Great content in your channel, I’m 53 and my husband and I reached $1M net worth in 2017, five years later it’s $2.4M. Our yearly salary is a little over $100K. We drive older cars, cook at home, eat leftovers, and have 2 in college. We saved for college and our boys help by working. They will graduate debt free.
@andersonlegacy3136 Жыл бұрын
Congratulations 🎉
@AkweliParker2 жыл бұрын
All great and useful information, no fluff, and no gimmickry like those annoying, shouty financial KZbinrs. I love it-subscribed!
@RootFP2 жыл бұрын
Thanks Akweli!
@user-qc8vj3vp9v2 жыл бұрын
I totally agree.
@andrewb95952 жыл бұрын
Roth conversion ladder and geo-arbitrage is a great combination for limiting expenses in your early years of retirement and minimizing medical expenses due to healthcare being much cheaper (without insurance) outside of America. Lowering your expenses (therefore lowering withdrawals) in the early years of retirement can have a huge impact on the success of your retirement and helps mitigate sequence of returns risk.
@gtsuby2 жыл бұрын
Not everything is ACA or COBRA for early retirees when it comes to health insurance. Some folks retiring early may also have a choice for retiree medical from their employer. It may be rare, but it's out there. I retired at 56 with this benefit and a ridiculously low premium.
@RootFP2 жыл бұрын
That’s true! And it’s a great benefit when it is!
@garyg53472 жыл бұрын
good presentation...Roth you need to hold for 5 years before you can access what you put in penalty free? Rule of 55 is the year you turn 55 so if your birthday is dec 31 and you turn 54.... that Jan... you can apply the rule of 55
@anthonygardner4002 жыл бұрын
Thanks for the well thought out and clearly communicated content! Great job.
@RootFP2 жыл бұрын
Thank you!
@PH-dm8ew2 жыл бұрын
Very thorough and full of very useful information. Thanks
@RootFP2 жыл бұрын
Thanks Paul!
@joemiller80292 жыл бұрын
I thought I basically knew everything but you've opened my eyes to some really great ideas! Great insight! Thank you so much!
@RootFP2 жыл бұрын
Glad it was helpful!
@MrGoodaches2 жыл бұрын
I’m several years past this phase but it’s nonetheless enjoyable and informative to listen to how Mr Conole discusses how all the moving pieces work together in the bigger machine.
@RootFP2 жыл бұрын
I’m glad to hear that. Thank you.
@tnl78812 жыл бұрын
Great info. Thx
@RootFP2 жыл бұрын
You're welcome, thanks for watching!
@cholingvillamar35572 жыл бұрын
Why do we pay taxes on social security? I’m glad I discovered your videos. I just started thinking about my retirement. After listening to your videos I’m way behind in my retirement plans.
@RootFP2 жыл бұрын
Hi Choling, I'm glad you discovered them too! Social Security isn't going to be taxed as much as most other income sources, but depending on your "provisional income" between 0% - 85% of it will be included in your taxable income.
@vanessajones94552 жыл бұрын
Love your enthusiasm for this and different approach. Too bad you're not in Australia and across our retirement rules. Regardless, I'm still getting some similarities and ideas. So thank you!
@RootFP2 жыл бұрын
Thank you, Vanessa! Glad you liked the video!
@spicycopper24362 жыл бұрын
Excellent points. Thank you
@RootFP2 жыл бұрын
You’re welcome!
@catherinemurphy77852 жыл бұрын
When it comes to investment, diversification is key. That is why I have my interests set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Tech, and Health.
@JeremyGo-GoYears Жыл бұрын
Thanks for the video, though I wanted to clarify one inaccuracy at about 7:18 in the video. You say regarding the Rule of 55 that you need to be with the company until age 55. My understanding is that you need to be at the company until the year in which you turn 55, which is very different. Thus if I turn 54 on December 31 and leave my employment the next day, I qualify to take money out that year. I can't take the money out without penalty until I turn 55 on December 31, but I only have to stay employed until the prior January 1. This is a big distinction, especially for someone like me whose birthday is late in the year. Thanks again for the great content.
@Mytravel909 Жыл бұрын
That’s my understanding as well, it’s Jan 1 of the year you turn 55 that you can withdraw with no 10% tax penalty.
@dorothyparkins35392 жыл бұрын
Very insightful, thank you!
@RootFP2 жыл бұрын
You're welcome!
@testtest-dk1ql2 жыл бұрын
Thank you for excellent information
@RootFP2 жыл бұрын
You’re welcome!
@rayanderson31642 жыл бұрын
Actually you need only retire the year you turn 55. The irs doesn't care if your already 55 for 491k money just as long as you turn 55 that year.
@bryanth1a2 жыл бұрын
Great info. Thanks!
@RootFP2 жыл бұрын
You bet!
@sandravolel88062 жыл бұрын
Excellent information
@lucasdurham68302 жыл бұрын
Awesome video James!
@RootFP2 жыл бұрын
Thanks Lucas! btw - Scott and I answered your question on the podcast. We'll be releasing that episode in the next few weeks.
@lucasdurham68302 жыл бұрын
@@RootFP Wow! Thanks so much, I’ll be looking forward to it! Highlight of my Wednesdays!
@argyllebinguit3870 Жыл бұрын
Very, very informative. Thanks
@rickchandler25702 жыл бұрын
Health insurance is the main reason I’m moving out of the US. No other way I’ll be able to retire early.
@RootFP2 жыл бұрын
Yes, health insurance is typically one of the biggest expenses for early retirement.
@johnsonajayi78462 жыл бұрын
You don't have to leave the US, In some places, you can leave on $2,00 0 a month, rent and living expenses included.
@cjderoth2 жыл бұрын
Thank you again for the great info
@RootFP2 жыл бұрын
You’re welcome!
@noodle37682 жыл бұрын
I figured most of retirement estimate are to high. After you start to receive social security, it will cover most of your living expense. You can live comfortably with a small supliment income from IRA or rental income. So just plan the years before social security kicks in. You can live and travel to cheaper countries with much less budget.
@johngill28532 жыл бұрын
The average social security is about $1600, that isn't much
@peterforget9462 жыл бұрын
Healthcare costs are a big question mark. That seems like a huge x factor
@peterforget9462 жыл бұрын
Great video by the way
@RootFP2 жыл бұрын
Yes healthcare is a big variable for early retirement!
@rowddyone3570 Жыл бұрын
I don’t care about traveling the world that’s too much work!! Bills paid, beer, and BBQ every day is the dream!
@startlistening20212 жыл бұрын
I really appreciate this video. I am 53 and trying to figure out full or semi-retirement.
@RootFP2 жыл бұрын
I'm glad it was helpful!
@christaylor80222 жыл бұрын
The fact you can avoid the 10% penalty from early withdrawal from a 401k is news to me! As long as I retire at age 55 or later and only make a withdrawal from the 401k from the company I retired from. Is that correct? Thanks James!
@RootFP2 жыл бұрын
That's correct!
@christaylor80222 жыл бұрын
@@RootFP Thanks again! This information is for a friend, not myself. I'm 52 and plan on not touching any of my retirement accounts early, or until I need to!
@svanhoosen2 жыл бұрын
This may or may not be true, as the employers can choose to allow or not allow the "Rule of 55." My employer does not allow this, unfortunately.
@wernermueller9004 Жыл бұрын
To be more specific, to avoid the 10% penalty, you may leave your company with which you have your 401k - during the year you attain Age 55. So, if your 55th Birthday is, say, Sept., 2023, you're fine if you leave that employer on or after Jan. 1, 2023.
@SCSC-qz7rr2 жыл бұрын
Great video James! I’m glad you’re in CA, because I have tons of questions. How can you be reached?
@angelocafaro6867 Жыл бұрын
You are amazing !! 😊
@HectorMorales-si2tx10 ай бұрын
If I retire early (at 57 years old) am I still qualified for social security when I am 67 years old?
@bruced.3702 жыл бұрын
Thanks for this video 📹 👍🤑
@RootFP2 жыл бұрын
You're welcome!
@TheSalsy12 жыл бұрын
With the 72 (T), is it the lesser or actually the longest of 5 years or age 59 1/2? Thank-you. I really enjoy watching your videos.
@RootFP2 жыл бұрын
I'm glad you're enjoying them!
@jonathanmccarthy61262 жыл бұрын
I didn't watch the video but retire abroad is the way to go.
@stevenobrien5952 жыл бұрын
Great content James! Quick question, In a brokerage account could I set up a mirror investing plan like my roth iras holdings? Index funds? So it's seperate and accessible like you discussed at around 9:45
@RootFP2 жыл бұрын
Yes, you can. You can hold the same funds in each. They’ll just be taxed differently.
@ZelenoJabko3 ай бұрын
I am 33 and retiring in Europe. This video did not help even a little bit.
@billpasaki47692 жыл бұрын
I'm 65, never worked in America and just recently moved here form the UK. How do I sign up for SS?
@user-qc8vj3vp9v2 жыл бұрын
Bill, you will not receive any SS as you never paid into the system. Sorry.
@johngill28532 жыл бұрын
You can't unless you pay in 40 quarters. You may be able to marry an American and get spousal benefits if that's an option