I’m watching this on our last night of a 17 day trip in Europe. Half of it was on a cruise of the Norway coast, and half of it was our own exploration of castles on the Rhine river. Both required a lot of time of research and effort, there were definitely moments of stress, but I think all of that is true of anything you want to be good at. I loved the cruise, but I also loved traveling independently. I don’t think travel is for everyone. we all have our preferences.

I’m watching this on our last night of a 17 day trip in Europe. Half of it was on a cruise of the Norway coast, and half of it was our own exploration of castles on the Rhine river. Both required a lot of time of research and effort, there were definitely moments of stress, but I think all of that is true of anything you want to be good at. I loved the cruise, but I also loved traveling independently. I don’t think travel is for everyone. we all have our preferences.

Great! Clearly explained how the RMD works, it helped me to learn what % I will need to withdraw for RMD. Thanks

Watch the full video here kzfaq.info/get/bejne/fZuGlLyHypyWf3U.html

Watch the full video here kzfaq.info/get/bejne/p9CArJeEutTan6c.html

Thank you James. I'm 62 and strongly considering retirement in 3 years. I am not just considering a Roth Conversion, I am working towards making it happen this year. I am keenly aware of the sunset for the Tax Cuts & Jobs Act at the end of 2025, but I am trying to maximize my conversion this year (2024) because of the look back connected to Medicare and IRMAA that would be affected by conversions next year. While my current salary puts me in the 24% tax bracket this year, I am willing to top out that bracket but not go over it. It doesn't seem to make sense to jump higher than that when I can simply continue converting after I retire and my taxable income is less than it is now. I am curious though, considering that I do not currently have a Roth IRA, and my salary does not allow me to contribute to one, is my only option to get started a back-door conversion? Are there any options that would allow me to open a Roth IRA without immediately funding it, but having it ready to accept a conversion shortly thereafter, or by year's end?

Thanks for answering my question. I needed to know if it was based on AGI or your t taxable income after the standard deduction. Brilliant.

This is amazing! Great video

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are ridiculously high and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways

I am 53 and retired at 50. 1 thing I did do to retire early was to get out of the 401K and IRA programs. Bought rental real-estate and I am now a Limited Partner in about 3500+ units. I do not work.

Highly recommend Die with Zero, especially the chapter concerning children. We’re giving our children the money to contribute to their Roth IRA so they benefit now and in the future and we get joy from helping them now.

I don’t know anyone who purchased a dream home after retirement. Boat or RV has to be number 1/2.

I don’t know anyone who purchased a dream home after retirement.

How did the tax conversion affect the probability of success? Seems like it’s worth exploring that before making them work another year or two

My European safari was a total let down. 😂

I love how he assumes everyone makes $100K + a year. What about those who make significantly less? Also, one thing he failed to mention about changing to credit unions is that not only don't not charge fees, but they generally pay more interest that most banks, not much but...

Your "current self vs future self" theory applies well to procrastinators.;-) And yes I'm in that category.

Very useful math - THANKS!😀

15 min in and you still Have not answered the question!

If I make enough yearly with defined pension oas and cpp, why take out more than needed from my rrsp, or tfsa or investments? I'm single and live simply. Do not Travel. I just plan to take what I have to from my rrif, when I change over in 4 years. I will also inheret at some point as well.

I essentially did all the same things we saw here with a spreadsheet where I could enter the average return rate, the SS per year, the retirement ages of my wife & me, all our expenses, incomes, tax rates & brackets, etc. While mine was probably a tad more cumbersome to set up, once all the options were in place (and color coded lol), I could get a good look into the future based on various scenarios. The one thing I didn't fully implement was inflation, though I have a good idea about that. I should apply that to all the calculations at various inflation rates. I actually enjoy this stuff, but it's also great to get the holistic "worst case scenario while spending everything we want" and seeing what can be accommodated. Nice to see an example that aligns very closely with our situation overall though many of the specifics are a little variable and different.

John and Jane must have pretty high-paying jobs if they each are getting $3000+ a month in Social Security when they retire at 67. I plan to retire at 70 to get the maximum benefit and my Social Security is only going to be just above $1000 a month. I contributed the maximum I could to my 401(k)s, but none of my employers ever put any matching in, so they got lucky on their employer. And did you notice that they have $70K in cash alone? WTH, if I add up all of my savings accounts, I might, MIGHT just have a tenth of that. Damn, I want their life.

Can you please reshare the spreadsheet template in the comments? Thanks

Awesome tips James.

If I file at 62, I make little enough that there would be no penalty. It would allow me to max my input to my work retirement .... which is matched by my employer. Also, life expectancy is falling, and will continue for the foreseeable future. Most, even if one does make it into their 80s, will be to impaired to know their collecting anything.

With condos investment properties are NO WORK!!! Awesome!! If the unit has a clog or issue, you just enter a work order and the building maintenance fixes it! All you have to do is clean it between renters… travelling nurses are the best … 3 month stints, responsible and clean!

Its super easy to retire by 50 even 40 All you need to do is not have kids and partner with some one who has some earning potential. After than just move some place cheep and your sorted.

Most 401k providers that companies use, have high fees, and have crappy fund choices and are in clunky old style mutual funds....after I turn 59.5 I'm moving all of it to an IRA at Fidelity where they charge zero IRA account fees. I believe the 2 worst high fee 401k providers that many large employers are using these days are: Principal and Empowerment. They both have high fees, and offer very poor old school type Mutual fund choices.

You completely forget using reverse mortgages to buy your dream home and that’s what we did and we love it and our payment is zero in our taxes and utilities are reasonable

You completely forget using reverse mortgages to buy your dream home and that’s what we did and we love it and our payment is zero in our taxes and utilities are reasonable

So how do you plan financially for gifts to kids? Especially if you plan to “Die with Zero.” We would like to gift our kids when they most need it. Is it the one time payments built into a plan? How do you know if you are “enabling” when they are just struggling financially with no other issues?

Beautifully put Thanks for sharing God bless

Very true about investment properties. Great income but a steep learning curve that is not passive even with the best manager. Would I change it? Not now. Was I surprised for the first few years? All the time.

How much more is less ?

Absolutely impressive James Thanks for sharing God bless

Where can i go on safari in Europe? That would be an interesting adventure.

I used to budget religiously, but hadn’t done that in several years. Just recently I started tracking expenses again just for curiosity since I’m retired. It’ll be interesting to see how things end up. I have planned for up to $10k/year for big time one-off expenses, such as home repairs and major medical expenses. My hope is to be very far below that many years, but if not I know it’s something I planned for.

Thank you for the great tips for retirement that I am very close to! 😂

My Dad, who taught me to be frugal, said, "If I spent $100 on something I enjoyed, it was $100 well spent. If I spent a nickel on something I didn't use or enjoy, I wasted a nickel."

That "investment" apartment building will open a can of tax worms. Nothing in the tax code is simple, but anyone considering this should consult a tax expert first.

12:30 Wait. THE DOV YIELD as a % increased because the shares value dropped. But the yields themselves didn't pop like that for a holding investor.

Never spent that much in a month in my life, except if I was buying a car or a house! Maybe on a big bucket list vacation I might do it, but month to month spending??!! Inflation hasn't hit THAT bad!

I have been retired for over 9 years and have loved every minute. I have never been bored for one second. With so much out there to do, see, learn and try! And…everything about everything is available at your fingertips! There is not enough minutes in the day for me to do all the things I am interested in doing. If you are curious, you will never be bored. Only boring people get bored.

Great and useful information. Thanks a lot.

Great list! Others to approach with caution are RV, sailboat, 2nd home. Rent first and multiple times before purchasing. You may find out you can still have the dream but only when you are enjoying it and not the rest of the year you must maintain that big purchase.

I retired in late 2022 at the age of 70 and am doing just fine. My home was paid for and I didn't have any debt. I have about $550,000 in savings, IRAs, and a brokerage account.

The ads on this video are all Barrack Obama pleading for money. What's awesome to see is that he is still the teleprompter-reading king.

Great video and advice. The kids and Grandchildren can fight over what’s left when I’m gone. They need to support themselves.

I was ready for #1 & actually enjoy it. #2 will always be there. Shrug. #3 is much easier to harness now. #4 No problem whatsoever. I'm completely satisfied with a job well done, and part of my identity is in looking back at a job well done. The other parts of my identity have always been there and can now be nurtured to a greater degree. #5 is just so dang wonderful. Great perspectives, James. I enjoy your math- analytical mind, and your holistic viewpoints. The combination is all too rare.

Great video, James. Very well done. Not judgmental. Just, beware. Thanks.