The world’s easiest retirement plan can work whether you have $10 million saved or $100,000 saved. And the 2nd step gives you that important number of “How much do you need to retire?”.
-Dave Zoller, CFP®
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retirement planning can be a daunting task for many people. Figuring out how much money you need to save, where to invest it, and how to ensure a comfortable retirement can feel overwhelming. However, I recently stumbled upon what I believe to be the world’s easiest retirement plan, and I want to share it with you.
This simple retirement plan can be set up in under 10 minutes, requires minimal effort, and has the potential to provide you with a worry-free retirement. The key to this plan is investing in a target-date fund.
A target-date fund is a type of mutual fund that automatically adjusts its asset allocation over time to become more conservative as the investor approaches retirement. This means that when you are young and have many years before retirement, the fund will invest more heavily in stocks, which have the potential for higher returns but also come with higher risk. As you near retirement age, the fund will gradually shift towards more conservative investments like bonds, which are less volatile.
Setting up a target-date fund is incredibly simple. All you need to do is open a brokerage account, select the target-date fund that corresponds to the year you plan to retire, and invest your money. That’s it. You don’t need to worry about rebalancing your portfolio, researching individual stocks or bonds, or timing the market. The fund will do all the work for you.
One of the main advantages of a target-date fund is that it takes the guesswork out of retirement planning. You don’t need to be an investment expert to set up this type of fund. The fund’s professional managers will handle all the investment decisions for you, based on your retirement timeline.
Additionally, target-date funds are typically low-cost investment options, which means you can keep more of your money working for you instead of paying high fees to financial advisers or brokers.
Of course, like any investment, there are risks involved with target-date funds. The value of your investments can go up and down, and there are no guarantees of returns. However, over the long term, target-date funds have historically provided solid returns for investors.
If you’re looking for a simple and hassle-free retirement plan, consider investing in a target-date fund. With just a few minutes of your time, you can set yourself up for a comfortable retirement without the stress and complexity of traditional retirement planning. Give it a try and start your journey towards financial security today.
This is very informative. Thank you.
This is very clear. Thank you
I’m not the CFP but aren’t you under selling how much tax you will have to pay from your social security if you are withdrawing that much? Only simple way around that would be if your assets were in Roth accounts.
Monte Carlo simulator works great
This is a great simplified plan to get you started. That is exactly what this is supposed to be. Especially for people in their 30s, 40s, and early 50s. BUT… taxes, taxes, taxes. Taxes could be one of, if not the largest expense in retirement. If you took deductions all through your working life, you may be in for a surprise, especially when you reach age 72 and RMDs start. As a CERTIFIED FINANCIAL PLANNER™Professional I often point out to clients that where your assets are, (also called asset location) is extremely important to consider. Are they in a traditional IRA/401k that is fully taxable, Roth IRA/401k that is not taxable, HSA (not taxable), or a non-retirement account will have a big impact. Remember the 4% withdrawal rate includes assumed taxes. Plan now to create a tax-free retirement income. Great Video!
It’s not how much you have…. It’s what you owe……. Don’t get me wrong by any means, yes a nice fat nest egg is everyone’s goal, being 100% Debt free has given us the opportunity to grow our Egg ….. absolutely enjoy your videos. So easy and enjoyable to watch and learn….. thank you……. Enjoy the day…..
At least for me, this plan is too simple to be of any value …
I have always had a very detailed budget throughout my working years. A few years ago I started my retirement budget. I have also created an income spreadsheet so I know how much I am receiving from each source of income for each year of retirement. I am lucky I will have three pensions, SSAN, VA and my 401K. I can then analyze the difference between my future retirement income against my retirement budget. My retirement budget is about $60k a year and I am projecting about $150K a year in retirement which is significantly less than I am making. I just don't want to worry about money during retirement.
Bravo!
Thank you so much for your videos and information. Very informative and helpful
Thanks for your great video… My wife and I are retiring this year, did very well in the amount of money that we amassed for retirement. Well over 80% of that money was made because 0f taking advantage of buying high-end stocks at a deep discount during the Great Recession.up until 3 years ago we were 100% in the S&P. During bear markets we had a perfect plan. We got an lnvestment manager in our corner and didn’t look at our portfoli0 for nearly a year. Just kept buying at low prices..
Keep in mind some of your income can come from dividends. So SS plus dividends ,pension if any , can reduce how much you withdraw every year or month
great content thanks
Who has $100K? Not your average American. This isn't for me.
Good video, but would be better if you shared whether or not the income needs estimates were before or after tax.
Good video. It really is that simple. So many people fear this process. I don’t know why.
How about doing a Video on "All weather portfolio" that limits the downside & maybe not as aggressive as Tech Heavy S&P 500 which was up 15+ % past 2 years but giving decent returns YOY?