Who here is guaranteed to live beyond 62? Exactly, take your money as soon as you can get it.

Very helpful, thank you!

People still get pensions?

"Wish I would have GAVE more money. "... correct verb conjugation must not be a requirement for Midwestern style money management... ? In case it matters... "Wish I would have GIVEN"....

I'm a rookie trader, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have

Ohio??? They're eating the dogs They're eating the cats

My state doesn't tax pensions, 401k or SS

I'll have a pension in 2 years - state govt but I see alot of comments of 6-8k per month pensions. That is wild. May I ask where the pensions are from?

Senior citizens should pay no property tax

I have met with 4 different retirement advisors. They all are not enthusiastic about Roth conversions. My wife & I both will have pensions & will have higher than average social security. RMDs will eventually be a big concern. It makes so much sense to me to do these Roth conversions before retiring. Is it common for so many retirement advisors to not be on board with Roth conversions?

The government steals our paychecks, our firced social security, and our pensions.

It’s best to have 60 to 70% of your fund in Roth IRA so you don’t have to worry about paying tax and RMD’s problems

Can cash out your pension?

I have a $2700 a month pension and $2400 SS. My husband is the same. We worked for a large aircraft manufacturer for 40+ years. We feel very blessed.

“Uppity?” Seriously? Your perception of who is uppity v what? Midwestern? Ya that is not a good indicator of your understanding of people and their money.

For my wife and I it’s pretty simple. We will live on her pension and our collective social security and only pull from our investments when there is a specific goal(providing our kids with down payments for homes, etc).

Wow. My pension will only be worth $43k a year. Do people really make over $100k a year from a pension? They obviously are not public school teachers like me.....

This is one of your top 10 videos. Real life examples. Love it. This is a big help.

I have a pension that covers my expenses..will take SS at 70 (68 now). My problem is..I dont need or want anything. No kids no spouse. Fear of future care costs with longevity in my family (90s). What to do.😮

I’m 43 will collect pension at 59, plus disability and SS at 62 (yes as soon as I can) plus I have $600k now in IRA/TSP I’m looking at working till 50 then retiring early to enjoy life while I’m still in good health. I made a bunch of financial mistakes so it’s possible to recover and still do well. Financial literacy is priceless.

If you are like a lot of govt employees who have large 401k, deferred compensation, or TSP balances from many years of contributing along with a pension that will cover your monthly bills, you should subscribe to this channel. Most cfp’s on you tube don’t even discuss those with pensions and the “good” problems we have in retirement.

I started receiving a pension at 42 years old after retiring from the military. I’m on year 16 of receiving it and am pleasantly surprised how it keeps going up. I have most of my money in a Roth IRA. I converted from a traditional to a Roth IRA three times. My last conversion was in 2016. I have enjoyed tax free growth and look forward to never paying RMD.

I have a retirement state pension-retired teacher. I get it for life. It’s a decent amount-gross 3,700/month in addition to SS. I need some specific planning. I also have investments. I plan to get in touch with people who can advise with this.

I'd rather pay more taxes to get a bigger pension than pay no or less taxes due to receiving a smaller pension.

I have a $5,600 monthly pension… $4,720 net. Plus SSD which pays me $3,200 monthly and nets me $2,300 after voluntary taxes and Medicare deductions.. so I net $7k monthly… had a good city job which I worked 30 years. I also invested into the job supplied 401k and ROTH for almost the full duration of my tenure…. I guess I was lucky and smart..also, invested in 2 side mutual funds for 12 years SNXFX and VIGRX/VIGAX for 30 years…

What your phone number

Is this really a concern if I diligently saved but only into Roth 401k’s/Roth TSP’s?

25 years ago I wanted to run heavy equipment and applied to a union apprenticeship in Pennsylvania IUOE 542 at that time I had no idea what a pension even was fast forward to today I’m 49 with a pension of over $5000 per month at this point and have the possibility to retire at 55. This was the best decision of my life!!!

Hi can I get the book? Big fan of content and we spoke yesterday at 4.

With a Roth IRA, contributions are made with after-tax dollars, meaning you can withdraw your contributions at any time, tax-free and penalty-free. Additionally, any investment gains can also be withdrawn tax-free and penalty-free upon meeting certain conditions. I’m currently debating whether to continue contributing or to liquidate my $338k stock portfolio-I'm at a crossroads.

I invested in digital coin and dividend stocks...we'll see but my medicare costs are really high

$500 a month. Glad to have a little extra

I can't afford to retire.

Do pensions get colas or interest? Ask since I'm going to leave pension where it is now when I go to another company.

Paying more taxes means you have more MONEY. I’d rather have to pay more taxes on higher amounts of money than saying I don’t pay any taxes. Because that means I don’t have any money or very little money

How do we get our free copy of the book?

I am plannining on retireing at 62 with a pension on bills i have is a truck payment and myhouse is paid fr only thing will be is my property taxes. I hope i am doing right always wanted a new truck did it before i retired

Great message! Great communication skill. Thank you!

Move money into your brokerage accounts!

We've got about 70% of our investments in a 401k and IRA and I've invested our Roth IRAs in 100% index funds, so eventually the Roth will surpass the pre tax. We'll probably just live off the pre tax, SS and pensions. We'll definitely take conversions into consideration, but even with RMDs i think we'll be in the same tax bracket because of our pensions.

Man, I pray that when I'm 75, I am forced to take 80k from my investments due to RMD's!

How about if your pension is only 40% of your salary, & you will get social security?

I just assume every dollar will be taxed. If the time comes and we can be more tax efficient then that's awesome. If we end up with millions in tax deferred accounts then we did something right and would likely retire early to start optimizing.

Perhaps I’m just not sophisticated enough to understand why RMD’s and taxation are such a problem that I should cash out my 401K today, and pay a large tax bill today (at a 35% or 37% federal income rate), only to have less money in the future and not pay tax in the future because I’ve paid it today. In the scenarios illustrated in this video, if I’m 87 years old and pulling over $300k out of a 401K per year, I really still have no worries about using some of that $300K to pay the tax. And I likewise am not worried about paying $5k for Medicare premiums. If I am worried about these things, I would simply take larger draw and spend more money in the years between retirement and RMD’s.

Isn't it true that term life rarely pays out ? Something like only 1% ? I have Whole Life. It's less, but it will pay out 100% of the time and it's tax free death benefit

This is an issue with so many government employees like me. 30 years ago, I was told to pump all extra money into deferred compensation to supplement your pension when you retire in your 50’s. 30 years seemed to fly by and now my concern isn’t funding my 457 but what to do about RMDs since the pension pays the bills.

"I have two pensions, but I really wish I had contributed to a Roth 401(k) throughout my career. For example, if I had invested $500 per month from age 25 to 65 at an average annual return of 9%, I’d have accumulated around $2.3 million by retirement. I also have $100,000 that I'd like to invest in a non-retirement account. What are the best investment options for this amount right now?"

I've been collecting a pension since I was 44 and love every penny of it! I'll definitely be in a lower tax bracket in retirement. Our household income is $350k+, and there's no chance we'll be that high in retirement. I'm 51 and my wife is 41. She'll retire in 9 years and that gives us 14 years for me and 24 years for her to Roth convert our traditional dollars! Life is great now and will be even better in retirement!

I've been collecting a pension since I was 44 and love every penny of it! I'll definitely be in a lower tax bracket in retirement. Our household income is $350k+, and there's no chance we'll be that high in retirement. I'm 51 and my wife is 41. She'll retire in 9 years and that gives us 14 years for me and 24 years for her to Roth convert our traditional dollars! Life is great now and will be even better in retirement! I didn't take the spousal benefit. I have a 20 year term life insurance policy, a robust investment portfolio, and my wife is 41 and makes well over $100k. She'll be fine!

I'd say my $50,000 pension at age 55 (I'm 43) is worth much more than 1 million... I collect this at age 55 and my wife who is 5 years older also gets the exact same amount if I die first. I'd say its at least 50% chance one of us lives over 30 years from the start date of that pension.. The pension also has a 1% COLA (hopefully readjust that in the future). I'd say you need more like 1.5 to 2 million to guarantee that for 2 people for 30-40 years and for the safety / security this MN government well funded police pension will pay.