4 Essential Tips to a Perfect Retirement

[@Rusev-w3c]

I just turned 50, and I'm honestly feeling overwhelmed about retirement. I have a little over $300k saved, but with inflation and the rising cost of living, I’m starting to wonder what kind of retirement I can actually afford. I don’t want to end up outliving my savings.

[@louisahernandez]

That’s a valid concern. Retirement planning has become tougher than it used to be. Many people underestimate how much they’ll need or overestimate what their current savings will cover. You have to think about unexpected medical costs, market downturns, and even how long you might live!

[@camela8445Mar]

After a devastating hurricane destroyed my beachside business in 2017, I vowed to never again put all my eggs in one basket. I've since diversified my investments and hired a financial advisor to manage my excess funds. Now, as a semi-retired sailor, I spend only 9 hours a week maintaining my yacht, and I'm thrilled to be just 5% shy of my $3.4 million retirement goal, thanks to savvy investments made since rebuilding my finances

[@Bigwilli123]

Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help

[@camela8445Mar]

My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.

[@roseyfischer]

Thanks for sharing. I just found him on the web. I am impressed. I also scheduled with him too. His consulting page ranked top

[@Alex_is_my_name_o]

I imagine Bo starts every conversation in every situation with “I’m so excited”. Funerals, colonoscopy’s etc……….

[@michaeldew7904]

I've met him. He was super friendly, but he didn't say he was so excited. Maybe that was my fault.

[@trackguy4038]

Do you have any clients that are retired Feds? They come with pensions. Could you do a special show for retiree with pensions from the Federal state or local governments?

[@smith-e4h]

the book that changed my approach to money is The Gilded Nexus of Prosperity all recommendations... It's completely different from anything I've read so far

[@colinlynch6491]

When they talk about health and pain, ive been a mechanic for 9 years on large conveyor systems, if you listen to your body, and avoid doing anything that feels awkward or puts a lot of stress on a weird part of your body, you can seriously avoid a lot of pain and pulled muscles. I think i have had less than 1 sore back a year by just making it sure im not doing it in a bad way.

[@mikefallert1306]

Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[@williamJohnsonq8f]

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.

[@Joeknowsball247]

The truth is, the role of an investment advisor can often be overlooked but should never be underestimated. After facing a significant portfolio loss in 2020 during the COVID pandemic while trying to manage my investments on my own, I decided to reach out to an investment advisor. At that time, I had about $126K left in my portfolio. Now, without having to lift a finger, I'm semi-retired, working only 7.5 hours a week, and I'm just 15% short of my $1 million retirement goal thanks to my subsequent investments.

[@hughsx3]

Thanks for sharing your experience! I’ve been managing my portfolio myself, but it’s not working out. Do you have any recommendations for a good investment advisor? I could really use some help.

[@Joeknowsball247]

My CFA, Judith Lynn Staufer, is a renowned figure in her field. I recommend researching her name online; you’ll find all her credentials and everything you need to work with a reliable professional. With many years of experience, she is a valuable resource for anyone looking to navigate the financial market.

[@hughsx3]

She appears to be a true authority in her profession with over two decades of experience. I looked her up on the internet and skimmed through her site, very professional. already sent her an inquiry hoping for a response soon.

[@debbied8525]

With 160 days till I retire, I am happy to see this show's topic. It is very important topic and thanks for all the information. I know switching from SAVING & INVESTING to spending is going to be a challenge.

[@ld5714]

The info covered is very important and does have an impact. Start moving your money from your tax deferred accounts into Roth accounts and start as soon as you retire and your income goes away. It you don't, RMDs will have a huge impact and cause you problems. I started late and missed a few years of opportunity so know very well the consequences.

[@bd0821]

My dad's 83 now, he's always telling me that retirement is great but getting old sucks, you'll spend more time being old than you will in retirement so enjoy retirement. That early 80's age seems to also coincide with the body starting to fail.

[@greenlantern1986]

I really wish some group that has handled dozens, maybe hundreds, of retirements (you guys know anyone?) that would analyze their clients spending pre and post retirement and talk about expense trends with concrete REAL numbers. Hmm, seems like that'd make for a great show or series.

[@General8675]

There has to be a point in the abundance cycle where people come back in and talk to them. But also, these things are SUPER individualized.

[@gobot4455]

If you learn about the time value of money, you can do it yourself. It's surprizingly easy. I lucked out because it was part of my Engineering Economics course many years ago, but I think you're generally right.

[@PowerfulMoneyHabits]

They’re also regulated by the SEC. My friend is a CFP and can’t be on my podcast bc of it

[@nathanrice7352]

James Canole from Root Financial has an amazing channel that does that.

[@TheRealFOOManChu]

Everything that was said before I agree with, I would also add that the clients that they work with are probably on the higher end of net worth/post retirement spending. Abound Wealth has the opportunity to be very selective about which clients they want to work with and whom they don't. Putting together trends from their group of clients may be off-putting, or seem unrealistic, to the average youtube watcher. Just my 2 cents from following them for awhile, I have no concrete evidence to back up my statement.

[@CG-in-London]

Love the detailed discussion on retirement! That’s basically the goal for most financial planning anyway. Please continue to focus on retirement and later life issues so those of us coming up can focus our plans on the right things at the right time. Thanks!

[@Adam-lm5yd]

Isn’t the minimum distribution only required if you have traditional ira ? I don’t think it applies to Roth accounts. Just something to point out

[@Janice-12345]

You cannot get a price on Marketplace if you’re covered through your work. At the beginning of the Marketplace application, it asks if you have insurance through your employer so if you click “yes” you can’t even get to the point to find out the prices, unless it recently changed.

[@victorbaird8220]

I am SO excited for this video 😊

[@DrakeNAllen]

Deja vu on that intro today 😂

[@think_ffs3934]

LOL I thought so too but I'm glad to see your comment since it wasn't important enough for me to go back and check :)

[@DrakeNAllen]

@@think_ffs3934 yeah it was a week or 2 ago, Brian got the topic mixed up. It seemed like he was embarrassed about it, but it wasn’t a big deal at all. It was a fun moment!

[@Jericho9696]

Did Bo shave?!

[@jamesspiva8086]

Figured this was coming after you mixed up the intro... It's better the second time 🤣

[@bobbert1945]

great video.

[@mohammedbouayad415]

please add timestamps

[@straitjacketstudios]

I understand it is better to pay ROTH CONVERSION taxes from "other" accounts to take advantage of the FULL conversion amount. However, when simply withdrawing from 401k (not converting), does it really matter when taxes are withheld? For example, can you just withhold taxes from your 401k withdrawal as to not impact other cash accounts?

[@bd0821]

HR 82 justed passed and just waiting on Presidents signature. This will also add some money to the bank account for those of us who've worked in both public and private.

[@DeniseW618]

HR 82 is for people in the CSRS retirement system and, I assume, state equivalents. This doesn’t have anything to do with FERS employees or others that have paid into social security all along.

[@andrejakolarevic977]

it's really crazy how nobody is talking about the book the hidden path to manifesting financial power

[@michaelcoetzee4344]

Dont skip leg day😂😂😂

[@jdp486]

My best case scenario for my 50s and 60s is to be living in Europe where reasonable healthcare needs won't bankrupt me. 🤷‍♀

[@pdxmusl1510]

I mean im not saying donations aren't worth doing. But I don't get why you would donate extra to lower taxes. Your throwing away 10k to save 3. Just keep the 10k. Pay the 3 in tax & extra costs and bank 7. Or reinvest. Youd end up with more. And potentially more to give later. Trying to dodge taxes by donations doesn't make sense mathematically. Donation because you should and you want to.

[@martinyeager7948]

I make charitable donations because I want to. As they said, at my age I can make it direct from my IRA and it does not count as income for taxing or IRMAA. But like you said there is no point in making donations solely because you think it saves money.

[@JohnDoe_1609]

What is your planned expenses in retirement? In current dollars mine is 60k/yr and that is less than than 50% my salary.(mortgage paid off, insurance thru my wife’s job benefits) Just curious if I am off base on my calculations :)

[@pwcincy]

I think it’s hard to compare absolute dollars to someone else. People live (and spend) at different levels. I think a better approach is to compare post-retirement expenses to your expenses while you are working. If you think you are suddenly going to start spending less in retirement, you maybe mistaken. I’ve been retired 3 years and I’d say our “living expenses” have remained level with where we were pre-retirement. Some things went down, but some went up. But basically we are level. We are traveling much more but I don’t count that as a living expense.

[@JohnDoe_1609]

@@pwcincyI have kept track of my expenses pretty detailed for the last 15 years and this matches my expenses . I just am curious where other people are at.

[@kdkragt]

I live in MN. I think $60k is plenty. I drive an old/payed off vehicle and my only debt is my mortgage (2.25%). However, I am a public school teacher which means that $60k is almost my full salary today.

[@pwcincy]

@@JohnDoe_1609 I think tracking your expenses like that is one of the most important things you can do! I just checked and I have numbers back to 2003. I’m continuing to track in retirement just to keep an eye on things.

[@werunguns]

I love finance and this is a great channel, but sometimes I don’t get why there is such a major focus on the last decade or two of your life. I would like to see more of a focus on maximizing your life in the presence.

[@keithredsox36]

Stay out of debt

[@LindaWallace-o7q]

Thanks for the analysis! A bit off-topic, but I wanted to ask: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?

[@donaldjohnson-y6n]

I don't want to transition to spender. Ever.

[@dr.lefort1596]

Sounds like a problem

[@psyskeptic9979]

Me too, as a parent who wants to pass on a lot to my daughter, but I will be flexible and look for opportunities for a better life.

[@donaldjohnson-y6n]

@@dr.lefort1596 Running out of money from over-spending is a problem. This is not a problem at all. Even worse is being married to an overspender - been there, done that. Not worth the stress.

[@E.S.86]

Seek therapy