In today’s video, I’ll show you have to simplify your retirement plan and turn the confusion into confidence.
Let’s build a plan that gets you and your family the retirement you deserve. Get started here
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✔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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Planning for your retirement can feel like an overwhelming task, especially if you’re not sure where to start. However, with the right approach and helpful tips, you can lay the groundwork for a confident and fulfilling retirement. Here are some key steps to help you plan a confident retirement:
1. Estimate your retirement expenses: Before you can create a retirement plan, you need to have an idea of your post-retirement expenses. Consider everything from housing costs to healthcare expenses to leisure activities. This rough estimate will give you an idea of how much savings you need in order to be comfortable in retirement.
2. Calculate your retirement income: Once you have estimated your expenses, it is essential to calculate your expected income in retirement. This includes any retirement accounts, pension, social security, and other income sources.
3. Consider the timing of your retirement: Timing is crucial when it comes to retirement planning. Will you retire early or work until you’re eligible for social security? You need to factor in the timing of your retirement, as this will affect your retirement income.
4. Invest wisely: Make sure that your retirement savings are invested wisely. Consider diversifying your investments to reduce risk and maximize returns. Consult with a financial planner to determine what investment strategy is best for you.
5. Take care of your health: Healthcare expenses can be a significant drain on retirement savings, so make sure you prioritize your health. Exercise regularly, eat healthily, and schedule regular check-ups to prevent any major health issues down the line.
6. Plan your living arrangements: Where will you live in retirement? Will you downsize or stay in your current home? These choices will affect your expenses in retirement, so take the time to consider your options carefully.
7. Create a plan for your ideal retirement: Retirement should be a time of personal fulfillment and enjoyment. Take some time to envision what your ideal retirement looks like, and create a plan to make it a reality.
In summary, planning for retirement can seem like a daunting task, but it is essential to ensure a comfortable and confident future. By estimating your expenses, calculating your retirement income, investing wisely, prioritizing your health, planning your living arrangements, and creating a plan for your ideal retirement, you can achieve the retirement you’ve always dreamed of.
Let me cut through the confusion and build a plan that gets you and your family the retirement that you deserve.
Get started here https://www.devincarroll.com/roadmap
Positivity Always Wins,I'll be 57 in few days,by chance I stumbled here with courtesy on my approach on seeking for best ideas or ways to create wealth good enough to retire; cause if nothing is done about my finance now,my income will remain stable and expenditures continues to rise. I'm so exigent on this, any ideas?
I don’t understand how Dana would receive a total of $58,615 in SS benefits in the last year of the plan. It’s my understanding she would receive 100% of John’s benefit as a survivor which is much less. Also, in the first year how does Federal Taxable Income of 102K only generate federal taxes due of $2645?
I wonder if somebody can answer this question if I am 64 with a 2500 Social Security benefit now and I take my Social Security benefit and then at full retirement age at 66 years and 10 months can I suspend my benefits and if I do suspend my benefits and wait till 70 I would’ve collected $96,000 between the years of 64 and 66 years and 10 months I would guarantee that in my pocket then suspend from 66 to 70 and pick up the higher amount at 70 does anybody think that’s a good idea
Devon I want to apologize for not getting back to you sooner love the program you put out how to plan on a confident retirement well done sir well done and did I pass this information on to a couple of young people who want to squander one wealth they have, and use it up before retirement to think this out and watch this program. I can only hope that they did so what you did one hell of a job with this Siri and I really appreciate this program. Even I learned a couple of things I need to know. Well done sir. Well done. Have a good day.
Did anyone else notice the few / limited comments to this video in comparison to most other Devin Videos? Why is that? Because most people that watch the other videos primarily want to complain about SS being taxed, the govt "borrowing" money from SS, Biden has hurt their 401K or IRA, etc. Very few of those people will ever take the time to try and financially plan their retirement years, or hire someone like Devin. "They" would much rather "complain" or just think "whatever happens / happens", instead of taking control of their financial retirement. Devin's spreadsheet that he demonstrated in this video is excellant. I did my own excel spreadsheet 10 year ago before I retired, and it was / is a similar "year by year" up to age 85 with income, expenses, SS, 401K, IRA, 401k, Taxes, etc. I also was "pessimistic" when I plugged in projected SS Colas, projected growth in retirement accounts, and inflation so that my actual would probably be better than my projected. I am waiting until 70 for SS, one of the primary reasons is my wife earned less than I did and is 15 years younger than me, so the "delay until 70" was / is the way to go for me personally. I also ran the numbers on converting to Roth, and in my case (like the example) it would be a negative to convert. My excel spreadsheet is very detailed in that I plugged in major expendiatures like autos, yearly taxes and insurance on homes at a higher than normal inflation rate, medical costs (Private, Medicare, and Suppliment) with a higher than inflation yearly increase, etc. Congrats to everyone that is considering hiring Devin or someone else to do this for them, or (like me) have done on their own.
Interesting that Roth conversion resulted in higher taxes. Especially with the historically low tax rate we have now will sunset in 2026 and result in 3-4% increase in tax brackets for me. Even if the tax rates were extended, minimizing RMDs would be a bring benefits at age 73. Good video, thanks.
If I will receive a pension from Israel starting in three years but start taking SS now, will they reduce my benefit today based on WEP or when I first start receiving it? What if I take it as a lump sum in three years, will they still reduce my benefit?
Great video Devin. Thank you! Is this service only for those who are your clients or can a plan be done for a fee?
Nicely done. The Roth IRA didn’t even exist early in my career.
A fascinating thing about the retirement planning “industry” – it has evolved dramatically from “Financial Advisors” who were really “Investment Advisors” to comprehensive “Retirement Planners”.
What a world of difference. It used to be “defer, defer, defer” taxes. Now it is comprehensive tax planning.
The Monte Carlo simulation didn’t seem to be a thing until recently. “Sequence of returns risk” might have been mentioned but was not modeled.
A problem that seems to still exist, even in many of the planning software tools – maximizing Social Security income in isolation rather than integrated in your plan.
Again, nicely done!
Still waiting for that teaser you put out there about us “fools” waiting to take SS later.
You made portfolio recommendations to your client and didn't show the retirement plan if he made those changes. WOW, 1.2% fees. By the way, if they make changes from overwhelming bond funds to ETF stock index funds, roth conversions may look more like a promising addition to their plan. These retirement scenarios are so assumptive driven. I use a bucket approach to seek an optimal way to diversify my portfolio (I.e. optimal stock/bond ratio). In my Monte-Carlo, I put a 4 year stent of LTC, included Health Insurance and Medicare and calculated the 95% POS spending rate. I like the MC for that, based upon the POS you desire, find the spending rate that you will survive on. If you wanted 100%, you find the 99% and back off until it shows 100%. But, these numbers will be based upon yesterday's and the tomorrows will look different.
I added a fixed index annuity with a income rider, with savings and SS I'll be ok
I was wiped out financially to -25k due to a divorce at 62. I worked until 67 – accumulating a little over 150k before being laid off – I took my money and retired to the Philippines – my ssa is 3500 a month and my expenses are usually 1250 a month
Good stuff. Thanks for posting. I was starting to think SS at 70 and Roth conversions were always recommended.
I use to have close to $500,000 total in my 401k and and IRA account til Biden got in office and it started to going to hell in a hand basket. I’ll be 65 in April and guess I’ll be working for awhile longer. Wanted to retire at my FRM of 66 and 8 months but not sure I can.
Although I am 65 and retired, periodically revisiting our retirement plan is now a wise course of action to ensure that our plan is still working. During my working years I made the decision to max out my 403B/IRA rather than create a ROTH conversion, as I felt that it was better to lower my tax burden in my highest income years rather than take tax free ROTH income in retirement. I still think that was the best choice and the example in the video seems to bear that out. I am so happy that I started working with a financial planner when I was a 28 years old RN and learned to "pay myself first" with every paycheck I received. Thanks for this informative video presentation.
My biggest concern is health, I don't care about money or a roof.
Live within your means is the advice I give. I retired 6 years ago at the age of 51 and have never looked back.
Devin, in bullet number 10 on your page, you have this: You have $500,000 or more saved for retirement
Is that 500K supposed to be in actual retirement type accounts such as IRAs etc? Or can it be split, say, $250K in checking & savings accounts and $250K in a brokerage IRA account. Thank you.
So much " research" draws the conclusion that we are going to run out of money and need to work in our 70's.
Government with holding our checks because of the MARK
Thanks Devin!
My greatest fear is cancer… money is not a concern. I am 71 and friends are not dying from lack of money
No amount of money will bring anyone peace of mind and stability. that's life, full of unexpected surprises both good and bad, money won't change that.
One hospital trip from a bad retirement.
America needs a EU type healthcare system
If I. Had 3 million dollars and had $8000 / month expenses I wouldn’t be worried at all
The reality is more seniors in retirement are living in their vans down by the river