Retirement Income Strategy at 59 with 1.5 Million in Retirement Savings

[@yourfinancialekg]

**Free Retirement Download: The Checklist to Retirement:** 📊 pearlwealthgroup.com/

[@Summerdee223]

I also think Roth will eventually count toward IRMAA penalties for Medicare premiums and maybe toward SS taxable amount and possibly toward total income for capital gains taken from a brokerage account. They will figure out some way to penalize Roth savers, but I don't think they will ever tax Roth itself directly. Also, they will start further limiting backdoor Roth and conversions for high income earners.

[@yourfinancialekg]

You are probably right!

[@johnnguyen4152]

I have been watching many videos from your channel. Hoplefully I would learn something. As I am a scientist but I know that Finance is not my core. Need to listen and learn.

[@yourfinancialekg]

Welcome!

[@JayRay9999]

If your employer plan allows, your contribution and the match can contribute (inc. Catch-Up) in 2023, $73,500. This is far more that the $30K people think. On top of that both can contribute to an $7,500 IRA! That is a total of $88,500 into retirement accounts. This couple can easily do this. $30K is Tax Deductable and the rest (minus the match) can be a ROTH IRA (no tax owed on any of it)!!!. That is what they should be doing !! Right?

[@yourfinancialekg]

Awesome!

[@dc1741]

As a retired chemical engineer, I'm comfortable with numbers, so I manage my own account

[@yourfinancialekg]

Awesome!

[@jimmy7376]

Very informative video!

[@yourfinancialekg]

Thank you for watching!

[@ChristopherEvans-650]

1929 thru 1932 is the only time the market was down for four consecutive years -8%, -23%,-43% and -8%

[@yourfinancialekg]

Thank you!

[@andrewroth9175]

Do you like new retirement software? It’s the the poor man’s EKG.

[@masoncnc]

Great content. Be aware of the alternating whispering and yelling which is difficult to listen to in a vehicle.

[@yourfinancialekg]

Thanks for the tip!

[@Jane5720]

With your income I’m surprised they’re not doing better I mean I know he is 59 but still. I don’t think they invested when they were younger as much as they should have because these numbers aren’t that high for that income

[@yourfinancialekg]

Thank you for watching!

[@BassettTube]

Why don't you do a real Monte Carlo? Looking at just a few random and historical sequences seems to gloss over the sequence of returns risk.

[@yourfinancialekg]

Monte Carlo is great, but I would rather be more accurate which is why I use very low rate of return projections

[@CCB249]

How do you get qualified contributions of $40,848? 401 max is $30,000 over 50 and wife is $7,500. The old tax code rates for individuals were 10%, 15%,25%, 33%, 35%, 39.6%. So your comment about the 46.25% is a little outrageous.

[@ChristopherEvans-650]

The max that you can contribute is $30,000, but your employer can contribute additional up to somewhere in the $60.000 range between employers and employees contributions. Example, I put in the max of $30,000 as I am 55 years old. My employer will match 50 cents on the dollar up to $1,000 and in addition they will match 9% of my salary. In total, I will have about $38,000 going into my 401k, this year. As for the 46.25%, he is right. This is called the "tax torpedo" Drew and plenty of other CFA have videos explaining this and why Roth conversions early are a necessity early in retirement.

[@mattf3348]

is a .92% management fee seem high to you?

[@yourfinancialekg]

Not high, 1% is the average. Contact us if you would like to know our fees

[@jjgreek1]

Vanguard personal advisor is only .3%

[@Jane5720]

I pay 1% to my financial advisor, to me it’s well spent because I don’t want to and I don’t know everything that I should know even though he he sits down with me two times a year for an hour and a half😅 and any time in between I have a question

[@yourfinancialekg]

Thanks for commenting!

[@Chris_Heather_livingbestlife]

Need to run stress test on these with early death of spouse

[@yourfinancialekg]

Great idea!

[@dale5710]

Survivor benefit is not the age 70 value of the decaseds.

[@yourfinancialekg]

True!

[@marie521]

Why convert a 403b to an IRA after retirement?

[@yourfinancialekg]

More flexibility in retirement strategies and investments.

[@VasuNori1]

Bogus analysis about the need to do Roth IRA. I would carefully check this guy's track record before taking his advice. His tunnel vision about Roth IRA advantage is troubling because he doesn't seem to think of any situation where Roth IRA conversion could be bad. It can be a bad idea. so make sure you don't take his advice literally..

[@yourfinancialekg]

You haven't watched all our videos apparently. Roth IRA's don't always make sense and we clearly say that. Thanks for watching though!