How Much Do You Need To Retire | What The Experts Say

[@Soxandnicole]

My husband and I had a non-traditional life and I think we're doing the same thing in retirement. We did pretty much what was on our wish list before official retirement. We left our corporate jobs for Skydiving, ended up working in the industry full time. Somewhere along the way we backpack around the world for a year, well actually 49 weeks. At the end it all started to look the same. We've seen all the countries we wanted to see. We physically build our own home, paying as we went...yep, no mortgage. Before that we lived in a school bus for 8 years, living and worked at different parachute centers. Rent free or close to it. We retired 4 years ago, and we haven't touched our retirement money yet. We are able to live on our Social Security. We have become home bodies. We contented our little hearts early on. We don't feel like traveling anymore, except for little trips here and there. I don't jump any more. My husband still does, but miracle of miracles, he jumps for free. The owner of the parachute center let the old timers who supported him in the 1980's jump for free. This is unheard of (he is quite a wonderful person). For my part I found my purpose in knitting for charity. I knit a good 30 hours a week while listening to fantasy/sci-fi audiobooks. I make bears that are giving to children who find themselves in dramatic situations. We will have to withdraw money at 73 y/o but probably just the minimum. Just wanted to show you a different point of view. I really like your videos. I think it's cool that your daughter wanted a second opinion. She won't get fooled easily.

[@stevewhite791]

Very cool.

[@ivanvarykino8202]

Awesome! I can totally relate. I grew up in Canada, lived in many US states, got to do my dream trip to travel around Russia and visit Ukraine during college in the 90's. My wife was diagnosed with m.s. in 2001, but we were able to have 2 daighters and bought a motorhome and spent the most cherished years of out lives. Lost my wife 2 years ago, but am literally leaving today for 2 week trip to Coasta Rica. Only for my daughters. I have anxiety to travel far now, but plan to enjoy this one with them and then stay close to home. Not coveting what you don't have or being in places that you don't long to be, is also true contentment 😄

[@Philanderthal]

You rock !

[@HarshColby]

Robert Kiyosaki: (Pressing my luck; let's see if we largely agree on this as well) I loved Rich Dad / Poor Dad. It really resonated with me and I applied a lot of what he said in my initial investments. Robert was great back in the day. Now, he seems to be a shill for whatever nonsense creates clicks. I don't listen to anything from him now.

[@HarshColby]

I invested in my own company, which was successful (paid the bills, but didn't generate millions). I invested that money in Real Estate, a la Kiyosaki. From the real estate gain, I invested in funding start up companies. So, I agree it takes money to get into the buying businesses game. I agree that if you have the expertise, then you can run those companies. But if you don't, then get a partner that does. The companies I fund now are not those I could effectively run, so I need partners that know more than I do about those businesses. (Home Automation, Boat Charters currently.)

[@southbound1969]

He is a gold salesman

[@genxx2724]

I played Cashflow online for awhile.

[@Oglulubell]

I started taking my finances seriously when I was 21 years old. I broke the generational curse of living In poverty and on government assistance. This was over 30 years ago, pre computer days so I would read financial articles and books. Dave Ramsey was the guy who taught me how to budget, how to make sure all bills were paid when one paycheck didn’t cover the rent and still put something in savings. I’ve lived debt free ever since. I’m not rich, I never became a high income earner, but I live stress free and that’s the best feeling in the world.

[@derekcox6531]

I retired at 48. I’m 53 now and there’s nothing I could think of that would be a bigger pain in the butt than buying ‘businesses’ and real estate to cash flow my retirement. I worked for 34 years. I’ll be damned if I’m going to spend my time fussing with ‘cash flowing business’ … spend less than you make. Invest in blue chip companies,and ask yourself “do I really need more stuff?” The answer is almost always no. And I agree that consulting a qualified investment professional before making investments is always a winning strategy.

[@ddellwo]

Couldn’t agree more - talk about a dreary retirement fixing leaky pipes, chasing deadbeat tenants, and repairing units after the previous renters trashed the place as their “parting gift”……!!!!!!

[@Sophos1964]

If you’re having to deal with those issues, then you didn’t buy your rental properties the correct way. Nor did you hire a management company who will vet tenants & who will also maintain your properties so you don’t have to. If you purchase correctly, your net cash flow should be great & you shouldn’t be buried with dealing with the hassles that you mentioned.

[@TinCents]

You're definitely not thinking of real estate in the bigger picture. I invest in commercial land, then I triple net lease the land to developers. They pay all the expenses and send me a check every month. My only job in managing the real estate after acquisition and negotiating the lease is depositing the checks. I've made millions over night in the game. One I'm currently working on is a 6 acre parcel I bought for $115k cash. I have a developer wanting to build a 200 unit apartment complex and they are going to pay $9k/month with annual bumps of CPI plus 1%. As soon as this property is developed and leased up, the land will be valued at $1.5-1.8 million dollars. If I choose I'll be able to pull 80% of that money out and continue buying more land. I don't know many investments that will produce 100% returns every year for life. 🤷‍♂️

[@patty109109]

@@TinCents none. If you think you’ve figured out how to get 100% returns YoY you’re either a grifter or delusional.

[@TinCents]

@patty109109 This is an actual deal that I've done. This deal is what's called a triple net ground lease. The lease is for 100 years. The developer builds the buildings, pays all expenses, all insurance, all property taxes, etc. The reason this property was so cheap is that most people thought it was unbuildable since there is no access to sanitary sewer. We got around this problem by building apartments and using county TIF to pay for the sewer. I don't make 100% returns on every deal, but usually over 50%. I only do a couple of deals a year. Think of a Starbucks, for instance. All Starbucks are corporate owned, and they want to expand as quickly as possible, so to do that, they opt for a Build to Suit model where the land owner will build the Starbucks building and lease the land and building to Starbucks. This allows faster expansion and more flexibility for Starbucks. The land lease model is extremely profitable, but it does take time. My 100% returns on the deal I mentioned took 3 years to get all the pieces together and start earning. During that time, I made negative returns. 🤷‍♂️

[@ivanvarykino8202]

Kiyosaki has zero credibility in my view. I completely ignore him. Ever since trying to read his first book in which he begins by dissing people who have acedemic degrees as fools. I'm not an acedemic. However sending a message to young people that getting an education will lead you away from a life of riches is not only bad guidance. It's irresponsible. His stories seemed fabricated, patronizing, and self serving.

[@erdrick22]

Amen

[@Pieter2360]

Full agree.

[@davidbrooks8809]

He's a JOKE!!!

[@TinCents]

Disagree, I read his book when I was 19, and if I hadn't, I probably would have stayed in college and would not have been nearly as successful.

[@gahippie2017]

He is all about apocalyptic messaging... No credibility with me whatsoever

[@kortyEdna825]

Not making up to a million before retirement is unfulfilled retirement.!! I’m 54 and my wife 50 we are both retired with over $3 million in net worth and No debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early, even till Now we earn weekly.

[@carssimplified2195]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

[@miragexl007]

​@@carssimplified2195Yes, financial sense and focus.... Along With probably Making a ton of money to be up in those Numbers

[@AzulWells-g6i]

Ok

[@albacus2400BC]

The average retiree, I believe, should have been able to have enough to last the rest of his days. I t just depends on choices during your working days, just as I came to realize later. Surprising how I still netted more $2m. by retirement. And this is while living in New York!

[@stephenpotter21]

New York is sure as hell an expensive place to live in. Were you affiliated to Wall Street? Because how could you net such a huge amount?

[@albacus2400BC]

Not at all. I have just had a good savings habit from early in life. So when a friend introduced me to investing, I was intrigued. And this was just about four years before retirement, and I had only 480k to my name.

[@legacymedia8468]

That's incredible. Were you investing yourself? I'm really interested in this, because I'm in a similar position at the moment.

[@albacus2400BC]

Oh, no. I didn't know anything about investing until then. It was a friend of mine who introduced to an investment advisors, *Sharon Louise Count* and my only regret is not having started investing soon.

[@cloudyblaze7916]

Thank you for this. I just checked her website now, and her portfolio looks good. I have sent her an email. I hope she gets back to me soon.

[@kschelk]

I have listened to hundreds of people over the last five years. I know all of the people you have mentioned as far as listening to them. People would be very smart to listen to what you have to say thank you

[@mrjim1044]

Thank you for this video. I’m 63. Retired from the corporate world at 56. I live in a blue state in an urban neighborhood. I have a beautiful 8 bedroom home built in 1810. I paid off the mortgage and rent out many rooms to medical students and young professionals. I also drive for the Board of Education (special needs kids) and am paid very well. Full benefits too. I have a commercial property and a sweet portfolio so I’m guessing I’m doing ok.

[@Eamonn-cw9wm]

Are you paying taxes on renting out your rooms?? U need to, remember there's 2 war's to be paid for Iraq & Afghanistan, we're $31.45 trillion on debt, and the US government needs every dime they can get, so be sure and pay taxes on those room's

[@mrjim1044]

@@Eamonn-cw9wm Yes. Everything is reported to the government.

[@Financefunandfitness]

Can’t do that in New York, particularly Long Island. Taxes on your 8 bedroom house would be 35 k a year here

[@barrybearman3511]

So your not retired. You switched careers.

[@miragexl007]

Yes, being a teacher or in the teaching round. Has its huge benefits despite the wine's, and protests/strikes about it. Benefits and retirement And even pay in many cases.. Kind of discuss me when I talk to my twin brother. Who's a teacher, and I'm a nurse In those respects.. But luckily my wife and I are pretty savvy and frugal And know how to save and invest on our own.. And Fairly healthy Right now not using too much insurance with not even close to teachers insurance In terms of premium's deductibles and out of pocket.

[@castlerc]

I’m a Robert Kiosaki guy. Invested in rental properties. I live a good life now at 54. Rentals aren’t easy but nothing is. Live below your means is probably the best advice. I can maintain my current life style and my kids will still have an inheritance when I eventually pass… hopefully many years from now. Thanks for your advice,and everyone who shared their experiences.

[@jimcurry5458]

90% of people retire with significantly less than the $1 Million that many experts say you need. This causes a lot of fear and anxiety when people are getting ready to retire. How will I make ends meet? How long before I run out of money? If you can pay off your house, credit cards and cars do you really need a million dollars over and above your Social Security? Let’s say you retire at 65 and live to 85 that would give you an extra $4000 per month to spend. If 2 people made a decent living you should already be pulling in about $4000 per month from Social Security.

[@laurijohnson7754]

I agree. My husband gets 2800 a month from SS and I get close to 1800. Plus I get a small 500 dollar a month pension. Right now we are taking 4 percent of our IRA which is 2000. But we have no debt and I’m saving as much as possible. If there’s a downturn in the market we should be fine if we don’t take any of our investment.

[@jimcurry5458]

@@laurijohnson7754 Our Social Security numbers are pretty much identical to yours. We have no pensions. Sounds like you’re in a great position! Our budget has us taking about $900 month from IRA’s. Adjusting that upward by 3% year for inflation and assuming returns of 5% year on portion invested in equities and 3% on portion invested in bonds our IRA’s should last us until age 93. We also have a cash reserve. This is “fun money” for travel/vacations in our RV and cash for home maintenance/repairs.

[@michaelfranklin.]

Life is weird, beautiful experience when you step back and look at it. Grateful to be here with you all, working with a financial advisor could truly set you up in life. I’m delighted to contact a financial advisor earlier this year because while others were busy whining about the downturn I was busy cashing out from my investment, finally making over $370k for the first quarter of the year.

[@Gabrielle..]

That's great, this is one of the best advice ever, your investment advisor must be really good, I have seen testimonies of people using the help of investment advisors in making them more financially stable. Please who is your financial advisor you invest with ?

[@michaelfranklin.]

COURTNEY HEATH WILLIAMS! That’s my licensed Financial advisor. he's well accredited, efficient and proficient to help you through managing and guiding you in building a good investment portfolio and help you save more for retirement.

[@michaelfranklin.]

@WHCOURTNEY ! THAT’S HIS USERNAME, HE’S AVAILABLE ON TELEGRAMS..

[@Gabrielle..]

@@michaelfranklin.that’s amazing, thanks so much for sharing (.

[@larry-2]

Courtney Heath Williams. Has helped me become debt-free and save for retirement." | made over 220K during the crash in the financial market, which made it clear there's more to the market than we average joes know. Having a financial advisor is currently the best course of action.

[@michaelc8571]

One of your best posts. Just when I think you can't come up with something new, You continue to peak our interest. Bravo !

[@kingoflv-1]

pique

[@ginalowe9103]

When I was working as an RN, I worked a lot of time in peak seasons and would volunteer to work extra shifts early in my 2 week period and would change my contribution for my 403b for that period to up to 35 to 50% to reduce my taxes (my normal was 15% contribution). Then later when I had enough I would pull out a 50,000 loan against my 403b to buy a small 4 unit multi unit property. Although it wasn’t cash flowing well, it saved me money in taxes and now is cash flowing well. Still have it.

[@philipem1000]

I used a similar strategy. I lived where I could not afford to buy a home but I made a very substantial paycheck. I decided to own rentals in Arizona where I grew up and took little to no cash flow either way, but the tax writeoffs allowed me to put much more money into my retirement accounts. Unfortunately the Great Recession stole all my equity in them but the plan was to move into them and flip them on retirement. I short sold one and live in the other. Since that was my plan I picked places I wanted to live in anyway. It worked out well even with the worst possible kind of economy and has gotten better ever since.

[@ISpitHotFiyaa]

Ramsey got rightfully grilled over that 8% thing shortly after he said it. It made it pretty obvious how little he actually knows about finance. The reason you can't just spend the market average every year is that when it comes to spending down a lump sum the order of your yearly returns matters. If you get a big downturn shortly after retirement then spending 8%/yr will bankrupt you quickly. Of course if you don't get such a downturn until you've been retired for many years then you might be fine. But you don't know the future and that's why the 4% rule is a thing.

[@dmottolo]

I did lots of planning before retirement, but a big consideration (that is easy to minimize) is the cost of repairs and upkeep to your property. Unexpected expenses (for example, having to remove a dead tree, painting, and other repairs that I didn't plan for) can really throw a wrench into using a 4% withdrawal.

[@sharonozvenom]

People always say one will be fine in retirement if one owns their own home. However , they forget that the cost of repairs and maintenance of a home can really add up.

[@30yearsoldiam1]

@@sharonozvenomyes but as a 30 year home owner, repairs don't come close to an average monthly mortgage

[@douglasthompson9482]

Dave is great for reducing debt but not investing. He got in trouble years ago through over borrowing. His dilemma actually would not have happened in Canada due to financial institutions operating differently. My thoughts are this….. I have been very successful over the years. Firstly, be disciplined. Don’t buy boats, campers,toys unless you have the cash. Save 15-20% of your money and invest wisely with a quality money manager. In my case, I had a matching system with the government. I paid 540 a month for 34 years and they matched it. When you go for a job interview ask what about the pension plan. No pension plan…. I would leave. I believe most people get poor careers to begin with, so all the plans in the world cannot substitute for cash. One other thing, work two jobs as I did for decades….main career in the day and a part time job at night. Pretty simple but discipline is key.

[@HateDietPepsi]

If you own your house, car, have no debt, and are healthy then you can easily live comfortably on $3000/month as a single person or $4500/month as a couple. Anything extra means you can live more lavishly, do more traveling, regularly eat out at fancier restaurants, etc. If you are of ill health then you should be upping your medicare coverage, medicare C, and supplement, etc. This will only add about $50/month per person.

[@rodc4334]

Those "popular" "advisors" are mostly hacks more expert at self promotion than anything else. Better to read Jack Bogle, Burton Malkiel, William Bengen, and Jonathan Guyton (these last two of course you bring up). Grounded in reality, not into this for fame, "likes", and growing their audience. I would add, that percentage of income you should be saving each year depends a great deal on when you start. Starting at 22, yeah, maybe 10% will do (though I would aim to increase year by year to rather higher). If you start at 32, 10% is way too low, 15% may be too low. Maybe more like 20%. Start at 42 and you better work really hard to save like crazy. Compound growth takes time and is exponential. Starting 10 years later makes a ginormous difference in how much you need to save. The 4% rule is more conceptual than a real plan. No one would set an income rule in place and just leave it fixed for 30 years come hell or high water (or crashing 401K balance). And that is what Bengen did in his study. Which was fine for what he was doing - trying to get a ballpark estimate for a safe withdrawal rate. In reality, anyone would watch their balance, and if dropping too fast because the market is down, would tighten their belt as best they could until the market rebounded. That is more what Guyton looked at. His study was still kind of naïve. It only looked at one mild type of belt tightening, but was at least a little more realistic. Personally, I think you are best off just keeping fixed expenses as low as reasonable, and then as each year unfolds, and you see how the stock and bond markets do, take what you think is prudent. If markets are crashing, spend as little as possible, 2%, 3% whatever you can do to keep it down. If down a little or barely up, keep to 4% or so. If up, maybe bump that up a little, but do not spend the max you think you can - save some of the extra for the next down year. Just like you would have done while working if you salary changed over time. Of course, once you are say 10 years into retirement, instead of maybe 30 years needed, now you are down to maybe 20 years needed, so you can be a little less conservative. One last thing, if you use something like a Monte Carlo simulation to get things like 80% chance of success, 95% or whatever, those simulations are like Bengen's study - the plan never evolves based on reality. There is no cutting expenses if the market is down. So it is not like in reality an 80% success rate means you go broke 20% of the time, living in a cardboard box or something. It just means there is a modest chance you will need some belt tightening. That is only a real problem if you retired with absolutely no margin of error.

[@HarshColby]

Jim Cramer: Not much to say about him. I like his big picture takes and listen in this respect. His detailed advice is terrible. He has a TV show to run and needs to come up with new topics every single day. It's unsustainable. Don't confuse entertainment with sage advice. :)

[@HarshColby]

I agree with you that 10-15% is low. Always save as much as you can. It's not always possible to save 25%, but if you can do it, all the better. I agree with Jim that just a few stocks are good. It's very hard to really adequately research too many stocks. (My choice of which 7 I chose shouldn't be your 7, though.)

[@kevinkanter2537]

@@HarshColby Great to point out that you really have to have time as well as solid financial research discipline to get the 7 stocks which are valid in themselves as well as having some basic diversification built in.

[@HarshColby]

@@kevinkanter2537 Agreed. Research requires you understand how to research a stock. Google is not research. :) Most people should just invest in the S&P.

[@MsLisaBrooks]

Having gone through the pain of debt I agree with Dave. Happy to be totally debt free including our home.

[@laundrygoddess4]

I agree with him on debt mostly but his retirement ideas? Way off base

[@craigs.t.3321]

It’s impressive how you completely flipped my reasons for following your channel…. Went from actually enjoying the content to now strictly tuning in to see if you can post 27 videos in one day

[@pensacola321]

I am taking bets on how long until he runs out of hot air...

[@craigs.t.3321]

@@pensacola321 shall we start an office pool?

[@MILGEO]

I think that 4 is the most that I've seen in one day, usually 2 but they're not very long and generally have great content!

[@miragexl007]

Impressive? I found him and started watching him. he does put 50 million videos it seems. Income income?

[@BlaxitGlobal]

Hi Azul. Love your videos. Can you please do a video on retiring abroad and how that can stretch your retirement dollars?

[@ryanwilliams989]

Azul My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[@BiancaSherly-qt6sb]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.

[@maryHenokNft]

I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.

[@maggysterling33254]

@@maryHenokNft bravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

[@maryHenokNft]

The decision on when to pick an Adviser is a very personal one. I take guidance from *Camille Alicia Garcia* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@StellaMaris-lv2uq]

It is really incredible!!!! because I'm just shocked that someone mentioned and recommended Camille Alicia Garcia. I thought people didn't know her... She's really great!

[@Markrtsoon]

I think 4% withdraw is pretty good guide. Since we have both pensions and SS, it is unlikely we will need 4% once the SS starts.

[@alexanderbailey8914]

I agree. We will have the same and no mortgage. Planning on only needing to take out 24K a year for travel.

[@martinrbookermb]

I dont know what they think people who have retired go around spending money on all the time? Right now im working but i can go days at a time not spend a dollar? I know what my experiences are each week (food/utilities) and put that aside. I save/invest most of the rest and buy things as i need them or something breaks? How often do you need to buy a big ticket item or a new appliance? Its reasonable to assume that most people wii own their home after 30 years of work so why do people need $1,000s of dollars a week to live? It seems to me that some people have shopping addictions? Its that that causes problems with money and lack of.

[@tjava2338]

Where one lives seems to be the biggest decision that can help live below costs and accelerate $$ to do what one has interest in. Young adult or mature years. It does take discipline 🤷‍♂️, and ignoring consumer culture

[@miragexl007]

Curious if he has a video about cost of living. Our Decisions on where to live.

[@ScubaRepublic]

Ramsey doesn’t say you can’t borrow to buy a home. He just recommends a 15 year mortgage where the payment is no more than 25% of your take home.

[@tmusa2002]

I was ecstatic for about a month after binging on Dave’s videos. 12% return, yay!! How could somebody that famous and popular be wrong? The comments were enlightening. Well, he’s good for beginners, people who need to budget and get out of consumer debt, but move on after Step 2 (and keep your company match while doing it).

[@vxoliy153]

Glad to find someone who is just as great as you in articulating financial topics to hear from. Am almost close to few years coming to retire and find your content touchy very soul touchy honestly. Wish you fulfilled 3000 weeks ameen❤

[@tjava2338]

Most people dont actually know the %% of where they spend. Tracking expenses on a budget or looking at online banking specs is awareness that helps.

[@conspicobserver]

The more I watch you and others the more I feel like I am ready to retire to take advantage of the go-go years. Thanks for your good insight and food for thought Azul!

[@angus6032]

I would love to hear what returns 12% a year - that is safe for retirees! I'd love to hear what returns 8% a year - that is safe for retirees! I was a broker in the 90's and worked for CFP's for 15 years after that...as you get closer to retirement you get more conservative and even 8% a year is pretty optimistic in my mind.

[@Eric-Marsh]

I'm retired. My goal is to avoid dipping into our nest egg. We've invested in moderate dividend generating mutual funds. After being and out of the market I decided to leave the choice of my investments to experts. Most of our income comes from the dividends and our SS benefits. But here's the kicker - we have no debt (own our home, vehicles, etc.) and we moved to a place where the cost of living is significantly less than in any comparable area in the US (Near Valencia, Spain). Consequently or SS benefits pretty much cover our living expenses. The dividend income covers our taxes and fun money. It's working well for us so far.

[@jimb3093]

I retired from Army in 2015 after 23 years. I worked after the military and still do other stuff. Invested in stocks, mutual funds and maxed out a Roth IRA. I do well with my pension and dividends and can live comfortably. But I lived below my means, lived simply. Reenlistment bonuses, special duty pays, promotions, etc…I invested all that money. At age 59 1/2 I have access to that Roth. Perhaps not the best way, but it’s what I knew at the time. I’m 51.

[@JamesWalsh-dm6vf]

You’re a machine brother-you’re a wonderful messenger 👊🏽

[@kevinkanter2537]

.. .. btw --- cranking out 61 pushups at 61 y/o - he is a machine.

[@pensacola321]

With Suze $10 million and age 90 to retire...

[@kevinkanter2537]

yep - she never really links her savings level to actual expenses --- it always seems she is talking to people about funding their personal jet costs to commute from their islands to their houses ... LOL

[@dc76384]

Work till you die. Then tou can enjoy it.

[@jakubageter1689]

Those who were unable to accumulate enough money during their active years to meet their demands are the retirees who now struggle to meet their fundamental needs. Numerous factors are determined by retirement decisions. My wife and I both served in the government for the same number of years; she invested through a wealth manager and I did so through a 401(k). After our retirement, both of us are still working.

[@AnnieBeischel]

That's accurate. I'm currently in my mid-50s. This was the same course that my husband and I were travelling. I withdrew my money over the past two years and invested with his wealth manager. I don't think I'll ever catch up to his earnings throughout the years, but at least I make more. Even though I'm still working, my retirement savings has increased significantly more than it would have with only a 401(k). Haha.

[@davidhughes6048]

Stacey Lee Decker ran over my cat and denied it.

[@debbieb5673]

@@davidhughes6048😮😢

[@maria_nz]

@LenaKrol84 Sounds like a Meghan Markle website. Says everything she isn't.

[@zanylady8508]

This is by far one of my favorite videos. Thank you for all the helpful advice.

[@craigcooley9518]

The most knowledgeable fellow I found is Wade Pfau. He has written several books that really take deep dives into funding retirement. In general he found 4% works but can get in trouble if there are several bad years of market return (sequence of returns) risk. To avoid running out of money he suggests adjusting as you go along according to market returns ( like geissen?) He also suggests two approaches. One that is low risk. Here he suggests annuities etc. and one for folks that tolerate more risk. Here he suggests modifications to the 4% rule as mentioned above.

[@andrewneilson227]

Dave typically says the market does 10%. But I do agree that he is very optimistic on returns. Doesn’t discuss sequence of returns risk. The Money Guy does a better job with this topic. But Dave is mostly for the people that have been spending like Congress and not saving.

[@jamesfleenor4161]

This past year has been tough to say the least but I still think we are on track at least I hope so. My wife is really pushing me to retire and I can say I am not really pushing back at all. This video helped out as far as how much we should take out. I guess like most of us we are just not sure sometimes as retirement is going to be a whole new life that we are not used too.

[@philipem1000]

The Great Recession blew up my retirement plans. At 59 I tried experimental retirement as I styled it. I moved to a place where my cost of living was much lower (but I did not sacrifice; this had been my plan all along and I owned rentals in Arizona, I just moved into one of them). I figured even if I later had to go back to work, when jobs were actually available, I could do that but saving money was the order of the day. I paid very close attention to making my relatively tiny IRAs supplement my income for the first few years. Withdrawals were just enough and my taxes were nearly zero each year. Social Security came along at 62 and I had my mortgage paid off within a few more months. Since then I find I live a very happy life on less than my SS checks and put money in the bank every month. If I want a vacation I save for it. I decided to replace the appliances this year and paid cash. It took being thoughtful and flexible but I ended up retiring 7 years earlier and don't regret one day of it. I have the IRAs (and they're growing well) for a safety net but expect they'll go to my grandkids. Don't leap without looking but life is never risk free.

[@austinburns4213]

I thought for sure you were going to cite Christine Benz at Morningstar. If I have this right, Morningstar’s take is that the 4% rule is a good starting point, but with a few caveats. 1st, with bumpy and sideways markets expected for the next decade, starting at 3% or 3.3% is their recommendation to start. Secondly, if the 4% rule is based on a 60:40 mix, 60% equity may be more risk than a lot of 70 or 80 year olds want to take or should take. Another point is if inflation continues to run hot, increasing withdrawals at the rate of inflation now and the near future may be too high for a lot of portfolios to sustain in the long run. All interesting points. For me, Fidelity also recommended shooting for closer to a 3% withdrawal rate than at 4%.

[@JardinJada]

I'm thinking about starting a retirement account but I'm not sure which one is right for me. Can anyone provide some guidance on ther different types of retirement accounts available

[@MarcellaPeters-ey2iq]

Well, passive investing is all about buying and holding a diverse range of assets for ther long haul. It's a simple and straightforward approach that's designed to track ther performance of a particular market index. On ther otherr hand, active investing involves trying to outperform ther market through more frequent trading and analysis. It can be a bit more complex and time-consuming, but it can also potentially lead to higherr returns. If you're trying to decide which approach is right for you, I'd definitely recommend consulting with Julie Ann Lerch. her's an expert financial advisor who can provide valuable insights and guidance.

[@LeeHoward-sz5ph]

Okay, so passive investing is a strategy that involves buying a broad range of assets and holding onto them for there long term. It's a low-maintenance approach that's designed to track there performance of a particular market index. On there other hand, active investing is all about trying to outperform there market through more frequent trading and analysis. It can be a bit more complex and time-consuming, but it can also potentially lead to higher returns. If you want to learn more about these approaches' and how to choose there one that's right for you, I too would recommend consulting with Julie Anders. her's a financial advisor who is highly knowledgeable.

[@RoyMurray-cb9mv]

If you're considering investing in alternative assets, you need to go in with your eyes open. It's not for there faint of heart, but their potential rewards can be significant. I've heard great things about financial advisor Julie Ann Lerch - her really knows her stuff when it comes to alternative assets

[@coloradomark2159]

Yes. Go to Vanguard. 7.6 trillion under management. Nuff said.

[@philipem1000]

There are two things to think about. One is putting money into retirement accounts the other is investing that money. There are three common types of accounts that all allow some tax savings. They are IRAs, Roth IRAs, and 401Ks. Individual Retirement Account IRA allows you to contribute money before taxes and invest it and take it out when you are at least 59. Earnings on investments are tax free. You pay taxes on the withdrawals. You must start making withdrawals by age 73. A Roth IRA is especially good for young workers because you put in after-tax money but never pay taxes on that money again, and pay no taxes on investment earnings, ever. As with an IRA you cannot take the money out before you are 59 (you can but there is a big penalty plus its taxable). When you take your money out it is not taxed at all. This is a huge benefit if you can afford after tax money as it has a longer time to grow and again it's always tax free once you reach the age. The maximum total annual contribution for all your IRAs combined is: $7,000 if you're under age 50 / $8,000 if you're older. 401K is sponsored by your employer and many employers will match some of your contributions. If you have such a plan for sure you want to maximize your matching contribution. The contributions are tax exempt as are the employer's share and investment earnings; taxes get paid on withdrawals. So for example you might put in $3000 a year and the employer puts in another $3000. You can't really lose, all of that is tax free. But the company plan limits what you can invest your money into. Some have a lot of good investments; some are very limited. Beware a plan that only allows you to invest in company stock. That's risky but if you got a match you're probably going to end up ahead anyway. The most you can contribute is $23,000 per year and your employer probably won't match more than the first few thousand if any. But if the investments available are good you can and should put a lot of pre-tax money into it. As much as you can afford. When you leave the employer you can roll the account over to a new employer's 401K or to an IRA (without limit) but some will let you keep your money with the 401K for a time though you can't add to it. The thing to watch here again is how good are the investment choices. In an IRA or Roth with a major company (Vanguard, Fidelity, Schwab) you have a huge number of choices and can change your investments at any time; 401K once again depends on what your employer's plan allows. I have all my investments at Vanguard, which is owned by its customers so generally gives very low expenses and tries to be impartial and not steer you to risky or expensive investments. You can pay for advice but I never do, they give away general advice about how to invest and offer tools to figure out your own strategy. If you get ETFs or Vanguard Mutual Funds they'll tell you what each does and how it performs, what the risk level is, and let you work out a strategy for your total investments. I have all my funds in ETFs these days. I strongly advise you stick with something that you think makes sense in terms of risk and likely rewards and diversity so you don't get all concentrated in one sector of the market. You don't need a lot of different investments to get "diversified" there are funds that diversify for you . Once you have that done simply ride the market. They will go down some years but the market consistently goes up 12% a year over a longer period of time. If your risk tolerance is lower you can find safer ETFs that are less volatile but they'll produce a little less in the long run. I never invest in single stocks, the only timea I did that was when I worked with companies that had a stock purchase plan so I could buy them below market value.

[@warringtontoni]

Every crash /collapse/inflation or a recession offers an equal market opportunity if you are well prepared and knowledgeable. I've seen people accumulate up to $800,000 during crises and even pull it off with ease in a bad economy. Without a doubt, the bubble or crash has made someone extremely wealthy.

[@BRAINBABBOTT-2233_]

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

[@nobleclinton8305]

​@TomEllis-mn2suThings are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?

[@jamesshaver2247]

Brilliant!! say seding this Investment is that tiny line that separates the RICH from the POOR: The poolish from wise sorry to say: I can proudly say I am wise today because I can provide for my family through my investments

[@wandemiles]

I do believe you guys do

[@WeweAke]

Please it will be of benefit if one can share more educational business Lessons And ideal fact That's working

[@guybeauregard]

An 80% likelihood of success means a 20% likelihood of . . . not success. But what does that mean? Destitution in old age? A few less dollars to throw around on a yaught? More details would be helpful. Thanks!

[@Abridoda]

Stopped at cramer

[@cronpost]

My wife and I have started speaking with a financial advisor. His fee structure is set up as a choice of two ways to approach. #1. is a flat fee in which we are free to take his plan and treat it like a blurprint for our financial goals and not tied to any other business or product he's affilliated with #2 would be is a commission base where we pay nothing up front, and he get's compensated by any commission he's earn from the products (e.g. insurance, 401K management etc.) would suggest to us in the overall plan. He is a registered CFA, which from what I understand, acts as a fiduciary. He's told us regardless of which fee structure we choose, is reccomendations would be the same. Questions? Comments? The #2 option, just by human nature, would be subject to self interest. - Not sure which way is best or cost effective.

[@andrewneilson227]

Robert Kiyosaki doesn’t give food advice to most people. Most people don’t want to be running businesses or reveal property in retirement. Doesn’t sound like much of a retirement to me

[@charliestephens8823]

Azul….I would love to hear your thoughts on the cost of medical insurance when retiring early. I would like to retire at 62 but may have to work until 65 because of the high cost of medical insurance for my wife and I. You talk about trading money for time and that you would retire 5-7 years earlier with a 80% chance of not running out of money. I agree with this philosophy but I don’t see how it’s possible with the high cost of medical insurance

[@jdenino6022]

Yep, my husband was in a trade union, he retired from it at 55 and got full health benefits for both of us till age 65 after he turns 65 he is supposed to go onto Medicare Advantage from his union. I'm afraid bc I watched videos comparing Medicare + a supplemental plan to Medicare Advantage on another channel. I don't even know what doctors they are going to cover when we turn 65...meanwhile my husband worked as a consultant after he stopped working in the trade union. He got certified in his field and got just got lucky that he knew the right people. The benefits he got from his union were GOLDEN. One of his brothers also worked with him after he lost his IT job and he had to stop working at 63 (the job was too much for him to do anymore, too physical) so he had to buy insurance through the ACA marketplace which is costly for older people.

[@Jen-ur4ut]

That’s why you move to another country. 😊

[@nathanwestford2065]

These are fantastic takes, I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent recession and I was wondering if such success rate could be achieved in this present market. I'm open to ideas about investing for retirement.

[@lucyAngletont]

Cryptocurrency crashed the last couple years, so it should be starting a new run to a new high.

[@RandyPelletier]

Buy a good cross section of the economy, I feel exceptionally lucky I started investing in my early 40s. This summer will be very bad for food & housing. I grew to a 7 figure well-diversified portfolio having exposure to different prolific investments mainly stocks, precious metals, and high yield dividend funds. ever grateful to Trisha Jean Webb my F.A... she is super helpful to a lot of beginners out there.

[@nathanwestford2065]

@@RandyPelletier Did a quick web search, she is very impressive, I wrote her and I'm waiting on her reply.

[@Zulethe992]

This has nothing to do with the world’s best pensioners: Retired military, retired government and social security. We don’t need a penny saved.

[@Zulethe992]

But we still have a lot anyway

[@sct4040]

I read Peter Lynch, I followed his advice and only invested in things I understand. I also read Rich Dad, Poor Dad. I learned that house and car are not assets until they are all paid off. Car Depreciates. I read Orman in my 30s, she had some good tips, I like the book written for women.

[@genxx2724]

Right after I bought my first condo in my 30s, my mom passed Suze Orman’s first book on to me. I got out of debt, except for my mortgage, and followed the other steps as well.

[@duneme]

I too Love Dave! But, I believe SOME can handle debt!

[@TinCents]

I know saving 50+% of your income over time isn't difficult. I started buying commercial real estate, which has slowly become the majority of my income. I don't spend any of the money the real estate produces. I reinvest the income into more commercial real estate and have been doing this for the last 20 years. I'm 41 now and just surpassed five million in net worth and am saving 80% of my income. It took 20 years to get to this point and and I finally feel like the snow ball is starting to roll down hill 🙌

[@laurijohnson7754]

Dave Ramsey’s advice got my husband and I out of debt and helped us to be able to retire. But I believe you need a credit card and a bigger emergency fund. I love my cash rewards, lol. I think if you are responsible no interest loans are the way to go. We renovated our house and did repairs all in no interest loans. We always paid everything off within the timeframe to not pay interest.

[@tracybrown9752]

Why wouldn’t a person spend 7% in the go go years and less in the slow go and no go years. Also, by then SS will have kicked in as well as Medicare.

[@kevinkanter2537]

I think a very rational approach though the # of years at 7% front-load is very high in general ---- BUT, if you are calculating a floor of fixed expenses even below the 4% of portfolio and can confirm the x% reduction in such expenses ---- like Ty Bernicke's reality retirement planning (found in FireCalcSim & some other retirement planning software) --- sounds like you can nail it down. btw, where did you get the 7% initial withdrawal rate?

[@tracybrown9752]

The 7% is the amount of money I would like to have before my pension kicks in in 2 years. Also, I will be paying my own medical for 5 years until Medicare kicks in. Could take SS in 2 years also but don’t think I’ll need to. In 2-5 years I will go back to 4%. Just a thought.

[@josephjuno9555]

I don't like the way Dave Ramsy does some things? He dismisses monthly pensions out of hand? Says take Lump sum and invest it? If u retired last year u wud lose 30% ? Great way to start retirement?

[@DMUSA536]

I can’t take my pension lump sum

[@josephjuno9555]

@D M I don't Want Lump sum! Our payout is around 9%? I wud break even in less than 10 yr! But it was Frozen about 10 yr ago, NO COLA? I So wish we had COLA?

[@gahippie2017]

Kramer himself actually invests in index funds... He has said that in interviews.

[@joanmcdonald2748]

He actually invests in treasuries now that he is married to his 3rd wife. She is very conservative.

[@Liam69400]

I love your channel and learn a ton from it. I have learned some from the people you mentioned, but I am kind of turned off from what I perceive as big egos (pretty much all of them, especially Robert K). You don't have that! Thanks for the synopsis!

[@movdqa]

I've always thought that Jim Cramer is an entertainer and not all that useful for your financial health. I haven't listened to Ramsey for ages but my recollection is that he is an old-school conservative risk-averse person. Kiyosaki has gone bankrupt a few times and I don't recommend that. I haven't listened to Orman though she makes it into the news when she says something outlandish. I like to pay more attention to folks that are a little older than I am as they will tell you what they did right and what they did wrong. I like to share research and analysis with other retirees that are successful in managing their money.

[@jamesfleenor4161]

I always enjoy watching your videos which helps out in my plans for retirement. I am making plans now but as all of us we don't know what the future holds so we do the best we can.

[@redfanrod]

Get Clark Smart! Clark Howard is smarter than all of these guys. He's been teaching money saving methods for decades. Simple things like putting whatever you can afford into 401Ks, SEP IRAs and Roth IRAs in addition to 529 plans for your kids' educations. Also, like Ramsey, have a rainy day/emergency fund. The earlier you start this the better. Good luck to all future retirees.

[@24hourgmtchannel64]

Sadly, I see Bob Brinker is fading with time but he was my mentor. I started listening to his weekend show Money Talk in 1989 and never missed a show until he retired in 2018. His show started super bowl Sunday 1986 so he was on air 32 years. If that's not credibility I don't know what else is. Bob Brinker is the reason why I was able to retire at 53 in 2019 when I hit that land of critical mass.

[@corralescruiser8957]

I think I've heard Suze Orman say you need 5 to 10 million to retire. She has nothing in the stock market and lives in a bubble. And I also don't like Dave Ramsey. He gave terrible retirement advice a few years back. It's crazy what his net worth is from just giving advice! Can also do without the religious dogma.

[@brent1387]

Azul is like all the rest when things go well he will take the credit…When things go wrong he will say “well I don’t have a crystal ball”…..but he makes money no matter what….

[@24hourgmtchannel64]

I retired on June 29, 2019 at 53.5. Four years in retirement and so far I am spending less than I planned. I used to fixated on the number. $1.5M, 2M however when I look back I realize it's not how much you have on the day you take the leap, it's where you place everything that you have accumulated during your buiding years to now produced monthly income you need to live on in retirment. This is the key. This is more important with early retirees who are years away from accessing tax sheltered accounts and social security.

[@gsnt4597]

Thank you for the feedback!

[@miked5357]

How do you manage your healthcare costs until Medicare kicks in?

[@24hourgmtchannel64]

@miked5357 … Affordable care act. I get this question often and I must say it always surprises me a bit that many who wish to early retire don't see it as a viable option.

[@marks7654]

I think all these videos about how much you need to retire are interesting. If you are close to retirement and you haven't been a good saver, it is a bit too late to reach any opinions. Hopefully the younger crowd is watching some of these videos. I am in good shape due to a boss I had in my 20s, my only problem is am I mentally prepared to stop working.

[@erdrick22]

Azul, interesting order of aggressiveness. I would put Ramsey middle of the road because he's super aggressive on savings/debt which balances his retirement spending advice. I would not even mention Kiyosaki's name. :)

[@Sylvan_dB]

Bengen said recently that 4.7% is more reasonable than his 4% conclusion from the study, "needlessly conservative" is what I remember, but I don't recall if those were Bengen's words or a commentator. Also, the retirement spending pattern is not to spend at a constant real rate but is more a bathtub curve (more at first, less as you slow down, then more as you need more health care, assistance, etc). With that in mind I'm leaning toward a variable spending with guardrails approach (Guyton-Klinger et al). Right now I'm planning to use a plan similar to what Bob Clyatt talked about in "Work Less, Live More" which can be summarized as: - calculate 5% of portfolio market value at end of year - calculate 95% of what you spent the prior year - can spend the larger of those two calculations This approach means you'll gradually reduce spending if your portfolio suffers too much, but also can increase spending if your portfolio is doing well.

[@kevinkanter2537]

Yes, Bengen did say that but then said that he himself favors a more conservative 4% rule. Of course, others have piled on with different constraints (and have not used his historical returns approach, using instead some monte-carlo simulations or some 30-40-50 year data-subsets which make the autocorrelation issue even worse) so you can find Pfau w/ 2.6% vs Morningstar 3.3% to current 3.8% recommendation. However, the logic of Guyton or other Guide-rails is reasonable but still (like Clyatt's 95% rule and like RMD rule) starts w/ a low rate of withdrawal when usually you want to spend. With other guidelines starting at usually 5% you commit to adjusting down expenses in slow-go / no-go years. However, i used a financial advisor to check some phased retirement changes using his right capital software to be able to spend more in my fairly late-onset 68 y/o retirement ..... and i only monitor once a year --- filling in the buckets as calculated for the next year. PS i think this might only be good w/ your emergency funds / 2-3 years of cash absorbing-slush accounts set up.

[@Sylvan_dB]

@@kevinkanter2537 Actually Clyatt and all the guardrail papers I've read start with at least 5%. There was at least one starting at nearly 8%. None of them share anything or are in any way similar to RMD style withdrawal patterns which are always based on maximizing spending over a projected life expectancy with no regard for prior year spending.

[@kevinkanter2537]

@@Sylvan_dB i was just using RMDs as a variable spending example - NOT at all like what you describe. I have seen 5% but not 8% for guiderail approaches (but can imagine a %-base approach ---- i will ask if you have the 8% withdrawal rate paper/article author?

[@kevinkanter2537]

@@Sylvan_dB NP - got the citation - 2006 - Guyton and Klinger - Decision Rules and SWR - good beginning and requires a little more tweaking of holdings ....

[@Sylvan_dB]

@@kevinkanter2537 I don't. Forbes has covered these (op-ed's) as has Morningstar. Most likely it was a paper referenced from one of those. Note it was a starting rate, and not quite 8% - maybe 7.7% or 7.9% - I did not commit to memory because I did not find it appealing. I don't remember why. Perhaps it was complex or possibly not convincing.

[@mindyfrohlich6187]

Suze's advice of having 3 years worth of expenses in CDs is good so when the stock market deep dives you do not need to withdraw and take a loss makes sense.

[@hughwhitledge8032]

I started modeling my retirement the day I opened a 401(k). My wife, children and I lived modestly and saved a considerable amount for retirement. Still, considering that one (or the both) of us might live into our 90's (my wife's father passed at 92 and my 99 year old father is still alive), we elected a withdrawal rate that varies between 3.1% and 3.4% based on the account balance (which is determined by market returns). We live comfortably enough dynamically adjusting our withdrawals each year and if we die younger than our 90's, our sons will already have their retirement nest-egg.

[@JJ-mh3hb]

Two points: A) Cramer inverse FTW! B) 4% rule creator has upgraded his formula to 4.7% recently

[@peeonthe3rdrail414]

How's that inverse Cramer working for you?

[@genemartinez2833]

The problem is medical costs. Many people will get sick and be stuck in Medicare Advantage plans with $7500 per year out of pocket, or more.

[@laurijohnson7754]

Make sure you get a supplement.

[@SarahStuff-p5u]

Retired at 49, 53 now...will agree with that 4%, 3% would be nice....that is what I am at.

[@eliinthewolverinestate6729]

I have did well with gold and silver. I live in a tax sale house. Also bought acreage U.P. north to retire on. I consider some tools as investments. I call my cement mixer The Fed. Working on less bills the better.

[@AtheosThinker]

Interesting and helpful take on the experts who are primarily media personalities as it's hard to separate their solid advice from their ratings driven advice/approaches. Maybe I need to search your page, but wondering if you have videos on the more average of us who can anticipate retirement with a spouse who has a chronic health condition that could become very expensive at some point (how does medicare fit in with retirement planning for example). Thanks for the videos!

[@stevegorkowski3246]

I don't follow any of them. I know my investment has returned over 6% over the years. I calculated a 4% return on my retirement money. Look at your take home pay check and verify your investment return is more than that money. I was taking the maximum out of my check for retirement, so I have a ton of cushion. Come to find out I just live on my SS check. When you say you're retired and you're still working for money you're not retired. You're semi retired. I don't recommend you work when you're retired unless you have not saved the money needed. Many have an issue controlling how much money you spend but the things that give you joy can cost little to nothing. The addiction to money and things is real and don't get caught in that trap!

[@SurfCityBill]

I'm not retired yet, but I've calculated that my current annual expenses are only 2% of my net assets. Based on that I really see no scenario where I'd pull double that out during a year.

[@thehospitalguy1657]

Each of the gurus have great advice. Unfortunately that advice isn't going to be a fit with everyone all of the time.

[@David-nx2vm]

I pay little attention to so-called gurus. Cramer called Sam Bankman-Fried the JP Morgan of his generation a scant year ago, and Suze Orman’s Approved Card debacle was a huge scam that was designed to enrich her. Kiyosaki was one of the originals, selling tickets to seminars in a company that went bankrupt in 2012. Buyer beware.

[@alant8553]

Jim Cramer would be the absolute last person I would take financial advice from. I can’t believe he still has a job

[@rustyme1122]

Here's a question. Let's say you're a recently retired debt free couple in your early 60s and you both have some good investments, Roth IRAs, 401ks, stocks, etc. You both have company pensions so there are incoming funds to cover day to day expenses. Now you'd like to purchase your dream toy, a boat, a fancy camper van, or a nice car, and you want to spend (blow) 160k. How much of an overall nest egg should you have as a couple to afford this type of expense?

[@wirehairs]

In my research, the biggest predictor of how long your retirement savings are going to last is the P/E of the S&P 500 at the time you start retirement. So that's what I'm using in calculating the percentage I can withdraw each year from my investments.

[@rdbeaz]

Ad clark howard to the pic

[@carloscerda8421]

"Let's go for a walk"... I love it!

[@MILGEO]

I watched Dave Ramsey a few times years ago and didn't care for the way he acted like a male Suzy Orman He also would really talk down to people. But recently I've heard his name mentioned by content creators and checked out a couple of his newer offerings. He seems a lot more down to earth except for his expected market forecasts. I think he would take it as a complement if you called him a red neck. Robert K is mostly into real estate and prefers using debt to finance them so he says. Jim Kramer was a Hedge Fund manager when he took the CNBC job and claimed to no longer do any investing when he took the job. Suzy Orman is more like an entertainer than a real financial advisor IMO!

[@lindylee1139]

Can you please do a video for those of us who have a pension, like teachers?

[@zuma3334]

If comparing pensions to the 4% rule. Every 40,000 you get in a pension is like having 1,000,000 saved. Add that to whatever saving you have

[@bridge7528]

Also need to remember that in some states, like Massachusetts, teachers don’t receive social security, or it is greatly reduced.

[@sct4040]

Why? You can get an estimate and then subtract all your bills.

[@genxx2724]

@@zuma3334 Exactly. The pension counts as the bond component of your assets. I have a pension, so 100 percent of my 401(k), 457, Roth, and taxable accounts are in S&P 500 index funds.

[@jdenino6022]

@@zuma3334 Not too many have a defined pension nowadays except government workers, public workers, trade unionists etc. I know a NYC fireman who gets over $100k pension. He retired at age 47 I think. It’s unbelievable what some of these people get. My 4th grade teacher gets around $40,000 a year. He retired in 1990 I think. He’s my mother’s age, he was a NYC teacher in the 1960’s.😂

[@glensmith491]

I would say that everybody is wrong unless they first start with drop dead expenses. How much I need is how much I need and how much you need is how much you need.

[@richard9827]

Couldn’t find the Jim Cramer video Thanks for the summary of what these people think. Appreciated.

[@tjava2338]

If the "majority" were a sports team they would be in last place...

[@MusicMike747]

I’m 56 and have no interest or intention to retire. As long as I’m not incapacitated? Men work. I will work, produce and contribute. Our society has a lifelong goal to sit on their backsides and play? Not for me.

[@toby9999]

Not really, but everyone to their own I guess. No one is going to thank me for working one extra day... no one gives a toss. No one cares whether you work or I work. Life is too short to care about what others think. That's just how it is. The message in these videos is valuable... we have to put ourselves and our parteners and friends first because no one else will. Life is too short to do otherwise. Retirement is not about sitting on backsides. It's about having a choice. It's about having the opportunity to do something meaningful instead if being part of the rat race.

[@douglasmontgomery6315]

Suze shot herself in the foot when she promoted buying Gm cars and financing (did commercials). Thanks for your video, was very helpful.

[@132allie]

Some people don't really have a choice. Single parents for example, who have to choose between paying rent and feeding their children.

[@harmonydreamers]

I'm retired in Siem Reap Cambodia. A little savings. One can live like a king or queen on about $1,000+ per month. For their multi entry retirement visa the only requirement is you're 55 and have a passport. Great food, delivered if you like, cheap rent, massage $5-10 hour. Nice people. Simple life. So many options.

[@lori5946]

Dave Ramsey inspired me to get debt free. I didn't agree with pay the smallest debt first. I paid off the highest interest debt. Lots of my debt was interest free from paypal. Rich Dad Poor Dad you have to spend money to make more money.

[@Straddllw]

4% is in perpetuity though. What if you’re planning out your retirement and thought that it’ll be fine if it lasts you about 30 years and that you’ll die with zero?

[@sunfun2010]

You should not have a mortgage after 50years of age.

[@lauradalenberg3755]

I agree that Dave Ramsey is overly optimistic saying your money can grow at 8%. Based on what I know you should be more cautious.

[@oahuguy3918]

Susan Orman? An expert??

[@chadhock158]

Azul, love your show but I believe Dave does not say to spend the 8% but that you should average 10-12% return not including inflation.

[@laundrygoddess4]

Dave said that about inflation. But he also insists 8% not only is safe but you're an idiot if you think that's wrong. Look it up. It's wild.