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Rooney graces us with her presence at 1:14 🐶
Thank you for your videos. It's so encouraging to see someone with real numbers. I want to retire but all financial professional tell me I can't . I'm not 60 yet and don't have 2 million U$$
$1 Million in 1995 = $2.25 Million today.
I should just marry the gal in this vid. She is beautiful. And smart.
All of youtubers have talked about retirement without mentioning anything left for your children. This is completely impractical.
Great, all I need is $2M 😂😂😂
Good news: By following this plan, you will reach the new benchmark of 2 million dollars in 16 years.
Bad news: In sixteen years, 3 million will be the new 2 million
So if your post tax net is 160k, how are your pre-tax contributions getting accounted for. When you say save 76k per year, is that pre-tax and post-tax combined? Didn’t understand the scenario quite well there
Please post similar topics for single person
28 here. Currently at 950k just from recycling the aluminum foil from old juicy fruit wrappers. Feeling confidant. 😂😂😂
10:30 Lil funny evading what should middle earners do.
How many people can realistically save 30 to 40 percent of their yearly earnings? I'd venture to say very few. Of course, everyone's situation is different, but unless you're making a significant amount of money, the cost of living (shelter, food, clothing, transportation, utilities, the cost of health care, etc.) and taxes are going to eat up most of your earnings making it very difficult to save more than maybe 10% of your net income. That's reality.
Dont say lets get Started! You talk and acted like Erin…not cool
My dad used to tell me he remembered a radio show and it was the "Sixty-four dollar question".
The youths watching this…. That is 2M today if ya retiring TODAY! 10 years from today ya gonna need 3M. 18 years 4M. in 29 years ya gonna need 6M. (4% inflation rate)
So, who is getting 6% on a savings account?
this is not a calculation for retirement spending correct?
Picked up a lot of useful info and concepts. Ty
The 401 is a scam as you can only invest in funds, not stocks until you get control of the rollover .
You need 3 million now to retire.
Dog person. Instant street cred!
I have considered dividends funds, e.g. SCHD. It's doing well now, now that people seem to be rotating out of tech heavy funds, and more into value funds. Not that I think tech AI, (magnificent seven) won't be making a comeback. But SCHD dividends should be qualified, and for the amount I would get, it would be under the long term capital gains threshold for a few years. I think.
SO much value here. Thanks Rachael!
"Qualified Dividends" are in fact taxed at capital gains tax rate typically (but not always). So if you aren't in the $600,000/yr of income as mentioned in this video, say you're in the $98,000/yr of taxable income, you could be taxed 0% on those "qualified dividends" that a decent portion of the market provides.
Qualified dividends are taxed at long term cap gain rates. So, if married, you can make almost 100k and pay ZERO tax on dividends in an AFTER tax account. They are actually really, really great, and almost better to have in an after-tax account. — You should consider them more. But there are dividend trap stocks to avoid.
Today it's closer to 3 million. $600k for the house and $200k of that will be going to taxes and home-related fees. You of course won't be able to spend the 2.4 because you'll want to stay under the 30k so you can qualify for the homestead exemption. This will also help you stay under the standard deduction. So guess what you're not going to go out and you're not going to go on vacation and you're not going to do all the things that this video suggests.
I am at 150k and saving $70k / year. I rent a bedroom in a house, have no debt. I will probably retire to an RV.
You can retire on 250k if you want to or 10 billion. Set goals and follow through.
too much talk. you are dragging this too much without real value. waste of my time. Sorry for this comment.
How to get to $2m realastically…………Two people working professional-grade jobs and savings/budgeting consistently. Not easy to do when you are single.
What about converting a portion of an IRA/401K to an annuity to help create a base income along with social security?
Starving? Hungry? Eat cakes 🙂
Why not use the updated 4.7% rule?
Basically… this is all the investmemt fiancial advise that is needed.
Hey Ms. Camp,
Great video. Gettung into the weeds in the balanced spending rule you mentioned. Do you count post tax as all gross income after fed, state and local taxes? So do you include in post tax: 401k contributions, 403bs, 457k, HSAs, healthcare premiums and other pretax spends?
I feel like the answer would be yes because the whole point of this rule is so you invest the rest of the money post tax for retirement which these accounts often do.
You must really just cater to high income individuals. I have very little money in my IRA and put most of it in a Roth. I never had a reg brokerage so I actually had to move money from my Roth to my reg broker so I could borrow against the assets and never sell a share. I have owned one stock for the last 6 years and 4 years ago diversified into some hard assets. I borrow all my living expenses and will pay zero in taxes for the next 15 years because my taxable income will only be around $30K until both my wife and I are on SS. I sleep very well at night and nothing could be easier. One day I will diversify further but for now it's pedal to the metal.
Youre beautiful by the way too .