Sample retirement plan for 50 year old getting late start.

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Күн бұрын

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@justamanwithbeliefs Ай бұрын

I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?

@everceen Ай бұрын

You’re only 55. I would get money management just in case... truth is, many people live well into their 80s without such amount

@J.woltz48 Ай бұрын

@arlenehill4ril bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, but I need a different plan now... mind if I look up the professional guiding you please?

@fromthebirchwood Ай бұрын

thanks for putting this out, curiously googled Karen Lynne Chess and at once spotted her consulting page, she seems highly professional from her resumé.. was able to schedule a call session with her

@NicholasBall130 5 ай бұрын

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

@cowell621 5 ай бұрын

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

@StocksWolf752 5 ай бұрын

On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then

@LiaStrings 5 ай бұрын

I’ve been worried sick about the current state of my portfolio, who is your advisor?

@StocksWolf752 5 ай бұрын

Sonya Lee Mitchell has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

@lolitashaniel2342 4 ай бұрын

I searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

@Hannahbenowitz 5 ай бұрын

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

@JosephineKenney 5 ай бұрын

as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management

@PennyBergeron-os4ch 5 ай бұрын

Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

@HildaBennet 5 ай бұрын

this is great! mind if I look up the consultant that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future

@PennyBergeron-os4ch 5 ай бұрын

I work with Sharon Lee Peoples as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

@HildaBennet 5 ай бұрын

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

@ClarieZwiehoff 3 күн бұрын

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets 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.

@VivekLuna 3 күн бұрын

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 daughter. 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...

@ClarieZwiehoff 3 күн бұрын

@@VivekLuna Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY*

@VivekLuna 3 күн бұрын

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

@ClarieZwiehoff 3 күн бұрын

*MARGARET MOLLI ALVEY*

@ClarieZwiehoff 3 күн бұрын

Lookup with her name on the webpage.

@blaquopaque 6 ай бұрын

My $700k retirement account has gone up only by 2% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate Peace? I don’t want to fail after 22 years of working hard.

@Curbalnk 6 ай бұрын

Do you plan on retiring before 59? That is what determines it for me. I switched to cash flowing assets because I wanted to retire early

@greekbarrios 6 ай бұрын

At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.

@kansasmile 6 ай бұрын

@@greekbarrios 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.

@kansasmile 6 ай бұрын

She goes by ''Jennifer Leigh Hickman'' a renowned figure in the financial industry with over two decades of experience. I'd suggest you research her further on the internet.

@MichaelWilliamsyttyyy Ай бұрын

Honestly, I'm feeling uneasy about the situation, especially with the possibility of a depression, not just a recession. Given the economic uncertainty, I'm unsure about my $130K investment strategy

@JadwigaMusch Ай бұрын

I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important

@HeydenWright Ай бұрын

Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024

@KelvinWaltz Ай бұрын

Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals

@HeydenWright Ай бұрын

Her name is Ximena lorena vaca. Just look her up, and you'll find the details to set up an appointment

@HeydenWright Ай бұрын

ximena lorena vaca has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration

@billyoung8118 Жыл бұрын

I started my 401(k) at age 54 around 16-months ago. Putting 10% plus a 3% match. Current balance is a little over $30k. If I can work until age 70 I'll have around $750k (assuming I increase contributions by 1% each year and get a 3% raise each year). I am a statistician, so I have very accurately run the numbers. I'm a T1 diabetic, so I know I will not have a long retirement. Have around $500k life insurance to support my wife if I die first, and never had kids. My circumstance is certainly not everyone else's.

@ThorMaximus Жыл бұрын

54 and only doing 10% with only $30k balance? You need to up that sense of urgency. Scale back, get another line of income via part time job, but you need to be maxing it out + catch-up. I’m 50 and was lax about it. $25k this year and done the math/budget to get $33,000 with company match, plus $7500 in Roth. Maxed out 401k, Roth IRA & HSA 3 years running now. Over $100k increase & it’s still behind. $750k isn’t enough, and thinking will be working till 70 with your health? I’ve run the numbers too, and in 4 years I’m concerned that the $40k pace I’ve been contributing won’t be enough. In the 1990s, my dad left my mom $350k in life insurance. It was gone in 5 years. A $500k policy isn’t enough. Sincere-good luck.

@BillyTimes-dw7vs 5 ай бұрын

@@ThorMaximusmove over seas Your money will go further

@masti5102 2 ай бұрын

Bill,what calculator do you use?

@kimpossible9941 5 жыл бұрын

As we age we must work smarter not harder

@ceciliaruns72 5 жыл бұрын

Thank you for lifting that dark cloud!! There is hope for me!

@CaseyCatKC 2 ай бұрын

over 50 here, this was so helpful. Thank you

@cisium1184 3 жыл бұрын

I am self-employed and no matter how much wealth I accumulate, I will never stop working. All men have to be working on something. Without work, a man shrivels up and dies.

@pjm3005 4 ай бұрын

i'm working your wife, bruh.

@PixieDusted72 2 жыл бұрын

Thank you so much! I’m 49, waitressed my whole life & have very little saved. I just began a job w a 401k & am taking your advice. Blessings

@ShaneHummus 5 жыл бұрын

Good one, people always says it's too late. It's not, investment is for anyone at any age.

@jamainedingle6636 4 жыл бұрын

I love you

@rlouie05 3 жыл бұрын

@K Maxx That means savings AND yielding returns of over $125k per year AFTER taxes even if they have things like mortgages, children, and other liabilities that they must keep paying down. I'd love to know how that can be done, as some of us are not getting smarter or younger when it comes to getting and keeping knowledge in this head.

@WeBeatMedicare6969 10 ай бұрын

I basically retired at various points in my 30’s and 40’s so at 51 I basically envision working until 65 at least…it is what it is…most likely I die first…again, it is what it is

@maureenogorman8740 2 жыл бұрын

Saying "ill never retire" is like saying " I'll never get divorced ", it isn't always in your control. Good video.

@palomahealing5073 4 жыл бұрын

Thank you for thinking of us older population!! 💖💖💖

@RobShutt357 5 жыл бұрын

Good video, i am 53 and have $300,000 saved contributing max 401k/yr.... hope to retire at 62 with $60k annual. Haven’t ran the numbers just contributions as much as I possibly can afford

@moneymotivationmadness3275 5 жыл бұрын

I'm saving over a mil and never going to stop working out of preference. I'm already set for standard retirement. Now we need to move that age down.

@ronb493 5 жыл бұрын

Dustin, this is when you are at your best. You're not telling people what they can't do. You're teaching them what's possible. For this I thank you!

@anthonyc362 5 жыл бұрын

Age discrimination is real, even if you are healthy and can still work, very few people want a 60 year old employee.

@kazoode 5 жыл бұрын

Two words "Social Security". I know what you are thinking, ' the government pissed that money away". In part you are right, but then again 'grandpa' we want you to retire. Call it "Age Discrimination" , there are just some jobs you physically can not do. It is not that you are unhealthy, but if I ask a 60 year old man to lift the thing at the rate I TELL a 21 year man to lift a thing. You may have a heart attack. It is just a reality......The counter to that is young people dont want to work, and I know some old farmers who will out work the shit out of some kids. They just dont want to, but those damn kids cant keep up.

@louisaparker 5 жыл бұрын

It doesn't matter, whether it's because of age discrimination or lower physical abilities - the end result is that older people may not be able to work, even if they wanted to.

@jamie49868 5 жыл бұрын

You are supposed to learn how to do things more efficiently and have a store of knowledge as you age. I may not be able to lift what I once could, but I know many different ways to move what I need to move that are actually easier and safer than lifting. But really, if you're 60 and your job is to lift heavy things, then you probably aren't going to retire anyway.

@WestShoreMan 5 жыл бұрын

Really depends on what kind of shape you are in

@elliesquires2753 5 жыл бұрын

Anthony C REALLY? I was hired as a flight attendant at 60😁

@PapiSorrels 5 жыл бұрын

This is all great! HONESTLY. But if you want REAL #'s take the $50K completely out and start at 50 with ABSOLUTELY ZERO if you want whats REALLY happening out there! But seriously, you have good stuff here.

@saxonsoldier67 5 жыл бұрын

Correct. Also, Social Security is underfunded and will likely fail to meet expected monthly payments by 2032. Plan accordingly.

@MannyWC 4 жыл бұрын

bingo. this is me. I have no idea where to start as a self employeed (doctor, yep)...sep ira, solo roth 401k, etc... ugh.

@plokiju88 4 жыл бұрын

I’m gonna turn 50 this year and this video gave me hope for a not so gloom next stage. Thank you 🥰🥰🥰

@JordanKaufman 4 жыл бұрын

You will be happy you started now when the time comes... and even a few hundred thousand can go a long way - especially in foreign countries where you can live a very high standard of living off of just 1500$ a month.

@nomadicrecovery1586 3 жыл бұрын

@@JordanKaufman I live on that now and well Just have to learn how

@baldeagle7777777 5 жыл бұрын

All my stuff is payed for and I drive a truck and only work when I want to. I can live on a 1300 dollar a month budget and I get payed to travel. I own shares in a camp grounds in Florida and in 100 acres of land. I have bared witness to the retired who don't do anything but watch TV all day and start drinking to much along with other bad habits. So I am part of that 29%, if that is what retirement is I will be working until I have to retire. Unless your Jay z I don't think it's gonna be so great. Just work alot less and keep using it, so you don't lose it is my way of thinking.

@gratitudetouniverse3754 5 жыл бұрын

It is never too late to invest. You got to do something to have some money in case you cannot work anymore. Just do your research and learn investing.50 years old is still young. Make sure if you have a house. Pay it off before you are 60 years old. Have no debt and have paid off car. No credit card debt. Be healthy and with that I think you are going to be set.

@jamie49868 5 жыл бұрын

At 50, you have 10-15--20+ years to invest. Fortunes have been made, lost and made again in that span of time.

@Mexicobeanpole 4 жыл бұрын

jamie t Such a smart statement.

@BettyHaney101 5 жыл бұрын

Wow, that just changed my life. Thank you so much Dustin.

@LittleMissSunshine2451 5 жыл бұрын

I am 61 and just starting my Roth make up plan, just found your channel giving me lots of hope, thank you.

@daddy2blue 4 жыл бұрын

@NonyaBusiness! Where would the medical needs be taken care of? Money is one thing but if you don'y]t have access to medicaid or the age for medicare what would be that foreign option.

@ninobk196 4 жыл бұрын

NonyaBusiness! Definitely not Panamá. It use to be cheap but hasn’t been as of 10 years now. I’m from there and can give you examples.

@Tecumseh4-k2z 4 жыл бұрын

@NonyaBusiness! : Thank you for that info. Might have to seriously consider that idea

@Tecumseh4-k2z 4 жыл бұрын

@@daddy2blue : That is easy to answer. If in Europe, you would get FREE medical care for life.

@Tecumseh4-k2z 4 жыл бұрын

@@daddy2blue : That is easy to answer. If in Europe, you would get FREE medical care for life.

@user-xs5fj3ms2l 5 жыл бұрын

I live in Texas and love making people smile. I say things to strangers that almost always make them smile. I met a lady last summer, as she was walking out of Walmart with a smock, and engaged her. She wasn't a very happy lady. She was skinny and looked like she had been beaten with a broom. I simply asked her if she was ready to take the rest of the week off. This usually gives people a reason to express their wish that it was possible. But this lady was not pleased my question and told me as much. We talked for a few minutes and it turned out she was 88 years old working at Walmart. She hated it. The rules and manipulation by management made her job difficult. I told her I thought no one should be working at 88 years old. She proceeded to tell me how her husband died 20 years earlier and left a mobile home with floors rotting. She had to work to take care of her home and working at Walmart was required. It broke my heart to hear that she had those problems and I was not in a position to help.

@erich6096 2 жыл бұрын

This seems challenging to do but not impossible. One option (though I understand not an option for everyone) which I have not seen discussed in most KZbin retirement videos in general to reach enough to retire well is to relocate to a country where the dollar goes much further. I've looked into this and it's a complicated ball of wax, but also seems doable under the right circumstances. Assuming the country is favorable to retirees, social security can be collected in most, but not all other countries. Some of those countries have a tax treaty with the US (to avoid being double taxed on retirement income), others do not. Obviously there are many other general considerations to take into account, such as healthcare, infrastructure, and even language barriers for example. In many cases though, depending on the country, adding this option to the table could cut the amount needed to retire comfortably in half. I've been working for the past 35 years. Regretfully, I only just began seriously considering at retirement after receiving a significant pay increase from my employer at age 50. I'm now 51, but would still like to retire by age 60, while I'm still able bodied enough to enjoy all life has to offer. To do so I'm now contributing 15% of my after tax income to a 401 K with matching employer funds, another 15% to stock options in my employer's stock purchase plan at a 5% discount (a Fortune 500 company), and am saving $1000 each month. To do this I've also slashed my overhead by not owning a car, living in a small room for rent, and am currently evaluating ways to further economize my grocery purchases. As if all of that were not enough, whenever I have money left over (not often though) I try to make wise blue chip stock purchases instead of online shopping purchases, going out, etc. Even doing all of this now, I still don't believe I'll have enough to retire comfortably within the US by age 60, but I do believe it might still be possible to accomplish abroad.

@Bishop_Sarpong 8 ай бұрын

Consider Ghana.

@TheJeffDGorman 2 жыл бұрын

THANK YOU for making this so hopeful ~ b/c A LOT of people who are 50+ feel like they just can't make it if they haven't started already ~ we're in between ~ meaning ~ we didn't start until 46 yrs and now we have a net worth of about $700K but that includes 4 rentals. But only 2 pays us ~ we're always having to evict someone. SMH

@davidandrews9914 5 жыл бұрын

Also for some additional optimism if the person delays taking social security until 70 they will get 24% additional annual income due to delaying it.

@skeptical_sorcerer 4 жыл бұрын

I am 50 and will retire next year.....because I have saved and invested all my working life and, more importantly, I have avoided debt my whole life except 1 home mortgage which I paid off in 7 years. Haven't even given a thought to social security.

@sararickmore1195 3 жыл бұрын

Are you just here to gloat?

@carmenolivieri8949 3 жыл бұрын

Congrats and Way to Go!!! ;-D 👍

@ahmadembry5618 3 жыл бұрын

Sweet

@thebrowndoecorporation5564 4 жыл бұрын

Mr. Dustin, will you please make a video for people starting to save for retirement at 60. Thank you.

@2023roadstervet 3 жыл бұрын

Retired Army. at age 45.. I'm good... Dat Florida Life.

@dtr579 3 жыл бұрын

That's great. I love to see my people breaking the stereotype and is successful. I am on a trajectory by 62. I would love to be retired.

@cemen777 4 жыл бұрын

Thanks for the video although I have no idea how did you come up with half a million return by investing around $6,500.00 per year +3% add on with 7% return for 20 years. Can you please show an excel file with 20 years break down? Thanks again.

@dalekeener 2 жыл бұрын

Ok, I am in a little worse shape. Plan on working until 70. According to social security should get $2300/month. Hope to save $500-$700 month. Should I use a Roth or a regular account?

@nicoleonard1093 2 жыл бұрын

Hard to tell if this is the right platform for this. But ill try anyways as this is still considered business. Given the present conditions, is it better to invest into Real Estates or into Stocks? Which would yield better output.

@lilianazuluaga6504 2 жыл бұрын

Has got to be Stocks but of course, you have to be well informed on the right ones or better still, get a pro to handle it for you (that way, you save time and minimise risks). Made my first million this way earlier this year. One more thing, one can wake you up by 2am to complain about a leaking pipe, the other can't.

@frankdouglas1562 2 жыл бұрын

Very sound advise! I have been into both for long and though I won't say I have lost a fortune, I have squandered quite alot... If it's not a problem, do you mind recommending the pro you worked with? I could definitely use the help of one right now... I look forward to your reply...

@mav3420 2 жыл бұрын

Why not both??? diversify!!!

@lilianazuluaga6504 2 жыл бұрын

Funny enough, I can honestly relate. It's not as easy as it may sound and takes some level of decisiveness and discipline. I don't know if I am permitted to drop it here, but his name is "Paul gustave schoffelen". Was in the news a lot in 2018. You may look him up online for more.

@tamarasersansie2211 3 жыл бұрын

I am a new subscriber. I have watched this video several times. It serves as an incentive and inspiration for me. I have begun aggressively saving toward retirement. I have deliberately not listened to people that tell me I need one or two million to retire. That seems like to high a threshold for a late bloomer like me. I love your can do attitude. It has me looking for more ways to cut expenses to put toward retirement. I have a 5 year goal in mind and a 10 year goal beyond that. I am looking forward to making these goals happen with some discipline and God's help!

@gr82bloved43 4 жыл бұрын

Took a major weight off my shoulders - thank you !

@latefirestarter1894 4 жыл бұрын

I started late too but going to get to FI in less than 10 years hopefully.

@isaacrurengo4690 2 жыл бұрын

You know.... I don't know how many times I have watched you. A lot.

@Victic005 3 жыл бұрын

A little positive spin on the situation. That's something we all can use.

@kraigkern 4 жыл бұрын

Thanks for the video. This all assumes you are also debt free. at retirement.

@pizza4me298 5 жыл бұрын

I had to start over at 40 was only making about 22k 15 years later i'm making 39k and i've managed to save about 132k. I'm on target to retire at 62 to 64 and collect social security at 70. So this video example is 100 percent right. 😊

@jamie49868 5 жыл бұрын

That is great! It's amazing what people can do when properly motivated and willing to make the hard choices and take a slice for themselves. You're proof! I could go for an Imo's medium deluxe right now. Peace!

@robindear5043 5 жыл бұрын

@Pizza 4me YOU need to make a video outlining how you did it 👌 What your experience has been sounds more relatable to the average American.

@pizza4me298 5 жыл бұрын

That is why asset allocation changes as you get older matter.

@jamie49868 5 жыл бұрын

@@pizza4me298 You said it brother. At some point it becomes about preservation instead of accumulation. What's great is with proper planning and implementation, you can get paid handsomely for your haircuts. 2008 made me wealthy beyond my wildest dreams...well actually the ensuing 11 years did. Keep on keeping on.

@evaj3259 4 жыл бұрын

That is excellent that is a real incentive to go do better

@larryhobbs8769 5 жыл бұрын

Dustin if everyone with no hope of retiring with dignity could see these videos you put out it would change their retirement outlook completely. You are a bright light in a very dat room. Thanks

@jacquelineleigh4182 2 жыл бұрын

Please do a video starting at age 60, ( lower income and lower savings) thankyou

@RepuBlicOfChaD Жыл бұрын

41 with only 45k in a pension, 41k in a Roth IRA, and 95k in a 457b, and 1,100 ounces of silver. Hoping to have a million by 48 and 2 million by 55.

@Michelle_Sanders561 7 ай бұрын

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

@BEAUTIFULDIANAFRANCIS 7 ай бұрын

Hi a friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $110k and in the first 2 months , my portfolio was reading $294,800. Crazy right!, I decided to reinvest my profit and gets 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.

@GrowYourWealth 4 жыл бұрын

The numbers are daunting. Many people do not have enough. Good information. I teach people about retirement and leaving a legacy. Unfortunately so many people start thinking about retirement very late.

@txquilter608 3 жыл бұрын

I really needed to see and hear this. I'm basically starting over from this point and have read a lot of the articles he was talking about. Thank you for bring me back to a hopeful place

@-_.Nameyourcatdog._- 5 жыл бұрын

Under promise over deliver. Thank you for a realistic view in worst case type of case.

@paulaslittlethings4901 5 жыл бұрын

The people I live around that say they will work for the rest of their life make maybe 30,000.00 a yr right now with no savings ! This isn’t even close to what is driving the age of into homelessness

@VideoCesar07 4 жыл бұрын

Thanks for putting this up. Gives me hope to at least semi-retire. After some unfortunate events made far worse by even worse decisions I practically decimated my retirement. I thought I was gonna have to work for the rest of my life. I am turning 46 this year and this gives me hope to at least be able to semi-retire, even if I have to work part-time after 65-70.

@mikedickson6362 4 жыл бұрын

I am 48 and only have 6000 in my 401 what would you suggest for me?

@2-old-Forthischet 2 жыл бұрын

My retirement plan was to pay for my son's college degree, all 5 1/2 years of it. I was a telecom tech and retired at age 58.

@jbenitez22 4 жыл бұрын

Man... at 38 I was in the dark space wondering how to play catch up. This definitely was an eye opener.

@vanguardvaluist2614 4 жыл бұрын

I know the feeling. I was asleep at the wheel for awhile myself. Check out JL Collins book "Simple Path to Wealth". It has made a HUGE difference in getting my act together. The title says it all.

@blacklily6880 4 жыл бұрын

@@vanguardvaluist2614 I just finished reading that book and it is simple (no pun intended) but very effective and realistic. I love that book and the plan it lays out for you.

@TheRealLivingWithLisa 5 жыл бұрын

Good information... I deal with people all the time that say they can't retire here in Florida...

@valeriesmith6237 8 ай бұрын

Im 52 ive been divorced 2 times so i dont have a lot saved. Im just getting started. I have 15% im putting into my 401k and it matches 2%. i put it into Fidelity 500 index fund. I figure it will ave the stock market returns. On the side I invest in Fidelity dividend ETF.. But again ive just started doing these things. I have 14k saved in Roth IRA. Hope I can retire some day!

@Siouxsie2791 2 жыл бұрын

Thank you for this video. I have found the concepts of Minimalism and FIRE later in life and so much stuff that I see is aimed at high earners in their 20s and 30s. As someone who has always worked in the public sector and non-profits (with a reduction in the value of my wages in real terms since at least 2008) , grown up in the credit culture of the 1980s, plus having hardly any real understanding of finance beyond paying my bills, starting looking at this stuff age 50 can be daunting and makes me wish to have a time machine! Thank you for providing hope and some semblance of a possible plan.

@doonie5396 Жыл бұрын

The faster a salesman talks the faster I tune him out...

@salmonsilva 4 жыл бұрын

Thank you very much! Finally someone make a video explaining so clearly about this matter. God bless you my friend.

@jalabi99 5 жыл бұрын

Positive, upbeat, informative, and I really like your magic board :) Subbed!

@Haggiedc2 3 жыл бұрын

Great Video...however... this example is for someone who already have 50K saved.... I always say to people like yourself... impress me.. show me a path for a 50 working person that is starting off with zero..and wants to retire at 75... is that possible? I have a 401K... however... I have friends in there 50’s that have no savings... how can you assist them in being able to retire... thanks... like your Chanel.

@peterbergeris6510 4 жыл бұрын

At 62 on s.s. and my wife working, 6481 or more is impossible to save. Most of our money is invested in the market thanks to my wife and myself so we are diversified. But even saving 200 a month isn't feasible.

@todddavis9426 5 жыл бұрын

Great job giving people hope!

@ms8172 5 жыл бұрын

Hope? How about faith....hope is a pipe dream!

@kauigirl808 4 жыл бұрын

My dad got cancer and had no choice but to retire. I need to start saving.

@CharlotteTranp 4 жыл бұрын

It isnt hard to retire, nor it is to live comfortably. What's hard is to be able to live comfortably and still prepare for a comfortable retirement.

@TheJeffDGorman 2 жыл бұрын

@Charlotte T. ~ you're right especially if you've never had a big shovel..

@snuck22 5 жыл бұрын

What if you are 55, have zero savings and you work a combined minimum wage from 2-3 part time, no-qualifications-needed jobs?

@sunnyd4734 5 жыл бұрын

In your situation, do your best to take care of your health, diet, etc. And stay in the good graces of your employer and co-workers. You are going to work a long time.

@niceguy7times 4 жыл бұрын

With a low income, I would put money into a 401k and if you don’t have one then open a Roth IRA and buy dogs of the Dow dividend stocks in your Roth IRA and yes stay healthy

@FIRED13 4 жыл бұрын

And network so you can have a shot at changing into a higher posting job(s).

@joeorta3713 3 жыл бұрын

Thanks for the hope!

@rationalthinker9181 5 жыл бұрын

All I can say as somebody from a foreign country where I live you have done very well and saved like a demon if you can have what Americans get as social security. Most places you get taxed and get no social security. As Buffet says first step to financial security and wealth be born in the USA

@emilycopperfield6397 4 жыл бұрын

Awesome video sir but what's the best way to generate passive income for anyone, I retired two years ago and now considering way to go about this thanks

@sebastianmarin3715 4 жыл бұрын

I can feel the recession coming a lot of companies already gave out their 90 days warning, RIGHT now i feel long term investment is the key to success through out all th

@shellybrandes6772 4 жыл бұрын

Everyone keeps saying that but no one truly knows when the recession is going to hit and no one knows the beat way to go about any investment thats gonna survive this wave

@emilycopperfield6397 4 жыл бұрын

I think Shelly is right I am down for anything thats gonna yield a steady source of income even after the recession, honestly I dont really care about the recession everyone would be surprised when we dont get to experience any recession hahaha

@sebastianmarin3715 4 жыл бұрын

Lmao 😄it dosent matter though I have been able to secure a steady source of passive income for my self over the past 8months trading precious metal and forex through my broker Kyle Holt Karens I would encourage you look her up am sure you'd find her platform helpful.

@emilycopperfield6397 4 жыл бұрын

The name sounds familiar though but can't quite place it, how much do you make from this your broker.

@titoperez1327 9 ай бұрын

I’m 52 with 159k in a retirement plan Dedicated my youth to ti everything am old man can’t. Now Im ready to work until 70 Im jacked Im pump and ready for the second half😂🙌🏼

@bevoburn 5 жыл бұрын

Retirement is not an age, it's a number. This video brings that point home.

@alexsteven.m6414 Жыл бұрын

There are lots of mixed opinions about stocks and there projection in the next coming years, I aim for short term solid gains from market correction and I'd definitely jump on the boat if I knew a thing or two about day-trading, but then again what do I really know? I'm just looking for the right moves to grow and hedge my stagnant reserve of $370k from inflation.

@valeriepierre9778 Жыл бұрын

Yeah, more reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to outperform. Netted over $1.5m in return on investment, since using a coach 2years and counting.

@hremaddox 4 жыл бұрын

Thank you! I'm turning 50 in 2 months

@maryannsummers4 5 жыл бұрын

I'm in my 40s and plan to retire within the next 10 years. I have a day job and I make money online as well. Always have a side hustle. I take one "fancy" vacation a year and the rest of my vacation time I stay local or visit family. I drive a 12 year old car and hope to drive it for 3 or 4 more years while I put aside money for my next one. I teach my kids to train for a career but to OWN something so that they can have more than 1 stream of income.

@smittyb9418 4 жыл бұрын

Mary Ann summers...you are a very wise lady...I'm 50 & my wife is 48, I'm thinking about investing in CBD cannabis oil or maybe build a substantial portfolio through Charles swabb & hopefully by the time I'm 60 I can relax 👍

@brucesmith6868 5 жыл бұрын

Thanks Dustin very motivating love to see the numbers makes it sink in alittle more.

@VietnamSteve 3 жыл бұрын

Great commonsense approach, founded on realities. Good job.

@barbaraperry2796 Жыл бұрын

Well done! Easy to understand and implement. Thank you.

@sbkpilot1 5 жыл бұрын

7% isn't guaranteed and you will also adjust your glide path at least 5 years out to more conservative so this is wildly optimistic...

@gwarlow 5 жыл бұрын

sbkpilot11 What is your solution? Always nice to get a second viewpoint. Cheers.

@ibislife 5 жыл бұрын

Looks good, but the 50 year old would not have a cusion for car repairs, a new roof or whatever. Not doable for most people on a normal income. Take into consideration that more and more people live as singles, and have to do it all on one income, and energylevels goes down with age, so a second job is out of the question. The median income for a female woman in the US, at 50 is about 46.000USD. And withdraw the taxes, this person would live on around 25.000USD a year, to cover all expenses from medical to car and house. I would rather go with the Dave Ramsey plan. When you are absolutely debt free, you can live off social security. You can sell your house and downsize. You have more options.

@SDSunriser 5 жыл бұрын

What is the Dave Ramsey plan? How does it differ from this? Thanks.

@timothytarango1919 5 жыл бұрын

@@SDSunriser just put Dave Ramsey and it will pop up he's the best to show you how to get out of debt first before saving you see most people can't save for retirement because they got so much debt in there life's check him out

@snakechrmr6398 5 жыл бұрын

I wish you'd have told me about energy levels going down years ago. I just returned from a solo 4,200 mile 23 day motorcycle trip around southern Europe. At 68 I guess I gotta start remembering I'm not a 55 year old kid anymore.

@jamie49868 5 жыл бұрын

@@snakechrmr6398 I hear what you are saying, but I know 20 year old's that can wake up at 3am to go fishing/hunting, but are late for work at 9am. It's much easier to find the energy for things you want to do, than for things you have to do. 4,200mi in 23 days is about 200mi per day (maybe a few more miles per day if you stop for a day or two), or 4-5 hours of riding and riding at the pace you choose, Do that every month, month after month on a schedule, and as fun as it may be, I'll bet you would grow weary after a few months. Peace and keep enjoying life Brother!

@snakechrmr6398 5 жыл бұрын

@@jamie49868 20 year olds that get up at 3 to go fishing/hunting and can't get to work on time at 9 are suffering from planning and other problems indigenous to their generation, not lack of energy. 20 year olds were born around 1999. (Generation Z aka Generation Snowflake - enough said). 200 miles a day? Nice try little one. First day was 987 miles in 26 hours w/o sleep. Belgrade, Serbia to Aix-en-Provence, France. Goal was 1,000 miles in less than 24 hours but losing time with 1st five hours in rain (couldn't wait a couple of days to start due to scheduling), between 1-2 hours lost waiting in line for 2 border crossings and another 2.5hrs-3hrs lost on unmarked detours with closed highways 1AM-4AM in Italy. Stayed 2 nights in the hotel and 3rd day from Aix-en-Provence to Geria, Spain (700 miles). From that day hours upon hours, miles upon miles of off highway side trips in Spain/Portugal videoing and photographing castles, often overlooked historic sites, Roman and other ruins, museums and art. 23 nights in hotels packing/unpacking every day or two before finally returning home after riding across the Pyrénées (Spain to France) and Alps (France to Italy). 3 nights in Torino, Italy. Riding Torino to Belgrade (730 miles) in 15 hours (9AM-midnight). Once again losing hours at 2 border crossings and 2 slower hours in rain at night. (always seems to be raining around Slovenia/Croatia in Oct). Yeah right, 200 miles/day riding 4.5 hours. Gonna make the same basic trip next summer focusing on different photo/video points hopefully closing out my visits to Spain/Portugal to focus more in the future on eastern Europe. Training now for a 450 mile (700+ KM) bicycle ride (French border in the Pyrénées across northern Spain to Campostela) photographing and videoing the Pilgrimage's northern route. Then, in June, there's my annual ride to the European H.O.G. Rally (2020 in Portorož, Slovenia). Don't belong to H.O.G., just like to make the ride and meet up with folks I only see once/year. A short 400 mile ride from Belgrade. (Swing by Nikola Tesla's birth home and museum, castles and other sites in Slovenia/Croatia on the way home) Then there's my dolmen project.......and really got to get caught up on the website, KZbin channel and Instagram.........need to finish online college courses........continue working on my photography..........Dec moving to a new house.........Jan bring furniture/tools/household goods from Portugal to Serbia.......so much to see/do, so little time. 200 miles a day? You children are funny.

@carmenolivieri8949 3 жыл бұрын

That was such a positive message. I'm inspired and motivated to do more. Thank you!

@allgood4729 5 жыл бұрын

Awesome. Thanks for including seniors like me. 👌😚 Great information

@tombrownrigg8794 4 жыл бұрын

Thank you. Nice work. You are always positive 👍

@maddysydney 5 жыл бұрын

Hi Dustin, thanks for sharing this high level plan. Can you please clarify how did you come up with 8826 in monthly retirement income? Thanks

@flowingriverinabundance1569 5 жыл бұрын

Jon S 8826 is the amount to save yearly if you want to retire at 68

@bezeebee 5 жыл бұрын

That's the same question I've just asked. I see no one responded to you 4 months in, so I'm guess it's a bit hopeless for me to get a response too... sigh...

@GrowthMindsetProductions 5 жыл бұрын

*My* *strategies* *for* *an* *Early* *Retirement* 1. Replace active income with passive income sources (Real Estate Rentals For Cash Flow) 2. Reduce personal operating cost (Housing costs are typically the largest) 3. Automate income streams (Property management, online businesses) 4. Leave the 9 to 5 =) (Success)

@FIRED13 4 жыл бұрын

You forgot one...save, save, save

@hfortenberry 5 жыл бұрын

Yeah, and age discrimination is a real problem in the workforce. For example, for decades, my father ran a large non-profit and had 600 employees and retired from there but now that he's retired (he's 70), and wants to bring in some extra income, he can't find decent work. It's a ridiculous waste of his talent and experience that his former industry (and others) only hires younger people. I'm 50 and am planning to buy a van to build out to live in and travel when I retire (at ~70) so I can rent out my small home for income when I retire because I have a feeling SS and my pension and AUL just won't be enough.

@nancyganzon6237 2 жыл бұрын

Justin love your videos . Will call u soon coz I have self deferred annuities maybe 7 yrs. now . But I don’t see nice accumulation in my money .

@5610winston 5 жыл бұрын

I'm hoping to make it to 70 1/2 for a max social security benefit.

@ygbodybuilder3023 5 жыл бұрын

Wait a min we have to be 70 to get our social security?

@blade643 5 жыл бұрын

5610winston you can invest your money a lot sooner if you collect at immediate age.. something to think about

@5610winston 5 жыл бұрын

Perhaps, but one must also consider the tax impact of continuing to work while drawing SS benefits. At ant rate, I am not in a position to retire at the "immediate age", and I would probably go nuts and take my friends with me.

@mphomolapo1562 5 жыл бұрын

@@ygbodybuilder3023 No. 62 is early, 67 is full retirmemt age for SS. Just have something else to rely on and don't got crazy doing mental gymnastics on withdrawing later. It's not worth it.

@abbyr275 5 жыл бұрын

@@ygbodybuilder3023 depends on your age. My husband gets max benefits at 67. I get mine at 70. Go to the Social Security website to see yours.