We Rejected A Couple's $700k Retirement Plan

[@temmyolarewaju9371]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@FreuleinBey]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@temmyolarewaju9371]

@@FreuleinBey That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@FreuleinBey]

@@temmyolarewaju9371 My advisor is *MARGARET MOLLI ALVEY*

[@FreuleinBey]

You can look her up online

[@IbrahimIsabella-00]

@@FreuleinBey The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@Old_Sailor85]

I need $100k, net, a year to retire. I also have no idea why I need $100k a year to retire because I have no idea what I will do when I retire. We are a country full of highly paid idiots.

[@garyfarley323]

That's their problem, $100k lol please....it's all about spending and needs! Have your house and debts paid off, and have a nice life! lol

[@wasmithfingroup]

Thanks! It's definitely important to be mindful of spending. Thanks for watching!

[@LGTV-d9j]

Many advisers suck at investing and cannot generate the necessary returns to make retirement successful

[@striperkid]

I can't imagine being bored in retirement. My wife retired a few months ago, and I'm retiring next month. We are going to be very busy between doing projects around the house, entertaining friends, and traveling.

[@griffinreitz7041]

So 60k in SS and 700k at 6% would be $42k that's 102k and never touch the principle. They should be fine.

[@AnthonyMaxwell-pb1sd]

How do you “guarantee” 6% growth. Might not happen every year. But if you’re retiring later in life and I would consider this as later. It may be safe to do 6%.

[@midwestron8576]

If they can't live off of that, they are stupid, or live in the wrong place.

[@mbmatt100]

Man, think of how great their retirement plan will look if they wait until they are 80. They’ll be killing it. These guys offer poor advice. The couple does need to get aligned but how many more years do they even have left that they want to spend that much.

[@wasmithfingroup]

You've got a point! But sometimes life throws curveballs, and early retirement becomes the only option. We're here to help people navigate that. Thanks for watching! 👍

[@mbmatt100]

I was joking on the wait until 80. Ha.

[@marvinnichols9465]

I agree, they need to get on the same page about what’s most important. Five more years of work is five fewer healthy years they will have to spend together and make memories. If their main goal is optimize on $$$$ then keep working but if they want to optimize on life they need better options. Bob might want to work long enough to get that retirement account into a Roth at which time they would hv little to no taxes on their social security or withdrawals and then they only need 100K. I’d also ask how important is it to spend $8300 a month in retirement. That’s a lot but I’m not them. That’s equivalent to Bob making $154K right now. The default should not be to work longer

[@hunterfitch5951]

You can slow travel through other countries like Asia, Europe, etc. for less than $50k/year, comfortably. I think people overestimate how much they'll actually need in retirement because they simply have no idea how much they'll need per month.

[@7SideWays]

Champagne taste, beer (nest egg) budget. Duh $700k isn't enough for that. Bob doesn't want to retire because he'll be stuck with what's her face 24 /7.

[@wasmithfingroup]

It's all about finding a balance that works for each individual. Thanks for watching! 😊

[@steves3234]

First why do they need 100k a year? I retired this year at 61 and was able to cut my cash flow needs by 70%. I took a 2 year buy from my company and bought a 350k annuity with inflatio rider that at 67 will pay me 33600 to start and rise to 47k. Still have enough in my brokerage to last until 67 that is with my base budget plus 30k. I don't envision ever needing to touch the 1.5 million I have in my IRAs. This couple seems to have been very wasteful in thier prime working g years.

[@malkov0001]

They can only retire if they rent out their home and move to a cheap country. This will reduce their cost of living by 50% or extend their savings by double before it runs out. Once they run out of savings in 15-20 years, they can downsize and release more equity.

[@wasmithfingroup]

That's a creative solution! Relocating can be a great way to lower expenses in retirement, whether it's to a different state or even another country. It's definitely something to consider! Thanks for watching! ✈️

[@AG-so4gl]

Geo Arbitrage. Live very comfortably and early retire to SE Asia. All it takes is 2-2.5k a month and good health insurance. Make your savings work hard for you. Limit fixed costs is the key. Everywhere is but a flight away. Smarter not Harder 😊

[@wasmithfingroup]

That's a great point! Geo-arbitrage can be a fantastic way to stretch your retirement budget further. For those who are open to relocating, it opens up a lot of possibilities. Thanks for watching! 🌏

[@jmac03191961]

Spending is way too high. I'm going to go out on a limb and assume they play the lottery and visit casinos

[@ei513563854]

the "house" just can't make enough annuity commission off $700k 😂

[@wasmithfingroup]

Annuities can be a helpful tool for some, but they're not right for everyone. We focus on finding the solutions that best align with each client's unique needs. Thanks for watching! 😊

[@Toogoodtobetrue458]

I coulda told you with $700k and want a $100K per month ain’t gonna happen. What lifestyle are they wanting to live.

[@wasmithfingroup]

You're right, $100k/month is a big goal! It's important to be realistic about your spending needs and adjust your expectations if necessary. Thanks for watching! 😊

[@jimbrown4640]

Per year. Social Security plus 6% interest off that $700k is over $102k per year.

[@joseperez1085]

I’d like to do mine, let me know next steps.

[@wasmithfingroup]

Hi Jose! Thanks for the comment! Please send us a message at [e-mail]. A member of our team will reach out and talk about the process. Thanks again for watching!

[@jjcnpa]

Do they have a mortgage? If not, why on earth would they need $100k/yr?

[@wasmithfingroup]

That's a great question! It's definitely worth considering that they might be allocating for various expenses and planning for uncertain times, rather than just spending it on material goods. It's always wise to have a financial buffer for unexpected costs or emergencies.

[@rorybray7487]

It's sad to think that you have no idea what you will do in retirement. No hobbies or interests, nothing. I'm glad I don't tie my entire life to my job. There's much more to life.

[@wasmithfingroup]

That's great you were prepared!

[@devengudinas1649]

100 k a year just to spend is outrageous. Especially at their age. They should only live on less than their ss

[@wasmithfingroup]

That's a valid point! Spending needs and priorities vary from person to person. It's important to be mindful of expenses in retirement. Thanks for watching! 👍

[@rmh691]

Do you understand that the average person has nowhere near $700,000 in the retirement account?

[@martywilliard]

What’s the average would you say?

[@steveelwell7624]

Sell your stuff and buy a shack. It's as simple as that. You think that you are going to live forever? Fire your financial advisor.

[@wasmithfingroup]

Downsizing is definitely an option worth considering! It can free up resources and simplify life. Thanks for watching! 😊

[@brianwells6992]

​@wasmithfingroup I'm 46 and still in my starter house with no plans of moving. I downsized from the start!

[@briand4000]

complete crap.

[@wasmithfingroup]

We appreciate your perspective! Everyone's situation is different, and we do our best to offer tailored advice. Thanks for watching! 🙏

[@bskinny9009]

$100K a year net😂

[@wasmithfingroup]

It's important to remember that everyone's financial situation and goals are different. What might seem high to one person could be necessary for another. Thanks for watching! 😊

[@jimbrown4640]

Never use W.A. Smith financial group. This is ridiculous retirement advice. At 67, the are on deck for death within a decade or a decade and a half. Social Security and $700k is not enough for 2 people to make it 15 years? You guys should lose your license and business.

[@wasmithfingroup]

We appreciate your feedback! While we respect your opinion, we believe in the value of professional financial guidance, especially as people approach retirement and face complex decisions. We encourage you to explore a variety of perspectives and find what works best for your individual needs. Thank you for being a part of our growing community!

[@SpookyEng1]

Not if your expenses are 100k a year 😂

[@jimbrown4640]

@@SpookyEng1 Oh, if their Social Security between the two of them is $30k a year, they could last 15 years with that $700k, spending an average of $100k a year.

[@frankwhite4463]

Video like this are so out of touch. 700K is higher than 90% of what American have. Unsub.