With pension and social security income exceeding retirement expenses, do I really need a retirement plan? Yes. I list 8 reasons why using a real discussion with a 60 year old. Can I retire now. Retirement planning.
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_*PLEASE STOP USING Spreadsheets!_ It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and highly recommend — New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).
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*DO NOT GO IT ALONE!!!!!!!*
*Money Pickle – FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
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RECOMMENDED FINANCIAL ADVISOR
Neil Fortwendel with Northwestern Mutual ph: 812 549 5213
Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.
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Even if your income exceeds your expenses in retirement, having a well-thought-out retirement plan is still crucial. While it may seem like you have enough money to comfortably live on, unexpected expenses or changes in circumstances can arise, making it important to have a solid financial plan in place.
One key reason why a retirement plan is essential even if your income exceeds your expenses is to ensure long-term financial security. By having a clear plan in place, you can better manage your money, invest wisely, and prepare for potential future expenses such as medical emergencies or long-term care needs.
Additionally, a retirement plan can help you maximize your resources and make the most of your retirement savings. By setting goals and creating a plan for your finances, you can ensure that your money is being managed effectively and efficiently, allowing you to enjoy a comfortable retirement lifestyle.
Another important reason to have a retirement plan is to leave a financial legacy for your loved ones. By planning ahead and considering factors such as estate planning and tax implications, you can ensure that your assets are passed on to your beneficiaries in a tax-efficient manner, providing for their future financial needs.
Furthermore, having a retirement plan can provide peace of mind and reduce financial stress. Knowing that you have a solid financial plan in place can help you feel more secure and confident about your financial future, allowing you to enjoy retirement without constantly worrying about money.
In conclusion, even if your income exceeds your expenses in retirement, having a retirement plan is still vital for ensuring long-term financial security, maximizing your resources, leaving a financial legacy, and reducing financial stress. By creating a comprehensive plan for your finances, you can better prepare for the future and enjoy a fulfilling and worry-free retirement.
#1 problem is that financial institutions can’t make any money of you. If everyone is doing well with their own retirement, the financial institutions will be in serious trouble.
RMDs and the tax bomb. Just one of many
Looks like you hit on the most important points so all I can add is on the SS benefit, when the time comes for one of them to pass there will be one less check to go along with that one less deduction.
Your videos are so informative. Thank you. Do most people connect your accounts with Plaid to New Retirement? Or manually update?
Hi Joe
What is your opinion about Etf which pay monthly distribution?
This is my plan, I am all in on Qyld Etf
Joe. Thank you for your videos. We are thinking about retiring at the end of this year. We have a decent size investment portfolio but our plan at age 54 is to retire from engineering and live off our rental proceeds as well as honey money (I am a beekeeper) for as long as we can keep that up. Our newretirement success score is about 86% given pessimistic assumptions. First granddaughter on the way in August. We are meeting with a tax consultant soon to try to minimize that expense. I have found your videos very helpful. Your advice has moved our planned retirement date up about 1 year
I have been self managing my retirement portfolio with about $1m in pension plans for 5 years now, unfortunately I've failed to outperform the last 2 years, and this has got me worried. Are there anyways I can turn this around or should I sell off?
“Plans are useless but planning is indispensable.”
You seemed to have missed adding in an approximated return on their $700,000 in the IRAs which is almost $3000 more each month. Also, they must have additional taxable investments generating taxable income which will further add to their spendable dollars.
Finding termites after thousands of dollars worth of damage plus the cost of getting rid of the termites. Didn’t see that coming.
Was wondering if you can do a video of a demo of new retirement
Sequence of returns risk, emergency fund
Good video. My favorite part of New Retirement has been to quickly try different scenarios, like early death of pension owner, and taking SS at different times.