Retirement Planning Tips With A Pension
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- Опубліковано 4 жов 2024
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My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Rebecca Nassar Dunne for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management.
Opting for an inves-tment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a year now. Starting with less than $200k and being just $19,000 away from making half a million in profit.
Graham David Fullerton is among the most accomplished portfolio managers in the industry, widely acknowledged for his outstanding work. I highly recommend taking a closer look at his impressive portfolio.
I just checked him out on google and I have sent him an email. I hope he gets back to me soon.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
consider investment planning, learning from a well experienced advisor is invaluable
That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since the pandemic in early 2020, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.
@@mariaguerrero08who is your advisor please, if you don't mind me asking?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
For me, I believe 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 wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
It's 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 $875k 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.
As a new investor it's always great to hear from a person who has gone through all the difficult times and come ahead of it. What are some strategies i can employ to be successful?
Sharon Marissa Wolfe is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Elijah-Brian That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Elijah-Brian I will give this a look, thanks a bunch for sharing.
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Here is what I did when I retired last year. It’s called math. as long as my pension brought in more than I spent, I was happy not touching my savings or 401(k) or CDs or anything else.
I have a pension working in the grocery industry. After 35 years it supplements my retirement along with my dividend income. I waiting a few more years until I apply for my maximum SS at 70. Working at a grocery store was not a glamorous job, but a lot of my friends who worked in other industry are envious of my defined pension.
Thanks for talking about a 457 Plan. Most, if any financial channels never mention it. More videos on how to maximize your pension! Thanks........
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find her webpage and necessary details to work with to set up an appointment.
Thank you for sharing, I must say, Jennifer appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
I retired 5 years ago. My Pension, which won’t change if I pass, plus SSA is just under $100 K. I lived off savings for a year until I could get full SSA at 66. No debts and budgeting for EVERY expense is the key to happiness for us. Budgeting is an every day exercise.
The pension won’t change if you “pass” ??? Does “pass” mean “die”. I’m quite sure it changes A LOT when you die.
retired this year at 62 with a state pension, taking SS at 63. doing ok do far.
I'm a Union Construction Worker, and I'll retire next year in August with a pension at 58, monthly check plus a lump sum, the younger generation's needs to look into Union Construction Work.
Hi Dave Retiring from military in 5 years considering inside wireman through IBEW union after till I would be 58 as well. What’s your thoughts
@UNS33NSHAD0W I'm a Union Construction Painter, The Electrician Union is a good choice, I don't know what their benefits are, but I hear that they are good, Good Luck, the Unions need more younger members to join.
We simply need more people in the Trades
Problem really is, if they are really looking for apprentices... It's a friend's and family game. The average outsider that is truly a good choice is often passed. Because the openings are most likely spoken for already by friends and family.
@@atleastmypalmsarewhite9960 not in the Elevator construction trade, I should say not anymore….
I was able to retire at 48 and was blessed with three pensions all with annual COLA increases and two are tax-free (I have a very good lawyer). I'm single with no kids and keep $200K in my money market account. I don't live a lavish lifestyle and enjoy life (Although, I purchased a new home in 2020 that is worth double what I owe and the monthly payment is a mere $1176. I also paid cash for a new car in 2020 which I still currently drive). Other than the mortgage, I carry no debt. The freedom is liberating. I'm now 55 and when I try to engage younger folk about finances they are clueless. Growing up, I didn't have the internet or the information to make sound financial decisions. Now, there is so much information online that there is no excuse for not planning. I have ZERO sympathy for these younger generations.
The idea of retirement brings tears to my eyes. I deeply apologize to all those who have retired and are navigating the process of filing for social security during this challenging time, after dedicating countless years of hard work, only to face adversity through circumstances beyond their control. This situation is particularly tough for retired individuals.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
There are rumors circulating about certain AI companies being overvalued, potentially leading to a market correction. I recommend opting for a managed portfolio, although their performance hasn't been stellar lately. It's advisable to seek guidance from a qualified fiduciary, as that's what has proven effective for my spouse and me.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
when I was on the fire department, I was also in the National Guard so I knew I was gonna draw two pensions. I knew I had two more years to go before I could draw my army pension, and the guys on the fire department were telling me for years to stay in the retirement when I wanted to get out. I’m glad I stayed in now with two government pensions at 63. I don’t have to worry about Social Security yet. I think I’m gonna wait till I’m 67 to draw that.
Apology accepted
Fewer workers still have pensions. I am lucky to have retired at 56 with a full pension (along with a bit in a 401K), so this info is greatly appreciated.
Thank you and congrats!
Basically only government workers and a few unions still have pensions …
And military personnel… who are government workers.
@@Leftists_are_Losers And even those are going away in leu of 401K with some match. The 401k system for most workers is going to be catastrophic.
@@Leftists_are_Losersapprox 15% of U.S. S&P 500 companies offer a pension, including some massive employers like Proctor & Gamble, Exxon, JP Morgan, and Costco. it's more common than you may think and the trend of companies moving away from pensions has started to reverse very recently.
@@papasquat355
What’s catastrophic is people with virtually nothing saved at all.
Those with savings will be ‘robbed’, I mean taxed, by the government to pay for those with virtually nothing saved.
Rob saving Peter to pay spending Paul.
To all those people with lousy financial habits, you’re welcome!
Between two pensions and disability, I'll have about $5100 a month coming in when I retire the year I turn 59. This will go up roughly $100 a year until I hit 62, then it will jump up another 1.1k. I'll likely pull out 1500-1600 a month out of 401k until that's gone, then collect Social Security. I have free health care for life and my wife is covered for around 60-70 bucks a month. Looking forward to retirement.
Why use up your 401k until it is gone? Use SS first as it is NOT an inheritable asset, and wait on using 401k or just supplementing the SS with it if needed. You will be leaving more for your wife this way.
Took one pension as a monthly payment for life and beyond as the wife continues to receive it..
My other pension and the wife's were taken as lump sums and invested in annuities..
Retired last October at 64 and it's fantastic!!!!
I have a pension, and I use it to cover monthly expenses. Major expenses such as a new car, big trip, etc. would come from savings. It’s so nice to have a constant monthly income and not worry about where to do withdrawals, etc. I’m not a fan of annuities, but if I didn’t have my pension I’d seriously consider one for an amount similar to my pension.
I agree with you on that point. My company had a pension that they promised if I worked until 65, they would pay $3600/mo. Great, but the company was sold after 23.5 years, and because I did not trust the purchasing company, I rolled over the pension quantity to my IRA. I still keep that value in mind as I am growing out the pension fund. In another 4 years, it should arrive at its goal of 900K. Then, If applied to today's fixed annuity rate of ~6%, it should generate about $4500/mo. That is more than I imagined and I have not had to add anything to the pension fund in the last 13 years. It has all been all growth. Not bad when you stick to the plan which was started when I was 25.
Same here. Roth conversions. A little every year
That's great! Sounds like you set up the "slush" fund for all the major things you would like to do.
That's us, we use my pension, and our social security (about $110,000 total) for our normal monthly living expenses (and we have money left over every month). We have a 401K, with several hundred thousand in it, but we consider that our catastrophic emergency fund. And, we have a 21 per cent ownership (all family) in 387 acres of coastal land that has been appraised at several million dollars that we are leaving it to our kids.
Planning on retiring this year from a state job and the most important thing I can say is do the math before selecting an option. Example one option I have is take a $300 less per month payment so that if I die first my spouse would receive the same amount the rest of her life. I looked into this and I can get a good $250000 20 year term life insurance policy for $36 per month.
I’m in the same boat: I could get $300 less in pension and if I die my kids could get $1000 each for life; My wife could get half of my pension regardless of this option. On the other hand I could use the $300 to buy a $1 million term insurance for my kids. I have 29 more days to decide. Which would you choose, forego the $300 or use the $300 to buy term life?
After getting two stents at 58 6 years ago I took the option to pay the wife after I croak..less now but better as I expect her to outlive me.
I’m planning on retiring in 1 1/2 months. I will be getting 2 state pensions and social security
I’m an insurance agent and wow $36 a month for 250.000 and your trying in a year from where high school
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
Those with pensions coming, do your calculations on Break Even points to help decide when to start your withdrawals. In our case, it made total sense to take it at the earliest age because the break even point was over 20 plus years out! Each year I delayed, the break even point was even further out . Made absolute no sense to wait.
Absolutely! If your pension has the option to delay for a higher pay out (like with Social Security) you have to weigh what is the best option for you. Great tip!
Why not take a lump sum ? I will and invest it myself.
Planning on retiring next year, my pension will be around 3 k per month
Good job, depending on where you live that will be a good income and even better when SS is added.
That's great! Check to see if there is a cost of living increase on your pension. That is always helpful too!
@@gibblespascack1418make sure you know the bottom line after you pay the health insurance cost if available and taxes. Some of my co-workers were very shocked at their actual numbers especially if they intended for their spouse to receive it if they died.I elected to take my full pension and took out a term life insurance policy on myself even though my wife has her own pension.
You should be OK…wait until age 66 or so if you can to take SS and you’ll be fine. That’s what I’m doing. Love my pension.
Nice..mine is going to be about $2400
Having “too much” income later in retirement due to RMDs is a good problem to have. Yeah, your taxes go up because your income is going up.
A lot of wealth managers think it’s a game to minimize how much you pay in taxes. Some even encourage you to give your money away to charity so you don’t pay tax on the RMD. That’s stupid. You’re giving away 100% of the RMD to avoid paying a percentage of it in taxes.
Yeah, I always feel the same way. What a bad scenario being forced to take money you don't need and paying tax on it because you accumulated such a good position. I sorta get the game if you are trying to leave money to other people but I'm really not trying to do that.
Got a chuckle on your list of 4 things folks commonly want to do in retirement -- big trip, new car, home repairs or "just relocate" -- as if that last is a kinda minor thing. My wife and I have been trying/planning to "just relocate" for two years but the two historically worst years in US real estate (and now no better). It remains a goal of ours but it ain't just a "just"! Dollars and effort required!
The best time to buy is always 5 years ago. At some point you will have to start that 5-year clock.
@@gibblespascack1418 Perhaps...or choose not to.
It is a big decision to relocate. We have a lot of clients still relocating, but you have to have a plan to account for how the new home will get paid for. Sometimes you can downsize, but even then, you have to account for the high interest and possible increases of tax and insurance.
True today as Wilkins Micawber said it back in 1850: "Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery."
I retired this year, so I consider my Annuity checks to be a form of Pension. WIth that and SS bennies, we NET about $6,500 (after taxes and Medicare), 25% more than we spend per month. With smart spending and good health, we can allow our other nestegg balances to grow.
Now, an awesome '24 LUCID would be cool... but we're still weighing the Pros & Cons. And we've enjoyed not having a car payment in years!
Great Topic, Erik! Thanks for the discussion!!
Thank you!
Thank you for talking about pensions! Very little financial info for us out there.
My pension from my city job will be apx 3500 a month when I turn 67.
This will continue on to my wife If I pass first. My est SS at 70 is also 3500.
This will leave my wife 84000 before taxes if any when I pass.
Theres no col increases on the pension.
Still. 84000 with a payed off morgage is pretty good
@traybernUmmm ok
Not sure what I did to deserve being called names but you have a nice day.
@@richb1576 Don't listen to that Dumbbell Rich
Congratulations on your financial security during your retirement years.
Wife and I both have a pension which itself should cover most core expenses. Social Security should put us at a $1,000+ surplus income (for a modest lifestyle). Saving in a Roth IRA for added flexibility. Goal is to max Roth yearly, probably won’t happen for a few years.
What's better than one pension....TWO! If you have children, you could consider a lump sum for one pension for potential inheritance. Just more ideas....but it will all depend on your plan and goals.
I retired with a decent pension and never put a cent into an IRA or 401K. I just saved the money. Consequently I don't have to worry about RMDs.
If you live long enough, you won't regret investing some savings into diversified mutual funds or ETFs. Even 25% will give you some needed growth for the long haul. If you are financially secure with retirement income and savings, then you've done better than most!
@@bobertjones2300 I am doing fine and definitely don't want the tax uncertainty of a mutual fund. For reference I have been retired for a while and am less than 1% in the market. I only keep that because of the dividend yield.
@@bobertjones2300 I have been retired for 24 years. I am doing fine. I got out of the market in 2020 except for a small holding (
Not a recommended move for most people. Your money is getting devalued by inflation just sitting in a bank
In my taxable account I went into dividend investing route. In my Roth I did the buy and hold route with an S&P 500 etf and total market etf along with some Berkshire B stock and SCHD.
I retire last year at age 53 with a state pension of about $4200 a month. The pension will pass to my wife without reduction. The private sector needs to bring back pensions for their employees.
WOW
Finally! Thank you for having my content for those of us that will be getting pensions! Great content!
When I retire from my career in local government, my hubby and I discussed me taking my full pension and maybe we purchase a term life insurance policy? We’ll both have pensions but mine will be more than his. We were thinking that we could do a first die policy so in the event of our death, we’d be kept financially whole. Any advice or other recommendations? We are debt free and will be renting (we sold our house recently) with no plans to own a home. We have a good amount of liquidity as well.
You have to plan for the survivor. When mine is ready for the immediate annuity, I will set it up for both me and my wife, survivor receives all for the rest of their life. That way you do not burden the kids.
Thank you! We don't know enough of your plan to advise (and we aren't allowed on here). Term life is an option, though later in life it is quite expensive and you have to qualify for the coverage. There are multiple options to consider, but I would suggest a financial plan that could help you find what is best for you and your family.
Something that needs to be addressed is Government pensions. Defined Benifit pensions are rare in the private sector, and a pension with a COLA is non-existent in the private sector.. so it's really unsustainable to provide Government workers with far far greater compensation than the taxpayers.... especially since the majority of American's don't pay Federal Income Tax.
You can buy an annuity on your own. You don't need a gov job.
@@anitacoggi2233 Tax dollars pay Government pensions.... Annuities are purchased with after tax earned dollars.. quite different.
Where did you get the idiotic idea that MOST people don't pay federal income tax. Must watch FOX news.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
*@mellon-wrigley3* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I retired at 51 with a pension 2 years ago. I’m also receiving disability from the VA. My mind set is going to be different in a way because I’m moving to South America. If you’re bringing in almost $7k, you can curb those U.S. money issues, and only use 1/4 of that to live on elsewhere. How much of a lifestyle can you have with the rest, or save towards real estate? Not everybody wants to be an expat, but some people never thought about it being an option.
Same here. Retired military plus VA disabiility. I've been living in the Philippines since 2015 when I retired from the military.
same also, been married to Filipina for over 30 years, planning to spend part time in PI and part time in Florida. Pulling the trigger on FERS deferred retirement this December.
@@okinawasurfspots3184 that is great news. Wish the best for you. Literally just moved to Colombia 🇨🇴 this past Thursday. Already seeing the price difference in dining out.
Be aware what’s deducted. My husband took an early retirement. His pension has so many deductions. Healthcare, life insurance, have to pay spousal charge to give me 1/2 his pension if he dies before me and we are having taxes deducted. Wish I would have done better research , because after deductions, his pension is minuscule. Had to take more out of TSP to keep our standard of living.
Thanks for the graphic on pensions. I have that tax problem looming and the graphic demonstrates my need to either do some conversions or spend the pre-tax first before ever drawing SS. Fortunately our pre-tax accounts are not the bulk of our savings.
Glad it was helpful!
Where were you 20 years ago with the advice on the Roth 20 years ago? Lol. It is good advice. I opened a Roth 8 years ago and funded it here and there while stacking money in my 457. Now with my Pension and various investments I am just shy of the 22% tax bracket. A small win, I had about 9k of room in the 12% bracket this year because of the Trump tax cuts so I took a 9k disbursement and put it in my Roth. Thanks for passing on the information.
Congratulations of being just shy of $110K of income married, (or $72K, if not married) before your household deductions. That is better than most Americans.
UA-cam only wanted to show music videos 20 years ago haha! Glad to hear you got some in the Roth!
One of my issues is something you mentioned in the video. My pension is going to bump my 457b distributions into a higher tax bracket. I need to see a FA about this. I don't really know how I can minimize getting hammered in a higher bracket on my investments. I'm actually going to be living off my 457b for 3 years before my pension kicks in, so I will withdraw as much as I can up to a certain amount. Haven't done the math on what makes the most sense tax-wise. Regardless, I will still have plenty leftover in my 457b, that once my pension kicks in, will be taxed at a higher rate.
do Roth conversions before the pension starts.
@@alanb76 How does that reduce taxes for me though? I still need to live on it, so I will be subjecting the portion I convert to higher taxes.
For 3 years before pension kicks in the tax bracket should be lower, so do conversions to Roth at this lower bracket. Once the pension starts this additional pushes into the higher brackets, so early conversions should be at reduced tax rate.
Any thoughts on Railroad retirement pension?
I’ll be retiring in 1 1/2 months. I will have 2 pensions and social security
I enjoy your channel and am learning a lot!
If you retire early while in your 50s, you will need to put enough into your regular stock & bond accounts so you have something to live off without any early withdrawal penalties. Ditto if you plan on waiting till 67 to start Social Security.
Well, my pension isn't free! It cost me about 9% of my income to build it and it is mandatory. To me, it is a matter of opportunity cost on what is being invested and who gets to decisions.
I have a 457 that I'll be using at 55 when I retire and a reserve military pension I can get at 60, combined that should put me at $100k/year, I have no debt, house paid off. Wife will have her pension and IRA's. It'd be nice to not even touch investments, IRA etc that I have been contributing to since 18.
If you really don't need to make withdrawals from your non-pension accounts to fund your retirement, when it becomes necessary to make RMD's then donate the amount to a charity of your choice and it will not be taxable income (it won't be a deduction either, but you can't have it both ways.)
Great point! QCD is a cool tax hack to help be charitable and not pay taxes as you mentioned!
It's amazing to me in my profession where we do not pay into social security and have a governmental pension that so many co-workers do not realize what the windfall elimination provision (WEP) aka windfall act is. Thus meaning any social security you may have obtained through another job you will get penalized severely as Uncle Tom is taking 60% of it. So kiss social security good bye. 😂 Only nice thing is I'll be fully retired by the age of 50 with a full pension and several years of maxed out 457B deferred Comp maxed out Roth IRAs etc... I wish more videos would talk about the WEP because it's amazing how many people don't know what it is and how greatly it's going to cripple their social security if they're eligible for it.
If you’re a cop or firefighter, whatever SS contribution you have made, consider it your donation to the system. Besides, with a fat pension as typical of first responders, you don’t need SS to live comfortably.
@@thomaskim3128 Social security is a scam and absolute BS. It is designed for people who want to milk the government and not work and get a freebie. It punishes people who make good decisions in life and are productive workers financially. So you're telling me that the10 years I spent working as a civilian paying into social security that I will now get screwed out of all 60% of that money because of my pension is ok? Or if I decide on working 10 more years when I retire at age 50 for a part-time job just to kill time because I'm bored, it's ok? It's a scam and these moronic politicians need to change it.
Pension, Social security, 401k, Roth. Looking at etfs to fund long term care. Cant pass the physical
401k, Roth, high yield dividend account, and pension. I have no hope of SS being there by the time I need it. If it is, great. But I am planning on not being there.
You can also leave half of your pension to your kids
We can't take a lump sum with a Railroad Retirement pension, but considering how good it is there's no reason you'd want to.
It's amazing to see AMC doing well after all the doomsday analyses from naysayers. The stock market is a device for transferring money from the impatient to the patient - warren buffet. It's good to remind people of this right now; you buy on fear and sell on greed or just hold through it all for the long term. It’s easy but lots of people forget.
I'm less than two years from 100% Replacement Income from my Pensions. I'll be 63, but without Health Insurance. So, I either need to keep working until 65 & Medicare Eligible... Or Travel Internationally for at least two years. I choose travel .Travel Medical Insurance is about the same as my share of Premium Costs. SE Asian Medical Cost run less than 15% of US. The Philippines runs about 8% of US costs for comparable services. Basing myself in the Philippines & traveling to other Asian destinations as funds allow makes sense to me. At 65 I can return to the US, if I haven't acclimated. Downsides: The Philippines is a Developing Country, with areas of abject poverty. Upsides: Skill Nursing runs less than 25% of US Costs. Meds CASH PRICE are less than most plans CoPays.
Congrats on the replacement income. Health care is a big expense for many retirees. Thanks for sharing what you have found on the international health care costs.
Really solution to health coverage!
what about comparing lump sum vs monthly payments
If you don’t have a pension, then make your own. Invest in monthly paying ETFs. Get active and start researching and start building your stock portfolio. Don’t depend on social security.
Thanks Eric great advice!!
Thank you Bruce!
The best way to avoid taxes is to not save for retirement. However, if you did save in your 401K, then you will get more than when someone did not save anything. The taxes are progressive, so sure if you make more, they will take more, but you still have the same tax rates at the lower income levels, and if everything worked well, the tax will hit only 24% after you and your spouse earn more than 190,000 after all of your deductions. Not many Americans have this problem of paying the 24% tax rate and that is only for the stuff beyond $190K. So don't worry about it because for 90% of Americans, it won't be a problem.
My pension is going to be about 90k a year when I retire at 66. My 401k is projected to be 3.2 mil. Social security is supposed to be around 40k a year. Do I need to invest anywhere else? My spouse will have about 500k in 401k and 35k a year in SS.
Don’t take financial advice from UA-cam
By the time my QDRO reduced pension gets me to 72 or so that RMD will only make up for that inflation reduced benefit I will keep getting for life. 😅
Pension, SS, 401K rolled into an IRA.
Can you talk about early 401k withdrawals penalty free for first responders?
With pension planning I’m surprised that you didn’t mention implementing a solid insurance plan that helps the individual with the pension to maximize income while still protecting a surviving spouse and other beneficiaries.
Good video. Thanks
Thank you!
To any young people I would tell them try very hard to get a Government job that offers a pension. its not a sexy job in a start up nor do they throw tons of perks or large salaries at you, but generally its a steady and secure job and 5,10 15 years just flies by, and here I am now 56 years old and 37 years of employment. you will get a good pension till you die....its always going to be there, and then SS will come your way also.
Union Labor
No pension I use my own money 💰 don’t let them control you 🇦🇺👍😃😉
Tip number 1 take the lump sum. Tip number 2 take the lump sum.
Live without debt. Pay off your mortgage BEFORE you retire. Have NO car payment. Period! Not that hard if you are disciplined. Most people are not.
Sounds like a boring life
@@scottscales1163 Traveling takes the sting of the boredom.
Ugh…hard to understand
It's Creme de la Creme - so no wonder nobody listens to this.
Yeah - quite the blow that you have so much money you don't need it - and run into an RMD. Which simply says - for 'public employees' - these pensions are a travesty to the taxpayers. Great I give my money to some loser's PENSION. W T F!