Today, we’re going to answer the BIG question. Can you afford to retire?
I’ll show you how to estimate your retirement income based on your savings and then run it through a tax calculator to get the net amount of income you can expect.
👉 Get my retirement planning Cheat Sheet
TaxAct Calculator from Blucora
Calculator for Federal + State
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
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See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Great info Devin!
How do I get both for Ss and retirement cheat sheets
Yes.. I did at 58 and again from 61 -69
Here's the trick. If markets are up, and your distribution amount goes up for the year, you don't have to spend it!!!!!! You can either leave it in your IRA, or whatever, or you could take it out, and leave it in your savings, so if next year is one of those down markets, youhave that extra.
Best advise I ever got was from my first supervisor….save something from each paycheck. And I did…via first via regular payroll deductions into a savings account. Then later as I got pay raises I upped that amount every time. Then into an IRA. When that started to grow to a reasonable amount in a few years, I played the stock market for awhile. When the market crashed, I stayed in..it took me 5 years to get back to where I was, then I changed it all over to fixed interest and kept contributing until I retired. With my SS of around $2400/ month, before taxes, my retirement, which amounts to right at 50% of my final earnings, and my savings cash of $240K, which I now draw from, I have nearly the same income as when I worked. Built my own home, never had a house payment. And I did all this, sent my son to college with no loans, and in the past couple of years have more money than I know what to do with, all on less than my salary which averaged over 40 years around 40k a year, 10k when I Started work and 70k when I retired. Was always conservative with my money. Never cared any credit card debt but do use one that I pay off at the end of the month. It can be done! My wife is a saver also, almost as much as me, and if I die before her, she gets my retirement and my SS check for her life, so I provided well for her, too.
Why don't you talk about what Rick Scott's plan for retirees and disabled?
30 years ago I thought the amount I could comfortably live on when I retire is still not enough today. My advice is whatever amount you choose to save for retirement, double or triple that amount.
READ YOUR COMMENTS GET REAL
Do it for the average guy 80% of the ppl don’t have a second home or 1 million in there 401.
Hi Devin.
Thank you for your most recent YouTube!
I did respond.
Devin, I need your opinion if
you don’t mind.
I am 67 years old and separated from my wife.
It’s a pretty amicable separation, since I sold
her our $,750,000 home for a dollar.
It’s a long story.
Here is my question,
I personally have only $100,000 in a standard IRA.
My current income is $3018
from SS less the $170 for medicare.
I do take my approximately $6000
yearly dividend and recently started a part time side gig netting about 275 per week.
My only debt is $22,000 left of car
payments.
Should I sell stock and pay
off Tahoe and be debt free?
My obvious concern is my
IRA would go to only $75,000.
My monthly expenses including the 519
Tahoe payment are approximately $2400.
Thank you for taking the time to read my message and for your opinion.
With warm regards,
Stuart
$500,000??? oh man, I suck… sorry man. I guess that answered one of my concerns in my first video. I still think you are great!!!! Thank you, though, for clarifying that… 😀
LOL dang I'm back asswards! The older I get the more my desire to spend INCREASES!!!! lol but then again I am living and working abroad!
9:10… Methinks we are on the same sheet of music! I think my over-calculation of taxes suffices in most cases!
2:28 Oh man, I know you hit a LOT of what I said on my videos!!!!
ok, after having uploaded those two videos, I have gotten 1:37 into your current video. Now, that said, I apologize (in advanced ("")) if I stepped on your toes… and 2, you made a comment about being on your mailing list. 1) am I on your mailing list, and 2) if not, how do I get on it? (My apologies…I've been SUI all day (the S takes place of D for surfing instead of Driving…)
Mr Carroll,
Sir, I have uploaded a video and am in the process of uploading a second video today. I would GREATLY appreciate if you were to open those two videos and check them for accuracies. I mention your name over and over again in them, in a positive way…totally out of respect. If you advice me to change something or take something down completely I will comply.
thank you.
Thank you Devin. The 5% annual withdrawal plan based upon the prior year balance is so helpful. It feels right-sized, not too much and not too little. I think it’s also very important to have a cash emergency fund in place to prevent emergency withdrawals from retirement funds. Thanks again.
Did Soc. Sec. save enough? Ask if the funds stolen by G. Bush for his ME war were ever returned to the fund? Maybe the next gen. could, if that is clawed back w. interest, afford to retire.
When I was in my 20’ and 30’s I had no idea what I needed to “save” for retirement. I couldn’t imagine “saving” an amount that I could live on. I just invested as much as I could. Change “save” to “accumulate” and the miracle of compounding started to make sense. I talk to my kids and younger employees about accumulating wealth rather than saving.
Why do all financial experts use a million dollars as their example…. let's say you have a million dollars in your 401k and so on…… how about the MILLIONS of people that have less
I didn't have "enough money" to retire on before I was forced to retire due to a heart conditions at 52! I didn't plan on my medical condition & I lived paycheck to paycheck when I worked! I'm not complaining because I'm happy I have a roof over my head, my utilities are paid & I have food in my kitchen! Some people feel blessed for the simple things in life!
No problem if we stay out of the nursing home later