This is my first time watching. You are the first man that I've heard be so transparent about money or the lack there of. Kudos to you for being so open and honest.
This is my first video too. I’m 63 years old and still working. I still don’t know “how” much money 💴 needs to be saved? I do have a 401K… but, how much should we have saved? The mystery continues…
@Mslexus134 I believe you add your monthly expenses, multiply by 10 or 20 years, and that gives you an idea of how much you need to have for retirement.
@@alexguzman743 wow 🤩! I will do the math 🧮 to see and get an honest assessment of “how” much money 💴 I should have saved. I greatly appreciate this very valuable tip.
Thank you for this video because all I ever see are money shaming and hearing you mean you DON’T have 2 million saved for retirement? What have you been doing?! 😒
So many things go into retirement and so much time to get to retirement that so many things can go wrong. Such as health declining, dying losing many jobs etc
We are the same age. I am a black American and I have a house in Thailand on 8 rai of land. I also retired at 57. This is where I want to help you young people out there. Finish school and get that Federal, state, or city Job. 20 to 25 years and done. With a pension. Here is what is essential. Join the reserve no matter what branch you choose, do that for 20 years at the same time, and get out. Before reaching 50, you could retire from both jobs and collect your pensions. Take that money anywhere in the world. Also, learn how to invest in the stock market. Keeping your money in the bank earning crap interest rates is not an option. Last, start an online business selling something online. Follow this simple blueprint, and like me, you could be retired by 60, making at least $8,500 a month, waiting for your S.S. payments to kick in. Good luck to all! 🙏
Yes, all of that is good sound advice. A financial planner who appears here on RUclips says one should have a paid up house and 500k in the bank prior to retirement. The plan you laid out is doable for a young person. Many fail because they don't have a long term plan nor vision. The American pursuit of ostentation snares many. in a dangerous net. Thanks for your advice. I will share it!
@@KhemistryIBMOR I was able to get it 49. It depends on how many points you accumulate. But yes, overall, 60 for reserves and guards. I also served in both Gulf Wars, so I racked up a lot of active duty time. I retired with an E7 pay grade.
Im Army Retired , I get SSDI and And 100 percent VA and I have been retired for 18 years and receiving my pay for 15 yrs and live well for sure here in Louisiana and I own 3 homes and I'm blessed for sure.
I worked with people who died on the job and never collected a penny of the money they saved. Pat yourself on the back. Wishing you continued success in everything you do.
Count your blessings. You got your health and $3k a month. God gave you a good brain with 20/20 hindsight. My advice is don't drive forward looking in the rearview mirror.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
@@PatrickLloyd- How do I get involved in this? I am excited to take part because I genuinely want to build a stable financial future. Who is the main inspiration behind your accomplishments?
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
That’s so true. So never get a chance to retire they die before 50. Wonder what they do with the social security they never collected? It’s a rat race and scam!
Congrats I'm turning 60 in March 13 2025 but can wait to turn 62 im also getting of da hamster wheel hope Trump doesn't raise the retirement age in his first 2 yrs or gut da payment to half 🤞🏻
@goldstandardaviation1667 - Thanks for your comment, I'm in the same boat, 56 and vigorously saving finally at my age for 65. what does 'sitting pretty' look like? Is your savings all in cash or invested?
Don't beat yourself up Cal. After paying spousal support I was left with $1400 a month with a mortgage and car payment. Of course I couldn't do it. House went into foreclosure, sold my car and slipped away into the night on a flight to Manila. After clearing immigration and customs and those automatic doors slid open and I stepped out into the freedom, my sphincter relaxed and I breathed deeply.
Thanks for laying yourself bare and being vulnerable enough to say what most people wouldn’t. More people are in this situation than not, men and women so you’re not alone. It’s refreshing when people are just willing to tell the truth.
This is one of the best retirement video's I've seen. Why? Because it's completely honest and there is no fear mongering. In addition the #1 reason is that no matter where you end up in retirement financially you can figure out a way to make it work.
I retired at 38! Never looked back I'm living my best life I'm 50 now with a beautiful nest egg! Everything I have is paid for. Before I took the leap I made sure I had zero debt! Enjoy your video!
@jeromejerome940 Invest, I began with real estate after a while I would refinance my 4 properties and put it all in Technology and Dividend Equity ETFs, be smart live way below your means. If you're serious start with opening a ROTH IRA 1st.
Being tired of working is a great reason to get off the plantation. You are blessed. Dont have any regrets. The retirement age is ridiculous. Enjoy your life. Stress free.
Thanks for sharing. At least you have good health, and you look good for your age. I'm 58yo, I needed to hear this. I may stick it out a little longer on my current job.
Great video, and great information. I love your honesty and integrity. I believe you are indeed going to make it all work out. I'm 74 didn't plan for retirement but the Lord has been good to me. Blessings.
My brother, your words are my words. I lost the stress on one end for more stress on the other. I’m barely hanging on. I was injured and went on SSDI at 57. They don’t let you make anything to survive. At 60 now, I’m not supposed to be wondering what will become of me. Plus I live with regrets daily. Anyway, I’m with you.
You’re hardly alone, Cal. Half the people our age have absolutely nothing, and most have very little. They really screwed us over in the ‘70s when they ended pensions and never provided financial training.
Financial Training Is A Common Sense. Living Below Your Means. Many Of Our Illiterate Great Great Grandparent Use Commom Sense To Be Saving And Invest For Later On In Life
@ So by your logic, most Americans have no common sense. The median for retirement savings is about $80,000. More than half have virtually no money at all and, according to Forbes, more than 80 percent are living pay check to paycheck. According to the Fed, about 40 percent can’t cover an unexpected $400 bill and would need to borrow money, if they could. Only 3.2 percent of the median have more than a million bucks - and that’s not a ton to live on if you retire at 62 and live another 20-30 years. I’m not sure if you’re trolling me, are simply super optimistic, or perhaps you’ve been fortunate. Maybe you graduated from university with no loans and got a great job. If so, congratulations! I also was fortunate and my net worth is about $3 million at age 60. But I was very lucky. As you may learn, life often gets in the way of good intentions. Divorces, children, illness, housing, vehicles, insurance, etc., kill many people’s ability to save. The fact that real wages (look it up) haven’t increased for the middle and lower classes since 1979 is critical. That means costs have increased while your ability to purchase has greatly decreased. In conclusion, I hope you do well in life, including financially, but your comment was simplistic, insulting, uneducated, and lacking empathy. It rings of the saying, “If you’re poor in America, it’s your own fault,” which the statistics do not support. Be well and chase your dreams!
Been in the rat race, and the work was killing me physically and mentally. Retired at 55 and moved to the Philippines 5 months ago. Best decision of my life. No more stress and my body is recovering. Plan on claiming SS at 62 because the breakeven point for me would be at 80 if i wait till 67.
My friend you need to buckle down and make some solid hard financial goals. I’m 64 and work from sunrise to sunset. I love my work. Artist, landscape designer, whatever. I like the hustle. You’re still young and obviously fit as fuck. You got this. Let’s go!
Your key point; I love my work. I don't think a person can keep up that kind of motivation and work ethic at our age unless you love what you're doing. So you're blessed that you're able to do something you love. Hope he can find the same...
Hey Bruh, start an L.L.C. service business and pay yourself minimal, if anything. Your L.L.C. can make 6 figures and own everything you need to survive. I have a solo blackcar transportation LLC (Uber) and all earnings are credited to my LLC. My car, rent (Home Office), mobile phone, clothes etc., my LLC pays for it all because my LLC owns all of it. I am the LLC's executive manager and the LLC pays me an average of $5 an hour for pocket money. I'm 63 years old. There is no need to retire. Find a low stress side - hustle and live good. The way you look, you could be a fitness coach for people 60+. Heck, I would hire you and charge it to my LLC as part of an employee health benefit. Think about it!
Its tight Bro, I hear you loud and clear, budget, Budget, Budget, Still working on passive here, Its really hard, Thanks for the Truth!! One of few RUclipsrs that is Honest every-time!!!
I retired recently at 55 because work was killing me. I'm not regretting leaving at all. As far as social security goes I will take it at 62. Waiting until 67 isn't for me. I would have to live until I'm 80 just to break even if I gave away those 5 years. Plus the money will be worth less anyway.
I am 61, retired this year. You are real and make such a great point. US is very expensive now, and $3,000 will not go very far. Live your best life, even if it is overseas!
I have never invested in the stock market, therefore I am incredibly late at 33 and with only about 100 grand in savings. I want to make wise decisions for the future because I'm concerned about losing out on compound interest. Will I still have at least $1 million by the time I'm 65 if I make aggressive investments?
Yes, you can. Investing about 80% of that in the S&P 500 at an 8% annual return will grow to about $805k in 30 years. Financial advisors can achieve 10-15% returns, so do your research and consider consulting one.
Low cost index funds, and diversification is your friend. Don't let your retirement funds feel lonely and left out. Those two are givens.. Most people can be in better situations had they not incurred unnecessary debt. Even having $1k to your name without debt is better than having debt in the six-digit figure. Also, your lump should be put in cautiously , I personally wouldn't use most of it in the stock market. I don't think you're in a position to invest much* (keyword). I hope my advice helps, good luck!
@@Tegrityy You have a very valid point, There are tons of benefits to having a financial advisor, but here’s one example: My advisor based a small part of my portfolio on Nancy Pelosi’s portfolio, which is completely legal. That portion has gone up 41% in just six months-take that info as you will.
@@Hesse-Kassel I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Melissa Elise Robinson is the advisr I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I’m 58 and I have about $250k liquid in savings which I plan to put towards becoming a homeowner but based on the current high prices on real estate, do you suggest I hold from buying or do stocks for now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
CAMILLA MARIE FULLER... has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Yes, that you need to be a stock picker to grow investments is one of the great myths of money management. All you need is one broad, low fee, fund and your good to go. Don't need no damn money manager to jump in and out of the market for you either. Most index fund fees are so low these days they are almost free (This message approved by Jack Bogle :)
Problem with expats depending on Social Security to live abroad, the SS fund will be depleted by 2033. The simple fix is to remove the SS cap. The current cap is $160,200. Meaning anyone making $1 dollar over that doesn’t have to pay into social security. Good luck counting on Congress to lift the cap. If you’re counting on social security,better have a big off ramp. Or risk your benefits taking a big hit. And, SS cost rise faster than projected, funds could run out sooner.
@@raymondwalker2048 People have been saying that for 20 years. It could happen but it is not any more likely now then it was 20 years ago. But sure I would not depend on it any more than one can depend on anything financially.
I didn’t learn about the rule of 72 in investing until I was in my 50s. But I am 61 now and plan to retire at 65. But my 401K will be close to 1-mil by then. It grows fast once it hit 100k. I retired from the military and been working another pension career now for 16-years. I will hit another 20-yaar retirement at 65. Will retire with two work pensions, SSI, and the 401ks. Life happens fast and most don’t plan for it.
Keep sharing that what you said above. Life goes by quickly and if you have not made good financial decisions... I know a few who are having to work in their 70's just to make ends meet. But they lived without financial literacy. No one gave them the insight of how they would need a solid income flow to retire decently.
I appreciate your honesty, Sunshine. Luckily, you're a smart, resourceful person who understands how to move in different surroundings. I enjoy your videos, and I hope you continue doing what you do.
I watch your channel from time to time and you shared in your videos that you have amassed 1 million+ in assets. Clearly, the same is not true for him. Please keep in mind that you are choosing to live on $3,000/month, but he has no choice and his income could be reduced at anytime, if his RUclips channel doesn't generate enough ad sense. It's certainly not a good predicament, but he appears to have good health, so all is not lost.
Great topic, Im retiring at 62 in june 2025. Panama next to costa rica, I'LL GET ABOUT 1150. MTHLY from social security. Got about 10000 saved. Not much I know but I feel great about it, Its only me and I dont eat that much. God bless us all, Amen.
@@vincemurry4201 Dammmm $1,150 per month doesn't sound like much. But it will Definitely be WORSE if you stayed in the United.States. So you most likely have a better chance of success outside the couhtry. Do you already speak spanish?
Hola! If you can practice economic arbitrage, just do it! I l am able to live and eat like a Rey (King) on less than $1100us per month a little over a mile from the beach in Mexico and it ends up I usually save and invest more than I spend. That includes full coverage IMSS health care. Vince, if you only have what you do coming in each month maybe consider getting a roommate to share your costs. Your money will go much further. Have you visited Panama? It's pretty hot and humid most anywhere you would live. BTW- I just ate a lunch of two freshly caught fish tacos con todo for $2.70us! That includes the standard tip in Mexico of 10%. Practica tu Espanol y buena suerte!
@@HughJass-313 He must have only worked not even ten years to be only getting $1,150 from SS. Guess he lost alot of prime earning years while being in prison.
Thanks for bravely sharing your story, your mistakes and what you're doing to move forward. Hopefully you will help others. Our stories are very different, I've worked hard to save for retirement since my early 20's and have had some success largely by adopting a frugal lifestyle because Lord knows our income wasn't very high, even now. Along the way I quickly discovered that this is by far the best way to live and we're not going to change no matter what comes along. As a metric, my wife and I spend $2,200/month with a paid off home and no other debts here in the U.S. The best part is that we can easily weather all financial disruptions like they're not even there because of our frugal and flexible lifestyle that allows us to easily pivot to other options. Cheers!
So happy to see your face!!!! I enjoy your truth and transparency when it comes to those that are hardworking to the bone and have nothing to show for it. You are MOTIVATION!!!!! THANK YOU!!!!!
Your looking well and healthy in your retirement Mr Sunshine Shoulders. I think you made a great decision. Best wishes and best of luck for the future.
I'm glad I started contributing to a 401K 25 years ago and a second one 7 years ago. Now I have 400K combined at 60, and still working. I'm planning on retiring at 63, and start collecting SS at 64, maybe wait till 66. I'm a Veteran, so I get medical coverage through the VA. I only served 3 years in the Marines, but I'm glad as heck I did.
Thanks for sharing and being honest. I retired at 50 and wasted most of my retirement savings. I'm rebuilding my retirement one day at a time. Keep going it gets better with time.
Respect for being honest and upfront Calvin. The part B medicare for me was a tough decision at 65 for me, to have $200.00 deducted from my monthly SS check for a benefit I can't use here. You have a few years to see how things go, but for sure all will be well. Take care and be blessed always.
I just found this out (the deduction) from a friend who retired last year. He’s good with his pension. However he’s weighing options as he hits 62 next year. I hadn’t realized that non-trivial amount was deducted from SS.
I did 21 years in the military... Retired Army. And 15 years early retirement from the postal service. Both was the best decision I've ever made in my life. Permanent retirement at 55 years young.
same here,,,i took the early retirement offer in 2012, retired at 56 with 23 years. But i also matched the govt matching for my tsp. I lived in cebu city for 7 years, but went back to usa. Now i just visit each year,,,living the life
I had a 39 yr career and retired at 63. I invested and saved during those 39 yrs. I have pension, rental income and will receive my 1st social security check this month. I turned 65 two weeks ago. My full retirement age is 67 n 10months. Additionally my 401K is healthy. I can live and am living comfortably without the 401K. I retired well but I was still very uncomfortable with the decision. I have no regrets now. It was a good move. Retiring at 55 crossed my mind many times but the numbers didn’t add up. I’m very happy I stayed the course and hope everything works out for you. I have friends that did the same as you and for a few years now have finally admitted it was the wrong decision. Whatever your case turns out to be, you will make it.
I have a year left to collect my pension and 401k. 75% of the 5 highest years of my average salary. Keep my health insurance, life insurance and tuition benefits.
I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $500k +
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 15% short of my $3m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
In my opinion, the best medicine for bad health is fasting and good food. Eat lots of veggies, some fruit, exercise and get at least 6-8 hours of rest/sleep everyday. Cut the sugar, fried food, alcohol, and other bad habits. Check with your doctor first and start living healthy.
Thank you for your honesty 👍🏾 I'm 55 and have been feverishly planning for retirement since my 20s. I still work 7 days a week, 14+ hour days - saving, building businesses, and investing. My wife and I have 5 adult children. The goal is simple: Change my family's DESTINY! Why? To avoid the exact situation that we are watching in this video!
Thank you for this. We need more people like you with a voice in these spaces. People get trapped in an echo chamber full of lies. I really appreciate u for being open and honest.
Hi Calvin. I was also born in May 1963. Snap. Not going to return to work and currenlty taking all my leave and that will run out when I hit 62. Next June, I'll be taking an income strream from my accumulated (Australian) superannuation fund. I only have a modest amount so I'll be working to a budget. I think it's not too early. In 15 to 20 years time I'll be rocking in a wheelchair if I'm lucky so it's time to jump. I hope to retire in SEA and try to do what you suggested in your last video about renitng and moving around. All the best Calvin. I really like listening to you.
100% Authentic. I needed to hear this video. I'm 52 and been going back and forth daily with this retiring decision. Been to the Philippines enough....14x....to know it's not paradise.
Western Country Is Not Paradise 😅😂 Lands Of Stress And Depression 😅😂 Most People In USA Are On Some Kind Of Medications Including High Blood Pressure Is The Number 1
Being mentaly and physically tired is a good reason for what you did. Your health is better and you look amazing, if you had stayed at work you probably would not be in good health. Try to grow your RUclips channel.
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Hi Calvin. I recently subscribed to your channel and have enjoyed the two or three videos I've watched. I particularly liked your open, honest, heartfelt advice in this one...and sharing about what you see as some of your bad decisions. I also admire your determination to succeed. I you don't mind, since some of my background is in finance and I also have an MBA, and so while I'm not an investment advisor, retirement planner, CPA, or tax expert, I do know a fair amount in general about budgeting, investing, and retirement, and thus, here would be some food for thought: 1) You can't change the past, but you can change from this moment on, and so don't let momentum and disgust with previous decisions cause you to either give up or stubbornly continue down the path you're on; 2) SSI taken at the earliest age--62--takes/steals roughly 30% of the monthly payment that one would get at full retirement age--which for the year you were born is age 67, and for every year that you can somehow delay taking it, you will be adding about another roughly $120/month to how much SSI will give you, and thus, every year you can delay taking SSI can matter quite a bit. Even two years in delay could make all the difference for you, especially if you stay in the lower-cost PI or go back to the states to work for just two years and then return to the PI.; 3) Given what I've said, and given what you implied/said about your current situation, the first ting you need to do is NOT spend on anything that isn't necessary and also to make a budget and track expenses and expenditures (ALL of each) for one full month--leaving NOTHING out--and see accurately exactly what your "NEEDS" are, how much you have coming in--or how much you're using from savings, and how much you honestly need to just "break even"/get by each month. And, consider one of two options--a) stay put in the PI but cut expenses as much as possible and ride it out until age 64 or 65, just to get a fair amount more monthly for SSI, or b) return to the states, living as cheaply as possible for two years, because even if you just break even on what's coming in and what you're having to spend, you are not depleting any funds AND you are "buying time" until age 64 when you'll be able to get a fair amount more--perhaps around $225 more per month...which if you then return to the PI, should help you live more comfortably. I would also recommend that you quickly educate yourself--through reading and viewing things like RUclips finance/retirement channels/etc.--with one of my favorite for retirement/SSI being "Holy Schmidt!" by a CPA. There are some other reputable channels on here that cover various investing/retirement/SSI/finance topics. Just look for those where the person isn't trying to sell you something and also has good credentials. Also, obviously try to build your channel...and though you're basing it on PI living, nothing says you can't develop a separate channel and/or continuation of this channel based on living back in the states for a while. Every bit you can save and/or, especially, build up in a monthly income stream can make all the difference...realizing that over a certain amount--which is about $22,000/year, Medicare will screw you and take $1 out of your monthly SSI for every $2 you earn ABOVE that cutoff---and over an even higher amount annual income, the Medicare will withhold $1 for every $1 you earn on ordinary income. Unfairly, and showing the US's preference given to the rich and well-to-do, they do NOT count investment income. So, for example, if you've saved $1 million and make 5% on it yearly, it adds, before taxes, $50,000 to your gross income, but Medicare does not count that towards your annual income cap; however, for some poor working class person who is forced to stand on their feet at Walmart or Burger King for eight hours a day just to make ends meet and is bringing in an extra $15,000, Medicare will withhold some of that extra income...meaning that the poor people who can LEAST afford SSI reduction are the ones that Medicare screws...and not the upper middle class and rich. Good luck to you!!
You are not alone in your situation. Because of your ignorance of retirement planning-again, like most of us-you are in the situation you’re in. I really appreciate your accepting personal responsibility for your situation. I wish you the best and hope that you find a way to be comfortable in your retirement.
My advice to everyone but to each his or her own. Take your SS when you can take it. To me it makes total sense to take it early. Tomorrow is not promise to any of us. SS is hoping you will die before you can take it at, 67, or 70. Your life is not Vegas don't gamble. If you are in good health or not grab it at 62 and if you don't need it then invest it and let it grown and decide when you want to withdraw it. But don't leave that money on the table at 62. NOT NO BUT HELL NO! Great video Calvin.
I tell people this all of the time and I'm neither retired nor near full retirement age, but all one has to do is the math. The SS administration uses waiting until 70 as bait in the hopes that more people will go for getting a few $100 more per month. If I wait until 70 I could get $500 more per month but would be leaving more than six figures on the table if I did and would then take me 18 years to make up for the loss. Delaying your SS benefits the government, not the people.
I have four retirement pensions that add up to 110,000 and a fat savings. But I am 66 years old, and I would give up most it to have retired to the Philippines at 50 years old.
Texas has no state taxes, the cost of living is low, much lower the Cali, I was born in Cali but moved to TX in my early 20's, in our 50s and 60s, it isnt too late, investing in the market, working part-time, I even sold cakes and cupcakes, just live your life and do your thing, be blessed.
I agree. But but refugees from California are moving to Texas and they are raising the cost of living is some cities. Fortunately, Texas is a big state, so there should be places with a lower cost of living than the big cities.
I retired at the age of 51 16 years ago from a low paying government job. Just sold my home and moved to one of those senior warehouses. lol. My home was starting to cost too much to maintain, homeowners insurance and house taxes were rising too quickly, repair people are charging too much to repair anything that breaks. My income is ok for now but anything can happen so I will be checking out other countries. I worked 27 years for one company and I am still here, most of my friends and co-workers have already passed away. Enjoy life as much as you can.....😁😁😁😁
When I got here I was living paycheck to paycheck. Now I’m living pension check to pension check. Less than 1000 a month. I am very happy couldn’t care a less about money never did
From the IRS: When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits. As a self employed person it would be helpful to have lots of expenses! Its net income not gross income!
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This is my first time watching. You are the first man that I've heard be so transparent about money or the lack there of. Kudos to you for being so open and honest.
This is my first video too. I’m 63 years old and still working. I still don’t know “how” much money 💴 needs to be saved? I do have a 401K… but, how much should we have saved? The mystery continues…
@@Mslexus134 You need to understand how much you spend before you can know how much you'll need.
@Mslexus134 I believe you add your monthly expenses, multiply by 10 or 20 years, and that gives you an idea of how much you need to have for retirement.
@@alexguzman743 wow 🤩! I will do the math 🧮 to see and get an honest assessment of “how” much money 💴 I should have saved. I greatly appreciate this very valuable tip.
Thank you for this video because all I ever see are money shaming and hearing you mean you DON’T have 2 million saved for retirement? What have you been doing?! 😒
A lot of people spend more time planning a vacation than planning their financial future.
So many things go into retirement and so much time to get to retirement that so many things can go wrong. Such as health declining, dying losing many jobs etc
@@jarvisaddison8560 Yes! And lots of people wait until retirement to "live"...vacations, hobbies, relaxing, etc...then die!
Dude looks in good shape for 61.
hes broke
Black don't crack
@@GregF-k7wMore to life than money 🤙
😅😅😅@@GregF-k7w
We are the same age. I am a black American and I have a house in Thailand on 8 rai of land. I also retired at 57. This is where I want to help you young people out there. Finish school and get that Federal, state, or city Job. 20 to 25 years and done. With a pension. Here is what is essential. Join the reserve no matter what branch you choose, do that for 20 years at the same time, and get out. Before reaching 50, you could retire from both jobs and collect your pensions. Take that money anywhere in the world. Also, learn how to invest in the stock market. Keeping your money in the bank earning crap interest rates is not an option. Last, start an online business selling something online. Follow this simple blueprint, and like me, you could be retired by 60, making at least $8,500 a month, waiting for your S.S. payments to kick in. Good luck to all! 🙏
Yes, all of that is good sound advice. A financial planner who appears here on RUclips says one should have a paid up house and 500k in the bank prior to retirement.
The plan you laid out is doable for a young person. Many fail because they don't have a long term plan nor vision. The American pursuit of ostentation snares many. in a dangerous net. Thanks for your advice. I will share it!
I thought retired reservists don't collect retirement pay until they are 60 yrs. Has that rule changed now?
@@KhemistryIBMOR I was able to get it 49. It depends on how many points you accumulate. But yes, overall, 60 for reserves and guards. I also served in both Gulf Wars, so I racked up a lot of active duty time. I retired with an E7 pay grade.
@mysticalenergyvibes5320
Good stuff! 🙂
Im Army Retired , I get SSDI and And 100 percent VA and I have been retired for 18 years and receiving my pay for 15 yrs and live well for sure here in Louisiana and I own 3 homes and I'm blessed for sure.
I worked with people who died on the job and never collected a penny of the money they saved. Pat yourself on the back. Wishing you continued success in everything you do.
Thank you so much for your support!
Count your blessings. You got your health and $3k a month. God gave you a good brain with 20/20 hindsight. My advice is don't drive forward looking in the rearview mirror.
At his age hes completely in the decline
Join the club
Best time to plant a tree was 20 years ago
The next best time is today
Keep on pushing
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
@@PatrickLloyd- How do I get involved in this? I am excited to take part because I genuinely want to build a stable financial future. Who is the main inspiration behind your accomplishments?
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Health is Wealth.
100% I would trade money for more health.
I just turned 51 and this subject has been on my mind for a few years now.... One of the realest vids I've seen on youtube...
Took ss at 62. Now 78. Never regretted it. Some people delay taking it and die before getting it.
That’s so true. So never get a chance to retire they die before 50. Wonder what they do with the social security they never collected? It’s a rat race and scam!
Congrats I'm turning 60 in March 13 2025 but can wait to turn 62 im also getting of da hamster wheel hope Trump doesn't raise the retirement age in his first 2 yrs or gut da payment to half 🤞🏻
@@MR-rd7el if he does raise it that won't affect us. I'm 60 in April.
Exactly. Savings is a must. So one can walk away from whatever job that stresses you.
And some people take SS at 62 and are still alive at 82 and cannot survive cuz they took a 30% haircut on benefits at age 62!!!!!
I am 53.. 2 more years and I am done. I got military pension and been saving and investing since I was 20.
You shoud tech a class. I'm serious.
Good for you 👍💯💝😊
@@jefferyharris354 what type of class?
Smart
@@blzkstzzdsteedmore people need to know to start investing and saving early. Especially now with very few pensions. Good luck.
You can still do it. I saved everything I have after age 55. I'm sitting pretty at 66.
Thank you for sharing. Encouraging.
How did you manage to do that?
Do what? He’s not going back to work now. The longer you’re out the harder it is.
As long as you don't have health problems.
@goldstandardaviation1667 - Thanks for your comment, I'm in the same boat, 56 and vigorously saving finally at my age for 65. what does 'sitting pretty' look like? Is your savings all in cash or invested?
Don't beat yourself up Cal. After paying spousal support I was left with $1400 a month with a mortgage and car payment. Of course I couldn't do it. House went into foreclosure, sold my car and slipped away into the night on a flight to Manila.
After clearing immigration and customs and those automatic doors slid open and I stepped out into the freedom, my sphincter relaxed and I breathed deeply.
wait.
did You have a Million $$$ in the bank?
Why would Phillipines let a broke person move to their country?
Happy for you that things are working out.
@solarguy1702: May I ask, "How long ago way this, and what are you doing now to make ends meet?"
@unclemo-ch6kk retired with a pension and SS
@solarguy1702. Copy, thanks.
Thanks for laying yourself bare and being vulnerable enough to say what most people wouldn’t. More people are in this situation than not, men and women so you’re not alone. It’s refreshing when people are just willing to tell the truth.
This is one of the best retirement video's I've seen. Why? Because it's completely honest and there is no fear mongering. In addition the #1 reason is that no matter where you end up in retirement financially you can figure out a way to make it work.
Being retired from the military best decision of my life getting out of the ghetto to now at 47 I’m able to live abroad anywhere I want thank GOD 😊
God should be capitalized
@@olowasegun6829I thought the exact same thing.
Same here Brother
@@olowasegun6829 no it shouldnt if he didnt want it to be.
How come all you guys on here are"military"?
I retired at 38! Never looked back I'm living my best life I'm 50 now with a beautiful nest egg! Everything I have is paid for. Before I took the leap I made sure I had zero debt! Enjoy your video!
Teach me your wayss😂..seriously.....how did you do that? Lottery numbers dont like me sooo?
@jeromejerome940 Invest, I began with real estate after a while I would refinance my 4 properties and put it all in Technology and Dividend Equity ETFs, be smart live way below your means. If you're serious start with opening a ROTH IRA 1st.
Being tired of working is a great reason to get off the plantation. You are blessed. Dont have any regrets. The retirement age is ridiculous. Enjoy your life. Stress free.
I keep watching because of the honest transparency.
Thanks for sharing. At least you have good health, and you look good for your age. I'm 58yo, I needed to hear this. I may stick it out a little longer on my current job.
@@orlandorobinson9369 I always tell my buddies don’t quit your day job unless you’re positive you can make it without that cash.
For 61 Sir you put a lot of 18 year olds to shame👍Love your garden❤
Great video, and great information. I love your honesty and integrity. I believe you are indeed going to make it all work out. I'm 74 didn't plan for retirement but the Lord has been good to me. Blessings.
My brother, your words are my words. I lost the stress on one end for more stress on the other. I’m barely hanging on. I was injured and went on SSDI at 57. They don’t let you make anything to survive. At 60 now, I’m not supposed to be wondering what will become of me. Plus I live with regrets daily. Anyway, I’m with you.
Calvin is one rare, valuable human being. A fabulous example.
You’re hardly alone, Cal. Half the people our age have absolutely nothing, and most have very little. They really screwed us over in the ‘70s when they ended pensions and never provided financial training.
Financial Training Is A Common Sense. Living Below Your Means. Many Of Our Illiterate Great Great Grandparent Use Commom Sense To Be Saving And Invest For Later On In Life
@ So by your logic, most Americans have no common sense. The median for retirement savings is about $80,000. More than half have virtually no money at all and, according to Forbes, more than 80 percent are living pay check to paycheck. According to the Fed, about 40 percent can’t cover an unexpected $400 bill and would need to borrow money, if they could. Only 3.2 percent of the median have more than a million bucks - and that’s not a ton to live on if you retire at 62 and live another 20-30 years. I’m not sure if you’re trolling me, are simply super optimistic, or perhaps you’ve been fortunate. Maybe you graduated from university with no loans and got a great job. If so, congratulations! I also was fortunate and my net worth is about $3 million at age 60. But I was very lucky. As you may learn, life often gets in the way of good intentions. Divorces, children, illness, housing, vehicles, insurance, etc., kill many people’s ability to save. The fact that real wages (look it up) haven’t increased for the middle and lower classes since 1979 is critical. That means costs have increased while your ability to purchase has greatly decreased. In conclusion, I hope you do well in life, including financially, but your comment was simplistic, insulting, uneducated, and lacking empathy. It rings of the saying, “If you’re poor in America, it’s your own fault,” which the statistics do not support. Be well and chase your dreams!
I agree. Most people were not taught how to budget, save and invest. It’s definitely not common sense.
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
My CFA Grace Adams Cook a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
I am a first-time watcher, and I admire your decision. It seems that you have thought this out carefully.
Been in the rat race, and the work was killing me physically and mentally. Retired at 55 and moved to the Philippines 5 months ago. Best decision of my life. No more stress and my body is recovering. Plan on claiming SS at 62 because the breakeven point for me would be at 80 if i wait till 67.
My friend you need to buckle down and make some solid hard financial goals. I’m 64 and work from sunrise to sunset. I love my work. Artist, landscape designer, whatever. I like the hustle. You’re still young and obviously fit as fuck. You got this. Let’s go!
Your key point; I love my work. I don't think a person can keep up that kind of motivation and work ethic at our age unless you love what you're doing. So you're blessed that you're able to do something you love. Hope he can find the same...
@ with all due respect it’s not the job that provides happiness. It’s one’s motivation and mindset. Blessings.
Truly appreciate your honesty and vulnerability! This will definitely help someone...it has!
If a person is living in the Philippines and they are not living hand to mouth, this is a great place to be able to put away some savings.
Hey Bruh, start an L.L.C. service business and pay yourself minimal, if anything. Your L.L.C. can make 6 figures and own everything you need to survive. I have a solo blackcar transportation LLC (Uber) and all earnings are credited to my LLC. My car, rent (Home Office), mobile phone, clothes etc., my LLC pays for it all because my LLC owns all of it. I am the LLC's executive manager and the LLC pays me an average of $5 an hour for pocket money. I'm 63 years old. There is no need to retire. Find a low stress side - hustle and live good. The way you look, you could be a fitness coach for people 60+. Heck, I would hire you and charge it to my LLC as part of an employee health benefit. Think about it!
Its tight Bro, I hear you loud and clear, budget, Budget, Budget, Still working on passive here, Its really hard,
Thanks for the Truth!! One of few RUclipsrs that is Honest every-time!!!
I retired recently at 55 because work was killing me. I'm not regretting leaving at all. As far as social security goes I will take it at 62. Waiting until 67 isn't for me. I would have to live until I'm 80 just to break even if I gave away those 5 years. Plus the money will be worth less anyway.
Exactly, 13 years to catch up on SS. I collected SS while working and put it in stock market. Now I’m ahead of the game
@@ScoreGuru123what's the retirement age in UK?
Social security is indexed for inflation (COLA). Therefore, the money you earn doesn't decrease over time.
@@ScoreGuru123 seems like it's still kings and peasants with little in between over there.
How much is enough?
I am 61, retired this year. You are real and make such a great point. US is very expensive now, and $3,000 will not go very far. Live your best life, even if it is overseas!
Im 39, I need to put things in place. Thank you for sharing.
You have plenty of time at 39. Go forth and conquer!
So true. Time flies by but you made it. Hats off to you for making it in the Philippines
I did not learn to make a "money machine" until I was 62. Like Calvin said, we are thought to spend not to Invest. Please keep up the wonderful work!
Could you tell us how! 😅
I love the money machine. I flip stuff and do my side hustles. We call it the ATM!
@@zodglubby I am not a financial advisor. But after I retired, I learned how to Invest conservatively real fast.
I'm 68 and I didn't save with the grace of God I'm still alive he provide all my needs I get the rest still with his help 🙏❤️🙏❤️😂😂😂😂😂😂😂
I have never invested in the stock market, therefore I am incredibly late at 33 and with only about 100 grand in savings. I want to make wise decisions for the future because I'm concerned about losing out on compound interest. Will I still have at least $1 million by the time I'm 65 if I make aggressive investments?
Yes, you can. Investing about 80% of that in the S&P 500 at an 8% annual return will grow to about $805k in 30 years. Financial advisors can achieve 10-15% returns, so do your research and consider consulting one.
Low cost index funds, and diversification is your friend. Don't let your retirement funds feel lonely and left out. Those two are givens..
Most people can be in better situations had they not incurred unnecessary debt. Even having $1k to your name without debt is better than having debt in the six-digit figure.
Also, your lump should be put in cautiously , I personally wouldn't use most of it in the stock market. I don't think you're in a position to invest much* (keyword).
I hope my advice helps, good luck!
@@Tegrityy You have a very valid point, There are tons of benefits to having a financial advisor, but here’s one example: My advisor based a small part of my portfolio on Nancy Pelosi’s portfolio, which is completely legal. That portion has gone up 41% in just six months-take that info as you will.
@@Hesse-Kassel I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Melissa Elise Robinson is the advisr I use and im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Keep going the way you want, I’m 57 and just retired two months ago. I don’t think very many of us really know if we have enough money to retire.
I’m 58 and I have about $250k liquid in savings which I plan to put towards becoming a homeowner but based on the current high prices on real estate, do you suggest I hold from buying or do stocks for now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
CAMILLA MARIE FULLER... has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
The days are long, but the years are short. Prepare for retirement.
@@MCC876 nice
Wisdom
When your working invest a chunk of your salary in index funds each month. Thats all you have to do. You dont need to be some fance stock picker.
Yes, that you need to be a stock picker to grow investments is one of the great myths of money management. All you need is one broad, low fee, fund and your good to go. Don't need no damn money manager to jump in and out of the market for you either. Most index fund fees are so low these days they are almost free (This message approved by Jack Bogle :)
Is that like the S&P 500?
@@fendermon Is that the S&P 500 or what do you recommend?
Thanks for making this. I’m in my mid 30s and this is the message I need to hear. So many RUclipsrs only talk about how they have it all together.
If you can't afford to live in the u.s. The philippines Not a bad place to pick
I got here 5 years ago with 2k USA I'm still here living very well on 1.5 k per month family of 3
How is it you haven't been robbed and murked yet? My friends told me ghosts fall victim to that kind of crime alot over there.
@moseskongi4746 that's bull the philippines is very safe place
Problem with expats depending on Social Security to live abroad, the SS fund will be depleted by 2033. The simple fix is to remove the SS cap. The current cap is $160,200. Meaning anyone making $1 dollar over that doesn’t have to pay into social security. Good luck counting on Congress to lift the cap. If you’re counting on social security,better have a big off ramp. Or risk your benefits taking a big hit. And, SS cost rise faster than projected, funds could run out sooner.
@raymondwalker2048 they took mine AWAY when I lived in mexico
@@raymondwalker2048 People have been saying that for 20 years. It could happen but it is not any more likely now then it was 20 years ago. But sure I would not depend on it any more than one can depend on anything financially.
You had 7 years of savings to get you to 62, you did something right..
I didn’t learn about the rule of 72 in investing until I was in my 50s. But I am 61 now and plan to retire at 65. But my 401K will be close to 1-mil by then. It grows fast once it hit 100k. I retired from the military and been working another pension career now for 16-years. I will hit another 20-yaar retirement at 65. Will retire with two work pensions, SSI, and the 401ks. Life happens fast and most don’t plan for it.
Keep sharing that what you said above. Life goes by quickly and if you have not made good financial decisions...
I know a few who are having to work in their 70's just to make ends meet. But they lived without financial literacy. No one gave them the insight of how they would need a solid income flow to retire decently.
Lucky You.
I appreciate your honesty, Sunshine. Luckily, you're a smart, resourceful person who understands how to move in different surroundings. I enjoy your videos, and I hope you continue doing what you do.
NO REGRETS. living my best life in Portugal living on 3k per month
I watch your channel from time to time and you shared in your videos that you have amassed 1 million+ in assets. Clearly, the same is not true for him. Please keep in mind that you are choosing to live on $3,000/month, but he has no choice and his income could be reduced at anytime, if his RUclips channel doesn't generate enough ad sense. It's certainly not a good predicament, but he appears to have good health, so all is not lost.
Great topic, Im retiring at 62 in june 2025.
Panama next to costa rica, I'LL GET ABOUT 1150. MTHLY from social security.
Got about 10000 saved.
Not much I know but I feel great about it, Its only me and I dont eat that much.
God bless us all, Amen.
@@vincemurry4201
Dammmm
$1,150 per month doesn't sound like much.
But it will Definitely be WORSE if you stayed in the United.States.
So you most likely have a better chance of success outside the couhtry.
Do you already speak spanish?
Hola! If you can practice economic arbitrage, just do it! I l am able to live and eat like a Rey (King) on less than $1100us per month a little over a mile from the beach in Mexico and it ends up I usually save and invest more than I spend. That includes full coverage IMSS health care. Vince, if you only have what you do coming in each month maybe consider getting a roommate to share your costs. Your money will go much further. Have you visited Panama? It's pretty hot and humid most anywhere you would live. BTW- I just ate a lunch of two freshly caught fish tacos con todo for $2.70us! That includes the standard tip in Mexico of 10%. Practica tu Espanol y buena suerte!
@@HughJass-313 He must have only worked not even ten years to be only getting $1,150 from SS. Guess he lost alot of prime earning years while being in prison.
@@davidsebastianelli1326
Holaaaa
Cual Ciudad y estado en Mexico?
How long you been there?
Do you like it?
☀️😁☀️
Live in $1150 a month, how are you going to pull that off? That’s poverty level. Is that cheap in Panama! Best of luck-
Great video ...everyone should watch this video ! On the pearls on not saving towards retirement. I hope that your health stays strong !
Thanks for bravely sharing your story, your mistakes and what you're doing to move forward. Hopefully you will help others. Our stories are very different, I've worked hard to save for retirement since my early 20's and have had some success largely by adopting a frugal lifestyle because Lord knows our income wasn't very high, even now. Along the way I quickly discovered that this is by far the best way to live and we're not going to change no matter what comes along. As a metric, my wife and I spend $2,200/month with a paid off home and no other debts here in the U.S. The best part is that we can easily weather all financial disruptions like they're not even there because of our frugal and flexible lifestyle that allows us to easily pivot to other options.
Cheers!
So happy to see your face!!!! I enjoy your truth and transparency when it comes to those that are hardworking to the bone and have nothing to show for it. You are MOTIVATION!!!!! THANK YOU!!!!!
Appreciate this video Calvin- sincerely- keep winning
Your looking well and healthy in your retirement Mr Sunshine Shoulders. I think you made a great decision. Best wishes and best of luck for the future.
Thank you.
Always good advice and observations from the "Calvin Channel". Thanks for all you do from Fred in Thailand.
Appreciate your honesty Sir ! Good luck and prayers for you and your family !
I'm glad I started contributing to a 401K 25 years ago and a second one 7 years ago. Now I have 400K combined at 60, and still working. I'm planning on retiring at 63, and start collecting SS at 64, maybe wait till 66. I'm a Veteran, so I get medical coverage through the VA. I only served 3 years in the Marines, but I'm glad as heck I did.
Did you serve in the Gulf war?
@@joeblack6886 No. The gulf War was after I left service
@@humbertothebeliever2443 ok. was thinking maybe you could get some va disability benefits.3
@@joeblack6886 Oh..Ok.
Appreciate the real talk .. We need more of this.
Warren Buffet made 90% of his money after age 60 Now he is 94. Start saving and studying investment
And he lives as if he doesn't have the money. What was the point of it all?
At least he has the option of not working again@@Jughead24
@@Jughead24 He enjoys the process. Not everyone hates work. Many of us actually get joy from building things.
@@LegalAutomation building things?
I never knew that
Thanks for sharing and being honest. I retired at 50 and wasted most of my retirement savings. I'm rebuilding my retirement one day at a time. Keep going it gets better with time.
Respect for being honest and upfront Calvin. The part B medicare for me was a tough decision at 65 for me, to have $200.00 deducted from my monthly SS check for a benefit I can't use here. You have a few years to see how things go, but for sure all will be well. Take care and be blessed always.
Fly to Guam for medicare medical
I just found this out (the deduction) from a friend who retired last year. He’s good with his pension. However he’s weighing options as he hits 62 next year. I hadn’t realized that non-trivial amount was deducted from SS.
Much respect and thank you Calvin for talking about this.
Is the health care free or lower cost in Guam?@@setha360
THANK. YOU.
For sharing your story.
Wise people will heed, and take note of what you're saying.
I did 21 years in the military... Retired Army. And 15 years early retirement from the postal service. Both was the best decision I've ever made in my life. Permanent retirement at 55 years young.
T hi os ain’t the spot for happy stories
same here,,,i took the early retirement offer in 2012, retired at 56 with 23 years. But i also matched the govt matching for my tsp. I lived in cebu city for 7 years, but went back to usa. Now i just visit each year,,,living the life
That’s the best anyone could do for themselves! Enjoy life and your health!
I had a 39 yr career and retired at 63. I invested and saved during those 39 yrs. I have pension, rental income and will receive my 1st social security check this month. I turned 65 two weeks ago. My full retirement age is 67 n 10months. Additionally my 401K is healthy. I can live and am living comfortably without the 401K. I retired well but I was still very uncomfortable with the decision. I have no regrets now. It was a good move. Retiring at 55 crossed my mind many times but the numbers didn’t add up. I’m very happy I stayed the course and hope everything works out for you. I have friends that did the same as you and for a few years now have finally admitted it was the wrong decision. Whatever your case turns out to be, you will make it.
I have a year left to collect my pension and 401k. 75% of the 5 highest years of my average salary. Keep my health insurance, life insurance and tuition benefits.
I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at
55. How best do I maximize my savings of over $500k +
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 15% short of my $3m retirement goal after subsequent investments to date
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
Be grateful for your good health. I'm not even 60 yet and my health is already going down the drain.
In my opinion, the best medicine for bad health is fasting and good food. Eat lots of veggies, some fruit, exercise and get at least 6-8 hours of rest/sleep everyday. Cut the sugar, fried food, alcohol, and other bad habits. Check with your doctor first and start living healthy.
Thanks for the transparency my Brother. Good information
Straight talk Cal.. Good conversation!
Thank you for your honesty 👍🏾
I'm 55 and have been feverishly planning for retirement since my 20s. I still work 7 days a week, 14+ hour days - saving, building businesses, and investing. My wife and I have 5 adult children.
The goal is simple: Change my family's DESTINY!
Why? To avoid the exact situation that we are watching in this video!
Thank you for this. We need more people like you with a voice in these spaces. People get trapped in an echo chamber full of lies. I really appreciate u for being open and honest.
I am 59 years old and have no idea what the future holds.
Hi Calvin. I was also born in May 1963. Snap. Not going to return to work and currenlty taking all my leave and that will run out when I hit 62. Next June, I'll be taking an income strream from my accumulated (Australian) superannuation fund. I only have a modest amount so I'll be working to a budget. I think it's not too early. In 15 to 20 years time I'll be rocking in a wheelchair if I'm lucky so it's time to jump. I hope to retire in SEA and try to do what you suggested in your last video about renitng and moving around. All the best Calvin. I really like listening to you.
100% Authentic. I needed to hear this video. I'm 52 and been going back and forth daily with this retiring decision. Been to the Philippines enough....14x....to know it's not paradise.
PARADISE = HEAVEN.
We're still on earth .
@ScoreGuru123 Eternal Peace is Heaven to me
Western Country Is Not Paradise 😅😂 Lands Of Stress And Depression 😅😂 Most People In USA Are On Some Kind Of Medications Including High Blood Pressure Is The Number 1
Being mentaly and physically tired is a good reason for what you did. Your health is better and you look amazing, if you had stayed at work you probably would not be in good health. Try to grow your RUclips channel.
I love your honesty great informative video quite frankly it’s eye-opening. God bless.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Really like your honesty and advice mate hope you're able to work things out
I really don’t think you made a mistake by retiring early you saved yourself from the rat race
WOW this video has help me a lot. thanks for telling the truth
Hi Calvin. I recently subscribed to your channel and have enjoyed the two or three videos I've watched. I particularly liked your open, honest, heartfelt advice in this one...and sharing about what you see as some of your bad decisions. I also admire your determination to succeed. I you don't mind, since some of my background is in finance and I also have an MBA, and so while I'm not an investment advisor, retirement planner, CPA, or tax expert, I do know a fair amount in general about budgeting, investing, and retirement, and thus, here would be some food for thought: 1) You can't change the past, but you can change from this moment on, and so don't let momentum and disgust with previous decisions cause you to either give up or stubbornly continue down the path you're on; 2) SSI taken at the earliest age--62--takes/steals roughly 30% of the monthly payment that one would get at full retirement age--which for the year you were born is age 67, and for every year that you can somehow delay taking it, you will be adding about another roughly $120/month to how much SSI will give you, and thus, every year you can delay taking SSI can matter quite a bit. Even two years in delay could make all the difference for you, especially if you stay in the lower-cost PI or go back to the states to work for just two years and then return to the PI.; 3) Given what I've said, and given what you implied/said about your current situation, the first ting you need to do is NOT spend on anything that isn't necessary and also to make a budget and track expenses and expenditures (ALL of each) for one full month--leaving NOTHING out--and see accurately exactly what your "NEEDS" are, how much you have coming in--or how much you're using from savings, and how much you honestly need to just "break even"/get by each month. And, consider one of two options--a) stay put in the PI but cut expenses as much as possible and ride it out until age 64 or 65, just to get a fair amount more monthly for SSI, or b) return to the states, living as cheaply as possible for two years, because even if you just break even on what's coming in and what you're having to spend, you are not depleting any funds AND you are "buying time" until age 64 when you'll be able to get a fair amount more--perhaps around $225 more per month...which if you then return to the PI, should help you live more comfortably.
I would also recommend that you quickly educate yourself--through reading and viewing things like RUclips finance/retirement channels/etc.--with one of my favorite for retirement/SSI being "Holy Schmidt!" by a CPA. There are some other reputable channels on here that cover various investing/retirement/SSI/finance topics. Just look for those where the person isn't trying to sell you something and also has good credentials. Also, obviously try to build your channel...and though you're basing it on PI living, nothing says you can't develop a separate channel and/or continuation of this channel based on living back in the states for a while. Every bit you can save and/or, especially, build up in a monthly income stream can make all the difference...realizing that over a certain amount--which is about $22,000/year, Medicare will screw you and take $1 out of your monthly SSI for every $2 you earn ABOVE that cutoff---and over an even higher amount annual income, the Medicare will withhold $1 for every $1 you earn on ordinary income. Unfairly, and showing the US's preference given to the rich and well-to-do, they do NOT count investment income. So, for example, if you've saved $1 million and make 5% on it yearly, it adds, before taxes, $50,000 to your gross income, but Medicare does not count that towards your annual income cap; however, for some poor working class person who is forced to stand on their feet at Walmart or Burger King for eight hours a day just to make ends meet and is bringing in an extra $15,000, Medicare will withhold some of that extra income...meaning that the poor people who can LEAST afford SSI reduction are the ones that Medicare screws...and not the upper middle class and rich. Good luck to you!!
Thanks for your support and feedback it's a lot to consider.
Best of wishes. And thank you for your honesty.
Thanks!
You are not alone in your situation. Because of your ignorance of retirement planning-again, like most of us-you are in the situation you’re in. I really appreciate your accepting personal responsibility for your situation. I wish you the best and hope that you find a way to be comfortable in your retirement.
My advice to everyone but to each his or her own. Take your SS when you can take it. To me it makes total sense to take it early. Tomorrow is not promise to any of us. SS is hoping you will die before you can take it at, 67, or 70. Your life is not Vegas don't gamble. If you are in good health or not grab it at 62 and if you don't need it then invest it and let it grown and decide when you want to withdraw it. But don't leave that money on the table at 62. NOT NO BUT HELL NO! Great video Calvin.
@@CoachDarren agreed
I tell people this all of the time and I'm neither retired nor near full retirement age, but all one has to do is the math. The SS administration uses waiting until 70 as bait in the hopes that more people will go for getting a few $100 more per month. If I wait until 70 I could get $500 more per month but would be leaving more than six figures on the table if I did and would then take me 18 years to make up for the loss. Delaying your SS benefits the government, not the people.
Amen, brother. I appreciate your candidness. I hope some younger individuals hear this now and learn something. God bless. Stay well.
I have four retirement pensions that add up to 110,000 and a fat savings. But I am 66 years old, and I would give up most it to have retired to the Philippines at 50 years old.
why?
Lucky You. Panama Too.
YOU APPEAR TO BE IN GOOD SHAPE. CONSIDER BEING A FITNESS/WELLNESS INSTRUCTOR FOR EXTRA FUNDS!
Texas has no state taxes, the cost of living is low, much lower the Cali, I was born in Cali but moved to TX in my early 20's, in our 50s and 60s, it isnt too late, investing in the market, working part-time, I even sold cakes and cupcakes, just live your life and do your thing, be blessed.
I agree. But but refugees from California are moving to Texas and they are raising the cost of living is some cities. Fortunately, Texas is a big state, so there should be places with a lower cost of living than the big cities.
Your helping me brother. Keep it real. Thanks.
I retired at the age of 51 16 years ago from a low paying government job. Just sold my home and moved to one of those senior warehouses. lol. My home was starting to cost too much to maintain, homeowners insurance and house taxes were rising too quickly, repair people are charging too much to repair anything that breaks. My income is ok for now but anything can happen so I will be checking out other countries. I worked 27 years for one company and I am still here, most of my friends and co-workers have already passed away. Enjoy life as much as you can.....😁😁😁😁
Great video. I will send it to my FBF as a teachable moment.
When I got here I was living paycheck to paycheck. Now I’m living pension check to pension check. Less than 1000 a month. I am very happy couldn’t care a less about money never did
Good for you
Heartfelt vid! We're born the same year! I retired 5 years ago.
From the IRS: When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions, and vacation pay. We don't count pensions, annuities, investment income, interest, veterans benefits, or other government or military retirement benefits.
As a self employed person it would be helpful to have lots of expenses! Its net income not gross income!
Thank you for sharing your experience.
I retired at 46, pension 4k a month..no bills, only cell phone bill..so i budget living in phillipines...gona check out other places also