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Gold IRA Benefits for Retirement

gold individual retirement account hey there Wise investors today we'' re diving into the globe of gold Individual retirement accounts to help you choose if they'' re a wise step for your retirement strategy we'' ll discover why people buy gold what a gold Ira is exactly how it functions and the benefits and drawbacks to think about so let'' s begin why individuals get gold several capitalists see gold as a critical component in diversifying their profiles commonly considered a different possession gold has the potential to serve as a bush versus market downturns and may also surpass supplies throughout times of financial unpredictability while Gold'' s historical returns haven'' t always went beyond the Dow Jones Industrial Average it proceeds to be valued by some as a substantial store of wide range specifically in the face of a potential economic collapse let'' s dive deeper right into why people spend in gold profile diversification gold uses a way for investors to diversify their portfolios and lessen danger by spending in gold financiers can potentially shield their financial investments from the volatility of traditional assets like stocks and bonds hedge against inflation gold has long been considered as a hedge against inflation as the expense of living Rises the worth of gold tends to enhance too protecting its investing in power in time shop value gold has been a store of worth for countless years and its longevity and long life make it a desirable asset in the event of an economic collapse gold can work as a substantial shop of riches that is not linked to any one money or country finite Supply gold is a finite resource which means that Supply is restricted as the world'' s gold gets remain to be extracted and depleted the scarcity of gold may lead to raised demand and possibly greater costs in the lengthy term geopolitical unpredictability gold is typically seen as a safe house asset during times of geopolitical discontent investors may turn a gold when tensions between countries increase as it is much less likely to be impacted by political or economic turmoils what is a gold individual retirement account a gold Ira or individual retirement account is a special type of pension that enables you to buy real gold and pick various other priceless metals this was enabled in 1986 when the IRS presented an exception to the guideline banning Collectibles and pension thus allowing investments in particular precious metals right here is just how a gold IRA job qualified Metals a gold Ira enables you to buy numerous physical Metals including us American Eagle silver and gold coins certain Platinum coins and accepted gold silver Palladium and platinum bullion these Metals must fulfill specific Purity and top quality criteria set by the IRS custodial monitoring gold Individual retirement accounts require a qualified custodian such as a bank or depend on firm to handle the account and hold the physical metals in your place this makes certain compliance with IRS guidelines and safe maintaining of your investment self-directed Ira gold Individual retirement accounts are typically established as self-directed Individual retirement accounts which indicates that you as the account holder have control over your investment options this flexibility enables you to expand your retired life financial savings by purchasing different possessions such as gold and various other rare-earth elements tax obligation benefits like standard and Roth IRAs gold IRAs use tax obligation benefits such as tax deferred growth and possible tax reductions for contributions nevertheless the tax therapy May vary depending upon whether you choose a standard gold Individual retirement account pre-tax contributions or a rothgold individual retirement account article tax contributions rollovers and transfers you can fund your gold Individual retirement account by surrendering or moving possessions from an existing pension such as a 401k or one more individual retirement account this permits you to keep the tax deferred status of your retired life financial savings while expanding your Investments with priceless metals exactly how does a gold IRA job to hold physical gold within a gold Individual retirement account you must comply with certain standards you can not literally hold the gold yourself instead you'' ll need to open a self-directed IRA account with a bank or an IRS approved non-bank trustee that will certainly maintain the gold in your place self-directed gold Individual retirement accounts can be either a conventional or Roth IRA with the exact same contribution limits as a normal IRA 401k to Gold individual retirement account rollover if you have a workplace 401k strategy that doesn'' t allow you to purchase physical gold you can surrender your 401k to a self-directed gold Ira when you retire or leave the task this procedure involves opening a gold Individual retirement account transferring funds from your 401k to the gold individual retirement account and after that acquiring gold with a valuable steels supplier are gold IRAs a good idea gold Individual retirement accounts can be an excellent or poor concept depending upon your financial goals and overall economic plan they provide the distinct possibility to hold physical gold in a tax obligation advantaged retirement financial savings account yet have numerous disadvantages such as custodian costs storage space prices needed minimum distribution complications and no revenues besides admiration pros of gold Individual retirement accounts tax advantages one of the main reasons for holding physical gold within an IRA is the tax obligation benefits it supplies with a conventional gold Individual retirement account contributions might be tax obligation deductible and earnings expand tax deferred until they are withdrawn from the account this allows you to optimize your investments in a tax effective way long-lasting investment technique for those that rely on the lasting potential of gold rates a gold Ira can be an excellent method to get and hold physical gold as a part of their retirement portfolio this method permits for a stable lasting investment in a tax advantaged setting diversification and manage a gold Ira as a sort of self-directed Ira provides capitalists with more control over their financial investment choices alongside gold self-directed Individual retirement accounts can hold a range of alternate Investments such as actual estate and various other non-stock-related assets providing further diversification to your portfolio cons of gold Individual retirement accounts custodian costs handling a self-directed gold Individual retirement account needs custodians to take certain preventative measures which frequently leads to costs for their services these charges can include in the general price of keeping a gold individual retirement account storage space costs a competent storage space center should securely keep the physical gold bullion in your gold individual retirement account this storage need includes an additional layer of cost to the financial investment as you will certainly need to spend for the safe vault services called for minimal distribution problems when you get to the age of 72 the internal revenue service requireds rmds from standard Individual retirement accounts to gather tax income if you wear'' t have various other typical Individual retirement accounts you'' ll need to sell gold to take the circulation and pay taxes on it which can be complex and bothersome lack of profits Past appreciation unlike supplies or mutual funds physical gold does not give rewards or capital gains distributions the possibility for revenue is entirely based on the recognition of Gold'' s value gradually costs of trading gold the process of buying and marketing gold can be troublesome and pricey Brokers normally bill costs over the market cost when you acquire gold and take a cut when selling it these extra costs make gold IRAs much less attractive compared to various other financial investment options that track gold rates without the need to hold physical gold how to begin with a gold IRA if you'' re prepared to open up a gold Ira follow these steps study and locate a trusted custodian that offers self-directed gold IRAs open up an account with one of the most ideal custodian you can find acquisition gold from a broker to have it stored within the gold Ira at a vault gold IRAs might be an interesting investment choice for those seeking to diversify their retired life profile with physical gold however they include additional costs and intricacies make certain to evaluate the advantages and disadvantages thoroughly and consider different Investments like gold ETFs or gold mining company stocks before selecting your path as always talk to an economic advisor to ensure you'' re making the very best decisions for your distinct monetary circumstance that'' s it for today individuals if you discovered this video clip valuable put on'' t fail to remember to like strike that notification and subscribe

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401k to gold IRA rollover

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Retirement Financial Advice: Money Lessons You Need to Know in Retirement

once your earning years are over and you've built Your Nest Egg for retirement you need to be smart about so many decisions now we're not financial planners and we make that very clear with everyone but we are retired and we do spend time making sure we're doing the right thing financially with our own money because oh bad financial habits and lack of knowledge can actually ruin your we have we have a couple they're good friends and he felt like he knew what to do with the marketplace with his Investments and he clearly didn't because he had his money in stocks when it when they went down and he pulled it out and put it into cash when it went up so for eight years he was on the wrong side of every single one of the stock market moves and because of that he lost a significant amount of his retirement assets and that's really difficult and today we find that they're struggling many of their dreams have vanished and they both actually had to go back to work now there's nothing wrong with work but it's just not what they had planned so we can't emphasize enough right out of the shoot having a financial planner is so important because it gives you a plan it gives you a vision it gives you an idea but it also does this which I think is most important it takes the emotion out of the marketplace which can get the best of you think you know what's going to happen at a new presidential election and frankly you don't that's right so let the experts help you with that because we don't want to have what happened to them happen to you today we want to share some practical ideas that may maintain or even improve your financial situation and again the number one lesson today is don't manage your money without a financial planner and we don't mean a stock broker what we mean is someone who has a fiduciary responsibility to make recommendations that are are really good for you not good for them and they talk to you about the strategies and you might say well sure they do but they also talk to you about withdrawal strategies right how much should you be withdrawing each year in order to preserve your nest day how much do you need each month and then they pull it from the smartest place it needs to come from using tools like tax loss harvesting you can't just take money out of a stock because you want to because you're going to have capital gains right right and you know we're not a big fan of multiple planners but we'll leave that part up to you so the first one is make sure you get a financial planner somebody you're comfortable with the second is keep your emergency fund intact kind of no matter what you need to have emergency savings that doesn't disappear when you retire it's more important than ever to have accessible cash set aside for any type of emergency so two three four months of expenses in a cash account that way your financial planner can invest the rest of your money and always always be thinking about you're going to need more money in 60 days so what can they put you into short term so you want to have this cash account so you can cover any kind of emergency expenses or just if you want to leave stuff in the market a little bit longer you've got some cash or even if you have any big purchases that are coming down the pipe that's true making sure your financial planner knows that you're ready for that so the second thing is the emergency fund now here's another um here's another way that you can get into trouble or you're also a way to dig yourself out of trouble you want to take a look at all your luxuries and make sure that they haven't become a burden because frankly that happened to us we both had jobs we were both working gosh 15 years ago we bought our first boat and we bought four boats over the next 15 years but we could afford it because we both were working we both had money and it was our floating vacation home so to speak I I call the last one that we had a lifestyle about because we went away on that one a lot it was a little bit larger but once we were tired all of a sudden it was like well we don't really want to go out on it the weather isn't good you know we'd rather stay home we'd rather be with for the price of diesel or the price of gas you know the price of storage the price of hauling the price you know all of those things have to be factored in when you have a fixed income yeah and we didn't have the same earning capacity to kind of keep up with the luxury so we stopped using it and then it became a burden like why aren't we using it and it was a year ago now that we decided to sell it and it's sold within a month because we kept really good care of it but the thing is if you have luxuries it's really important to take a look at them and say that's something we're really getting a lot of satisfaction of because it's going to cost you money well there are also luxuries that you have and then there's luxuries you provide for others right so we have six children and we were providing cell phones homeowners insurance auto insurance airline tickets for them and their significant others are partners and you know that was all fine when we were dual income but as they aged and as we aged and as we came into a fixed income place we needed to start peeling some away and giving those responsibilities back to them and they can afford it they all have great jobs and if they're ever stopped but it was a luxury it was to be able to do that for him but but frankly it also gave us a lot of satisfaction a lot of fulfillment to be able to help them right so it was hard for us to Pivot to in our mind take these things away from the kids but they you know at some point they've got to be to stand on their own two feet so and we needed to reduce the support so we sold the boat we paid off two car loans we came to an agreement with the kids and slowly weaning them off of some of these things we've always paid for you know because they they can't afford it and you know they they they're fine with it right they even they say it's kind of silly that you're paying my cell phone bills so it's it's another cord to cut that um you know it's hard to do but we want to encourage you to do it yeah so that was the third one the fourth one is you know really trying to figure out how to live a little below your means you know and that's new for us for our entire career as our income went up our living style and our cost of living and everything we did went up with it you know hard work learning and growing you know we were climbing the corporate ladder Mark was building his business you know it was easy to have your lifestyle kind of follow you yeah and you know we both come from humble beginnings and we improved our lifestyle as we went up but then then it's sort of when when you retire you have to think okay well my income's not going to keep going up as a matter of fact it's going to go down so how do we want to live what are some things we can do to live within our means and even underneath our means so and there were a couple things we had to agree to right so you know I call it shopping for sport right so there's there's no more you're better at that than pickleball kind of just opening up and saying oh you know look what just came into my feed I'll take a look at those earrings or that bracelet or those dresses or those sunglasses I think about it I kind of have a little bit of a sunglass addiction so so you know there was you know we agreed that we would do no more shopping for sport yeah it was one of Instagram Amazon it's so easy to spend money today and you get hooked on this new game you don't even leave your house you don't even leave your house you know keeping up with the Joneses that's not necessary anymore right you know who are the Joneses anyway today it's other retirees we're not taking on any more debt we've paid down most of our debt you know again we have a financial planner and you know we have a more modest wardrobe I mean our fancy or fanciest clothes are for our YouTube channel right and we're eating out less we made the agreement that for health and economic reasons we would eat out less so leave living below your means is something you can control and it's something that you can put some time and intention into so another really important thing to get to know is everything about social security and we we don't know that much about it so our financial planner and our accountant has said you don't need to take it yet and that's kind of all we're thinking about at this point they'll let us know when it makes sense and when it makes sense it'll make sense but you have to really understand or have someone coaching you on what's important because everyone's financial situation is different yeah and I really believe the more you know about it the better off you'll be even if you do your own investigation you know Social Security was not meant to be your primary source of income as you age in America it was meant to be a supplemental income so you have to understand the amounts you can get at what future ages and can you still work and does your state tax it or not you know there's a lot of rules around Social Security and my recommendation would be just get to know your rules in your state around your age just for the knowledge I don't know but I think there's a certain amount of uh you can't earn a certain amount of money and still get Social Security I don't really know but you have to know that's I guess that's the point you really need to know everything about social security check with your account and your financial plan right here's a big one for us and it should be for you too I think you know money will never buy you happiness and we've heard that like our whole lives and so we actually did a little bit of research and you know what really defines happiness for us and we came across this quote and part of it is from Warren Buffett but it says you know we want to do what we want when we want with whom we want for as long as we want and that to us will Define our happiness you know now some of what you do will require money but it's not all about buying stuff and things you know most of what we do for happiness now is experiences I I would think that for us and tell me if you agree but the something we just spent money on is giving us more happiness now for a very low value than anything else I remember paying forever you know what it is your pickleball racket pickleball so we joined the YMCA uh for like eighty dollars a month for the family we bought a pickleball racket for 100 bucks and six balls for eighteen dollars and we're getting like five or six hours of use out of that each week yeah that's happiness that really is making us happy it's not a new car it's not a new set of golf clubs right it's not what we're used to thinking that was um would create happiness and we're also looking at vacations differently right now that we have the full seven days to ourselves many vacations to visit friends or family you know they become Tuesday Wednesday Thursday versus the high traffic weekend Friday Saturday Sunday so many vacations Beach days lunch dates you know we just renting a boat for a day we're doing that with company comes we're renting pontoon boats now for the day to take companies out it's three hundred dollars for a day which in one respect sounds like a lot but it's a lot cheaper than owning a boat right that's true so we still get out on the water now look you clearly need money in retirement we all can agree on that but how much do you need and how much is enough you've got to figure out how much you have how much you can pull out each month and how long it's going to last those are key questions you need to work through with your planner and your account yep and paying attention to some of these things that we just shared will help guide you and keep you out of trouble now we hope you enjoyed this video and if you did you're going to like this next one called the truth about early retirement what they don't tell you it's one of our most popular videos and you know we're not getting any younger so why steal these fabulous years from ourselves our family and our friends watch this one next

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Retirement Community Arizona

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Things We Wished We Knew Before Retirement

Well it's great to be with you all again it's 
another video day for us – It is – So things that   we wish we knew before we retired almost 
sounds like a country music song there Tina   – And I guess you must be feeling lucky 
today Norm – Oh yeah got my lucky shirt   on so because we're filming been to 
Costco – Got the great deals haven't we   – We have so one of the things that we wish we knew 
before we retired was how free it is how stress   free no longer having to get up and go through the 
morning ritual of preparing yourself to go to work   and being accountable to somebody else all 
day long it's wonderful to be accountable to   your own self and your partner that's it 
you're your own person and it's such a freeing   feeling and we saw that with Tina when she gave 
up work the amount of stress we hadn't realized   until a few years after retirement just how 
different she was she'd lost all that stress of   meeting quotas and all that good stuff – And I think 
I'll just add Norm that when you're actually doing   the job you actually don't think it is stressful 
you don't think you are under all this   stress until you stop it do something else and 
you think wow this is a lot better we like this   it's great so just being accountable to ourselves 
we love it don't we – It is totally life changing   – One thing that we do think is very important 
before you retire is you do need to have a   discussion with your partner as to what it is 
that the ideas that you're both thinking you   have when you're going to retire you do need to 
have some goals about, do you want to travel do   you want to garden or do hobbies do you want 
to stay home you really do need to have that   conversation to make sure you're both on the 
same page – I think it is it is important and   we hear a lot from some comments especially 
married women who are saying that their husband   their frightened the husband will get under their feet 
because he'll be hanging around all the time in   retirement but that really isn't the case – Not 
for us is it – We've been secure as a couple for   the longest time and retirement hasn't changed 
how we feel about each other and about what   our expectations of each other is it's not as if 
we've all of a sudden being locked up together in   retirement (no) so it is important to figure out 
what you both want out of retirement and to have   that discussion a few years before you actually 
do retire (yeah) one thing to bear in mind is   the first few years of your retirement you'll 
be your most healthy so just use that health and   strength that you do have in the early years 
to achieve some of the goals that you want   – Yeah and if you want to be traveling do it while 
you've got that – Don't think about traveling if   that's on your list just do it right away – Yeah 
absolutely and that's what we've done isn't   it when we retired we just traveled everywhere 
didn't we it was great – About two years before we   retired we had an inspector come to the house 
for I don't even remember what it was but it was   some form of home inspection that we had to and 
so we got chatting with him because he was a few   years older than us but not that much and he told 
us that he had a house very similar to ours that   he had sold and now he was living an apartment 
and he went through the whole process of them   and how they moved to the apartment and how 
it was such an improvement on their life   and it was something we'd never ever considered 
– This was big news to us wasn't it we never even   thought about renting an apartment – We had been 
homeowners since we were 19 years old so to rent   we had that preconceived idea that it was throwing 
money away but the more that we looked into it so   after he left the next couple of days we spent 
many hours thinking about this we did a budget   of how much it cost to keep our mortgage free 
home – Yeah crunched all the numbers – And what the   rent would be and if we had sold the house and it 
made more and more sense to us to sell the house   to downsize into an apartment bank the money 
from the house live off that as an investment and   that's what we did – And that's what we did didn't 
we – But had that guy not come to our house we might   never have come up with that idea – No because 
originally we had thought that we would just   buy a smaller house didn't we – That's right yeah 
– So part of our decision when we had actually now   decided that we were going to rent and we realized 
that would take care of we wouldn't have all this   maintenance and stuff like that to do we decided 
after we started looking at apartments that if   we moved to a cheaper area could we benefit by 
getting the same as what we wanted in an apartment   but would it cost us less money so the more 
we looked into it we did have a family member   who lived in a cheaper place so we looked 
at the equivalent of renting an apartment   in this new place and it was so much cheaper 
wasn't it Norm – Because we initially thought   we would just sell our house and stay in 
the same area so we started shopping for   apartments to find out how much they cost and the 
availability and we were pretty surprised that   at the expense of them but we were prepared 
to pay that (yeah) and then we came to a what   you would call it a small town that's cheaper 
(yeah) we came to visit a family member here and so   we started looking around at the apartments here 
and they were substantially cheaper about $800   a month cheaper than where we were initially going 
to – Yeah and not only that Norm there was a lot of   extras with it wasn't that we got there was 
underground parking and what else a swimming pool   – And laundry facilities in the apartment – And that 
was one thing the gentleman had told us he didn't   have on-suite laundry he had it in a laundry room 
so we wanted that – But coming to the cheaper town   it wasn't just the rents that were 
cheaper everything was cheaper   the Tina's hairdresser as we've 
said in the past was cheaper it just permeated everything so our budget became 
so attainable (yeah) by moving – That gave us a lot   more money to be able to travel didn't it because 
we thought if we can save money on a daily basis   and it worked perfect didn't it – It did it was 
great, take a look at that if you do have family   that live in an area that might be cheaper or 
just consider going not knowing anybody – No it's   like a new adventure isn't it a new chapter in 
your life because we've made friends here and   they don't have any family just here but they've 
made it a new place for them haven't they – A lot   of people have moved out of the big cities to a 
small town because it's it's far more conducive to   retirement (yes) and friendlier another 
thing that you really need to consider   is where your friends are going to come from 
in retirement because once you leave work   those friendships tend to wither away because 
the only common bond you have was your job   your workplace so we've never 
really had lasting friendships from   work colleagues they've always been outside 
of there so it's it's critically important   to continue looking for friendships in retirement 
and being outgoing and prepared to speak to people   Tina when we moved to this apartment building 
they did have a social room and they did a coffee   morning and so she would go down there and we 
found out so much information about the town and   businesses to use – It was great wasn't it – It was – It 
was kind of my mission wasn't it to find out   new information and to try and make new friends 
which we did and we made some fabulous friendships   – Well in particular there was one couple that Tina 
made struck up a friendship with and they in turn   have introduced us to another couple yeah and then 
they in turn have introduced us to another couple   so that's how it goes – Yeah so now we've got 
a group of really close nice friends that we   socialize with don't we – And the thing that we have 
in common isn't an employer it's being retired   – It is isn't it – It really is so don't be afraid 
of striking out to a new city a new town   because it's relatively easy to make friendships 
– Yeah you just have to push yourself out there   a little don't you and be confident to going to 
things and it's very exciting isn't it so we hope   that everybody is staying safe – And keeping 
well – Until the next time bye bye, bye bye

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Retirement Community Arizona

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Retirement Planning From a CFP® Professional: 6 Keys to a Happy and Successful Retirement

sometimes I feel like I've lived through my 60s and 70s thousands of times sitting with people in retirement or those that are entering retirement we come across a lot of the same fears negative thoughts and feelings that really hold people back from having a happier retirement now we try to address those through retirement strategy and implementing plans but in today's video instead of talking about strategy I want to talk to you about how we look at retirement so you can hopefully look at retirement through a different lens and I believe this will help you have a happier retirement foreign [Music] Happy Gilmore recently and there's this place that he goes to and he calls it his happy place and if you remember the movie the lead actress she's sitting there by like a fountain of beer with pictures and Happy's grandmothers there and it's just his happy place and this helps Happy Gilmore putt a little bit better to find your happy place in retirement I want you to shift your focus away from simply trying to maximize return in retirement it's not about growing Your Nest Egg anymore what we want to do is have an acceptable level of risk something that when the market goes down we can still stay invested we can stay committed to that plan but at the same time for that level of risk we have an expected return that can help make sure that you don't run out of money and generate enough growth to provide the income that you need to maintain your standard of living so here is one of the tools that we use to help understand your willingness to take risk so risk tolerance really has two components it has a capacity component meaning given a certain level of income that you desire from your portfolio can your portfolio withstand a certain level of risk and still provide that income so that's what we call risk capacity but then you have your willingness to stay invested in a down market so when we look here this is a standard 60 40 portfolio 600 000 stocks 400 000 in bonds has a risk number on a scale of 1 to 99 of 54.

now in isolation that means absolutely nothing to you but when we start to break it down into percentages and also or I should say more importantly dollars over a six month period your standard 60 40 portfolio has the potential to lose a hundred thousand dollars with a million invested this is a statistical quantitative analysis of volatility of this portfolio going back many years now over a 12-month period that means you could lose two hundred and twelve thousand dollars mathematically speaking is that a comfortable level of risk for you if you have a million dollars it's not for me to answer that's for you to answer that's your willingness to take risk so over a 12-month period mathematically you should expect to lose at some point in time up to twenty percent you could lose more of course this is a 95 probability or what we call two standard deviations but we have what we want to achieve here is a more optimal level of risk for an expected return so we have asymmetry here where the possible upside mathematically speaking is 15.92 percent over a six month period so we do have some asymmetry here but when we look a little bit deeper the annual range midpoint is 5.27 so this would be the expected return kind of moving forward with a two percent dividend this GPA this is a pretty cool feature of this software it's designed to help you understand what we call risk adjusted returns and this is this concept is kind of what I'm talking about here they've developed this GPA and a 4.3 would be most Optimum now not every portfolio that fits your particular needs is going to be a 4.3 we're not necessarily trying to achieve that but the higher we can get to that it means we have more expected return for the For Less risk so the question really becomes are you comfortable with this range of expected outcome if not this is too aggressive of a portfolio for you but instead of just focusing on like most people do the upside we need to focus more on this downside in having a plan that is optimized or having an investment strategy that's optimized for your happy place number two I want you to start to look at all of your investment choices in retirement for what they actually are now this is much different than in the accumulation phase in the retirement phase your financial investments all the various choices out there they're really nothing more than tools tools that are used to accomplish a certain objective similar to ingredients in a recipe if you have too much sugar or too much salt or not enough herbs or spices is it may not come out the way you want it to taste we want to use the appropriate tools to accomplish the objectives that you have in retirement stocks for example they aren't used to accumulate anymore stocks are designed to help keep you ahead of inflation so you can generate income that lasts as long as you do now in the accumulation phase that's exactly what stocks are designed to do they're designed to give you the best opportunity historically speaking to accumulate a larger and larger Nest Egg of course that assumes that you save enough money but in retirement you are no longer accumulating you are Distributing so stocks are used to help keep you ahead of inflation now the downside to stocks you could lose a lot of money especially if you get too aggressive or if you invest in things that don't perform well now does that make stocks bad because you could lose a whole bunch of money no they're just a tool and once you understand how to use that tool in conjunction with other tools now you can actually construct whatever project that you're building or have a retirement plan that provides you the income you need to maintain your standard of living the number three key for a happier retirement I want you to accept that you're in the distribution phase don't expect your accounts to continue to grow each and every single year this may seem like common sense but in reality and in practice it's much harder for many people to do now you've seen your accounts hopefully grow grow grow you've been putting money in the market has performed well over most years in the past even when the market performed poorly you are still putting money into your 401k getting that match hopefully saving money elsewhere now that you're in the retirement phase you're putting a lot of stress on your portfolio through distributions now I'm not saying your accounts can't still continue to accumulate especially if we have consecutive years in the market that that does really really well but what I'm saying is don't expect it you are in the distribution phase that means you're probably taking three percent four percent five percent out when we have years where the market is also down your portfolio is down you're digging a bigger hole than you were in the accumulation phase that means that hole is harder and harder to climb out of this is why the allocation of your Investments is so important and not taking too much risk you don't want to dig such a big hole that you can never get out but at the same time you need a certain level of risk to achieve a return that can give you a Secure Retirement so mentally let's not look at our accounts every single year and say oh man they're not going up they're not increasing in value I'm going to run out I need to stop spending my money now actually if you look at it appropriately you should not expect your accounts to continue to appreciate every single year in retirement that very May well happen but if it doesn't if you're just staying level or even going down a little bit it's okay you just need to have a plan monitor your progress with respect to your goals and stay on top of it number four I want you to understand the value of secure income in retirement the more secure income you have the less you have to withdraw from your portfolio and the less emotionally you're impacted by the stock market ups and downs by political goings on by economic slow Downs if you don't have to withdraw large percentages from your Investments because you're living on passive income from Real Estate from Social Security from annuities from a pension but the point is the more income you have coming in from multiple different places that is independent of the stock market going up typically the happier you'll be in retirement also I don't want you to underestimate the power of Social Security as part of your overall retirement income plan now I hear a lot of people making comments on some of the Social Security videos that we do and also just day to day having conversations with clients that Social Security seems to be an extremely underestimated part of retirement many people want to take it early and that may be the case maybe it makes sense for you to take it early but if a husband and wife have combined Social Security of 60 000 a year and you live let's say 25 years that's 600 000 1.2 1.5 million dollars of retirement income and for many of you watch watching this your Social Security is going to be a lot more than sixty thousand dollars per year so we're talking anywhere from one million to possibly over three million dollars of retirement income for a married couple for someone who's single Social Security you can just basically cut that in half so it's a significant part don't underestimate the power of secure sources of income in retirement and also don't underestimate how valuable deferring Social Security could potentially be if you're going to live past age 80 81 or so number five I would like you to stop looking at short-term outcomes whether your portfolio is up or down whether you pull too much out whether you had an unforeseen expense and you had to spend x amount of dollars I'd like you to start looking at these short-term outcomes of things that happen to you or decisions that you've made as nothing more than bumps in the road don't get too high don't get too low retirement is a very long and windy and arduous Journey this is why it's so important to have a plan and stay connected to that because when you have visibility into the future and you're looking at things not in the short term lens but over a 20 25 30 year time frame you can see a lot of times how actually unimportant these short-term events are so don't get too high don't get too low understand that these are bumps in the road in the short term but if you have a plan these bumps in the road have been accounted for next time the Market's down and your portfolio is down 10 or 12 or 15 or more say you know what I have a plan I expected this to happen this is not a surprise and retirement is a very long journey this is nothing more than a bump in the road the number six key to a happier retirement and I know this is going to be virtually impossible for many of you watching but the number six key probably the number one is to not look at your accounts more than once a month I would prefer it once a quarter so I know some of you right now are saying Troy that's impossible I look at it every single day I need to know what my stocks are doing what my accounts are doing how am I ever going to know if I'm going to be okay well there are numerous studies on this I encourage you to look some of them up the more frequently you look at your accounts typically the worst performance you'll have over long periods of time but the person who looks at it every single day over a long period of time I think it's 25 or 30 years averages somewhere around two to three percent per year the person who looks at it once a month averages somewhere around four to five the person who looks at it once a year averages somewhere around six to seven and the person who never looks at it has averaged around 10 or 11 percent and it makes sense because we are emotional beings when we see that something isn't going right we want to Tinker we want to make adjustments this typically leads to holding on to bad Investments maybe a little bit too long or getting rid of good Investments that just haven't really had the Catalyst that maybe you were expecting and selling them too soon or we're selling our winners and cutting our losers without giving them a chance to really perform well whatever the situation may be Studies have proven this over and over again the more frequently you look at your portfolio the worse you should expect to do so instead of discussing strategy and execution in today's video hopefully today's content helps shift your perspective just a little bit with the goal of helping you to have a happier retirement [Music] foreign [Music]

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ZERO Savings at 50? Plan for Retirement NOW 💰

What are we doing here? What's going on?
>>What are we doing here? >>This is a super-simple game. We're fishing for advice. Give me that.
>>See, I chose the right outfit today.
Yeah. [Fishing for Advice With Financial Advisers] I know you guys are probably thinking
I'm a professional fisherman, but I'm not. I'm a financial coach.

You are 50 years old and have not started
saving for retirement. What is the first thing you do? Panic! No, I'm just kidding. So, at 50 years old, that is a big
wake-up call for a lot of people, and the very first thing you do is take stock of where your money is going today, because
you are gonna need to seriously amp up your saving. So, not everybody needs to
have some giant savings. You need to have enough to replace the amount of income
you're gonna spend in retirement.

I'm gonna just cheat a little, because I'm
really embarrassed. So I would just take a minute to assess my full
financial picture and actually sit down with the numbers to take financial
inventory. So I think step 1 is just going through what are all the
accounts I have, what is everything I own, what's the value of everything I own, and
then making another list of everything that I owe.

And then from there you can
be like, "OK, well, this is the money that I actually do have, and so maybe there's a
better way for me to maximize this for my retirement." I feel like 50 is the new 20 or
30, you know, still not too late. Yeah, don't think that it's over.
Consider it like a halftime. This is where you go
into the locker room and you look at what you did in the first half and what
can be done better for the second half. You come up with a new strategy, a new game plan, and then you go out into the second half,
and you prepare to win the game. [Cheering] I have to say this is the weirdest game
I've ever played at a FinCon. You're 50 years old — I am 50 years old — and
have not started saving for retirement. What's the first thing you do? You breathe, and you don't panic, and you start now. What you should not do is
think, "Well, it's too late now, so let's just see what happens in the next 20, 30
years." Because that is going to lead to disaster.

You still have time to turn this around,
but you have to get serious about this now. So you would talk to a
financial planner, come up with a game plan of how you can reduce your spending,
how you could put extra money into savings, and how you can kind of catch up. Once you've found the money, you are gonna automate the flows into those IRAs and 401(k)s, because if you don't automate it, you're gonna force
yourself to go through this exercise again and again, but if you set it and
forget it, you will continue to make headway. All right, here we go. It’s why I got this net, man. The first thing I want you to do, I want you to take positive action.

I want you to look around this minute, right now, and make a decision on some things you're gonna change. And it might be your attitude, it might be
the way that you're spending money, it might be the way that you're even looking at money. Be positive.
You know, it's not over till it's over. You can do it, you just have to start
doing it right now. Whoops! All right, everyone, listen. Gaining
information is absolutely imperative. It keeps you aware and it keeps you motivated. So be sure to subscribe to AARP's YouTube channel. OK, come on. All right. I'm just gonna pick these
fish up. OK! [Laughter].

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This is how much you need for retirement to live the life ‘you’re hoping for’ #shorts

it isn't a dollar amount that can seem daunting the last thing you want to do is put out a dollar amount that's going to be discouraging you want to put out guidance at least Fidelity wants to put out guidance that's going to encourage people to save for retirement so the fact that this is based on variables that people understand and the fact that it's not based on dollars we feel that that's why it's much more easy for a lot of retirement Savers to grasp and hopefully will be a good guy for people as they save and and approach their retirement age there's two things that we really encourage people to do when it comes to retirement savings take a long-term approach saving for retirement is a marathon not a Sprint and try to have a plan in place

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What Rate Of Return Should I Use For Retirement Planning

welcome to today's video what rate of return should I be using for retirement planning this is really key we want to get this number right so that we don't have to continue to invest even longer by the end of this video you will have the knowledge you need in order to determine the rate of return you should be using for retirement planning so let's Dive Right In [Music] all right I'm going to go over the different factors to consider when you are determining your rate of return for retirement planning and I'm even going to share the rate that I personally use not only that I'm going to show you a calculator so that you can see the difference in using a lower rate versus a higher rate all right the first thing we want to consider when we are determining our rate of return to use during retirement planning is what we are invested in if we are invested in stocks that is going to give us a higher return and if we are invested in bonds that is going to give us a lower return so this is really critical when you are determining your rate of return number a lot of people will just say oh use 10 rate of return but if you're investing all in bonds there is no way you're going to get a 10 rate of return so this is a really critical factor to consider when you're determining that rate and we also want to factor in inflation I know that recently we have seen really high rates of inflation nation and other years have been a lot lower so we want to take this into consideration when we are determining our rate of return for our retirement planning we also want to consider our time Horizon how long are we going to be investing before we actually retire is it going to be five years is it going to be 30 years we want to know exactly how long that time Horizon is because that's going to make a difference on our rate of return if we are investing for a longer amount of time then we're able to take on more risk and get that higher return but if it is a short amount of time we are investing and we decide to be super risky our investments could drop within that short amount of time and that would mean our rate of return would also drop and we also want to be aware of market conditions if we are investing during a bull market we are going to see really really high returns if we are investing during a bear Market we are going to see lower returns and this kind of goes along with the time Horizon because if we have that longer time Horizon we're going to be able to go through a bull market and a bear market and another bull market and another bear market and be just fine but if we have that shorter time Horizon we may only be in the bull market or the bear market so we want to be aware of that so now that we know what factors to take into consideration in order to determine our rate of return what rate of return should we be using if we are just investing in stocks then the average return for the stock market has been 10 but we don't want to just use 10 for our rate of return we want to take into account inflation so on average I know recently it's been a lot higher but on average it's a three percent inflation rate so we can take that 10 and subtract out that three percent and use a seven percent return but we want to make sure that we are investing only in stocks if we have half in stocks and half in bonds that seven percent return is not going to work for us and I feel like a lot of people don't realize that because they don't want to be as risky with their Investments but they have to understand that they are not going to get as high of a return on their investments in order to get that higher rate of return we need to have that higher risk associated with it and that's not just to say oh be super risky with all of your Investments we can still take calculated risks and still see that high return for example if you're putting all of your money into just one company maybe you're putting all of your money into Amazon that is going to be super risky we want to make sure that we have diversification within our investments even if we just choose to invest in only stocks we can do a stock fund which has a whole bunch of stocks or companies inside of that one single fund so we're still Diversified but we're still being risky because we are only investing in that stock fund so we can still expect to see that higher rate of return and this is what I do I have the majority of my money in one certain stock fund and if you want to know which one that is I have another video I'll leave a link above you can check it out later on and then I have a few different individual stocks but I don't just have one stock one company that I have all of my money in that would be too much risk for me personally and then going back to using that seven percent return some are worried that may be too high of a rate of return to use so they want to be more conservative so they might use a five or six percent return so you have to determine where you feel comfortable along with taking into account all of those other factors that I mentioned because if we say oh I'm going to get a 10 return on my money I only have to invest for 10 years and then when you get to that 10 years you did not receive a 10 return then you'll have to invest for an extra amount of time I personally use the seven percent rate of return and I have heard of some others using even 10 because usually really over time when you are progressing in your career you're getting raises so you're actually investing more of your money as you go along and all of these calculators out there allow you to just enter in one certain number or one certain amount you're going to be investing every single month but honestly that could increase over time so a 10 return might feel comfortable to you taking a look at bonds and what they have returned it could be around four to six percent but then we would have to adjust for inflation so taking off three percent of that so it's barely above inflation and I just want to show you the financial samurais blog post about investing a certain percentage in stocks versus bonds because if you are going to invest a certain percentage in stocks and bonds then you can't just use that seven percent return or the three percent return there would need to be a combination so just make sure that you feel comfortable with whichever rate of return you're going to be using because if you are investing a certain percentage in stocks and then a certain percentage in bonds we want to adjust for that so we wouldn't want to be using the full seven percent return it would be a little less if we were putting maybe 80 in stocks and 20 in bonds and of course it is hard to know the exact number to use because we are looking at historical data but that doesn't mean that is what is going to happen in the future for me personally I feel comfortable using that seven percent but you may not feel comfortable doing that especially if you're going to be investing a certain percentage in bonds so come up with the number based on this data that you feel is going to work best for you and if you want help investing in the stock market and determining the number for your rate of return I have a free master class on how I can help you invest in the stock market and figure out all of these little details like your rate of return for your Investments if you're interested in that make sure and click the link below and watch the free free master class and tell me also what rate of return are you going to use and if you found this video helpful please hit that like button and share it with someone else who would like to hear this information and to the Subscribe button to subscribe to my YouTube channel and the little bell to get notified on when I post new videos and if you want to see even more amazing content for me make sure and check out the videos on the side of the screen thanks so much for watching I'll see you in the next video

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31 ways to Improve Retirement Planning – Part 1 #SavingForRetirement

It is always a great idea to commence a new year 
on the positive note.   As I said in my previous video "Proposed Changes in 2022" I really want all of us to have this New Year 2022
one of the best years ever, financially, emotionally, spiritually, and physically,
but all those components work together.  I know from experience that if my finances are not in order,
if I feel financially drained and insecure, there is no way I will feel 
emotionally happy, fulfilled and satisfied.   So whether we like it or not, money plays a big part 
in our lives and in our well-being, not to mention our choices and abilities
to do something good and positive in the world.

So as I said, I really want to start this New 2022 Year on a positive note, 
and what is a better way than going over steps   how you can improve your retirement planning 
or any financial planning for that matter.  Originally this video started with only 9 steps,
but once I started thinking about it,  all those ideas and suggestions came 
rushing through my head and I thought well, what a great way to slowly improve step-by-step 
your planning system. Some of those listed ideas, I have already covered in parts
in my previous videos, so I will link them all for you, others might be just short information, but some could be
a totally new idea for a completely new video. So today our topic is:
"31 ways how you can improve your retirement planning"   or as I said before any financial planning 
regardless of your stage of life.

As the number has grown from 9 to 31, I will divide this list
between two videos not to make this one too long, so please return next week for part two of today's video… My name is Katherine Isbrandt from About Retirement,
I'm a Certified Financial Planner, and you are watching About Retirement TV,
just about the only place that you can find all the information and ideas how to be well prepared for your retirement or how to improve your retirement, income, assets, 
and lifestyle if you have already retired. So as I said before, today I will cover 15 steps 
you can take to improve your retirement planning,   and next week I will cover the other 16 steps.  1.

Save enough
– have a plan for the future with a defined strategy this is most likely their most important information
in your planning   you really have to have a starting point to know 
what you are striving for, what type of assets,   and what value you need to accumulate by the time 
you plan to retire. Nothing is set in stone but you need to make a solid start
and a very good starting point are my videos: How much do I need to retire" and
"What Income is Needed in Retirement". 2. Understand your longevity and do not underestimate how long you are going to live This is most likely the biggest worry for most retirees   with many thinking of ways how you can make 
your money works harder. If you believe that at the age of 90 you will need a lower income
or lower asset base, well think again. Just watch this video "How long will you live in retirement".

This is one of my older videos, so please be gentle   As I had no video presenting experience, but the 
information is still valid and current as of today.   3. Believe that it is never too late to start planning or saving. Some might think that once you retire there is nothing you can do 
to improve your retirement income and to make your money last longer.
Well, this is an incorrect assumption. Unless you have no assets saved at all,
your situation can always be improved.   I have a whole series of videos related to Age Pension and how you can improve the government benefit or organise your income streams
to provide you with a secure income for life. Feel free to binge-watch the whole series of 14 videos
devoted to this subject Age Pension and your retirement  4.

Make your decisions rationally and not based on your emotions Money is an emotional topic.
We might believe that all our decisions are made rationally   and well thought through but, let's be honest,
whatever decision you make you can always justify it.  And justification comes from the
emotional state of needing to prove to yourself   and everybody around you, that your decision is 
right, even if deep down you know it's not really.   Good planning and sticking to set steps defined 
in your plan can help to remove the emotional distress, and allow you to make your decision 
calmer and to your actual financial benefit. If you are unable to remove your emotions from 
your financial decisions just please admit this to yourself and ask for professional assistance to manage your money,
organise your plan, and check your progress.   You are always involved in 
the decision process but the emotional drama   can be taken away and the financial planner can
cool down your nerves, by removing any uncertainties,  by explaining issues providing you with information research
that will rationally support your decisions.

  That can bring you a great deal of peace of mind while improving your investment portfolio
performance at the same time. 5. Prioritise your own needs and your own retirement
before helping your children to build their wealth. Unfortunately, I see this all the time when parents sacrifice their own lifestyle,
their own level of savings, and assets   in order to help their kids to buy their first home faster,
to pay off their university loans immediately, to have a fabulous wedding. Well, if 
you have sufficient assets to look after yourself   and help your kids at the same time, absolutely, do 
that, congratulation you have done very very well. But if you do this out of parental love, guilt, 
obligation, shame, scarcity, or you are being forced to do it. because the other parents are paying for the wedding,
the other parents are helping with home deposit,  and you feel obligated to do the same. 
Well, I respectfully disagree you have done your duty as a parent, you have raised your kids to be 
a respectful and responsible members of the society,   you have supported them throughout their 
childhood and their young adulthood.

Now it is their turn to take their responsibility and 
create their own lives and their own mistakes You are always there to support them, but you also need to make sure
that you are in a position to look after yourself for as long as you are alive,
because well nobody will come to your rescue.  So it bothers me when I see parents giving 
their savings away to kids to help them   only later to end up on Social Security check
of Age Pension with very little savings left, so they can hardly get by in their retirement.  6. Don't leave money in a bank Well, this one is the most common mistake people make. If you sold an asset and you park your money in cash,
as it will be needed for your next purchase that's what cash is for. Short-term holding.   Another reason to have funds in a bank in cash, it is for your "rainy day and security account" as an emergency fund.

But most people who keep majority of their savings in cash in the bank, 
do this due to fear. So we are going back to the 
previous issue discussed in No.4 decisions need to be made rationally
and not based on your emotional state. There are so many negatives of keeping too much money in cash 
and I would need to prepare a separate video   to go through all those reasons, so we will return 
to this topic again in one of my future videos.  7. Don't carry too much debt into retirement, especially high-interest debt Well, life is life, sometimes there are reasons why
you would still have debt outstanding when retired.  When assisting clients, we do try to have all that's paid off before the big day of retirement arrives
but sometimes it is not possible. If this is the case, then we try to find another option
to assist clients with the level of income,   as whatever repayments you need to meet,
they will reduce your income dramatically   But one of the worst debts you could have in 
retirement or actually any other period of your life, is a credit card debt or any high-interest debt, such as personal loans,
store loans, all those fast loans facilities advertised constantly on TV that 
supposedly can be approved within 5 minutes.   Nothing, and I mean nothing is as urgent to buy to even consider those loans
as some of them carry interest as close as 50%.

But most people don't really bother checking agreements   all they want is that new TV, that new phone, or another holiday. Just watch my video: "How Banks keep you poor – shocking truth" and you will be blown away
by my calculations and my findings   8. Don't retire too early
Early retirement means early spending on their savings.   If you do this then you might run out of money 
while you are still very healthy and full of energy.

You might not have enough savings to pay for your medical care
at the time when you are much older. So please speak with a financial 
planner or financial advisor that can assist you   to figure out when is the most beneficial 
time for you to commence your retirement.   9. Invest well in growth assets. Yes many people in retirement are far too
conservative with their investing, which in most cases comes again from fear and
lack of understanding  of investment choices but a good advice can go a very long way
to improve not only your ongoing retirement income    but the value of your assets 
backing you up for the remainder of your retirement, or as your legacy you wish to 
leave behind for your beneficiaries either to your partner to your children or any other person 
or organization you wish to leave your estate too   I have created a video:
"Investing for Income and Growth in Retirement" that explains the benefits of investing into growth assets but as this topic has been requested by many,
I will create new videos about different forms of investing.   10.

Do not chop and change your investment strategy   This is a sure way of constantly losing money,
when people are trying to keep changing their investments based on some information heard on 
the radio, or on TV, read in the paper or heard from a neighbour.  Investing based on such advice is a sure 
way to keep losing money it is not based on any solid information, it is not based on any research that you might have done. So please stay away from, keep on
jumping from investment to investment you really need to create an appropriate strategy for your needs,
stick to it, but with annual or even semi-annual reviews. 11. Do not participate in panic withdrawals Oh my god don't even get me started on this one.
This is common knowledge.  I'm sure every single person listening to me right now
will agree with me and yet every year,   I see the same mistakes being made.
I meet many people who are telling me how much money they lost, for example during GFC Global Financial Crisis
that happened between 2007 and 2009 or the recent drop in March 2020 due to COVID.t   Those people blame the economy, the market, but the truth of the matter is that once the market drops,
it is too late to sell any investments.   Whoever patiently waited for the market recovery, 
got their money back and more.

It took two years after GFC for the market to recover
and it took only a couple of months after COVID crash. Nobody likes market crashes and volatility 
but it is part of investing and you need to accept it   if you want to see any capital growth of your savings. If you are a person that panics when markets are uncertain   you really need professional service to
help you with your investments   and how to deal emotionally with those market changes
and that's where a good financial planner can assist. 12. Don't try to chase historical performance.

Don't invest into last year winners   most likely this asset or this fund manager
will not be a winner in the following year.  Markets are alive, they change daily, there are 
many forces that impact performance of assets in one year   and decline in the year after.
If you keep on trying to switch between last year winners  your transaction cost will skyrocket 
and you will keep on paying the highest price to buy new investments. This is a sure way to be going backwards
with your performance of your retirement savings 13. Stay away from timing the market.

It is not about timing the market but rather about time in the market 
that will bring you financial benefit. Research shows that those investors that stay invested over long term
in a well-diversified portfolio   will be better off than those trying to guess the market
and trying to benefit from market movements.   When we start talking about shares as I promised,
I will go much deeper into explanation of this topic   14. Diversify, Diversify, Diversify.. Investment diversification is most likely
one of the most important aspects of your investing and it will have the biggest impact on your overall asset security meaning investment risk and 
your portfolio performance and your portfolio of volatility Have you read my eBook "12 Principles of Investing"?
Well if not, I highly recommend for you to download it   and read it cover to cover.
Diversification is most certainly one of those principles   and it is well explained so hopefully 
it will help you in building your investment portfolio    and while you are visiting my website 
AboutRetirement.com.au to download this eBook   feel free to sign up to my newsletter that will 
provide you with all the details you need to be up to date   with all financial data that can impact your retirement.

15. Always include fun in your budget I want to leave today on the happy note, and I believe that as much as it is very important
to be a financially responsible person    we cannot forget that life is meant to be happy, enjoyable, with lots of fantastic memories that 
we create over our lifetime, that we can return to   at the time when we feel blue or nostalgic.  So don't forget to allow in your budget for some fun  whether that is your holiday, subscription to 
things that you love doing such as for example:   attending Opera shows or Theatre, or some kind 
of hobby maybe like me, you love photography, or coin collection. Or maybe just simply you enjoy 
going out with your family and your friends.  So please include some fun in your budget 
so you don't feel guilty spending money   because you've done your budget and you know 
exactly that you can afford it and you don't have to justify your spendings either. Here there are 15 ways to improve your retirement planning   or financial planning at any stage of your life. If you enjoyed this video please LIKE IT,   If you found it informative please SHARE IT with your 
family, with your friends, I'm sure that they could benefit from this
information just as much as you do.

And please don't forget to SUBSCRIBE to this channel as well. Next week we will continue discussing further 16 ways
to improve your financial planning journey   I wonder if you can come up with few suggestions yourself.  Please let me know in the description below this video
what would you think are important ways   to improve your retirement planning? 
Please share your ideas with us.   And now I want to invite you to watch some of 
today's mentioned videos: the first one, “How much do I need to retire” very important information if you are planning your retirement soon. The second is the series of retirement income 
videos: Age Pension & Your Retirement So feel free to jump onto those recommended videos and I will be speaking with you soon. See you then.

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