I am doing it now and have been for several years (even before I retired) and want for nothing. The key is being debt free and owning your home outright. I eat well,have both vehicles fully insured,take several camping as well as hunting and fishing trips each year and am decently medically insured via Medicare. I usually have around $1000 a month left over after bills to do any old thing I want. Life is great!!
57 and planning to retire at 60....everytime you do these scenarios, I am looking at all our options. The more I watch the more confident I become that I got this! Thanks!
I'm not retired, but the wife and I can easily live off $3k per month. We live off less than that most months right now, and I live in Taxachusetts. Are we cruising the Riviera?...nope, but we certainly aren't doing without. As Josh always says, no debt is the key.
Excellent! Thanks for showing how to do the different buckets of spending during the different stages of retirement. I'm to that point right now so I needed this. More Right Cap videos - I love it!
Good simple scenario but it is always wise to plan for the unexpected and leave some money in reserve for expensive home and car repairs, as well as for max annual medical out of pocket expenses. These all vary depending on your personal situation but please plan for them.
Josh, another great video. As others have stated, I really liked seeing how you reduce spending over time using the Lifestyle Other entries in the Goals section. Having realistic (decreasing) expenses as we age is clearly a key to a true retirement plan.
Question - should we use Add Other under Goals or Expenses? I just went into Right Capital to switch from the default Retirement Income card and found both. The Charlotte example uses annual Goals. The Expenses version allows for inflation. It's not clear if the Goals version inflates the annual goal too. I used the Expenses version for my model. Regardless, this is a very clever way to control expenses within the model!
I need to be watching more of these what if videos. This was the first time I saw the Lifestyle expenses in action and I definitely want to start using those. Also, I know you push Roth for most people but Roth wasn't mentioned in this case and I'll bet there wasn't a need because of the low RMD's so no income tax. I bet if you did test a conversion it would be bad news.
Josh, can you please do a video on starting medicare at 65, what you have to do and how it works if you don't take Social Security until FRA, other 70? Thanks. And for your scenario here, any chance of her doing a reverse mortgage starting at 68 to bridge the gap until 70?
Do you have a video (or can you do one) on why you believe spending will go down in retirement? I have a real good handle on my spending and expenses. I just don't see where my spending would go down.
Josh has several videos on this. It's actually common sense. When you hit your slow-go and no-go years, you don't eat out as often, you don't travel as often. If you're married, you only need one car instead of 2.
@@RealSlopeDude sounds like you've done some research just make sure that the youngest spouse is also 62 so that they will have access to the funds .you can get a reverse mortgage when a spouse is under 62 this is called a non borrowing spouse and this allows them to remain in home when. the older spouse passes away but the account gets frozen at that time. good luck to you
A COUPLE can live off 3000/mo. Easily. Doing it now. Also discount age 70 SS to present value. Again. No brainer for SS at 62. Cash in hand now better than cash later.
@@HeritageWealthPlanning Yeah. Well then they MUST be serving cat food in the restaurants I am eating out at, steak, Italian, Thai, Mexican etc. I eat well! Never purchased cat or dog food never mind eat it. You watching that main stream media??? I heard some whackadoodle say wages have NOT increased at all under Trump. To each their own
I am doing it now and have been for several years (even before I retired) and want for nothing. The key is being debt free and owning your home outright. I eat well,have both vehicles fully insured,take several camping as well as hunting and fishing trips each year and am decently medically insured via Medicare. I usually have around $1000 a month left over after bills to do any old thing I want. Life is great!!
myvenusheeler flipping awesome to hear!
57 and planning to retire at 60....everytime you do these scenarios, I am looking at all our options. The more I watch the more confident I become that I got this! Thanks!
That’s fantastic Henry!
I really like how you factored in the expenses in the Goals for slow-go and no-go years.
Thanks Josh good case studies
Bruce Smith right on Bernie! I mean Bruce... 🤣
I agree so much with this. Controlling expenses is the key. It’s the only thing that we can control after we quit working.
Roland Walker 10000% agree Roland
I'm not retired, but the wife and I can easily live off $3k per month. We live off less than that most months right now, and I live in Taxachusetts. Are we cruising the Riviera?...nope, but we certainly aren't doing without. As Josh always says, no debt is the key.
Interesting to find that sweet spot. What a difference a few years make!
Just don't file until she's close to running out of money. She can wait to decide, can't she?
MathGives YouPower absolutely
Excellent! Thanks for showing how to do the different buckets of spending during the different stages of retirement. I'm to that point right now so I needed this. More Right Cap videos - I love it!
Scoob E Doo will do one tomorrow on my live atream
Conundrum
Good simple scenario but it is always wise to plan for the unexpected and leave some money in reserve for expensive home and car repairs, as well as for max annual medical out of pocket expenses. These all vary depending on your personal situation but please plan for them.
Josh, another great video. As others have stated, I really liked seeing how you reduce spending over time using the Lifestyle Other entries in the Goals section. Having realistic (decreasing) expenses as we age is clearly a key to a true retirement plan.
Problem of course is if this actually happens. That’s always the risk
Question - should we use Add Other under Goals or Expenses? I just went into Right Capital to switch from the default Retirement Income card and found both. The Charlotte example uses annual Goals. The Expenses version allows for inflation. It's not clear if the Goals version inflates the annual goal too. I used the Expenses version for my model. Regardless, this is a very clever way to control expenses within the model!
sdbpost I just plY around with it. I think the goals does adjust for inflation but off top of my head can’t confirm
I need to be watching more of these what if videos. This was the first time I saw the Lifestyle expenses in action and I definitely want to start using those. Also, I know you push Roth for most people but Roth wasn't mentioned in this case and I'll bet there wasn't a need because of the low RMD's so no income tax. I bet if you did test a conversion it would be bad news.
Josh, can you please do a video on starting medicare at 65, what you have to do and how it works if you don't take Social Security until FRA, other 70? Thanks. And for your scenario here, any chance of her doing a reverse mortgage starting at 68 to bridge the gap until 70?
Dan Casey surw
Josh - what asset allocation would you enact if you were 50-55 years old ?
Tom Settles so many variables , tom
Do you have a video (or can you do one) on why you believe spending will go down in retirement? I have a real good handle on my spending and expenses. I just don't see where my spending would go down.
Josh has several videos on this. It's actually common sense. When you hit your slow-go and no-go years, you don't eat out as often, you don't travel as often. If you're married, you only need one car instead of 2.
Can you point me to them? I cannot find them in the massive amount of info he has created
@@joethecomputerguy1 Try ua-cam.com/video/zvCJi-EPyvM/v-deo.html or ua-cam.com/video/yfwkH5VXzyg/v-deo.html It's a Todd Bernicke study.
I want to convert from an IRA to a Roth IRA. Is there any Roth IRA which have no type of fees like a savings account?
Roy Jones vanguard
100% in equity's? She is exposed to sequence risk . A reverse mortgage stand by line of credit to draw from in down years should be considered .
Good point. That's what I plan on doing in about 3.5 years when I'm eligible due to the age of me and my wife.
@@RealSlopeDude sounds like you've done some research just make sure that the youngest spouse is also 62 so that they will have access to the funds .you can get a reverse mortgage when a spouse is under 62 this is called a non borrowing spouse and this allows them to remain in home when. the older spouse passes away but the account gets frozen at that time. good luck to you
A COUPLE can live off 3000/mo. Easily. Doing it now. Also discount age 70 SS to present value. Again. No brainer for SS at 62. Cash in hand now better than cash later.
Fred Ost not me fred. Well easy for me to say at 49. Ask me when I’m 62
Heck, I'm 54 and not even on medicare yet and live on less than 30k/year. AND live quite comfortably!
Joe the Computerguy no way! You must be eating cat food! Haven’t you heard? We all need millions! Millions I tell ya!
@@HeritageWealthPlanning Yeah. Well then they MUST be serving cat food in the restaurants I am eating out at, steak, Italian, Thai, Mexican etc. I eat well! Never purchased cat or dog food never mind eat it.
You watching that main stream media??? I heard some whackadoodle say wages have NOT increased at all under Trump. To each their own
Great video. Does the $3000 of expenses include Healthcare coverage between ages 62 and 65?
Fred Durr sure