Here’s Why the 5 Years Before Retirement Are So Important (Double Your Savings!)

[@hownwen]

We accumulated in the 3 years before retirement age 60 and 55. Paid off mortgage because rate was really high. Retired to a different country. No car needed transportation affordable. Rents much much cheaper. We factored in healthcare which can be expensive but affordable...

[@snwbm]

The most important years are the first, middle, and last years of investing. If you do it right, the money grows your entire life and beyond.

[@ray.steele]

Buffet was a legendary investor for growing Berkshire Hathaway when I was in grad school. He was 59.

[@williamclark1806]

The thing that sucks about HSA is that if you move jobs, they charge you fees to move the funds to a new HSA. Always getting played by financial institutions.

[@onedegreeadvisors]

Hi William, You may want to ask the original HSA provider if you can keep the account. Then, contribute to the new account through your employer (if they only offer one option). Thanks for watching!

[@thomasreedy4751]

Not sure what your HSA is but you can typically make free transfers from your HSA to a fee Free fidelity HSA as long as you don’t close the original . Closing might have a small fee but it is probably cheaper than paying maintenance fees indefinitely. I personally wouldn’t keep my HSA funds in an employer designated account because they charge fees.

[@chessmaster1115]

Google says = HSA Bank does not charge a fee for rolling over or transferring HSA funds. However, your existing provider may charge a fee to close your account.

[@christoomey9890]

Good info.

[@onedegreeadvisors]

Glad it was helpful! Appreciate you watching.

[@Enthusiasmisgood]

Non American here. What is social security in this context? An aged pension?

[@onedegreeadvisors]

Thanks for watching! Here you go: www.ssa.gov/about-ssa#:~:text=Social%20Security%20provides%20retirement%20income,have%20limited%20income%20and%20resources.

[@notreal5311]

In the US, workers pay part of their income into social security as a payroll tax, where the worker and the employer each pay 6.2%. You need to pay in for a minimum of 10 years (most pay their entire working life). Payments are based on their highest 35 years of earnings. Its inflation adjusted and the worker can't start drawing it until at earliest 62 years old (with a penalty), normally at 67 years old, or you can delay taking it to around 70 years old to increase payments. The average worker benefit check is $1920.48. It is considered a safety net and not a pension but a lot of lower income workers depend on it and may be their only source of pension. Most of these videos are geared towards middle class (or upper middle class); some people can't afford to stop working etc.

[@Enthusiasmisgood]

@ Great explanation. Thank you.

[@Oglulubell]

I don’t see the link to the video you reference to plan expenses at retirement

[@onedegreeadvisors]

Here you go! Thanks for watching. Video: Stop Calculating Retirement Expenses Wrong (Do This Instead): kzbin.info/www/bejne/e5yynICDaciVjJosi=iqDPd1MG4NzWLxMA

[@DanielWyatt-x2e]

Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.

[@FrankJaaay]

Are you planning to retire before 59? That's the key factor for me. I transitioned to cash-flowing assets because I wanted to retire early.

[@Toni__Michelle]

Given the current pressure to prepare for retirement, I highly recommend seeking guidance from a financial advisor. This will help you make more informed investment decisions.

[@HotManP-l5g]

Do you have any recommendations? I’m looking for a CFP to help grow my retirement account.

[@Toni__Michelle]

Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.

[@CarddtReddt]

I looked her up and found her webpage. I’ve already sent an email and scheduled an appointment. Thanks for the recommendation!