More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
A couple of things to keep in mind. I'm 70 and have been retired for 7 years, so I know of what I speak. Firstly, these retirement calculators and the informercial news media are biased toward encouraging people to keep working by making them think they have no choice. - it's fearmongering. The more people keep working and investing the more the banks and investment companies make. Secondly, retirement isn't a "once and done". Many of us have part-time jobs that we enjoy. I have a friend who is 76 who works 15 hours a week in a boutique furniture shop - she loves it as she gets to meet people. I work in a bookstore. I also started a handmade greeting card business.Employers love seniors because we are hardworking, reliable, dependable, and happy. Money in retirement isn't as difficult as the media makes it out to be.
I think you are right -- about the fear mongering. I live in California and the media fear-mongerers stated I had to have a million dollars in savings before I could safety retire. I tired with less than half of that estimate and I've been retired for 11 years and am doing okay.
As a GenXer myself who recently had a big financial setback due to a car accident which totally changed my ability to continue in my career as a real estate agent I really appreciate your comment, @margf5092. I am quickly running through my savings, however, I have started reselling and just launched my own RUclips channel which I am confident (thanks to Jen's encouragement) will become a new career for me and allow me to catch up with my lost revenue. I don't need to live high on the hog...I enjoy a simple life. I just do not want to be stressed out about money as I grow into my golden years. Love and Light!
Your beginning montage with your facial expressions was fantastic. You have great editing skills. I’m 73. I’ve been retired 18 years, financially I’m fine. I have a lot of savings. I don’t even spend maybe 2/3 of my monthly income. My house is paid for, it’s one story, no stairs, wide hallways, LVP flooring, grab bars in the shower. I started thinking about these things when I was in my 40s when I bought this house. However, tomorrow I’m going to an open house tour of a CCRC which is a Continuing Care Retirement Community with different levels of care from owning your own home totally independent, up to needing minor help like housekeeping, laundry, meals, all the way up to memory care. It’s good to be prepared. The place I’m going to check out is extremely expensive but it’s also extremely nice so it doesn’t hurt to find out if that’s something potentially in my future or if I have to totally write it off.
Thank you Jen for such a thoughtful video. As a veterinarian I suggest considering the monthly costs of pet care, particularly vet bills for illness. I daily see the stress on retirees to pay vet bills. Pet medical insurance is worth considering to avoid paying high vet care bills during unexpected illness or emergencies. Annual check ups, heartworm prevention meds, and vaccines is a more predictable cost.
Good info! Those retirement calculators can really put it all into financial perspective for you. With proper planning, my hubby and I retired better off financially than when we were working! What worked for us? We paid off all debt, including our home and when we retired, we selected the very best supplemental health insurance plan we could afford. We found that with no debt, your monthly retirement budget could be way lower than you might expect. With good health insurance, you are protected from catastrophic medical bills. Good choice for us, as my hubby was diagnosed with cancer one month after he retired. On-going medical expenses run about $60,000 a month and all of it is covered by insurance. He is recovering nicely, and we don't have to worry about financial disaster.
You hit on several key points, no debt, good medical insurance (including co-pays) and a robust emergency fund are key to SWAN (Sleep Well At Night)! Also, with no debt your retirement withdrawals are lower and so are taxes , usually.
I’m an old GenX’er who will be retiring next April at age 59, with two pensions worth $8K and $700K in Qualified savings. My union will cover my health costs(I will pay about $100 a month) and I own my own Condo. I can leave today but want to finish a few things up. I’ll be taking SS at 62 also.
Thank you for such a thoughtful and thorough video on such an important topic. I would like to offer my demographic perspective as a Boomer. That means my parents grew up eating oatmeal three times a day during the Great Depression and experiencing WWII combat, rationing and wages. They saved every piece of string and used wrapping paper. But they instilled a sense of preparedness and gratitude for what I could accumulate during good times. My parents enjoyed paying off their mortgage on a 3-bedroom house, each retired at 65, they enjoyed about 10 years of road trips and another 10 years of senior living. As a single female with chronic arthritis since age 30, I made strategic choices to spend less (1-bedroom condo instead of 3-bedroom house, 15-year mortgage instead of 30-year, and budgeted around an 11% interest mortgage. As a Boomer, I experienced double digit inflation which had the effect of doubling costs every 5 years, followed by the Reagan Recession, followed by tight credit and high mortgage rates. I benefited from the high attention to money matters. It was normal to spend as little as possible, borrow as little as possible and pay off loans as quickly as possible. Being ill and having a mobility disability that included significant pain, my strategy focused on retiring at 55. And so I did. When I did, younger people asked me for advice, but when I suggested that their strategy incorporate "no vacations until the mortgage is paid", disbelief washed over their faces. People who train themselves to prepare for bad times when times are good have a good chance of being prepared to retire when they want to. Being prepared for harder times may sound pessimistic on the surface, but deep down the mantra is, "I have enough now, I prepare now because I will have enough when I need it.". It truly is a vision of an abundant future reinforced by weekly spending avoidance successes and savings successes. Times are good now. The closer you are to retirement, the more aggressive you may need to be with your retirement strategy. Do it now while inflation is low (yes, 4% inflation is low) and unemployment is low. Fuel costs are relatively high but there are lots of opportunities to spend less on fuel by bundling errands onto the same day and taking public transportation. For 6 years, I got rid of my car and saved the money I would have spent on the car itself, insurance, maintenance, parking costs, city sticker fees and state license plate renewal fees. It's a lot of money per day that added up to my condo down payment at the end of 6 years. I knew that was my plan and I celebrated my incremental successes every time I got on that commuter train or that bus. I celebrated success every time I cooked at home instead of going out. I felt my success every time I chose to go to a free concert in a park or street festival instead of buying concert tickets. I found great optimism inside my decisions that may have appeared like austerity to onlookers. I believe it's easier to make those choices when our experiences and our parents' experiences make hard times seem more likely. Easy credit makes hard choices harder. If you calculate that you are not on track with saving the amount you feel you will need, now is the best time to make strategy adjustments. Downsize living space, reduce travel and entertainment, add a side hustle or sell some of your stuff; you decide. You decide how much you need and how much you need to feel content and safe. And you decide how long you will work to take care of yourself. This video addresses regular recurring expenses very well. There were several expenses I had not thought of and this was very helpful . Well done. I'd like to throw out a few items for discussion like those occasional big ticket items like the last new car, a new laptop and new phone every 5 years, replacing a roof, appliances, furnace or a special assessment in the case of condo living. Property tax also seems to go up in irregular increments. Palliative and Hospice care in our final days may be unpredictable. If you need one to three shifts of care givers or special equipment, what costs will you need to cover? Less dramatically, do you want to be able to hire someone to help with cleaning, laundry, grocery shopping, food preparation, lawn and garden services or occasionally hiring a neighbor's teenager to help when you're in your 80s? Maybe you will want to budget for taxi cabs or Uber rides instead of car ownership at an unpredictable age. And there are the one time final costs and will we pay for services with life insurance or saved money authorized to an executor. I am just learning about this stuff and I think I am going to feel more comfortable hiring a lawyer...and that's a chunk of money (but worth the peace of mind for me now and my family later).
Great information Jen. I am 70 and I live in Ontario. I had a health event which ended my career at 63, but luckily had a disability income from my employer which gave me a full salary until 65. In those 2 years I had a chance to re evaluate my finances. With no savings to speak of after raising two kids on a single income I had to downsize. I sold my family home and bought a small cottage style home across from a lake but have a small mortgage. Between my employer and government pensions I did pretty well. My take home pay was only slightly less than when I was working. Then covid hit. My older vehicle broke down and was not repairable so needed a new one. Absolutely everything skyrocketed in price. My income has now been stretched to barely cover my expenses. I don't do the things I want to do due to financial constraints. Would love to go to a warmer climate for the cold winter months but that isn't possible now. I still enjoy my retirement but find myself thinking of selling and renting instead. That is another option that is costly. For now I will stay put and enjoy the swans swimming past my window all summer. I might have done things differently if I knew what I know now for a comfortable retirement.
hey start a side income you are still young i know someone she is 74 working on online platform to get a an income..its not easy i know just a sugestion to use your extra time.. more power to you take care
your cottage near the lake sounds delightful ! I am a Canadian living in Dallas, Texas for 30 years. I can barely take the heat anymore so would like to move somewhere cooler L O L. perhaps a good idea is to rent somewhere for the months of bad weather, then go back home for the more pleasant months . Where in Ontario are you now?
First of all, this is a great information filled video that will be helpful to so many, me included! I loved the intro. It was very entertaining. That was some awesome editing. Last, but definitely not least, thank you for the resources. You put in extra time doing us all a favor. I really appreciate your videos very much. Gold star ⭐️ for this one Jen. 😊
I was just laid off from my corporate job on July 1st. I applied for Social Security that afternoon. I was 62 on July 5th. So I am a GenX Boomer. I was approved for social security and know how much I’ll be getting as of Sept. I have very little savings, and a mortgage. I’ve used AI to create many alternate scenarios for riding out the rest of my life! I know I can make up to about $22k annually via work - so I am just back to my 25 year old mindset. No money for frills, but follow my budget & live within my means. It’s a new adventure…..
Sorry for getting laid off but I believe that there is a blessing in everything that happens to us as humans. Greetings from Ghana 🇬🇭 in West Africa. Godspeed
Admire your resourceful ideas. Thank you for your candor. Have a great day and I am going to be checking out those sites as I am about to turn 65 and still healthy enough to be at my job.😊😊
Hi Jen, I love your video, the content, the way you're honest, generous, I even liked the fun graphics. I used to work with retirement savings (in Canada), and your're right, we - genX- are not good retirement savers. In your video, I was surprised by the annual rate of return (9% quite optimistic, arounf 9:21min). I'm not qualified to give advice, but if you'd like to chat about it, I'm here!
Oh my goodness. I’m new and absolutely love you, you’re such a breath of fresh air. Looking forward to binging your content. From a fellow independent woman
Jen, we love your channel. I am 70 and retired. My spouse is 62 and we are now discussing when he will retire. We have a big house that we just bought (not a great decision, but closer to our kids and grandkids). I am sure we won't be able to keep it with all the expense and maintenance required. Thank you for your evaluations and research!
Thank you so much much Jen! This was very informative and helped put things in perspective! I consider myself a Gen-Xr, although I just turned 60! And retirement is coming! You helped so much! Thank you for the clarity! Have an awesome day and be well! ❤❤
Hi Jen. I'm already past the point you are talking about. But, as someone who can see some of this in my rearview mirror I can say the sources of the graphs you showed are excellent tools to help people plan for their retirement as they approach that stage. And, it's a subject far too many younger (than me) people aren't preparing for sufficiently. This was an excellent vlog and, hopefully, get more people thinking about that stage in their lives. 👍 Have a great week and see ya next week. 🙋 --Paula in Ohio USA
I love this video, the headlines about gen-x retirement deficits with your changing facial expressions was funny 😅 and great retirement planning info and links. Glad real Jen and hypothetical Jen are all set!
Great insights Jen, you make helpful & down to earth videos that so many of us can relate to! I've just started following your journey this week & look forward to your future videos 😊 I hope to see you able to retire whenever you want & never have to worry about supplemental healthcare, with a growing youtube income - you deserve it! 😄 We have somewhat similar family circumstances, where my parents are mid-70's & moving into a house that we have built on a property my brother & I bought, so we can all be close for future needs, much of which will fall to me, being closest. Other family members are concerned that we are shifting away to a more regional area with less medical & other services, yet the peace & quiet offered by the area for their retirement offsets the years of stress & work they have gone through! I also need to pull my finger out & follow your inspiring lead, to work on a channel & get myself to the point of being able to retire early with an online income stream, not worrying about future costs or selling my dreams short! Thanks for your content & sharing your tips, we appreciate you! 🌟
I think you are amazing. You have such a good sensible brain, a brain for figures, for strategizing the future financially, for realistic goals. I relied on financial advice from my advisor who only gave me a confusing array of spreadsheet outcomes for my retirement, depending on this and depending on that. I made it, but for the first five years, I was really financially strapped and didn't know what to expect. Things improved over time financially -- and I did get an inheritance, which brought some support or sense of safety. I too, like you, couldn't count on any inheritance -- until and when the time actually arrived.
Because of how good you are with researching, I would love a video on the idea of going into retirement with a mortgage and the feasibility of paying it off at some point with some IRA funds.
Good day, my fellow Canuck. I always understood that the Canada Pension was to supplement a senior's retirement income. If a soon-to-be senior was nearing retirement and found that their savings and side-hacks would be insufficient , then steps would need to be taken to enjoy the golden years. Inheritances should not be a given. Nor are lottery wins and casino hand pays. Also, I enjoy my Blue Cross coverage. Great video!😄
If you do go the route of financial advisors, avoid the ones charging AUM (assets under management) fees because try plugging those in to a compound interest calculator and see how much it really costs.
Great reminders and thank you for the country-specific links! I appreciate your calm, thoughtful example and presentation of what can be very stressful! On another note, I find myself analyzing your videos to see what the one thing is that you learned this week as a RUclipsr and applied for a fun, informative, and helpful intro!
There are a lot of Boomers who are still not prepared. I know more Boomers (because I belong to that generation) who are on welfare or who live with their parents and they have little to no savings. I don't know a lot of Boomers who are extremely well off.
Thank you, Jen. We're on the same trajectory of retiring at 65, but im a couple of years closer to it than you are. And I'm in America. I think having an estimate of income is so important because it helps us adjust our expectations!
Thanks for another very useful video Jen. My retirement age is hurtling towards me in France. Having moved here from the Uk at the age of 46 and having been self employed all over the place i am totally bamboozled at how to sort it all out but with help like yours i am starting to raise my head out of the sand 🙃
I had to have a major spine surgery at 53. I was a nurse. Wound up on disability. My husband got hurt at work and wound up with a leg brace and neck surgery. The best laid plans, as they say. He had to stop working at 57. I had to stop at 53. I babysat for 10 years as I have limited ability to sit or stand. We thought we had it all figured out. My advice is to up the savings by 10% as a cushion, just in case. The worst that can happen is that you wind up with more money than you expected.
Absolutely! I'm sorry you're having a rough go of it, but it sounds like you've got a good head on your shoulders and are making the best of things. All good karma headed your way!
Thank you soooo much from an ostrich who hides in the sand ...lately! but I think I broke the website for Canada when I entered my brothers general info ( disabled for 40 years+) and it couldn't handle that someone has had to live on what he has (of course family has been supplementing for him) so I apologize to any with data issues! lol! that was me! my outlook was as expected if things stay the current path, hopefully it changes but even still it always helps to know where you stand in the now. and I thank you for helping me get there! love your stuff,
Hi Jen, Also Gen X, 59. We have many of the same books. That Mythology book with the Medusa (?) on the dust jacket? That’s an old one. Like me. Also, enjoyed the video, but would really like a high res photo of your book collection. 😂
Ok, I am taking no credit, but I was there in the "early days" and I did suggest finding your groove, before you worry about non-essential things. Over 1k views in 2hours. Congratulations for Finding Your Groove. 😎
I am 61, silver and solo myself. I know I am no where close to being able to retire ( lots of stupid mistakes during my marriage and the years after). I have taken on a side job, almost completely out of debt and building my retirement and additional savings. I also plan to continue my side hustle full-time as long as possible as it is a remote position with lots of flexibility. At least I am starting to see a good plan at this time.
I use the Australian calc and it’s fantastic. I feel using this helped me prepare and feel confident about my own retirement plan 👍 DIY is absolutely doable with a little research
Great video, Jen. Money can be a scary topic, but it needs to be looked at squarely in the eye. This helps a lot. Enjoying your videos from White Rock :)
Appreciate you doing an episode on this topic. I'm barely, sort of Gen X (1981) - but definitely identify that way, and have also never been married and have been self employed for most of my life... anyways - happy to watch more of this! Thanks : )
I’m the same age as you and had to make decisions about when to pull the pin on my 32 year nursing career. With a divorce decimating my financial world 15 years ago, including putting me into $100,000.00(he sold all our recently purchased, on credit cards, sound production equipment, for crack cocaine money) debt, I had to be very vigilant on who I next married and how I invested my Nursing(RN) income. We took in my baby niece 8 years ago and adopted her. I retired to our newly purchased acreages 1 year ago. I’m too young to have no purpose so I am creating one here in central Alberta, near the Rockies. A part of this journey is creating a RUclips channel…and so I’m watching and learning from you. I’m gonna need you to keep the channel creating going past 70 though…as long as you are getting joy from doing it, of course 😁
Most Gen' X also have to look after their ageing parents while having their adult children still at home. Younger generations can only dream about Gen X's resourcefulness and cunning lol
Yes, many Boomers and Xers see their kids are part of their retirement plans. Some states, put it in to law that your children are financially responsible to care for their parents. Sadly many parents don't deserve this as they were never around.
I love it when you said maybe get an inheritance. How many times I heard maybe get an inheritance from relatives. Its not worth counting in the future. I sometimes wish they never mention it.
Great video as always Jen and so appreciated. 😊BTW, did I see you this past Sunday in Stanley Park on a bike with three other people? If not, you have a doppelganger that looked exactly like you. Anyway, I find your videos very inspiring and keep up the great work. Looking forward to next week's video.
Very helpful, thank you! I’ve been told I’m on track but have never really had a visual to hang onto so the US link will be a lot of fun to explore. 👍💃
GenX here, 59 as well. I hit my min retirement number this year. I make my last house payment next week. Retiring at 62 max, taking SSA at 67. I will be just fine in retirement.
I am also Canadian and I did the calculator thingy and I will be OK just like you by the age of 65 and even better at 75 but by then I will only have 5 years left before my ending time but that OK we all go at some point therefore am I scare and worry yes but it is something I cannot control as it is what it is so why stress just adapt and roll with it and maybe change the plans and just be happy with with what life gives you just like the old saying goes "if life gives lemons make lemonade" LOL :)
I enjoyed your editing at the beginning of this video very much !🤩 I wiil search for a similar calculator for my country. We get information regularly about our estimated pension but not with all types of personal income included. Would be easier to see,if it might be possible to go earlier and when
@@silverandsolo I would be so interested to see if their video drives traffic to your page. Congratulations again, you are an inspiration to so many. You will never fully know the positive effect you have on us beginning RUclipsrs
California gal here. Retired at 70 without debt. Home is too big but perfect for a sharing situation some day. Living comfortably but that's because saving was my mantra all my life. I see working people blowing wads of money on coffee, haircare, manicures, RVs, expensive vacations and high end cars and then complain they can't save for retirement. What happened to "thinking and planning"?
When I lived with n California I was shocked at the number of Hum V’s; BMWs and Lexus vehicles I saw on the roads. Super expensive! I drove a Honda Civic with no upgrades…not even a radio tee hee. Live beneath your means. 👍👍👍
We have a Mortgage too, I started it in 1998, with a few refinancing to pay off debt and student loans we have 14 years left. So we turned a 25 year mortgage into 40 years total.
I have a list of "expensive things" - mostly home improvement - to take care of before I finish evaluating if I'm ready to retire. I'm giving myself 10 years or so to deal with them and pay them off. Last year was the roof, ugh! You didn't state if you have considered selling your parents' house in the inheritance figure. Even with capital gains tax, you and your brother might split a decent sum from that. Or, he might buy your half and move there.
In thr US, you will owe very little tax when selling a house you inherit. The reason is you get a “step up in basis” so you only owe tax on the difference between the sales price and value at the date of death, which is likely to be pretty loss. OTOH, if your parent had sold their home during their lifetime, the tax is based on the difference of the sales price and the original purchase price, which is likely to be very high. Not sure if it’s the same in Canada.
Great video. I question with all this financial planning do these calculators allow for change in costs? Most people hope for the best retired in house paid or not paid for...what about if you cant live in your house at 80 or 90? No children, or willing children to care for you how does a person allow for a live in care giver or even more costly moving into a retirement home. That could drastically skew the amount of money needed for retirement couldnt it?
Canada always seems to have better benefits than do the states, but our social security system seems to be better. I’ve worked at lower paying jobs for most of my adult life due to raising children with one of them having some health issues. Because I was under so much stress when my ex left, I inadvertently let him cheat me out of my portion of his pension. As a result, I will be claiming Social Security totally on my earnings. Legally, I could have retired at 62, but I couldn’t live off that amount. My projected benefits are a little over $1,800 per month if I work through until my full retirement age of 67 years and 10 months. That’s better than the amount of your income from your government! I will most likely be working until lunch time on the day of my funeral. Like you, I’m not wishing for my inheritance any time soon, and when it does come, it will be in the form of acreage that has been in my family for five generations but is 150 miles away from me and I have absolutely no desire to live there. I’d always hoped my brother/niece would be able to buy me out, but that’s not going to be feasible for them. In short, I’m going to pray that my mortgage and HOA fees don’t increase beyond what I can pay. I’m currently almost 65 and I am tired.
Thank you so much for all of your encouraging words and useful information. Have you considered doing a segment on retirement abroad? I’d love to get your thoughts. I’m thinking that my US retirement funds would last much longer in places like Portugal and Costa Rica.
Jen, please keep revisiting your retirement date as you get closer to it. Earlier isn't always better for lots of reasons. I have a friend who's been retired for several years and about 1 1/2-2 years ago went back to work part-time at a big box store. He said it was because he was bored and was looking for something to do but I'm not so sure. He's married and they both have pensions and US Social Security coming in. They do some travel. They have children and grandchildren near them. At the big box store my friend is making a fraction of the wage per hour that he was making at his full time job. Maybe working another year or two at that would have been better. Also, as for your youtube channel. If you keep doing it until 70 I'm sure you will have a lot more subscriber's than now. Would it be that hard to put up a youtube video every couple of weeks to keep it going and keep it fresh? That might be a video from one of your trips. These are just some ideas from someone who has seen both sides of retirement.
I have often thought about this one. Sometimes a man (or a woman) needs a “purpose” to his life, to get out of bed in the mornings. I’ve also seen instances of huge conflict in the home (not shown to the public), once both spouses are retired and in each other’s face and space 24/7/365. Sometimes a home-maker wife of 50 years will become supremely annoyed at the newly retired husband who thinks he can now tell her what to do. Sometimes a small job outside the home saves sanity 😁🤷♂️
My family thinks my brother-in-law works part-time for some space. It helps that his job at the golf course means he can play for free two days a week. :)
we have in Italy too. I checked it last friday...ahahaha big laugh. I'll be able to retire in 2048. the problem is that the website consider a re-evaluation of my wage every year..my boss is not on the same page...no rise in sight. anyway my payment will be way lower of my actual wage. Fortunatelly I set a private pension that I'm funding monthly....hoping will be enough.
Your news headlines montage is entertaining it would make a good short, and you could link it to the full video or just make a short from it at least, it may already be one I don't know 😊❤
Retired exactly 1 year ago at 55 years old. A married couple. By January 2024 I thought about part time employment, then April 2024 got a part time job. With the part time job I do not have to use my RRSP which I originally planned on spending it down from 57 to 65.
I am 61, so really on the border of boomer and gen-x. I call myself a boomerX. I never saved. Lived the YOLO as most Gen Xers have done. So now I am in that pickle predicament. 5 years ago I put myself on a budget to pay off/get rid of debt. I have done it, but at the expense of not having ANY retirement savings. So here I am and that is what I am facing. My home is paid off, but in order to live here, I would have to work part time into the grave once I start collecting SS. Existing just doesn't sound like a good alternative. So I am searching ways to improve my situation, including selling my home and moving to another country. With the horrible politics here, and the censorship, regulations, inflation out of control, moving to another country sounds like a good plan. 10 years ago I would not have even considered it!!!
Have only got to the headlines part of this video, but came to the comments to mention how well these headlines seem to dovetail with the capitalist class' goals to keep us afraid of not contributing to their capital by working and investing. I see I'm not the only one thinking along those lines here. 😊
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@mellon-wrigley3 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Insightful... I was curious about her, so I looked her up online. I discovered her website, and I must say that she seems knowledgeable. I sent her an email outlining my goals. I appreciate you sharing.
A couple of things to keep in mind. I'm 70 and have been retired for 7 years, so I know of what I speak. Firstly, these retirement calculators and the informercial news media are biased toward encouraging people to keep working by making them think they have no choice. - it's fearmongering. The more people keep working and investing the more the banks and investment companies make. Secondly, retirement isn't a "once and done". Many of us have part-time jobs that we enjoy. I have a friend who is 76 who works 15 hours a week in a boutique furniture shop - she loves it as she gets to meet people. I work in a bookstore. I also started a handmade greeting card business.Employers love seniors because we are hardworking, reliable, dependable, and happy. Money in retirement isn't as difficult as the media makes it out to be.
I think you are right -- about the fear mongering. I live in California and the media fear-mongerers stated I had to have a million dollars in savings before I could safety retire. I tired with less than half of that estimate and I've been retired for 11 years and am doing okay.
Thank you❤
I plan to retire in 5 years and I don’t have 1 million dollars..BUT I also plan to earn money doing my hobby in my own time and my way.
As a GenXer myself who recently had a big financial setback due to a car accident which totally changed my ability to continue in my career as a real estate agent I really appreciate your comment, @margf5092. I am quickly running through my savings, however, I have started reselling and just launched my own RUclips channel which I am confident (thanks to Jen's encouragement) will become a new career for me and allow me to catch up with my lost revenue. I don't need to live high on the hog...I enjoy a simple life. I just do not want to be stressed out about money as I grow into my golden years. Love and Light!
Very encouraging!
I am planning for a 30 year retirement but if I live longer I will start taking sky-diving lessons to speed the process.
😂
🤣👍
LOL!
😂many thanks for this big laugh
Lmao. My plan also 😂
Your beginning montage with your facial expressions was fantastic. You have great editing skills. I’m 73. I’ve been retired 18 years, financially I’m fine. I have a lot of savings. I don’t even spend maybe 2/3 of my monthly income. My house is paid for, it’s one story, no stairs, wide hallways, LVP flooring, grab bars in the shower. I started thinking about these things when I was in my 40s when I bought this house. However, tomorrow I’m going to an open house tour of a CCRC which is a Continuing Care Retirement Community with different levels of care from owning your own home totally independent, up to needing minor help like housekeeping, laundry, meals, all the way up to memory care. It’s good to be prepared. The place I’m going to check out is extremely expensive but it’s also extremely nice so it doesn’t hurt to find out if that’s something potentially in my future or if I have to totally write it off.
I agree. The beginning montage was fantastic.
Unless the company goes bankrupt, then you are out all your money. Your current house sounds nice, I think you are better off staying.
Thank you Jen for such a thoughtful video. As a veterinarian I suggest considering the monthly costs of pet care, particularly vet bills for illness. I daily see the stress on retirees to pay vet bills. Pet medical insurance is worth considering to avoid paying high vet care bills during unexpected illness or emergencies. Annual check ups, heartworm prevention meds, and vaccines is a more predictable cost.
I wholeheartedly agree! I have pet insurance for Skye and Quinn. Owning pets is expensive, but I wouldn't have it any other way!
A very important video! Thank you for including calculators for different countries. You have our backs!
Good info! Those retirement calculators can really put it all into financial perspective for you. With proper planning, my hubby and I retired better off financially than when we were working! What worked for us? We paid off all debt, including our home and when we retired, we selected the very best supplemental health insurance plan we could afford. We found that with no debt, your monthly retirement budget could be way lower than you might expect. With good health insurance, you are protected from catastrophic medical bills. Good choice for us, as my hubby was diagnosed with cancer one month after he retired. On-going medical expenses run about $60,000 a month and all of it is covered by insurance. He is recovering nicely, and we don't have to worry about financial disaster.
You hit on several key points, no debt, good medical insurance (including co-pays) and a robust emergency fund are key to SWAN (Sleep Well At Night)! Also, with no debt your retirement withdrawals are lower and so are taxes , usually.
Well you have certainly mastered the video editing skills! You're brilliant...
I’m an old GenX’er who will be retiring next April at age 59, with two pensions worth $8K and $700K in Qualified savings. My union will cover my health costs(I will pay about $100 a month) and I own my own Condo. I can leave today but want to finish a few things up. I’ll be taking SS at 62 also.
Thank you for such a thoughtful and thorough video on such an important topic.
I would like to offer my demographic perspective as a Boomer. That means my parents grew up eating oatmeal three times a day during the Great Depression and experiencing WWII combat, rationing and wages. They saved every piece of string and used wrapping paper. But they instilled a sense of preparedness and gratitude for what I could accumulate during good times.
My parents enjoyed paying off their mortgage on a 3-bedroom house, each retired at 65, they enjoyed about 10 years of road trips and another 10 years of senior living.
As a single female with chronic arthritis since age 30, I made strategic choices to spend less (1-bedroom condo instead of 3-bedroom house, 15-year mortgage instead of 30-year, and budgeted around an 11% interest mortgage. As a Boomer, I experienced double digit inflation which had the effect of doubling costs every 5 years, followed by the Reagan Recession, followed by tight credit and high mortgage rates.
I benefited from the high attention to money matters. It was normal to spend as little as possible, borrow as little as possible and pay off loans as quickly as possible. Being ill and having a mobility disability that included significant pain, my strategy focused on retiring at 55. And so I did. When I did, younger people asked me for advice, but when I suggested that their strategy incorporate "no vacations until the mortgage is paid", disbelief washed over their faces.
People who train themselves to prepare for bad times when times are good have a good chance of being prepared to retire when they want to. Being prepared for harder times may sound pessimistic on the surface, but deep down the mantra is, "I have enough now, I prepare now because I will have enough when I need it.". It truly is a vision of an abundant future reinforced by weekly spending avoidance successes and savings successes.
Times are good now. The closer you are to retirement, the more aggressive you may need to be with your retirement strategy. Do it now while inflation is low (yes, 4% inflation is low) and unemployment is low. Fuel costs are relatively high but there are lots of opportunities to spend less on fuel by bundling errands onto the same day and taking public transportation. For 6 years, I got rid of my car and saved the money I would have spent on the car itself, insurance, maintenance, parking costs, city sticker fees and state license plate renewal fees. It's a lot of money per day that added up to my condo down payment at the end of 6 years.
I knew that was my plan and I celebrated my incremental successes every time I got on that commuter train or that bus. I celebrated success every time I cooked at home instead of going out. I felt my success every time I chose to go to a free concert in a park or street festival instead of buying concert tickets. I found great optimism inside my decisions that may have appeared like austerity to onlookers.
I believe it's easier to make those choices when our experiences and our parents' experiences make hard times seem more likely. Easy credit makes hard choices harder.
If you calculate that you are not on track with saving the amount you feel you will need, now is the best time to make strategy adjustments. Downsize living space, reduce travel and entertainment, add a side hustle or sell some of your stuff; you decide. You decide how much you need and how much you need to feel content and safe. And you decide how long you will work to take care of yourself.
This video addresses regular recurring expenses very well. There were several expenses I had not thought of and this was very helpful . Well done.
I'd like to throw out a few items for discussion like those occasional big ticket items like the last new car, a new laptop and new phone every 5 years, replacing a roof, appliances, furnace or a special assessment in the case of condo living. Property tax also seems to go up in irregular increments. Palliative and Hospice care in our final days may be unpredictable. If you need one to three shifts of care givers or special equipment, what costs will you need to cover? Less dramatically, do you want to be able to hire someone to help with cleaning, laundry, grocery shopping, food preparation, lawn and garden services or occasionally hiring a neighbor's teenager to help when you're in your 80s? Maybe you will want to budget for taxi cabs or Uber rides instead of car ownership at an unpredictable age.
And there are the one time final costs and will we pay for services with life insurance or saved money authorized to an executor. I am just learning about this stuff and I think I am going to feel more comfortable hiring a lawyer...and that's a chunk of money (but worth the peace of mind for me now and my family later).
As someone in her30s. thank you; you gave additional insights to think about!
This is such a thoughtful, detailed, useful comment. Thank you for sharing your experiences and wisdom here
Great information Jen. I am 70 and I live in Ontario. I had a health event which ended my career at 63, but luckily had a disability income from my employer which gave me a full salary until 65. In those 2 years I had a chance to re evaluate my finances. With no savings to speak of after raising two kids on a single income I had to downsize. I sold my family home and bought a small cottage style home across from a lake but have a small mortgage. Between my employer and government pensions I did pretty well. My take home pay was only slightly less than when I was working. Then covid hit. My older vehicle broke down and was not repairable so needed a new one. Absolutely everything skyrocketed in price. My income has now been stretched to barely cover my expenses. I don't do the things I want to do due to financial constraints. Would love to go to a warmer climate for the cold winter months but that isn't possible now. I still enjoy my retirement but find myself thinking of selling and renting instead. That is another option that is costly. For now I will stay put and enjoy the swans swimming past my window all summer. I might have done things differently if I knew what I know now for a comfortable retirement.
hey start a side income you are still young i know someone she is 74 working on online platform to get a an income..its not easy i know just a sugestion to use your extra time.. more power to you take care
@@digitechmindset-n8b More income would be great. Trying to figure out what I can do from home to supplement.
SOUTH AMERICA. There are Swans there too at half the cost. Me entiendes?
I am really learning a from you Old Gees like you. Thanks a lot. Greetings from Ghana 🇬🇭 in West Africa
your cottage near the lake sounds delightful !
I am a Canadian living in Dallas, Texas for 30 years. I can barely take the heat anymore so would like to move somewhere cooler L O L.
perhaps a good idea is to rent somewhere for the months of bad weather, then go back home for the more pleasant months . Where in Ontario are you now?
Mate. That news article segment at the start was awesome! I admire what you’re doing in your channel. Great stuff.
Much appreciated!
Nice plan. I hope everyone takes this to heart. I retired this week and it takes lots of planning.
Nice, congrats to your soon to be retirement, I did it June 1, 2024. love every bit of it right now
First of all, this is a great information filled video that will be helpful to so many, me included! I loved the intro. It was very entertaining. That was some awesome editing. Last, but definitely not least, thank you for the resources. You put in extra time doing us all a favor. I really appreciate your videos very much. Gold star ⭐️ for this one Jen. 😊
I was just laid off from my corporate job on July 1st. I applied for Social Security that afternoon. I was 62 on July 5th. So I am a GenX Boomer. I was approved for social security and know how much I’ll be getting as of Sept. I have very little savings, and a mortgage. I’ve used AI to create many alternate scenarios for riding out the rest of my life! I know I can make up to about $22k annually via work - so I am just back to my 25 year old mindset. No money for frills, but follow my budget & live within my means. It’s a new adventure…..
Sorry for getting laid off but I believe that there is a blessing in everything that happens to us as humans. Greetings from Ghana 🇬🇭 in West Africa. Godspeed
Gen X Boomers are Gen Jones 👍
I hope you also applied for unemployment benefits, and are using COBRA for health insurance.
Remember your full retirement age is not 65. It’s 67. But you can retire at 65, just less money.
@@MY-wv4bogreat suggestion if you are good with numbers (I’ve been doing my own taxes for 40 years)
You totally rocked that opening! So cute, funny and true! Well done on a great video and also very timely topic! Loved it.
Admire your resourceful ideas. Thank you for your candor. Have a great day and I am going to be checking out those sites as I am about to turn 65 and still healthy enough to be at my job.😊😊
Hi Jen, I love your video, the content, the way you're honest, generous, I even liked the fun graphics. I used to work with retirement savings (in Canada), and your're right, we - genX- are not good retirement savers. In your video, I was surprised by the annual rate of return (9% quite optimistic, arounf 9:21min). I'm not qualified to give advice, but if you'd like to chat about it, I'm here!
Oh my goodness. I’m new and absolutely love you, you’re such a breath of fresh air. Looking forward to binging your content. From a fellow independent woman
Welcome!!
Jen, we love your channel. I am 70 and retired. My spouse is 62 and we are now discussing when he will retire. We have a big house that we just bought (not a great decision, but closer to our kids and grandkids). I am sure we won't be able to keep it with all the expense and maintenance required. Thank you for your evaluations and research!
I’m with you! Silver and solo - gen x and also doing calculations ! Thanks so much for this video!
😂😂😂😂 Your opening was so clever and funny! This was fun! Thanks!
Thank you!! 😁
Thank you so much much Jen! This was very informative and helped put things in perspective! I consider myself a Gen-Xr, although I just turned 60! And retirement is coming! You helped so much! Thank you for the clarity! Have an awesome day and be well! ❤❤
Please don't get too stressed. Enjoy your life!❤
Stress can be a good thing, especially when coupled with drinkin', druggin', and eatin' things that mom and dad said you should only eat occasionally.
Hi Jen. I'm already past the point you are talking about. But, as someone who can see some of this in my rearview mirror I can say the sources of the graphs you showed are excellent tools to help people plan for their retirement as they approach that stage. And, it's a subject far too many younger (than me) people aren't preparing for sufficiently. This was an excellent vlog and, hopefully, get more people thinking about that stage in their lives. 👍 Have a great week and see ya next week. 🙋 --Paula in Ohio USA
Luv your new sound effects❤ you are very inspiring. I can see your video editing skills are improving.
I appreciate you and your channel so much. And thank you for including links to the other retirement calculators.
I have so much respect for you.
Hi Jenn! Awesome video. And yes all those articles are soo scary, specially when you are not ready as the majority of us GenXers
I love this video, the headlines about gen-x retirement deficits with your changing facial expressions was funny 😅 and great retirement planning info and links. Glad real Jen and hypothetical Jen are all set!
Great insights Jen, you make helpful & down to earth videos that so many of us can relate to! I've just started following your journey this week & look forward to your future videos 😊 I hope to see you able to retire whenever you want & never have to worry about supplemental healthcare, with a growing youtube income - you deserve it! 😄 We have somewhat similar family circumstances, where my parents are mid-70's & moving into a house that we have built on a property my brother & I bought, so we can all be close for future needs, much of which will fall to me, being closest. Other family members are concerned that we are shifting away to a more regional area with less medical & other services, yet the peace & quiet offered by the area for their retirement offsets the years of stress & work they have gone through! I also need to pull my finger out & follow your inspiring lead, to work on a channel & get myself to the point of being able to retire early with an online income stream, not worrying about future costs or selling my dreams short! Thanks for your content & sharing your tips, we appreciate you! 🌟
I think you are amazing. You have such a good sensible brain, a brain for figures, for strategizing the future financially, for realistic goals. I relied on financial advice from my advisor who only gave me a confusing array of spreadsheet outcomes for my retirement, depending on this and depending on that. I made it, but for the first five years, I was really financially strapped and didn't know what to expect. Things improved over time financially -- and I did get an inheritance, which brought some support or sense of safety. I too, like you, couldn't count on any inheritance -- until and when the time actually arrived.
Because of how good you are with researching, I would love a video on the idea of going into retirement with a mortgage and the feasibility of paying it off at some point with some IRA funds.
'Silver and Solo' ? I like it. ❤
Good day, my fellow Canuck. I always understood that the Canada Pension was to supplement a senior's retirement income. If a soon-to-be senior was nearing retirement and found that their savings and side-hacks would be insufficient , then steps would need to be taken to enjoy the golden years. Inheritances should not be a given. Nor are lottery wins and casino hand pays. Also, I enjoy my Blue Cross coverage. Great video!😄
If you do go the route of financial advisors, avoid the ones charging AUM (assets under management) fees because try plugging those in to a compound interest calculator and see how much it really costs.
Great reminders and thank you for the country-specific links! I appreciate your calm, thoughtful example and presentation of what can be very stressful! On another note, I find myself analyzing your videos to see what the one thing is that you learned this week as a RUclipsr and applied for a fun, informative, and helpful intro!
I love the intro! Between the humor, beautiful Sunday walks, and good ideas I’m really enjoying your channel and look forward to the next video. 😊
Thanks so much!
I just retired last year. It’s beyond lovely now to fix up THIS OLD HOUSE 🏠 🌳
Great thoughts today. Thank you for including Australia in your research
Any time!
I'm close to this milestone too. Listening to your steps helps reassure me that I'm taking good steps too. Always appreciate what you share!
So much important information! Thank you for sharing.
Yes, there is a lot of Xers not ready, or even started for retirement. I retired back on June 1, 2024 at 52. So glad I retired.
There are a lot of Boomers who are still not prepared. I know more Boomers (because I belong to that generation) who are on welfare or who live with their parents and they have little to no savings. I don't know a lot of Boomers who are extremely well off.
Thank you, Jen. We're on the same trajectory of retiring at 65, but im a couple of years closer to it than you are. And I'm in America. I think having an estimate of income is so important because it helps us adjust our expectations!
Thanks for another very useful video Jen.
My retirement age is hurtling towards me in France. Having moved here from the Uk at the age of 46 and having been self employed all over the place i am totally bamboozled at how to sort it all out but with help like yours i am starting to raise my head out of the sand 🙃
I had to have a major spine surgery at 53. I was a nurse. Wound up on disability. My husband got hurt at work and wound up with a leg brace and neck surgery. The best laid plans, as they say. He had to stop working at 57. I had to stop at 53. I babysat for 10 years as I have limited ability to sit or stand. We thought we had it all figured out.
My advice is to up the savings by 10% as a cushion, just in case. The worst that can happen is that you wind up with more money than you expected.
Absolutely! I'm sorry you're having a rough go of it, but it sounds like you've got a good head on your shoulders and are making the best of things. All good karma headed your way!
Thank you soooo much from an ostrich who hides in the sand ...lately! but I think I broke the website for Canada when I entered my brothers general info ( disabled for 40 years+) and it couldn't handle that someone has had to live on what he has (of course family has been supplementing for him) so I apologize to any with data issues! lol! that was me!
my outlook was as expected if things stay the current path, hopefully it changes but even still it always helps to know where you stand in the now. and I thank you for helping me get there!
love your stuff,
Hi Jen, Also Gen X, 59. We have many of the same books. That Mythology book with the Medusa (?) on the dust jacket? That’s an old one. Like me. Also, enjoyed the video, but would really like a high res photo of your book collection. 😂
I'm really loving your videos.
Ok, I am taking no credit, but I was there in the "early days" and I did suggest finding your groove, before you worry about non-essential things. Over 1k views in 2hours. Congratulations for Finding Your Groove. 😎
Thanx😎
As usual, good, no nonsense advice. Thanks much.
Fun headline looks. 😊
I am 61, silver and solo myself. I know I am no where close to being able to retire ( lots of stupid mistakes during my marriage and the years after). I have taken on a side job, almost completely out of debt and building my retirement and additional savings. I also plan to continue my side hustle full-time as long as possible as it is a remote position with lots of flexibility. At least I am starting to see a good plan at this time.
You may be the only one contributing, but you are also the only one spending! Whew😊
I use the Australian calc and it’s fantastic. I feel using this helped me prepare and feel confident about my own retirement plan 👍 DIY is absolutely doable with a little research
I'm so glad the Aussie calculator was helpful, I wasn't able to create an account to test it (obvs!, lol)
Lots to think about. I’ll be 62 this year.
Great video, Jen. Money can be a scary topic, but it needs to be looked at squarely in the eye. This helps a lot. Enjoying your videos from White Rock :)
Yes! Thank you!
Appreciate you doing an episode on this topic. I'm barely, sort of Gen X (1981) - but definitely identify that way, and have also never been married and have been self employed for most of my life... anyways - happy to watch more of this! Thanks : )
I’m the same age as you and had to make decisions about when to pull the pin on my 32 year nursing career. With a divorce decimating my financial world 15 years ago, including putting me into $100,000.00(he sold all our recently purchased, on credit cards, sound production equipment, for crack cocaine money) debt, I had to be very vigilant on who I next married and how I invested my
Nursing(RN) income. We took in my baby niece 8 years ago and adopted her. I retired to our newly purchased acreages 1 year ago. I’m too young to have no purpose so I am creating one here in central Alberta, near the Rockies. A part of this journey is creating a RUclips channel…and so I’m watching and learning from you.
I’m gonna need you to keep the channel creating going past 70 though…as long as you are getting joy from doing it, of course 😁
Hey Annette ❤
Good afternoon and also how're you feeling today.. 🌻🌻🌹
Annette, you sound like a fierce Silver Sister! I'll try!
Most Gen' X also have to look after their ageing parents while having their adult children still at home. Younger generations can only dream about Gen X's resourcefulness and cunning lol
Yes, many Boomers and Xers see their kids are part of their retirement plans. Some states, put it in to law that your children are financially responsible to care for their parents. Sadly many parents don't deserve this as they were never around.
Boomers have the sandwich generation “problem”, too. Patents, kids, & self to plan for.
We thank you for your sacrifice
@karinhart489 you are thanked for your sacrifice
We are GenX as well! New sub here. Looking forward to following your journey.
Welcome aboard!
Fabulous that you'll be getting a pension!
Great video ! Thank you. HONESTMATH is good too (for USA)
I love it when you said maybe get an inheritance. How many times I heard maybe get an inheritance from relatives. Its not worth counting in the future. I sometimes wish they never mention it.
Great video as always Jen and so appreciated. 😊BTW, did I see you this past Sunday in Stanley Park on a bike with three other people? If not, you have a doppelganger that looked exactly like you. Anyway, I find your videos very inspiring and keep up the great work. Looking forward to next week's video.
No...not me, but I hope she had a wonderful Sunday!
Very helpful, thank you! I’ve been told I’m on track but have never really had a visual to hang onto so the US link will be a lot of fun to explore. 👍💃
GenX here, 59 as well. I hit my min retirement number this year. I make my last house payment next week. Retiring at 62 max, taking SSA at 67. I will be just fine in retirement.
Great nominal rate of return 9% in the RRSP!
Thanks for this video. I really appreciate your channel
I am also Canadian and I did the calculator thingy and I will be OK just like you by the age of 65 and even better at 75 but by then I will only have 5 years left before my ending time but that OK we all go at some point therefore am I scare and worry yes but it is something I cannot control as it is what it is so why stress just adapt and roll with it and maybe change the plans and just be happy with with what life gives you just like the old saying goes "if life gives lemons make lemonade" LOL :)
Very helpful tips as always! Thanks for doing the research for us 👍
My pleasure!
I too didn't buy a house until age 55
54 and doubt I'll ever afford a home.
Thank you Jenn!
Ah so sorry to hear that, i was laid off with two toddlers and a mortgage so i feel your pain ❤
:(
🌅 Many, many thanks for your videos🌻🕊️
Loved the funny (?) beginning showing your horror at all of the articles.
I loved your video, 1st day 1st video and subscribed 😊😊😊😊
I enjoyed your editing at the beginning of this video very much !🤩 I wiil search for a similar calculator for my country. We get information regularly about our estimated pension but not with all types of personal income included. Would be easier to see,if it might be possible to go earlier and when
Jen - vidIQ - I was watching a vidIQ video and guess who they showcased.... Congratulations. I love watching all of your videos.
Oh thank you! I saw it and was stunned!
@@silverandsolo I would be so interested to see if their video drives traffic to your page. Congratulations again, you are an inspiration to so many. You will never fully know the positive effect you have on us beginning RUclipsrs
Thks for the links and info.
You are so practible and wise!
California gal here. Retired at 70 without debt. Home is too big but perfect for a sharing situation some day. Living comfortably but that's because saving was my mantra all my life. I see working people blowing wads of money on coffee, haircare, manicures, RVs, expensive vacations and high end cars and then complain they can't save for retirement. What happened to "thinking and planning"?
When I lived with n California I was shocked at the number of Hum V’s; BMWs and Lexus vehicles I saw on the roads. Super expensive! I drove a Honda Civic with no upgrades…not even a radio tee hee. Live beneath your means. 👍👍👍
We have a Mortgage too, I started it in 1998, with a few refinancing to pay off debt and student loans we have 14 years left. So we turned a 25 year mortgage into 40 years total.
Everyone has their own path, as long as it's working for you!
VERY helpful! Thank Jen 🐦
Thank you for this video. Very informative. I’m looking forward to using the calculator. 😊
You are so welcome!
This was a very useful podcast!
I have a list of "expensive things" - mostly home improvement - to take care of before I finish evaluating if I'm ready to retire. I'm giving myself 10 years or so to deal with them and pay them off. Last year was the roof, ugh! You didn't state if you have considered selling your parents' house in the inheritance figure. Even with capital gains tax, you and your brother might split a decent sum from that. Or, he might buy your half and move there.
In thr US, you will owe very little tax when selling a house you inherit. The reason is you get a “step up in basis” so you only owe tax on the difference between the sales price and value at the date of death, which is likely to be pretty loss. OTOH, if your parent had sold their home during their lifetime, the tax is based on the difference of the sales price and the original purchase price, which is likely to be very high. Not sure if it’s the same in Canada.
Hello gen,how are you doing today sweetheart, thanks so much for sharing your motivational words with us my lovely friend ❤
Great video. I question with all this financial planning do these calculators allow for change in costs?
Most people hope for the best retired in house paid or not paid for...what about if you cant live in your house at 80 or 90? No children, or willing children to care for you how does a person allow for a live in care giver or even more costly moving into a retirement home. That could drastically skew the amount of money needed for retirement couldnt it?
I love your editing skills. I have no editing skills. My channel is just basic retirement info on how I do early retirement
Canada always seems to have better benefits than do the states, but our social security system seems to be better. I’ve worked at lower paying jobs for most of my adult life due to raising children with one of them having some health issues. Because I was under so much stress when my ex left, I inadvertently let him cheat me out of my portion of his pension. As a result, I will be claiming Social Security totally on my earnings. Legally, I could have retired at 62, but I couldn’t live off that amount. My projected benefits are a little over $1,800 per month if I work through until my full retirement age of 67 years and 10 months. That’s better than the amount of your income from your government! I will most likely be working until lunch time on the day of my funeral. Like you, I’m not wishing for my inheritance any time soon, and when it does come, it will be in the form of acreage that has been in my family for five generations but is 150 miles away from me and I have absolutely no desire to live there. I’d always hoped my brother/niece would be able to buy me out, but that’s not going to be feasible for them. In short, I’m going to pray that my mortgage and HOA fees don’t increase beyond what I can pay. I’m currently almost 65 and I am tired.
Thank you so much for all of your encouraging words and useful information.
Have you considered doing a segment on retirement abroad? I’d love to get your thoughts.
I’m thinking that my US retirement funds would last much longer in places like Portugal and Costa Rica.
Well, my videos are about my own experience, so I don't know anything about retiring abroad...just travelling!
Jen, please keep revisiting your retirement date as you get closer to it. Earlier isn't always better for lots of reasons. I have a friend who's been retired for several years and about 1 1/2-2 years ago went back to work part-time at a big box store. He said it was because he was bored and was looking for something to do but I'm not so sure. He's married and they both have pensions and US Social Security coming in. They do some travel. They have children and grandchildren near them. At the big box store my friend is making a fraction of the wage per hour that he was making at his full time job. Maybe working another year or two at that would have been better. Also, as for your youtube channel. If you keep doing it until 70 I'm sure you will have a lot more subscriber's than now. Would it be that hard to put up a youtube video every couple of weeks to keep it going and keep it fresh? That might be a video from one of your trips. These are just some ideas from someone who has seen both sides of retirement.
I have often thought about this one. Sometimes a man (or a woman) needs a “purpose” to his life, to get out of bed in the mornings. I’ve also seen instances of huge conflict in the home (not shown to the public), once both spouses are retired and in each other’s face and space 24/7/365. Sometimes a home-maker wife of 50 years will become supremely annoyed at the newly retired husband who thinks he can now tell her what to do. Sometimes a small job outside the home saves sanity 😁🤷♂️
My family thinks my brother-in-law works part-time for some space. It helps that his job at the golf course means he can play for free two days a week. :)
@@MsDoglover02 the person I referred really does work part-time in a big box store. I've been in the store when he's been working.
we have in Italy too. I checked it last friday...ahahaha big laugh. I'll be able to retire in 2048. the problem is that the website consider a re-evaluation of my wage every year..my boss is not on the same page...no rise in sight. anyway my payment will be way lower of my actual wage. Fortunatelly I set a private pension that I'm funding monthly....hoping will be enough.
Food for thought, for sure
Your news headlines montage is entertaining it would make a good short, and you could link it to the full video or just make a short from it at least, it may already be one I don't know 😊❤
I used your idea and made my first Short! Thanks!
Retired exactly 1 year ago at 55 years old. A married couple. By January 2024 I thought about part time employment, then April 2024 got a part time job. With the part time job I do not have to use my RRSP which I originally planned on spending it down from 57 to 65.
I am 61, so really on the border of boomer and gen-x. I call myself a boomerX. I never saved. Lived the YOLO as most Gen Xers have done. So now I am in that pickle predicament. 5 years ago I put myself on a budget to pay off/get rid of debt. I have done it, but at the expense of not having ANY retirement savings. So here I am and that is what I am facing. My home is paid off, but in order to live here, I would have to work part time into the grave once I start collecting SS. Existing just doesn't sound like a good alternative. So I am searching ways to improve my situation, including selling my home and moving to another country. With the horrible politics here, and the censorship, regulations, inflation out of control, moving to another country sounds like a good plan. 10 years ago I would not have even considered it!!!
Move to Mexico. That is what I am doing. Mérida is the second safest city in the Americas.
@@DestinationRetirement I won't say where I am moving to. But it is in South America. I don't want to see another American ever again.
Good day from Papua New Guinea. I enjoyed watching your contents
Awesome! Thank you!
Have only got to the headlines part of this video, but came to the comments to mention how well these headlines seem to dovetail with the capitalist class' goals to keep us afraid of not contributing to their capital by working and investing. I see I'm not the only one thinking along those lines here. 😊