How Much Do I Need To Retire? Why I Disagree With Fidelity. Think Twice When Planning For Retirement

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2 жыл бұрын

How much do I need to retire is one of the most important questions you'll need to answer.
So when I saw Fidelity's recent article on a retirement strategy I wanted to share it with you.
This video can help you so that you don't start planning your retirement in a way that could cause an issue for you in the future.
-Dave Zoller, CFP®
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Пікірлер: 192

@StreamlineFinancial 2 жыл бұрын

❤️ THE "DO IT YOURSELF" RETIREMENT PLAN: Achieve Your Successful & Secure Retirement WITHOUT A Financial Advisor -->

@deerhaven3350 2 жыл бұрын

The thing is, everyone's retirement situation is different. I retired five years ago at age 61 and only had $130K in my retirement portfolio, BUT I had made sure my home, vehicle, loans, credit cards and any other debts were paid in full before doing so. I also left southern California and moved to a less expensive area of western WA state. With no mortgage or other debt I live quite comfortably on $3K per month and am still able to sock a few hundred dollars away every month. I don't take lavish vacations, I don't eat out very often, but I do still travel to destinations that are within 1,000 miles of me a couple of times a year. I also shop thrift stores for about 60% of my clothing and hobbies (I like to knit). Where there's a will, there's a way.

@derekwells9550 2 жыл бұрын

The answer is, a lot more now than 2 months ago…

@michaelmontana0804 Жыл бұрын

Retiring at 58 with $1.5 mil saved. That will just have to work.

@tho464 2 жыл бұрын

Many people don’t reduce their spending because they still owe on a mortgage it have rent. Also, what percentile of the US population earns 170K or more? Or has 1.7 million in retirement? You should do one of these examples where Amy is middle America making 60K per year, but has her mobile home paid off.

@johntaylor4817 2 жыл бұрын

I’ve retired in the Philippines. SS is $2,400 month. Investments as of today are $750,000. Was $960,000 1/22 oh well. Monthly rent in a very nice condo next to a great beach is $1,000 per month. Life is good.

@S2000Y 2 жыл бұрын

Retire at 67, that's 10 years wasted already.

@paulhanel332 2 жыл бұрын

Can you explain why I need more money at death than I do at retirement? A gradual reduction seems like exactly what I'm looking for. Uncertainty means I need to be conservative but to plan for a goal that my account never diminishes seems to require working longer than necessary or living a reduced retirement lifestyle. Thanks.

@andymageen5308 2 жыл бұрын

Average lifespan for American males is 78. My personal retirement plan has a 30 year draw down, I intend to be broke at that age. ✌️

@glenburr6755 2 жыл бұрын

I’m retiring before I turn 60 this year with a lot less than 10X my salary saved. My net worth isn’t even 10X my salary… My friends call me frugal, and I have no one to worry about leaving them money. Everyone is in a different situation.

@furryp2402 2 жыл бұрын

I agree. I lost 25% of my investments in the last five months. Probably ten years of retirement. You really need to take into account inflation

@eddiefniii 2 жыл бұрын

I don’t want to DIE a millionaire. If I leave my kids some money , great, plus they will sell my house for 400k I think that’s ok. If nothing left in my Ira when I die that’s ok! Stop thinking about your kids unless your kids are paying for YOUR retirement. I didn’t pay for my parents retirement

@timc2493 2 жыл бұрын

Maybe I missed it but what about Social Security. Was that included

@wasntmeXYZ 2 жыл бұрын

I plan on enjoying my savings and retirement and not passing it on for someone else to enjoy.

@akwolf1434 2 жыл бұрын

The BIG problem with all of these scenarios is that they are mostly just assumptions, and what-if's. You have to be adaptable to the ever changing economy. Have enough in your budget to cover the day-day basic expenses every year, and if the economy is booming along, then enjoy a bit more of your savings during those times. And when the economy is dropping, then you back off to just the basic needs for that year, or time period. Don't lock yourself into saying I need $$$$ every year and get yourself into trouble - you must be flexible!!!

@ralphparker 2 жыл бұрын

I think the Fidelity analysis was for someone making a little less. I hope someone making 170K can afford some real advice. But someone making 70K, which is about the medium household income would make a good test case. Guess he would get about 20K in SS, draw 4% of 700K per year or total of 47K to spend (includes taxes?) ==> 67% spending ratio which is about his take home pay anyway. Plus, he gets cola's on his SS and his initial 4% withdrawal rate.

@jdthompson5778 2 жыл бұрын

I agree that everyone is different and needs an individual retirement plan. However I think Fidelity is actually in a better average ballpark in reality than most retirement calculators that actually often assume a way too high 80-90% replacement rate for a majority of people - ironically especially those with higher than average incomes that have saved a lot and lived below their means - and happy with their spending levels. I am single and retired at 56 and spend about the same as when I was working BUT my pre-tax income is only 35-40% my pre-tax income when I was working. The first factor is no longer paying FICA taxes and half the combined Fed and state income taxes I was paying while working. Most people discount this snd it’s a HUGE deal! Also to save 10x my final salary by age 56, I saved aggressively for retirement - esp my last 10-15 years working which was further boosted the last several years after I paid off my mortgage. So, I have much less in taxes, no mortgage or debt payments, and I’m no longer saving for retirement - so I can spend the same as I’ve been accustomed to long term and am happy with - and I do it on 35-40% of my pre-tax income. My distribution % is well below what is recommended.. and when I take SS I will need even less. I feel comfortable because I’m not cutting it close or depending on no unexpected expenses. Unless you go through the proper individual planning far enough ahead of time, you could end up working TOO long OR not saving enough and have to work TOO long! I think a lot of the financial planning calculators and articles are too much fear porn actually that do a disservice to many people! I think for someone who saved well and lived a bit below their means the Fidelity Tool is pretty good place to start.

@bradlee2594 2 жыл бұрын

The valuable point is made that a "rule of thumb" is not a good way to measure your own unique situation. But in this example, where there is disagreement with Fidelity, the point is iffy. Even when adjusting for much higher retirement income or lower returns, the woman in the example still has 500K or more at age 93. For the overwhelming majority of people, that would be a great outcome. I think Fidelity makes a fair point in "targeting" 10x savings of income. Many, perhaps most, will do quite well if they achieve that target.

@AntonioBianh

I was an investment advisor. The advice in the video is excellent and true for the typical American. But for people who have a good portfolio of about $5m, if you look around, most people are still active at 70 (I live in LA) but by 80, not so much, so enjoy yourself at some point before it’s too late. That nice vacation will pay for your last week in the nursing home. There is a difference between wasting money and spending it. Be value-conscious.