Why Retirees Struggle with the First Year of Retirement | Overcoming Challenges in Retirement
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- Опубликовано: 25 ноя 2019
- We all work so hard to prepare for our retirement. We do everything we can financially - save, invest, plan - to make these years truly golden. While working towards our financial freedom is a worthy and necessary endeavor, don’t forget to plan for that newfound personal freedom, too.
So, what will you do when you don’t have someone else scheduling your days? While many of us imagine unlimited freedom, happiness, and purpose, the reality is that some people have a hard time transitioning from a structured lifestyle to one of complete leisure.
Here are the top five issues that newly-minted retirees face.
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Retired at 52 a little over 10 years ago and have no regrets. I ain’t rich but I am wealthy, stress free and healthy and able to spend my time as I see fit. It’s great to be able to work because you want to not because you have to and even though I loved the job that I did for a living I didn’t live for the job. Embrace your new reality
I'm going to do the same at the end of 2021 ... retire 55 years old.
Are you serious? My first year was a season in heaven...I loved it...I had worked at a newspaper, heavy stress all the time. After retiring, every day was like a weekend!
Every single person I know that retired says the same thing..."I wish I had done this sooner".
What a blessing!! 😅
I love to hear that!
#1 Get healthy! Don’t be the person that is half dead at retirement. Lose weight, be active, most people can get off most RX with proper diet/exercise/attitude/love for life.
I couldn't agree more Hondo! That's actually part of the reason I have part of my website dedicated to health! www.wesmoss.com/topic/news/health/
Love it ❤️💪🏻🏃🏻♂️.
You're correct. Health is wealth. Retired the past 6 1/2 years I've only been admitted to a hospital for 1 night 50 years ago getting my tonsils out at 18. And I haven't lived in a bubble. Spent 38 years flying helicopters, 7 of those low level down remote rivers in West Africa for the World Health Organization. Had malaria 11 times in those 7 years. But, I never smoked, drank/drink moderately, bicycle 100+/- miles/wk and eat well. So many Americans don't realize (or care) how healthy they could be with a little bit of effort.
I am doing okay now. A bit overweight but do healthy cardio 4 or more times a week. No chronic illnesses, no meds. I plan on really upping my game on the healthy part. More exercise, maybe even yoga. Health is THE KEY.
@@olliehopnoodle4628 The hardest part of any journey is the first step. Good luck.
When Wes says 3.6 core pursuits helps your retirement happiness, I think he's talking about staying busy with things that fullfill you, not sitting around watching TV all day. For me, retired 16 months now and loving it, it's being involved with our seven grandkids, which means going to basketball, lacrosse and softball games and concerts, it's involvement in a small part-time business I own with my son-in-law, it's learning to play the saxophone (just call me squeaky!) it's walking several miles a day several days a week. In short, it's fullfillment. Thanks, Wes.
Yes, core pursuits are very much about fulfilment. We can call core pursuits a number of things (hobbies on steroids, passions, etc.) but they are most certainty activities that keep us curious, engaged, progressing, learning, and passionate. My dad recently retired from veterinary medicine after 43 years. He lists the following for his numerous interests outside of work: geology, writing country music (he calls this cowboy poetry), riding horses, civil war reenacting, woodworking, art, cooking, and the list goes on and on. These are all things that I remember him having a passion for 20+ years ago, and these interests live on today. Are they all core pursuits? Most of them yes, but they all give him a tremendous sense of fulfilment and provide an outlet for continued person growth, engagement, and above all - fun!
Thank you for watching these videos! #happyretiree
Turned 73 in Nov,2020 and just retiring now!!!
Passion is more important than income. My 1 friend retired from a blue collar job is camping, canoeing, and taking photos of waterfalls, living within his means but living. Another friend with a PhD. and a great pension and a ton of money is going back to work because he is bored.
Worked from 19 to 49. Thirty years and got the hell out. Now I'm just shy of 68. I've buried two friends and an aunt this year. Life is sweet,enjoy.
Thank you for your insight
It's hard because even though you planned, you don't really know how it's going to go. You have to learn what to do with your time and how to manage money. The thing is that every single person I run into that has retired says the same thing..."I wish I had done this sooner".
Well said!
Very good video.
It's interesting to hear a young man talking about the well being of retirees. Sound like he's spot on, nice info.
Great advice Wes. I read your book 5 years ago. Paid off my house 8 months ago. Still working on the 500k but I'm getting there fairly fast now with no mortgage. I'll have at least 5 income streams when I'm totally retired.
I love to hear this!
16 months of retirement and absolutely love it. Like a duck taking to water!
BTW, read Wes’s book several months ago. Great read, highly suggest for pre retirement.
Thanks! And I love to hear how well you're taking to retirement! Enjoy your new adventure!
Retirement is just a word; Its not retire, but rewire.
Upon retirement, many of us want to travel. After 20 years, we all want to just watch the world go by and our health.
Good Video Mr. Moss... too bad I wasn't able to concentrate on everything you were talking about because I was distracted by the incredible BLUE blazer that you're wearing... I'm jealous sir! half kidding aside, yes you have good advice and it gets me to thinking I can make a plan and have the mindset of when I was working to create a different life. LISTENING sir! Gonna go the gym and work on my 3 point shot! impress the young uns! haha!
Thank you.
I left the circus last May. I'll be 57 this year. I'd been shifted to a contract from a permanent status six months prior. Targets were unachievable, working conditions were toxic and ageism was rife. A routine check at the doctor revealed I was carrying the silent killer: critically high blood pressure. Since then I've focussed on my health, hitting the gym and I'm loving the bike (approx. 200 miles per month). I'm lucky to have some hard earned savings behind me just now but I'm finding my Presbyterian work ethic a little hard to shake off! My BP has returned to near normal levels thankfully and I've lost 21 pounds, cut down on alcohol after self medicating for a long time, making meal prep about healthier choices. I have a loving 2nd wife! who looks after me too! I've seen too many changes in the work place I think. The "global economy" and the "digital age" are the main things impacting our working lives I think and its not all good. Good luck people.
Good for you Mike! I’m an RN and retired 7 yrs ago at 55. Was fortunate enough that my pension ,a Florida Retirement System pension, gave you your full pension after 30 yrs of service regardless of age . Began receiving my Social Security benefits Nov 2020.:My blood pressure was also getting up there..Managed to normalize my B/P without meds. I also hit the gym and began running.
Feels good to be alive.
Some really good advice about hobbies. I watch and learn from the older people where I work. Learning from their mistakes is free! If you are 55 and still paying a mortgage....Id bet you over extended yourself trying to keep up with the Joneses. I had my simple house paid off at 47. Best thing I ever did. FREEDOM from any payments feels so good. My old paid off vehicles are just fine too.
59 and have a mortgage. Not overextended but did get divorced at 42 and the court gave my first house to the ex.
Great advice as my both of us move into this new adventure next year. I will share with spouse these steps. Thanks.
I love to hear this Joe! If you have any questions, please send them in through my website's contact form. They come right to me and the Money Matters team. www.wesmoss.com/contact/
I never looked back after my retirement at age 60 .. Don't miss working for a wage one bit ..
I never struggled or had to overcome any challenges after my retirement ..
.. Many people I know are counting the days until their retirement .. Once they do I'm positive they will do just fine ...
I love to hear this!
Same her
The struggle is due to adapting to life with a likely smaller income and managing expenses such as mortgage,credit card debt,etc.
Really good advice. Cannot wait for retirement!
I'm in my first year.. Only have half the $500K, but feel very secure.. No mortgage, no car payment, no motorcycle payment... $800/YR property taxes, $800/YR to heat my home, average electric bill per month is $41.42, plus insurance and my home costs $200/month...pension and SS is $2,000/month, which I live on, and the $1,338 per month from IRA gets reinvested 100%... Was able to spend 2 1/2 months in SE Asia earlier this year walking on the sunny warm beach and enjoying the delicious food... First year has been good.....thanks for the video...
Good for you. It isn't so much about the income as it is the outflow. Enjoy!
That sounds fantastic. Congratulations!
I spend most winters in SE asia. Life is sweet.
$800 in prop taxes?. Where the hell is that ?? A place with no schools, no roads, no cops ? Or in Asia ?.
@@johnyjsl9219 I live on 1.1 acres in St. Lawrence County in Northern NY and I'm about 1/2 mile outside of the village limits so no city tax...Only School, town, and county tax... The state police barracks is about 1/2 mile away and beside it the fire dept. and rescue squad are about 1/10 of a mile closer...The village police station is about 1.5 miles away...The closest of 3 schools is about 6/10 of a mile away and the closest grocery store is 1.1 mile away...Everything I need is close so from 8/1/19 - 8/1/20 I drove my car 2,068 miles in a year.. In the summer time I ride one of my 6 bicycles a lot..My bicycle collection is worth way more than my Subaru...
I’m dumping the big house! Love my house but it has to go. Working less. One kid. He’s 21. I’m 47. I don’t want to work full time but I make a great hourly as an RN.
I have a small mortgage 3 percent interest. Have other investments that pay for my mortgage I’m not paying off a 3 percent mortgage I get a higher rate having the money in the bank. It all depends on your income from investments.
I own my house mortgage free. Rent 3 rooms which pays the overheads. Have a private pension for all the treats. Have hobbies. I am 57 tomorrow.
@@rcb8771 gosh. Thanks.
@@rcb8771 I am having the best day. My son is taking me out for dinner shortly and my daughter sent me a box of my favourite wine. One of my lodgers just gave me a card and flowers. Back to the topic of retirement it is not just about finances/health and hobbies. It has got to also be about the quality of the people in your life and how settled the kids are. I have been blessed (and now full of wine!).
@@rcb8771 at the risk that no-one is interested.......my advice to the young people is.....p (arty) hard but p (ension) harder, get the best education you can at school and life, marry/divorce fairly, invest in your kids, travel, buy/sell/develop property and avoid idiots throughout your life. Should work wherever you live. I live in the UK now but spent about 1/2 my life in developing countries. Balanced me out.
Live YOUR BEST LIFE Naomi! Happy Birthday! 57 Years Young! 🎁🎉🎈 🎂 🎈🎉🎁
@@Chutney1luv thank you
The new me is, don't get up early😉, Go 2 Church more,senior center, stay out of the rain, snow, watch T.V.,
Read The Bible daily., clean my house more.enjoy the Holidays with family. Still drive which l love.,rent of room. Praises The Lord!
That sounds like a wonderful retirement! Congratulations, Saundra!
@@WesMossMoneyMatters Thanks,l retired @ 70yrs old.
Get 2 pensions and SSA😉!
Wes I will retire in one more yea4 at 60 years of age. Stressful job, I have $1.3 million 401 k , will with draw social security at 62, I owe $175 on mortgage. Question should I withdraw the money from account to pay off my mortgage? Breat channel....
How to retire by 30. Step One: Get a high income skill that pays according to your skills not per hour. Step Two: Cut your expenses and live below your means. Step Three: Save and invest most of your money. Shoot for saving 20-50% of your income if possible. But if you can only do 10% then do that. Step Four: Grow your knowledge so that you can do better in personal finance and investing.Step five:Get a Financial advisor(obviously) Step six: Let time work for you. Start as early as possible, every year makes a huge difference. "The best time to start investing is yesterday, the second best is today."
impressive. I myself am pretty much focused on building my dividend portfolio
hi i'm new to this please any advice for a retiree who would like to make huge ROI from a business?
@@robertthurmond8161 well i found mine on a webinar on the F.I.R.E movement, you can look her up, her name is Lucy Maria Koss
Hi Wes,
How do I find a good CPA to help me with my taxes? I own a small business. Thanks for your help.
Scott
Hey Scott, we certainly have several CPA firms that we refer clients to, particularly in Florida and Georgia. Where do you live? You can submit a contact form on my website if you'd like to speak with one of the Money Matters team members. www.wesmoss.com/contact/
I have never regretted retiring.
I've been thinking about retirement and I came up with most of these same conclusion, except for that dollar amount.
One thing Mr. Jones, you save a lot of money being retired! Sign up for AARP for their many discounts! You no longer have to spend money on employees birthdays, splitting of lunches, baby showers and wedding showers and gifts! 😅
@@Chutney1luv thanks, I will look into AARP.
@@mrjones4249 Not to offend anyone just want to educate - AARP is a pretty Liberal organization and the Conservative alternative is AMAC.
@@Chutney1luv thanks
@@tl4633 I have never heard of that organization, but will take a look. Thank you
I have a question: If I have a military pension that will pay me $2,000 per month, how much of that counts towards 500,000? How much more will I need to save for retirement? Right now my total expenses are 1,800 per month. My house is paid off.
Great question! The $500,000 actually does not factor in a pension amount. That said, If your pension covers how much you send on a monthly basis, then you might not need to reach that amount or you might need much less.
Questions like this are tricky to generalize since there are so many different financial and lifestyle factors to consider, but if you'd like to speak with a Money Matters team member about your particular situation you can submit the form here for a free 1-hour meeting - www.wesmoss.com/contact/.
You will now have time to enjoy Life! When you are Healthy, if you don't take time, time will take you! Don't retire to work again! That is greed! Enjoy sleeping late, relaxing and teavel! Only taking the time to make reservations! 🎉🤸🎉😅
Retired govt worker. Two kids. One firefighter the other doctor who has all loans paid off his first year on the job. Wife works in another govt job with her own health insurance. I make about 5k / month in my pocket after tax and 29.O0 health insurance. House will be paid off in 3 years at 1700/month. We are empty nesters. The key is not to over extend, and make sure your kids are independent and on their own. Minimum to no debt. Older but reliable cars. I have a part time contract work choosing my hours. I Volunteer on regular basis to continue training my previous co workers and bosses whenever they ask. So I stay busy and healthy and fit. And we are happy.
I love to hear all of this! Congratulations!
Bond yields are going negative.
I’m looking for things to do in retirement. This year is tough! Not much going on.
Covid is an opportunity to enjoy the great outdoors!
You said it brother! It's not at all like what I thought it would be.
I've been mortgage free since I was in my 30's and I'm in my 60's now. That same house is worth almost 800 k now.
what if you dont have church, family, friends.. what if all you have was work? what do you do when your work decides its time. but you dont have a plan B. at 61 it feels threatening.
My father retired "cold turkey" like what you describe. He was miserable and went back to work for another 10 years. If you plan to retire, you have to have something else going on in your life besides work.
Marry well, if you don’t your screwed, don’t have kids, if you do and don’t invest time and resources your screwed, be health minded, if you don’t you know the answer.
I have 9 years left of a mortgage @2.75%... I just FIREd at 52... agree I should not pay this one off?
Financial questions like this are tricky without all the information. If you'd like to speak with one of my team members about your plan, you can reach us by filling out this contact form on my website - www.wesmoss.com/contact/
Non-professional opinion: Paying off a long term debt that is only costing 2.75% is not necessary if you are comfortable with the concept of holding onto a mortgage. I have retired, have 29 years left on my mortgage (3.5%) and have no intention of paying it off early. I think you have to compare long term debt to long term investments, because if you have the right mix (for you) of short term/medium term/long term investments, you're going to take the money from your long term investments. But as Wes responded, the questions are tricky without all the information. Just another data point.
I retired earlier this year and have 17k left to pay on the house. The debt is costing me 300 a year due to the low interest rate. For the moment I am leaving it and getting a better rate elsewhere on investments.
@@justrusty I totally agree with your statement (single age 62). I have a mortgage ($150,000approx) at 2.5%, have the cash easily to pay it off and when I purchased the house I intentionally took the 2.5% mortgage rather than pay cash. House is worth around $400,000 ++. My return on that money invested is easily over 12% (dividends and appreciation) . The use of debt(leverage) if done under favorable conditions greatly increases ones net worth. I have $2,000,000 in saving (invested, IRA-401k's) and additionally maybe $500,000 in taxable investments and see no reason to pay off a 2.5% mortgage. I know we all have different situations but my thought on paying off mortgages, why.
$500,000? Man you are totally out of touch with the average American worker. You need spend time in the trenches so you can offer realistic solutions.
Curious how $500,000 is out of touch. Too much? Too little?
That was my arbitrary number that I've passed due to one more year syndrome, and my parents had a similar number along with their paid off house. Seems like a fine number to me.
I’ve saved 1.4 million in dividend stocks, no college, I’ve never made more than 68,000 in one year, retired at 45
@@TheSoaphippo Well done, however I maintain that this level of saving does not apply to the AVERAGE American worker. Your savings achievement is an outlier.
@@TheSoaphippo Do you have wife? Kids? Own a house? Just curious. Kids especially can really drain your resources. Nowadays, "kids" are kids for at least 25 years.🙄
500,000 dollars? that leaves me out 🤣
500k is not enough if you only receive 1k per month from that principle. SS will provide 2 k per month, so that makes it 3k per month to live on. In NYC, 3k per month is barely making ends meet.
So, moving is absolutely necessary, if I didn't have my hubby's income as well. Life is tough.
S CT He said 500k will get you 2k a month
I would never live in NYC. Therefore. Don.t need millions to retire.
I plan on retirement in the Philippines with my wife the cost of living is much lower would you say 300 hundred thousand would be ok
With your SS check, 300k is more than enough.
500K right....I've got 5K in the bank...no way I'm able to do this crap while making 11bucks an hour.
So it’s 495K 😁
How old are you? If you're young, improve your skills and try to save $20 a week. If your old, well you won the work lotto.
Well, you have a good start! Strengthen your skills and save for your retirement! Depends on your age get your change jar started! My oldest Aunt had saved over $50,000.00 in change jars; throughout the years! Our grandfather taught her and us! Throw a way change or excess! Hide it tho! 😂
@@Chutney1luv That is so right on! I use the change jar example all the time when trying to explain saving. The hard part is convincing people that today's pennies equal tomorrows dollars.
@@Chutney1luv yes, easy as 1-2-3.
Seniors are screwed by the government. Next year S.S. cola is 1/6% but the military raise is 3.1% and everything is paid. Senior have to pay for everything FOOD, clothing, HOUSING,..... So you are screwed on the ONSET
Seniors are only screwed if they are relying on the government to support them. Too often the problem in America is when people are in need or financial trouble the first place they run is to the government. There is a lesson here for young adults, learn to support yourself, do whatever you have to do to be financially independent. Maybe work more than one job, maybe a part-time job if your schedule allows for it. I don't have all the answers but stop turning to the government to solve senior problems. The government does provide a base amount for support and insurance for seniors, where is it written that we all should be supported through retirement by the taxpayers of America?
Dave Ramsey agrees lol
Money money money collecting money that's not life live simple
5% a month growth is highly optimistic
Its extremely grim
no mortgage?? probably wont happen
I partied and drank too much.
The first rule (a 3 parter, so actually 3 rules, which means there are actually 7 total rules, not 5) is garbage. $500k is not enough for many people and too much for others there is a wide wide wide range. It is not wise to get rid of your mortgage, it all depends on many factors. What is your interest rate? When so you plan to move next? What is your tax situation? Multiple streams of income (please!?!) Just snap those fingers for multiple streams.
Well, I guess I blew it, I don't have 500k, I still have a mortgage, and yes, I retired, and I have more money in the bank now then I did when I was working. You don't need as much as they say.
Ms. L. Churchill
Hey everybody, there's no retiring until you're almost a millionaire, have multiple income sources after retirement, no debt! Yes, you can do it on your minimum wage job, especially if your spouse has one of those too. I'll guarantee you this, anyone who has what this guy is crapping out of his mouth, isn't watching this video.
Couldn’t be more wrong - the people who DO have the money (if not quite a bit more) are likely the ones watching this video because they’ve been planning and strategizing their retirement for many years!
He’s not talking about middle class retirees.😒
Nice pictures you played but that not reality.
If you have debt , you shouldn’t be retired
You will always have debt. The key is your expenses being less than your revenues when you retire.
What universe does this guy live in where the average retired person has $500,000 in savings?
How do you retire with less than that? Sure, you can live off social security in poverty but this is a video for people who actually prepared for retirement.
I think you financial experts are delusional. As a teamster of 14 years, you experts managed to put us in insolvency. Thanks. Thanks a lot. We just won’t make it. Please let the health care industry know, don’t save me.
out off you mind
Why do you have the camera angle looking at the side of your face??? SO Annoying
Agreed. That was totally distracting.
500 k out of reach for regular working people this is more rich people bs
$500K is thrown out more as "pie in the sky" to make average wage earners go "ooh" and "ahh".
My wife and I are working people. We have been putting 10 percent in our 401K’s and are approaching retirement with well over 1 million dollars net worth. If you save anyone can do it. But you have to set your goals and put the money toward that goal.
$500k isn't a lot of money.
Retirement is for quitters!
So I'm a quitter.
WINSTON SMITH .... you’re an idiot. I’ve worked hard all my life, Mostly working 2 jobs, volunteering, remodeling the house, raising 2 kids as a single parent. I am now 69 and semi retired. I’m looking forward to doing some long-awaited hobbies and seeing more of the grand kids.
So I’m a quitter???? No, you are an idiot.
Another quitter here !
Eat less, sit less, move more. Paying off mortgage is not important at all.