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There is content in these videos that is against forum rules, they need to be taken down!
I watched a minute and 20 seconds of it. First of all, he blew it on the figures. If it's $749.81, he should have rounded up to $750, not rounded down to $749.
Gas is $3.99 a gallon. My husband used to say Oh I paid $3 for gas. I'd say no you didn't...you paid $4 ! And the average SS benefit is way more than $749. I retired very early (age 50), was a lower wage earner for 1/2 my working years and I get way more than that!
wife makes around $900 a month on SSI watched a minute and 20 seconds of it. First of all, he blew it on the figures. If it's $749.81, he should have rounded up to $750, not rounded down to $749.
This is from Bankrate's site:
"As of August 2023, the average check is $1,705.79, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average."
My mother only got $600 a month but that's because she didn't pay into the system for a good portion of her working life. Believe it or not she lived well on that. She never wanted for food, with the PAAD plan she only paid $5 for each of her meds. She had beautiful clothes and though she wasn't much for travel, she'd go on bus rides when ever she could. She lived in a nice public housing senior building (after I had them transfer from the one that started going down) and only paid $200 a month for rent. She had an adequate savings as well that she didn't need to touch after my father died.
I totally agree for the long-term and I'm heavily invested in index funds as well. Short-term, with the market being at an all-time high due to good economic fundamentals it might be an expensive time to buy. At some point we know there will be a correction that will drive stocks lower. That may the time to invest.
Yes, I started to watch the first video and I was thinking I might agree with him on Social Security vs. investing. I stopped when he started demeaning Joe and Jill Biden. That is clearly not allowed in this forum.
A couple ways to look at it. OP may be in stocks already and this is just moving it from one location to another, so it might not be dropping a fresh 10K into the market.
What do I find objectionable? He starts off by demeaning the Bidens and Kamala Harris. No need to provide a timestamp because he starts right off in his video.
Yea, I figured he was a drive-by but it is always interesting to discuss finances (without politics).
I'm going to assume you will have enough pension + social security income to not need the money in the 401k for any essential expenses. I'd also expect, since you have not yet retired, that your current tax rate is higher than your future tax rate. I think you'd want to run a calculator tool to try to determine whether/when a rollover to a Roth would make sense.
You make good points though I wonder how a brokerage handles a 401K that contains several different investments.
I do know that a regular 401K can't be rolled over into a Roth.
They can sell the individual funds and then buy the equivalent to replace or the investor could choose other funds/CD's/etc at their discretion.You make good points though I wonder how a brokerage handles a 401K that contains several different investments.
According to his profile, the OP was here 4 days ago.
You can request that Matrix delete it, since you can’t.
