One BAD Decision Ruined His Retirement

I know two people who planned for retirement in very similar ways. Both of their retirement plans were very solid but  one decision caused Jane's plan to work and Kevin's to fail.
Imagine spending your whole life preparing for retirement, taking all the right steps and necessary precautions, only to see it get messed up with one decision.
Dave Zoller, CFP®

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😱 Watch this if a"Doom and Gloomer" ever makes you worried

00:00 Jane and Kevin's Retirement Plans
01:03 They Prepared the Same Way But...
02:08 The Critical Decision: Jane vs. Kevin
03:09 Jane and Kevin's Background
03:44 Time is NOT on their side
04:20 The Retirement Strategies Are Different Than Before
05:44 The SMART Things They Both Did BEFORE Retirement
06:55 The One Decision
08:41 What Kevin Did That Hurt Him
10:36 The Only Problem With His Strategy
12:12 Three Strategies Jane Used To Make Things Even Better
15:33 If a "Doom & Gloomer" Ever Worries You

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My name is Dave Zoller and I own Streamline Financial along with our team of retirement planning specialists.

Streamline has been helping people retire for over 25 years and I've personally been working with clients for the last decade and a half.

We can only work with a select number of clients so we created this channel to share what's working well for the families we help.
We both know that RETIREMENT IS MORE THAN MONEY so you'll see the financial strategies along with the non-financial strategies to make sure this next stage is YOUR BEST YET!

Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
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Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.

[StreamlineFinancial]

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[rickdunn]

This is good advice. What Kevin did is NOT unusual. He locked in his loss. Folks: the market will crash, we don't know when, but it Always has come back. Don't sell.

[StephenMPetty]

I had around 30k net Worth in 2012 at age 28 when i bought my first home in LA. Then got a second home in 2017 and rent my first one. Now today at 40 years old with a family of 7 i have around 1.1M net worth. And making under 100k in the past 10 years. Hope i am on track to having over 5M by the time i retire. Finances are exponential. Live above your means, borrow, and your debt can spiral exponentially. Live below your means, invest, and your net worth can grow exponentially.

[dforrest]

The buckets are key, along with being able to keep expenses low (if needed).

[dpol]

The case study and examples is very helpful. Thank you!

[jpturner]

Great story and comparison Dave!

So true about the doom & gloom people … learned this with the first financial crisis
we experienced back in the 80s.

My mom and dad, God bless them, told me to stay the course and compared a stock market drop to a fire sale at a discount chain.

Semper Fi!❤️🇺🇸

[josephj]

I was silly. During the covid stock price falls, I only bought a few thousand of dollars of stock. I should’ve had the confidence to buy more. That stock I bought is up 3 times (with dividends).

I’m not retired but I usually have spare cash during downturns to buy top 100 company stocks or an ETF. I don’t go for risky companies.

Referring to doom & gloom YouTube videos. I’ve become tired of their clickbait lies. I’ve unsubscribed and blocked some channels so I may concentrate on what I think is the best strategy. They base their info on fairytales.

[arymniak]

It’s the end of the world as we know it, and I feel fine.

[sarahthompson]

Very wise advice. What you didn't say was Jane felt in control by doing those things (no matter how small) that she could. When the market is out of control, just doing something (like cutting your expenses) gives you the sense of being in control because you are doing something. Sitting around is scary. I appreciate your perspective and will share this video with my husband.

[Lemariecooper]

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

[buyerclub]

You got me scared. I thought you were going to tell people to buy fixed income( bonds) at a 60/40 ratio. But you didn't. You basically told people to have a enough cash and liquid investments to weather storms. And I agree with that. I believe the ratio for bonds to stock, is greatly dependent on how much of your expenditures needs to be covered by the portfolio. If it is the traditional 4% or even close, a 60/40 ratio does make sense. But if you are 2% or under, , than you can be much more aggressive. And in the long term, as equities will out perform FI. But again, in the short term. No matter what your portfolio percentage withdrawal rate is. (Have enough liquid to cover at least a year if not longer. Hope you agree, but even more important, if you don't tell me why. Now of course there is the argument that you SHOULD spend enough to make your portfolio withdrawal. that 4%. And I do NOT think that needs to be major priority.

[Pjeski]

The market is going to crash! If you predict this every month you will be right once in a while.

[ivanvarykino]

This is why the saying "Cash is King" is oft repeated. It won't make you rich. But it can keep you grounded and from becoming poor.

[DillonMcGlinn]

Really good video Dave. One of your best. Useful actionable info.

[lostboi]

Its called getting married or cohabiting in The West 😂

[kimhayes]

Dang, I've saved my money but am nowhere close to Jane as regards bucket size! Well done Jane!😂

[waynewelter]

I've heard the quote, "Time in the market is better than timing the market." Nice simple rule of thumb I keep top of mind when I start thinking I know more than all of the Wall Street types.

[cayankeelord]

As the old saying says, "Don't kill the goose that lays the golden eggs". The last thing you want to do is pullout and spend your principal. Siphoning off your dividends is the name of the game if it's an income stream you're after. Got big gainers that you think are going sideways and the growth phase is done? ( At least in your best guess ) Then sell some or all of that stock, set aside the tax money and/or sell off some losers to cover the capital gains and reinvest in one or more good strong ETF's for some diversity. It's not hard to find some solid ETF's the generate 10%+ annual yield. I'm currently holding JEPQ, TLTW and a few other good strong income generators that pay a MONTHLY dividend into my ROTH. It's your money, you worked hard for it, now make those dollars go out and work for you! I'm in retirement, so I'm more interested in an income stream rather than building additional wealth. Your the boss of your own money, director of your own destiny. Don't blow it!

[pensacola]

I retired in late 2007. Believe me, I get it. But we had a solid plan, and we got through it.
Have a decent amount of fixed income and don't panic. And you don't need to be perfect to be successful.

[enonknives]

Tax loss harvesting doesn't work for people who have most or all of their retirement assets in tax-deferred accounts.