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Saving TOO Much?? 5 Signs You're Saving Too Much For Retirement | Your Retirement Authority - YouTube
Channel: Mark Singer CFP Your Retirement Guide
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our industry tells you that you could
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never save enough for retirement
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but the reality is for some not a lot of
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people but for some people
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the pursuit of saving that money could
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actually be very costly from both a
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financial and an emotional perspective
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and in this video i want to share some
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light
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into how you can have a proper balance
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towards saving enough for retirement and
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still enjoying the journey but before we
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get there subscribe to our channel and
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hit the notifications bell i have over
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30 years of experience and talking with
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people and i want to share those
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insights and that experience with you so
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in that pursuit of that dream retirement
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we have to have lots of money right and
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in order to have lots of money
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for most of us it means we have to be
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putting money away over time so that we
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can accumulate our nest egg right
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but sometimes
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the pursuit
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of that nest egg could actually be
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costly and i want to share with you some
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things that you need to be aware of so
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that you can truly enjoy the journey
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having enough money having too much
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money
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that may or may not be the issue
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the issue may be more about how i enjoy
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it and experiencing it
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than saving
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all of that money so a number of years
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ago new york life did an interesting
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study they had three different rooms of
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people okay and they asked the same two
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questions to the three different rooms
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of people
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in the first room these were people who
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had five hundred thousand dollars of
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investable assets and they said do you
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think you have enough to retire
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and the answer was
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no and the follow-up question was well
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how much do you think you need then
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and they said we think we need a million
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dollars
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so in the second room
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they had a people with a million dollars
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of investable assets and they ask the
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same two questions do you think that
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you're on track to
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accomplish the retirement that you wish
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do you have enough money
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the answer came back no
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and the follow-up question how much do
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you think you need
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they said about 2.4 million dollars
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so they went to the third room
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people with two million dollars
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answer to the first question do you
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think you can retire with this amount
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they said no
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and the follow-up question was well how
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much do you need they said we think we
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need five million dollars
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so it may be a never-ending pursuit a
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never-ending uh journey of continuing to
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pump as much money away
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forgetting that we also have to enjoy
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the journey
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so let's get into it the first issue you
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have to deal with is
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not having a plan and that's what it
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sounded like that all the people in
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these three distinct rooms did not have
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or
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they may have had enough money to retire
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in any of the three rooms
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but they didn't know it
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and i believe
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that the planning needs to take the
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mystery
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out of the decision-making process in
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other words
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how much do we need to contribute
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what is our magical number
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and how are we going to invest so we can
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pursue
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that retirement of our dreams without a
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plan
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how
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will you ever know
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if you're putting
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enough away
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too much away or not enough it is the
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plan that will guide you
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in terms of how you will pursue
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this next chapter of life the number two
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area i want to make you aware of and
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it's a mistake some make here
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as they go
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blindly into putting as much money away
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towards that retirement nest egg is they
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may be missing out
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on other things they should be attending
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to right now pursuit of your bucket list
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paying down those credit card debt where
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you're
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you know it's costing you 12 15 18
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non-tax deductible which could be
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costing you
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hundreds of dollars a month if not more
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where if you just held off for a little
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while a few months a year maybe and
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accelerated payments towards the paying
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down of that debt
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you may actually potentially free up
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enough cash flow that you could now
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accelerate
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your contributions to your retirement
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bucket
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college planning
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paying down the mortgage being debt-free
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all of these things are things that were
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juggling in the air right
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and to be just
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singularly focused on just one of the
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numbers of balls in the air means that
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you may be dropping some of them may be
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missing out on opportunities
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you may eventually have enough money for
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that magical number for retirement but
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what was the cost during the journey
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to get you to retirement so the real
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question is do you know if you're
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prepared for retirement and in my latest
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book don't outlive your money in
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retirement we actually created a quiz
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go up to our banner invest
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two minutes in the quiz quick quiz as
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soon as you finish it i'll get you back
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which of the three retirement
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preparedness stages you are in i'll
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score it for you i'll give you a free
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chapter of the book along with a couple
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of worksheets that will gain for you a
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little bit more clarity in terms of how
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you should or how much you should be
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investing
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for your next chapter in life so there
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is a very real financial cost if you
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over contribute to your retirement plan
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whether you're to your ira or into your
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401ks or 403bs or set plans
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if you so blindly
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are going to contribute and you over
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contribute
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according to the irs thresholds the
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maximums that you can put in
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there will be a six percent
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penalty
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on that account and the amount that you
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earn until you fix it so if you earn 10
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that year
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they may take six percent away and you
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may only earn
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four percent so make sure that you're in
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accord with
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how much you can contribute what the max
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is i love that you would do the max but
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when you get there maybe you ought to
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find some alternative mechanism to
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invest so that you don't end up costing
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you
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six percent per year in a penalty so
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it's great that you're really going
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gung-ho
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to contribute to that retirement nest
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egg but
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one of the emotional items that i need
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to make you aware of deals with this
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whole obsessive
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nature
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to just singularly put money into
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retirement let me share with you a story
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i had a client numbers of years ago
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she had to touch
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her money every single day she had it in
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um a spreadsheet form manually not
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high tech wise okay and every day she's
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taking out that book and she's going
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into each line item to figure out did
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she have a few more dollars this day and
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how did this account do and how did that
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account every single day now at some
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level there is
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as you transition into retirement an
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emotional benefit to understanding where
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your money is and how it's doing and you
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should be involved and you should stay
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on top of it finally you have to
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recognize
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it's a journey
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not an end
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okay
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and that along the way the reason we're
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here and present on a day-to-day basis
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from my perspective
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is to try to enjoy the journey and to
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create as many possible moments as we
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can so that later on we can look back
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and see how much we really did
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experience how much we really did
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adventure
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how many laughs we had along the way
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with ourselves our spouse our family our
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grandkids
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and if you're going to solely singularly
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just focus on what you're going to put
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away for retirement
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then you may miss out on some of those
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very joyous experiences
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along the way so make sure that when
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you're thinking about the seven steps
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that we talk about in our book
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take a look at our playlist
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and figure out how you can enjoy the
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journey
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as well
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you
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