobs in the past and lived like she was on minimum wage
Compound interest
Not going into tons of debt like basically every American. Lol
Contact my account manager
If I were in you situation, Buy a house and rent it
Don’t kill the goose that lays the golden eggs and you’ll be just fine.
4 Types of Mutual Funds Dave Recommends:
Growth
Growth and income
Aggressive Growth
International
yeah and they return less than an S&P500 index fund with dividends reinvested
@Anna Lee S&P500 is diversified lol, its 500 of the most successful companies on earth. i was just giving an example btw. if 500 companies isnt diversified enough then invest in a total stock market index.
WHAT IS DOING A black pantheR THERE???????
Would y’all consider her a millionaire? I wouldn’t.
Debt free since 2009, and has a home valued at $400k with over $600k in investments. That's a millionaire by the books.
Dave thinks he daddy lol
😁✌🖖👌👍😎
2nd comment!