Видео

This is very insightful. Dynamic income strategy definitely provides better clarity in planning for retirement.

Somewhere there’s a saying: the purpose of having money is that it allows you to think about other things.

A lot of these estimate underestimate health care cost in retirement, as most health care is still determined by your work’s benefits. It’s a problem. Also, there’s a big difference depending on “where you retire”. Both usually just glossed over quickly….not realistically accounted for. Thanks for the perspective.

Another reason would be for people who have to reduce their current Roth contributions to cover the taxes on a conversion. Always max out your current Roth contributions before converting.

So if I understand this correctly, if you decide in November to take a bunch money out of a 401k, the IRS is going to penalize you because you can’t go back in time and tell your past self they needed to make a first quarter payment on that money?

Thank you for talking about Healthcare. I have watched several retirement videos and I am surprised with how few mention costs relating to this. 😊

wow, I'm so much poorer than you are

My sister was widowed with considerable wealth and large mortgage free house. Instead of doing the things she always dreamed of doing, she is turning her adult children into dependents. I honestly think my low income life is more satisfying than hers.

America is NOT a retirement society by any means. Its a straight consumer society. No part of the Government. Any of the federal state county or city truly address a person to retire. The struggle over SSI is the red flag of that apathy. A working retirement is an issue that America really doesn’t want as a whole to address

Bro the difference between the median and the average is not a difficult concept to understand. We all learned about this in the third grade.

You seem like a nice enough knowledgeable guy. However, a quick look at your topics. Do you do any videos for people who are single and maybe consideration for retirees who are women?

May I know whether Safe Harbor rules for higher income taxpayers, as long as I paid 110% last year’s income tax, then will not get Penalty right?

I am so worried now. I did Roth IRA conversion in April, should I send withholding directly to IRS? I don’t know how to calculate the withholding, so I added in my company’s payroll to ask withholding $10K more, but feel like it spread to remaining month, not current quarter. Will I get penalty?

So true in so many ways!

Very nice presentation.

The best thing to do is: retire with your pension, make sure that your house is paid off - along with the cars, go back and work in your field for fun money and nonessentials. Do not touch your TSA’s until 70. Never rely on social security- that is a bonus.

I already made enough profit in my Roth to cover the taxes I paid last year on my conversion. Yay!

I like the dynamic income retirement plan.

I'm an Xer (albeit on the older side of GenX!), but this totally describes me! Every one of those markers.

So much stuff to know. 🧐

Good advise

we downsized in our 50s i think nmost pple do this nowadays? but...we travel heaps & want less land/less upkeep

RV sounds like a nightmare. I like hotels. Others to do the cleaning. A pool. A spa. Room service.

God that's so me😢

The thing I do not understand is…. If someone is transferring $50,000 from 401K to Roth… in addition to that $50,000 being transferred, they have to pay Tax on it.. If 15% Tax Bracket that would be and additional $7500 I will have pay to do this deal. Less money to invest in my other accounts.

I hadn't thought about the tax implications. I'm glad I saw this video before I meet with my advisor.

Great Strategies. One question, you mentioned around 8:30 that holding internatonal funds in a taxable account (strategy 3) provides for a rebate and will come through as a tax deduction. Did you mean to say a tax credit instead of a tax deduction? I ask because it is considered a foreign tax credit and a tax credit is much, much better than a tax deduction. Just wondering.

Money does not come with instructions

I’m an avid voter having owned three over a 10 year. I gave up my trawler in part along with the waterfront house to retire. My wife wants a boat and every time I think about it I think oh God no oh God no money money money. For fuel, maintenance is just ridiculous.

I bought a dream kayak, not even a boat, and didn't feel like using it for the first 3 years. I used it once on a river. Then sold it on the cheap.

I sold RV'S for 23 years and most turn into very expensive lawn ornaments.

If you do Roth conversion in the 4th quarter, and estimate the taxes according to the tax bracket, and pay the estimated tax by January 15 of the next year (and elect the Annualized Income Installment method in the Tax return), should 110% of the estimated taxes be paid (if the employment income + the Roth conversion exceeds $150k in taxable income) by Jan.15 in order to fall under the Safe Harbor Rule and not penalized by IRS?

We no longer have a need to buy expensive stuff. 😊

Great video, thanks, What if your Roth IRA contribution room is already used up. Can you still roll over amounts from 401k? Or would that be considered over contribution and lead to penalties?

GenX. Boomers are worried for the same reasons we are: because 1) they can’t estimate longevity-do they have to cover 10 years after 67 or 30? 2) Long term care is astronomically expensive-like, my kids can’t afford it if I fall ill-and nearly everybody has some niggling chronic illness that could bite them in the ass later. 3) We’ve heard for 30 years that Social Security is going bankrupt any minute, and it’s not like government has gotten more frugal over that time. So, yeah,they’re not wrong to be cautious.

At 4:27 it went to. 80% but Clair’s retirement age jumped to 60 from 55. It wasn’t just the spending model change.

How can you prepare any plan with uncontrolled inflation? I don't think that it is possible and most planners that I have seen don't really address this possibility.

RVs and boats aren't just a scam. They're a blatant and obvious scam. Quality issues, upkeep, insurance, storage, fuel... Five minutes of thought and research and it's clearly a bad idea.

I’m frugal either way gift giving, it’s from my heart not my bank account. I find very nice 10$ gifts for bdays…. $20 Christmas gifts. I will not apologize or feel bad about it. I do not have children however I am expected to buy everyone’s children gifts, my brothers kids and grandkids. Nobody has to buy my kids and grandkids a damn thing. I have none. So therefore, I am very frugal when I come to buying gifts. 😊

I never understood the idea of owning a RV. If you want to travel by RV then just rent one. Sure they are expensive to rent but not as expensive as owning one. Myself I prefer staying in hotel or motel. Before retiring we did spend a lot of money on our home (roof, air condition, appliance, water heater and removing all grass and putting in rocks so there is little yard time). All this was so we did not have to worry about those things once we were no longer working. No regrets.

My $2M retirement account has only grown by 2% in the past year due to rebalancing out of fear, uncertainty, and doubt. What are the best strategies to secure a financially stable retirement and achieve peace of mind? I can’t afford to fail after 22 years of hard work.

Great video, I have worked all my life without thinking about my retirement. Now my kids are growing fast, the way I am spending my savings, it has come to my attention that at my old age, I will have no jobs, no money left and no retirement funds to fall back to. So I am asking what do I need to do and how do I begin investing in my retirement. I just need professional advice. Thanks.

Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Stocks like Nvidia stocks and ofcourse AI stocks that will align with my risk tolerance and financial goals but it seem to be bearish right now.

Just take up Pickleball. Done. Now you got a reason to live. Lol!

What I don’t understand is, on one hand we are told the stock market will crash and yet on the other we are told ways of investing in the stock market. Oxymoron or paradox? I'm considering investing over 150k, but I'm uncertain about risk mitigation strategies.

I think you missed out another big expense, a motorbike, after a couple of years they realise it's too heavy for them. The sensible biker should down size and still ride safely.

I’m single, no kids, 59, no debt other than mortgage balance of 300k on 1.2 million home. Currently with 1.8 million in 401k and investments. 1,500/mo pension with full medical, and will get SS when 62. But still having a hard time pushing the retirement button.

It’s important to remember that 40% of retirees retire involuntarily. You may not get to choose when you retire.

These numbers do not include people that have no retirement accounts. I kept waiting for host to mention that information. According to some studies almost half of 65 year olds do not have retiring accounts. So the average and median numbers for ALL Americans in 55-65 age are much lower.

Why do you say…”a little bit of social security”? It looks to me to be about 60% of their desired income.