5 Signs You're Saving Too Much for Retirement

5 Signs You're Saving Too Much for Retirement

Timestamps:
00:00 – Introduction
01:34 – You Don’t Know Any Better
05:52 – Fear
09:07 – Greed
12:05 – Improper Asset or Tax Allocation
13:38 – Missing Work/Life Balance or Putting Off Your Dreams
16:20 – BONUS: Leaving an Unplanned Legacy

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Investment advisory services offered through Modern Wealth Management, LLC, an investment adviser registered with the SEC.

The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Adviser. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.

[lmb]

I have saved a lot of money..but now at age 71 yrs, I have started donating to charities through a “Donor Advisor Fund”. I don’t need/want any more “stuff” & am content with my small house and older model car…Giving/volunteering to less fortunate feels right…. I am not going to spend money just because I have money..ridiculous.
My rules for happiness: 1) Live Simply 2) give generously 3) forgive completely 4) expect less from others

[J.woltz]

I’ve worked hard to save about $800, 000 for retirement, and now I’m ready to turn my savings into a paycheck. But how much can I afford to withdraw from savings and spend is what I don’t know. If I spend too much, I risk being left with a shortfall later in retirement. But if I spend too little, I may not enjoy the retirement I envisioned. What’s your advice on this please?

[CameronFussner]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[diane.moore-]

The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.

[SharonA.McClary]

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement, I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

[cortez]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[lindsaynewell]

These conversations are useful but please try to keep the numbers somewhat relatable for the audience, e.g. 13:00 where the example given of $150k RMD would mean having a 401K balance of $4m+

[antillie]

If you have saved enough that social security is a bonus and claiming it would just be a hassle due to the taxes on it then just don't claim it. Claiming social security isn't required as far as I know. Why claim it and deal with the resulting tax hassle if the extra money isn't going to add anything to your life? It just that little bit of additional money that can go to those who actually need it instead.

[pavelm]

I would argue that most of the returns of an index (like SP500) are just due to a small section of stocks. That’s why picking stocks is so tough. It’s been that way forever and it’s paretos principal at work.

[charmcrypto]

Loved the tips! I always worry about not saving enough, but this video makes me think. Lately, I’ve been checking out My Digital Money for some crypto investments within my IRA. Feels like a good move with the way the economy’s been. Anyone else here into crypto IRAs?

[invictus_]

This is exactly what I'm thinking and feeling as a younger person with higher income. How do I get in touch with someone to run some numbers

[Patricia-tl]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.