Stop Calculating Retirement Expenses Wrong (Do This Instead)

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Title	:	Stop Calculating Retirement Expenses Wrong (Do This Instead)
Lasting	:	15.07
Date of publication	:
Views	:	152 rb

b*WARNING*/b There has been an increase in bots and spammers commenting on our videos Sometimes the interactions may look real, but are easily identified by commenters promising high returns or promoting other 'advisors' Please report these comments if you see them so we can keep our community safe from these scams I will never try to contact you; you can only get in touch with me via the link in the description of the videos
Comment from : @onedegreeadvisors

Missed opportunity Should have been Jack and Diane 🤣
Comment from : @tomanderson9872

Don’t forget how much tax you’ll pay when withdrawing from a 401k
Comment from : @BarbaraPearson55

Take this from a 5 year retiree, one thing that’ll matter the most is how soon you start and how much you’re able to compound in your active years from your earnings and most especially investments Don’t be shy of seeking professional guidance
Comment from : @NormanBranam

Oddly, I always thought they said to live on 80 of your income it was because I was saving 20 of my income for retirement and wouldn’t need to do that
Comment from : @jslee102

I was excited to pay off my house until I realized the taxes and insurance have gone up so much I'll be paying almost the same amount So I can't count on that ever "dropping off"
Comment from : @goatgirl5968

I track spending and round up expenses I have a pension,will downsize to a smaller home sales of current home will be invested and serve as my travel/ fun fund I have an account set up for paying healthcare until Medicaidso I am feeling good I am retiring in 25 years
Comment from : @nata3467

Geo Arbitrage Smarter not Harder, and retire early 😊
Comment from : @AG-so4gl

One huge unpredictable variable in US retirement -- healthcare expenses You gotta buffer those up REAL good!brbrMost Americans are one large surgery away from bankruptcy Including middle and upper middle class Americans
Comment from : @gorgthesalty

I just turned 50, and I'm honestly feeling overwhelmed about retirement I have a little over £300k saved, but with inflation and the rising cost of living, I’m starting to wonder what kind of retirement I can actually afford I don’t want to end up outliving my savings
Comment from : @Colbe-lx7fb

Here what all of you miss about today’s retirees We still have dependent children I’m retiring in 1 1/2 years My 23 year old wants to go back to college & wants help They can’t afford car insurance so we have family plan Cheap cars but still $15k a year They can’t afford to move out My expenses are going up not down
Comment from : @Dianka-f6s

That couple has too much capital trapped in their residence My advice would be to downgrade the house and retire today
Comment from : @mcangls

I'd love to invest in stocks after listening to a guy on a podcast talk about the importance of investing and how he made over $300k in few months of investing into stocks from $175k initial capital, somehow this video has helped shed light on some things but I'm confused about the current market volatility I'm new to this and I'm open to ideas
Comment from : @Baldwin321

I just am replacing 100 percent of current spending
Comment from : @m3chris1

People who are able to retire early are lucky I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
Comment from : @Susanhartman

adding up expenses is not an estimate, it is what we are currently spending, use your bank account and credit card statements to ensure you dont miss anything You cant predict inflation so that is really the only unknown Plan for the worst and adjust accordingly based on reality
Comment from : @LiberateThePlanet

Don’t forget how much tax you’ll pay when withdrawing from a 401k I am estimating 25 of my 401(k) is going to go to taxes! So that 401(k) balance is really not what you may think it is Uncle Sam takes a good sized bite! brMax out Roth’s 1st For me, Except for cash, everything gets paid through one account brAt the end of the year, take a look at how much money moved through my checking account Unless there were br”out of the ordinary” expenses for the year, you get a good idea of how much you’re REALLY spending I’ve done it for about three years now brUse one or two cards only for spending and do it for a few years before retiring
Comment from : @EightBallAnswers1

Am I wrong to think I want in retirement the same take home amount I receive now while I’m working?
Comment from : @michaelbeall9677

As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated
Comment from : @Aarrenrhonda3

I have a bank account so do not need to estimate anything I can just look at spending My banking app can show my spending categorised
Comment from : @SimonEllwood

Retired doesn't mean stop working, it means, "change your lifestyle to grow old with grace and dignity"brbrYou may still choose to work, but you choose to work because you want to
Comment from : @robertnelson4460

What is the inflation figures? 4-5 yoy
Comment from : @shaqisumari304

Get to the point! Wait… there is no point
Comment from : @jimc336

I use a rewards credit card to pay for almost everything I pay it off every month That gives me an easy way to download actual expenses
Comment from : @howarddelfava

Thank you
Comment from : @clevelog

Expense delta is amplify by taxes too A $1,000 delta is really more like a $1,250 in real withdrawal terms
Comment from : @derfel6969

If you aren't working you are probably spending money lol! I'd budget for spending the same or more
Comment from : @eb9978

Great video once again Your content is soooo relaxing When is your big move?
Comment from : @alisonlevy2273

Kamala promises to create an “economy of opportunity “ That does make you feel better?
Comment from : @Carnegiered52

Retirement is awesome and you don't spend nearly as much as when working You make what you have work All this fear of running out of money is nonsense You'll want to keep your brain going so work a bit if you need more
Comment from : @rs4328

Every retirement analyst agrees that expenses excluding health, adjusted for inflation, go down the deeper into retirement you getYou stop traveling, you stop eating out- you don’t even want to Most people over-estimate their day to day living expenses ten years out in retirement So I respectfully take issue with this vid
Comment from : @dyinglikeflies

The flaw in his assertion is that he assumes that I haven’t been religiously tracking my actual expenses for years already I know exactly what the spending that maintains my living standard is to the penny There simply isn’t a better way to know what your retirement budget should be if you are already a disciplined budgeter These types of videos are kind of condescending, IMO
Comment from : @brucekeller8903

Leaving more confused
Comment from : @bss6565

I'm an English major that had trouble with math but a million dollar home at 35 interest for 30 yrs the payment comes out to waaaaay more than $1350 per month A quick google search shows a payment in excess of $4000 (P&I) per month What am I missing here?
Comment from : @BobBanish

This was my experience Way underestimated "unexpected ezpenses" Just paid $1400 for a broken tooth Something comes up every month Car repair , appliance dies I would budget $1000 a mo th for random expenses
Comment from : @jackwalfoort8419

These comments are fullof spam advertisersfalse threads advertising "financial advisors" who could be criminals Please be cautious The channel should pin a warning comment, monitor or close comments, imo Their viewers are being scammed thru these comment sections
Comment from : @wmarian5027

If you are living on a certain amount every year, why would it change just because you retire?
Comment from : @vallejoborncalihasbecomeal9022

This looks very similar to budgeting The only difference I see is the categorizing of certain current expensesbrIt still fails to account for big ticket items (cars, home improvements, maybe travel)brNot impressive
Comment from : @DavidDLee

Assume you put 15 in your 401K and pay 6 social security taxes Doesn't this mean that you are already living off 79 of your income? I assume you do not pay social security tax when you retire and you will no longer save into your 401k
Comment from : @iang4338

No accounting for SS income?
Comment from : @Robw1960

Am 58 retiring next year but the thought of retirement gives me weakness My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen It’s so difficult for people who are retired and have no savings or loved ones to fall back on
Comment from : @Riggsnic_co

Bidenomics is Working! This is exactly what they wanted to happen!
Comment from : @josephj7991

Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future I've also invested $800K in the stock market, experiencing fluctuations without substantial gains
Comment from : @Particamuwowo

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification I'm hoping to invest about $350k of my savings in stocks against next year Hope to make millions in 2024
Comment from : @IsabellaAriau2m

We do not really need a budget but a tracking of past year expenses Retirement means no contribution to degrees accounts and reduction of tax payments (esp by careful planning to reduce taxable income)
Comment from : @SidinPhilly

Great Video!
Comment from : @MichaelToub

The reason the 80 of your current salary rule exists is because you no longer pay FICA or contribute to a 401K when you retire
Comment from : @KJFC388

I believe the retirement crisis will get even worse Many struggle to save due to low wages, rising prices, and exorbitant rents With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either
Comment from : @LindaLFielder

The answer to all financial and retirement questions is always "It depends"
Comment from : @xlavahott4547

This is not easier
Comment from : @meatman6660

95 is too high so probability would go way up if use a more realistic of 90
Comment from : @onlywenilaugh6589

Uggh m It took 15 mins say the obvious
Comment from : @Spp235

As you get older you spend less…most retirement companies want you to save more because they make more money out of youbrJust spend less…I have spent the last 4 years travelling around the world …it’s cheaper than you think…retired people don’t care how much money you have…get out of that rat race …live in the Philippines while you are young enoughor Cambodia
Comment from : @ianlewis2813

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them We can get by, but can't seem to get ahead My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for
Comment from : @FlorentGulliver

They're good, chances of living past 85 are very slim
Comment from : @ohiopat

I don't get it, you're doing exactly what you said doesn't work, look at what you spend today and decide what will stay/disappear/add in retirement I got absolutely no value out of this video
Comment from : @sixstringsdaddy2477

This high sensitivity to monthly expenses of the portfolio value projections is what makes me extremely skeptical of the very notion of retirement planning Yes, it’s science and it’s art, with all the tax planning and ACA tax credits, but at the end of the day the entire tower is built on quicksand Returns or inflation differ by 1 over the long term? Everything changes Retired into a flat decade? You’re screwed
Comment from : @alk672

Calling groceries ‘variable’ cost… I would not class it like that You need it every day, the amount needed don’t change much over time, the price change, but that you factor in prediction the increase of price over time 2 inflation is ofc not realistic, because it is never exactly that My approach to cost analysis is to have bucket: necessary fixed costs (ie morgage/medicare), necessary variable cost, incidental variable cost and lastely chosen spending This last bucket is what people underestimate, but it is also the bucket you do have influence on and you should get used to adjusting according to your cashflow in retirement
Comment from : @roosenlodewijkwiggers4594

I am sorry, but your approach IS budgetting… I understand you want to pitch a new approach, but it is just more realistic budgetting
Comment from : @roosenlodewijkwiggers4594

Saved a million dollars or morebr😂😂😂😂😂😂 brPlease say you were kidding!!!brMaybe 12 at best have a million plus? (blue collar schmucks)
Comment from : @lcee6592

Are you clowning?
Comment from : @TheBryanmauro

Do the Monte Carlo simulations take into consideration the probability of living as long as they projected If you have a probability of living to 95 is 5 does that have any bearing or is 30 year retirement locked regardless of real life expectancy?
Comment from : @bw5437

I don't see that you have taken into account the go-go, slow-go, and no-go years in retirement Or SS money starting Both will change how much is needed from investments
Comment from : @conniechapin9278

I'm budgeting to spend 30k less per year than my financial planner wants me to And based on his advice I was told I would not run out of money
Comment from : @steves3234

go off grid to acreage lo day to day, lo prop taxes
Comment from : @john-o1g9p

It's the lack of having a budget prior to retirement that makes "estimating" a retirement budget inaccurate We maintained a budget for decades, bascially using net earned income and living expenses When we were 5 years out from our desired retirement age we used our actual expenses as a basis for retirement living expenses and we adjusted with each year's review of our progress toward our retirement goal We did allow for inflationary pressures with a 3 inflation rate for general expenses and a 5 inflation rate for health insurance expenses We also used our combined effective tax to determine what that liability would be seeing how that would now be coming 'out-of-pocket' as opposed to a reduction to pre-retirement gross income We're 7 years retired now, and the result? Pretty much dead on with our projections I suppose if you've haven't had a budget history prior to retirement the estimation of a retirement budget is subject to gross inaccuracies
Comment from : @bruceanderson8179

Retirement planning means preparing today for your future life so that you continue to meet all your goals and dreams independently
Comment from : @BraxtonScott452

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share
Comment from : @BEAUTIFULDIANAFRANCIS

Our expenses didn’t go down at all Medical, dental and travel made up for anything that could have been reduced
Comment from : @daisymayzee

Why is it that every financial advisor only sell fear? I've saved over 20 in 401k and investments, have 2 pensions, as well as my wife's pension, and proceeds from a business venture This adds up to create an retirement income that is greater than our current income by 20-40 (this is without SS, acknowledging it's probably not going to survive), yet I have heard from every financial advisor that I should be fearful that we won't survive!?! Is this fear valid? OR do these advisors just want control of my (and your) retirement savings???
Comment from : @Rickmac22

This new method seems defective compared to just tracking your spending over time It doesn’t seem to account for one time biggies like a new roof or sewer repair Or you need a new car, or your health care costs if you or your spouse become I’ll or disabled These one time costs occur and you will encounter them over time if you track your spending
Comment from : @johnwietfeldt6238

Harris add puts a bad taste in my mouth before you speak which is unfair to you
Comment from : @aquaticflo1

Going into retirement knowing you might have to reduce your spending one day is still better than continuing work
Comment from : @Dave-sw2dm

It is impossible to estimate expenses
Comment from : @jimbrown4640

Lifelong personal finance software user hereallowed me to see all my expenses my whole adult life and - more importantly - prior to retirement at age 5925
Comment from : @rickstephan6707