How Much Should You Save For Retirement? (Compilation)

How Much Should You Save For Retirement? (Compilation)
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Feeling lost in the world of retirement savings? This retirement video compiles expert advice to answer your burning question: How much should I save for retirement?
We explore different retirement savings approaches, including:
Target percentages of your income for retirement
Age-based milestones
Considering your retirement lifestyle goals
Stop the guesswork and gain clarity on your retirement savings journey!
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pearlwealthgro... **
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are in your retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌
Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
[e-mail]
pearlwealthgro...
Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom

[@edhcb9359]

Salary is NOT the way to do it. Expenses are much more meaningful.

[@yourfinancialekg]

I like both just for a range, thanks for commenting!

[@edhcb9359]

@@yourfinancialekg Salaries are way too volatile. For example, in our last few years of working, my wife and I have seen our incomes go from $250k to $500k. We need about $100k per year to live on. Which is more important?

[@alr9967]

Before retiring take all your paychecks for 6 months and stash them in a savings account. See if your finances handled that stress. This will let you know directionally if you’re retiring or just quitting your current job

[@yourfinancialekg]

Good idea

[@billjones4986]

Here In California best just keep saving!own a condo HOA fees have gone up 20% two years in a row,it’s been hot we bought I portable A/C can’t afford to use it.electric company says they have to pay for all the fires they started.😢

[@wdeemarwdeemar8739]

lol my HOA went up big time as well.

[@METVWETV]

Time to leave Liberal Politics, Feces in the street and Gavin Newsom behind!!

[@mofreeman223]

I took out my mortgage and PMI but kept property taxes, condo insurance, HOA and expenses since I will have my condo paid off by retirement. That is $23,528.34 or after 25x will be $588,456. Seems very doable! I might not have to work as long as I thought I would. I max my HSA, my Roth IRA, and 6% to my Roth 401k plus I get a 6% match by my employer. I'm also single and childfree so I expect my expenses to stay low until I'm older and know I'll have more medical expenses.

[@detted5095]

How come you didn’t account for Social Security income. Why didn’t you subtract this from expenses in your 1st example

[@wgshocker8515]

In the 25 x expenses rule do you deduct pensions, social security and other income sources from expenses before multiplying by 25?

[@yourfinancialekg]

You certainly can. I would do it both ways to give you a good range. Great question!

[@kennyklinger]

You should have mentioned that all buckets should equal 25x. If everyone had to save 25x, not many would retire.

[@matmurray7351]

I'd love to see you do more videos for couples that want to retire at 62

[@METVWETV]

Why, what's your question? Do a Budget, project for additional expenses, and use a Monte Carlo calculator to determine if your nest egg can sustain you.

[@yourfinancialekg]

We can do that!!

[@matmurray7351]

@timsans1170 I tried the Monte Carlo Calculator and do not feel that it's accurate, it wants to base everything off of a % of what you make. And that percentage doesn't accurate estimate what I need. Too many variables

[@2012srp]

This 25x rule is flat garbage. How old is the person when they retire? When did they start taking Social Security? Are they married so they have SS for TWO people? Are they debt free including owning their house outright and live in a state that doesn't charge a ton for property tax? Needing $1.5 million+ to retire is just not accurate at all. Many people make it work on a third of that or less. This video doesn't go together with others you've done.

[@yourfinancialekg]

Agree that you need to look at everything in more detail, hence the long video discussing that

[@savanah1407]

One of your best videos yet! 🔥

[@yourfinancialekg]

Appreciate it!

[@METVWETV]

Your 25x explanation is misleading. It isn't what your expenses "are" but rather what they "WILL BE!" Subtracting out your mortgage and adding it back in later (since it's a fixed rate), Calculate today's expenses in an inflation calculator for your future expenses. Add to that any new expenses, college, travel, home improvement, medical (if you're too early for Medicare), etc. THEN MULTIPLY THAT BY 25.... Ie, 10K/month today, Means you will need 14k/month in 10 years (Assuming 3.5% Inflation). That means you'll need 3 Million Vs. 4.2 Million, when you retire! Using your gross salary x25 is great if you can do that but that will likely give people a sense of hopelessness!

[@yourfinancialekg]

Thanks Tim!

[@TedWesterfield]

This is such a dumb generalization. 90% of retirees don’t even have a 7 figure retirement balance-90%. However, several studies have been done asking retirees if they are happy/comfortable in retirement. About 75% of those respondents said they were. Confident those retirees would not have responded that way, if they were scrounging by in retirement, as your video implies they must be. A misleading video, at best.

[@yourfinancialekg]

So true, that is why we do videos for 150k saved all they way up.