Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
It's a shame that many don't have this information, leading to anxiety. For me, I've made over $35k effortlessly with an advisor, consistently getting returns despite economic changes - the best part is, it doesn't demand much effort.
*@donaldsimeon8606* Who is the professional who is advising you, if you could perhaps tell us? As a novice investing in stocks without the correct direction of a professional, I have lost a lot of money.
Research and choose someone with a plan for consistent portfolio growth; "Camille Alicia Garcia" has done well with my investments, and I believe she has the qualifications and expertise to help you meet your goals.
I've proactively looked into Camille Alicia Garcia online, checked her credentials, and I am impressed with her expertise. I've contacted her to discuss my detailed financial market goals.
Congrats! You are like me. I retired about 6 years earlier than planned (was going to work to 60 years old) due to toxic office and I retired in 2022. Best decision since now full time globetrotter ticking off bucket lists 😀
You retired at 53? You must be fucking lazy as hell if you're retiring that early. I don't want to ever retire cause being off work much longer then the weekend I feel so lazy and don't know what to do with myself and am just glad to get back to work.
I’m 55. I was definitely a latchkey kid. I raised my brother. I raised myself. I have no pension. I got my masters degree. I paid off my loans. I bought a small condo when I was 40. I am alone. I live simply. I contributed to a 401k for most of my career. After all these years, I have less than 100K never mind one million dollars. I just resigned myself to the fact that I will work until I die at my desk.
It sounds like you are making a lot of good decisions. It's not about how much you make, its about how much you keep. If you keep your expenses low, have no debt, you'll need less to retire. Depends on if you are in a high or low cost of living area. Maybe crunch some numbers. What if you bought a duplex and rented out one side lived in the other side and kept the condo as a rental. I know it's tough to get things to pencil in real estate right now. But a little extra income could probably go a long way with someone in your situation. These are the ideas I talk about on this channel.
@@TheRetirementality hello. Thanks for responding. I live in Connecticut, so it is a high cost living area. I’m 16 years into paying my mortgage and I have a good interest rate. Im really not interested in buying real estate now and being a landlord. I want to do less. Not more. I paid off all my credit card debt and personal loan. I have No car payment, but I pay very high car tax in my state. I’ve subscribed to your channel. My ideal is to get out of my soul sucking job at the beginning of next year. I’m tired of driving over 100 miles per day. I’m tired of sitting in a grey cubicle of h*ll. I actually don’t want to die at my desk. I’m looking to see if I can survive on a part time job. 🙏
@@SDsearcher I can understand that. I've actually never had a soul sucking job so I'm very fortunate there. But I am lazy by nature. I can promise you that I spend way less time on my long term rentals than a part time job. My short term rentals are work, but I'm thinking about converting them to long term so I can do less too. Next month I'm going to look at some options outside of the US to live a less expensive but more fulling lifestyle.
Same here. Fortunately I work a desk/road job with not much physical exertion. So I can do this into my 80' barring any health issues or unexpected circumstances. Although I'm saving and have been for years it probably won't be enough. So my retirement plan is to die at work.
@@JimBob-rr4rh it’s truly disgusting isn’t it? I’m going to die at my desk too, just like you, and just like so many others. I haven’t even been on a vacation since 2011. But that is how they want us. Exhausted, depressed, and hopeless. We work our whole lives and for what? At 56 now…..it took me long enough….I see how utterly rigged this working 40+ hours a week is. I did all the “right” things. Did the school, bought the house, work full time. And still I struggle. I thought by now I would be able to enjoy my life. In fact it’s quite the opposite of enjoying my life. I despise my life at the moment. And my health insurance is terrible to boot.
Oh hell no, we'll never retire. We're all broke, drowning in healthcare debt, watching the legacy of our parents being sucked away by insane prices of upkeep for both home and land. All 3 kids, 2 gen x-ers cannot pay the exorbitant taxes in our land. We manage a miracle yearly. We cannot AFFORD to keep the wealth that our parents struggled to grow. Our family IS the title of this video. My mom still works at 78. I work with seating sciatic and shoulder pain. There's no lazy involved and we're frugal people. I don't HAVE a credit card or credit card debt. I drive a 3000 car that I speak to kindly daily. This is us.
This story breaks my heart. I hope you will stick around the channel. Not everything will apply to you, but some videos will. I plan to do some money saving videos and how to reduce spending too. Tell your car I said hi and that I said she looks pretty today.
Pensions are going bankrupt. It won't last forever. Most states owe billions of dollars in unfunded pension liabilities. I hope that you understand that. Look it up on Google yourself.
My wife and I are in our fifties, we're doing great so far. We'll have about 1 million from our investments by the time we retire. No debt and the house will be paid off before retirement.
That's awesome. I always say "figure out what you want your retirement to look like so you can figure out how much it will cost. Then you will know how much money you need.".
BS. Not all of us Gen X were dumb, greedy and impatient. I was never sucked into the Slave Plantation of Marriage/divorce. Retired at 48 on a large Define Benefit Pension all because I listened to my Dad in the late 1980s, stuck with a good DB and a Govt job for 30 years. Still buying physical Gold and Silver.
I'm a GenXer too. I don't think I said we are all all dumb greedy and impatient. But, that's awesome that you were able to retire at 48. Working for the Govt is a great way to do it.
@@TheRetirementality We are looking forward to focusing on our health, spending time on our passions, volunteering in our community and spending time together and with our friends and family.
Great video and I hope Gen Xers are listening. The wife and I are both 62, but I retired from Teaching Golf and Tennis at 60. However, my wife is a banker and was talking about saving for retirement when we were 28! LOL. She wants to work until she is 65 and worked from home, so not a big deal. She drove me nuts with that, but now I am glad she did. We paid off our second home, cars, credit cards, etc. by 60, and have no debt. With that said, I know many people who have retired, and none of them had the money that so called experts recommend. I even know some that sold everything and moved to Mexico, Spain, Thailand, etc. They are very happy, too. I even visited a few of them and they are renting beautiful homes. Great food for thought, sir. I cannot wait for my wife to retire so we can travel the world.
As a woman gen x'r. On the upper side of gen x. No daycare No career for single parents. I take a bit of offense to "we didn't save". What were we suppose to save? And if you did save it or build it, as a woman keeping through divorce court is still a struggle that is mostly lost. Child support also a joke. You are surprised I didn't save it, I am surprised I managed to own a home out right.
I can retire at any point, and I'm 50. Only reason I haven't yet is because I would get bored. I'm waiting for either the next crash to occur in the market, or to get irritated enough that I no longer want to travel for work. The biggest problem we had is that the nuclear family was dismantled via politics convincing women they didn't have equal rights, when they achieved that in 1974. Single parent homes were destined to be poor. Just a fact of life. Yes, this was a desired outcome. Also, this means that men that realized this early are very well off since they didn't get involved in that resource sucking vacuum that was artificially created by law and policy.
I remember how scared I was the FIRST time I lost my key to the house. I got home from school and was locked out and thought I was going to be in huge trouble for losing the key.
Late to the video! You just came up in my feed. Enjoying you videos! 1969 latch key GenX here. Agree, no one to tell us what to do. Only that we’d have to survive on our own with no SS. I personally understood to mean I needed a plan.
Yep, our tribe should have learned that lesson better than anyone. But, I also just saw a video that said we are the ones they used to test the experiment of canceling pensions... and we didn't do well. But, that makes sense. I think most Gen Xers will get some kind of inheritance that might help bridge the gap of where they failed. I will do an update on this video at some point.
Born 1969. We've been told since we were in high school that we won't be able to retire. Our parents didn't have to "save" for retirement because their employers did it for them. They also got decent inheritance from their parents. These days, baby boomers are blowing through their retirement savings and are going to lean on Generation X (again) to get them through their end-of-life care. Generation X women, specifically, are spending middle age in caregiving situations. How am I supposed to save for retirement when all my savings is going to care for elderly parents? Yeah, retirement was never something I thought I would get. Retirement is for the 1%, not for the average joe.
That's a good point about taking care of elderly parents. I am fortunate that my parents should have the money to take care of themselves but I'm not sure how much time and effort it will require from me. Stick around the channel for more ideas on how to retire.
The 1% get something better than retirement they get too big to fail. They create a housing crisis they get bailed out for inflating the market and the average Joe pays for it and loses his home. The same with Wallstreet, motor companies etc, the system rig. How are we in a fair capitalist society when businesses are too big to fail. So we no longer get pensions we get the jobs that built the middle class outsourced to a communist regime. The irony is almost laughable if it wasn’t so sad
@@diggernash1As usual, the entitled Gen X mentality. The baby boomers saved that money and if they want to spend it on themselves, then they should rather than pass it down to lazy Gen X, Gen Z & millenials!
Kids on the payroll definitely will prohibit a retirement. We are teaching our young adult children how to be financially responsible and accountable to themselves.
People born in 1945 to 1955 had it the absolute best! I was born in 1962...and I HAD a huge problem with the stock market corrections, economic fallout of my era....but i still did relatively well...i always said, I feel bad for people born in 1965 to 1975 as they MUST have had it worse than me!
I was born in '73. Nothing is easy. I think everyone just needs some better financial education when they are growing up. I think one advantage younger generations have is they know there won't be pensions and probably no social security. So I think they are actually planning for retirement sooner.
Its impossible to make such a general statement for Gen X. They never did and are still no closer to being able to figure us out. To varied and unquantifiable hence the "X". Personally quit what I consider to be my last job this year. Not traditionally "retired" ( later Gen X so what is "traditional" anyway?) but out of the "traditional" job market still in my 40s. But thats just me every Gen X er has their own thing.
I agree with your points, but it's not a "general statement" if the statistics show that the majority of Gen Xers don't have enough for retirement. Obviously so do and some have retired early (like you and I). But most have not. And since we aren't whiners I think a lot of them will be able to figure it out later in life rather than saving up their whole life.
One thing to remember is that once you save that first $100K, that balance will go up faster because of compounding interest, and the same is true for each $100K benchmark thereafter. At 46 I’m behind where I want to be, but I just hit my first $100K this year and I plan to continue to devote at least 50% of any raise I get to my retirement savings for the next couple of years. If the market performs well, I could easily hit $200K in five years, $300K four years after that, and so on.
My parents advice was to find a career that I desired that offered a pension and good benefits, they were so right… even though I worked a second job during most of my work life, it allowed me to raise a family and put some saving away which now provides the 3 legged stool at 62.
That is great. You're a little older than me. I think that by the time I entered the work force pensions were gone. But, to be fair, I guess I wasn't looking for them either.
Ok, Thanks for the comment. I think I will work on something. I've been researching this idea for a long time, but this is the first time I've mentioned it.
I'm 55, a Chef. No Ira, No savings to speak of. No pension. Lived outside the US for 20 yrs, so no social security. No health insurance. Only started thinking about retirement 3 years ago. If everything goes to plan ( even 60% of the plan), I should be able to retire in 8-12 months from now. How? I study everything. Systems analytics on a global scale as well as the micro. Butterfly effect. We always taught to look at the " bigger picture" Most people can't "see" beyond 30 miles of where they live.. I look 24,000 miles..... global, regional, by country, Provence, town and village... Every ocean, sea, lake and river... Then focus those infitesimle about of factors into the banking system, start with the BIS and work down. I don't need to know how, why, or what makes things function. Understand what its function is and then assign value, invest.
It's true your money can go a lot farther in some places. I just recently done videos about retiring in Spain and in Puerto Rico. I'm looking outside of the US too. I tried the USVI and your money didn't go very far there. 😂
Yea, it's not what make... it's what you keep. And it's a mindset. I said in my last video. Stop watching about how much someone else makes, or saves, or spends. Watch videos about how to increase those things for YOU.
I have a video about retiring in PR that I've been working on for several months, but I can't seem to finish it. But, I am looking at another country in Europe too. I think I will work on that video too.
Firstly, I am a proud Gen Xer for many reasons. Those who are Gen X need not ask why. Secondly, my entire adult life I did everything right: never paid a dime in credit card interest, never took out loans, never lived beyond my means, paid for my tuition myself or through my employer (a strategic move) and worked for local government to get a pension (another strategic move). A few years ago, though, I realized what the so-called rat race and focus on work and money did to my mental health. Fast forward to 2023: I left the US all together. One major contributing factor to leaving the US was that I could no longer afford to live there. I had downsized my home and all of my expenses. My new home was paid free and clear, as well as my car. I had no debt. I left a six-figure salary with benefits to "early retire" and was cleaning homes simply because it was enjoyable and lacked all of the consequences of a 9-5. Essentially, I raged against the machine and as a result, I was finally truly happy. But after a year, I found that this lifestyle downsize was financially unsustainable, even for someone as frugal as I. Bottom line: I could not stay in America for the long-term, not if I wanted to remain an early retiree. So, I now live in Europe and have not once looked back. I feel extremely financially secure as my cost of living here is 70% lower than that of the US. My outlook on life has changed for the better. Lliving in and embracing a culture of community, as well as low violent crime, natural agriculture, and access to so many countries and languages, makes for the perfect Gen X retirement. I turned 50 this week, and I could not be more happy and secure in my future. @@TheRetirementality
I will have a pension with the state of NC. Believe me, I thank God every day. I plan on retiring at 56 in about 2.5 years. I have no debts, so it will be a lot easier.
I can move to the small town in Tuscany where my grandfather was born and live comfortably on less than $1000 per month, including housing, an Internte Cell Phone, and Healthcare.
Just like that, are you compressing your audio track in mp3 32 kbps before uploading it to RUclips? It sound dull and with full of high frequency artifacts resulting of crappy compression / too low bandwidth somewhere in the process chain. Keep that to AAC 320 all the way ( 160 for mono streams) at least…
I appreciate the comment but it sounds like Chinese to me. I'm not that smart with editing. It is a new microphone that I was trying out. It is a cheap one that I want to have as a backup when I travel. I was in Mexico and my wife broke my mic recently and I learned I needed a backup. I was actually surprised how it didn't pick up any of the background noise outside. There was a helicopter that flew over and guys putting a roof on across the lake and some traffic noise. I didn't think the sound was great but for the money I spent, I liked it. I'll see if I get other complaints. But I do appreciate the "feed back".... see what I did there.
That is the BIG question. That is why I talk about getting income instead of saving up a pile of money. I have zero money saved, but I have rental properties that pay for my retirement.
You had some goog points but it seemed to jump around too much. It seems like it's been awhile since your last video. I missed the death of realtors. Will check it out. Would love to get thoughts on moving to another country to live cheaper and better. What about slow travel options like Dan over at Vagabond Buda does? Would you pick South America countries or South East Asia to move or slow travel? Why? Are you keeping your properties in Puerto Rico? Would they help fund your FIRE numbers? Your take on FIRE is very interesting. I think I was expecting a little more structure and then a good wrap up with actionable points like you used to do. Still very interested in your content and looking forward to seeing more follow up and possibilities of moving abroad 👍🌞💪
Thanks for the great comments. I'm a scatter brain. I even used notes on this one to try to stay on point. If I script things out, I sound like a robot. And if I don't, I'm all over the place. I've been doing this for like 3 years and I can't seem to find the happy medium. My rentals can fund a life outside of the US. They could fund a life in the US but it would be tight. We are also considering doing 2 years of slow travel before we settle down somewhere. I've been kicking these ideas around for a long time. Maybe I need to make a video just about the thought process and what ideas we are considering. I'm sure I'm not the only one thinking about these things so maybe just starting with my ideas will be interesting to some people.
@@TheRetirementality Very understandable trying to find that happy balance and your flow. Try a big white border behind the camera with just bullet points to follow. 🎬📺👍 Reach out to Dan over at Vagabond Buda he enjoys doing interviews. Especially with your properties and how much you had reduced your living expenses when you were in PR. I used to live in "El Valle" a nice colonial in Mexico city loft apartment for 400 a month you can still get apartments and homes for 100 to 400 a month all over. Just not in those expat towns like San Miguel Allende or the hotel zone in Cancun. Playa del Carmen and Tulum used to be cheap still some deals, though. Looking forward to your next videos mate.👍💪🎬
We can plan all we want, however our currency isn’t SOUD. The high inflation effects we’re currently experiencing will be coming in again like waves. Take note what has/is/will continue to happen to the baby boomers.
With today's inflation and interest rates. Retiring at 62 with 1M is probably not enough unless your housing is paid for and you live a simple frugal life.
long story short... it was too expensive. I did a few videos on my other channel about it. And I think I did at least one video on this about why we left.
Yep, in theory that is all you have to. I did it a little different. But, most people don't. I didn't make this up, just google Gen X retirement crisis and look at some statistics. We are the lucky ones my friend.
![YoungBoy Never Broke Again - Missing Everything [Official Video]](http://i.ytimg.com/vi/dTYeMZGzOzw/mqdefault.jpg)
Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.
Yes, I'm in my mid-50s, and a few years back, I moved my investments to my wife's wealth manager. While I haven't caught up to her long-term gains, my current earnings and the growth of my retirement fund, compared to just relying on the 401(k), are pretty satisfying.
It's a shame that many don't have this information, leading to anxiety. For me, I've made over $35k effortlessly with an advisor, consistently getting returns despite economic changes - the best part is, it doesn't demand much effort.
*@donaldsimeon8606* Who is the professional who is advising you, if you could perhaps tell us? As a novice investing in stocks without the correct direction of a professional, I have lost a lot of money.
Research and choose someone with a plan for consistent portfolio growth; "Camille Alicia Garcia" has done well with my investments, and I believe she has the qualifications and expertise to help you meet your goals.
I've proactively looked into Camille Alicia Garcia online, checked her credentials, and I am impressed with her expertise. I've contacted her to discuss my detailed financial market goals.
I’m GenX (born in 1970) I just retired at the beginning of 2023.
That is awesome. Congrats. Do you have a your "retirement life" figured out?
You probably received a full pension
Congrats! You are like me. I retired about 6 years earlier than planned (was going to work to 60 years old) due to toxic office and I retired in 2022. Best decision since now full time globetrotter ticking off bucket lists 😀
You retired at 53? You must be fucking lazy as hell if you're retiring that early. I don't want to ever retire cause being off work much longer then the weekend I feel so lazy and don't know what to do with myself and am just glad to get back to work.
I’m 55. I was definitely a latchkey kid. I raised my brother. I raised myself. I have no pension. I got my masters degree. I paid off my loans. I bought a small condo when I was 40. I am alone. I live simply. I contributed to a 401k for most of my career. After all these years, I have less than 100K never mind one million dollars. I just resigned myself to the fact that I will work until I die at my desk.
It sounds like you are making a lot of good decisions. It's not about how much you make, its about how much you keep. If you keep your expenses low, have no debt, you'll need less to retire. Depends on if you are in a high or low cost of living area. Maybe crunch some numbers. What if you bought a duplex and rented out one side lived in the other side and kept the condo as a rental. I know it's tough to get things to pencil in real estate right now. But a little extra income could probably go a long way with someone in your situation. These are the ideas I talk about on this channel.
@@TheRetirementality hello. Thanks for responding. I live in Connecticut, so it is a high cost living area. I’m 16 years into paying my mortgage and I have a good interest rate. Im really not interested in buying real estate now and being a landlord. I want to do less. Not more. I paid off all my credit card debt and personal loan. I have No car payment, but I pay very high car tax in my state. I’ve subscribed to your channel. My ideal is to get out of my soul sucking job at the beginning of next year. I’m tired of driving over 100 miles per day. I’m tired of sitting in a grey cubicle of h*ll. I actually don’t want to die at my desk. I’m looking to see if I can survive on a part time job. 🙏
@@SDsearcher I can understand that. I've actually never had a soul sucking job so I'm very fortunate there. But I am lazy by nature. I can promise you that I spend way less time on my long term rentals than a part time job. My short term rentals are work, but I'm thinking about converting them to long term so I can do less too. Next month I'm going to look at some options outside of the US to live a less expensive but more fulling lifestyle.
Same here. Fortunately I work a desk/road job with not much physical exertion. So I can do this into my 80' barring any health issues or unexpected circumstances. Although I'm saving and have been for years it probably won't be enough. So my retirement plan is to die at work.
@@JimBob-rr4rh it’s truly disgusting isn’t it? I’m going to die at my desk too, just like you, and just like so many others. I haven’t even been on a vacation since 2011. But that is how they want us. Exhausted, depressed, and hopeless. We work our whole lives and for what? At 56 now…..it took me long enough….I see how utterly rigged this working 40+ hours a week is. I did all the “right” things. Did the school, bought the house, work full time. And still I struggle. I thought by now I would be able to enjoy my life. In fact it’s quite the opposite of enjoying my life. I despise my life at the moment. And my health insurance is terrible to boot.
Oh hell no, we'll never retire. We're all broke, drowning in healthcare debt, watching the legacy of our parents being sucked away by insane prices of upkeep for both home and land. All 3 kids, 2 gen x-ers cannot pay the exorbitant taxes in our land. We manage a miracle yearly. We cannot AFFORD to keep the wealth that our parents struggled to grow. Our family IS the title of this video. My mom still works at 78. I work with seating sciatic and shoulder pain. There's no lazy involved and we're frugal people. I don't HAVE a credit card or credit card debt. I drive a 3000 car that I speak to kindly daily. This is us.
This story breaks my heart. I hope you will stick around the channel. Not everything will apply to you, but some videos will. I plan to do some money saving videos and how to reduce spending too. Tell your car I said hi and that I said she looks pretty today.
48 years old and picked my first job because it had a pension with no minimum age. Been getting paid to work a second career for 4 years now.
That's great. A few smart moves can pay big dividends.
Pensions are going bankrupt. It won't last forever. Most states owe billions of dollars in unfunded pension liabilities. I hope that you understand that. Look it up on Google yourself.
My wife and I are in our fifties, we're doing great so far. We'll have about 1 million from our investments by the time we retire. No debt and the house will be paid off before retirement.
That's awesome. I always say "figure out what you want your retirement to look like so you can figure out how much it will cost. Then you will know how much money you need.".
BS. Not all of us Gen X were dumb, greedy and impatient. I was never sucked into the Slave Plantation of Marriage/divorce. Retired at 48 on a large Define Benefit Pension all because I listened to my Dad in the late 1980s, stuck with a good DB and a Govt job for 30 years. Still buying physical Gold and Silver.
I'm a GenXer too. I don't think I said we are all all dumb greedy and impatient. But, that's awesome that you were able to retire at 48. Working for the Govt is a great way to do it.
We are Gen X and are planning on retiring early. It’s all about saving first, spending second. Simple behavioral shift and it’s possible!
That's awesome! Congrats on retiring early. What are your plans in retirement?
@@TheRetirementality We are looking forward to focusing on our health, spending time on our passions, volunteering in our community and spending time together and with our friends and family.
@@OurRetireEarlyJourney Sounds good. You have to create the life you want to live.
"We didn't whine and complain was because nobody was listening to us in the first place." This 54 year old completely agrees.🤣🤣
I think that is why it grates on me so much now when I hear someone complaining.
Great video and I hope Gen Xers are listening. The wife and I are both 62, but I retired from Teaching Golf and Tennis at 60. However, my wife is a banker and was talking about saving for retirement when we were 28! LOL. She wants to work until she is 65 and worked from home, so not a big deal. She drove me nuts with that, but now I am glad she did. We paid off our second home, cars, credit cards, etc. by 60, and have no debt. With that said, I know many people who have retired, and none of them had the money that so called experts recommend. I even know some that sold everything and moved to Mexico, Spain, Thailand, etc. They are very happy, too. I even visited a few of them and they are renting beautiful homes. Great food for thought, sir. I cannot wait for my wife to retire so we can travel the world.
True honest and realistic video thank you
Thank you Dawn. 🥰
As a woman gen x'r. On the upper side of gen x. No daycare No career for single parents. I take a bit of offense to "we didn't save". What were we suppose to save? And if you did save it or build it, as a woman keeping through divorce court is still a struggle that is mostly lost. Child support also a joke. You are surprised I didn't save it, I am surprised I managed to own a home out right.
It's not me that is surprised the data. I was speaking about the data. I'm a GenXer too and I retired at 45 so I know some of did it.
Gen x single dad at 19, so yeah, zero child support, the costs, I've got 3 kids, 30,14,and almost 2, and getting broken down now, life just sucks
I can retire at any point, and I'm 50. Only reason I haven't yet is because I would get bored. I'm waiting for either the next crash to occur in the market, or to get irritated enough that I no longer want to travel for work. The biggest problem we had is that the nuclear family was dismantled via politics convincing women they didn't have equal rights, when they achieved that in 1974. Single parent homes were destined to be poor. Just a fact of life. Yes, this was a desired outcome. Also, this means that men that realized this early are very well off since they didn't get involved in that resource sucking vacuum that was artificially created by law and policy.
Yep. Born in 1976. Walked my brother to kindergarten then went to second grade while my mom went to work.
I remember how scared I was the FIRST time I lost my key to the house. I got home from school and was locked out and thought I was going to be in huge trouble for losing the key.
Late to the video! You just came up in my feed. Enjoying you videos!
1969 latch key GenX here. Agree, no one to
tell us what to do. Only that we’d have to survive on our own with no SS. I personally understood to mean I needed a plan.
Yep, our tribe should have learned that lesson better than anyone. But, I also just saw a video that said we are the ones they used to test the experiment of canceling pensions... and we didn't do well. But, that makes sense. I think most Gen Xers will get some kind of inheritance that might help bridge the gap of where they failed. I will do an update on this video at some point.
Born 1969. We've been told since we were in high school that we won't be able to retire. Our parents didn't have to "save" for retirement because their employers did it for them. They also got decent inheritance from their parents. These days, baby boomers are blowing through their retirement savings and are going to lean on Generation X (again) to get them through their end-of-life care. Generation X women, specifically, are spending middle age in caregiving situations. How am I supposed to save for retirement when all my savings is going to care for elderly parents?
Yeah, retirement was never something I thought I would get. Retirement is for the 1%, not for the average joe.
That's a good point about taking care of elderly parents. I am fortunate that my parents should have the money to take care of themselves but I'm not sure how much time and effort it will require from me. Stick around the channel for more ideas on how to retire.
You do not have to pay for your parents. They made their choices. Inheritance should be passed DOWN, not burnt UP.
The 1% get something better than retirement they get too big to fail. They create a housing crisis they get bailed out for inflating the market and the average Joe pays for it and loses his home. The same with Wallstreet, motor companies etc, the system rig. How are we in a fair capitalist society when businesses are too big to fail. So we no longer get pensions we get the jobs that built the middle class outsourced to a communist regime. The irony is almost laughable if it wasn’t so sad
@@diggernash1As usual, the entitled Gen X mentality. The baby boomers saved that money and if they want to spend it on themselves, then they should rather than pass it down to lazy Gen X, Gen Z & millenials!
Get educated; baby boomers are still having to support millenials, Gen X & Gen Z children because the whole lot of you are lazy, entitled brats!!!
Speak for yourselves. I’m a 79 model and could retire right now if I wanted to.
Me too. I "retired" on a Caribbean Island at 45. But, I got a little bored. That's when I started this channel.
betweeners born in 1959-64 some can and some cant retire ,still have kids on the pay roll
I didn't have any kids so that was a big help to retire early.
Kids on the payroll definitely will prohibit a retirement. We are teaching our young adult children how to be financially responsible and accountable to themselves.
Stats person here, you confused mean and median, but I get your points
Yea, I got it backwards. I tried fixing it in the editing, but I should have re-shot that part. Thanks for staying with me.
Im 50 always broke, zero retirement, just waiting to not wake up.
Would be great to get more people to think “how much” instead of “how old”
Hey Dion! Thanks man. That is my movement I'm trying to change their retiment-mentality.
People born in 1945 to 1955 had it the absolute best! I was born in 1962...and I HAD a huge problem with the stock market corrections, economic fallout of my era....but i still did relatively well...i always said, I feel bad for people born in 1965 to 1975 as they MUST have had it worse than me!
I was born in '73. Nothing is easy. I think everyone just needs some better financial education when they are growing up. I think one advantage younger generations have is they know there won't be pensions and probably no social security. So I think they are actually planning for retirement sooner.
I have missed your postings. I still want that T-shirt
Hey! I'm glad you are still watching. I took a little break, but I'm trying to get back in the swing of it. I'll work on it for you. 😎
Its impossible to make such a general statement for Gen X. They never did and are still no closer to being able to figure us out. To varied and unquantifiable hence the "X". Personally quit what I consider to be my last job this year. Not traditionally "retired" ( later Gen X so what is "traditional" anyway?) but out of the "traditional" job market still in my 40s. But thats just me every Gen X er has their own thing.
I agree with your points, but it's not a "general statement" if the statistics show that the majority of Gen Xers don't have enough for retirement. Obviously so do and some have retired early (like you and I). But most have not. And since we aren't whiners I think a lot of them will be able to figure it out later in life rather than saving up their whole life.
One thing to remember is that once you save that first $100K, that balance will go up faster because of compounding interest, and the same is true for each $100K benchmark thereafter. At 46 I’m behind where I want to be, but I just hit my first $100K this year and I plan to continue to devote at least 50% of any raise I get to my retirement savings for the next couple of years. If the market performs well, I could easily hit $200K in five years, $300K four years after that, and so on.
Yes.. the more you can put in now the better. Congrats on $110K keep it up.
My parents advice was to find a career that I desired that offered a pension and good benefits, they were so right… even though I worked a second job during most of my work life, it allowed me to raise a family and put some saving away which now provides the 3 legged stool at 62.
That is great. You're a little older than me. I think that by the time I entered the work force pensions were gone. But, to be fair, I guess I wasn't looking for them either.
Video on living in another country would be great. Thanks!
Ok, Thanks for the comment. I think I will work on something. I've been researching this idea for a long time, but this is the first time I've mentioned it.
Those statistics paint a pretty stark picture.
Yea, I hope they can figure it out. Most Gen Xers still have time. Hopefully they all find my channel.
I'm 55, a Chef. No Ira, No savings to speak of. No pension. Lived outside the US for 20 yrs, so no social security. No health insurance. Only started thinking about retirement 3 years ago.
If everything goes to plan ( even 60% of the plan), I should be able to retire in 8-12 months from now.
How? I study everything. Systems analytics on a global scale as well as the micro. Butterfly effect.
We always taught to look at the " bigger picture"
Most people can't "see" beyond 30 miles of where they live.. I look 24,000 miles..... global, regional, by country, Provence, town and village...
Every ocean, sea, lake and river...
Then focus those infitesimle about of factors into the banking system, start with the BIS and work down.
I don't need to know how, why, or what makes things function. Understand what its function is and then assign value, invest.
It's true your money can go a lot farther in some places. I just recently done videos about retiring in Spain and in Puerto Rico. I'm looking outside of the US too. I tried the USVI and your money didn't go very far there. 😂
Spot on about FI being a function of spending vs size of nest egg. Manage the gap. Get to min 1.5x expenses.
Yea, it's not what make... it's what you keep. And it's a mindset. I said in my last video. Stop watching about how much someone else makes, or saves, or spends. Watch videos about how to increase those things for YOU.
Im already retired and living in PR. I would definitely like to know what other country you would move to.
I have a video about retiring in PR that I've been working on for several months, but I can't seem to finish it. But, I am looking at another country in Europe too. I think I will work on that video too.
Firstly, I am a proud Gen Xer for many reasons. Those who are Gen X need not ask why. Secondly, my entire adult life I did everything right: never paid a dime in credit card interest, never took out loans, never lived beyond my means, paid for my tuition myself or through my employer (a strategic move) and worked for local government to get a pension (another strategic move). A few years ago, though, I realized what the so-called rat race and focus on work and money did to my mental health. Fast forward to 2023: I left the US all together. One major contributing factor to leaving the US was that I could no longer afford to live there. I had downsized my home and all of my expenses. My new home was paid free and clear, as well as my car. I had no debt. I left a six-figure salary with benefits to "early retire" and was cleaning homes simply because it was enjoyable and lacked all of the consequences of a 9-5. Essentially, I raged against the machine and as a result, I was finally truly happy. But after a year, I found that this lifestyle downsize was financially unsustainable, even for someone as frugal as I. Bottom line: I could not stay in America for the long-term, not if I wanted to remain an early retiree. So, I now live in Europe and have not once looked back. I feel extremely financially secure as my cost of living here is 70% lower than that of the US. My outlook on life has changed for the better. Lliving in and embracing a culture of community, as well as low violent crime, natural agriculture, and access to so many countries and languages, makes for the perfect Gen X retirement. I turned 50 this week, and I could not be more happy and secure in my future. @@TheRetirementality
I will have a pension with the state of NC. Believe me, I thank God every day. I plan on retiring at 56 in about 2.5 years. I have no debts, so it will be a lot easier.
That is awesome. Congrats on the early retirement.
I can move to the small town in Tuscany where my grandfather was born and live comfortably on less than $1000 per month, including housing, an Internte Cell Phone, and Healthcare.
Check out my video comparing the cost of living in Spain to Florida. I imagine the cost of living is pretty similar.
I'm 50 years old. I'm not wearing an old guy hat. Lol
Ha, were the same age. You will.... eventually. 🤣
We are the lost generation. That's what my science teacher told me. We were in school right before the technology surge came along with the Internet.
We were the last ones to play in the streets and the first ones to play video games.
Just like that, are you compressing your audio track in mp3 32 kbps before uploading it to RUclips? It sound dull and with full of high frequency artifacts resulting of crappy compression / too low bandwidth somewhere in the process chain. Keep that to AAC 320 all the way ( 160 for mono streams) at least…
I appreciate the comment but it sounds like Chinese to me. I'm not that smart with editing. It is a new microphone that I was trying out. It is a cheap one that I want to have as a backup when I travel. I was in Mexico and my wife broke my mic recently and I learned I needed a backup. I was actually surprised how it didn't pick up any of the background noise outside. There was a helicopter that flew over and guys putting a roof on across the lake and some traffic noise. I didn't think the sound was great but for the money I spent, I liked it. I'll see if I get other complaints. But I do appreciate the "feed back".... see what I did there.
How do you know how long you will live so you know how much you have to save!
That is the BIG question. That is why I talk about getting income instead of saving up a pile of money. I have zero money saved, but I have rental properties that pay for my retirement.
Good video.
Thank you. I appreciate it.
You had some goog points but it seemed to jump around too much.
It seems like it's been awhile since your last video. I missed the death of realtors. Will check it out.
Would love to get thoughts on moving to another country to live cheaper and better.
What about slow travel options like Dan over at Vagabond Buda does?
Would you pick South America countries or South East Asia to move or slow travel? Why?
Are you keeping your properties in Puerto Rico? Would they help fund your FIRE numbers?
Your take on FIRE is very interesting. I think I was expecting a little more structure and then a good wrap up with actionable points like you used to do.
Still very interested in your content and looking forward to seeing more follow up and possibilities of moving abroad 👍🌞💪
Thanks for the great comments. I'm a scatter brain. I even used notes on this one to try to stay on point. If I script things out, I sound like a robot. And if I don't, I'm all over the place. I've been doing this for like 3 years and I can't seem to find the happy medium.
My rentals can fund a life outside of the US. They could fund a life in the US but it would be tight. We are also considering doing 2 years of slow travel before we settle down somewhere. I've been kicking these ideas around for a long time. Maybe I need to make a video just about the thought process and what ideas we are considering. I'm sure I'm not the only one thinking about these things so maybe just starting with my ideas will be interesting to some people.
@@TheRetirementality Very understandable trying to find that happy balance and your flow. Try a big white border behind the camera with just bullet points to follow. 🎬📺👍
Reach out to Dan over at Vagabond Buda he enjoys doing interviews. Especially with your properties and how much you had reduced your living expenses when you were in PR.
I used to live in "El Valle" a nice colonial in Mexico city loft apartment for 400 a month you can still get apartments and homes for 100 to 400 a month all over. Just not in those expat towns like San Miguel Allende or the hotel zone in Cancun. Playa del Carmen and Tulum used to be cheap still some deals, though.
Looking forward to your next videos mate.👍💪🎬
We can plan all we want, however our currency isn’t SOUD.
The high inflation effects we’re currently experiencing will be coming in again like waves.
Take note what has/is/will continue to happen to the baby boomers.
What nonsense. I have a DB pension and investments of 2m as a teacher. No debts and a small inheritance.
I didn't say pensions don't exist. But they are pretty much like a unicorn. Congrats for you. My wife was a teacher too.
With today's inflation and interest rates. Retiring at 62 with 1M is probably not enough unless your housing is paid for and you live a simple frugal life.
I agree. A million bucks ain't what it used to be. You need some side income on top of that million.
Idk... Spring chicken vintage 1980 here... Haven't worked since '17, ain't planning to go back anytime soon.
Do tell.... what is the secret to not working since 17?
Probably a stay at home wife. Lol
Hey was watching your video from 2 years ago, you were living the dream in the Virgin Islands, why are u back to the US mainland? What happened?
long story short... it was too expensive. I did a few videos on my other channel about it. And I think I did at least one video on this about why we left.
I live off of just shy of $30,000 Canadian per year. Minimum wage baby.
In retirement, or you are working?
Brat Pack is in their sixties...😃😃😃
Ha, when you hear things like "the 90's was 30 years ago. It makes you feel out.
This is bs I am 56 and I already retired and paid my house loans. The trick is to get a job and pay into a pension.
Yep, in theory that is all you have to. I did it a little different. But, most people don't. I didn't make this up, just google Gen X retirement crisis and look at some statistics. We are the lucky ones my friend.
Pretty much the only Gen Xers with pensions are government employees.
Most employers don't offer a lifetime pension.
see Molly ringwald . I click. Think I'll go back to John Houston movies. This is a minor horror show.
Do a video of retirement in another country
I just did one. Check out my latest video.
Retire from what ? Going to Starbucks........I guess they will have to cut back and go t Wawa
It's not what you make... it's what you keep.
you missed the point@@TheRetirementality
I like how he totally misdefined mean and median.
HA! Yea, I got that backwards and then did the lazy fix in editing instead of re-shooting the video.