How can 50k be the average when so many baby boomers have no retirement savings at all?

if 1000 = 1000 reg taxable income +850 social security taxable income what % are you paying? How about 22% bracket?

Even Fed tax free the money may bump up the taxes on your social security check and your Medicare part B, Yes, No ? And as you mention some states DO have a cap gain tax

Health care is crazy in the US

The word “ instruction “ is misspelled at the beginning of the video. Maybe there needs to be an instruction manual on how to spell instruction.

Well my wife and I want to cruise the country. Paying for motels everywhere would cost a small fortune. Our plan is to buy a small used van camper. Not a huge class A that costs $500,000. We already own a 30 ft camper, truck, boat and 2 cars. We will be selling all but one car which should cover most of it.

Great video. How would you factor in the impact of inflation on future tax brackets cutoffs and standard deductions?

You look like you’re AI generated.

Portfolio Visualizer changed the model - only 10 years of free data unless you pay a hefty subscription price.

Simple Path to Wealth - VTSAX and Chill

Nice Video, would like to see another version when spouses are different ages, say 4 years apart. This also impacts Medicare vs ACA, which then impacts IRMAA. Also same use case, with both spouses claiming at 70 (4 years apart)

The necessary retirement incomes are after tax, right?

I knew all this. You just don't think it is significant. Well you better get along with your spouse. Every day you will be with them. Make an effort.

Are the average or median expenses and the average or median income, per person? For a married couple, should the numbers be doubled to find where we stand?

What factors do see that impact whether someone makes an emotional decision vs a 'let's see the math' decision around filing age?

That 5% comment... yuck.

I hate I’m just seeing this video

Is it okay to withdraw from Roth IRA to pay off high interest credit card debt because retirement?

inflation sux vote for trump

Glad I came across this channel. About to turn 58 and plan on retiring in 4 years. I’ll be keeping an eye on this channel.

You pay the tax WHEN you convert. But you can convert a PORTION only.

Not correct I believe spouse can not collect spousal until main worker is colllecting

Taxation is theft!😢

Remember c.crds are unsecured! These sleez banks dishing out c.crds and chrg 20+% deserve to get there's! You can run up c.crd bal to cover unforeseen expenses upon retirement. When you die, c.crd banks cant force yr estate to pay bank bk fr their c.crd bal. Make sure you and wife have separate c.crds in each name. Then if you die, yr living wife isnt responsable fr dead husb debts! Banks screw us!! Return the favor!

49 $275,000 in 401k and will have a pension of about $4,000 a month at 58 and my Rental will be paid off end of 2024 4:25

Where is a link to the video on inherited IRAs?

55 ,wife and I pension is 89k . Ira 760k, cash 450k, home equity 600k. SS at 62 another 21k. Should I be worried? I don't spend foolishly and drive very modest vehicles. I figure if I run out at 80 I can always go to Mexico , cross over to u.s illegally and get the govt to fund my remaining years.

Avg retirement income is very subjective on where you retire. Blue state = needing more income .

Which 13 states don't convert tax-deferred distributions?

Soooo glad I went with a Roth.

It’s tough to walk away from a job that proves both a daily per diem and meals. That provides uniforms, not cleaning costs, and covers hotels. That’s all not coming out of one’s pocket.

I'm lucky. Things are going well for me. My withdrawal rate is under 3 percent.

Im 53 and plan on retirement at 54. Im single... no debt and have 1.3 million invested. I plan on moving to Thailand or somewhere where I can make my money stretch. Even with this amount Im nervous... but this video did ease my mind a bit! Great video!

Regarding working another year - look at your earnings history. Identify the highest 30 years. If you will make more the next year than the lowest of those 30 years, working may increase your benefit. Note that old years are adjusted (multiplied) by the Average Wage Index, so the greater the difference and the more recent the lowest year, the more likely the next year will increase your benefit. Dont' count on much, even if you'll be maxing out the benefit tax level.

Please do consider that the dividends and interest in your taxable accounts will be taxed as ordinary income EVEN IF they are invested back automatically without taking a distribution. When determining what your income bracket would be while determining how much Roth Conversion you can afford to take in a given year while staying within a target tax rate.

Smart video - almost nobody knows this!

Kevin I helped my wife's friend get spousal benefits. They had no idea they existed! Also folks have a Bitcoin allocation!!

It is my understanding that if you file early for SS, once you reach FRA you can then suspend SS and continue to earn delayed retirement credits until you restart your benefits. And you do not have to pay back any benefits already received.

Weary of young faces that claim expertise in retirement.

I've got a question. I'm 40 well social security benefits be around when I retire? What about my kids? My question is really should I plan to not have a social security or do you think it will be there in some way shape or form?

I hope this comment will help with some of the points raised. I had a plan to retire at 66. Then came the Great Recession. The property market began to fall off a cliff, dropping 30%; I lost the equity in two rental homes in another state. By 2009 the stock market was down 57% and half my retirement investments were gone. I was laid off near the end of 2008 with no jobs in sight. I was 58. In other words my retirement plans completely blew up. I decided to reduce my cost of living while I waited for the world to change. I figured I could live at least a few years on my IRA and then there might be jobs, and for sure I'd be into early Social Security. I moved into one rental. Fifteen years later I’m still there. A cost saving initiative became experimental retirement, then just plain retirement. It took some doing of course, I juggled, not struggled, to make it work. I was able to do some teaching at the local CC to bring in just enough to help close the gap between income and expenses. I had some good luck but really when a job did finally appear, I decided not to work. I have always lived frugally and below my means. I had little equity in the rental but also not a big mortgage so I got the mortgage paid off (and short sold the other property..). I took SS at 62. I set aside $800 per month for property tax, Insurance, HOA, Utilities and a reserve for maintenance. I applied for a HELOC as an emergency fund and to control cash flow without draining the IRA and taking tax hits. It is zero cost to keep it and gives me great peace of mind. I drive a nineteen year old Toyota; it's absolutely reliable and runs like a top; I spend around $1000 a year on transportation (if it blows up I can afford to buy a slightly newer replacement...). I eat the best food, I'm saving up for a trip to Spain this year. I live a very comfortable life in a home I love with money left over from my SS check every month. And that’s financial paradise btw. Knowing that I can handle anything that comes at me is an amazing sense of well-being. And having been frugal and having to be so conscious of money in the early years I found it did take me a while to realize I had all the money I need and that it was OK to spend money; to look for things that will make my life easier or more enjoyable and spend the money. So my advice is be flexible and creative about what you think you need and what you want and how to get there. Be sure to enjoy whatever you have and realize it's a change in lifestyle … so change. I would not take back one day of those seven years of early retirement for "more money."

Most comments here are how wonderful things are because they paid off their houses retired and do nothing but wait for a maxed out SS check..... oh what a wonderful life... good grief.

Interesting how you never mention RMDs. It appears to me at least with traditional IRAs/401ks NOT Roths, the government decides the rate of withdrawal. I've been retired now since 2021 haven't touched my assets but market volatility can absoulutly destroy the most focused investor. Very difficult seas to navigate and lets face it nothing is getting better in the nightmare called USA.

Good overview. I think SS wages are indexed for inflation first, then the top 35 are used - as opposed to reversed as you stated.

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

Any questions that I missed?

Is this for Canadians?

I have traditional Ira with some investment in the red and would like to convert to a Roth how could I do that with the losses? Should I sell the one that has lost before or after conversion to balance the taxes?

Wow Americans are so poor

You mean well, but what the govt is doing to seniors, you dont address.....the society is being actively destroyed by govt....