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Oak Harvest Financial Group
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Добавлен 23 май 2019
All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations.
Public comments on videos are not controlled or reviewed by Oak Harvest and do not reflect the views of Oak Harvest. Oak Harvest may delete comments that contain vulgarity, threats, spam, scams, or other harmful content. Comments are read at the viewer's own risk. Viewers should be wary of fake posts, scams, or other harmful content. Oak Harvest's contact information is ONLY the information found on: www.oakharvestfg.com
Troy Sharpe, Founder and CEO, is a CERTIFIED FINANCIAL PLANNER™ Professional (CFP®) and Certified Tax Specialist® (CTS®). Join Troy each Sunday at 12 p.m. on NewsRadio AM740, KTRH, when he hosts “The Retirement Income Show.”
Jessica Cannella, Co-Founder and President, is a 15-year veteran in the financial services industry. She focuses on empowering women.
Public comments on videos are not controlled or reviewed by Oak Harvest and do not reflect the views of Oak Harvest. Oak Harvest may delete comments that contain vulgarity, threats, spam, scams, or other harmful content. Comments are read at the viewer's own risk. Viewers should be wary of fake posts, scams, or other harmful content. Oak Harvest's contact information is ONLY the information found on: www.oakharvestfg.com
Troy Sharpe, Founder and CEO, is a CERTIFIED FINANCIAL PLANNER™ Professional (CFP®) and Certified Tax Specialist® (CTS®). Join Troy each Sunday at 12 p.m. on NewsRadio AM740, KTRH, when he hosts “The Retirement Income Show.”
Jessica Cannella, Co-Founder and President, is a 15-year veteran in the financial services industry. She focuses on empowering women.
Save on Retirement Taxes: Updates to RMD Rules on Inherited IRAs
Today, I break down the crucial details you need to know about Required Minimum Distributions (RMDs) on inherited IRAs, especially in light of recent changes from the SECURE Act 2.0. I’ll guide you through the key rules that beneficiaries must follow, the potential tax implications, and important deadlines to avoid penalties. Whether you’re navigating an inherited IRA for the first time or need a refresher on RMD compliance, this video provides the essential information to help you make informed decisions and avoid costly mistakes.
00:00 Understanding the New Rules for Inherited IRAs
00:54 The Elimination of the Stretch IRA Concept
02:52 Inheriting Retirement Accounts: What You Need to Know
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00:00 Understanding the New Rules for Inherited IRAs
00:54 The Elimination of the Stretch IRA Concept
02:52 Inheriting Retirement Accounts: What You Need to Know
0...
Просмотров: 1 244
Видео
I’m 64 with $500k Saved: Can I Retire?
Просмотров 11 тыс.14 дней назад
If you’ve been trying to figure out how to retire early, you’ve probably also been wondering: When should I apply for Social Security? How does this impact my spending? Can I enjoy the lifestyle I want in retirement? Explore early retirement planning with me for a 64-year-old couple with $500,000 in assets, and find out if they can retire and how much they can spend. We'll cover important decis...
How to Manage Your Retirement Portfolio: Forget 4% Rule and Withdraw 10% Every Year in Retirement
Просмотров 27 тыс.Месяц назад
Retirement Withdrawal Strategies - Is it possible to achieve a secure retirement income without adhering strictly to the 4% rule? Through detailed analysis and mathematical proof, I reveal how guaranteed income options can offer a more reliable and higher income stream, allowing you to enjoy your retirement without the fear of running out of money. 00:00 Introduction and Context 00:38 The 8% Wi...
Dave Ramsey YouTube: Reaction to 8% Withdrawal Retirement Strategy
Просмотров 16 тыс.Месяц назад
Dave Ramsey RUclips is recommending an 8% withdrawal rate for retirement portfolios - Watch to hear why I believe this may be overly optimistic. Ramsey suggests that if your investments yield an average of 12% annually, you can comfortably withdraw 8% while accounting for 4% inflation. However, this perspective neglects critical factors that drastically impact the sustainability of retirement w...
The Power of Fixed Index Annuities for Retirement: Key Benefits and Market Growth Explained
Просмотров 2,1 тыс.2 месяца назад
The Fixed Index Annuity is often overlooked as a valuable retirement tool, offering benefits like principal protection, guaranteed income, tax deferral, and market participation. Join Troy Sharpe® as he interviews industry experts Laurence Black and Branislav Nikolic of The Index Standard® about the expanding realm of fixed indexed annuities (FIAs) within retirement planning, unpacking their nu...
When Do Trump Tax Cuts Expire? What to Know for Your Retirement Planning
Просмотров 14 тыс.2 месяца назад
Wondering about the Tax Cuts and Jobs Act expiration, and its implications on your retirement? Troy Sharpe CFP® explains the significant changes in tax rates and brackets that will occur, leading to potentially higher taxes for many individuals. Troy provides detailed comparisons and scenarios to illustrate the impact of these changes and emphasizes the importance of proactive tax planning. Lea...
Will Social Security Run Out By 2033?
Просмотров 7 тыс.3 месяца назад
Join me today as I dive into the intricacies of the Social Security reserve fund, its historical trajectory and projected exhaustion, highlighting the imminent challenges faced by retirees. I’ll explain the factors contributing to the impending crisis and offer viewers insights into navigating the uncertainties of retirement planning amidst this impending crisis. 🏃🏻 Jump right in: 00:00 Introdu...
401k Early Withdrawal Concerns: Rule of 55, Health Insurance, and Social Security
Просмотров 10 тыс.3 месяца назад
I’m 57 with $700k: Can I Retire? Today, Troy Sharpe CFP® delves into viewer questions and comments from his original retirement planning video, addressing concerns such as accessing 401k principal penalty-free, managing expenses during retirement, navigating health insurance after leaving employment, and the potential impact of Social Security cuts. This video discusses potential solutions, inc...
Sequence of Returns Risk: How You Can Manage Its Impact on Your Retirement Portfolio
Просмотров 7 тыс.4 месяца назад
Sequence of Returns Risk: How You Can Manage Its Impact on Your Retirement Portfolio
I’m 57 with $700k: Can I Retire Early With My 401k and Social Security?
Просмотров 123 тыс.4 месяца назад
I’m 57 with $700k: Can I Retire Early With My 401k and Social Security?
Retirement Income Strategy: Dividend Stocks Explained and Pitfalls to Avoid
Просмотров 53 тыс.5 месяцев назад
Retirement Income Strategy: Dividend Stocks Explained and Pitfalls to Avoid
How the Mega Backdoor Roth Can Help You Save Thousands Long-term in Retirement
Просмотров 6 тыс.5 месяцев назад
How the Mega Backdoor Roth Can Help You Save Thousands Long-term in Retirement
2024 Roth IRA Contribution Limits: To Contribute or Convert? Stretch Your Retirement Savings
Просмотров 4,6 тыс.6 месяцев назад
2024 Roth IRA Contribution Limits: To Contribute or Convert? Stretch Your Retirement Savings
Roth Conversion Ladder: Retirement Tax Rules + Strategic Advantages of RMDs and Partial Conversions
Просмотров 24 тыс.6 месяцев назад
Roth Conversion Ladder: Retirement Tax Rules Strategic Advantages of RMDs and Partial Conversions
Delaying Social Security with Surviving Spouse Benefit: Insights from Certified Financial Planner
Просмотров 4,8 тыс.7 месяцев назад
Delaying Social Security with Surviving Spouse Benefit: Insights from Certified Financial Planner
Roth Conversion Ladder: How Marital Status, Tax Bracket & Stock Market Affect Outcomes in Retirement
Просмотров 24 тыс.7 месяцев назад
Roth Conversion Ladder: How Marital Status, Tax Bracket & Stock Market Affect Outcomes in Retirement
Making a Difference: Oak Harvest Financial Group's Journey in Values-Driven Finance
Просмотров 1,2 млн7 месяцев назад
Making a Difference: Oak Harvest Financial Group's Journey in Values-Driven Finance
I’m 62 with $750k: How to Retire Early and When to Get That Social Security Award Letter
Просмотров 428 тыс.7 месяцев назад
I’m 62 with $750k: How to Retire Early and When to Get That Social Security Award Letter
I’m 60 with $1.5 Million for Retirement: How a Roth Conversion Ladder Can Save Up to $600k in Taxes
Просмотров 166 тыс.8 месяцев назад
I’m 60 with $1.5 Million for Retirement: How a Roth Conversion Ladder Can Save Up to $600k in Taxes
Retirement Planning at 60: I’m Single with $1 Million, Do I Have Enough to Retire?
Просмотров 17 тыс.8 месяцев назад
Retirement Planning at 60: I’m Single with $1 Million, Do I Have Enough to Retire?
Retiring with $10 Million: How to Outsmart Estate Taxes and Preserve Your Wealth Longer
Просмотров 7 тыс.8 месяцев назад
Retiring with $10 Million: How to Outsmart Estate Taxes and Preserve Your Wealth Longer
Your Retirement Questions Answered about Roth Conversions, Social Security, and More
Просмотров 6 тыс.9 месяцев назад
Your Retirement Questions Answered about Roth Conversions, Social Security, and More
I’m 60 with $5 Million Saved for Retirement - How to avoid a $13 Million Tax Nightmare
Просмотров 14 тыс.9 месяцев назад
I’m 60 with $5 Million Saved for Retirement - How to avoid a $13 Million Tax Nightmare
I’m 60 with $2 Million, How Much Can I Spend in Retirement Without Running Out of Money?
Просмотров 107 тыс.9 месяцев назад
I’m 60 with $2 Million, How Much Can I Spend in Retirement Without Running Out of Money?
Want to Lose More Than 50% of Your Retirement Savings? Don’t Watch This Video
Просмотров 7 тыс.10 месяцев назад
Want to Lose More Than 50% of Your Retirement Savings? Don’t Watch This Video
Retirement Investing: Biggest Misconceptions of Fixed Index Annuities Clarified by CFP® Professional
Просмотров 10 тыс.10 месяцев назад
Retirement Investing: Biggest Misconceptions of Fixed Index Annuities Clarified by CFP® Professional
Retirement Planning From a CFP® Professional: 6 Keys to a Happy and Successful Retirement
Просмотров 13 тыс.10 месяцев назад
Retirement Planning From a CFP® Professional: 6 Keys to a Happy and Successful Retirement
Social Security: Top 5 Most Common Reasons To Take Benefits Early
Просмотров 23 тыс.10 месяцев назад
Social Security: Top 5 Most Common Reasons To Take Benefits Early
Roth IRA Conversions: Variables That Can Impact Whether Converting is Right for You
Просмотров 13 тыс.11 месяцев назад
Roth IRA Conversions: Variables That Can Impact Whether Converting is Right for You
Does Medical Cost Sharing Pay for Cancer Treatment and Other Expensive Retirement Medical Costs?
Просмотров 1,4 тыс.11 месяцев назад
Does Medical Cost Sharing Pay for Cancer Treatment and Other Expensive Retirement Medical Costs?
It's a lot to wrap your head around. I mean, one minute you're dealing with the loss of a loved one, and the next, you're trying to figure out complex tax laws.
Exactly. I've been putting off dealing with my inherited IRA because I'm so overwhelmed. I'm afraid of making a mistake.
I know what you mean. I've heard that some people are taking early distributions to avoid the new rules, but I'm not sure if that's the best strategy.
I've been talking to a financial advisor about it, and he's been a huge help. He's walked me through the different scenarios and helped me develop a plan.
Really? That's great. I've been thinking about getting some professional advice.
I highly recommend Aaron Morgan Bell. He is a good advisor and can help you understand the new rules, minimize your tax burden, and create a personalized strategy for your inherited IRA.
I am 58 and I have 1.9 million in 457b and 401 plan, I am still work and maximizing my investment plans. My pension will be 101,000 in a year and half . How can I take advantage of a Roth Ladder before I am subjected to RMD's?
not taking retirement advice from someone with a typo in their video in the first 2 minutes.
It’s recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving that percentage can ensure that you have enough to venture into the market and diversify. You can take advantage of compound interest and potentially grow your portfolio over time.
Effective personal finance management is more important than the amount of money saved,regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize positive financial outcome.
This is precisely why I like having a Finance professional guide my day-to-day market decisions; with their extensive knowledge of the market dynamics in play, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns. I’ve been utilizing a finance strategist for over a year now and my portfolio has made a killing.
I appreciate the implementation of ideas and strategies that result to that sort of progress in the stock market. Being heavily liquid, I’ll rather not reinvent the wheel, thus the search for a reputable financial strategist.
This aligns perfectly with my interest in growing my portfolio. Could you share the contact of your finance expert for further guidance?
Quite a different yet interesting outlook on how to enter the market. I’m quite interested myself.
try running a spreadsheet where you invest the money at 5% above inflation and draw out what you would if you wait. you will be over 100 before you break even, if you live until you are 70 you will have 8 years of income if you took it and 0 if you didn't. if you invested that 8 years of income it will beat anything you will ever get after 70. a dollar in your hand is worth 2 in the bush and 10 in the hands of the federal government. a wise man makes his money work for him, a fool works for his money.
I'm only 36, but I'm single, with no kids (I have a cat), and have a net worth of $305K. I'm on track to becoming a millionaire by age 45. Only $125K of my investments are in an actual retirement account like a 401K and Roth IRA. My plan is to FIRE by 50 with having recreational employment to sort of coast until I'm 62.
These type of videos are facts and figures!?!? Common sense I think I learned f my parents. I’m 591/2 in September, probably going to retire next June when my wife does. With both pensions combined; 14k month and income properties 8,500 monthly. Plus savings and 401k and zero debt I think we are fine. Monthly expenses now 5k I’m not even counting on social security, it’s so little after 30+ years of working
Retire abroad on half the cost in the USA 👍🏼
Thanks for watching!
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
Retiring at 59.5 monthly incomes from: State Retirement $4400 a mo 457B plan $1100 a mo Social Security at 62 $1600 a mo Vanguard Digital Advisor if needed $ 4k a mo. Home is paid off, will Air BNB as I travel at $2k a mo. No bills other than utilities. So 5 sources of income & most of us can do something similar. Meaning the savings you have should be sitting in a high dividend yield ETF so you can pull the $$ the dividends pay out rather than depleting your savings over time. 👇You can also consider living in a country where our dollar is stronger just type slow travel into RUclips to see some of them - You got this
BS AS ALWAYS
He would have to spend 19,230 a year yea good luck with that
Idk why people think they can retire under a million
Let’s see. Less than 9% of American households have a net worth of a million and only 3.2% of retirees have a million or more so the overwhelming majority of Americans retire with under a million. I believe the average and median savings for retirees is well under 300k so this video is fairly realistic.
No sir you can’t retire
Why does an inherited ROTH IRA also have to be closed out within 10 years. Also Fidelity says you have to take an RMD on the inherited ROTH too, they said the inherited person does not get the same benifits as the original owner of the account. Doesn't make sense.
What about if the FIA Bonus is offerred as way to convert IRA money to ROTH, paying taxes, from within the new FIA Account? Does that change the calculation, as to whether it would be worth taking the bonus?
What about Inherited Roth? The rules are not clear on an RMD vs 10 year lump.
$1 million is before or after tax?
You need to discuss why/how you arrived at the quantities you did in the conversion process. When Converting to a Roth you either have the cash on hand to pay the taxes or you remove from the balance.
Inflation is not taken into account here. Your 120k will have to be at least 200k in 10 years. All financial planners assume tax rates will be higher, maybe they will, maybe they won't. And the emphasis is always on tax avoidance rather than actual growth of your retirement accounts.
So the answer is NO
Yes you might say that but More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. .
Retirement planning means preparing today for your future life so that you continue to meet all your goals and dreams independently.
@@OliverTilney Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
Financial advisors can play a crucial role in helping individuals employ dividend investing in their portfolio . These professionals have the knowledge and expertise to analyze a client 's financial goals , risk tolerance , and investment timeline to determine the most suitable dividend stocks for their portfolio .
I have a lot of money but my husband just passed away suddenly. I give all the money just to have him back with me. I have no debt. My husband was my protector and my life. I found out that money isn't all that important. Hold on to your loved ones.
I have no savings how do I retire ,tell me that. If u have $$$$ ,u dont need advise. Help us who does not have any money
40% underestimate their life expectancy -- which means that MOST -- 60% -- OVERestimate it. This argues more for spending like a drunken sailor, not for planning for a decrepit and very distant future.
Hey Steve, thanks for watching and weighing in! Everyone has different risk tolerances and goals in mind for retirement, but we always tend to recommend airing on the side of caution because we never want anyone to be stuck in the situation where they've run out of money.
Is there a GRA annuity and is it a Group Retirement Annuity? Not sure this abbreviation, what does it do
Hey there @Beautifuluproductions! If you'd like, you can contact our office and we can share about the different kinds of annuities available and answer any questions you may have - click2retire.com/schedule
thought annuities were mostly a bad idea? they don't have any cost of living increase and you basically always lose buying power and get no growth
Hey @FroggyTWrite! With annuities, you can lock-in today’s high interest rate environment for the rest of retirement and generate significant amounts of income while allocating less capital with no market risk or uncertainty. Taking a portion of your retirement assets to do so can alleviate the need to withdrawal from your stocks, leaving it to potentially grow longer untouched. In addition, this strategy helps to insure against markets not cooperating by providing a baseline of income to couple with Social Security. That’s a very attractive proposition to millions of people that don’t receive paychecks anymore and just want to enjoy retirement without the volatility of the stock market dictating their income payments. Just like you don’t use a fork to eat soup, you don’t use a fixed indexed annuity to combat inflation. Luckily, you get a fork, spoon and knife normally when sitting down for dinner. It’s kind of the same when you allocate retirement capital.
I’d love to see some videos for single people. I click on these but it always ends up being a couple in the example. Not relatable.
Hey Julia! Thank you for that feedback! We actually did a case study with these same parameters, only for a single person here: ruclips.net/video/dNzDto5QoWY/видео.html. We'll definitely keep it in mind to dive into more single case studies, and on getting a playlist on the profile for videos about singles.
It is not a big mistake to take out ss at 62! If you have 2m invested-it makes more sense to not touch those and let them grow as much as possible. This is why I don't listen to these kinds of people.
Hi Dave! Thanks for watching and sharing your perspective! You’re right that the decision of when to take Social Security is highly individual and depends on a lot of factors, including your overall financial situation and goals. For some, like those with significant investments, taking Social Security early to allow their portfolio to grow might be a sensible strategy. However, others may benefit more from delaying Social Security to maximize their lifetime benefits, especially if they expect to live longer. My goal is to present different strategies so people can make informed decisions based on their unique circumstances.
I stay at Sugarland Texas . Environment wise, it’s one of the best places I have lived in US.
You're not too far from us, @dr.nirmalkishoryadav9265! Thanks for watching and commenting.
What are your thoughts about using covered call etfs like JEPI and JEPQ to create a monthly income stream and not have to tap your principal.
I just retired in January, live in a small town west of Wichita Falls, not a whole lot here, but cheap to live. Metro plex, high county taxes, to many people
Thanks for watching and weighing in, Kim! Congrats on your retirement!
Troy, your Fixed Annuity example shows the couple withdrawing from their 401K/IRA during the first few years of retirement and then stopping withdrawals as they get their income solely from SS and the Annuity, but what about RMDs which would require that they withdraw funds from their retirement account??
The lifetime income payments count toward the RMD since IRA money is used to fund the FIA. Thanks for watching!
Can I get some of his benefits (spousal benefits ) if I was divorced from my husband, but we were married for 10 years before our divorce?
Thank you for your question. Generally speaking, yes! However, there are several considerations. First, if you have not reached the age of 60, you need to still be single to remain eligible. You also need to be age 62 or older to qualify to receive your benefits. It also depends on how long you have been divorced from your ex-spouse. If you have been divorced for less than 2 years, your ex-spouse must be receiving their own SS benefit. If you have been divorced for over 2 years, this requirement does not apply. There are other considerations like earning limitations if you plan to work after beginning your benefits. These can reduce your benefits. In addition, if you plan to take your benefits before your Full Retirement Age, this will also reduce your benefit. With Social Security such an important part of your overall retirement, it is best to consider all aspects of your income (and tax) plan during your retirement years. Feel free to call our office to discuss. Thanks for watching!
I can't believe I'm turning 60 next month! It feels like just yesterday I was fresh out of college, full of dreams and ready to conquer the world. Now, here I am, staring down retirement
Happy early birthday, Muriel! We're excited for you to begin your retirement journey soon!
Why would you say Fredericksburg is closer to Austin than San Antonio when actually San Antonio is closer. 😡
Honest mistake! Thank you for watching!
I think one of the biggest pieces not mentioned is lifestyle. If you retire on that small amount 750,000, you better not have a mortgage, a car payment, a boat payment, a college that needs to be funded. I think financial investors are optimizing The numbers needed for retirement rather than being the pragmatic truth. I'm 63 and Retired at 60. The only reason I'm able to retire comfortably is because I paid off my mortgage, use the equity from the sale of my waterfront property to buy a condo down in Florida cash. I own two homes Scott free. But the biggest reason I retire is because I have a healthy Navy 06 pension plus some VA disability, plus a retirement from the VA, plus my Social Security (2500 a month )plus my wife's Social Security 2500 a month. my thrift savings plan with the government is recovering at 640 K, it lost almost 200,000 since November 2021. Financial advisors just keep assuming the markets will go up up up and up. I think that's a very Rosie picture that's not realistic. I lost a quarter million dollars in my government savings account, I'm now starting to recover. I don't touch it. It's now at 640 K but it was up to 790K November November 2021. If I had no pension, I wouldn't even think about retiring with less than $2 million in the bank. The cost of utilities, incidentals, lifestyle you're used to going out to dinner, traveling, adds up very very quickly.
Thanks for sharing your insights and experiences @Retiredtraveler1961! Desired lifestyle and spending is a huge part of our day-to-day planning process, but not something that we focused on for this specific video. We hope you enjoy your retirement!
Does the low housing prices out weigh the high property taxe rates?
Good question! While Texas does have higher property tax rates compared to some other states, the overall affordability often balances things out. The lower housing prices can make it easier to purchase a home without breaking the bank. Additionally, Texas has no state income tax, which can offset some of the property tax costs. It ultimately depends on your individual financial situation and priorities. It might be helpful to compare total living costs, including property taxes, in different areas you're considering. Thanks for watching!
What’s the lowest probability % you’d consider to be safe to retire?
Great question. Since everyone’s retirement is so unique, this question is difficult to answer. This is because it is based on two factors: 1) how the numbers (assets, income, expenses, longevity, etc). correlate and 2) what each retiree sees as a ‘safe’ number. Many of our clients remain on an excellent track to not run out of funds in retirement and their numbers range from low to high 80% figures. We have others who get uncomfortable if they don’t remain at a consistent 99%. Thanks for watching!
Where are you located ?
Hi there! We are located in Houston, Texas, but work with people all over the country. If you are interested in talking with us, you can set up an appointment here: click2retire.com/schedule Thanks for watching!
$750k?? Not enough.
Retirement planning is complex. Flexibility is key. Unexpected expenses happen. Having a plan B is crucial. Consider consulting a financial advisor to create a personalized strategy. Remember, retirement is a new chapter, not the end of the road. Enjoy it.
Thanks for commenting, Damon! You bring up some important points!
@@OakHarvestFinancialGroup You're welcome. Retirement is definitely a journey, and having a flexible plan can make all the difference. Thanks for the insightful video.
Thank you for putting on this livestream. I appreciate all of you taking your respective time and effort.
Thank you, DieKuh! We're glad it helped.
Do you agree that we will need a healthy savings account to supplement our income in economic downturns?
Thank you for your question. Yes! We are big proponents of always maintaining a ‘cash reserve’ fund. This is particularly true when in retirement. This is not only in case of economic downturns, but for any other ‘unplanned expenses’. This way you not only have funds you can easily access, but you also possibly eliminate the risk of selling your investments at an inopportune time.
I am a Native Texan in my 70’s, and though I agree with some of your picks I have absolutely no idea how you came up with some others. First I have to agree with your picks of Granberry, Kerrville, McAllen, and Fredericksburg. Although some of your reasons do not match what retirees are looking for. Dallas has a lot of really good restaurants, but it has terrible weather and sits in tornado alley. El Paso and Aransas Pass-you have to be seriously kidding! Hard to believe you live near Houston and left The Woodlands off your list. BTW: you really need to look at a map. Laredo is southwest of San Antonio-Kerrville is not. San Antonio sits on the edge of a plateau. Geologists tell us that millennia ago San Antonio was beach front property. That is why the Texas Hill country is North of San Antonio, and most everything south of San Antonio is sand.
Hi Steve! Thanks for all your thoughts and recommendations - we realize there were a few mistakes made in this video, and we've taken the feedback into account for future videos. Take care!
The so called ‘low cost’ Housing cost is mis leading. Property tax in Texas is horrendously high !
Things have definitely changed a bit since we've made this video - be sure to always check the current fact when making decisions. Thanks for watching and commenting!
I turn 57 this coming Thursday. I am still working full-time at a day job and have started a business I will work at part-time after I leave the day job. I have about 750K combined in a 401K and a SEP account. Net worth is good as a result of real estate holdings. Low debt. I also have a pension through my union of $118,000/year if I wait until I am 65 to take it. I'm ready to leave the day job, but I do not know in what sequence I should start to take out funds to live on. SS first at 62? Pension first? Not yet sure of what my business might kick off in income, but it could be 30-80 year depending. Any thoughts?
Hi Lewis, thanks for watching and commenting! Happy early birthday, first of all! While we can’t give personal financial advice over RUclips comments and without knowing more about your personal situation, I do have a quick question that may lead to us doing a video on this topic. What city and/or state is guaranteeing your pension and do you know the solvency ratio of the pension fund?
@OakHarvestFinancialGroup It's a union. The plan is Equity League. Producers (employers) that I've worked for have been required to pay a % of my pay to both a pension plan and a 401k plan (John Hancock) over my 34 year career. Pension statements received annually and the fund is A+. It's fully funded and in the "green zone." I don't know about state guarantees. I've never seen any info from the pension where it was stressed or in danger.
I used many online tools and even AI, and the biggest variable in estimating the optimal age for retirement is, by far, annual expenses. When you start collecting SS only matters if you expect to have high annual spending. So, a middle-class couple that believe they need $100k per year is completely out of their minds...
Hi @phd_angel4192, thanks for watching and for sharing your thoughts - everyone has different goals in mind when it comes to retirement, and this was just showing ways to try and accomplish one of them! Take care.
Yes with a lot of cat food
Hmmmmmm.. not sure about that! Thanks for watching.
Good point on itemized deductions. In high tax states the $10k Salt cap goes away.
Thanks for watching and for all your comments, Keith!