Avoid These 10 HUGE Money Traps That Catch Retirees
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- Опубликовано: 12 июл 2024
- As a retiree (or near retiree) you face "money traps" that are unique to those with a lot of time and a strong 401(k) balance. This video on retiree money traps discusses 10 of the most common unexpected money shocks that retirees face, and importantly it gives solutions to the challenges ahead.
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Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.
Retirement isn't the end, but a fresh start. Your dedication now will lead to a future of financial security and the freedom to pursue your passions. Kudos to everyone working hard to earn a living while building wealth. My wife and I, both retired at 66 and 64 respectively, have a net worth of over $3 million with no debts. We live frugally and smartly, thanks to our saving and investing lifestyle, which allows us to earn passive income.
Congratulations on your early retirement. Really interesting! I am currently in urgent need of investment advice or investment tips. Last year I hesitated and did nothing until the end of the year. However, this year I'm determined to try something new as I'm very open to different investment ideas.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again
This is exactly how I intend to organize my finances before retiring. Can you recommend the financial advisor who helped you get started?
The advisor that guides me is *Theresa Dana Peek* most likely the internet is where to find her basic info, just search her name. She's established.
I just googled her name and am really impressed with her credentials; I reached out to her through her website as I need all the help I can get.
I hate the term " giving back" It's a subtle term coined by charities to guilt people into donating, It indicates that I took something from society. I worked a lifetime for everything I have, and I wont allow my giving to be interpreted as something owed. If society doesnt start correcting your private life will be viewed as an unnecessary form of existence, because it doesn't serve the rest of society.
End of rant.
Great Video.
Big NO on any reverse mortgage, regardless of any company. Even if Tom Selleck says it isn't his first rodeo.
Tom Selleck would not leave you down the wrong road?
@@richardc488 Just Trump. mAGA- make an attorney get an attorney.
A reverse mortgage can be the right decision for some people.
Great information! In my 40+ years in the financial industry I “preached” fervently to NEVER,NEVER,NEVER co-sign on a loan. I had several clients that did and it had adverse affects in 95% of the time. In several cases they were not aware of the negative effects it created on their credit report due to the late pays and not aware the payments are calculated in their own debt structure. Your other points are spot on as well.
People get caught up in the money troubles of others to preserve the relationship. But the second thing that disappears, after your money, is any respect the other person had for you.
They never had that respect or the situation would not have come about in the first place I think.
Watching your video instead of the Super Bowl! Keep up the good work. Your videos have been helpful as I prepare for retirement. Take Care
Thanks I consider that an honor!
Nail biter…
Missed a good game for a video... delay the prep, enjoy the now. That's what I get from this channel.
The video is good, but you need a life..
@@pensacola321 Too many people put football as a priority.
The games take up too much of my valuable time.
And the players don't give a hoot about you.
Spending time watching someone who does makes sense.
Don't cosign a loan in retirement.. or any other time. Before I give to a charity, I check them out using Charity Navigator to see if they will be good stewards of my money.
I agree w/ using Charity Navigator - excellent source to ensure your gifts go where intended.
As for your other advice, I beg to differ. I co-signed for both my children’s first car loans (as my dad did for me). These were all low-priced *used* cars and payments (along with insurance premi) were made to dad, and dad paid the bank. There were NO missed payments, no repos, and no further need to co-sign. And, I f the car needed gas, repairs, or maintenance - this was not dad’s problem.
A parent who co-signs for (or worse yet - buys) a *new* car for a child or grandchild is often the fool who is soon parted from his or her money!
@@genepenna8549 I still would never co-sign for a loan. You set it up in a good way, and your kids were responsible, but this isn't always the case. When things go wrong with a co-signed loan, they really go wrong.
Jeff, I have watched your videos for dome time now. You have a remarkable ability to educate in a straightforward, easy to digest format. You would be doing a tremendous service if you could target teens and twenty’s with basic financial literacy videos. We have an entire generation of youngsters whose entire financial wisdom rests on a bank Debit card and a Visa Credit Card. Keep up the outstanding work!
Agreed. I am a college professor, and I always say that every college student should take a personal finance course - life 101.
Bless you for funding college degrees for single mothers!! 💕😊
Thanks Sara!
Operation Repo and other traps. I have seen this many times. Just never do it. I have a simple rule, my children and grandchildren have a lot more time on their hands to improve their financial position than I do. The biggest gift you can give them is the gift of learning to become self reliant and responsible. I flat out refuse to lend money to my children. They need to learn to live within their means and plan for their future.
Well said Bruiser. The greatest gift to give your children is to teach them self-reliance. Self-reliance is a key developmental skill growing up, as all this coddling parents and family do, is doing a hugh disservice to children which prevents them from being responsible, accountable, mature adults.
I did #10. But I always consider money to relatives a gift. Then the Business failed and they had no income. I was happy I was able to help. I had the resources.
What you’ve gotta do is regardless of your real situation, always talk like your barely getting by, cry poor, whatever, always make it sound like you’re not the one they/anyone should be looking to for money and what this will also cause is people who just want you for your money will now avoid you because they’ll be afraid you’ll be asking them for money.
Thanks for sharing the information !
Thank you once again. Totally look forward to your videos
As usual a great presentation, thanks.
Great information. Thank you.
Great information! There were some things in on the list that I never thought of! Thank you sir!
Thank you Geoff for another thoughtful video!
Hi Esther, thank you!
Thank you. I needed to hear this!
You are welcome Christine!
Thank you for this list!
You are welcome Sam
Great video hitting all the important points. Thank you
Thanks Joanne!
Thank you for this vid! Outstanding information, Geoff! You dropped some serious knowledge bombs here!
Love this guy!
My ongoing gratitude for you, Geoff!!!
My pleasure Carol
What a kind and wonderful man you are. Thank you.
Great info, Thank you! I just came across your channel and I have already shared this with several people.
Never disappointed in your content. Thanks
Thank you Lou!
Never co-sign for anyone.
Wise words!
Absolutely not. Never.
Nice list. Your videos are really good. Congrats on your continued growth and success.
Thanks CS!
Great information as usual! I appreciate your common sense every man advice.
You bet Lora!
I really needed to hear this. Thanks once again.🙏
You are welcome.
Living alone in a huge house is ridiculous.
It's just a thing.
It's not a person or even a pet.
And if you live in a cold climate, you need to heat the entire house.
Not just the room you're living in.
Every house is different, and yes, some rooms can have reduced heat, but the entire house needs to be heated. This can be a gigantic expense.
A condo makes sense for lots of people.
Yes, there is a monthly association fee, but there are far less surprise expenses.
My last roof on my house was over $10,000.
And now I am looking at a new furnace and AC.
Those types of expenses are a thing of the past for a retiree moving from a house to a condo.
I have seen multiple old widows get taken advantage of because they don't know what questions to ask.
I certainly don't want to imply that every contractor is a crook....but many are.
And even reputable contractors will try to up-sell their customers.
Sometimes these up-sells do the customer no good at all.
Keep in mind that all houses deteriorate. They need constant maintenance and a knowledgeable watchful eye.
I like living in my house, but there will be a time long before death when I will need to leave it.
As long as I have a pragmatic mind....I will be okay.
And finally, not all condos are for all people.
Just like when you looked at houses.
You didn't like all the houses you walked through either
Spot on. Thanks so much for the reminders.
Thanks Barbie!
Excellent video
All great points! Thanks for putting out these videos, you give us a lot of ideas to think about before jumping into retirement. Probably a lot of much younger people could benefit from this sound wisdom as well.
Thank you Schmidty!
You bet Richard!
Great info, great advice. Thanks.
Thanks Mark!
Love your videos. ... I'd add avoiding time shares and other long-term vacation agreements to the list. Same for condo purchases, which seem too good to be true, with low condo assoc. escrow balances and a poor upkeep history, as you'll likely get stuck with the unexpected increases in maintenance costs and fees.
Really like your charity of choice, thanks for giving back.
Thanks for noticing!
Geoff, you are a gift for which I am very grateful. Many thanks for the wisdom you share so delightfully.
Love the channel name and excellent video. What a great video with awesome reminders to be cautious of.
Thanks Oechsli! I appreciate the kind words
good stuff , thanks
Really well thought out presentation! We are getting ready to retire in the fall so this really hit the spot! Thanks!
Thank you Debbi!
Another great video. Thanks.
Thanks Pamela!
Great information !
Thanks 45!
Besides financial knowledge you have great insight in to human psychology.
Thank you Geoff. I don't feel as bad about my decisions after watching this, it confirms my actions.
Sounds good!
Well stated and good video. But remember, many of us retirees have way more resources than our younger counterparts and are quite comfortable.. .
Geoff,
Your wisdom easy to understand.
Thanks for all your time putting on these videos. I always have to remind myself that I have an expiration date, I’m 66 and have lived 2/3 of my life. I try to keep that in mind when I listen to your points- I only have a 1/3 left to get things in order.
If not now -when ?
Make it your best 1/3! Go get ‘em Bill.
Thank you. I'm getting pretty darn close to retirement. You're very helpful.
Thanks for the info. I have a friend that's retired, and one of his adult sons is always in need of a bail out. Help for rent or car repair, seems very month it's something. My friend makes comments to me, of course I can't say too much, I don't want to alienate my friend. I'm going to recommend that my friend watch this video, especially item two. I think it will help him and his wife. Thank you for the sound advise
Good book for everyone to read is “Boundaries “
Thx for the vid, enjoyed it, an yes I basically did all ten of your points before I retired.
We’ll done William!
Good points, all.
Thanks Pete!
Good Video
Good points. One of the items on my list determining when I retire was heath care. So it is very important to apply for Medicare during the window. Through some misunderstand my older brother and his wife are close to the same age missed the window so for the rest of their lives will have to pay the penalty. Also always follow up your application to be sure it is being processed in a timely fashion.
Such good advice
Thanks T!
Oh yes. Cosignimg is a great way to be taken advantage of... I learned the hard way.
Watching from Costa Rica.🇨🇷 Very wise advice!
I love Costa Rica! Thank you
Excellent! 👏
Thanks Sam
If you raise your children to work you won't be supporting them in adulthood. I worked as a teen and so did my kids. It is a great life lesson.
Good points Rhonda
Unless you have one who was dropped on their head, whilst growing up. 😉
#1 rang a bell, but not for me. A good friend mentioned he co-signed a student loan for a grand kid. I didn't say a word. We went on to the next subject. Did you ever open a box and you saw something inside that wasn't so good, and you quickly set aside the box? That was my feeling.
I have very few relatives and they live far away and don't talk with me too often. I just sit here and count my blessings.
I have just enough friends. Not too many, not too few.
This is a cool video, Geoff.
Great video
Thanks H!
Geoff, keep up the great work. You are providing a valuable service by providing advice and information in an easy to understand manner. Thanks much, as I am one of those nearing retirement. 👏👍
You bet!
Sitting here thinking that retiring with no kids has a bunch of upside no one mentioned to me before. I get lectured constantly about how not having kids to "take care of me" is a bad choice, but a lot of this list goes away if you don't have kids.
Right there with you!
I also, am with you.
I'm 70 with 3 grown kids in their 30's and 40's, and I've never had any of them ask me for money after they graduated college, which their dad and I funded for them. It really depends on how you've raised your kids, IMO.
Oh yes, being old, feeble, alone and at the mercy of strangers is a wonderful situation....Raise your kids right and you will enjoy them and their grandchildren in your old age
@@commonsense6967 EXACTLY; I totally agree with you. You are spot on.
Far too many people raise spoiled, entitled, dependent, unself-reliant, rude, unorganized, undisciplined children - who no surprise here - turn out to be the headaches and burdens to their elderly parents.
If you raise children, from crib-stage, with a routine, discipline, instill self-reliance, decency, responsibility and accountability, and also teach them life skills and the value of hard work, and to make wise choices, I highly doubt you will have a an issue on your hand whenever they become adults. They will be the ones gladly helping you.
I've been watching a lot of your videos and am fascinated with your insight. LOVE the suggestion regarding the life insurance premium. I've been wondering what to do with mine and will present it to my grown children. For my 60th birthday, my only gift request was that they take over their monthly cell phone bill. So far so good.
Thank you for the way you explain when to start social Security. God willing, I am waiting until 70 if I stay healthy in everyway, that is my plan. One day at a time. I was touched by the fact that you donate to a charity that helps single moms. Love that too.
Thanks again for your calm demeanor and sense of humour!
I love your commitment to single mothers' education! When it comes to charity, a donation of time may also satisfy the desire to give back -- most nonprofits need volunteers, board members, etc. Also a good way to stay connected with younger people, for those of us without children.
Great advice Gretchen!
At 75 I know all these to be true. Frugal everythingAs a retired Md Taxflation has been relentless.
Thanks for the comment Don.
The truck you cosigned for will end up wrecked and of course your kid did not pay for insurance even though it was promised that insurance payments were made. Now you own a wreck worth $0. Be sure the insurance payment is made to you as well as the truck payment. At least that way you can recoup some of your loss.
Good point Diana!
I can appreciate you donating to college funds for single mothers. As a non-traditional student myself, I understand how life-changing a college education can be. If these charities don't also fund trade schools for single mothers, I encourage you to investigate that, too. We need more people in the trades and the money can be quite good. Also, some people will get more out of a trade than a college education.
Yes! Exactly right! A trade school prepares one to get a job. A college degree often prepares one for a career - in general terms. But that college degree often does not help one get a job. The college student has a huge load of debt to go along with their degree, but has to accept jobs working alongside high school students or those that left school upon graduating from high school. Unless you are getting a degree with a specific career in mind and know that there are lots of job prospects upon graduating, consider the near sure-thing of learning a trade. You can always return to college in the future when you can afford to attend without loans. You will also probably have a better idea of what you want in a career and focus on that. The student debt crisis the nation is facing is due to millions of students attending college for college's sake, and graduating (hopefully) without gaining the skills needed to pay of the debt incurred.
@@billybeemus3929 Excellent points, and even better than that is to get the employer to help pay for continuing college education along the lines of night school, while still working during the day. I earned another Masters degree in my field / career path all the while working for the employer. I simply had to ' volunteer' my time to do the college work and attend school after regular working hours. This cost me nothing in terms of dollars spent. Extra degree = more value to the employer and other future job prospects!
Please do a show that mentions the IRS Rule 55. The rule that allows people to retire before 59 1/2 and be able to withdraw money from their 401K without a penalty. As long as it is kept in the 401k until they are 59 1/2 and they retired or got fired the year they were 55 or older. So many financial planners keep this a secret. For people that have been diligent about investing or saving in their 401Ks it gives them options. It did me.
Is that true for 403b and 457k as well?
It is so wonderful you help single mothers get an education! ❤️ Many years ago, I found myself a single mother of four young children and I was fortunate I figured out a way to become self employed and work from home as well! Those were some tough years, working two jobs, while getting the business off the ground. Since then, my children have become adults, I've remarried, and my husband and I are currently preparing for retirement. We love spending time with our grandchildren and are looking forward to traveling, especially in nature's beauty! Your content is VERY HELPFUL and we look forward to seeing your videos. You present information we wouldn't have been aware of and I appreciate the advice given to avoid potential pitfalls! 😬 Thank you so much for all the effort you put into your creative videos. I can tell it is heart felt as well as informational. Keep smiling 😁 it's contagious! ☺️
Thanks Pixie!
Truth.............
Thank you Kenneth!
Nailed it
Thanks BH!
@@HolySchmidt Retired over one year now, found you as I retired…confirmed most of my thoughts, true service you perform…had a brother hit me up for a loan, right as I retired , got some of it back…my one thing was critical to be so active!
@@HolySchmidt Is your single mother thing a foundation? My love is to give back volunteering in the neighborhood…..could you speak yow you set up your single mother scholarship thing?
Golden rules!
1. Co-signing for others.
2. Paying for everything, like you always have.
3. Reverse Mortgages (I disagree on this one, but at least Geoff admitted that some of them aren't bad.)
4. Surrendering a life insurance policy.
5. Supporting an adult child too long.
6. Maintaining a large home.
7. Taking Social Security too early...for your situation.
8. Giving too much to charity.
9. Missing Medicare sign up window.
10. Investing a family members "sure thing." (Remember... 4 of 5 businesses fail in the first year.)
helped my brother to get back in the property ladder. Had to ask to get repaid. Later he asked for a big loan to cover a multi house purchase- explained how that hurt me with taxes and net financial impact - he still asked and I said no. Which was good since it was managed badly. Easy to be foolish with other people’s money
Amazing eye opener video. Any chance you can touch on claiming ex spouse ( 20 year long marriage) social security benefits while on SSDI. Thank you for the videos.
I have an idea for a future topic. Once we are retired and living primarily off assets, will we have any trouble applying for credit (for example: for a car loan or a new credit card)? If one is living off assets and the only income is social security, will banks decline the credit application because the income is too low?
Agree
Thanks Thea!
No on reverse mortgage for any reason period.
Enjoy your informative and the way you simplify overly complex social security rules.
I have a question that might be a good topic for your a video. It is related to taking social mid-year while still working after you have reached your FRA (Full Retirement Age).
My case is that I will reach my FRA in May of 2023, but I will still be working with an annual salary of $115,000. I know that you said that once you reach full retirement age, you can earn any amount and still collect Social Security with no penalty. So, if I believe if I file for Social Security in May, I would not incur any penalties. However, I’m confused by “month” before rule? Could you do a video explaining that? Also, maybe include other considerations about =if you retire mid-year. Thanks for you great videos.
consider investigating the penalties for `full retirement age YEAR'. The earnings limit almost triples, and only applies to what you earn between Jan 1 and the months before the month you reach your full retirement age (through April, IIRC). So if you haven't earned whatever the 2023 limit from Jan-April, you'd get a payment Feb-Mar-April and would incur no penalty. Also take note of what is and is not considered income; there's fine print on that as well. The amount of your payment is reduced a few bucks for starting in January a few months early, so you just have to math it out to see what works best for you. Also, if you will be collecting a pension that is impacted by WEP, each month you collect SS before you start taking the pension will be at the full, unreduced amount. Also worth mathing that out. Hope you/someone finds this helpful. Do your own research but at least these might be fruitful areas of investigation.
Reverse mortgages could make your parents homeless. You have to read the fine print. When my father was widowed and left alone in a three-story 6 bedroom house my siblings wanted to have him reverse mortgage the house to give him some extra cash. I was the only one that said no And stood solidly against it. My 1 voice against six others persuaded them to just let my father live out his life in a home that he had raised seven children. He had lived in the same neighborhood he has friends up and down the street his local church was on the corner. Needless to say, my father lived out his life in that house. And I have no doubt he lived longer because he was in his home. Something people do not think about is how it shortens the life of a parent to move them out of a familiar home and put them into a facility or even a posh living facility, is still a death knell for your parent. As we age, familiar faces, places, and more importantly, Friends are important for your mental and physical well-being.
Totally true. Thanks for the comment.
Your comment doesn't make any sense. The whole point of a reverse mort. is so that the person CAN stay in their home. You seem to think that your father would have had to move. All you've shown is that you didn't know what you were talking about.
My mother in-law did a reverse mortgage without discussing it with her wiser, older brother and children.
The only up side to a reverse mortgage is usually with the mortgage company. When she died the house had to be emptied and 'broom cleaned". It's such a burden for the next of kin to deal with.
If one does entertain such a decision as a reverse mortgage, please seek financial consultation 1st before you sign the dotted line. These reverse mortgage companies cannot lose. They are government guaranteed!
Glad your Dad was able to stay in his home. I think that was a wise decision.
I'm always leery of a single answer for all people in all circumstances, in this case the assumption that reverse mortgages are bad for everyone no matter the situation. Reverse mortgages do not make your parent homeless unless the taxes and other expenses are not paid and the whole point of a reverse mortgage is to allow the owners to stay in their home. And what if there are no siblings or heirs to the property? The property goes to the mortgage company upon the death of the owner or it can be purchased by a designated heir for the difference between the reverse mortgage and the final appraisal of the property. The property owner loses nothing and gets to live in their home until they pass.
And I am also leery of children who dissuade the parental homeowner from a reverse mortgage because it means they inherit less when it could provide additional income for the parents. Age is also a very important factor. Reverse mortgages do not make much sense in our 60's or 70's but in the latter 70's and early 80's the income becomes pretty attractive.
The important thing is to remember is every situation is different and there's no simple single answer to every person's financial needs.
@@HolySchmidt "Reverse mortgages could make your parents homeless." Totally not true, possible with terrible financial management, but not "Totally true." I'm surprised at your one size fits all approach to reverse mortgages. Do you really think they are bad for everyone in every situation?
Time well spent! The superbowl of common sense. ;)
Thanks MJA!
Can you elaborate on reverse mtg's
are fans of this channel called schmit heads?
Lol. I’ve heard that before, but it didn’t stick!
That is a strange looking Dodge Ram mud slinger
I agree!
Not sure and how to go about asking you a question. So I'm going to ask with this comment section. Can you explain the new calculation period that the IRS has for a 72t in 2022 and the difference between the three withdrawal options
You don't need to sign up for Medicare if you're still working and covered by your employer's insurance.
You probably shouldn't. My husband's company insurance says that they won't pay if the employee has other medical insurance, like Medicare. Medicare says that they won't pay if you have any other medical insurance. That's a big problem.
Thanks, Jeff. I’ve been a big fan of your channel since my retirement in 2021. Between pensions, SS, debt management and savings, my wife and I are well positioned financially. I have a healthy 401K fund, which we haven’t touched to manage retirement expenses. While I’m still a few years away, can you post a video concerning RMD distribution strategies? Thanks.
Can you expound more on the medicare window? Especially for those that are still working and are working for a company that has more than 30 employees.
When you turn 65, sign up for Medicare. Big penalties that never go away if you don’t.
I am the PROUD owner of a Dodge Ram 1000HP Monster Truck. That is almost totaled. Boy just what I wanted.
I hear you!
I never co sign for anyone for any reason, even my own child.
My parents co signed for a friend's son to buy a car, he took off with the car and the creditor came after my parents.
I’ve heard this too many time unfortunately.
I never understood why or how it became expected for parents to pay for their kids, college, wedding, etc. etc. And why the parents should act like a personal bank for their kids. I see this all the time with adults in their 30s and 40s and even older mooching off their parents. It's sickening.
I would add that a loan to a relative is a BAD idea. If they desperately need the money you are better off giving them the money as a gift with no strings attached. It keeps family together and no hard feelings.
Exactly Norman.
What is the Medicare window? I’m 63.
NEVER CO-SIGN ! They'll swear up and down they can afford to make the payments. Then a week later they have to borrow $20 for FOOD !
Do you still reply to questions this long ago from when you sent the video?
Geoff, thank you for your excellent videos. I would appreciate more info about your privacy policy, specifically whether you will sell or share my email address, before signing up for your checklist. Please keep up the good work.
I do not