57% of working Americans feel behind on their retirement savings, according to a recent Bankrate survey. Christine Benz, Morningstar director of personal finance and retirement planning, joins Wealth! to discuss how you can best plan for retirement. “As retirement approaches, as you hit the threshold of maybe age 50, start putting pen to paper about how you think your budget may change in retirement because inevitably it will change a little bit. You may have fewer commuting costs. You may not need clothes to go into the office. So take a hard look at that. Maybe you’re mulling some sort of relocation or downsizing that’ll definitely improve your budget. So look at your planned spending. Look at what Social Security will provide you. If you are among the shrinking share of the population that will have a pension in retirement, look at what your pension benefits might be, and then do some math around your retirement savings adequacy,” Benz advises. She explains that living on 4% of your portfolio is typically viewed as sustainable over a 25-30 year period. She emphasizes the importance of de-risking your investment portfolio to protect against market downturns. One way to do this is to take money out of stocks and move it into bonds. Outside of saving for retirement, she encourages people to think about their life goals and purposes. “So those might be really aspirational things that you want to achieve during your lifetime. So like climbing a mountain or writing a book or starting a foundation. So think about those one or two things that are huge to you that you want to try,” Benz says. Alongside some of those big goals, she emphasizes the importance of smaller purposes that “animate us and give us joy every day.” She explains, “maybe it’s just being a great partner to your spouse or a wonderful parent, or you know that you love to watch birds or cook or run marathons.”
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I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks or Crypto will be appreciated.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I managed to grow a nest egg of around 120k to over a Million. I’m especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.
I don’t really blame people who panic. Lack of
information can be a big hurdle. I’ve been
making more than $100k passively by just
investing through an advisor, and I don’t have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don’t blame
people who panic.
Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
nice!! once you hit a big milestone, the next comes easier. How can i reach her, if you don’t mind me asking?
I like her approach to retirement😊👍🏿
The guest is wearing jammies, early retirement?
Sunday, work from home today 😁
@@AKAAAK Yahoo Finance doesn’t film on the weekends; this was filmed during the week and posted later.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
Could you possibly recommend a CFA you’ve consulted with?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further… She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
You can never save/invest enough for retirement. None of us have any idea what the future holds, but peacefully dying in your sleep exactly at age 75 aint gonna happen.
Christine Benz, “Morningstar director of personal finance and retirement planning” spouting a lot of fluff talk here. QUOTE REAL NUMBERS. In reality it takes less than $30k/year to chill in retirement therefore the 4% rule means it takes a LOT LESS savings than most retirement planners claim is needed to retire.
True. These mutual fund companies and brokerage firms are just trying to scare and manipulate people, so they invest more because they make money off expense ratios and assets under management fees.
I’ll need way more than 1.9 million for retiring. That’ll get you about 3 donuts by then.
probably will get you a bit more
2.5 doughnuts by my calculations.
How much more?
If you eat doughnuts, you might not outlive your money. 😉
I passed that mark in my late 40’s and still have another 13 years left to work. Maxing out my 401 K and taking advantage of catch up contributions. The goal is to hit $5 million and retire. I know several people that retired at age 50 with over $10 million.
Our goal for my wife and I is to retire in our late 50s (2 years from now), but the key to that happening is moving away from the US. Y’all dont know what your future holds when things like inflation are out of your control. How many more inflationary economic disataser are we going to have that eats your “retirement saving funds”?? That $1M+ that you save now and for your future won’t be enough 20,30,40 years from now…….🤔
I’m investing on properties in my home town in my country. Instead of investing in digital stocks, etc. Will open businesses back home after my responsibilities. I dnt have savings here in America, no retirement, etc. Life is tough here when you dnt have a prfsnl career. But if u work two jobs, I think ul be fine.
I agree with you, but are you misspelling words on purpose, or are you just trying to be cute?
should have served in the milltary if you want more then justt ssi its how i thought back when i was 22 20 yrs retired
This woman says we should expect a 4% return on our investments. I hear this 4% return advice from CFAs all the time. Yet, I can get twice that much return without even breaking a sweat. Right now my income investments are earning over 10% and taking far less risk than she is advising, eg, PFFA, NPFD, BST, BSTZ, RLTY, UTG, DLY, BCAT, ETW, QQQX, JRI, etc.
@@MMT_Rod 4% of your portfolio. Not investment return.
They are talking about 4% withdrawal rate, not rate of return.
And health care in retirement estimates?
💵💵💵💵💵💵💵💵💵💵💵💵
Planning retirement.. house needs to be paid off.
Honestly I’m just concerned about my health. Chronic illness is kicking the crap out of me. But retirement? I can move somewhere cheap and do my dream job for peanuts taking public transit or an Uber when I gotta go somewhere. Working part time seems like a dream.
USA – the land of Obsession Privilege. We have the most but feel we have the least. Any wonder people are clambering to come here at any cost ?
🤷♂️
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Stephanie Janis Stiefel. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
I know this FA, Stephanie Janis Stiefel
but only by her reputation at Goldman Sachs; even though she’s now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month
I went from no money to Invest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Stephanie Janis Stiefel. I am at $128k right now and LOVING that you have to bring this up here
@@YaxelBuroneWell her name is ‘Stephanie Janis Stiefel’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Great share! Out of curiosity, I searched Stephanie Janis Stiefel online, found her consulting page ranked at the top, and scheduled a call session. I’ve read many reviews about advisors, but none seem as impressive as hers.
@@IvanSimaleza Thank you for this tip. I just looked the name up, wrote to her through her webpage and booked a session..
Taxes are one of the biggest expenses in retirement.
Social security is the only retirement income that gets boosted for inflation.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she’s loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I’m ready for whatever comes.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I’ve learned this from my own experience
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I’m really grateful for your guidance
Christine, I hope you won’t be upset when I say you are still a good-looking woman. And you are a very smart lady.
Yep. All my homes are paid off and far away.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I’m concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I’ll have sufficient funds for retirement.
More reason I enjoy my day to day market decisions is that i’m being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it’s quite impossible not to
talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount… thanks
I’ve shuffled through investment coaches and yes, they can be positively impactful to an individual’s portfolio, but do your due diligence to find a coach with grit, one that withstood the 08′ crash. For me, ¨Sophia Maurine Lanting¨ turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.