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When it comes to planning for retirement, many people make a crucial mistake that can have long-lasting consequences on their financial well-being. This common error is failing to start saving for retirement early enough.
One of the biggest misconceptions about retirement planning is that you can always catch up on saving later in life. However, the reality is that the earlier you start saving for retirement, the better off you will be in the long run. This is because of the power of compound interest, which allows your money to grow over time. By starting to save for retirement in your 20s or 30s, you have more time for your investments to grow and accumulate wealth.
On the other hand, if you wait too long to start saving for retirement, you may find yourself in a difficult situation. You may have to save a significantly higher percentage of your income to reach your retirement goals, or you may have to delay retirement altogether. In addition, you may have to take more risks with your investments in order to make up for lost time, which can be risky in a volatile market.
Another common mistake people make when it comes to retirement planning is underestimating how much they will need in retirement. Many people assume that they will be able to live on less money in retirement, but the reality is that retirement can be quite expensive. From healthcare costs to travel expenses, it’s important to have a realistic understanding of how much money you will need in retirement in order to maintain your desired lifestyle.
In order to avoid these common retirement mistakes, it’s important to start saving for retirement as early as possible and to regularly review and adjust your retirement savings plan. By working with a financial advisor and creating a savings plan that fits your goals and lifestyle, you can set yourself up for a comfortable and secure retirement.
Overall, the key takeaway is to not underestimate the importance of starting to save for retirement early and to have a solid plan in place. By avoiding these common retirement mistakes, you can ensure a more secure financial future for yourself in your golden years.
I'm not a switch hitter. hahahaahahahah
Great video as usual Josh
Statistically relevant statement is true BUT, timing of withdrawal has outsized effects on outcome. So, in actual real life use, I wouldnt say theyre fundamentally the same portfolio. Even you said in the past, one or two years difference in retirement had a huge change in outcome. But spot on the need to play defense when drawing down.
I would look at 10 years periods. Let's be honest that if you start with 1,000,000 and it drops below 500,000 in the first 10 years I don't know many in retirement that would handle that happening very well. Look at the first ten year starting at 1999 – 2007. I would not want to be in retirement and experience a 100% S&P 500 during this period.
Since 2008 all we ghave done is devalue the dollar. Everyone is betting on the Fed put to save the markets should they crash. I'm not making that bet but I can see why folks believe it.
Stay single with zero debt and you'll have a lot less to worry about!
Bezos, Gates, Buffet, et al, are SELLING billions in shares right now. Be careful…….
Mr. Pfizer is gonna have some sickly kiddos.
Travis likes Taylors media coverage, he hill come out of the closet after his football career.
Neither is Antonio a Switch hitter. Being a Tailor I tell guys all the time to straighten up shave get your hair cut and look like a real man. It's understood that part of your "je ne sais quoi" is your doing the show from home and that's good No offense I meant I like your content so tell wifey she's safe and sound. Thanks
Hey Josh, curious of what you think about low beta ETFs/funds? I was eyeballing SPLV as a complementary fund to Wellesley/Wellington fund. Wish you the best!
One man telling another man that he looks better shaved. Just take it as that. Why make things gay??
I was forced to retire at the age of 38 years due to my injuries that took all my eyesight and a dramatic brain injury on a horrible home invasion. I am 43 years old. My wife is 33 years old and son is 8 years old now. We only have a VA mortgage payments, utilities, vehicle insurance, food, and a child expenses each month. How are we surviving this horrible event when our only income is social security disability and we are maintaining without any debt from credit cards, vehicle loans, personal loans, student loans, and other consumer debt? The answer is we do without by not going out to eat, going out on vacations, and other unnecessary expenses the majority of individuals do! It is crazy to listen to all the individuals who are living paycheck to paycheck and bring home more than us and yet we are in way better shape then them! I wish I could earn a income as a totally blind military veteran but having no eyesight is preventing employers to hire me. My experience doesn't count or my ability to do task without eyesight! Below is my proof and explanation of my above statement!
District Attorney Penny Douciere announces that a Richland Parish jury convicted James Tabb, age 33, of the attempted second degree murder of Joshua Butler at the conclusion of a two week trial on September 9th, 2022. ADA Doug Wheeler presented the State’s case, which established that Tabb shot the victim with a compound bow, stabbed, and then beat Butler’s head against a culvert at the victim’s residence on Hwy 425 south of Rayville on August 9, 2018. Tabb was also convicted of attempted Aggravated Burglary of the Butler’s home and attempted Armed Robbery. The verdict of the 12 person jury was unanimous on all counts. District Attorney Penny Douciere credited the success of the State’s prosecution on the hard work of the Richland Parish Sheriff’s Office, numerous other law enforcement agencies, and the Louisiana State Crime Lab.. District Judge Will Barham presided over the trial and has scheduled sentencing for November 2nd, 2022. Tabb, a Rayville resident , faces a possible sentence of up to 114 years.
enjoyed the gay joke
I'm with @beachbum77762 on this one. There's no way you can compare the 1800-1900 with todays stock markets. No one can tell the future. I can tell you if everything goes to hell in a handbasket those bonds aren't going to save you. Bonds are as risky with less return.
My comment from last video.
"I've run many calculations for a 30yr period on portfolio visualizer with 8% withdrawals every year and 100% midcap growth style mutual funds and I always come out WAY better than the 70/30 portfolios. I think it's way riskier to have bonds kill your long term gains. The bonds drag your profits down way too much. I'm staying 100% stock mutual funds all the way. Primecap and Fidelity Low Priced Stock Fund (FLPSX) mostly. If you don't, you will never keep up with inflation and the draw down of your funds. Your money will be worth nothing in your later years. That's the biggest risk of all!!!"
The only way to protect against a "Big Depression" is to own at least 10 acres, all paid for, off the grid and be self sufficient. And you better have lots of security measures these days.
Thanks for mentioning me but you have it all wrong!! You can't go back to the 1800s and use that data to support your conclusions. The world is just not the same. I really don't think you should go back any farther than 1945. What I'm saying is there are so few scenarios where 100% stocks are not superior to a stock/bond mix portfolio that it just doesn't make sense to do anything but 100% stocks. Sure there will be down years, but if you have no debt then you can deal with a few down years and not take too much out of your portfolio and allow for time for your portfolio to recover. If you have a mortgage or other debt then you have less flexibility and you might have to take too much out of your portfolio in down years.
Once you start living off your 401K money, you have to protect it. It’s got to last the remainder of your lifetime. It’s a dangerous game to keep it all in stocks.
5.2 % ,6 month t bills , no state tax , come on man , guaranteed. take it while you can.
Though I have a small percentage in short term corporate bonds, I consider my Social Security to be the SAFE portion of my retirement investments so I don't need a big portion invested in bonds. Wife and I will have $5984 monthly SS when I start taking SS at 62 this summer.
Before anyone starts kvetching, my wife is nearly 7 years older and neither of us is the picture of health. I would have to live past 80 AND my wife would have to live past 87 before I would receive more money by waiting. That's not even counting the gains if you were to consider my early SS enables me to invest more.
People really don't know how they will act in a brutal bear market until they have lived through one. Talk is cheap.