This video discusses “Just in Time” retirement planning and savings. The video discusses what you need to do if you are approaching retirement and you have no retirement savings and need to catch up now. The video also debunks some of the early negative rhetoric on why people are in this situation and replaces it with actionable steps to get back on track.
For those who have no retirement savings, low retirement savings, or just want to enter retirement on the best possible footing, this video is for you.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
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Just in Time retirement planning | Do This ASAP!
retirement planning is something that often gets pushed to the back burner. Many people believe that they have plenty of time to save and prepare for their post-work life. However, in today’s fast-paced world, having a “just in time” retirement plan is becoming more crucial than ever before. So, if you haven’t started planning for your retirement yet, it’s time to do so ASAP!
“Just in time” retirement planning refers to a strategic approach that focuses on making the most of the time you have left before retirement. It recognizes that traditional retirement planning strategies, which rely on decades of saving and investing, may not always be practical for everyone. Instead, this approach aims to help individuals maximize their savings and investments in the limited time they have.
Here are some key principles to consider when adopting a “just in time” retirement planning strategy:
1. Assess your financial status: Begin by evaluating your current financial situation. Calculate your net worth, including all assets and debts. Determine your monthly expenses and identify areas where you can potentially cut back. Understanding your financial position is crucial for creating a realistic retirement plan.
2. Set retirement goals and timelines: Determine the lifestyle you envision for yourself during retirement. Will you be traveling the world or living a more modest life? Set specific retirement goals and create timelines accordingly. This will help you plan how much money you need to save and invest to achieve your desired lifestyle.
3. Create a budget: Develop a budget that allows you to save as much as possible while still comfortably meeting your current needs. Be mindful of unnecessary expenses that can be reduced or eliminated. Setting aside a portion of your income specifically for retirement is key to building your savings.
4. Maximize retirement contributions: Take full advantage of retirement savings options such as employer-sponsored plans like 401(k)s and individual retirement accounts (IRAs). Contribute as much as possible, and if your employer offers a matching contribution, ensure you contribute enough to receive the maximum match. This is essentially free money towards your retirement!
5. Diversify your investments: It’s important to have a diversified investment portfolio to mitigate risk and maximize returns. Consider investing in different asset classes such as stocks, bonds, and real estate. Consult with a financial advisor to tailor your investments to your risk tolerance and retirement goals.
6. Continually monitor and adjust your plan: Regularly review your retirement plan to ensure it is aligned with your changing circumstances, such as financial market conditions or unexpected life events. Keep track of your progress and make adjustments as needed.
By adopting a “just in time” retirement planning approach, you can make the most of the time you have left before retirement. Start evaluating your financial status, set retirement goals, create a budget, maximize retirement contributions, diversify your investments, and regularly monitor and adjust your plan. Remember, time is of the essence, so start planning for your retirement ASAP!
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Bean counter lol
it is a balance between living on bread and water for 40 years and buying every shinny object that comes along. If you focus only on the $$ you will miss out on some of the greatest joys in life. If I decided to not have children' or even get married to the love of my life 45 years ago I would have a large retirement account to pay the rest home and no visitors.
A big factor you mentioned at the end is the medical costs.
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I love your choice in furniture.
I miss the whiteboard 🙁
Maybe I'm weird, but I started my IRA at 22 (even with a military pension, that isn't a sure thing – we don't always get promoted, peace breaks out (post 1989)). Over time, it just became an expense, like utilities. Now my part time "gig" is substitute teaching, in order to pay off the IRA (nothing more). I "quit" the rat race a couple of years early due to a work situation. Yes, I would have liked to have worked another 2 years, but I was tired of work and hitting deer on the way to work. So, I'm transiting.
I like your videos and I am Subscribed. I don't see you say anything about Fixed Index Annuities or CD ladders. I got tired of the yo yo stock markets and I don't have 20 years to keep investing to see if it shows a profit. So I now have a couple of 5 year fixed index annuities and a 4- CD ladder. The good thing is I am not having to draw off of them at this time. I am 67 years old.
Im planning on living off social security. Between my wife and i we should get $4500/month. If you cant live off that somethings wrong with yoyu
Schmitty, good to see you are back, thx
Finally a channel that recognizes how different investing was 40yrs ago. Like it was nearly non existent then. Knowledge was much harder to come by and frankly people didn’t make the enormous sums of money they do today. In 1982 I was making 2.95/hr. I like most people of the time was just worried about survival.
Thanks for commenting on all the Spambots who make comments about ridiculous financial returns.
Working 2 jobs for 20 plus years yielding 2 retirements plus spousal benefits and civil service I have plenty without savings lucky I guess plus a dozen layoffs.
Let me save you some time, collect SS at 70, begin RMD's from your IRA at 72. Be smart!
If you can contribute to a 401k program once u reach the time for RMD's, that money is not subject to the RMD as long as u work for that employer and continue to contribute to the 401k. Also u can take out a high % of your income to avoid income taxes.
One of your better vids. Simple and straight to the point.
Thank you Mr Schmidt, thanks i invested since I was 25, now retired and I am getting more income now retired then I made when i worked. I qualified for max SS at 62 and took it! Thanks
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks (with the help of my Financial Advisor of course) and made about 246k, but guess what? I put it all back and traded with her again and now I'm rounding up close to a million.
A lot of people in my life say I am lucky, but I say luck favors the prepared. I lived way below my means for decades while friends purchased new cars, larger homes, etc. I retired at 55…lucky? Honestly, I feel blessed but not lucky.
Great content! I'm trying to decide between paying off my $240K mortgage balance or fund my 457b. I will have a pension when I retire and also have LTC insurance. I'm a homeowner with no kids. No debt except the house. We do have Deferred Comp 457b, but I'm late to the game in contributing. I'm 58 with 25 years of County employment (CalPERS). Only debt is the house, locked in at an incredible 1%. I'm currently paying $500.00 a month extra on the $1,200 mortgage. I'm also building my emergency fund at $1K a month. The decision is what to do with the $1K a month once I fully fund the emergency account. It would be awesome to retire with no mortgage, but maybe that's a sacrifice I shouldn't make. Interested to hear your thoughts.
Great video Mr Schmidt. I just applied for SSI under survivor benefits at 63+y.o.
I can't get a strait answer from SSI on this question, maybe you can help:
If, I'm collecting SSI and still working I am allowed to make up to $21,000+ a year without penalty. If I continue contributing to my 401K will the total earnings go towards my $21K cap or just the money not going into the 401K? I've called SSI three times and gotten two different answers, maybe you (or someone knowledgable reading this) can give me an accurate answer here. Kindof important to me.
Thanks for all you do!