How Much Money Do I Need to Retire? - Frugal Retirement Tips
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- Опубликовано: 5 сен 2024
- I tell you my top tips for planning your retirement
Frugal Queen in France
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We are a British couple living in Brittany on a budget.
Frugal recipes, days out, home renovations and day to day making do in France.
We’ll give you hints, tips, advice and an insight into our life in France.
Website www.frugalquee...
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Retirement is so very personal. Stressful healthcare job for over 30 years led me to stop work. I am fortunate I saved enough to take a couple years to just sit back..unwind and reevaluate what I wanted to do. Now I feel ready to get on with it. One thing in my favor as a senior is that I don't require as many things or have huge wants. I am happy just to be home and garden along with spending time with my family. Very good video.
You’ll enjoy the peace of retirement
Shiva Kat That is me right now! Just gave my notice. 58. Healthcare is soo stressful now. I am a RN with 30+years in high stress jobs. Have lived far below our means. Plan on not working at all this summer. Will re evaluate in the fall.Just downsized to a hobby homestead. Looking forward to the gardens this year!
@@rnmwilkins Same here 30 years as an RN. Retired a few weeks ago. Am in the process of packing up my house and moving to a lower cost state.
I too have been a registered nurse for the last 40 years. Sadly now riddled with arthritis due to the physical work involved in looking after others in the past when we had no lifting equipment, rise and fall beds, electric wheelchairs and trollies. Nurses in my age group really did work physically hard as well as the mental stress of the job. I have just retired after all those in a job I have to admit I have loved and found very fulfilling. Have been a frugal person through that 40 years so I now intend to enjoy the fruits of my labours hopefully for the next 40 years. 😀😀😀
Solid video with lots to think about, Jane and Michael. I think the one thing we can all take from it is that costs will always rise, but retirement incomes will stay relatively the same for most of us. Following a budget and living frugally can make what you have go that much further.
Thanks Linda. Some people will enjoy it more than others. Some will struggle if they like spending but don’t have the money to do that.
I am 53 years old retired I live a thrifty fruguwl life I have a state pension debt free except for government house I love this life budgeting meal prepping
I like the way you said we don’t know the future, but we know ourselves. That’s a great way to put it.
Thanks Doreen, we either know we will cope with less money and enter retirement with optimism or we know we won’t and choose to continue working,
This is a very concise and thorough assessment of the aspects of retirement. An excellent starting point - and no age is too late to make a difference in our financial future with careful money management. I personally think having the house and a relatively young used car completely paid off and in very good condition, as well as owing no consumer debt before you retire, is critical. Getting those things accomplished, will make such a difference for anyone.
Being debts and mortgage free means, whilst you’re still working, you can maximize your savings
Another very useful, and informative video! I note that a number of respondents are naturally concerned regarding their future health care needs etc. May I offer some advise in relation to investing in the future of your health. That is to eat a good diet (largely based upon the Mediterranean diet) minimise or eliminate processed foods. You can cut the cost of your food bill by eating less animal sources of protein, selecting instead pulses and beans. Eat plenty of fresh fruit , vegetables, nuts and seeds. Try to exercise moderately, and regularly in the fresh air ( no need for expensive gym fees) Consume alcohol wisely ( a little red wine occasionally) and try to cultivate and maintain a social network of friends. Also, if possible for you, try to have a spiritual dimension to your life. In essence try to incorporate some, or all of the elements of the populations of "the Blue zones" of the world, those areas where people live very simple, yet bountiful and healthy lives , avoiding a lot of the physical, cardiac, and neurological problems associated with western lifestyles.
All very good questions to consider! I’m just exhausted as a high school teacher. I’m at the point where I’m willing to cut expenses drastically if I have to to retire. I can work part time to pay for my wants, but I also picture a peaceful time puttering around in the garden and my sewing room. I don’t foresee a jet setting life style at all. Maybe a second hand camper for casual traveling. Thanks so much for your videos!
Then your why is big enough that a just enough retirement will work.
We're more comfortable on half our former income than we thought we'd be. We still have a mortgage to pay down and that's our current goal. We have to sit down and devise a plan for that soon. We're so happy puttering about the house but we also like to travel.
I had a sudden opportunity to retire early last year and had to take it or wait a few years. I took the plunge because of health issues and I can return to my career with a diff company if needed. The suddenness has made it difficult. Our plans werent solid. Financially we're fine but I hadnt quite figured out what I wanted to do day-to-day. I'm slowly figuring that out. Retirement is a wonderful blessing.
I'm glad it's working out for you. We retired before we had originally planned and brought our plans forward but it all worked out in the end.
I am semi retired and love it. I enjoy my part time work and it also gives me a routine that I need to keep me productive.
Do you mind me asking what you do? Is your part time work in the same industry you retired from? I'm exploring my options to remain active and bring in a little more income.
An English expression says, a change is as good as a rest
My work is going to private homes to give care to the elderly. The care differs greatly from person to person, sometimes it's mainly companionship or maybe to run errands but it's always rewarding!
@@yukofreeman4483 what a lovely job you have
Oh I sent an answer to the wrong person, so here it goes again....I go to private homes and assist with the elderly. The care differs from person to person, sometimes I provide companionship like taking walks with them. Or perhaps run errands.
I think knowing yourself is a wonderful question. I'm retired and comfortable. Very blessed.
It’s knowing our limits of whether we’d be happy or not. We’re happy as we are.
Hubby and I are building a small roadside stand to sell blueberries and extra produce from the garden in order to supplement our retirement. If nothing else, this should help with costs of maintaining our property like gasoline for the mower, compost, vegetable seeds, etc.
A great plan
For us it will be going from full time jobs to part time jobs hate the thought of not doing anything or having some structure in life which we both enjoy .great vlog Jane and Michael x
Thanks Brenda. We too will continue to work part time
A very helpful and informative video Jane and Mike! We retired early due to poor health but are enjoying every minute! Certainly with such rising costs our predictions of wealth don’t stretch as high as we hoped they would but we manage a simple life and manage a nice holiday every year! You are so right - it’s all in the planning!
A nice holiday every year is a great financial achievement
Really appreciate how much you kept the focus on how PERSONAL a decision retirement is. It truly is completely unique to every individual and family. I'm still learning a lot, and don't know when the right time will be for me, but I appreciate you providing lots of good tips on different things to think about.
You’re welcome and the more financial preparations you can make for retirement, even if that means frugality to get there, are worth it.
Brilliant Jane we love our retirement and it cost less than we thought Bx
It usually does.
Very helpful video. I wish all these ideas were common to ask or think about. I never understood why retirement issues are so hidden in society.
It’s ageism! We’re not supposed to get old, or tired, or ache!
What a beautiful outro 😍 Thanks for sharing your thoughts on this Jane, I'm not quite at the retirement stage but I really need to start thinking about my future plans as due to health and life issues, I have never been able to pay into a pension or save. I'm in my late 40s and have just got a new part time job, so I'm going to try and implement your advice going forward so that I can do the best with the income that I have, so thank you both for all the videos and advice so far.
You’re welcome and good luck with the savings.
Thanks this is really helpful
Take home message for me is retire but then get a part-time job to supplement the pension
Glad it helped. Sometimes, we just need to reduce our working hours or do something less stressful.
Plenty of good information in this video. Guidelines for how to approach retirement for sure.
Thanks for the feedback
This video is yet another gem! Thank you so much, Jane and Michael!
Glad you enjoyed it!
Great video. New here but you've given me lots to think about, thanks. 55 and will be debt free in May next year. I plan on working for 6 more months after that. My pension will be greatly reduced but there are no guarantees that I will live to 65 so I figure I'll deal with running out of funds if and when it happens lol. I live in a very small house and am a homebody. My budget keeps me on track and all my extra $$$ go towards paying my debt. I am one of the "just enough" people and I'm more than fine with that 😊
Thanks Liz.
When I worked full-time I was desperate to retire. Desperate! I was just so exhausted and didn't have enough time for the important things I wanted to do.
Once I started working part-time and having time to garden, do family things etc... my viewpoint changed surprisingly. I now feel I'm living my dream life, doing work I enjoy but not too much of it. It's stimulating without being exhausting.
The key to this change was of course paying the mortgage off and having no debts. Next week my wife joins me as a part-time worker and I think the impact on her wellbeing is going to be enormous. The great thing is we now live on one part-time income and save the other. This makes me fairly confident that when we both stop paid work we will be fine.
We love our part time work too
Hi Jane and Mike, thank you for this. I have always been a spender but over the last year or so have slowly been spending less, it started because of environmental concerns and now I am enjoying learning to live more frugally! My husband is due to retire in 6 years (at 67) and I am currently not working. Finding it all a bit scary to be honest!! I couldn't find the link to the previous video you mentioned, but hopefully I can find it... Thank you for all your videos, I rarely comment but want you to know how much I appreciate them. I love (and aspire to) your simple lifestyle. Take care.
ruclips.net/video/ZMFVWCFhvzA/видео.html. And ruclips.net/video/QvsnWfBw-g0/видео.html
@@FrugalQueeninFrance Thank you!
I’m retired…no longer work at all but our lifestyle did not change as we always lived within our means.Never lived the high life when working ,didn’t expect to do so retired but content all the same .
Thank you for this video, you inspired me to finally call SOcial Security (the government retirment benefits plan in the U.S.) and get the hard numbers. I still need to call my job based pension board for those hard numbers for my 401K but so far the numbers are better than I had thought, which is nice to know. I know that I will continue to work at least 2, probably a couple more years but it is good to have these numbers and make some concrete plans. Thanks for the inspiration and encouragemnet. It's a scary place, the future, but have the concrete information makes it a little less scary.
Well done Ruth, when you get those pensions/investments figures then you know what you’re working with
When my brother in law died suddenly we reevaluated our own lives and retired early, 58 and 61, we downsized and bought rentals, we moved to a duplex with a gorgeous garden and pool. We live off the rents and pension but we are not big spenders. After traveling in our early years I'm happy being at home now, I have all I need in the way of things, clothes etc, no debt really helps as does no other bills except household expenses. We chose a house on one floor which can accommodate a outdoor chair lift if needed later in life, this is so we don't have to move again.
You’re well prepared Dawn. Thanks for sharing.
A gem of a video, Jane & Michael, thank you!
You’re welcome
Great video Jane and Michael. My Financial Advisor said that a high percentage of people he consults with don't have budgets and don't know what they spend monthly/annually so yes- these are things that you need to know before you can answer that very important question of "How much do I need to retire? ". Financial Advisors are great and can help you work out a plan of action but they will need all the pieces to the puzzle before they can use their expertise to come up with a retirement plan for your situation.
75% of people live pay cheque to pay cheque
Thanks for the video! This is an anxiety producing topic and one I have been avoiding for a while because I knew I wasn't prepared. Now that I am getting to grips with my budget and now the looming retirement issue - I am still anxious but a bit more calm because I am taking steps to "right the ship" so to speak. As I may have mentioned here or on another channel. I will never be able to retire due to my mortgage, but I can continue to work as much as I want or am able because I am self-employed and love my work. So that is a plus, but I do think at some point I will have to move from the area in which I live to a more affordable area. Lots to think about!
Thank you for this video. Retirement is a curly question and we all definitely need to do our research:)
Good luck with which ever route you take to retirement.
Great video as always. I am contemplating retirement and the information and pointers you gave are so helpful and give a different perspective on this so anticipated and at the same time somewhat dreaded journey 😄
Glad it was helpful! Don't dread it, there's a lot of benefit in being retired.
This is the best vlog you have done and everybody should watch. We have been retired for twenty years. My husbands work was making people redundant but not him, the factory manager, but he managed to negotiate and take redundancy and collect a lump sum. We had a plan and have followed it. Decide what you want to do and go for it
Thanks Moira
We are strongly considering building an ADU ( accessory dwelling unit) on our property. Approximately 500 square feet. We will rent it out for several years, and then move into it ourselves and rent our house when we want to travel more, work less and eventually fully retire. That plus pension and savings should make retirement very doable. In our case we will gladly give up living space for being able to travel and supplement our income in retirement.
I’ve known people to change their garage into a studio apartment. Then, they moved into it in the tourist season and rented out their home. It meant they worked for 6 months a year, then they took 6 months off.
Jane and Mike thank you for such an honest and realistic talk on retirement 👏 👍. The best talk ever.
I took early retirement at the age of 45 it was well planned. My husband had to wait till he was over 60 to retire with his pension scheme, that was this time last year it would have been the year before bit covid need I say more. What we did is what now knows referred to a mini retirement we lived on our pension amounts for 2 years before we both actually retired so we saved more money for the pot and it worked so well. I will share your 2 videos on retirement to our friends who have said they would to retire early but just couldn't afford it. These videos would be great for 20+ age group before they set off on their chosen paths. As ever take care Anna 🙂 ❤.
Thanks Anna and thanks for sharing your story
its sad that here in the US pension jobs are almost extinct... SS is somewhat of a monthly guarantee and a 401k is very restricted by the gov and the taxes I feel is just about all the money your company contributed making it just a normal savings amount you could have done on your own minus the tax restrictions from the gov... although I am late in the game I am frugal enough that I have saved and continue to until I can't work anymore.... ALL YOUR TIPS ARE GREAT THANK YOU ☺️
Hi - we were late too but have moved money to long term locked in high yield accounts for our old old age.
@@FrugalQueeninFrance this gives me hope thank you 🐾
Sound advice through and through in this video. Thank you Jane and Mike!
You’re welcome and good luck in preparing for your retirement
From South England to Brittany: a huge change.😄
Thanks
Really great video👍👍 Thought provoking 🤔🏴
Thanks for watching
🥰Good info to think over ......lately its been said in the FIRE movement that the 3% rule for withdrawing from savings and not run out of money maybe doesn't work anymore which makes things more uncertain for me ...but I'm still super eager/saving to live my dream of a small homestead in Italy 🤞
I really hope you get to Italy
Some really good points there, Jane, excellent video x
Thanks Margaret.
Preparing myself to retire in a few month your videos are exactly what I need. Jane and Mike you are such an inspiration! Love everything: money saving tips, affordable meals, etc. I am practical, frugal, resourceful, cook my meals, dept, mortgage free. I live in UK but planning to retire abroad to be closer to my family. I have a question for you, is it cheaper to live in France than UK?
Best wishes with your channel!
It is currently.
Hi jane!!Very very interesting topic...😁😁😘👍🏼
You’re welcome
I thought this was going to be a look at how much it cost you (specifically). How much you needed to retire in France. Like a dive into finances, expenses you didn't forsee, etc.
It's definitely good advice to figure out and plan what you'll and want in retirement and to think ahead. Thanks
You can find out how much you need to retire on the French immigration website
Thanks@@FrugalQueeninFrance
Jane, thank you for your well thought out advice. Its most appreciated and helpful.
In Australia many of us invest in rooftop solar panels to reduce our electricity costs and I can't help wondering if that is common in France.
Mary
It’s not, we can’t afford to buy it.
Thank you so much for the encouragement ☺️, Jane and Mike! You have my permission to not do all your gardening if you can afford to pay someone to help! Or can find some volunteers!
I volunteer in my friend's 🏡 garden because my condo complex is very strict about how many pots of greenery are on the porch!
We love doing our garden, exercise is really good for us
Think managing on less money is the biggest worry, but,you know it's got to happen at some point......xx
You’d be surprised how much less you want or need as you get older
Very Helpful I'll be retiring in the fall & moving from expensive California to Texas @age 71 3/4. Already have part of my investments professionally managed, no debt. Low mortgage & maximum social security. I know who I am and what I want to do in retirement. Maybe a part-time, volunteer & travel. Your questions were very helpful. Need to figure out what expenses will be for house in Texas
Thanks for sharing that Gladys. Knowing ourselves and what makes us happy is very important.
As ever Jane and Mike my go to ❤❤
Thanks very much
Great content as usual. I shouldve heard this 5 years ago
Are you retired or still preparing?
@@FrugalQueeninFrance semi retired
@@FrugalQueeninFrance not doing too bad though. Made some drastic changes that seems to be working very well indeed.
Thank u. I remember my gram saying 'you're never too old to learn'. Im learning quite a lot from u. My thanks to u and Mike
Thank you so much for this video. It was very eye opening
Thanks
I am so glad I found your channel a few months ago. As a consequence I have started to budget more intentionally. Husband is well onboard and has part time to job to supplement his LGP. However we are thinking of selling up and moving to a different area, preferably on the coast and release enough equity to up grade our current campervan. Our state pensions won't kick in until next year when we are 66. I am unable to work due to health issues. We have an exciting time ahead. Quick question? I bought the budget book you use but I would welcome a video on how to use it to accurately record the figures. If that makes any sense at all.👍🙏
I have a Facebook page, go there and message me and I’ll make a short video and send it to you. Th3 Facebook page is called FrugalqueeninFrance
@@FrugalQueeninFrance thanks so much.
Great 👍🏿 information. It really comes down to the ability to receive passive income or receive a pension AND a willingness/ability to live on less income.
Thank you
Always inspiring
Awesome video Jane.
Thanks Di
Why? I loved my career for years until the last 2 years when silly red tape go the better of me and toys went flying out of the pram! Fortunately I'd thought of retirement and what I wanted to do then for the previous 10 years so I was able to decide to go when I got fed up at 54🙂.
Good for you Hilary. Sometimes it’s worth retirement to just escape the malarkey of the modern workplace
I just found you - is there a tour of your home and grounds somewhere out on the youtube? I am just curious about your home and the work you have done
I belong to the privileged French people who get a good pension . I was a teacher , so a state civil servant and as such I could retire at 55 because French women civil servants who raise at least 3 children ( their own or their partner's ) can get about 80% of their last salary when they hit 55 or more of course . So I never had to think about how I'd live when retired . Except that life happened , husband ( also civil servant with good pension ) got seriously ill and now I regret not investing some of our money into a semi private retiring fund ( if these words make sense in English) which could help pay for the home husband has to live in . So money which should have been largely enough became tight because of illness .
I’m stunned that He has to pay for his critical care. I assume he is in residential care as he can’t look after himself and his care needs nursing care?
@@FrugalQueeninFrance yes he needs 24/7 care . And the monthly bill for that is very high . It gives us an income tax discount but we still fork out lots if money .
Lots of money . Sorry
@@marie34K that’s crazy! You wouldn’t pay for that in the Uk. Does he need medical nursing care? Does he have Alzheimer’s ?
@@FrugalQueeninFrance no , not Alzheimer . I took care of him for a long time , then it came to a point when I couldn't even sleep because he needed help during the night . That' s when my children and I asked he be accepted in a state owned hospital home .He was such a serious case that he got a room 2 months after we asked . The waiting list is usually quite long .
Now that the U.K. is no longer a Member State of the European Union, maybe you would consider doing a video on the restrictions that now apply to U.K. people who wish to emigrate to a European Union Member State. Things have changed enormously since Brexit.
If people want to migrate to France they can find out every thing they need on the French government website. The UK got what it voted for.
For me retirement is really need to have in advance financial planning. This is a serious thing to do as a plan for my retirement life. This is in my advance mindset. In saving money in the bank is not a wise idea because of the inflation rate. Due to the depreciation value of money that we'd saved by the time we reach at 65 yrs old. The value of money will change drastically. It's good to buy a property or invest my money in the institution business that has a good return, secure and gaurantee. Better to diversify my money to the different financial institutions with good returns of interest rate than keeping them at the bank as saving account. But be sure that this institution is safe and have a good reputation in investment. For me, by the time I would retire, I would like to travel, do camping, gardening, dancing, singing, cooking, reading, dine in with friends at the restaurant, do exercise, I want to work in the community to do volunteer job in health care. For me retirement is like the another dimension of my life. I'm so excited, no routine working hours no more 😀🍹🍓🍎🍺🍷🎂💓❤
I'm wondering why you decided on France and that particular area of France and why you left the UK if it's not too personal
I don’t mind answering at all. We’ve always loved Brittany and we relocated here for the quality of life.
@@FrugalQueeninFrance thank you for sharing we're planning on moving to Italy for quality of life!
Could you link budget book amazon link in English. I don't speak French.
So excited to see how you calculate what’s needed Jane. 🙏🏽
Sorry, I won’t be doing that. You’ll need to see a licensed and qualified financial advisor that.
I made my comment based upon your title for the episode. No worries, I have advisors, but I am always interested in your first hand thoughts and experiences. Still looking forward to today’s content. Thank you, Jane & Michael.
Do you pay for health insurance?
Yes, 101€ for the both of us each month, plus our health cover from social charges. 22% of gross income. Everything is covered and there’s nothing else to pay.
Thank you. I am from the USA. What is health cover from social charges?
@@jdbd60 exactly what it says.
👍👍👍
Can I retired in France if my pension is $1,200 a month?
Please go to the French government website for information
👍💐