I'm 47 and Afraid I Won't Have Enough To Retire!

I'm 47 and Afraid I Won't Have Enough To Retire!
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Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
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[@RamseyEverydayMillionaires]

Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf

[@chrisputhuff8390]

There is a Safeway

[@TheJackCain-84]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[@Jamessmith-12]

Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.

[@JacquelinePerrira]

Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.

[@kevinmarten]

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@JacquelinePerrira]

Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@kevinmarten]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@FeelMyTruth]

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

[@PotBellyPete69]

It may be a good idea to speak with a financial advisor who can help you develop a portfolio based on your individual goals and risk tolerance.

[@AddilynTuffin]

Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.

[@judynewsom1902]

Your advisor seems competent. Could you share how I can reach out to them? I've recently sold some property and am interested in investing in stocks, and I'm seeking guidance.

[@AddilynTuffin]

Jennifer Leigh Hickman is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@gregorywhem]

Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info

[@Sampson-jh7yq]

I've been diligently working, saving, and investing towards financial freedom and early retirement. However, the economy's downturn since the pandemic has significantly eroded my portfolio. My question now is: Should I continue contributing to my portfolio in these unstable markets, or should I explore alternative sectors?

[@CrystalJoy-32]

Consider diversifying your portfolio across various market sectors. This approach helps balance your investments and mitigates the risk of significant losses.

[@albacus2400BC]

As a contractor, my job leaves me little time to thoroughly analyze my investments or evaluate stocks myself. Therefore, for the past seven years, I've entrusted a fiduciary to actively manage and adjust my portfolio to align with current market conditions. This approach has helped me navigate the ups and downs, knowing when to buy and sell. Perhaps you should consider a similar strategy.

[@RuthEvelyn-rc3bg]

Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

[@albacus2400BC]

There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.

[@DennisJack-km8ho]

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip

[@professorchaos617]

These phone calls are always either completely clueless or humble bragging.

[@BenTodd-fl8nv]

I'm a 48-year-old doctor, burnt out from long hours and stress. I've never invested in a retirement portfolio, fearing economic collapse. Planning to retire soon, I'm curious: With $100K to invest safely in stocks over 4-5 years, how would you start?

[@Theresaa12]

I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.

[@judynewsom1902]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@HarrisRyan-oy8eo]

Judynewsom, I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.

[@judynewsom1902]

*Sharon Lynne Hart* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@Debbie.Burton]

very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified

[@greggeer6231]

I'm sure most people would love to be in her situation. Making 200k a year, have a house that's paid off in a year, and no debt. That sounds like a dream for most of America!

[@Reza_Audio]

Exactly

[@i.d.6492]

Yeah but have you lived in California, everything is expensive over there, way more expensive compare to where you live, plus $200K is gross income not net income, after taxes they'll be taking $130K

[@baumullerm]

They live in San Francisco so they leave there when they retire they are fine 😂

[@denisships2861]

Still that's not gonna cover your bills in retirement

[@dummgelauft]

She probably doesn't spend the money that she doesn't have on things that she doesn't need..to flex..

[@Ingridlourd02]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@Lourd-Bab]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@Ingridlourd02]

@@Lourd-Bab However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments

[@Lourd-Bab]

@@Ingridlourd02 Oh please I’d love that. Thanks!

[@Ingridlourd02]

@@Lourd-Bab Judith Ann peace is her name

[@Ingridlourd02]

Lookup with her name on the webpage.

[@phillips9945]

I actually felt bad for this woman until she finally said they have a household income of 200k a year, 20k in the bank, and a paid off house at 48 years old. Give me a f-ing break.

[@mikerzisu9508]

Right? Real world problems here

[@watwat79]

And no kids.

[@james1000]

She’s got a long way to go and needs to do more than max retirement accounts but will be fine. Just a question of when they can retire

[@lindamishalanie5593]

It's called planning. Others should try it.

[@deb8119]

I would say living in San Fran would be a bigger worry for her at this point…

[@NipItInTheBud100]

I love listening to these people who are making $200,000 worried about whether or not they will make it!

[@dfiniin6820]

yeah, no kidding. How about the person making 50K a year. Wish i had her problem

[@marcusulmer4142]

In her defense, $200k in San Francisco is like minimum wage lol

[@NaNa-lt1po]

@@dfiniin6820 in sf, 200k is like 50k

[@ricolewis2949]

If they are making 200 but spending 201, Then they need to be listening more than us

[@blahblah1438]

Try living on 38 gross owning a home and teenager

[@TheDjcarter1966]

The number one factor is lifestyle we just retired at 55 on a $40k a year pension...I still have money left over every month and that's even with a mortgage. Having no debt is the key. If you have a paid off house and you literally only have groceries and utilities it doesn't cost a lot to live.

[@TheMechanicj]

Yes sir I will have my house paid off by December this year i will be 36 with no debt and my cars have low mileage so won’t need to make any large purchase for a long time

[@mph5896]

The one HUGE variable is medical bills.

[@TheCanineclub]

Insurance is the largest bill you have some, and taxes- I'm debt free and an everyday- and my biggest cost by Far is Insurance, Taxes, Food- so its not just groceries and utilities- a tad bit more- plus you always have things come up you don't know are coming,

[@TheMechanicj]

@@mph5896 yeah that’s America you can’t get affordable health insurance unless you work abs get group insurance my wife covers my family it’s 600$ per month I’ve priced a similar plan and it’s over 2000 a month

[@TheMechanicj]

@@mph5896 so one of the people gotta work a real job or have a super high income I make over 150000k fixing cars my wife makes 60000 but has all the benefits abs Insurance so if she loses her job we gotta pay 25000$ just for the premiums instead of 7200 a year if she is working

[@stevensmiddlemass2072]

I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.

[@DanLeahfort]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@colleen.odegaard]

@@DanLeahfort I agree, , I totally agree, I'm 52 and just retired with about 1.2 million in outside retirement funds, no debt and very small dollars in retirement funds compared to my balance of portfolio over the past 3 years to date. tbh, the role of the Fin-advisor can only be overlooked, not denied. just do your research to find a reputable one.

[@colleen.odegaard]

Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "Stacie Kristal Weber"" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

[@williamharris5957]

😂😂😂

[@sct4040]

Beware of Buying too much stuff in retirement.

[@nobbie_07]

It's not what you make. It's what you keep.

[@chrisjimenez603]

My old boss would say that to me.

[@GDuncan8002]

Absolutely. I'd rather earn $40k and keep $6k than earn $150k and spend $155k.

[@mikedroz2301]

My fiance and I are 37 and we're just starting. We have $26 in our checking account, she's unemployed, and I'm about to start the best paying job I've ever had, 33k a year.

[@danielfigueroa1592]

Keep pushing brother. That 33k will go up with dedication and time! You got this 🙏

[@frankm2385]

Don't get married until she finds a job. You can do bad all by yourself.✌🏽

[@TheDjcarter1966]

Biggest key is no debt and live below your means. It will be hard but try putting away 5-10% in savings until your emergency fund is full even if you are living paycheck to paycheck really tighten the budget

[@MrTmenzo]

If she can't work and loves sweets it wouldn't hurt to sell baked goods on Etsy.

[@djpuplex]

Your wife has a job it's spending your money.

[@rayb3000]

I'm 47 my husband is 47. We're like 47 and i just wonder like i dont see it. At 47 will we have enough to retire? Dave: How old are ya?

[@roadrunner9622]

😂

[@lizkellysromero3581]

🤣🤣🤣🤣

[@CroisMoi]

😂. He used to write notes. I think he needs to do that again.

[@quiet451]

I feel like people are detached from reality. If you earn $200k/year for the next 20 years and own a home in a HCOL area is there really that much to worry about? They are globally in the high 1% of earners. People retire every year with zero dollars in savings.

[@whyooter1]

QUIET….451!!

[@mariacaragan6137]

That is true. Is that the usual salary in the US? Amazing.

[@Nonsense116]

I'm not sure you have a realistic understanding of the top 1%. Also retirement is not an age that comes inevitably. If you have nothing in retirement savings then you will never enter retirement.

[@damondiehl5637]

@@mariacaragan6137 For the year 2020, the U.S. Census Bureau estimates that the median annual earnings for all workers (aged 15 and over) was $41,535; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $56,287. $200k per year means they are both working in some form of high-skill job. At 59, I am finally about to break through the $100k per year ceiling. But I went to college in my 30s, after over a decade in the Marine Corps, so I got a late start (I'm rich in experience). UW Madison just had ads in the paper stating that MBA grads start out at about $84k per year.

[@GDuncan8002]

​@@mariacaragan6137 No, it's high. The national median household income is $74k. And that's for a family, not one person.

[@Ja50nkAt]

Retirement is based off of lifestyle expectations.

[@susannnico]

Thanks for this amazing information !! If you don't find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key, I pray that anyone who reads this will be successful in life

[@lailaalfaddil7389]

You're absolutely right , to be a successful in life required not only hard work but awareness and sometime opportunity at the moment , investment remains the best to start

[@Rldr308]

Dave’s return rates are astronomically higher than average.

[@roadrunner9622]

I doubt he's telling the whole story.

[@johnsonajayi7846]

The average returns in the market is 10%.

[@georgeslupski5987]

Yes, I agree. OR he just knows where to put it

[@kristennn850]

I retired at 53 with very little saved up. Good stewardship and good luck has grown it to about 750K. I told my money guy, “I don’t know if I’m retiring for good, but I’m retiring for now.” Haven’t looked back.

[@schukerD]

How have you handled health insurance ?

[@kristennn850]

@@schukerD I paid for COBRA until Medicare kicked in.

[@schukerD]

@@kristennn850 Thank you.

[@ramonfred]

What type of money guy do you use ? ( I am new to this situation )

[@kristennn850]

@@ramonfred I started out with ” Ferrochrome securities “ they’re really good. A while ago, my guy there went out on his own. I got very lucky, & consider him a good friend, but interview several, make sure the one you settle on is a fiduciary and not a glorified salesman. Have a list of specific questions to be answered.

[@windingpath]

Putting nest egg in a growth fund and expecting 12% return is really not a wise move for someone entering retirement.

[@fjorge4014]

200k and house almost paid off. Hello !!! You guys are in an amazing situation , lots of people are still renting and making way less. Enjoy what you have and be thankful 🙏🏽

[@ceciliapetrowsky2572]

We saved like crazy. Guess what? We have hardly touched our savings because no one seems to figure in their Social Security which was more than we were expecting plus my husband's pension. However, I realize that most people don't get a pension. Just don't rack up a ton of debt before you retire and you'll be fine.

[@dakotadak100]

Yea, the program is truly only beneficial for those already collecting/collected, anyone under the age of 50 will not get out anywhere even close to the same leve of wealth they paid into the program.

[@albertogonzalez1746]

I’m 29. You are stealing my SS tax as I will never see any of it

[@roadrunner9622]

Those of us retiring after the 2030's will most likely not be so lucky.

[@ivankrushensky]

I'm 39......and you're correct, I don't figure in SS. Because the way it's looking it won't be much by the time I get there.

[@georgeleonard7599]

I believe Once people have at least $1.5M invested, their average return on investment will begin to exceed their household income. In other words, their invested money is working harder than they ever could, which creates lifestyle options that most people never get.

[@Jasonswood-ch2bb]

That's why a huge goal of mine is to hit the 1.5 marker as soon as possible. I started at 18 (now 29) so hopefully compounding does most of the heavy lifting, but the building process is a long one.

[@stephenscroggins4040]

When you look at it that way it's completely possible. The first $100K is really hard. After that, compounding makes a huge difference, and keeps you motivated. Meanwhile, keep investing and don't touch the money. You will need to take major risk and invest time into whatever you want to do. I was able to net over $620k in profit in the last quarter from my diversified portfolio strategy, I'm planning for retirement at 65 but my initial thought process was based on retiring early and living off that the rest of my life.

[@petergould282]

I really acknowledge your comment i recently started trading stocks, but i have not been able to make much You seem to be doing very well for yourself, How did you achieve this?, I'd love to have a good retirement.

[@stephenscroggins4040]

@@petergould282 My portfolio is very much diversified so it's not like i have a particular fund i invest in. plus i don't do that by myself. I copy trades from a US professional trader. Mary Freed Lorenz. I can correctly say she's worth her salt as a financial adviser as her diversification skills are top notch/ I say because i see that in her results as my portfolio grows by averages of 10 to 15% on a monthly basis. just mirrors what she trades and not just on some particular industries of my choosing.

[@brucechou8553]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@joshbryan486]

Thank you for what your doing Sir! Giving us Hope! Working on Babystep 2 right now. I am 41 and my bride is 39. Both working like crazy. God Bless you and yours!

[@nsant]

Keep it up bro. How are things going?

[@p.scottrice8235]

This is 2 years later than it was posted as it popped up on my KZbin but it is timeless advice. Investors vs Debtors is a great analogy.

[@theclagster2]

This is Dave’s best session to date IMO

[@theburnetts]

Here's the part I always struggle with. Dave is so unbelievably optimistic compared to just about every other financial guru out there. He regularly uses a figure of 10% - 12% expected return on your investments. And he suggests that you can take off 10% of your money every year and your principle will last forever. Almost all other financial gurus out there say 5% is about the maximum you can take out every year if you want your principle to last forever. Dave is correct that the market has averaged 10% per year over the entire history. But if you look at a specific 15 year period there are plenty of examples where the market returned much much less. If you head in to retirement at the beginning of a 15 - 20 year flat period you would be crazy to take off 10% each year. I am just wondering if Dave is being crazily optimistic or if others are being overly pessimistic.

[@slmunney7760]

My thoughts are that Dave is crazily optimistic, particularly given current market valuations and market outperformance over the past several years.

[@chrisklappich5998]

It’s because he is egotistical and unable to admit he is wrong

[@fnordiumendures138]

Both, I fear. It seems to mee that the market fluctuates in a way that you can't assign ANY fixed percentile withdrawal number. The 4% rule will have you over-sawing most of the time, and Dave's 10-12% will have you living well for less... unless it won't.

[@chrisklappich5998]

@@fnordiumendures138 the 4% rule is about withdrawing your savings not how much you save

[@fnordiumendures138]

@@chrisklappich5998 ...and if you believe in the 4% rule, it will dictate how much you have to save. Because that's it's purpose.

[@JB-kx9bx]

That's impressive to have a house paid off in the Bay Area by 48.

[@RockyTopSplash]

Why? Buy a house at 18 and pay on it for 30yr.. boom. Paid for. And that's the dumb way to do it. Why is that impressive?

[@intelliot]

@@RockyTopSplash no one in Bay Area buys a house at 18

[@sammybully5030]

@@RockyTopSplash hahahahah man is life was that easy... boom wala

[@JB-kx9bx]

@@RockyTopSplash Who has a downpayment plus enough credit at 18 for a mortgage? I couldnt even get above a $250 limit on a credit card when I was 18 in 2005.

[@RockyTopSplash]

@@JB-kx9bx I bought my house at 18.. had a credit score of 737 6 months after I turned 18.. started working when I was 12... 0% down payment though

[@jasonbroom7147]

Any discussion about your retirement "number" that doesn't start with the word BUDGET, is just so much hot air. One of the great things about learning to live on a budget, is that you can live your life on a budget! Within reason, the Ramsey Baby Steps have taught you to live on whatever amount of income you have, and actually to live on less than that amount, for most people. Also, most of these retirement calculators are telling you to save and investment huge amounts of money, and why is that? They give you that advice because they are published by companies whose entire business model is based on how much money you have invested, so how much are they going to recommend that you save and invest with them? ALL OF IT! There is no honest investment company out there having budget discussions with their clients, because that hurts their bottom line.

[@July.4.1776]

At 47 you have twenty more years to work.

[@AudraZapoticky55]

investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>,.,.

[@Annis-co7vu]

I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,

[@Madlyn55]

how do I get in touch with this consultant that assist??>>>>

[@Annis-co7vu]

STEPHANIE KOPP MEEKS, that's whom i work with look her

[@Madlyn55]

Thanks for these recommendations.....,,,

[@Pieter2360]

Vanguard expects 4% for 2022-32, Ramsey 12%. Hope he’s right, but for planning purposes, I’ll go with Vanguard.

[@chrisklappich5998]

Not that they are wrong but they have been projecting this since like 2017

[@greg6909]

They always say that, because their products/etfs are the returns they are selling. So you buy an etf that they say will give you 4% return, but every year it's more than 4%. Then they say wow look at this product it's working better than expected!

[@scmsean]

Vanguard also recommends you put a large amount of money into bonds. Every time I log in I'm told I'm 100% in stock and need to adjust. I'm leaving my money 100% in stock until I die.

[@Pieter2360]

@@scmsean if you have the stamina and ability to be 100% in equities, then certainly go for it!

[@Pieter2360]

@@greg6909 possibly true 👍. Nevertheless, for planning purposes, I prefer to err on the conservative side and enjoy the upside as added bonus if we see Ramsey-like annualized returns over the decades to come.

[@WorldinRooView]

You have to be careful with some investment calculators that are done by investment firms because they will only usually look at the money you have invested with them to try and encourage you to invest more with them.

[@TamaHawkLive]

The honest truth that seems dire for most people to realize is that save for a very small percentage of people we will all almost certainly work until the day we die. I honestly don't know how you could go about your day without doing something anyway. The best mindset of money is to be responsible enough with it to have the freedom of choice to enrich your life or even shift it around and that's truly all most people can ever hope to attain. Everything else is just spending for the sake of spending.

[@foxcatherine]

200k income and worried about retirement! What’s wrong with this country?

[@laughoutmeow]

They’re almost 50 and she said they just started making that money recently. She was making minimum wage for her entire life until 5 years ago. We also don’t know what they do and how much longer they can make that income as they get older. She should be worried..

[@foxcatherine]

@@laughoutmeow Thanks for your explanation. Her worry makes sense now.

[@scmsean]

Looks at the area they live. It is insanely expensive.

[@gatomike26]

Because you can make that much in California or many blue states and not afford a house right now.Wake up.

[@tubenachos]

Lifestyle creep

[@lynnebucher6537]

The #1 important thing is to save regularly. I started aggressively saving not long before the great recession started and kept at it through the turnaround. Was able to retire at 58.

[@wheelie642]

Maybe the smart thing would be buy a two family. When you reach retirement your kids live in it and parents live in it. The kids pay the taxes, the utilities, the cable, the water and sewer bill. As the parent you live free of bills. Then when the kids retire their kids will support them. The main house should be a 3 bedroom and the retirement part of the house a two bedroom handicapped prepared house with 38 inch doors.

[@littleearthquakes3183]

These people are wealthy and probably have more in their retirement than most people their age.

[@roadrunner9622]

But she's almost in tears. It's a little infuriating.

[@indiaandrews6996]

She lives in Silicon Valley where a $200k income is peanuts.

[@kevini4295]

They will be fine. I won't be. I am 45 with a whopping 9k in my 401k. I make 60k a year and have 10k in credit card debt. Still renting.

[@babblesp1367]

I’m not much better off.

[@rs7458]

You’ll make it work. You have another good 20 years. Don’t give up.

[@gagnepaingilly]

I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime. $500/month invested from 25 - 65 at 9% is $2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?

[@sommersalt88]

Generally speaking, a good number of people discredit the effectiveness of financial advisor in planning for retirement, For over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but retirement doesn’t seem so farfetched anymore.

[@michelefisher5171]

mutual funds are good. Ramsey invested in mutual funds.

[@michelefisher5171]

That’s a big chunk of money. Any way you can get happy with your job?

[@macdisciple]

@@sommersalt88SCAM SCAM SCAM SCAM. This thread from top to bottom was created as a scam

[@Shultz4334]

great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time

[@TVHouseHistorian]

I was 42 when I began legitimately saving. Had been socking away money since I was 21, but it wasn’t much. I’m 49 now and saving 12% in addition to my employer’s 8% contribution, and even I’m a little panicky.

[@skycaptain95]

Try to save even more. I know he has that rule for a reason, but it's a simple fact that you can and should try to retire early or with more money than you expected.

[@damondiehl5637]

You are lucky to get a match that large. 3% is a lot more common.

[@danhan121]

@@damondiehl5637I’m getting 10% match added for a 5% contribution (15% total). Very blessed

[@damondiehl5637]

It's very common for people to finally start getting serious about investing for retirement in their 40s.

[@roadrunner9622]

​@damondiehl5637 Yep. Because for the first time in your life you can FEEL how much time you have left before you turn 65. It's no longer just some vague idea off in the distant, foggy future.

[@rajvo7406]

You need 2 mil to live on 200k year.......wow..what a golden advice

[@Ethernet480]

No reason to not be maxing out your retirement on $200k with the house paid. I was maxing on half of that with a family of 4 and a mortgage. Maxing 401k, Roth IRA and HSA. But I wasn’t switched over to Roth on my 401k yet…now I’m Roth across the board

[@ariefraiser140]

Were you doing that in San Francisco?

[@miriamtedesco781]

Healthcare is the big number if your only 60. In NJ it’s $2,400 monthly for healthcare premiums.

[@GDuncan8002]

Unless you're in a privileged group where the taxpayers chip in most of it.

[@neverclevernorwitty7821]

When did the humble-brag channel launch?

[@oechsli]

Great practical advise and excellent video format.

[@site_is_down]

When we strike a balance between money and time, time takes all the weight, because even in order to make money, we need this indispensable tool as time is.

[@edfig]

They're not going to have a house payment anyway so they are going to be fine. Online calculators don't account for that.

[@stephenshepherd5068]

Here is the problem with an 8% withdrawal rate. If you have a down stock market year in the first 5 years of retirement, you could draw down your retirement amount by double or triple that. That 1 early down year would have you run out of money unless drastic measures were taken, like moving to a 3% withdrawal rate moving forward. That is dangerous advice.

[@OShackHennessy]

I want to see how many people who believed his lies ended up needing to go back to work over a period of time. He is an idiot.

[@AS-gf5jn]

My plan for a down year is to draw less that year from a savings cushion, as every 8-10 years there's usually a big correction.

[@misaeltorres908]

I’m glad I’m not the only one that started late 🤭

[@JMichael2x2]

She’s in great shape

[@megalodon1726]

They have $182K in retirement accounts now, if they keep investing 15% of their $200K income ($30K/year), and get an average annual return of 10%, they'll have $2.4M in 18 years when they're 65. And that's without considering that they'll be investing more than 15% after their house is paid off.

[@slmunney7760]

Many assumptions there. One being that their work will continue uninterrupted until they are 65. The bigger one being that they will realize an annual return of 10% over the next 18 years. The caller and her spouse need to catch up and save as much as they can as soon as they can.

[@megalodon1726]

@@slmunney7760 10% average return is a reasonable assumption, given that's about what the S&P 500 has averaged over the past 40+ years. Second, although they might not remain continuously employed until 65, once their house is paid off next year they can bump up that 15% investing to 30% or 40%, which would more than compensate for ordinary periods of unemployment (2-4 months here and there, not repeated year-long unemployment). Of course, there are no guarantees, but it's very likely they'll be able to have in excess of $2M by 65 if they stick to the plan. Maybe even over $3M.

[@slmunney7760]

@@megalodon1726 Great points, but 18 years is not 40+ and I believe we will see market returns revert to historical means over the next decade or two given current valuations. But even if they hit 2.5MM at 65, that may not be enough to support the spending habits. If their effective tax rate is 15%, they are spending approximately $140k/year currently. They are not in dire straights by any means, but they are behind in savings particular for their income level. If I were them, I would adjust my lifestyle and maximize my savings as soon as possible. Your points are well taken though.

[@pkal244]

@@slmunney7760 agree with you here. It's a tough pill to swallow but they should max out their tax advantaged accounts NOW and not wait for their house to be paid off. If that means cutting other bills & monthly expenses then do it immediately, rip off the band aid. She calls herself an expert but it sounds like they love to spend money regardless. We make more than this couple but spend even less than they do.

[@slmunney7760]

@@pkal244 Agree with your thoughts as well. Nice posting with you.

[@thatpointinlife]

47, make $200K/yr. combined, already have $170K saved in retirement accounts, and almost own their house in San Francisco. If they are work from home status, or even if not, they should consider selling the house after it's paid off, investing that MASSIVE capital into a retirement fund, and just rent until retirement, which will come A LOT faster after they've invested the proceeds from their home sale.

[@thatpointinlife]

@YT Flava, if they've owned their house for over a year, they'd be taxed at ordinary income. Not sure where you pulled $500K out of...

[@smooth2365]

Nope disagree Renting forever is not a good choice when you can live rent free

[@JK-zt4ym]

Getting started investing is depressing, but if you stick with it you do start to make money and it becomes encouraging.

[@GDuncan8002]

You don't make a lot the first ten years. The second starts to show return. The third is pretty sweet.

[@dorenestewart5084]

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[@dorenestewart5084]

@JillMiller2 It 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.

[@dorenestewart5084]

@JillMiller2 Hi, please who is the expert assisting you and how do I reach out to them?

[@damarisgutierrez677]

"He who loves money will not be satisfied with money, nor he who loves wealth with his income; this also is vanity." Ecclesiastes 5:10

[@alko-ovialko5816]

Good comment

[@mattmead2623]

There is nothing new under the sun

[@icelandic_mughal2223]

Someone in San Fran Cali with a paid off home _____ instant millionaire. Add 200k take home, what worry!!!! Bogus call.

[@RetirementBudgetCalculator]

Create a retirement plan based on your spending at the Retirement Budget Calculator

[@Mao2187]

Dave was so accurate on his prediction. It didn’t make 20%, it lost 20%. 😢

[@Mitzi73]

That was good advice. Dave wasn’t trying to be diplomatic, he told them the truth and it was good news.

[@travelnurseadventures3225]

“Lotta money..” Not in San Francisco-they do have a money problem

[@GDuncan8002]

They aren't bolted to the ground out there. They can easily move to a cheaper area, especially after they retire.

[@kylecouture1917]

Also, dont forget, contribution limits go up every year. Roth IRA has gone up 500 a year for consistently for the past 3-4 years or so.

[@inertiaforce7846]

If you have a $2 million portfolio and the average dividend is 2%, that's $40,000 per year before taxes. Taxes on dividends are 15%. So that leaves you with $34,000 per year. It takes $2 million of principal to produce a $34,000 per year dividend. The idea of living off dividends is not going to be easy since it requires such a large principal for it to happen.

[@GoldAMG]

Roth is best.

[@roadrunner9622]

Finally someone who gets it. Dave's got a lot of good advice. But some his numbers are kooky.

[@AS-gf5jn]

Who lives off dividends? If the portfolio appreciates 10-12% annually and you take 6-8% to live, you still haven't touched the principle.

[@inertiaforce7846]

@@AS-gf5jn That's another discussion completely. I was talking about living off dividends.

[@FrankS111]

The only way she can retire in the next 10 years would be to flee San Francisco to a low cost of living state.

[@truthseeker6338]

Or another Country

[@scottwooster4584]

Their home value is enough to retire on. Just have to move out of the Bay.

[@judymarshall6889]

I was going to say the same thing. I just left this past summer. Best move of my life. 200k in SF is not a lot...

[@elmateo77]

I'd say stay where they are until it's time to retire since they're making a good income and their house is probably appreciating, then sell it and move somewhere cheaper.

[@blk1735]

@@judymarshall6889 But they won't have a house payment very soon.

[@pristinedetailing5171]

I'm 46 and never wish to retire. Why would I want to stop doing what I love?

[@AS-gf5jn]

Truly a blessing! If you don't mind sharing, What kind of work do you do?

[@karlkindle5275]

please tell me ur kidding

[@davmatt941]

I wish my parents would listen to Dave’s show. They both just turned 60 and to the best of my knowledge have less than $200k in retirement savings, owe $200k on their house, have probably another $75k in other debt, earn around $175k a year, and are currently building a vacation home (took out a $300k mortgage to build) that they can rent out during the year…they have absolutely zero experience with renting out property. To say that I’m concerned about them is an understatement.

[@Godfearer7]

🙏

[@sethbender2863]

No they will not struggle. Once they pay off their house they should put somewhere between 20 and 30% which sounds like a lot but they will easily be able to do it. Good for them!!

[@jovandraganescu1406]

These calls are hilarious. Can you say “first world problems” 😂😂😂

[@TheHoriginal]

True dat

[@desimo147]

You really don't need much saved, if you work until full social security age. Between her and her husband, they will likely collect $4,000 per month from Social Security. If they have a paid off house, they can live a very nice lifestyle on $4,000 per month. I'd say a little nest egg of $500,000 would be plenty to cover unknown or unusual expenses, or to provide supplemental income. And they are well on their way to having double that (maybe more).

[@twistedtea7133]

Don’t ever depend on social security lol.

[@kensmith2796]

@SuperDave $4000 is not that much money. Also Social Security is taxable, so they wouldn't be bringing home that much. You're also assuming they both stay healthy (and alive) long enough to work till full s.s. age. Older people require more money as their health related expenses go up and they often need to pay people to do things they can no longer do for themselves. She doesn't necessarily need 2 million to retire, however, I would not recommend people think they can live off social security.

[@yoyutube100]

VOO is the answer

[@urizon41]

Your in CA. Good luck.

[@BooBae123]

This is scary. I am 34 with nothing saved in retirement

[@HM-ke1qm]

Just don't retire. Work until you die.

[@CarnifaxMachine]

Bruh... get on it. I just turned 33 and recently crossed $1.1M. Nothing fancy. Just saving a large portion of my salary and investing in index funds for the past 10+ years. Live reasonably and let the market do the heavy lifting.

[@damondiehl5637]

Get on the Ramsey plan's Baby Steps. Create a budget so you know where all your money is going each month. Get a $1000 emergency fund Eliminate all debt except for your mortgage. Pay the smallest debt first to get the snowball rolling. Get 3-6 months of living expenses stashed in the bank Start putting 15% of your gross income into your 401k or IRA Save for your kids' college/tech school fund Pay off the mortgage It's all about mindset.

[@giovanapc1]

Just start and automate your saving/investing. The rest will follow!

[@Dutch1982]

34 is not a big deal at all. Start now, you have 31 years to grow and compound interest in an index fund.

[@pauly5502]

Paying off your mortgage will typically only save you 60% of you month mortgage payment.. you still have taxes and insurance

[@macdisciple]

Got a job with the state at age 50 had $0 retirement savings. By age 65 the 25-year value of the pension to me will be about $700k. Plus I get SS. If you are like I was, find state or federal employment.

[@GDuncan8002]

Yeah. State is usually better.

[@LearningFast]

Ironically the Dow is at $37,000 today two years after Dave said it was at $36k. It is showing signs of going back up though.

[@Rashaadthegr8]

I had to rewind that part. Now you're an investor not a debtor.

[@Dooguy]

ive called this show so many times....left messages i wish someone would get a hold of me. Ive lost my job of 34 yrs to covid. I seriously need some management help so my retirment plan doesnt tank. Ugh

[@joshuas3897]

Best of luck to you! 🙏

[@greg6909]

Dooguy keep your head up

[@Fred1294]

Angie is rambling on 1:25 Dave's head is spinning.

[@terrykrall]

She’s 47 and concerned... she’ll be fine. The folks who are 60... 62 and just started thinking.... “hey, I’m gonna need to retire because Social Security is a joke.’... they are the ones in trouble.

[@suleimanpeshawari1032]

Ramsey should thank the US education system that does not teach basic finance and makes him look smart!

[@PInk77W1]

I lived right down the road from her. SCruz. I was way worse than her. I was 56 and had $11,000 in credit card debt. I had $0 savings. I retired and have a pension $2400. Take home. I moved to Texas and bought a home cash. Now I have no cc debt. I have no debt at all. I will receive a SS check Of $1200 take home added to my pension. $3600. Income with no debt.

[@PInk77W1]

@Lone Ranger a govt job u wouldn’t last 5 min in. LoL

[@PInk77W1]

@Lone Ranger I climbed big redwood trees for the state of California. I almost got kllld daily. I saved the taxpayers of California millions of dollars. You’re welcome

[@i.d.6492]

People say wow they make so much money, for one person sure but for two living in one of the most expensive states in the whole country it really isn't enough, their take away after taxes is $130K approximately it's great for a person living in Texas but not Cali

[@coderider3022]

12%, need to subtract inflation, managed fees and assume its equities that’s more focused on sp500 or Nasdaq , yes can get to about 5-6 ish.

[@i.03983]

I can't imagine wanting to retire I want to do things until I'm in the grave

[@jasonsindoni7832]

Exactly

[@x_270rr_s3]

Depends on job. U might sir in comfy office all day.. I wanna free and do things on my own time and spend time with my grand kids.

[@cooperscreditconsultingint6792]

Me too!🙏🏿🙌🏿🙌🏿

[@whyme7996]

retired doesn't mean dead

[@i.03983]

@@whyme7996 no but retired means early death look up the stats

[@Hi-qt2nj]

Hey Dave, So I’m worried I won’t have enough for retirement. Allow me to unpack, I make 350k a year, I have 1.2 million in my 401k, 500k in my roth and I’m debt free except my home. Which I owe 50k. I’m worried

[@jamesmir89]

ah yes, that’s exactly what the lady said

[@lahfulton6116]

🤣🤣

[@tylercampbell6058]

Rice and beans, beans and rice for you. You’ll be fine though.

[@tomtang]

Most callers don't have problems, it's their egos 😂😂😂

[@TheDomainNameGuy]

A person only needs to work 1 day a year if they know how to double a day trading balance and they have the patience and risk management skills and a budget It only takes less than 48 hours to double a day trading balance if you understand how to read the red and green candlestick charts

[@heyyallbricks877]

How many of your investment professionals would recommend an 81 year old to invest aggressively enough to make 12%?

[@roburb73]

15% is not nearly enough!! Ramp that up, by a lot!! If not you'll be working until you're 65. If you want to work another 20 years, by all means listen to Dave. 12% if BS. If that's the case, his recommendation of paying down a 2.25% mortgage rate with annual 3% inflation is even worse than initially stated!!!

[@ClaxtonBay123]

They’re doing 15 until they pay off the house. Which is what Dave teaches. With their income they’ll be fine.

[@jl-zz9zs]

The stock market average CAGR after inflation is closer to 6 percent. People expect the market, just doing index funds, is returning historically more than they will average out to. Many do much worse moving money and trying to find actively managed funds that will beat the market

[@gomi]

Not in great shape. Instead of focusing on paying off her home she should had something invested and growing during those years. 200k is nothing for a couple in SF and her job can always go away as well as her health issue. She should have started investing earlier maxing it out, refied at 2.5, and continue to max out until that’s not longer possible. Her home that she bought 15+ years ago is probably 4x of what she paid for and with inflation the principal is a drop in the bucket now. But the loss of time and the compound interest will hurt.

[@karens6053]

how did she go from minimum wage to $200,000 year in 5 years

[@vicepresidentmikepence889]

Her household income is $200,000. She has a husband

[@kuryanthomas1438]

THEY make a decent bit of income but i know why she is worried living in such a high cost of living area like sf. Maybe cause of that she should work a little longer and not try to retire too early.

[@harknowhere]

They can retire by 57 easily

[@adamtki]

I was laid off 4 months before the year I turned 55. As a result, I can’t withdraw without penalty till I’m 59.5. 29 years of service doesn’t mean much when they let you go like this.

[@jimmykrackkorn4347]

These shows, especially Ramseys, always give air time to wealthy people and never the majority of the population.

[@danduran4981]

These folks are behind if they are looking to retire in SF or any other high cost of living area at around the typical retirement age of 65. Dave makes a lot of assumptions but does state at the end you can't rely on these investment calculators as they can't mimic real market conditions. I think he's wrong when he states that you usually have more than what the calculations figure. There are so many variables. You never get a steady rate of 10-12% a year return in the market. You may make 20% one year and lose 35% another year. The order in which it happens is also a huge factor and unpredictable. We have seen such high valuations that at some point it will correct itself as it has always in the past. The best advice for these folks is to continue to save and try to make max. contributions to their IRA's and 401k's each year and add even more once they turn 50 and are eligible for extra contributions. If they do this, they should be ok assuming they retire to an area that doesn't cost as much. They can sell their SF house and buy a less expensive one which will provide them with extra cash. I also would like to know what specific investments they have. That could be tailored to keep costs low and get market returns without adding any more risk than necessary.

[@TheMechanicj]

I have never seen 12% I have seen mine and I’m investing “aggressively according to my 401k plan” and I make 6-8%

[@machutson5493]

Yeah, always questioned Dave's return percentages.

[@theramseys22]

You might need to relook at what your invested in. My 401k as of 12/31/2021 my return was 19.56% for last year.

[@TheMechanicj]

@@theramseys22 last 2 years don’t count I make a lot too last 3”2 years but this is fake profits this economy is failing and making 20% in the stock market is a joke considering the economy is failing

[@theramseys22]

@@TheMechanicj oh yeah definitely I'm just saying what the return was for last year but even if you go back the last 5 years in my portfolio my average return is above 12% each year

[@TheCanineclub]

Chane funds - any index fund that has like APPL, or MSFT, etc... all do massive returns last 3 years MASSIVE

[@300zxster]

She is about to pay off a home in sf which is at least 1.5 million. 85k + 90k. So rough estimate they will have already 2 million in assets. That’s great considering they have 15-20 more years of time before retirement.

[@APennyPinchersGuide]

I can appreciate the optimism and using best case scenarios can motivate people to start investing. However, anticipating an 8% withdrawal rate you will have you running out of money before you die. While the 4% rule has been updated to reflect overly an overly conservative withdrawal if you start at 65. If you want to retire earlier than that you'll need to withdraw less than 3%. You want to be as specific as possible with the assumptions so you get a number that is useful to you

[@marcenelj]

200k in San Francisco is like 120k or less in middle America.

[@trumpisaconfirmedcuck5840]

And $120k is plenty in middle America. That's about our household income (a little less actually) and I sock away $47k a year. Please taxes and involuntary pension contributions.