11 Things Every Retiree Should Do Before Year-End

[@ArianaFelicia-cw7oq]

I just turned 44 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 55. How best do I maximize my savings of over $220k

[@camela8445Mar]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement fund has grown way more than it would have with just the 401(k). Haha

[@EmiliaSmith-h8v]

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 a million dollars 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

[@Adam-dm8wg]

Agreed, I've always delegated my excesses to my CFA, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date

[@Sanchyfab]

Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help

[@Adam-dm8wg]

My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.

[@alphamale2363]

You appear to put a lot of work into these presentations. Thanks.

[@Random-ld6wg]

interesting in that the first table on reevaluating spending shows a swr of 3.8% instead of 4% for a 50/50 portfolio to last 30 yrs.

[@ld5714]

Good video and discussion Eric, very helpful. Larry, Central Valley, Ca.

[@thecalculator80]

Issue #10 (gifting to family) needs to discuss the implications of "stepped-up basis". It can drastically change the taxability of the after-tax account when the account is inherited.

[@LauraBjornsen]

This was an EXCEPTIONALLY VALUABLE video. Thank you!!! My advisor just started using Holistiplan, but haven’t share the graph you did. Thanks again for this great information!!! 10 out of 10 ⭐️🌟✨ stars. 😊

[@tomcarney-w5g]

does contributing to a HSA lower your MAGI for healthcare exchange plans?

[@mrjb8502]

I have been taking aggressive Roth conversions because my pension uses up my standard deduction so all IRA withdrawals will push me into the SS tax torpedo. MN also taxes SS income making the marginal rate even worse. Trump promised to eliminate SS taxation of seniors and also to extend the TCJA. I am considering reducing my end of year Roth conversion since the tax rate on the conversion plus IRMAA appears to be higher than the tax rate on my future IRA withdrawals once the SS tax torpedo implodes. Do you think Trump will be able to do this?

[@DanielBaleWyatt]

Retirement is more challenging now than it used to be. I've focused on saving rather than investing, and currently, I have about $400K. With inflation on the rise, I’m considering investing in stocks, but I’m not familiar with effective market strategies.

[@James4cycling]

Buy an S&P 500 index ETF through a brokerage account. Invest some money each month. Don’t invest it all at once in case the market takes a crap.

[@Krunch2020]

There’s actually deflation in the CPI since 2022. Don’t believe politicians for investment advice.

[@gregmartin3456]

Can you do a video on how to best get divorced during retirement?

[@Austin-fc5gs]

Probably dont

[@xaldath4265]

Plan to avoid it would be my suggestion...and talk to a professional who can speak to your specific situation if you happen be unfortunate enough to need that advice.

[@James4cycling]

Use a mediator approved for divorces. Your county department of social services can probably give you a list of mediators. The only thing you both are is “billable hours” to your attorneys. Hopefully your children are grown because that’s the most difficult part.