9 Retirement Tips If You Don’t Plan To Retire - 143

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 3 December 2017

⏱️ 49 minutes

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Summary

Retirement planning tips and benefits when you don’t plan to retire. Plus, how much should you have saved for retirement at different stages of life, how much has the average millennial saved, and the Roth 5 year clock: should you get married so you can take advantage of the fact that your new spouse's Roth is already over 5 years old? And, should you really be asking marriage advice of Joe and Big Al?

Transcript

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0:00.0	Some people want to retire as soon as humanly possible. Some have to keep working. And some people really just want to stay on the job. Today on Your Money, Your Wealth, some tips, considerations, and benefits of planning for retirement when you don't plan to retire. Plus, how much should you have saved for retirement at different stages of life? How much has the average millennial
0:20.9	saved? And what's the deal with a five-year clock on a Roth IRA? Should you get married so you can
0:25.8	take advantage of the fact that your new spouse's Roth is already over five years old? And should you
0:30.5	really be asking marriage advice of Joe and Big Al? Here they are now, Joe Anderson's
0:34.8	CFP and Big AlClopine CPA.
0:45.2	I thought it'd be kind of fun to talk about how much money the average millennial has saved.
0:46.0	All right.
0:50.8	And I'll tell you right off the bat, this is GoBanking Rate Survey in 2017. 57% of all Americans, not just millennials, all Americans have less than $1,000
0:57.8	in their savings account.
0:59.0	39% have no savings at all.
1:02.8	So, okay, let's say that again.
1:04.1	Yeah, so 57% have less than $1,000.
1:07.0	So let's call it 60%.
1:08.3	60% have it less than $1,000 save.
1:10.5	And of that, almost about 40% is...
1:14.8	Of the 60.
1:15.8	Yeah, yeah, is no save.
1:17.6	So I'll put it this way.
1:19.1	Let's just rent in round numbers.
1:20.7	40% have no savings at all.
1:22.6	And then 20% have less than a thousand.
1:26.2	Crazy.
	...

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