The majority of Americans will never have $500k in retirement savings. But good video as example sounds realistic for a middle class couple.

@yourfinancialekg

4 ай бұрын

Thanks for watching!

Need the Single version of this.

@yourfinancialekg

4 ай бұрын

I can do that, videos coming!

I have never understood why they use your average salary to gage if you are saving enough or have enough to retire. I would think that your average annual spending would be the most important number to use as a gage.

@yourfinancialekg

4 ай бұрын

Both are good ways to gage your retirement readiness.

I dont get it. You are NEVER at ZERO or "run out of money" because you will STILL have monthly SS check for life at 85!

@Ww8.3

4 ай бұрын

SS money was never meant to be relied on that heavily. Yes it’s a nice little chunk but it shouldn’t be the only thing keeping you semi afloat

@crimsonpearl4686

4 ай бұрын

@@Ww8.3Of course! But for Drew to say you will be at ZERO and "run of money" is inaccurate!

@yourfinancialekg

4 ай бұрын

Very true

@johngill2853

4 ай бұрын

​@@Ww8.3 funny thing is I actually spend less than my estimated benefits at 70(because I am a heavy saver and current taxes)

You’re the Best KZreadr about finance advice out there.👍🤑

@yourfinancialekg

4 ай бұрын

Glad you think so! And I really appreciate you commenting and watching!!

Great point well explained

@yourfinancialekg

4 ай бұрын

Thanks!

Thank you for the mini-series of scenarios. Go 'Stros

@yourfinancialekg

4 ай бұрын

Your welcome! Go Rays!!

Also, remember that your financial retirement advisor will charge you 1% of the total value off of your retirment account. Therefore if you attain a 6% gain, you will only have 5% available to work with.

@yourfinancialekg

4 ай бұрын

Good point

$5k per month after taxes is too high for that amount of assets. They definitely need to reduce that to about $4k/month or think about a part-time job, just to be safe. Or, recognize that later in retirement they’ll need to live more simply.

@yourfinancialekg

4 ай бұрын

Yes!

@markwukoman6847

4 ай бұрын

What about health insurance that you need till 65. That is a big expense. You have this formula that this couple will run out of money at 92. If they have to go into long term nursing care in there 80's, guess what, by by nest egg and say hello to title 19. Living abroad(if possible) is a better option financially.

So glad i will have no taxes after we retire nxt year.. all ROTH money

@yourfinancialekg

4 ай бұрын

🤩

@johngill2853

4 ай бұрын

And you will be in a lower tax bracket with no taxes in retirement

@bruceeigsti5274

4 ай бұрын

​@@johngill2853 yep can't get better than zero

@bruceeigsti5274

4 ай бұрын

​@@johngill2853 yep. No income taxes after next year

@johngill2853

4 ай бұрын

@@bruceeigsti5274 and the standard deduction and lower tax brackets you could have taken advantage of?

Expenses will go down as you age. This is proven and you need to adjust the expenses. Not linear

@miragexl007

4 ай бұрын

Besides Medical

@yourfinancialekg

4 ай бұрын

Maybe so

@johngill2853

4 ай бұрын

Not proven. It's statistically

put 400k in QYLD, that will provide 4k/mo in dividend income. put 100k in S&P500 index for growth.

@yourfinancialekg

4 ай бұрын

Good point!

How do we get Congress to stop taxing social security benefits?

@yourfinancialekg

Ай бұрын

vote

Why is inflation always at 3% in these calculations? I know my insurances and food is far greater than 3% each year. Maybe because I live in Massachusetts ?? 🤷🏼‍♀️

@yourfinancialekg

Ай бұрын

We use the 109 year average for inflation projections which is around 3.27% right now. Thanks for asking!!

Like when you do SS early And a couple.. when you run numbers. My scenario (unique scenario. Age difference) I'd like to see.. Retire in five years at 55-56, Wife will be 61-62. Should have just over 2 million if things gi OK. Collect social security early...Just because and see how it looks.

@yourfinancialekg

4 ай бұрын

Sounds like a great scenario to run an EKG

I would really like if you could give me a picture of my future with what I have saved and invested I do have a financial advisor, but I’m trying to learn on my own and see what other people are saying.

@yourfinancialekg

Ай бұрын

Please reach out to us at pearlwealthgroup.com/contact/ we would be happy to help!

Retired at 55 with $200K. Have a mortgage, car payment, and funding my son in college. No problems. Never invested a penny. No IRA, Roth, or 401K. All my money safe in the bank.

@yourfinancialekg

3 ай бұрын

😮

Hi Drew, I have a few questions. If you live 30 years in retirement, are you figuring for the follow in expenses? 30 years at least three cars? At least one roof on the house you’re living in? At least, three hot water tanks? Three dishwashers? ( no I don’t mean me as the dishwasher) 😂Three microwaves? Two stoves and/or cooktops? Three washer and dryers? Just wondering how you figure these types items into the retirements. I figure maintenance or repair of these items is figured in their expenses. But not the replacement. Love your videos. Go Yankees.

@reneeann5340

4 ай бұрын

I approved this question...till I read the last sentence 😅😊😂

@miragexl007

4 ай бұрын

Lol

@paulbjork2869

4 ай бұрын

Great question. FICalc (worth a google) lets you figure big chunks of money in. And hopefully you have kids to take your car away at 85 so you will only have to buy two future cars!

@yourfinancialekg

4 ай бұрын

Great question! We can figure in as detailed as someone would like. Normally I have a misc column for the house stuff and then we can factor in cars as well. Go Rays!

@yourfinancialekg

4 ай бұрын

Yes, Go Rays!

Tax rates revert in 2026 and not 2027 (provided the sunset happens).

@yourfinancialekg

4 ай бұрын

Thanks!

Please remember that a person that has only $150,000 when nearing retirement is most likely not good at budgeting and controlling expenses. If you are relying on that person to solve their own problem by suddenly changing, then as a financial advisor, you are doing them a disservice.

@yourfinancialekg

4 ай бұрын

Just creating a plan to help

@JBoy340a

3 ай бұрын

@@yourfinancialekg that's all you can do. Hopefully they appreciate it and follow.

TCJA expires at the end of 2025, so it's 2026 (not 2027) when rates revert. Suspect.

@yourfinancialekg

4 ай бұрын

Suspect who?

@Bill-vk7fh

4 ай бұрын

@@yourfinancialekg You Drew, lol 😆. Thanks for the info.

You sidnt account for the reduction of social security in 2033. It is most likely that they will not pass a bipartisan fix for the funding issue. The financial planners need to not rely on the comment that congress will fix it.

@yourfinancialekg

4 ай бұрын

Thanks for the reminder

@johngill2853

4 ай бұрын

Most likely they won't fix it? No way,it will be fixed. The only question is who will pay for it