How to retire with $80,000 a year income with $28 a week contributions.
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- Опубліковано 11 лип 2024
- The financial industry is full of people trying to scare you into saving more and more. The truth is we don't need millions to retire. Today, Dustin will show you how a 27 year old investor can live on $80,000 a year in retirement with only $28 a week in contributions to their IRA or Roth IRA.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@Gabriel-bb However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@Gabriel-bb Judith Ann peace is her name
Lookup with her name on the webpage.
@Gabriel-bb You are welcome
Her name was Robert Paulson
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money.
@Trevor Ogden I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@CynthiaByrd648 This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?
Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.
@@CynthiaByrd648 This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.
To retire with an annual income of $80,000 while making $28 weekly contributions, you would need a well-structured investment plan and time on your side. Given a 7% average annual return on investments, consistently contributing $28 per week, you'd need approximately 38 years to accumulate the necessary funds. This scenario assumes no withdrawals during the accumulation period and doesn't account for inflation. Consulting a financial advisor can help tailor a more precise plan based on your specific goals and circumstances.
Indeed, this rings true. Currently in my mid-50s, my wife and I were on a similar path. However, in the last two years, I shifted my approach and invested under her advisor's guidance. While I might not have matched her historical profits, I'm seeing improved earnings. Even before retirement, my investments are yielding gains, surpassing what a sole 401(k) strategy would have achieved. Haha, quite satisfying.
I'm in complete agreement, absolutely. At 54, I've recently retired with approximately 1.2 million in external retirement funds. While my retirement fund holdings are modest compared to my overall portfolio's growth in the past three years, the importance of a financial advisor's role cannot be underestimated. It's crucial to conduct thorough research to identify a trustworthy advisor.
Is it possible for you to provide a recommendation for the advisor you're working with? I've been considering this change for quite some time, but I've had reservations. Any guidance you can offer would be greatly appreciated.
@@hunter-bourke21 Camille Alicia Garcia, serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
As a 33 year old nurse I like the way you talk. You are realistic and use the death word so people know not only to save but to also enjoy life. Clicking the like button for sure
Investing in the stock market is the most common way for beginners to gain investment experience.
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline.
Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
who would you endorse ?
I've lost a lot on my own
TAMARA DIANE HAGAN, she is an expert who does the heavy lifting for me, she makes research on stocks, and adds my portfolio with stocks for monthly and yearly earnings.
you got any possible means of getting more info on her services?
Well, if working extra 10 yrs is going to extend my life by ONLY 2 yrs, then I prefer to retire early and be happy
It doesn't. Remember the group of people who retired at 70 only includes people who made it to 70. So of course the average life expectancy would go up. The retire at 60 group includes a whole lot of people who died before they reached 70.
Simple fact is that life expectancy increases with age because you have outlasted people who died and who therefore not figured into the average.
People who can work to 70 years are most likely lot healthier versus 60 years. People who retire at 60 may do so because of health reason. Nothing to do with living longer.
Happier doing what?
Yea, I’m targeting 55ish. I’d rather enjoy my retirement and not be a grumpy old guy at a job.
live those 2 years like no other years tho...
I’m 15 got one of these Roth IRAs I have made 6.9 percent on investments so far I’ve been doing it for 8 months wish me luck
how was it, let me know how that goes?
30 more years to go
Snap chat niccololen...FINALLY i/m chatting with someone that's on the right TRACK...Un-like My HARD HEADED daughters that simply Won't Listen To DEAR OLD Dad ...so ...sad...They just Wanna take selfi''s and BUY stupid HAIR Weaves ... ...
@@PedalToTheMetal61888 sad
They key is to start early. If you're in your 20s......go!!! 🏃🏃🏃🏃🏃
Start saving $50/ month @ 5 years old.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works
I totally agree with you, the stock market is the most profitable venture I ever invested in, I reached my goal of $500k yearly trade earnings. Setting realistic goals is an essential part of trading
@@jamesmorgan7066 Your right . Ever since I started investing in stock I've had a very good life
Having a stable investment package keeps you financially stable!
@@andrewpeter6783 the stock market is a vast platform to invest in. It's very profitable especially when you've got a trusted professional to assist you
I'm interested in this stock market but I don't know how to come about it . Any advice ??
My husband's great grandmother is 99 years old she will be 100 in May. She still lives in her own house still cooks still walks and doesn't miss her soap operas she's feisty and amazing and I hope I live to be her age with all of my faculties in my head
I know for a fact that making poor investments when You're young can make life after retirement a torment. Thanks to my son Jaime i was lucky to get some shares from the stock market and i am still profiting from them. I'm positive of a six figures profit this year
I saw my mom struggle a lot after retirement, the trade market is like a well of income that doesn't run dry. Pls do tell How have you been Earning off the market.
I'm 50 year old and I'm retired. My highest balance is my fidelity 401k with about $550k. I have a few smaller accounts trading with Noud Mika, a mutual fund and some fractional shares and my wife has an IRA with no idea with what's in there. hoping to both max our ROTHs next year! With Noud's aid we'd definitely to hit a $1m. But all my investments are financial moves are work from my licensed analyst Mr Noud mika.
@@ericdelafuente8314 when I see people earn off the market I feel envious and inspired, I lost some figures in the crash in 08 since then I've been scared. But I want to be hopeful and try again and here feels like a good place to start. I'd like to know more about this man. How can I reach him?
His direct mail
@
Scam thread
People die quicker once they retire because they have nothing else to do to keep them active, physically and mentally. I think it would be great to also talk about having a plan after retirement. Working at a nonprofit, volunteering somewhere, having a small business or hobbies. Something to look forward to on a regular basis.
Christian Phillips That is a crock of shit. There is plenty to do after retirement. People are just lazy as hell that’s what the problem is
Auditing college classes for cheap or free keeps the brain active, join a “seniors” activities group and it keeps the body!! There is a group of “seniors” at the local bagel shoppe that sit for 2 hours EVERY MORNING and discuss politics, religion, books, grandkids, even sex. It’s the funniest shite ever to sit at a close table and listen... even occasionally get pulled into the conversation!!!
It’s all about keeping “active” and current
People just get boring. They just need to hone in on what interests them aka hobbies. Like other commenters said, there's PLENTY to do outside of working. Ppl work so they can have the means and flexibility to not only take care of their needs but to have fun and help others.
ppl die working half of there live we are not meant to work making a corporation or a business more money than yourself they get millions of dollars to enjoy life while we get chump change struggling to get where they are ppl need to wake the fuck up ppl slaves still just in a new way your social security #, health insurance
If I can still masturbating after retire ... I'll pass the 100 rys
51 year old man and I watch. Never to old to learn something new. Keep up the good work. Videos are great!
ron b hey thanks for watching!
+ron b - I enjoy watching him as well and I always learn something. He’s a good guy . I’m in my 50’s too and you’re right, never too old to learn.
61 here! Good stuff.
I used to be an investment advisor, and I always tried (just as you're doing) to encourage young investors by illustrating that compound interest has three components: principal, rate of return, and time. You can earn and invest more to increase principal... you can get a better rate of return if you invest carefully, but you can never get time back. So yes, starting early is an advantage that most don't realize until it's too late. Your explanation is simpler and much better... probably an illustration of why I ONCE WAS an investment advisor! Good job!
I would not trade 10 years of my 60's for 2 years of my shitting the pants 80's
23yrs
male and just want to say keep up the great work. Easy and straight forward videos. Blessed to have started young and hope everyone watching this lives a prosperous live!
The fact that you replied to almost everyone of these comments is enough to convince me to follow you. Clearly you are invested in your business and care what people think. Looking forward to checking out more videos from you! (And Im not 27...41yr old male)
ALMOST everyone? Who did I miss? :) I like responding to the good the bad and the ugly comments. As long as everyone keeps it clean enough for my daughter to read then I am happy to respond haha... Thanks for watching!
True, there are some information gaps in this video, BUT, the fundamental idea of starting to save while you're young, saving CONSISTENTLY so that it becomes as automatic as breathing is the valuable takeaway from this video. According to Justin's demographics, I definitely don't fit his regular viewer - I'm a recently retired woman....it would have been MUCH MUCH MUCH (did I day MUCH?) easier to save if I'd started at age 27! You have the benefit of time + interest or rate of return to perform the magic of compounding. Justin....show these fine young people how the magic of compounding works. I bet many more will get absolutely hooked on saving when they realize that compounding interest does a lot of the work for you, IF you start now! Best wishes.
Hey thanks! Yes there is much room for improvement. I didn't want to get to detailed as I thought the average viewer would not be interested in more of the specifics... WOMAN was I wrong! People like to see the general info but really like to dig into the details. Many more detailed videos coming! Thanks for watching!
Retirees facing financial challenges often couldn't save enough during their working years. Retirement decisions play a pivotal role. Despite my parents having similar years in civil service, my mom invested with a wealth manager, while my dad relied on his 401(k). As a result, my mom retired with approximately 3.7 million, whereas my dad retired with around 1.4 million
I love your channel and everything you do. I'm subscribed just because of this video. One of the best most realistic and practically minded video productions I've ever seen on finance. Great video, great content, please keep it up!
Turn 30 in Feb. have about $5k in a Roth IRA. Decided from here on out working to max out (5,500) my Roth every year. Trying to retire well before 67 though!
Very nice! Thanks for watching!
Bryan.G Hello, I just turned 32 and I would like to do the same. What company to you recommend for the Roth? Do they charge monthly for depositing money or do you deposit once a year?
Bryan.G market will crash before your 40. By land, silver ( higher return rate than gold), and seeds to sell.
Olando Fuller
I think gold and silver wont have value either.. I literally dont see people saying here is my bar of gold/silver for x amt of goods
Gamer007 at 1st no. You'll have to hide it cause once the dust settles it'll have high market value. You'll just have to be safe cause people will hunt you for it. The main thing is to have a trade like carpentry, electric, and seeds to sell. The number 1 thing is GOD.
The change in the ages is based on averages, not a magical boost to your health. Some people who retire at 60 die at 60 or 61, which brings the average down. No one who retires at 70 died at 61. The youngest you can die when you retire at 70 is 70, which means the averages will be higher.
Art Thomas Well said. The other side, apart from the pure statistical side is that someone working to an older age likely has better overall health. So the health itself drives the longevity not the longevity driving the health. Love this guy's vid but he started it by falling flat on his face. Not great for a supposed financial advisor to not understand either stats themselves or causation and correlation of outcomes.
I wonder what the number look like when they only consider people who die 70+ so it's fair.
Good point. I am also assuming that you are more likely to retire earlier if you have serious health issues to begin with.
and not to mention he said 20 years of retirement at 80,000 per year is 665,000.....its actually 1,600,000 7:16
I stopped listening to the "financial advisor" that couldnt figure up 80k x 20....i did that so fast in my head after thinking "where did the 5 come from?"
Smartest thing said on this video. Including what is said IN the video.
Quality of life is more important than length of life. I'd rather retire at 60 so I can live happy and die younger than endure the torture of working until I'm 70... but I guess everyone has their own priorities
Heather Anne Ultimate Travel Adventures
For some of us, retirement at 60 so we can die younger just doesn't quite work out to a desirable compromise. And then, we can't be sure the strategy will work. My Granddaddy retired at 55 and lived to almost 88.
I so agree with you, rather retire at 60 and live till 70. Who wants to live past that can’t even wipe your own ass.
I'm sorry you have so little confidence in your potential to live actively past seventy. I know several people who are quite active in their late eighties and past their mid-nineties, and my great-great Aunt lived to 106. With my family's longevity, I'd be foolish not to plan for a thirty-five year retirement.
Jhonny Garcia my fam lived to be 103 and she was sharp til the end
If you retire at 60 you get almost 22 years of paid retirement, however if you retire at 70 you only get about 13 years of retirement. So 60 is longer
It is good to get young people to start thinking about this. I am 63 and I know people my age and older who their main asset in life is a $1500.00 Social Security check. Scary, yes considering that $1500.00 if more than the average Social Security check.
...THIS...is...TRUE...my ...Dad...from...WW-II...ARMY-AIR-CORPS-...was...only...$...981.00...per/mo...with ...7...mouths...to...feed..!!
If you change the return from 10% to the average of 7%, it cuts the balance at 67 by more than half - to around $300k.
this makes me distrust a little
40k a year is still livable income if you have a paid off house by then too so still doable
@@sammynalla yeah it's a little misleading, he does admit the number is too high then dosent correct it for inflation or possible taxes. But to be safe always account for 2 to 3% of inflation and do your own equation. Alot of these videos are kinda best case scenario ideas and shouldn't be used to plan your whole budget around. Rather a big picture kinda deal to make some ignorant people understand it really isnt that hard to plan for retirement.
I think for young individuals it is reasonable to say they might be invested in riskier high yield funds or index’s and could see much higher returns. Over the last 10 years my employer Roth 401k has averaged 14.2%.
@@Michael-uf1hz That's true that he never returned to the 7% number. The historical rate of return by investing in the S & P 500 is 8%. BUT, he did exclude Social Security Income, so that will offset some of the 10% figure.
No but this is actually was really helpful, thank you so much for breaking this down in such a clear way. I am 30. So I'm pretty much where are you have the example starting out at. I'm super excited to find out that I'm going to have $80,000 a year when I retire. Because I am for sure following this advice.
I so wish I started in my 20s instead of my 30s. Trying make up for it by putting in the max.
Mike P 20s? I wish I started maxing out my Roth IRA in HS/College!
I think you live longer when you retire later (especially if you love your profession) because waking up, dressing for work and tackling projects give you purpose. When your mind is challenged less, you will notice mental and physical decline faster.
So you work 10 years longer and you gain two extra years. No thanks.
😂
Depends if you love or hate your job. . .
Also, you could work part time.
🤣🤣
Say you retire at 60... I'd rather take on a project/something I wanted to do when earning a living wasn't the primary focus. I'd think you'd be more apt to live longer working at something you really enjoy than working just for the sake of working
Great video! Question for you! You clearly made some assumptions on withdrawal rate and taxes. What were those assumptions? Were you assuming the standard 4% withdrawal rate? Assuming Traditional vs Roth contributions? That may make a big difference for people watching. THANKS!
I like your thinking about why the industry wants you to save millions, I thought the very same thing myself. Thank you for the info, you are one of those rare jewels. I will be forwarding this to my kids so they can start early.
When you said your average viewer was "27", you got me a little spooked there lol!
is he watching me through my webcam??
Haha me two. I just turned 27 a couple of weeks ago. So it definitely spooked me a bit haha I better start saving now or investing in the market.
same it's like this video was marketed to us somehow. i turn 28 in a few months tho. great vid, i'm looking forward to saving a little more than 28 per week if this means i can retire comfortably.
@@MegaGouch Keep your pants on.
Found you today for the first time. 27 yr old male... Laughed at your average viewer. @Jazz Wealth Managers
Loved it. Thank you for sharing your knowledge.
Informative post. Something to remember is the fact that people who retire later tend to live longer is likely more of a correlation than a cause. A person who is in good health can work longer more easily, and will likely live longer because of the good health.
Thank you for the breakdown
im 50 im ready to retire now i own my house and cars i retire i not drive much .it only cost me 4k yr live on i dont need very much and im happy
Wow, I am sure you had a good plan!
I'm 23 and just opened my first Roth IRA and maxed the 2018 contribution. Looking forward to putting in the new max of $6k next year!
Nice!
How much do you make a year?
...this is what i keep telling my ...HARDHEADED...''Daughters...!???
You did good with the number, you give me a clear idea on what to expect. Thank you
I’m 40 now. Wish someone would have told me this earlier... Good video. Thanks.
At 5 yrs. Old need to be saving $500/ year.
@@jayedemby9255 yeah do it for your kid, and when they come of age and start working make them contribute it if they can afford it, if not help them out a bit if you can. It's amazing what a little planning and budgeting can accomplish.
Wow I’m 37 and I started my full time job 10 years ago so when I was 27, I started this very thing but putting 6% of my bi-weekly income which is easily over the recommended amount here!
Thanks for the advice, nice video. I'm currently 28 years old, I think I'm doing good so far, I am putting at least $50 a week away in savings accounts, and at least $50 a week into investment accounts. I have no idea how much I'm going to have when I retire but I live a modest life so my goal is to have $500k. That should be plenty for me.
...'''GOOD-''...job...that''s ...about...right...!!
Great video! Liked and Subscribed. Refreshing to see someone who thinks it's as simple as I do.
Thank you so much. I'm 36 black female cancer survior. Just trying to catch up during the hardtimes I lost in spending money on medical bills and student loans. Wish I've would have known this at age 15 when I started working. Great information to set my goals towards retirement.
I wish you the best in a long and healthy life
@@darkskies6564 Thank you
Good luck and congratulations on beating that pos cancer. I hope you have a good retirement and myself as well.
Cheers to getting old.
I’m in my fifty’s and have over 150k in savings. I don’t touch it. I’m retired living off of dividends and a pension. I don’t live above my means. I have a 18 year old Honda Accord with less than 100k miles. Bought it brand new. Oh I have a Benz too all paid for. And I live in a two bedroom cottage. I love it. No debt. Excellent credit score as well. According to you I’m behind. What do I do? Oh yeah and I’m black. How long am I supposed to live now?
No No I love this! This comment is proof that not everyone needs millions of dollars in retirement. Everyone's situation is unique and requires a different base of funds. Thank you so much for posting this so people can see reality! You saved and now it works for you. Thank you again for posting.
Lol, that's great..👏👍😊
Troy Jones - Hey Troy 😊 I’m just a 🐿 trying to get a 🥜. Thanks man
Mademoiselle Minou can you invest some of that in me and my music
HustleBangerz ~ Thank you for the invitation to become apart of your upcoming success. I too am a musician I play classical piano , alto sax, viola, guitar and flute. Classical and jazz are my favorite genres. I listened to your instrumental called Mama. It had a nice groove. However I cannot commit to a you tube post. I am a researcher. In addition to that after watching your videos with the wads of money and smoking. I don’t believe that’s what our black children need to be feed. No offense. They already think we’re stupid. But I’m not. Please take my criticism as constructive and don’t give up on your dreams. I have a broker that handles my investments. He would not suggest that I do what you are asking.
Thank you so much for all your info. So practical and easy to understand!!!
Thank you for watching!
I’m watching this almost exactly one month before my 28th birthday so you’re spot on with that data.
Probably you can stay with your parents and add more money than he suggested . May be you can move after 2 years . That will save your rent and efforts for your IRA I guess.
You forgot to say why you used 10%. 5% would be more realistic.
so the headline in the title grabs more attention and clicks
S&P has averaged 10% for the last 90 years...why would you expect 5%?
It’s used the yearly return and capital drawdown to get 10%. It’s only for 20 years with nothing left in the end
Dustin, I am ashamed to say that I am now 53 and I have never EVER done this before. I am planning to soon. Is there hope for me?
Most close friends have told me to do a Vanguard account with a target date.
Martin R. refer to Oliver C. , just above, clicked at the wrong time. W Lee
Thanks Jazz wealth great information. I’ve listen to 2 of your UA-cam videos. I’m taking your advice!,
This video is great! I love how you actually broke down the real numbers of how much the average person will need to retire. Everyone says you need to invest as much as possible into your 401K, which isn't true. It might be true if you don't start saving until your mid 30's or early 40's, but if you start in your 20's you don't need to save as much. $28 a week is attainable for pretty much anybody.
Ummm how is 80,000*20=665? You living on Mars bro?😂
I am assuming that he just wanted to keep this video simple. It probably assumes that you are still investing in growth stock mutual funds or something when you retire. 665,000 still growing at 10 percent would increase your funds a ton over twenty years. however, I do not know tons of people who are trying to invest that risky in retirement. I would love for him to explain this one to us!
Last time I checked, 80k per year for 20 years was 1.6mil
80k a year times 20 years is 1.6 mil. How do you even? Wow
Hello Sir. Thank you for the great info. Just subbed.
great insight, thanks for the video!
I feel good then, I'm 22 and started my Roth IRA last year, I max it out every year at 6k a year .
Good for you! Also get your 401k if your employer match it.
@@eloisaferruzola3680 unfortunately they don't :/ I just have a regular account with dividend stocks after my Roth IRA. I plan to retire before 59 so a 401k doesn't make sense for me.
People who are setting up their own retirement accounts will usually be dealing with I.R.A.s, available at financial-services firms like big banks and brokerages. But however In general, what you invest in tends to have far more impact on your long-term earnings than where you store the money, since most of these firms have pretty competitive account fees nowadays.
I'm 49yrs and I've been investing in the stock market such as forex. Forex trading is one of the most reliable online global wealth creation, highly profitable and safe when you work with the right guide, strategies can only be effective when use on the right platform, further study and expert tips.
Yeah that's very true. Forex trading is really profitable. The rich becomes rich by spending like the poor and always investing while the poor is always spending like the rich without investments
I really feel like it is a good opportunity to focus on investing after been laid off for a while, during a research I came across an article where an investor mentioned he made over $580,000 trading forex at the first quarter of the year, so as a newbie I would like to know the requisite steps on how to become a good investor and make good profit.
You're a genius. Just saying that Williams
A lot of people fail to understand that forex trading is really lucrative and it is leading a very dominant stock today in the market...
I have to say, I found it rather amusing when you talked about your typical demographic, which I just so happen to fit into perfectly. First time viewer by the way.
I’m definitely male …25 and starting early can’t appreciate you enough for giving us insight and keeping things interesting
3:10 I think this is merely a case of correlation=/causation. The people who decide to retire at 70 usually do so because they are in good health at that age.
Also for the 70 group you just removed all of the people that dies between 60-70 from your average.
Because they have desk jobs with cool Air conditioning !!! ha ha
At about 50, after almost 30 years in investing, I had $177,000, now into Aggressive Growth Managed Fund, account tripled in 15 years!
@@Tk30nette ...BUT NOW THEY SAY ...AIR...and The ...WATER ...supply is What's ...Killing...Us..!!
@@wonderlee8861 ...right that''s what Dave-Ramsey said...to...do..!!
This is based on people who don't exercise or a vegan health but, simply they just live life to the fullest.
Plant based w meat a few times of week is better imo then veganism
Great great video. Thank you for sharing your experience and thoughts on this important subject.
Thanks for watching!
I cant thank you enough for this video. I am 39 (single dad) and half of my take home pay goes towards credit card debt.(playing catchup from before I had a good job) I have decided to draw 40k from my 401k to pay off my debt and make my financial situation livable. (It will be very livable, since I won't have debt, and housing is paid for because I am househacking) I just assumed that I would be broke when I retired. You just lifted a huge weight of heartbreak and stress off my shoulders. :-)
Hey Richard! Man, we appreciate the kind words and we're glad there was value for you in the video! Thanks for watching! :)
In 21 , started my 401k at my new lob a little more then a year ago . And now I already have almost 6 thousand in my 401k . Im not going to rely on social security to have a nice retirement .
Good luck. I just started a new job at almost 62, and I've got $86 less taxes in a Roth 401k and $86 match, fully vested in a conventional 401k, invested as aggressively as possible. With some luck, other savings, and Social Security, maybe I'll get by.
38 and have 170k in 401k. Most sites show I'm behind. Refreshing to see a video like this :)
utseay most sites show something unreachable. 170k is a lot!
27 year old male here 😂 when you dropped that line I felt alot better about my life.
Great advice, additionally, if you really like having money and are financially sound you could contribute quite a bit more and potentially retire early. Or be financially secure enough that your wealth could be passed on… additionally you could move a Roth 401k into a high dividend portfolio in your IRA and live off dividends while never spending a cent of your investments.
IM not working for nobody for that long I’m retiring in my early 40s
sKoot now or never! 😂🤣😂🤣🤣 👌
People who retire at 40 only live to 47 lol
@@SpotlightGlobalMusic are you joking?
that's just because they are no longer active and probably eat like shit.
I have a mixed bag...I started young investing in the TSP while Active Duty Air Force. I am and always have been against gambling...which is how I viewed the stock market until a proper education showed me the error of my ways. So I dumped 7% a year of my base pay into the "G" fund (Gov't Bonds). After close to 15 years, 7% had grown substantially but only because I had been promoted and was getting paid a lot more. In Feb of 2016, I knew that I was about to retire and needed to start managing that money. At that point, it was about $30k. The market was in a correction, so I split it between the TSP's C and S funds. In the almost 2 years since making the change, I've grown that $30K to $60K. Now this money is in a Traditional IRA type 401K. I think I'm alright leaving it there and not relying on it in the future, but your videos on rolling it into a Roth are compelling if I can somehow minimize my tax losses. As I've said, I just retired from the AF. So now I get my pension and VA Disability, so I'm pretty financially stable without relying on my retirement funds. I'm going to college full time right now, but working part time at the same place I retired from, but as a civilian contractor. I started a matching 401K with my new company, and they are using Vanguard to manage it. Once I was registered with them, they allowed you to switch it to a Roth. I would like to begin maxing my Roth out, but I feel like I'm limited to Vanguards funds since that's who I'm tied up with. My long term goal is to invest in real estate to have passive income for the rest of my life on top of what I already have, and on top of my "nest egg" of retirement accounts.So question 1: Can I...or should I open a separate Roth to max out my limits?Question 2: My wife is a disabled, stay at home Mom of our daughters...can I open a Roth in her name and max it out as well? Does she have to have "income"?Question 3: Can you give me contact info to discuss options to employ your services?Sorry, this is novel like, but I've been really trying to educate myself, and am at the point where I need to make some decisions.Thank You,Chris Phillips
Thanks so much for commenting. Yes lets talk because there are a few different scenarios you may want to consider and I'm not clear on one part of your comment. Send me an email with a good time to chat and I'm happy to help.Let me know what state you're in and best, local time to call. Thanks for watching! Dustin@jazzwealth.com
Jazz Wealth Managers ha...my comment sucks! I put paragraph breaks in that...but apparently UA-cam removed them. I'm in Texas, and I'll shoot you an e-mail soon.
Thank you for your extremely prompt reply!
Chris Phillips bsksan
Hello, 1) you can have more than one type of IRA, however you are not allowed to contribute more than the total limit allowed, which is 5,500 for you personally, unless you are over 50, then you can contribute an additional 1,000. 2) You can open a IRA Traditional or Roth for your wife and max it out for her personally.....Those are the basic answers that should apply, however for Roth accounts you can be limited in being able to open one up/contribute to one, if your income is too high.
chris middleton I was asking more about a "Spousal" IRA since she doesn't work. Wondering if that would open another $5500 on top of my own IRA's. I was able to research a bit further I think I was able to find the answers I was looking for though. Bottom line is that we still have a lot of other priorities to take care of (debt and kids) before we start trying to fund an additional retirement fund. Heck, for the immediate time, I'm not even maxing mine out yet. I will be soon as things are rapidly changing for the positive for us financially.
Great video, thanks for breaking it down and showing all the assumptions behind your math.
Thanks! there is an even better one that goes into more detail on our channel...more to come!
This is a really good video. I find your material to be very credible. I’m inspired, and I have faith in my plan. Thanks for confirming!
Very nice! Thanks for the kind words and thanks for watching!
My grandma will be 101 years old this year. If I live that long I may need more money to last 30 -40 years.
yeah those are good genes :)
yes you will because good genes, my GM died at 101.5 (3 years ago)
I have this stock investment going on on the sides and it's been quite profitable for me, I earn between $4000 to $6000 weekly and i put all the money i make from this into my 2nd savings account while i survive on my Day job. I will be ready to go into retirement in 10 years easily. Single mom and killing it!
Well, lucky you. Tried trading stocks some 4 - 5 years ago, i had series of losses and ended up blowing my account on countless occasions, anyway i stopped at some point, realized i was never going to be a good trader. On the other hand, you must be a terrific trader to achieve that amount on a weekly basis, would love to know how you work that.
I don't think i can afford to retire in the next 25 years and i'm 49 years already lol. Besides stocks do you have other investments? I figured if i don't invest while i still have a slight chance to then i will live the rest of my life ruing all my missed opportunities.
@@robertbowman3493 i am also into real estate but on a very small scale but it's something still.
*JOHN G.G* Oh no, i wish i was a good trader myself, i actually work with a stock broker who actively manages my stock trading account, My stockbroker Mr Jordan Arnold is a top top trader with years of trading experience, he's the true magician and not my humble self, his trading strategies are very profitable and i enjoy working with him.
Stock trading is nice and all but their are more disadvantages than advantages for traders with no experience in the market. Trading profitably requires years of trading experience and a good market strategy, something a lot of rookie traders lack. that's why it is always recommendable to work side by side with a portfolio manager if you're looking to start trading stocks with a slightly big amount.
Good lookin out homie!! Thanks for the honesty!!
Thanks for watching!
Great video. I’m excited to be subscribed to your content! This video for the W
Also, if you work at a plc3 offering you a 401k max it out if you can, cover at least the company match. I worked at Verizon for 26.75 years. I contribute anywhere from 6%-12% on average during that time. I left at 49 years old with a cash balance/pension of 354k (rare these days) and my 401k 550k....also owning your own home is a great thing. I owe 94k and it’s worth 500k....the reason I mention all of this is paying* yourself first doesn’t hurt...you never see the money.....well until retirement....so at 49 yrs old I get 2k a month till I’m 59 1/2 and then I’ll 6k a month......this doesn’t include what my wife has ....and at the end of our lives we will potentially have millions left for heirs ...it feels like free money...compound interest is a wonderful thing....young age + your contribution over many years = freedom....save now....reap benefits later....Antoine can do it
+tom b thanks so much for adding this! Very well said sir! Thanks for watching.
I like your confidence, but your country is melting down economically, gov't will come for your profits and wise savings, thru taxes, reduced services, on and on....It will be a miracle if money is left for your heirs or you latter on....
alan plyler, Mademoiselle Minou’s position and savings for retirement are far and away modest of Tom’s. A lifetime or careful acquisition and forethought makes for no fool. I’m sure he, and the economy will be fine.
Hopefully true... sadly the US govt is in competition with our savings and plans. Govt is borrowing conservatively estimated at 3 to 4 billion everyday, over 100 trillion or more in unpaid future obligations. The Federal Reserve, nobody even knows who the stock holders are, quasi private company, is printing money like drunken sailors while paying themselves a guaranteed 6 to 7 percent return on activities. I don't know where the confidence comes from in US economy? Almost 0 to 1 percent interest rates, companies and folks borrowing money and buying stocks? Lowest all time savings rate?
Certainly cause for concern and further investigation.
Holy crap when you said 27 it hit me hard. Thats my age too lol
Thanks this video help out a lot bro.
Thanks for watching!
Jazz I want to thank you for making my decision to save for my future. 3 years ago I put away some money in a roth ira. I was told to add to it by my broker. As you know I didn't listen. After watching this video I will make the sacrifice and put away $50 each week. So much we can do for retirement instead of buying all these new cell phones, new tv and so forth. Thank you!
Love it! Thanks for watching and keep it up!
I'm going to wait until I'm 30. I'm 28 right now but I want to pay off all my dept first. However if I accomplish that before age 30 then yeah I'll start then.
Realistically, you should be making the move that loses you the least amount of money. If your interest rates on debt is lower than the dividends you'd make from investing, then you're better off making the investment (depending on risk of an individual investment portfolio) and just making the minimum payment on the debts.
Interest compounds in your favor with investments. Waiting two whole years can seriously affect your ability to retire happily.
Put into the 401k now if your company matches. I have 20k in my 401k after 2 years. My first year I got 6k into my 401k, year 2 it jumped to 20k. I don't know how the math works within 401k but at the end of the year it said my account had a 26% gain or whatever. I'm sure after the end of this year it will jump to 35k. 3 years for 35k. You take it out, after penalties you get 28k then use that to pay your debts.
People took inflation way too serious commenting on this video. In my opinion, the principle that you could have even (at the least!!!) 200-300k just from saving $28/week is more important than the numbers in a sense. Should give you guys motivation to save instead of spend.
For all the people that went crazy over inflation: Why not take into account that on average wages went up 3.25 percent vs 2.75% inflation? If you were to increase your $28 weekly contribution based on the average yearly raise, you would actually come up ahead of what he said in this video. When I calculated in out in excel I got you would have $1,140,000 after inflation. Again this deviates from the title of the video, but logically if you are making more money, you should probably be saving more. He did not even include company's 401k match, or winning the mega millions, so he was pretty conservative; maybe the only thing was "reaching" for was the 10% APY, but historically 10% is pretty accurate.
In excel I did the following to come up with $1,140,000: Instead of weekly payments I did semi-annually because it made more sense to me to increase ~$10-20 every 6 months instead of $1.75 weekly (This means less compounding, so it actually hurts the scenario. weekly>semi-annually). From there I used the video's 10% APY and did (10% APY - 2.75% Inflation)/2, 80 periods (40 years x 2), then a semi-annually payment of 728 (28 x 52 / 12). Then I just increased the semi-annual payment by 1/2 of the salary growth rate (3%) = 3%/2 = 1.5% payment growth every 6 months.
AGAIN IF I DID IT WEEKLY IT WOULD BE MORE THAN $1,140,000.
Jeremy i just started ira but very confused with his numbers. If someone is 27 and retires at 67, thats 40 years at putting in $1,500 a year. So 40 times $1,500 comes to just $60,000. How is that remotely close to the $650,000?? Im very interested but also very confused and need sum showing lol????
Great video, thanks!
This is hilarious 🤣 you said you your average viewer is 27 years old and male, that’s me! Turn 28 tomorrow. Been putting away 2400 / year for the last 5 years and company matches 70%. Just started watching your videos. Subscribed 👍
the point is ... Social Security is a 'tax' masquerading as 'insurance'
TODAY (2019) we have a 'medical tax (insurance) line on our paycheck, also
...noting this, you really 'net' half of what you think you gross
...Now, you get to purchase more insurance
...Homeowners insurance
...Automobile Insurance
...Life Insurance
as 'inflation' forces compromise into your spending habits, you seek to understand how this all happened
...TOO LATE
...It is true enough that if you put a 1/4 of your 'net' into a savings account at 1% (compounded daily) you will be able to retire at the age of 45 with your salary in residual income
...Now, actively manage this account with 'discounted trust deeds' you can retire at about 35
...This is why each of U.S. should work 1099 or incorporate 501c3 (non-profit) and use Hollywood Accounting practices to keep the government out of our business
...NO, instead we take the easy way out and submit to 'employment slavery' (withholding tax)++
and then whine about the progressive poverty that we endure by old age
...you might notice that the government operates just like a charity (non-profit)
The points about saving early means you have more time for the money to compound is spot on. Where you lost me is that you only need $665,000 to pull out $80,000 a year for 20 years.
$665,000/$80,000 is 8.3 years. Even if you account for the $665,000 appreciating in value before making a withdrawal, you would have to be heavily invested in stocks to get a return of 10%. Pull out money during a market downturn and you'll have even less money to stretch.
Yeah those numbers are wrong
Thanks for the video. Good job! The reason you live longer if your retire later in life is because “ if you rest you rust”. Continuing to work or education of any kind keeps your mind sharp. Don’t forget if you have a sponsor or pet or someone to yell at that helps you live longer also. If you keep your health you’re in better chances of living a long life. Thanks for sharing
If you rest you rust, love it!
Got to the point in the video where you discuss your average viewer, and I am in fact a 27 year old male. Your stat was spot on...
So many says to put money in a IRA roth but nobody says once we put money in a roth where to invest the money or how to set up for automatic investments so we earn that return.
Gotta research my guy. Betterment has a smart saver and roth accounts available. Lots of videos like this teach you NOTHING.
Who works all their life save money to have fun or freedom at an older age that’s not living
Is somebody living their life not saving any money for retirement living?
NEMoretime are you asking me? Or telling me?
NEMoretime I’m living my life enjoying life driving my new Tesla saved by grace blessed and highly favored ukurrk
I wouldn't expect a high percentage of people to have a good savings for retirement.
I'm just asking about the other extreme. I'm not asking about you personally. I'm just asking if the other extreme of not saving anything is living? I'm gonna say some people would still say yes.
NEMoretime I agree me personally, I’m still living I save for the things I desire or get blessed with. And of course people should save to have money for funeral and their children when they pass away and that should start early especially if you have children because you can’t take life for granted we can go at any moment.
It’s a great primer video. Thank you
1:42 love the vibe lmfao. First time viewer and made me chuckle
40 years from now 80k might buy a car, lol.
I think like tripled that number....maybe 10 times more...
Its a car now !
haha didn't notice someone else thought his numbers were a little screwed. You need about 2 million to retire. The inflation rate is around 2.3%/yr. Now do the calculation.
Depends on the car, but let's say a car is $25000 now, then it should be around $65000
It will be more than you'll have if you don't save
"Let's give em every little bit of this here". As a black dude, this is funny on too many levels to name. It's basically our daily mentality- Work hard, and 'try to get every little bit of this here'.
I'll be cutting my teeth on the rest of these vidz. Maybe my money bag will fatten.
ThatSounds AboutRight lmao I said the same thing when he said that 😂😂😂
good video very assuring and very motivating at the same time
Awesome info!! Just Subbed!
Geeking out on that math
If you want to be successful have the mindset of the rich spend less and invest more don't give up your dreams, I pray that whoever likes and reads this will be successful.
Thank you :)
Thank you Thomas. God Blessings to you too.
Assets that can make you rich
Stocks
Real estate
Silver and gold
Etc...
@@andresLK You're right, but don't know why people remain poor due to ignorance.
It's better to take risk and make sacrifices than to remain poor
I'm on the right track. Not as much to 80 grand. But that's not what I will need. Thanks for the video😃
Correlation is not causation. Maybe its a healthy lifestyle that enables people to both work later and live longer?