The Ultimate Guide to Retirement Planning

[@DevinCarroll]

Get your free copy here www.carrolladvisory.com/pl/2148282517

[@stone14z]

The 8% that the benefit increases per year after FRA assumes that the claimer continues working. If someone stops working and lives off of savings until claiming, it appears that their benefit increaess by about 7.2% per year, not 8%. Do you have information on precisely what the increase per year is for someone who has no income?

[@spookietowne7932]

​@stone14z the increase of 8% per year from FRA until 70 is a constant and delaying until then by using savings has no bearing on this.

[@stone14z]

@@spookietowne7932 If it is constant then the mySocialSecurity website benefit calculator is broken. I am 68, when I have it estimate next year's benefit amount, it is 8% higher than this year's benefit amount assuming that my salary remains unchanged but when I set this years salary amount to $0, it shows next year's benefit amount as being 7.2% higher than this year's benefit amount. So either you are wrong or the Social Security Administration is wrong. Hence why I asked the question. Please give sources so that I can confirm your answer.

[@stone14z]

The benefit calculator on the social security website shows my benefit next year increasing by 8% assuming that my salary this year is the same as last year. When I change this year's salary to $0, it shows my benefit next year increasing by 7.2%. So either @spookietowne7932 is wrong or the benefit calculator on the social security website is wrong. Hopefully Mr. Carroll knows a reference for the answer.

[@DevinCarroll]

@@stone14z The precise amount is 2/3 of 1% per month during the period beginning with the month you attain full retirement age and ending with the month you attain age 70

[@July.4.1776]

Devin, This is some of your best work! 👍👍 Thank you for helping all of us out. 😎

[@DevinCarroll]

My pleasure!

[@Zues64]

Good stuff, Devon. Great summary of key retirement numbers at the tips of our fingers

[@charlesanderson7988]

Thanks!

[@DevinCarroll]

Thanks!

[@pamp212]

You’re great at simplifying things! Thanks for another great reference that cuts to the applicable info. What a terrific planning tool!!

[@LouisS-cs7bh]

Thank you for sharing this with your audience.

[@DevinCarroll]

Thanks for being part of my audience!

[@russdavis1960]

These 'cheat sheets' are a wonderful service and I thank you.

[@DevinCarroll]

Glad you find it valuable!

[@mellissadalby1402]

Thanks Mr. Devin

[@mandydominguez1025]

Thank you for all the great info you provide us. Can I say though, it is so screwed that me and my husband would be better off divorced so we don't get taxed on our social security. Single we each could have 24k in income, for 50k combined, but married only 32k combined.

[@michaelhale1666]

Mr. Caroll, where can I find the withholding tables for a W-4 P such as used by Teachers Retirement System Of Texas? TRS cannot give me a referral though they can tell me the amount, nor can I find a table such as that noted in IRS publication 15T.

[@spookietowne7932]

Devin, thank you for all of your informative videos about SS. But I'm hoping that you can make a comprehensive video for those of us that do not fall into having $1.5 million & over in some type of savings or portfolio. The folks needing the most help figuring out to delay and/or to bridge will be those of us that are 62 & over that have $250,000 and less in an IRA or 401k. Thank you Devin!

[@harryl7946]

Here here! Mr Carroll, some of us only have 500k @ 65 but still working and contributing to our Roths. 😮 Just about every FA talks about drawing 4% on 1 Million per year + COLA. Hell Dave R says draw 8%! Oh yea, there’s a plan 😮 What say you sir. We are asking so if you please what are your thoughts on this

[@johnnyretires]

Thanks for all the leg work on this cheat sheet.

[@johnfetter3252]

Would you be able to do a video for QCD(Qualified Charitable Deduction) for RMD's in IRA's? Thank you.

[@DevinCarroll]

Great suggestion!

[@JP7onEarth]

Did you get a New Coach yet? Thanks for the information.

[@Susanhartman.]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[@mariaguerrero08]

One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.

[@ThomasChai05]

This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.

[@mikegarvey17]

@@ThomasChai05My partner’s been considering going the same route, could you share more info please on the advisor that guides you

[@ThomasChai05]

‘’Izella Annette Anderson’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@Grace.milburn]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@chrisloh745]

Devin your sheet is great but isn't the spousal benefits percentage a little misleading after 67 as u pointed out in a previous video that DRCs reduce spousal benefit if u work past 67

[@patd2765]

I have always appreciated the cheat sheet. Is it possible to have links to your videos that are relevant to the data on the cheat sheet? Maybe right at the bottom of the data.

[@cathysoldan6540]

How about charts for small business?

[@Laborkei]

I downloaded your Big Picture Retirement Planning Cheat Sheet. For those of us that are Retired and attempting to "Read it". The Print is too Small. Keep this in mine for 2025. Try not to fit to much information on a page. I would rather have 6 Readable Pages vs 3 that I have to use a Magnifying Glass on. Thanks for your Posts on KZbin.

[@alanlajoie7307]

Devin Question I started a business in 2023 Income was less the Social Security earnings. In 2024 looking like a better years ( yeah) My question is the earning test on gross business income or net after all business deductions Thanks Alan

[@dipaknadkarni62]

Thank you. Awesome.

[@DevinCarroll]

Glad you liked it!

[@leanncruse9802]

Thank you for the cheat sheet. It is a wonderful tool for planning.

[@SouthDenverDave]

thank you for offering this great retirement planner. just a quick question. is this for windows platform only?

[@partsmanba]

It’s a pdf so it’s OS agnostic

[@markhuff9180]

regardng step1 on page 3, what is considered tax exempt income?

[@SharonA.McClary]

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[@terryneal5569]

Does a conversion count as a RMD's?

[@alextrejo1529]

Can you medically retire from the federal government and still work for the state?

[@M22Research]

Thank you for a handy document, but please, please provide it in a format that does NOT eat toner and ink when printing it out! It can be just as legible and clean looking without all that dark background.

[@J.woltz48]

In my 50s, I'm focused on investments for retirement. I've heard of people generating substantial passive income, like someone who earned $650K in under a year on a CNBC podcast. I'm wondering, what could be the strategy for such returns?

[@fromthebirchwood]

Find quality stocks that have long term potential and ride with those stocks. As a regular investor, I have found it takes someone who is very familiar with the market to make such good picks.

[@M.Morgan]

Agreed, opting for an advisor is the ideal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while now, and my portfolio has surged over 120% since early last year to date, summing up nearly $1m.

[@dianaP14]

@@M.Morgan please how can I connect with your advsor? I am 59 and have my money scattered around, need to be moving faster towards stable retirement

[@M.Morgan]

Can't divulge much, I take guidance from ''Karen Lynne Chess'' and most likely, the internet should have her basic info, simply research.

[@topixgames3307]

👍

[@Jdingos]

Hmm.. I didn't hear anything in this video about Retirement Planning. It was all about money.

[@1954Gregb]

I don't know what video you were watching but it couldn't be this one

[@AnissaT.Roller]

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?