The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000

Mind if I ask you to recommend this particular coach you using their service?

Vivian Jean Wilhelm a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.

Please can you leave the info of your investment advisor here? I’m in dire need for one

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Sharon Ann Meny for the last five years or so, and her returns have been pretty much amazing.

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

Think about actions you’re taking that might be harming you such as carrying over credit card debt each month.

@malika I agree withyou. I also think you should think about steps you can take to start. Start somewhere. Anything is better than being frozen even.

In my opinion, create a budget including income and expenses, do this with a financial advisor.

Plan with a pro advsor for a successful retirement.i work with an advsor and generated over 1 5 0 %

In 11 mnths with guidance.

😂😂

It was a dead end job anyway

Your company probably didn't use cutting edge technology.

@@Xe_None Yeah, they stopped doing that and went electric. That was shocking to me.

@@robloxvids2233 They cut my hours too.

I hope so too! 😊

Lol. You got it. I think the Government/biden is doing a great job giving people excuses...teasing that They/All will pay for their college etc.. for control.

Vote buying scheme? Is promising tax cuts for the wealthy a vote buying scheme? Or offering zero regulatory oversite for pollution industries? Would that be a scheme as well?

@@1515cando The tax cuts that were passed with bipartisan support in 2018 generated higher tax revenue, while increasing take home pay for all classes of people. The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan. It's hard for Socialists to understand, but less taxes on businesses means more jobs, it also means more money in pockets of consumers, meaning businesses can afford to hire and pay more. Unlike, Bidenomics.

@@1515cando - Corporations don't vote. The truly wealthy are a tiny fraction of the voting public. Politicians give them tax cuts or lower regulations in return for the lobbying dollars and campaign donations (bribes) they were given. But before they can get those donations, the politicians must get elected. That is where the vote-buying comes in. Millennials and Gen-Z (the ones with the student loans, or young children eligible for child tax credits) are the ones targeted for vote buying as they are the largest voting block.

​@@1515cando yes. It's all bullshit to get votes. No one cares about the people.

Put your money into something safer as stocks will obviously be the worse possible place to put money in the upcoming decades. The safest bet is to short the U.S. dollar or bet against the U.S. dollar by buying gold.

I think you're doing great. I retired 2.5 years ago at 56 with a number similar to your target. So far it's working great and you're right, it's a lonely road. Just remember when you leave your job, you'll most likely leave your friends working. I now have new friends, but they are 1 to 2 decades older than me. Otherwise life is great as a retiree. Good luck on the rest of your journey. It is doable.

Gen X (56) 6m net worth. 4.2m in the market. Started saving at 19 minimum 10%, was closer to 30% when I retired earlier this year. My number was 2.7m, was conservative in my estimates and pessimistic about returns. This made it easy to overshoot, looking forward to a long luxurious retirement.

1.5 m at 43 years old. Goal is 3 million by 54. And it is very lonely. It's sad. Thankfully my wife celebrates with me.

I retired at 55 in 2011. It wasn’t due to investing. Savings plus a great pension.

Absolutely!! Getting out front of father time with compounding is an absolute game changer when those spiky costs hit later in life!

Respectfully, what you may not appreciate about what the younger generation has to deal with. You were able to buy a house for 50-100k. We cannot buy a house for less than 350k. It is increasingly harder to save in this current economy further because everything is so much more expensive. I am fiscally conservative, never took on school loans, have worked since i was 15, make a solid income, save, and live within my means and it’s taken me until age 37 to be able to save an effective amount.

Her advice works until the U.S. stock market corrects to fair market value some 80+ percent lower. Putting money into a ponzi and never cashing it in only works if you die first before the stock market corrects back to the mean.

​@parkerbohnn and how exactly did you determine the fair market of the stick market?

@@mattjarrett1357 - you may not be aware that your parents and grandparents felt the same way. The housing prices you mention of 100K is representative of 1975. At that time, we were in shock that prices were DOUBLE what they were 4 years earlier (in 1971). Inflation was high. The average wage was under 15K. That house represented 6.6 times our income. In 1970, that house was just $30K and with wages at 10K, it was only a 3x income. So, yeah... how does that match up to today? A $100K house today is a $652K house. Average wage of $75K. It's about 8.7x income. BUT - There is a BIG difference that makes the playing field equal Back in the 70's, home loan interest rates were about double what they are today. This makes today's struggle fairly equivalent to 1975. YES - I had the same discussions with my father. Impossible to get in the market I'd say. I did. My kids said same. But then they bought. Watch for the dip, and then buy. It's possible.

@45 my wife and I early retired; we were very frugal and paid of a mortgage early; in fact, we were viewed as the weirdos for not keeping up with the Jones's next door; but May 2022 when we paid of our mortgage many were surprised; fast forward September 2023; we packed up and are now leaving abroad. Writing from Japan bound for Thailand in a week. All the best!

Well said!

These days, both door dash and fast food are just nonsensical, given the prices. If you want bad health over time AND not to save enough, that sort of behavior will help get you there. (I'm talking about as a regular habit, not the occasional thing for whatever reason).

@@rogergeyer9851fast food inflation has been the most successful driver of eliminating it from my life

Also, full or half time blogging or making videos for clicks for revenue full or half time because you need the income is NOT really retiring. Buying a house you can get a 15 year mortgage on, and having a decade or more with NO house payments is a BIG help re having big savings to invest during your peak earning years. Having the biggest possible house is NOT the be-all end-all to be happy, any more than luxury cars, avocado toast, $10 coffees daily, etc. etc.

So true. I actually don't think 4% going forward is an unrealistic long term rate of return. It kills me that advisors cover their butt with the obvious mantra that past returns are not indicative of future returns, but that's exactly the expectations set when they quote a "safe" 4% withdrawal rate, based on a study of PAST stock market performance. Well, that past performance had a huge demographic of boomers being born and consuming throughout their lifetimes to boost the economy, PLUS the globalization of capitalism. Those things aren't going to be repeated, PLUS the world economy will have to pay rising costs for climate change going forward, so we're not getting the 10% historical growth anymore imo, lucky to see 5%... In other words, don't bet on huge exponential growth to power your retirement nest egg. But luckily, that also means inflation will calm down and therefore you can not only keep up, but get ahead methodically too, IF you apply yourself. And finally, it means it's even more important to start early, cause it's going to take that much longer for compounding to really kick in, if the rate of return will be lower than historical.

As an older X you had the ability to get in during the unbelievable late 90s bull. I'm 45, so younger X. I graduated college in 2002 right into a layoff in 2003 that set me back. Got into a nice paying job in 2008 then another layoff in December 2008. That set me back hard. At 29 I turned my back on my entire profession (architecture) and went to grad school for accounting. Graduated but as a mid-30s guy with a new baby at home I found it hard to get my foot in the door and ended up being a SAHD for years. Until we were down to our last $600. Then at age 39 in 2018 I took a job in my old profession (architect) for 33% less than I was making in 2008. This job is government health care centric. 21 months in Covid happened, which was and still is brutal for us. As of today we are still 40% understaffed due to turnover during Covid. I was WFH and helping my son do home learning during this time. The good news? My salary has tripled since 2018, my job security is unbelievable, I'm 4 years away from being vested in a really nice pension, and my wife and I are able to invest 70k this year and take nice vacations. We are on schedule to join the 2 comma club this month. Our only debt is 7k on our house, which will be paid off by Christmas. Life is tough. It helps having a spouse who works and is frugal. My wife is a teacher and is 8 years away from an even nicer pension. I will also have S.S. as my gov job has a 218 agreement wherein I pay into S.S. The first 18 years of my post-grad life saw the Gulf War recession (or dot com bust), the Great Recession, and Covid. Positives are my house and mortgage were both pretty cheap in 2010. But saving for 4 years is what made us able to pounce. We are hoping to retire around 53ish. It's never too late to get your butt in gear.

I applaud and agree with your hope and optimism for the future . Much success!!

@@robloxvids2233 yep - you have really kept the faith - in your abilities and commitment --- also, the old adage of "one spouse, one house" is a wonderful thing. Just a comment applauding your journey now in the future.

Thanks for watching!

I appreciate you!!! 🙏

What about one off things like a big trip or a bass boat?

@@andysams6690 Been in Asia for about a year; travelled to South Korea, now in Japan, bound for Thailand Tuesday. All the best!

@@havenpersonalcare7968 What I mentioned are benefits to having a retirement fund. We have the same (San rental) that you do and having additional savings is beneficial. Looks like you don’t have a need for that which is great! 👍

@@andysams6690 yes; additional savings is on the horizon; just enjoying traveling with family for now.

I retired to Thailand in 2017. You will do fine with $80,000/year.

Thanks!! 🙏

Erin has her head in the clouds gambling which is another word for investing is all about weighing risk, reward and upside against downside. The people today in stocks are like the fools who just hit big on a slot machine only to keep on playing the same slot machine and give it all back instead of putting the money into less risky investments like gold and long term bonds.

​@@parkerbohnn What ever works for you keep at it ! My stocks ,and mutual funds are UP UP and away.

Far too conservative in my opinion

Business insider articles seem to follow the same pattern. Trying to drive traffic/clicks

It’s such a wide range! I have seen research with numbers as low as 38% all the way up to 80%. And as always, depends on the individual. You sound like you will be an a wonderful position! I’m so happy for you!!

35% seems pretty darn low for most folks, but maybe you had a higher income than average. Of course, the biggest thing we can control is not having a mortgage in retirement.

Exactly the percentage I'm looking at. Plan on retiring in 7 years at age 60, 1 million dollar portfolio at 60, no debt, and $42,000 per year will afford me a very comfortable retirement even factoring in inflation. The biggest factor in this being possible for me is not having any health insurance costs from age 60 to 65, I have a benefit that allows me to stay on my employers insurance plan and an HSA that will pay all my premiums for 5 years+ until Medicare.

​@@belowsealevel8663 health insurance costs from 60 retiremennt to 65 is huge --- i also had an employer who covered insurance payments - it actually was an "HRA" vs an "HSA" so i think i understand you ---- nice employer perk!!! you're pretty solidly on track with your plan --- congrats!!

You'll also have SS though. And most people have less income in retirement. Hopefully your house is paid off by then, and if you have kids they're grown and gone by then.

I’d argue it’s not that different. Sure colleges are more expensive & pensions are gone, but the market has been great. There’s lots of reasons for optimism that the market will boom as we’re entering a technological revolution. Focusing on investment instead of earnings will be more important moving forward.

Sure, leave the suggestions in a comment here or shoot me an email at erintalksmoney@gmail.com 😊

I always appreciate suggestions

the old live below your means while preventing lifestyle inflation and using a budget as a roadmap --- sort of implies a zero-debt mentality but it is always good to explicitly call it out.

Lots of free chicken at the end of the night!

@@MrSteeDoo and leftover fries!

You mean getting that sleeve tattoo is not a good investment? Oh man!

But what about piercings and rings? Gotta have 2 in your nose and 6 on your hands.

​@7SideWays how about gourmet coffees??? Lmao

That’s not realistic and try traveling and enjoying life in your 70’s as opposed to your 60’s or even 50’s.

​@@dantheman6607 Why isn't it realistic? 70 is young. I turn 60 next year and I am in the prime of my life. With people living longer I want to make sure that I have the most bang for my buck in retirement. Of course If I had started investing earlier then yes, I could have an earlier exit plan, if I had wanted one. Since I started later I am honed in on what I have to do as opposed to what I could have done. I am fine with that.

I'm in my 60s. I still don't know how much I need for retirement. What will the inflation rate be? What kind of return will I actually get on my investments? Will Social Security continue to be available? Will taxes go up? By how much? Will the government's addiction to debt finally come back to bite us? Will the government decide to tax unrealized gains in retirement accounts? I could go on, but you get the idea. I may live another 30 years. A lot can happen in 30 years.

@@rexstrom5362 i guess the old adage of know what you can control to me is valid & your first sentence is of course concerning: I still don't know how much I need for retirement. I just do the best to project individual categories and add to them using some planning software (derived from my own spreadsheets) so i smooth out the bumpy expense ride started late in saving (40's) but in mid-70's & retired for 5 years --- worked so far .... my reality is still better than my projections. i'm here because i just like Erin & i can rethink of my other plans while confirming her insights.... Good luck 💪🤞👍

I know the world will turn communist under one world leader. Russia will play a prominent role in the next 30 years. Putin is the focal point in time as Russia will continue to take each country one by one.

I retired two days ago (56) and I still don’t know how much I will need for retirement. We could play the what if game forever but I know that because I did the legwork early on and let compounding do it’s job that I will be fine. Start investing early, increase investment rate yearly, and be patient. I do have a pension but my additional investments over the years give me comfort knowing I can withstand whatever the market throws at me in the future.

you know a lot of people with much more expensive taste than i do.

Almost certainly not. That’s a safe withdrawal income of $64K which is not enough to live on without a paid-off home. 20 years from now, there’s a good chance that will be poverty level.

It's about $1.58888 Million more than 99.4% of Americans have at any age.

It might well be meant as 1.6 million is needed in today's money, you'd need to increase it based on future inflation

Especially if they vote for another 4 years of "Bidenomics". 4 more years of 'Building back better' will likely require a 4 to 5 million retirement savings.

@@mrhy7912 Still not enough unless you’re in a paid-off house. I doubt millennials will have that if they’re struggling to save. Millionaire status isn’t retirement anymore. I’d put a comfortable retirement closer to $3M. Less is probably doable but your geographic options would be limited.

Not really , since it simply clips on 😂 not actually pierced!

None, she just goes with trends which are in actual fact ponzi's with no fundamentals whatsoever. Telling people to put money into the U.S. stock market when its the most overvalued in all of history might work short term but long term it ends up in tears just like how every ponzi in history has ended. Gold and long term bonds is where to put money not in U.S. stocks.

@@parkerbohnn be better if she was in a bikini while talking

What’s wrong with your “boarder”? maybe your boarder knows how to spell better than you do.

Another magat on someone's payroll to post propaganda for the convicted felon.

Yay! Thank you! 😊

👀

yeah the rich ones

🙄

That is not true at all. The average Millennial will inherit massive debt from their parents who took on enormous debt they couldn't afford in order to look "wealthy."

Spend it all, then. Make them earn their wealth from the ground up, like many people have done.

Don't vote for Trudeau then

​@@MeltingRubberZ28 I'm willing to bet Trudeau was (s)elected like Biden was. By the 1% not the 99.

You don't earn less.

No one needs whole life insurance.