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in this video, im going to break down 3 scenarios to explain if you should save for retirement or if you’re better off just investing all your money, which to the average person sounds like a financial crisis.
Now: If you ask me the:
– The average lifespan in the US is around 78 years old, which is 4 years less than Canadians and they retire at 65
– The average person starts working at 22 years old with a bachelors degree and 24 with a masters
– Worked for 43 years at 22 | avg salary = 50k = life earning 2.15m
– Worked for 41 years at 24 | avg salary = 60k = 2.46m
So if you only have 13 years after retirement to live it up: you’ll only need around :
– 50k * 13 years = 650k ( would have to save 15k per year:43 years of work)
– 60k * 13 years = 780k ( would have to save 19k per year: 41 years of work)
But if you invested this money for that same amount of time:
– 15k for 43 years at 7% = 3.7million
– 19k for 41 years at 7% = 4.07million
Fun Fact: Don’t forget about taxes, if you want this, you’ll have to live on nearly 25k per year.
Should you Save for Retirement or Invest it all
Person A: Risky Guy
Story: So this guy says screw it, I don’t want to save retirement I’m going to invest it all into my business, real estate, and other ventures to create passive income.
Only two things can happen here:
1. He makes it: He invest into his business, he makes money, uses that money to invest into more passive income like real estate and then retires early from the rental income or from his passive business income
2. It doesn’t work out, his business fails and now he never saved, so now he’s living in a shelter at age 65.
3. But, there was really the 3rd option: I’ve never heard of some that are failed at the business for 43 years straight: so if he keeps improving he should make it work.
– And if on his 10 years of trying he gives up, he can always go back to a normal job and save for retirement.
Tip: That’s why absolutes don’t work, they assume people cant change their minds.
Person B: Does Both
Story: This Person invests and also saves for retirement and if im being honest this person is me. I found through the experiment that its the best way. And if I keep investing 500 for 43 years at 7% that’s around 1.4 million
Only two Thing happen here Again:
1. I grow my business create more passive income and also invest more towards retirement
2. My business fails and I get a job and still invest towards retirement
But to Be Honest: The key in life is to always live below your means and as long as continue to live like that kid that was making 60 bucks a week, I will always bounce back
Person C: Traditional Boring (this is the guy at your local bingo complaining about how his retirement is worthless)
Story: This is the riskiest the person that barely invest in their 401k, or has savings and lives above their means. And when its time to retire cant live off social security so get a job being a greeter at Walmart but it turns out Walmart canceled that job so now they’re a greeter at “you had 43 years to figure it out”
Only 1 thing Happens here
1. Statistics show that the average 60-69 years old has around 195k set aside for retirement.
Example: As we know you’ll be around for 13 years and that’s an average living Yearly wage of 15k per year, without fracturing inflation
Tip: theirs also a large fraction of people that aren’t even bothering to save for retirement, and that’s the scariest part
Oh and if you facture in inflation at 2.5% that 195k is only worth $67k
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With the end of the year fast approaching, I wanted to share some time sensitive strategies that could help you pay less money to the tax man and keep more money in your pockets.
If you want help in getting this done, schedule a call with me and let’s get to work.
Start here: https://forthrightfinances.com/start-here/
If you want to do it on your own, read on:
Maximize Your Employer Match Opportunities
A lot of companies offer to match contributions that their employees make to a retirement plan, like their 401K. For instance, an employee contributes 3% of their income to the retirement plan, and then the company will match that and put in 3% as well.
So you get 6% of your income put into your 401K, even though you only contributed 3%. Nice!
This is a great option for you to maximize your investments as well as the benefits that you work so hard for.
Depending on your company, you might be eligible for additional employer matches.
I was just looking at a friend’s benefit package, and they get a $500 match when they contribute to their Health Savings Account. That’s a sweet benefit!
It’s even better because, as you may know, I”m a huge fan of Health Savings Accounts.
Beyond all of these benefits, contributions to your 401K, and your HSA actually lower your taxable income, which lowers the taxes that you’ll pay. Which makes this great deal even better.
So are you taking advantage of all matching opportunities at work?
Review Tax Withholdings
Next, I want you to take a look at your tax withholdings.
My goal for you is to not have a tax bill come April 15.
That’s right, I actually don’t want you to get a big refund.
Why? Because that means you’ve been withholding too much money, and actually been giving the government an interest free loan throughout the course of the year!
I also don’t want you to owe the government money come tax time. Not only will you have to write a check to the IRS, but you might have to also pay a penalty for not paying enough during the year.
So try to get your withholdings so that you owe ZERO come April 15.
Not sure what to withhold? Go to this site and let the IRS tell you what to withhold: https://www.irs.gov/individuals/tax-withholding-estimator
Max Out IRA Contributions
What’s an IRA? An IRA is simply a tax advantaged retirement account that lets you save for retirement while getting some tax benefits.
In 2019, If you are under 50, you can contribute up to $6,000 into an IRA.
And if you are over 50, you can make an additional $1,000 catch up contribution, for a total of $7,000.
Even if you don’t think you can max out your IRA, at least consider if you can make some kind of contribution to an IRA.
Remember, just getting started is key. And once you get started, then you can make tweaks and improvements as you go on.
Generally speaking, if your income is lower today than you think it will be in retirement, you should consider contributing to a Roth IRA.
And if your income is higher today than you think it will be in retirement, then it might make sense to contribute to a Traditional IRA.
I know that this is a lot of information, and frankly, it’s a lot to do. If you want any help in getting all this done, I’ve got your back.
You can schedule a call here and I will personally make sure you take advantage of as many tax saving opportunities as possible.
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What is the Axis Retirement Savings Fund: Dynamic Plan?
It is an open-ended retirement solution-oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) suitable for investors who are seeking:
• Capital appreciation and income generation over the long term.
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Ideal for 35-45 years old investors with ﬁnancial responsibilities.
How does this plan work?
The Investment Plan has a dual objective of generating capital appreciation by investing in equity and equity-related securities as well as generating income by investing in debt and money market securities while attempting to manage risk from the market through active asset allocation.
The net assets of the Investment Plan will be primarily invested in Equity and Equity related instruments. Under normal circumstances, the equity exposure is expected to be between 65% to 100%.
The Investment Plan may also invest in units of Gold ETF or units of REITs & InvITs for income generation/wealth creation.
This plan is suitable for you if:
– You are between the ages of 35 & 50.
– You are 10 years or more away from your retirement.
– You already have some corpus for retirement and have most of your life planned out.
– You periodically put aside some money for your retirement.
– You are willing to take some risk to ensure a comfortable retired life.
– You want a good lifestyle after you retire.
Accumulate enough funds to remain financially independent during your retirement by investing in the Axis Retirement Savings Fund: Dynamic Plan. Know more about retirement investment plans at the Axis MF website.
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Presenting iPlus SIP – An exclusive provision provided to mutual fund investors through the Axis Retirement Savings Fund. To learn more about iPlus SIP visit our website: http://bit.ly/rt_yt_iplus
What is the iPlus SIP facility?
iPlus SIP is a special feature that provides investors with complementary* insurance cover on long-term SIPs. In an unfortunate event of the demise of an investor, the insurance cover will take care of unpaid installments.
Here is a case study to understand the working of iPlus SIP:
Mr. Kumar starts a ʻiPlus SIPʼ for Rs. 10,000/- per month for 10 years. The life insurance aims to cover the residual component of his goal and gets activated after 12 successful installments.
In the 13th month of this SIP, Mr. Kumar gets a Life Insurance policy for the remaining SIP installments. For every SIP installment paid, the insurance coverage falls by the monthly SIP amount.
In the case of Mr. Kumar’s unfortunate demise after 3 years, AMF will pay Rs. 8,40,000 to the registered nominee. The amount invested by Mr. Kumar plus capital appreciation (if any) will also be transmitted to the nominee
• Only Resident Individual investors aged above 18 years and not more than 51 years at the time of submission of SIP application shall be eligible for iPlus SIP
• First / Sole unit holder in the folio will only be covered to receive the Life Insurance cover under iPlus SIP. No insurance cover will be provided for second and third unit holders
• Minimum tenure of SIP is 3 years and an investor must have made 12 payments on an existing SIP to be eligible for iPlus SIP
• The minimum SIP installment amount to become eligible for iPlus SIP is Rs. 1,000/- for the Scheme
Visit the Axis MF website to know more about our products.
Connect with us:
Google Play Store: https://play.google.com/store/apps/details?id=com.axis.easyinvest&hl=en
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