How To Prepare For Retirement In 2024 (Step By Step)

[@realblueprintsuccess]

I'm 20 years old, maxing out my Roth IRA. I also have three different stock market accounts which I contribute to every week. Also, I am going to be buying my first real estate investment property this year.

[@SF-fb6lv]

I started retirement planning (financially only) when I was about 17, before I even finished high school. Now that I'm 57, I'm realizing that once the financial part is sorted, there are a LOT of non-financial decisions to make. Most 'retirement planning' videos concentrate solely on the money part. What about the rest of it; like where do you want to live, what will you be doing with your time, etc?

[@juliecrockford1046]

yep, I AGREE

[@lusmas99]

I'm 60 and could not agree with you more.

[@AlumniQuad]

There are at least 1-2 new "Best states (in which) to retire", "Best college towns (in which) to retire", "Best cities (in which) to retire", "States that don't tax Social Security benefits", etc. web articles and videos that pop up in my newsfeed each week. I don't know how anybody can miss them.

[@carieyounginsurance]

Read happiest retirees on the block…on Amazon - may help you with this

[@lookinlikegeo1825]

I mean, im probably nieve by thinking this but im 19.... i cant think of any problems i have that money wouldnt immediately fix. I can do whatever i decide i wanna do if i have the right ammount of money for it

[@romanromanowski9038]

My advice to young people, enjoy life when you are young , don't plan on traveling when you retire , buy a house , pay off mortgage, join a gym , keep in good shape, eat right , this will keep you healthy in retirement, you should retire debt free, move to no state tax state.

[@bluecollarbullionballer4269]

I thought I was doing bad at 50.I have a pension,457b,roth IRA,and regular brokerage account.No debt including home and stack physical gold/silver.Long ways to go but feeling better about retirement future.

[@acajudi100]

Work and travel while young. 20-73, and just rent an apartment, and virtual travel, read., audio books, Make audio journals using the voice recorder apps, written and video journals. Always generously help none beggars with both hands.

[@ahoene]

Ryan, I just wanted to let you know that you have made me alot of money the last 3 years just by taking your great advice. Thanks! Big fan of yours!

[@JohnMoser66]

I'm 54 and started planning my retirement while in my 20's. In April of 2022 I'll be spending my last day in corporate. Your wisdom is spot on Ryan!

[@MrJdele]

How much did you manage to amass? I'm looking for inspiration

[@MrJdele]

@@stanleyjavin4911 Great for you but actually the question was for Money Sense. I was curious how much he amassed in 30 yrs of investing and since he's retiring in 2022, I want to know the amount so that might inspire me. But I'm happy for you gains in Bitcoin.

[@Juan_Hernandez_Jr.]

Congratulations!!!

[@accudave]

It's April 2022. I hope your plans woked out to retire this month.

[@drfrankhutchinson2031]

Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. Let's hustle to financial independence!

[@orangenote3325]

i'm 48 years old with no retirement plan yet, any suggestions on accumulating a million dollar portfolio within 12-18 months? I have currently saved a capital of $225k.

[@arithmeticgoldstein1819]

@@orangenote3325 A very functional way to reach your goal would be to get a market consultant that you can copy their trade pattern and avoid making any expensive mistakes.

[@mredemption7016]

@@arithmeticgoldstein1819 that actually seems very practical and straightforward, have you used the services of such consultant before?

[@arithmeticgoldstein1819]

@@mredemption7016 I still use my consultant, I found her through a Bloomberg newsletter sometime in august last year and she has guided me grow my Investment from $185k to now $430k.

[@dragonkiss3055]

@@arithmeticgoldstein1819 Quite Impressive gains, does this consultant of yours work with just anybody? Mind sharing some Info?

[@BSGSV]

I am very surprised to run across people like you who are young and not trained in finance and yet you have thought out and understand so much about finance and retirement planning. Good job.

[@jeffhoffmann3620]

Yes

[@BSGSV]

Great video. Here is a gap in your talk: 21:34 When discussing how much money you need to retire, most people get bogged down as many don't even know how much they need RIGHT NOW! My advice is to track your historical expenses for at least a few months and ideally 1 full year. See where your spend goes and what is necessary, unnecessary, what is housing specific, etc. From there you can plan out what your retirement expenses should be. You can decide if you want to try to get to paid-off housing for retirement. You can subtract out work expenses (commute gas, lunches, dry cleaning, etc.) and add in things like health care fees to an HMO. This is really the best way to get to an accurate annual burn rate and really know what you will need in retirement.

[@andrekershaw6244]

For a long time, I avoided watching financial videos on KZbin, because the topic caused me too much anxiety. Your channel has helped me to feel excited about overcoming debt and building future wealth. The content is informative, and gives me a sense of being able to take control. Proverbs 13:22: “A good man leaves an inheritance to his children's children.”

[@paulo5861]

Lost my defined benefit pension (church pension). Lost my health at age 62 and had to start collecting S.S. Then I lost my part time job because of COVID. Retired because of COVID and am still retired. Have plenty of time with not much to do except putter around the house. Looking forward to better days. Agree with what you explain on this video. People plan and then life intrudes in on your planning.

[@randymillhouse791]

What are you good at? Or, better yet, what were you once WEAK at that could help others? I plan on starting a small business when I retire coaching people to put together and make public speaking presentations. This used to drive me crazy with anxiety until I found a way to control it. Look for something that you can do that is an asset to others.

[@darwinjina]

@@randymillhouse791 awesome advice

[@bncnews2182]

Saving money to fund a comfortable retirement is perhaps the biggest reason people invest. As such, finding the right balance between risk and investment return is key to a successful retirement savings strategy

[@scottracine181]

You missed a big one with HSA tax free in,tax free earnings,tax free if for medical expenses,after 65 use for anything else with taxes like a traditional IRA.

[@GregActonCPA]

My Retirement Plan: 10 Rental properties. I've got 3 so far and hope to buy one a year until I'm 40. Then I'll live of others paying me rent.

[@veger5872]

I was thinking about doing the same thing, but how are landlords doing now when tenants are protected from paying their rent? They must be draining their bank accounts to make the mortgage payments. Yes, when the lease is up, you can fail to renew it and get rid of the nonpaying tenant that way, but get ready for a giant repair bill when they damage your house for using the loophole to evict them through non-renewal of the lease.

[@mariorideaux4498]

Greg, how did you start the process? Any advice or tips? I trade stocks & crypto but I've always wanted to get into real estate.

[@GregActonCPA]

@@mariorideaux4498 I started with a property that had a studio apartment with it. So I lived in the main house and rented the studio out. I have sonce moved and now I rent out both. Find a property you can house hack

[@GregActonCPA]

@@veger5872 luckily I haven't dealt with that yet. I believe the renter can only not pay rent if the landlord has a federally backed mortgage. So if you can avoid federally backed mortgages you should be safe.

[@onlinewealth6552]

Try and add other sources too. It's risky to have only one source of retirement income in my opinion.

[@WalterMangandid]

20k for a funeral? nah, for me the best cost effective and environmental friendly way is a Biodegradable burial pod that will turn me into a tree.

[@luzjimenez3335]

I will love that.. thank you for the info...

[@KP-hi1om]

Agreed. My mom is leaving me money to go on an epic road trip and spread her ashes.

[@PapaFujiwara]

I've been saying that's what I want for a while now.

[@raynaaustin9530]

Love love this idea

[@freedomlife3623]

@@KP-hi1om wow, great idea.

[@DADDYSHADE]

Thanks I'm 50yrs and I've been following you for to years and I'm on that path to retirement with my day job I've created to additional two side hustle, keep up the good works, info like this a lot of the older generation wasn't exposed or told about this information. Thanks again

[@julianneduncan9488]

Made it to the end and got all my dishes washed to boot! Clear presentation, the time flew by. Lucky to have a job in local government with a pension as one leg. It's not the most glamorous, but sure is helpful as I near retirement.

[@mikeh7704]

I watched to the end. A lot of useful information. Thank you!

[@acajudi100]

Have a safe and blessed 2022 to you and your family, and all who are on your channel. Judi in Queretaro, Mexico.

[@joshfenton5365]

I love these longer videos. much much more value in my opinion

[@izik6894]

Thank you for another content! I have a question I am in my mid 40s and just opened a new ROTH IRA. This is what I came up with: VTI 50% SCHD 15% VXUS 15% REITs 10% BND 10% Please let me know what you think of this. Thank you so much for all your videos!!!

[@johnsonajayi7846]

This is good asset allocation.

[@fish-on1679]

Which Reits did you end up with

[@bigtoeknee11]

Looks like a 90/10 stocks to bonds may want to increase the bond portion eg. 75/25 in your 50s 60/40 in your 60s

[@gregkorte7534]

I made it through to the end. The Metro PCS has a good rate to lines for $50.00. That's a sister company of T-mobile. I planned by reducing retirement expenses, solar for electricity, should be paid off before I retire. No car loans or credit cards, 401K plan and Roth plan. Social security too!

[@tinalippincott9823]

Wow! I watched the entire video. You are a very wise young man. Great, common sense advice and ideas. I wish financial planning issues, including Medicare, Social Security, insurance etc. were a mandatory part of high school curriculum.

[@user-qc8vj3vp9v]

I totally agree with you Tina; these subject matters should be taught in high school. 👍🏼👏🤗

[@randymillhouse791]

Also, how, when and where to buy a house.

[@kingsatyrx]

Unless I missed it, an option that you did not mention as a way to reduce expenses in retirement was the possibility of retiring abroad in a place where monthly expenses can be less.

[@randymillhouse791]

YES! Colombia!!!!! My plan in 4 years.

[@ElCatrinMuerto]

I had a mandatory pension I was placed into with my current employer. I gotta say I was very ticked off when I found out about it but at the time I needed the job so I didn't argue about it. All my money goes to medical expenses and you don't even see the money being taken out every month. You know what they say out of sight out of mind. I did decide to stay with the company though. Anyways I get these pension summaries once a year and I always throw them away but I decided to look at this year and I got to say I was surprised, in a good way, at how much it has accumulated over the years and how much I would get monthly if I were to stay in the position I'm in. I think it would cover almost half my current living expenses. Of course as I pay my debt down that will increase. So when I eventually do retire which is 20+ years from now this plus social security should be enough to live off of but as you mentioned social security is not much of a guarantee anymore which is a bummer. Definitely working on getting my finances straightened out now.

[@rosemarydolbeare5003]

Watched the entire video! Good information on a high level. I already knew 75% but its good to hear. I was hoping it would be move inclusive on how to apply for SS and Medicare, in what order,, etc.

[@BRAINBABBOTT-2233_]

Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.

[@BristolWilhelm]

Watched the whole video in a few 10-20 minute sessions. Congrats on the big sponsor!

[@haydencook682]

The dollar is going to be VERY inconsistent. 2020 was a cake walk to our economy in terms of what's ahead. There is going to he money to be made, but I wouldn't hold anymore than what you need. I would not keep much of it in non physical assests either. Enormous risk of collapse in multiple economies in the coming years. You need to keep in mind that we've been trending downwards as a planet, not just as a county, and it looks like we are speeding up as we near the bottom. The crash is going to suck, but with tangible assests, the come back will be awesome. Stay positive, if you thought the last decade was rough, brace yourself. Its not the end of the world, but its important to be realistic and understand we go through these cycles.

[@SaveAndInvest]

Man you are a great entreprenuer. Thanks for the videos.

[@M22Research]

Pretty simplistic, but that appears to be the point - for folks who haven't given the topic much thought. FYI, "a couple hundred dollars" isn't going to buy you a very experienced, highly rated Financial Advisor. Good luck finding a good one - this might be one of the most elusive tasks you'll approach related to retirement planning. There are so many truly mediocre Financial Planners.

[@AlumniQuad]

Plus you can get pretty good free advice from multiple people on the various retirement planning, personal finance, and financial independence subreddits.

[@shoegal]

Super inspiring and perfect timing. I opened an online savings account with high interest because of your video. I'll do your other tips once I've saved enough for them in q2.

[@JohnnyStrobolakos]

Ryan, love this video my friend! Thanks for the insightful look into this material! Appreciate your hard work here!

[@helenr-m2259]

I enjoy these videos. Very real and informative. Thanks Ryan!

[@noisycat91029]

Good video! A lot of good information to get people started on financial independence!

[@tinaordonez1657]

I watched the whole video I thought it was very basic but good information for beginners. I will watch more from Ryan and hopefully learn more.

[@unorthodoxsavings9552]

Ryan’s 2021 come back, great video!

[@lstcloud]

That 3-6mo emergency fund is not REALLY the greatest advice if your employer has price matching for a 401k plan. This is EASILY one of the worst pieces of advice that someone can give for planning for retirement, and yet everybody seems to take it as a given. It was fine back in the 80's & 90's, but nowadays it's just WAY out of date. Put it like this: what EXACTLY are you figuring that you'd be using that emergency fund FOR? A car repair? OK car repair you're going to be looking at either a few hundred bucks or something north of $1000. If it's the former then yeah, an emergency fund will help with that. But if it's over $1000, just buy a beater car to get you through until you can save up the cash to either get yourself a decent car or pay for the repair. Either way though, you don't need 3-6mo worth of income to cover that, so however much THAT comes to, make that your emergency fund goal. You can live with riding in a hoopty for a year, I promise. Lost your job? If you're budgeting your money like you SHOULD be (and like everyone telling you to invest will say), then you should be putting aside a set % of your income automatically into investing anyways. Applying for unemployment (and whatever other assistance you can get IMMEDIATELY) will typically cover between 50-75% of your salary anyways for about 6mo or so (this varies somewhat from state-to-state). Just put your investing on hold and use unemployment during that time to cover your expenses. Cut EVERYTHING that isn't absolutely essential right off the bat and you should be OK until you can find yourself a job. Healthcare expense? You're screwed regardless. 3-6mo worth of income is just a drop in the bucket compared to just about anything that a hospital is going to charge you anyways. Either have insurance or just go into mountains of debt (and those two aren't mutually exclusive anyways - Welcome to America). Bottom line: if there isn't anything that you can really use an emergency fund FOR, then you're better off putting it into a 401k for at least as much as you're employer is willing to match. Doing that at least nets you whatever they're paying to match you so you're making SOMETHING instead of just putting money into the bank long enough for you to make up $10 - $20k which can EASILY take a year or more for you to save, and put you even further behind the 8-ball when the name of the game is how long you have your money in the market. I'm not saying DON'T have an emergency fund - I'm saying that if you could snap your fingers and come up with $10 - $20k for an emergency fund, then chances are you wouldn't need to watch a video like this anyways. If you've got anything AFTER the employer-matching contribution, then put THAT into an emergency fund for 1, 3, 6, 12 months - however long you feel is enough to get you by in case of an emergency. but setting aside that much money right off the bat is only going to serve as an excuse to put off investing for even longer.

[@Retired-jr3qs]

The Best Retirement Planning Video on KZbin!!

[@BethMo999]

Great review, Ryan. I watched the entire video and picked up a few reminders, tips and verifications on things I had learned in the past.

[@williamsfletcher6911]

I love this video. This is what I always want to hear thanks so much Ryan.

[@francesmosqueda8923]

I'm a believer in live below your means as a way to build your savings. I'll be 55 this year so thank you for the phone bill idea. I also need to look into the way my 401k is balanced 👍

[@skhend6310]

Thanks! Yes, I listenedto all.

[@dancasey9660]

Wait until 70 to take Social Security. You'll get around 26% more and if they have to cut payments when the trust fund runs out they will be able to pay about 80% from the current Social Security taxes being taken in. So that should get you to about what you would get at full retirement age. Now if you are married filing jointly, and you both worked, you should get Social Security Benefits that cover a big chunk of you living expenses.

[@TradingWithCJ]

Some people have to pay for this info!! Solid advice man! 👊🏼👊🏼👊🏼

[@valeriesmith740]

Excellent video, watched to the end. Am planning to retire within the next 12 to 18 months. Your retirement planning guide is spot on.

[@time2eat850]

This video is very detailed and helpful. Thanks for sharing your knowledge 👍🏽

[@justinmichelle6087]

Wow this is Informative, I think investing in crypto and stocks will benefit me after retirement.

[@steveanderson1383]

I wanted to trade C$ypto but got confused by the fluctuation In price

[@cartermechelle9234]

Learn how to trade work and break them down to science then construct them you will be surprised with what you will come up it

[@julietbrownbrown9317]

How does this whole Bitcoin thing work I’m interested in it and willing to invest heavily in it but I’m gonna need an assistant from any trusted and productive professionals?

[@justinmichelle6087]

@@steveanderson1383 I think now is the right time to invest and trade C$ypto.

[@haroldtray5531]

The point is, there are multiple ways to make money with money, you have to understand which once are the right ones for you.

[@darrylglynn2516]

Thanks, good information.

[@cb312307]

Great video, I watched until the end.

[@RyanScribner]

Legend!

[@SuperAlvarez2010]

I made it to the end :) That was really great and well presented. Thanks!

[@Moisasolifestyle]

i cant belive i sat thru the entire video. GREAT content!

[@cozyhomeone]

Excellent video. Hope the young generation will learn from this video. Thank you !

[@ttu888didfitrhondavigil8]

Made it until the end We have a solid 3 legged stool. Hope to retire at 55 and 58.

[@kemchobhenchod]

Wow.

[@belle_thegoldiegirl]

This was super awesome! Thanks for addressing those that are already retired.

[@danklein8587]

I am a 64 year old debt free single male. If I take SS at age 65 Ex: 20,000 per year it will be tax free money. Each year I wait to take SS my SS will increase by 8%. If I wait to take SS and withdraw 20,000 from my 401K/IRA I will pay 12% Fed tax plus State tax. I believe it would make financial sense to take SS at age 65. I am retiring at age 65. Am I missing something about paying 12% plus State tax each year to earn 8% each year from SS ?

[@LifeofKairo]

Me on unemployment (because of 2020)... Putting as much of my unemployment checks towards *real estate* down payments and *index funds* as possible 😉

[@mikemcc1156]

Ive paid debt first and opened up the level I can invest. Also I have a 20+ year union. Pension and aim to.have cheap medical through my union. And we hope to buy a first rental in tbe next 5 years and our home paid by retirement day . I have about 10 years maybe 13. To get there. My Ira started late, investment's in market and divided investment as well. I also live a pretty cheap life with wife and kids.

[@marshadyer899]

Made it to the end and subscribed. Good info.

[@randymillhouse791]

Stonks. I get it. 13:00: What happens when you want to retire, and the markets go into free fall like they did in 2007? They have stalled and scaled back in 2022 as well. Even home values are falling now. What happens when your timing is cashus interruptus?

[@luzjimenez3335]

I work for the state and they dont offered 401K. Only retirement. What I can do so I can save more and retire early. I am 50 and I want to retire by 55.

[@Mietze78]

Made it to the end with a lot of useful stuff to think over. Thanks!

[@andreawisner7358]

Good job at summarizing.

[@denisplouffe514]

Great references to perennial questions. I’m retired and I know you’re right and hopefully people will follow your recommendations. In Canada things are somewhat different but the fundamentals are the same: Thank you.

[@rc-mz7gx]

I'm a t-mobile carrier. The 55 plan you mentioned sounds interesting..I will be looking forward to that when I'm of age thank you

[@SY-sp8uo]

My plan is to retire when i am at my late 20s 🎉

[@RyanHarrisonYT]

Me too! Just gotta keep hustling and we'll get there! :)

[@SY-sp8uo]

@@RyanHarrisonYT sure🎉🙏

[@benjamindavis6506]

Yeah the best gift one have is when young enough and also having the mindset of becoming financially independent and working towards it. This so many people ignore

[@ethanmartin9190]

You have a great plan but people ignore this. Good investments in ones future and create a good passive income

[@alicelewis8427]

Husband will have to retire in 6 months. He will be 64. We’ve been burnt by Morgan Stanley in the 90’s they took all our money didn’t pay taxes and skimmed. They got sued we got pennies. Where do we roll his 401k into a IRA? We have to live off his 401k (200k). So the 4% rule won’t work for us. Once these monies run out we will reverse mortgage the home if need be almost paid off.

[@mikeroyce8926]

Excellent video - I made it to the end.

[@teritran_theTurtleTraveler]

Hey Ryan, thank you for this vid. I stayed to the end and subscribed👍

[@vinetreep7541]

I watch to the end. A lot of useful Information. Thank you very much.

[@heathercowper2179]

Hello Ryan, thanks for posting this. Yes, I listened to the end. Well presented and easy to understand.

[@billpasaki4769]

I'm 65, never worked in America and just recently moved here form the UK. How do I sign up for SS?

[@GerardoRIOSGARCIA]

I saw the whole video. Very interesting video. Im 53 and you open my eyes.👍👍🙏🙏

[@ojmason9130]

Great information from start to finish

[@FinancialShinanigan]

My retirement plan is the lottery

[@LilFable]

Your my motivation Bro fr‼️

[@fesenal9818]

Very well explained. The reason why I don’t have enough money in Roth IRA is that my income can’t qualify to contribute with it coz I also max my 403b contribution. Now, I have to convert most of them, means taxes.

[@jongreener775]

Great, helpful & useful stuff here... all the way to the end of the video.

[@pelancha9894]

I made it to the end thank you for all this info.

[@raymiller764]

This is not a criticism, but this is pretty basic infromation. I guess it is useful as it is all in one place.

[@TheDigitalFilter]

Great video, minus the lengthy T-Mobile plugs.

[@GamesWithSpawn]

I watched till the end and liked the video. Thanks for all the great info.

[@victorgonzalez6088]

Very useful especially since my parents are coming close to retirement at this point. Stuck around until the end

[@janroque5200]

Amazing content and video. Thank you so much!

[@pollymeyer2287]

You didn't talk about investment property for retirement income. In fact, investment properties should be safer income compare to IRA or 401K when the economy has a problem just like 2008. When the economy down, IRA or 401K can be worth half, but house rental still will come in on time since everyone need a place to stay. The worst situation is lower the rental, but houses still there.

[@h2wngh]

...and piece of land beneath

[@slaltemus]

I have personal experience in rentals and I got killed because of a natural disaster which the insurance company didn’t want to cover much. Insurance policies can be tricky and getting goverment assistance on rental is hell. It sounded awesome till I ended up having to pay 47k in fixes and lost rental for 8 month after just buying the rental property 3 month prior. So my thoughts rentals can work but it is not as safe as everyone talks about and it is not passive get a bad renter and you will hate life and I don’t believe in paying others to manage it because it eats at profits. Keeping in mind the best part of rentals are Tax advantages but I believe that will slowly erode with governments trying to make up for the debt crises and closing real state benefits. Still I do like rentals but I believe in diversification. Also don’t be fooled we never ever actually own the land with property taxes and HOA your basically renting the land for life atleast in my state.

[@raoulallen5409]

Made it to the end, very informative video.

[@jessicalongoria8048]

Financial Independence is the dream! Any suggestions on a top investment management service that can generate anything around 10% monthly returns? Please none with ridiculous fees

[@wedsonolivia4103]

THINKING OF LIFE AFTER RETIREMENT is really a pain in the ass…. What’s the best advice for someone worried over Retirement.

[@AlumniQuad]

Check out the retirement, personal finance, and financial indepedence subreddits and KZbin retirement advice videos and you can get a feel for what other people are doing.

[@scottcorney3633]

Very powerful! Thank you so much :)

[@Brandon-tz2jo]

Here to the end, thank you!

[@nancyrodecap81]

Thank you for breaking this down

[@LenitraM100]

Made it to the end. Very informative. Thanks for the video!

[@anyajacquez1634]

Still here and finished the video ✌🏽

[@kathysheeran6589]

Listened while cleaning. Good info. Thx. 1st time listener

[@MannyWC]

Stuck to the end. I’m self employed. What about a sep IRA?

[@johncook1080]

I made it to the end. I'm interested in off-setting my retirement income with side hustles that allow me to use my computer at home. When I look back over my working career I could have done more. Now I'll simply have to make do. My mentation is great! I have three legs in my stool, but my retirement savings won't last all that long. SS, investments and pension fund. Check.

[@jacobnewman3595]

Great video!

[@David_10157]

This was really helpful. Thank you.

[@brucelindell1868]

Thanks Ryan. I made it to the end.