Do you know your five numbers?

@askme78232

7 ай бұрын

Amazing to me most people do not know what they spend. I tell people to figure on spending 1.2-1.5x in retirement vs. while working if they want to travel. I tell them to multiply by 20x for nest egg if they are 55 or younger.

@foundryfinancial

7 ай бұрын

@@askme78232 you tell people to expect to spend more in retirement, not less? That's not what the data suggests. What are you basing that on? Might be an interesting video.

@sandm7788

3 ай бұрын

@@foundryfinancialwe are spending 7000 a month but we are likely to spend a lot more than that in retirement based on your software. Btw thanks for letting us to use it. One thing I noticed is that my top expense is taxes. 😂

@DK-pr9ny

Ай бұрын

@@askme78232That’s what I thought too. You’re bored in retirement, so you spend more.

I retired at 54. Very happy to do what I want. Life is short.

When people asked me what are you going to do in retirement. I have always said ANYTHING I want. Still works seven years later.

Different for everyone......time is precious and the more you have the richer you are.

"I can't work another day" That was pretty much the shape I was in a couple months ago. I wasn't quite that fed up, but the job had lost it's luster. I've been in software development for ~30 years but it's changing fast and it's not the career it has been. I called up the broker and the CPA, figured out we were in a good shape to retire - and I'm calling it a career in a month. Can't say I'll miss it. But there are people I'll miss.

@foundryfinancial

Ай бұрын

Congratulations!

I retired at 63 with no debt...including mortgage. This is one of the keys to retirement security because it gives you a sense of peace that is hard to describe. As a military retiree, that gives me a comfortable cushion and I don't plan to take SS until age 70 to protect my spouse should I die first. The formula is simple...spend less that you make (blinding flash of the obvious).

@ajpere4217

Ай бұрын

Bad move. You lose a lot of $$$ not taking SS now. Over 200k+ that you won’t be able to make it up in the back end for 12+ years

@lgempet2869

12 күн бұрын

Glad for you & wish I could do the same…not so simple a formula when you’ve been a single mother for the past 20 years, w/negligible help from former husband & from your family. You’re left w/a small pension & social security just as soon as you’re able to take it & praying you’ll be able to sell your home when/if the market will allow for it. Not what I had in mind for myself at this stage in life.

The main one retie dept free. We own our home outrite. Our bare bone expenses are between 35 to 40° of our fixed income. But I still run my construction business. I love doing it. It also forces my brain and body to exercise.

Thanks. 5 Steps to follow, ease and clear. Blessings.

Nice video. I would add to the fixed income interest from savings accounts and dividends from taxable investment accouts. For instance, if my savings account pays $100 per month and my taxable account dividends is paying approximately $400 per month, then that is $500 per month in fixed income. Not a lot in this example, but it can become a lot in some cases.

A very nice summary Kevin! We are retired, and agree with your approach, and suggestions. It took us some hard work to get our “expected” expenses correct, but it is key. The other methods based on pre-retirement income is just not accurate, and way over estimated our needs. We are actually increasing our spending 2 and 4 years in, and also realize a dollar goes way further than when working. No debt, and an accurate budget are the most important for us, in terms of our confidence. We also are realizing that we can draw down our portfolio faster than 4% despite a conservative allocation, since it will only “need” to last about 20 years since we will have plenty of guaranteed income in our 80’s to meet expenses.

@foundryfinancial

2 ай бұрын

Thank you! Often my job is to convince clients to spend more…not less.

Just found you here. I am enjoying your videos. I filled out your questionnaire. 😊

@foundryfinancial

6 ай бұрын

Excellent! Thank for your kind words. Fair warning, I’m really behind on those,but trying to catch up this month.

@kimcasey8951

6 ай бұрын

No worries. Thank you for the reply!

How much money.... The ultimate question in all these videos. Healthcare/world issues.... Impossible to know fully. Bidinamics happens, Companies take advantage On the situation et cetera. But it's fun to run or talk about the scenarios and possibilities. Always over estimate and still will be wrong sometimes.

If I leave work at 60 the Social Security tool does not calculate from the day you leave work before eligibility at 62 - 70. The tool assumes you are working until 62 - 70. This makes getting a real number possible. I had to call social security and they didn't seem to understand my question the lady kept giving me numbers that assume I'm working up til 68. I had to explain multiple times I'm leaving work at age 60. She finally understood, said she would have to call back and never did

@shawnmetts8010

12 күн бұрын

Go to the social security calculator on the site and put zero dollars as your future income.

Really good video! Easy to understand and follow 😊

@foundryfinancial

5 ай бұрын

Thank you!

Love your videos, informative and about the right length, and your voice/delivery is perfect. I've also found many "financial advisors" to really just be salespeople. Still learning here but I can see through the sales talk. Thanks for your offer, that is very generous. Everyones situation is unique, I do think a personalized assessment is of benefit to future retirees and is probably a high returning investment on the fee charged.

@foundryfinancial

8 ай бұрын

Thanks, Ken! I’m terrible at sales, so I decided to lead with generosity. I believe if you live with an open hand - everything else will work itself out! I saw your submission and will get to it early next week.

It happened to me. It was not worth the paycheck for me to go back to that job every day (I was miserable), and I didn't want to start over at 54. Fortunately, I was able to make it work vis-à-vis these 5 numbers. PS - Don't forget about healthcare $$ if you're pre-Medicare.

I earn about 3500 a month ( With overtime ) 1200 goes st8 into my work pension and work pays 300 a month in I usually take home about £1800 a month 800 goes st8 into my vanguard isa stocks and shares isa That leaves £1000 I pay £500 into a joint account and my wife also pays in £500 Every bill and food and insurances ect are covered easily from that £1000 That leaves me £500 a month spending money Most months i spend about £300 ,thats gym ,takeaway once a week ,grabbing a coffee at work ,and a meal out once a week or so Usually have a couple of hundred left at end of the month but sometimes i dont. If ive bougtb gardening stuff or diy stuff like paint or a new toilet seat or a new rug or a pair kf trainwrs or a pair of jeans etc If your sensible and thrifty yiu can live well on very little Thats if your also sensible enough to have your mortage paid off by time ya middle aged ,mine was paid off by aged 45

@carolturner7419

4 күн бұрын

Well done u 👏🏻👏🏻

I like Ally as a high rate savings account. Correcton on your part - most people don’t get a pension, but - I have a NY State Pension, am working on a Federal pension and I spent 20 yrs on the National Guard so I have a military pension as well 😊

@Jasonb4012

Ай бұрын

Figure out a way to get your veteran status and you could be eligible for VA disability as well. Never thought someone could get 4 pensions

Thank you for saying people with a pension are lucky. Feels like gold plated handcuffs sometimes 😂

@foundryfinancial

6 ай бұрын

Yeah, it’s nice to have - hit hard to walk away from!

One thing that rarely gets in these types of videos is that we may need to work a little bit longer than we thought at our regular job or, when we retire from that job, work part-time or a small gig or two each week to supplement. Or maybe move somewhere less expensive.

@miragexl007

Ай бұрын

Yep. Part-time job and something.You actually Like.. just to get insurance and a little income..

@timjones8295

15 күн бұрын

Yes- keeps on young!

I have a pension! Two of them, actually. They won't pay me a huge amount, as they represent less than half of my working years, but they'll certainly provide extra financial security. And I work for a public pension, educating our members on why they are lucky to have it. Many people in your field think they know better and want our retiring members to forfeit that lifetime benefit and instead withdraw their contributions and invest them. For a fee, of course. I appreciate that you know the value of a DB pension. I could retire anytime, but I like my job. It's a good problem to have, I guess.

@foundryfinancial

3 ай бұрын

Yeah, pensions are often a gift. Not every plan and they often aren’t inflation protected - but overall they’re great.

I am getting a pension at retirement, work for the Fed's :)

Does anyone have near the amount this guy is talking about? Even if you are 65 years old?

@timjones8295

15 күн бұрын

Yes

@deanrotering879

14 күн бұрын

I have way more. I’ve been putting away 15% in my 401k for 34 years. When they say pay yourself first , that’s what it means.

@boyasaka

13 күн бұрын

​@@deanrotering879 Have u retired?

In your example…if ur short 2k per month and you have 500k in retirement accounts that gives u 20 years even if it doesn’t grow. With it growing u might get 25-30 years. No?

Interesting how you never mention RMDs. It appears to me at least with traditional IRAs/401ks NOT Roths, the government decides the rate of withdrawal. I've been retired now since 2021 haven't touched my assets but market volatility can absoulutly destroy the most focused investor. Very difficult seas to navigate and lets face it nothing is getting better in the nightmare called USA.

@user-vc6ux6rj7m

7 күн бұрын

Biggest problem I see is Taxes, save money your whole life while paying taxes. Then retire and pay more Taxes awesome place Americka.

Love Planned expenses.. What about insurances, medical, food, gas etc Going up 30%?. It's been a great 3 years plus... Hey, Why don't we continue this? Think before you vote this year.Think before you vote this year.. Although not The only reason, but Come on..

@penelopesee7361

27 күн бұрын

Everything is temporary. Market goes up and down, but do we want to be controlled by o e person? You know that will be permanent, because he wants to rule like his failed business, but go ahead , do what’s best for you and your children’s future.

@floydestelle6242

15 күн бұрын

​​@@penelopesee7361ostrich woman. Anybody that has owned businesses know some go good and some fail, just like the stop market. You will have a 50 year politician that has made so many errors in 50 years that he wouldn't have one good business. Wrong Way Joe Hoe has always been wrong. Just worry about the abortion and your killing. I don't condone or like alot of what Trump says or does, but i would vote for rabbit droppings before Wrong Way or any Democrat.

@deanrotering879

14 күн бұрын

@@penelopesee7361that is total BS. How is that even possible? Think for yourself. Break out of your bubble.

@penelopesee7361

13 күн бұрын

@@deanrotering879 I follow facts not fiction ,unlike the cult who will follow their leader to abyss 😂😂😂

@deanrotering879

13 күн бұрын

@@penelopesee7361you are trapped in the far left hive mind. Zero independent thought. I do not like Trump. So please explain how he is going to rule. Can you? Is he never going to leave? Is he going to cancel the constitution? How is he going to accomplish that? Do you think the Federal Judiciary and the military are just going to go along with that? What flavor is the koolaid?

You are assuming that social security will continue as it is. They are most likely going to cut it or reduce it because of all the corruption in the government redirecting funds for the social security account to other agendas. How do you plan for that

@miragexl007

Ай бұрын

Yes but it won't be drastic.... Otherwise the country would fail hugely because so many rely on it. I'm going to rely on it to cover medical costs at least.. That's our plan, and any extra will be a plus

Who's got £500000 in investments way to much you need to retire.

@stevesilver7437

Ай бұрын

I agree! Who has that much?

I cut medical - because naturally, I will die - none of that medication or trips to the doctor. God, just take me out as I have come in. That alone will cut a lot of my budget being insurance free - just have insurance for medical on your vehicle to cover injuries. I now, save that $$ monthly medical payment and put it in a stock account. Then, if I have a broken bone, dental or whatever that is not life threatening - I go to the hospital and negotiate the price in cash. Also, if you need medical that is long term and want that - go to Thailand - $850 round trip ticket and the hospitals/doctors/nurses are top notch. Just get a recommendation first.

Pulling 4 percent out ya pension pot is crazy and it should be growing bwtween 5 and 10 percent a year

Ughhh. Pension holders and teachers. That would be cool... But choices we make.

Kevin: You say "no body has a pension anymore"...not true. Fewer people do but still many do.

@foundryfinancial

3 ай бұрын

It’s not the norm, but yes it was an exaggeration.

@martywilliard

Ай бұрын

Most don’t … if they do - many are losing them.

@stevelopez372

29 күн бұрын

@@martywilliardTrue, if the pension is private. Otherwise you have many people with Government pensions. Which can change the way you prepare for retirement.

Most comments here are how wonderful things are because they paid off their houses retired and do nothing but wait for a maxed out SS check..... oh what a wonderful life... good grief.

Employers are very Mean and Nasty to Older workers,, Some people will be forced to Go On Social Security at age 62 with little to no savings, many will learn to Live on Social Security Alone or will Semi Retire

Weary of young faces that claim expertise in retirement.

@foundryfinancial

6 күн бұрын

Thanks for thinking I look young.

I hate I’m just seeing this video

The necessary retirement incomes are after tax, right?

I retired. At the age of 55.. I sold my house in california move to tennessee. Sold it for 940,000. I had 400,000 In equity. I purchased a house in tennessee on eight acres. Fifty five hundred square feet And a large shop 640,000. I put down 300,000 Finance the rest at 2.5% Interest. In 2020. My payment is only 1500 per month With taxes and insurance. I also had 1.1 Million dollars in my 401K account I started a ROBBS account To start my own business which is real estate investment. I withdrew all the money. Fully legal. I purchased 4 houses In tennessee. Each one 200,000 And I get 1800 per month for each house. 7200 per mo total. I also have a small welding business that I do for fun. I work maybe 15 hours per week. And I only do what I want to do. I get. About 2500 per mo from it. I live the best life i've ever had

@foundryfinancial

5 ай бұрын

Hi Tom 🖐️:)