How A Pension Impacts Your Retirement Planning

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Күн бұрын

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🚨 Azul's VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨
This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. To get professional financial advice from a fee-only financial advisor near you, please visit www.napfa.org.
The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
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060B{TN}NE How A Pension Impacts Retirement Planning

Пікірлер: 279

@tatianastarcic 4 күн бұрын

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

@berniceburgos- 4 күн бұрын

You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.

@nicolasbenson009 4 күн бұрын

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.

@BridgetMiller- 4 күн бұрын

impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now

@nicolasbenson009 4 күн бұрын

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@Michaelparker12 4 күн бұрын

Thanks for the information!! She appears to be well-knowledgeable and accredited. I ran a Google search on her name and came across his website, thanks for sharing.

@user-99.99 15 күн бұрын

50 working days until I retire at age 50 with a .gov pension. 31 years served as a wildland firefighter but only 24.9 count (was a temporary/ski bum for too long 🥴). Very grateful. This job broke me physically. It’s been a great ride but it’s time for me to be done. Can’t wait for the next chapter(s).

@Squirrellyk2k 15 күн бұрын

Thank you for risking your life to save others. Have a wonderful retirement, you more than earned it! :)

@talon310calif 15 күн бұрын

Congrats on your well earned retirement and pension. I wish you the best in the next chapter in your life

@CormacNJ 16 күн бұрын

When people thank me for my military service, I tell them that the Marine Corps thanks me on the first of each month. Post 30 years of service, I taught highschool for 14 years. Pension number 2 but no COLA. Lived below my means then and now. Semper Fidelis

@talon310calif 15 күн бұрын

Thanks for your service and enjoy your pension and retirement!

@AfterDeath1986 14 күн бұрын

From a Canadian we love ya for your service bro

@jasonbeedon9867 10 күн бұрын

Thank you for all you’ve done. You are living well!

@ellaaysun6181 12 күн бұрын

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.

@NaomiVardyy 12 күн бұрын

I know this lady you just mentioned. Abby Joseph Cohen Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Abby Joseph Cohen has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.

@dilara4130 12 күн бұрын

How and where can i reach her, if you don't mind me asking?

@NaomiVardyy 12 күн бұрын

@dilara4130 Her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

@ohmakure4716 12 күн бұрын

Been debt free for two years thanks to Abby Joseph Cohen Services. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.

@glenn9196 12 күн бұрын

Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I'm stoked because I'm heading into retirement with almost a million bucks in my portfolio.

@flixsymmetry 14 күн бұрын

Retired in 2020 at 53 after 30 years in law enforcement. Pension is great. Doubling it up the last 4 years with another FT position as a director of security. Paying off everything and buying my toys now. One more year and I’ll be done!

@angieharris8015 16 күн бұрын

Buy your car, large housing-expense, RV etc BEFORE you retire. Get all of that out of the way 😁

@jdenino6022 14 күн бұрын

don't buy an RV at all. rent one.

@stevesmith756 14 күн бұрын

@@jdenino6022true!

@JustinFH 9 күн бұрын

100%. No big expenses in retirement.

@robertharold2503 15 күн бұрын

Public safety for 23 years. Been on my pension for 14 years now

@davidgress6535 6 күн бұрын

I worked 2 jobs for over 30 years each simultaneously: jobs that nobody really wanted. It was rough at times, but found out each job came with a pension. So when retirement comes in a few years, i will be fortunate to have 2 pensions, social security and some investments and dividends Thank you God.

@machintelligence 16 күн бұрын

I am lucky to have both Social Security and a 1/2 pension from my deceased spouse. My retirement is golden.

@jeffro221 15 күн бұрын

The only thing you don't have is.......me!

@patrick39432 16 күн бұрын

My teaching pension in Ohio is a life saver.

@marvinphillips1326 15 күн бұрын

I retired at 58 with a CALPERS pension. Will qualify for SS next year 🎉. Both receive COLA increases. A big plus. I’m glad I stuck with my job for as long as I did.

@bonniegaither3994 15 күн бұрын

And healthcare! I have Calpers too

@youarehere1251 15 күн бұрын

Windfall?

@marvinphillips1326 15 күн бұрын

WEP & GPO don’t apply to me

@dawndarling2277 13 күн бұрын

CalPERs here too. Paid into FICA/SS my entire 35 year career. Not wanting to take SS when I turn 62 because we'll pay too much in taxes with no write offs.

@26laf 10 күн бұрын

My husband and I are in the CalPERS club too, we are so grateful for our pensions.

@cfc1001001cfc 16 күн бұрын

I'm close to clenching a 30 year government pension...I'm grateful for that. The fact that the expected out-of-pocket expenses for a Medicare enrollee from age 65 to death (and excluding long-term assisted living/skilled nursing costs) is $157,000 is a scandal...a scandal that is under the rug and will catch a lot of retirees in a bad way before they pass on.

@MidlifeCrisisManagement 16 күн бұрын

pay off your mortgage before retiring and sell (or consider reverse mortgage) if you end up needing LTC.

@imkindofabigdeal4308 16 күн бұрын

It is also an expense/risk you have significant control over if you do the hard work of sifting bad health info from good, ditching the standard American diet, and manage weight, fitness and stress. No guarantees, but average doesn't mean inevitable.

@barbiec4312 15 күн бұрын

Get a Medicare advantage plan so that at least you’ll know exactly what your costs are.

@cfc1001001cfc 15 күн бұрын

My mortgage has been payed off for years, so at least I know that that would be an option if push came to shove.

@richgrada4322 15 күн бұрын

That 157k number is very misleading. 75% to 80% of that big number is Medicare part B & part D premiums and the cost of a Medicare supplement plan. These premiums are paid on a monthly basis over a 25 year period.

@johnnyboyvan 16 күн бұрын

I was a single high school teacher for 32 years and am set for life. My last salary was over 100k . I worked hard for this. I supplement with my own investments and no debts. Amen 🙏 COLA adjusted.

@JRZ67 16 күн бұрын

Great for you! I’m a high school teacher in Illinois and hope to retire with a bit over 31 years in 2028 and 100k base with one time 4.6% increase after 61st birthday. After that, 3% COLA after that. Wife gets 50% of my pension for life.

@floydestelle6242 16 күн бұрын

Teachers don't get paid very well! Ask one!

@marvinphillips1326 15 күн бұрын

If they’re CALSTRS they do. Most are paid very well. The only bad thing is no social security.

@yenlard6683 15 күн бұрын

Most teachers here in California end up with a pension about 65-70 percent of their highest annual salary.

@bpo6955 15 күн бұрын

Teachers. What a racket. Summers off, long break in spring, fall, winter. Finished by 3pm every day. School system is awful. And still “teachers don’t make any money”

@EricDaMAJ 15 күн бұрын

It amazes me that in living memory a military pension used to be a joke. For the vast majority of service members it paid 50% of an already comically tiny paycheck. The only upside is it paid as soon as the service member left. But thanks to public gratitude during GWOT that paycheck went up and so did corresponding pensions. Meanwhile government pensions (generally) became less generous and corporate pensions became nearly extinct. The government is trying to dial military pensions down to near nothing again with an elaborate IRA style substitute. But it’s doing it slowly so it won’t scare people out or bother recruiting.

@1969bones69 10 күн бұрын

And yet recruiting is in the dumps.

@Batmangermany 9 күн бұрын

25.5 yrs in the Army. The best decision I ever made Retired fulling at 51.

@bpo6955 5 күн бұрын

Same (Air Force). Had no idea at the time and mentally minimized the importance of the pension, but it’s HUGE. Compared to the alternative of trying to manage a large portfolio, withdrawing just enough but not too much. That would be stressful

@cashflow68 16 күн бұрын

I recently retired from the retail clerks union after 35 years. I’m receiving a defined pension and supplementing my retirement from my dividends. I have no debt and will be applying for my max SS at 70. I worked hard for my pension and I started investing when I was in my mid 20’s. It took a lot of sacrifices & time but well worth it

@jeffro221 15 күн бұрын

I have been waiting to start SS also. In August, I'm going to put in the order to start in December, my 70th birthday month.

@cashflow68 15 күн бұрын

@@jeffro221 congratulations. I figured by waiting 4 more years until 70, hopefully the increase of 8% a year would offset any potential cuts in SS in 2033.

@jeffro221 15 күн бұрын

@@cashflow68 My thinking as well. Also, a financial planner wrote in an article a long time ago, that instead of paying for long term care insurance, which can have premiums raised with no limit, and can have coverage reduced whenever the company wants to, instead wait for SS to 70 if your health will support it, and let your extra SS effectively be your long term "insurance" for extra money you might need.

@MrRoboto57 13 күн бұрын

I think you mean $150K in medical expenses for the rest of their life, not per year. Who could afford $150K per year of medical expenses?

@dnah02 16 күн бұрын

My pension is basically work till 67 to collect without penalty, I said screw that I am trying to retire no later than 60. I will take the penalty and invest on the side and live way below my income until retirement.

@erick6715 16 күн бұрын

RIGHT ON…..AZUL….. I’m a pension guy … looking to retire first of the year …. Great to hear other ways of retirement….. EXCELLENT 🍺🍺

@raymondheise4838 16 күн бұрын

Let’s go for a walk!

@60panhead1 13 күн бұрын

6/23/24 = retirement i have been retired since 2012 a teamster retired at 55 yrs old , first home has to be paid for,, all cars and trucks pd for , no credit card bal, , health care will be costly , do home work ,common sense will help u , never used pro for help , just common sense your income will tell u if u can retire = good luck

@miketheyunggod2534 15 күн бұрын

Financial advisors hate pensions. It’s money that they can’t steal from you.

@edhcb9359 15 күн бұрын

Unless they can talk you into taking a lump sum. And if it’s an option, they ALWAYS try. 😂

@normt430 14 күн бұрын

It is the tax planning flexibility with pension and SS that can create a tax nightmare down the road.

@edhcb9359 14 күн бұрын

@@normt430 A lump sum payout is taxed automatically as capital gains. Is that flexible?

@normt430 14 күн бұрын

@@edhcb9359 I'm not sure how a lump is taxed or if you can avoid taxes by rolling it over. With a 401k that is pre-tax can be converted to a Roth when your working and taxes are lower rather than higher during retirement. Your taxable income determines how much of SS us taxed. Lower your taxable income lower your taxes. A pension pays out until the end a d is taxed based on what tax bracket you are in. They are not very flexible when trying to lower your taxes.

@edhcb9359 14 күн бұрын

@@normt430 You would be surprised at what you can do to lower tax burden with pension income. No different than any other income with that exception that many states don’t tax pensions at all.

@JoshuaMccaffrey-q4 10 күн бұрын

We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy

@Peterl4290 10 күн бұрын

50 and early retirement. I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

@larrypaul-cw9nk 10 күн бұрын

Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.

@sabastinenoah 10 күн бұрын

Help is something I will be happy to have and glad to have, but how can one tell which one is reliable?

@larrypaul-cw9nk 10 күн бұрын

TERRI ANNETTE MOORE is her name. You may look her up online; she is a reputable financial counselor in the US with a license.

@sabastinenoah 10 күн бұрын

Thank you very much. Seeing her page allowed me to leave her a message.

@STEELESTRENGTHANDCONDITI-jq5km 15 күн бұрын

Most trade unions still offer pensions.

@Gadfly247 15 күн бұрын

1. If you consider using the 4% rule, if your pension gives you 40,000 a year it is like having a million dollars in savings. 2. It is nor considered earned income and will not effect your Social Security payments if you are eligible for it and you take it before full retirement age.

@areathasmith2198 15 күн бұрын

I didn't know that thanks

@dantheman6607 15 күн бұрын

Exactly, pensions are great

@josephkelleher8820 16 күн бұрын

A pension is very is very important. I have 2 pensions both government. These pensions take the stress out of accumulating hundreds of thousands of money in retirement just to make a go of it in retirement. I also have some savings on the side.

@performingartseducator 16 күн бұрын

Thank you Azul. I retire as a 30 year arts educator in 2025.

@RobertJToledo 16 күн бұрын

Thank goodness I have a pension and I'll have my BCBS health insurance to go with Medicare part A & B.

@miamivicefanatic9736 15 күн бұрын

I took my private pension as a lump sum and rolled it into my 401k. Then I took that lump sum amount and purchased lifetime annuities from two different insurance companies (to spread the risk). My income would have been larger if I had taken the pension as an annuity from my employer, but I had no faith my employer would remain solvent for long. Yes, it would have been backed by PBGC, but I didn't have much confidence in PBGC either.

@list-and-sell 15 күн бұрын

good information Azul. Thank you.

@allenhuling598 13 күн бұрын

Always appreciate your videos, Azul, especially since they give me a lot of hope! Didn't truly get started saving for retirement until my late 30s but due to a strong, nation-wide union pension, along with us both having 401 accounts (and that's not counting our SS payouts) I've come to believe that we will be in better shape than many Americans. Thanks for the heads-up about the tax burden on higher pension earners, wife's continued payout in the event of my death, and the 'hidden' costs of Medicare (if one wants decent coverage)! I was somewhat aware of these but a deeper look is certainly warranted! Keep up the good work, it's very much appreciated!

@billyrock8305 15 күн бұрын

Great advice!!

@Borntosing12345 16 күн бұрын

Great info! Thnx!

@seanphelan6971 16 күн бұрын

Thank you Azul: I wish that you would dedicate a series to the very well to do. Like a very diversified business owner in the top ten to top one percenters, these people can be very productive members of society but not sure about social security or how to find a good financial adviser.

@smilemoney 13 күн бұрын

I worked to full retirement..and have a pension that i also contributed 7% a year After 43 years between Social Security and the pension i will gross $12,000 more than my annual salary prior to retiring. Yes i will pay about the same in Fed. Income Tax, but no State Tax or retirement saving so that is extra 10% a year. Once the mortgage and yes second mortgage was paid off 5 years ago we started making big improvements to the house. remodeled kitchen, new roof, converted to gas new furnace & Air conditioner, and finishing up a remodel to the bathroom. Then I decided to work part time for the rest of this year, and my wife also is working full time. This will cover a Alaskan Cruise and a new car by the end of this year. We'll that is the plan..lol

@meibing4912 12 күн бұрын

My pension also exceeds my salary with a margin. Some will say it’s crazy, but if you were happy with your spending during past times - I was - it just feels great. Good luck!

@punisher6659 13 күн бұрын

Thanks for your content. Will be retiring next year with a full paid pension. Employees after 2017 have to put in 4% a check. Backed by County Municipality. Im a Corrections Officer

@lorenzoaufiero1232 10 күн бұрын

Congrats.

@kenm8162 2 сағат бұрын

Retired E8 at 28years of service in 2015, worked for a state school in the IT field for 7 years. Retired at 54 when I realized I was working just to work and to pump the investments up to a bigger war chest. Spouse is well set if I pass 1st. The grandkids are setup even better since we maxed Roth's for years and will likely not even touch them with having SS, Military, State and VA Disability. Biggest mistake I made was going to work after leaving the military.

@JRZ67 16 күн бұрын

In Illinois we have the TRIP healthcare plan up to age 64. I intend to get the Open Access Plan for a very reasonable monthly rate.

@JosephMcEntee99 15 күн бұрын

I'm trying to avoid new buys now in order not to get sucked into a bear trap. On the other hand, l'd love to know best possible areas and ways to invest amid downtrend, my goal is to retire comfortably at a ballpark of $1.2M

@ryan_dylan6650 15 күн бұрын

good luck! comfortable retirement all comes down to how you want to live your life, if you pinpoint a particular amount to retire with, then it's only right to plan with a well-qualified advisor

@leonardives1991 15 күн бұрын

I agree, the role of advisors can only be overlooked, but not denied. I remember few summers back, just after my awful divorce, I was in dire need of investing guidance to keep my head above water and thankfully, I came across someone of grit, helped a lot to grow back my reserve notwithstanding inflation, from $360k to nearly 7figure as of today.

@patricia_nura3378 15 күн бұрын

great gains there! mind sharing details of your advisor pleas? i've started gaining more cash flow with my employment and looking at putting money into stocks and alternative assets that can help build wealth over time

@leonardives1991 15 күн бұрын

Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

@patricia_nura3378 15 күн бұрын

Wow, I just typed her full name and came across her platform on the net, Truly thanks for bringing this to light will definitely reach out to her.

@kristelwalton3141 15 күн бұрын

federal employees, many state employees, teachers, police, firefighters, union jobs all usually have pensions.

@JeganBedpal 14 күн бұрын

Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....

@rogercav40 14 күн бұрын

I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...

@BanwarilalKumawat-ij6tp 14 күн бұрын

I rather invest my money on crypto. Bitcoin trading is great unlike the stock market and other financial markets, bitcoin has no centralized location , since it operates 24hrs in different parts of the world...

@calissou 14 күн бұрын

The fact that i got to learn and earn from her program is everything to me think about it, it's a win win for both ways...

@duongtuan-od7kx 14 күн бұрын

I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this...

@MarcDillon524 14 күн бұрын

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing...

@josephkelleher8820 16 күн бұрын

If you have Medicare you should have a supplement. It can take the stress out of life if you have one.

@lauribennett3063 14 күн бұрын

So true!!

@Coover90210 16 күн бұрын

I will be blessed to get a modest, non-COLA pension (God willing I live that long). My idea is to budget my necessities from investments and SS, and use the pension for travel/fun, knowing I will be less active (and have an inflation reduced pension payment as time goes by).

@terryconnelly1682 14 күн бұрын

Great video. Thankfully, I opted for the 100%. My spouse will receive the same amount that I currently receive from my pension.

@aftp4i94 14 күн бұрын

It has been interesting watching these videos and comparing them to my situation. As an Aussie, our systems are both similar enough (different terms but basically the same) and different enough to warrant a lengthy explanation. In Australia, the classic defined benefit (db) pension scheme (some multiple of final average salary, years service, and retirement age factor) was basically limited to government, military, or maybe a dozen or so major companies. These schemes closed to new members in the first decade or so of this century. I'm not at retirement age yet (about 15 years to go), but I'm lucky enough to have a military pension and a government service pension when I do retire. One big difference is that unlike Social Security, the general aged pension payment available to Australians aged 67 and older has both an income and an assets test to determine eligibility. Exceed either one, and you can't get the aged pension. If everything goes according to plan, my db pensions will exceed the income limit for the aged pension. The big variable will be what lumps of money I'll be able to accumulate between now and then.

@bradschroeder809 15 күн бұрын

I had a small pension from a previous employer, that they turned over to an insurance company so its now a annuity. Should I worry about the insurance company going under and my annuity disappearing, or are those insured in some way like it was as a pension?

@dantheman6607 15 күн бұрын

Azul I have a pension should I take the lump sum or the monthly annuity?? Its a solid company. Doing the 6% rule I should take the monthly payment, the payout % is 7.4%. Any ideas ??

@CJMajesty 16 күн бұрын

@Azul, what are your thoughts on inflation eating up your pension payments over time.

@coachray6797 14 күн бұрын

You can request a reduction in IRMAA due to life changing events with form SSA-44. For example, if you stop working or reduce the amount you earn, you can ask for a recalculation based on the lesser income. There are other exceptions as well. My financial planner told me about this strategy.

@Lealelan 15 күн бұрын

I'm fortunate to have two pensions. This after starting over at 48 (loss of husband etc). In the perfect world to eliminate risk (like what happened to United) I'd like to take a lump sum at retirement, but the monthly I can get from an annuity makes a huge difference for me. With that and social security I can almost live without touching my investments. I need to further research risk of annuities. Unfortunately all my money is in accts where I'll be taxed. I've been using 20% but maybe should go to 25% for taxes, in creating my budget? Many companies who still do provide a pension also have some benefit toward healthcare. My company provides a stipend for non-medicare costs after retirement, when you've worked x 15 years. My employer offers like 15 options in how you can take a pension. Azul would be interesting to hear you talk more on annuities.

@meibing4912 15 күн бұрын

Have a mix of 1/3 annuities (some pensions), 1/3 stocks and 1/3 fixed property. Allows for aggressive, 100% stock allocation throughout retirement. Property protects against inflation while annuities/pensions give a baseline income. Know many are sceptical about annuities but it does give you more options to optimise your wealth during retirement. And since that time is getting longer and longer, this is increasingly important. One example; have a credit line that allows me to draw up to three years of living expenses so can avoid selling stocks when market turns sour. This is only possible because the bank knows there's a solid baseline income. Credit also has the added advantage of being tax free - so the money goes far. This is partly due to my fortunate financial situation - but I believe a balance between the three makes a lot of sense.

@johndotter351 5 күн бұрын

Having a Army reserve retirement, along with my government retirement, Social Socurity, and a 100% VA Disability it adds up to pretty good chunck of change for myself.

@alfredyost7972 15 күн бұрын

I have a 401K, I have a pension plan and will soon have medical coverage during my retirement next year. I will have options for my pension that you mentioned in your video. My medical coverage will be from 62 years old to 65 years old. After that I am required to get Medicare and my medical coverage will work with that. The company that I work for no longer offers a pension plan or medical coverage in retirement . I am grandfathered in. The company I work for now offers an enhanced 401K plan for newer employees. I am feeling pretty lucky that I will get this. Thoughts?

@MrCox2121 4 күн бұрын

I am blessed to have a military and GS pension, plus SS all get adjusted with COLA. In addition, a 7 figure portfolio. Prioritizing savings, controlled spending and putting the nose to grindstone vice chasing dream jobs has enabled a great retirement.

@imkindofabigdeal4308 16 күн бұрын

Work for a private (not listed/no stock) company that has both a legacy pension in which I'm vested, a 401k that transitioned to a double match (17%) when the pension was ended. Then in the last few years ended the extra-high match back down to 8% match and implemented a 3% of salary defined contribution pension. With another small pension from a prior employer, I'll net about the average SS check. A lot of moving parts for sure, but all consolidated at one administrator and will be pretty easy to manage.

@MidlifeCrisisManagement 16 күн бұрын

you work where I work. 401k works a little different than what you stated, but you get the big picture. the biggest factor for me was immediately contributing for the full 401k match in my early-mid 20s and never stopping.

@jeffro221 15 күн бұрын

Will you get SS pension also?

@Psybuster71 15 күн бұрын

Cant speak to others states/counties but as someone who missed the California PEPRA cutoff by about 45 days, the people still on the 2% @55 formula have it way better than those of us who are on the 2% @62 schedule.

@edhcb9359 15 күн бұрын

Call a whahbulance! 😂

@renebonilla2070 8 күн бұрын

Is taking a lump sum the safer option? If lump sum is taken can it be rolled over to something so we don’t have to pay taxes all at once?

@robertreynard2916 6 күн бұрын

165K a year!? Absolutely, fantastic…well done!!!

@brianlukus9494 16 күн бұрын

Hey Azul, you referenced in the PBGC for insured pensions, but is it correct PBGC is for private pensions only? How are government pensions insured and do u have the same concern with a gov pension going belly up?

@jeffro221 15 күн бұрын

Govt pensions are rock solid. Now some tiny lilttle water district somewhere may well not be so solid, but normal govt pensions are very solid. Why? They will just issue pension obligation bonds (borrow money) or raise taxes to pay the pensions.

@turtle522 16 күн бұрын

I just spoke with a friend yesterday about his upcoming retirement. He said his pension was a fixed amount each month with no Cost of Living Adjustment. I reminded him inflation since 01-31-2021 was up 20.71%. He has other savings/investments to compensate for that.

@jeffro221 15 күн бұрын

Be sure to vote for Joe Biden again to get even more inflation.

@francisoconnor2392 15 күн бұрын

I’m assuming no lump sum option

@turtle522 15 күн бұрын

@@francisoconnor2392 I'm not sure but I don't think he had a lump sum option. A utility worker. His brother told me about a month ago he took a lump sum option from his (different) utility company.

@glendacastillo6504 14 күн бұрын

I'm thankful for my military retirement pension and VA benefits. The $ exchange rate in Philippines pesos is more than enough to live a good life. Zero copy w VA and Tricare for life health insurance.

@briangreenway6808 8 күн бұрын

Retired at 49, pension 165k a year, 3-5% yearly increase depending on CPI. 6 months into retirement I was bored so I Moved to another state and now have 6 years vested into a 2nd pension but won’t be that much but it’s something. Pay attention to what states tax retirement income and at what rate. A few states don’t tax retirement income, so it helps in the long run.

@Batwing2465 10 күн бұрын

I'd love to see you use your retirement tool and plug in numbers with a person with a pension. I tried and was very surprised that it didn't depict a more positive outcome. Must be doing something wrong with my entries.

@mr.b3591 14 күн бұрын

Video shot on the open sea ?

@thereadinesschannel7610 16 күн бұрын

Azul, will you do a video about the windfall prevention act regarding pension and SS ( who, how ) this can affect you. I get conflicting info about how this works mostly about if you did or didn’t pay into SS

@stevelopez372 15 күн бұрын

From Own experience. I had the minimum 40 credits to receive SS. I would receive $750.00 per month at 62. I took a City Job and retired after 30 yrs. In 2013 at age 58. At 62 I signed up for SS and was surprised I received anything due to WEP. But I received $400.00 a month more than enough to pay for Medicare when I signed up at age 65. My pension was plenty to cover the shortage. My wife who worked for the school district retired with Calpers pension and will receive full SS. No WEP because the district made continuous contributions throughout her career. It can be straight forward to understand. Good luck.

@thereadinesschannel7610 15 күн бұрын

@@stevelopez372 Appreciate the info

@debbied8525 15 күн бұрын

Thanks, Azul. I'm headed toward retirement with a Federal pension. Thankful for the cost of living raises with my pension.

@edhcb9359 15 күн бұрын

FERS is pretty weak as far as govt pensions go.

@debbied8525 15 күн бұрын

@@edhcb9359 Depends on the angle one looks at it. I'm happy that mine will cover the mortgage and utilities. The rest of my friends have to continue working till the late 60's. I'm retiring early. FERS isn't weak in my life.

@MidlifeCrisisManagement 16 күн бұрын

private companies that offer pensions do a much better job fully funding them and offering a lump sum option. no more IOUs.

@user-ft4dg3hs8s 6 күн бұрын

What’s a pension?

@johnclifford544 15 күн бұрын

I'll have a Federal pension when I retire. I can be relatively assured that the Federal government will be around longer than me.

@lcr2497 16 күн бұрын

Sorry but the fidelity study has been incorrectly quoted … it is NOT over 150k per year in medical expenses … go back to the study

@Lealelan 15 күн бұрын

I thought they recommended 300k.... That it would be wise to put aside at least 300k for long term care expenses not covered by medicare. In my area of N. CA, a board and care home (which unfortunately sometimes, one spouse may have to go to since they cant provide care to other) is between 6-10K per month. If you're in this horrible situation, 300 k will go quite quickly!

@jeffro221 15 күн бұрын

He meant 150 k total over remaining life span.

@johnclifford544 15 күн бұрын

It's not just nice that we have medicare. For most Americans, it is the difference between a shorter, sicker life and living healthy into older age.

@tedjohnson4451 9 күн бұрын

24 Work/ + 21 Vacation/ 64 Calendar Days until my 70% CalPers Pension just after Age 62. CalPers & Social Security are Coordinated. I'll draw down my 403b to put off Social Security until Age 65 & Medicare.

@gcslade 16 күн бұрын

I have a pension benefit decision coming up (Healthcare company) when I retire soon. I can choose from various pension plans or I can take a lump sum payment and convert to an IRA. I'm leaning toward taking the lump sum payout. Is there any reason I shouldn't elect the lump sum?

@HuntersPopPop 16 күн бұрын

Great idea. I took my pension lump sum last year and stuck it in an IRA. I don’t trust these corporations at all!

@g.t.richardson6311 16 күн бұрын

It all depends Run the numbers It is not a one size fits all question

@edhcb9359 15 күн бұрын

Remember, they only offer you that lump sum to save themselves money. 🤷🏻‍♂️

@g.t.richardson6311 15 күн бұрын

@@edhcb9359 not always true, although this is a small dollar amount example I had qualified for a pension after 5 years with my first employer 1884-1989 (age 28) Left them in 1989. It was a grand total $90 a month at age 65. At age 58 they offered a buyout of $10750. It would have taken me till age 75 to break even. That 10750 has turned into well over 20000 in the 5+ years since I took it.

@JonesFamilyRanch 15 күн бұрын

Can you do a video on the Fidelity average cost for healthcare outside of Medicare at $150k per year. How does someone plan for that? Even the HSAs rarely, if at all, rise to that level.

@jeffro221 15 күн бұрын

I think that was an unfounded statement.

@karenjensen2345 11 күн бұрын

My problem is I married someone who was already retired so I am not entitled to his pension and it is significant. So if I die he is set because I have transferable 401k, BUT his teachers pension does NOT transfer to me so if I outlive him and I am 13 years younger, I get nothing some I loose about 4,500 a month without his pension and SS which is significant. Luckily we have no debt.

@lakerfam 15 күн бұрын

Im coming up on my 33rd of commercial roofing in the union and so far I'm only looking at 3800. A month 👎

@jeffro221 15 күн бұрын

You're doomed.

@jjgreek1 11 күн бұрын

And if you worked for the government at some point in your life, and are getting a pension, then there is a formula they use to reduce your Social Security payments, by a certain percentage of the pension.

@M22Research 11 күн бұрын

Best of both worlds when you’ve earned a private pension? When your company sells the pension and all its features to a reputable highly rated insurance company. In effect, converting it to an annuity. You thereby avoid the PBGC risk of your pension getting a severe haircut if your company goes out of business.

@iroc341 9 күн бұрын

That Airline was TWA. My father put 42 years into that airline as an LST Mechanic. That a hole Ichan drove it into Bankruptcy . He only received a small portion of the Pension he earned. PBGC is a joke. !

@FIRED13 15 күн бұрын

@Azul I think you mispoke the annual cost of medical costs outside Medicare (Fidelity study) being $150,000/YEAR. That CANNOT be correct. I believe that's a lifetime amount per person?

@AzulWells 15 күн бұрын

Yes, you are correct. That is out of pocket costs from 65 on … thank you for pointing this out. 🙏Azul

@richdewitt760 15 күн бұрын

Azul, One of the largest groups Sir that still have pensions, that I think were omitted, are the LABOR UNIONS. I am 56 yrs old and have 24 years in same Union so can technically retire in one year/at 25 yrs and 55 or older--(although pension is reduced 3% per year I retire before age 62). PBGC insured, and I will select the Spousal survivor at 50% , which reduces my pension by 9% just share more nuances as all pensions are unique. Rich

@dantheman6607 15 күн бұрын

That sounds like my pension. Are they offering you a lump sum ? Was there a 100% survivor benefit for your spouse? Sorry just curious

@BarnabyBarry 2 күн бұрын

Tell yours kids to get a state or city pension!

@Backyard_Gardener365 16 күн бұрын

Would talk about retiring w an annuity?

@HuntersPopPop 16 күн бұрын

Azul. Just watched this video. Great content. I am just curious as you had mention near the end of the video that people will spend over $150,000.00 a year over what Medicare covers. Did I hear you right? Just curious. I am assuming that you mean without a supplement plan? Thanks for all your insight on retirement. A big fan of your Channel.

@geraldk1445 16 күн бұрын

Thought I heard him say 150/yr too ... really meant during the whole period?

@HuntersPopPop 16 күн бұрын

@@geraldk1445 Thanks for commenting. Thought i was going nuts here

@mikeknape7064 16 күн бұрын

150k outside of medicare during their entire retirement might make sense

@Lealelan 15 күн бұрын

No, I think that number was in reference to another timeframe - perhaps lifetime. I actually thought fidelity's study indicated to have 300k per person available for medical expenses not covered by medicare. Even if you go with a managed medicare plan (which eliminates much need to get supplemental health plan) there are co=payments for things per month (durable medical equipment should you need coming out of hospital is one example)

@mikeknape7064 15 күн бұрын

@@Lealelan I thought I remembered 300k also.

@MegaZboo 4 күн бұрын

Bankruptcy is just a simple way for companies to Union bust.

@larriveeman 16 күн бұрын

i have a great federal pension

@jeffro221 15 күн бұрын

How much do you get a month from it? Do you also get social security pension.? Just answer, nobody here know you or me.

@RichardTouchfaith 16 күн бұрын

What is crazy is hearing folks call in for advice and have pensions generating $10,000 a month! No wonder they went away!!

@NewGuy2024 16 күн бұрын

Not really common, but not unheard of in California or New York.

@JareBear-vx8nn 15 күн бұрын

The fact that there’s no cap is just unethical. There are retired (executive-level) civil employees earning hundreds of thousands of dollars every year. Totally unnecessary.

@Fell214 15 күн бұрын

My guaranteed public pension that I took at 58 pays me $8.5k per month for life. COLA-adjusted and 100% passed to surviving spouse for life. Didn’t contribute a dime to the plan. Add SS at 62, and we are doing well in retirement. Public employee unions are great.

@captainkrunch6372 15 күн бұрын

@Fell214 except for taxpayers.

@Fell214 15 күн бұрын

@@captainkrunch6372 My 30 years of service were great for taxpayers.

@mooneyman13 11 күн бұрын

At 9:40 you say Medicare will cost “$150,000 per year”. Should be in a lifetime. Just a heads-up.

@eleanor0714 16 күн бұрын

Retiring this year from the city after 5 years of service. The small pension will be reducing My SS benefits. The impact is called windfall effect

@TwoCaptainsOneShip 16 күн бұрын

Yep. Mine too. I’m guessing a ton of people have no idea that may have contributed a lot and won’t get anything.

@trinarae6564 16 күн бұрын

I will get hit with the GPO penalty, for me that will mean little to no survivor's benefit if my husband passes before me. Also my pension doesn't adjust for inflation 😢

@alonpalmer 16 күн бұрын

I do not understand this. My research says that pension income is not counted against your social security.. Please explain this.

@TwoCaptainsOneShip 16 күн бұрын

@@alonpalmer Do a search on “Windfall Pension”

@g.t.richardson6311 16 күн бұрын

@@alonpalmer if their SS is being offset by pension it means they didn’t pay into SS while they worked at the job providing the pension.

@Ashermicheal6341 15 күн бұрын

Amazing video, you work for yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires

@Lucas75332 15 күн бұрын

Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?

@liammateo287 15 күн бұрын

I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.

@Ashermicheal6341 15 күн бұрын

loretta logan expertise is truly commendable. She has this skill of making complex trading concepts easy to understand.

@philipbenson746 15 күн бұрын

Good day all from Australia. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?

@Lucas75332 15 күн бұрын

Such information we dont get from must KZfaqrs, how can I get to her. ?

@redsnapper9410 16 күн бұрын

Also, 32 years with a local government. Lower wages but a great pension! Estimated taxes are a MUST!

@H2R5GSXR 14 күн бұрын

I do not have faith to get my tiny $ 1800 a month starting in December.

@michelle7mostandardschnauz192 5 күн бұрын

Or you had a union job!

@ItsEverythingElse 14 күн бұрын

$150,000 per year for health care costs not covered by Medicare? I assume you misspoke and you meant over all of their retirement years.

@karens6053 16 күн бұрын

$150,000 a year for healthcare for Medicare

@mmcwenie 15 күн бұрын

He mispoke. Pretty sure he meant $150,000 total in retirement. Not in just one year.

@jeffro221 15 күн бұрын

@@mmcwenie I think you're right.

@paulmarshall1127 14 күн бұрын

Scenario say retirement income needed $100,000 for a couple then each has $150,000 in medical costs per year so annually they need $400,000. On a 5% withdrawal rate they need a portfolio of $8 million dollars If that’s the case in your scenario then almost no one can afford to retire. I plan to retire with no where near that amount of money. Chime in for those sitting on $8 million

@RetiredLovingIt 14 күн бұрын

Pensions are few and far between these days.

@markdavis1116 13 күн бұрын

Not if you work in a trade.

@markdavis1116 13 күн бұрын

Azul…… why are so many of the comments on your channel from scammers? I don’t notice this from other financial retirement information KZfaq channels. I can only conclude that you profit from the people that push these fraudulent scams.