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Sample retirement plan for 50 year old getting late start.

Apr 09, 2020
Hello Dustin Timothy, a financial advisor at Jazz Heritage Managers, how are you today? I hope you're having a good day. I saw an article, in fact, a friend sent it to me. Miss Carolyn, back in Fort Lauderdale, said, take a look at this article. says that almost a quarter of Americans say they

plan

to never retire is interesting, that's why there was a poll done here by The Associated Press snor see Center for Public Affairs Research Center sounds officially correct, so they said 23% of workers and 2 in 10 people over 50 said they never expect to stop working, so 23% of all, but if you break it down by 2 to 10

year

s, people over 50 think they never They will have to stop working.
sample retirement plan for 50 year old getting late start
I like it, it's ambitious, I like it, so it's not realistic, you will eventually get hurt, you will get sick, slow down, we all get older, so you will eventually have to retire if you look at the recent government employment data. I can't think of what, I just don't know why I said it that way, but one in five people over 65 are currently actively looking for work, so it's not like everyone is just saying, "You know I'm going to work for always". one in five are actively looking for work, so what I thought was how can we put this together and help those who say, I'm not going to stop working because I don't have enough money to stop working, how do we come up with that? a

plan

for someone who is 50

year

s old and says you know what I took that questionnaire and I said I don't plan on stopping working but what they didn't tell you is that it's because I'm broke I don't have that much money a little bit of a 401K and maybe I'll get some of Social Security.
sample retirement plan for 50 year old getting late start

More Interesting Facts About,

sample retirement plan for 50 year old getting late start...

I don't even know if I'll have enough. Here we go, let's dive into it here, so I'll try to explain this a little bit because it's very similar to the video, I made twenty-eight dollars a week or whatever gets you to six hundred thousand dollars and yes, you can live on $80,000 a year the rest of your life. Very misunderstood video, by the way. I'm going to try to expand on that today, here we go, we're going to say we have someone who is 50 years old, he participated in that questionnaire and he said: you know you can't retire because I don't have enough money, we're going to say that because of that, If we pushed him and pushed him and said okay, but if he had to retire, when will he retire?
sample retirement plan for 50 year old getting late start
Give me an idea of ​​when she would actually stop if she knew she had enough money. that you could stop and let's say that person is doing well I'm 70 right so I have 20 years left that's us that's the number of a person that says I'm going to work a long time right so we're saying okay if you could retire you can retire at 70, okay, now you're 50, how much money do you currently have in any investments? 401k IRA, royalties, shares in a house or rental property, whatever you have, we're just going to say fifty thousand dollars this would be a little low, don't be discouraged if you don't have fifty thousand dollars.
sample retirement plan for 50 year old getting late start
I'm just using an average here to get this right, because you're 50 and you don't have much saved. How much would you like from age 70 in today's dollars? How much money would you like to live on from age 70 to age 87? We'll assume he dies at age 88 or whatever. What is that number now? Most people, when they're older and haven't saved much money, tend to spend a little less, so I'm going to say $40,000 a year would be enough in terms of income. Always calcu

late

your number in terms. Just saying I'm going to save a million dollars doesn't help anyone, right?
I'll show you in a second why it doesn't really matter anyway, okay, we have 50,000, we'd love to have 40,000, we think you'll have to work forever, but Dustin, if you're going to make some magic, I guess I'll retire at the 70s. Okay, Social Security, if you've already worked your whole life and plan to work forever, okay anyway, how much is in Social Security? Do you expect me to come down here and say $20,000 a year in Social Security? Some of you may think that is high. I have to use an average. I have to choose something right, so I'll use $20,000 a year. year now I'm going to say we're just going to call this another income, right?
I always do it in all these videos, you can count some of it as social security, some of it can be rental income, maybe your kids give you $100 a month or someone is paying you something anyway. I'm going to assume that's taxable just to make it a little harder for you and I'm going to say it's taxable at 25 percent, maybe none of that is taxable. I don't know what this $20,000 is. I'm going to assume they are taxed at 25 percent to make this equation a little more difficult for you. Well, so far, so good. From 50 to 70 years, we already have 50,000, we hope or we would love to. to have $40,000 a year in income let's say we have 20,000 expected from other sources Social Security whatever blah blah it's all taxable I know don't kill me down we're just going to use the 25% stay with me here and Let's say you are 50 years old now you have 20 years until you retire you can invest in such a way that you are aiming for 7% growth here is the trick.
I'm about to spit out a number for you and I'm going to suggest that you adjust that number for inflation as you go so that this 7% is extremely low with the way we're calculating this number. I'll try to explain it so it doesn't hurt me, okay? Let's go like this in this scenario, if we do it this way, this 50 year old person has to save in the next 12 months from today, the day you are looking at this, in the next 12 months, he has to save six thousand four hundred eighty one. dollars somehow to

start

with, that's not so bad, right, suddenly you look at that and say, well, I thought I would have to save tons of money.
Turns out I just have to put in 64 81, here's the trick. You are not going to do that every year, you are going to increase it by 3% per year or whatever the inflation is if it is 2.2 yes, if it is 4 yes or no, yes, but whatever it is, you are going to increase it by inflation, what does this mean? You know how they say the S&P stock market has an average return of nine point eight percent over its entire lifespan? The average yields nine point eight percent if we take it literally from day one to last December of last year nine point eight percent, that's what dividends are and all everyone says is seven percent because they are like backing out some inflation and then just rounding down, let's call it seven percent if we factor in inflation along the way we don't have to back out inflation anymore, we could put that number at nine point eight percent if we wanted to in the video from twenty-eight dollars to The week I said ten percent return now I thought that was a little high.
I never like to shoot the top of the number there, but could you? You absolutely could and would be perfectly fine doing that if you factor in inflation along the way. I love doing it this way because we know what inflation is as it happens, we can't guess what it will be in the future, so this creates a much tighter number. Anyway, this 50-year-old can afford to be aggressive, but we're lowering that number to make the equation more difficult. They already have fifty thousand dollars. They want 40,000 a year. Let's get twenty thousand from somewhere else and do.
It's harder, let's tax it at 25 percent to make this number actually higher. Now we have to put 64 81 in the next 12 months. We have to increase it every year by 3%. Someone should bother you to do it. That or whatever inflation is, you have to increase it and when this person retires he would have put in total what is 166 thousand. I'm not going to write it because I don't have space to put one hundred and sixty. six thousand dollars in total contributions including the money they already had, they will have to review this when they reach

retirement

in future dollars, right, they will have a total of 551 to 93, that is all and I am not saying this to be disrespectful.
Say that because do you realize how many people say you have to save a million dollars, two million dollars, oh my God, you'll never get there? That makes you feel very bad about yourself. Here is an example of someone who took this questionnaire and wrote. and they say, "I'm never going to stop working," and we were able to get them out of this dark cloud of life that thinks they'll never be able to stop working and say, "Hey, if you want to retire at 70." save 6480 $1 you know what happens when you tell someone they say WOW I mean, I think I can do that, not everyone can, but go, you know, I think I can do that and then they say, hey Dustin, what if I want to? retire, it's 68 right now, we're thinking now they're positive and leaving, this is a real opportunity, maybe I won't have to work the rest of my life, okay, Dustin runs 68, everyone who joins us here at Jazz Rich, I lead them. through these numbers and of course we can play with them as many times as you want, but let's do 68, so if I change the number to 68, the new thing here is that the

retirement

age now goes to 68, suddenly, in instead of 64 81 it's not that bad you get a total of 88 26 I don't have to write it down you know what I'm doing right 88 26 so we go from 66 81 to 88 26 it's not that bad either if you take it seriously and really go to try to save some money.
Take some money for your taxes. Take a little savings. You know what I mean? You will try. You have a 401k plan at work. for you if you already make 40,000 and you get a 3% match i.e. $1,200 plus $1,200 you will be deducted $2,400 so I just wanted to share with you that you know why people answered the survey the way they did. if we could all just get old Dustin to run the number for you or your financial advisor, whoever you're working with, oh what a weight is lifted off your shoulders, you realize what's possible and what maybe an illusion or where you need to modify your number. a little bit, that's all I have for you, okay, I just wanted to share that with you.
I like to keep things positive on this channel and I saw a pretty negative article and thought well how can we make people feel like there's a possibility here? how i did it today if you liked it maybe you press the subscribe button or the thumbs up button it does something when you hit the thumbs up button or the thumbs up button either way that's fine by me we'll come back

late

r. to do the closing program every day at 5 o'clock we do a stock market update program, we pay close attention to it and go over what happened with your investments and if you have questions about any particular investment you had a good day or bad, we'll be happy to help you there too, so I hope you'll see it live on the Jazz Rich YouTube channel at five o'clock.
Why should you choose Jazz Rich as your retirement or long-term investment? service our portfolios are managed by us, not by an anonymous mutual fund manager, our private classes will teach you everything about how to invest and how to get your money, best of all, our fiduciary standard means your best interests come before ours .

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