I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@EleanorMabel The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
I work at a financial company and some of the calls are sad....60 and 70 year old people calling us, asking if the company they used to work for put any money in an account for them there. Even when I tell them they would need to be contributing in order to get the company match, some still think their former employer "Put some money somewhere" for them. Save your money people.
It’s not sad, it’s expected. They ignored everyone trying to warn them for six decades. _Shah-la, la-la-la-la live for today And don't worry 'bout tomorrow hey, hey, hey_
I was pretty close to this situation at age 50. I managed to turn the situation around so now I am well situated for retirement. Luck came my way in that I am in a high paying field, was able to continue working, jumped to even higher paying positions, was frugal, and in the past year invested well. Minimize expenses, maximize earnings, stay healthy, and invest well (not crazy).
@@oldcountryman2795 I did receive a decent sized inheritance, but only about 10 percent of my net worth now. The main benefit of it was it allowed me to quit my job at the time and look for a better, higher paying job. So it gave me a great ROI.
The takeaway: yes, you can still retire on time, but you're going to have to be smart, frugal, disciplined and industrious to do it. When you're 25 years old, 65 seems so far away, like you will never get there. When you are 55, unless you gave it at least some thought and effort previously, you may have an oh Schmidt moment. Great vid, sir, thanks for the strong insight.
Great information! You are spot on in that I do not know of any family member, friends or co-worker that was properly educated on investing for retirement. The baby boomers were told to get your HS diploma, work for a company with a pension for 30-40 years and then retire. You are done. Now kids are told they have to go college, get in debt 40-100+k then hopefully find a job in the area of study. Still nothing about investing for retirement. (As though they can afford it now with the prescribed 10+ years of debt right out of the gate!)
I appreciate your comments unfortunately my family does not usually live long enough for me to consider taking the later retirement and Social Security. I factor that in when considering when to retire.
You can work part-time/seasonal/odd jobs after you retire, even if they aren't related to a hobby or interest of yours. Every dollar you earn working is a dollar you don't have to take out of your retirement accounts or other investments. This money can instead continue to compound until you have to take RMDs or you just decide to start withdrawing it. This can make a big difference if you can delay taking out money for a significant amount of time.
I was telling a viewer that the other day. Multiply every dollar earned part time by two. One because it wasn't there before and second because you don't need to draw that from savings. You could make the same argument for working one extra year.
It's all too common for people to finish paying for their children's college educations at around 50 and then start thinking seriously about retirement, only to realize they have a lot of catching up to do. They can borrow money to go to school but you can't borrow money to retire on.
So true, Dave S, some people put their children and animals on a pedestal and spend every penny they earn on them, then these kids turn around and throw them in the nursing home.
Convinced my coworker to let her kid live back in with her once her kid graduates. Let her live rent free and pay off the rest of her student loans to have a good life. she did. Then I convinced her and her kid to live with her still and work and save. Then she had a lot after a year of working hard and saving. Then I told the kid pay off your parent's mortgage for all the things she did, she then did. Great kid and raised right. Just have to do it right.
My saving grace is that I have and am collect both a pension and Social Security benefits. Had a very long rough period financially, but am now able to save. I do take a disciplined ,frugal approach and usually paying with cash.
I enjoy your videos and enjoy learning new things. I am 70 years old and comfortably retired so I would like to see more videos with informations that applies to people that are already retired. Please do a video with information and ideas about IRA mandatory distributions.
Excellent advise. Have been following you for a while and enjoy your content. I hope people will listen and use the information you put out. Puts things in an easy time understand package that make sense! Look forward to your next video. Thanks.
I just found you. You offer good, sound advice to all. You answered my question about whether or not to start taking my SS at 62, definitely worth waiting at least until 65 or even 70 (our family historically live into their 80's). I like your thoughts on downsizing and purging now, not later.
Hello. Have you ever touched on the 401(k) Rule of 55 in any of your videos? My wife has a 401(k) with her former employer and has since taken early retirement at the age of 55. We have not withdrawn anything yet and I would like to learn more about the rule and any caveats we should look out for, such as not being able to roll it over.
The IRS Rule of 55 allows an employee who is laid off, fired, or who quits a job between the ages of 55 and 59 1/2 to take money from their 401(k) or 403(b) plan without the 10% penalty for early withdrawal.
@@masterblaster2593 Thank you. And it is my understanding that the money has to remain in the 401(k) and cannot be rolled over into an IRA at any time in the future to remain penalty free, at least until normal retirement age when the 10% penalty would no longer apply.
It’s doable, if you still have a good paying job. What advice can you give to people who lost their job, still unemployed and using up all the savings?
I’d like to hear the answer to this question, too. He mentioned 401K contributions that are actually higher than my take home income. I’m actually learning tons from this channel, and really appreciate this info. I feel like retirement programs are only for high income earners.
I think work until your 70 and get the maximum social security. I don't hate my job and still have my health I think I could do it if I had to. My mom worked a full time job well into her 70s and she always regretted leaving her job, she loved it.
@@masterblaster2593 Correct, but if you do not intend to live check to check and would rather have money in the bank..If I do not touch any of my next 2 1/2 years of payments I will have a considerable 5 figure account in the bank. I and my wife intend on at least another 3 years of working, me part time.
If it were possible to piss around for 30 years and then retire with a few years of hard work then that's what everyone would do. It isn't. You can't compress a lifetime's worth of saving and investing a 15yr timeframe, so expectations have to be adjusted accordingly.
What forms i need to file so my daughter will keep receiving her check each mo til she finished high school i am on full SOCIAL SECURITY DISABILITY & her birthday is in November that wjy she a yr behind on graduate high school . Thanks
What to invest in during a crashing us$? Peter Schiff recommends buying dividend stocks in companies in emerging markets that dont earn us$s. What's your take?
@Kurt Peter Schiff has been predicting the end of the world as long as I can remember. Anyone who listened to his gibberish in 2008 would have missed the biggest bull run in US history. I'd rather get a root canal than listen to him for another minute.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@EleanorMabel That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@YinusaSaheed My advisor is Victoria Carmen Santaella
You can look her up online
@@EleanorMabel The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
I work at a financial company and some of the calls are sad....60 and 70 year old people calling us, asking if the company they used to work for put any money in an account for them there. Even when I tell them they would need to be contributing in order to get the company match, some still think their former employer "Put some money somewhere" for them. Save your money people.
Ugh. I've heard it before.
It’s not sad, it’s expected. They ignored everyone trying to warn them for six decades. _Shah-la, la-la-la-la live for today And don't worry 'bout tomorrow hey, hey, hey_
People are so clueless about work pensions.
I was pretty close to this situation at age 50. I managed to turn the situation around so now I am well situated for retirement. Luck came my way in that I am in a high paying field, was able to continue working, jumped to even higher paying positions, was frugal, and in the past year invested well. Minimize expenses, maximize earnings, stay healthy, and invest well (not crazy).
Nice work. Keep going!
The inheritance didn’t hurt either.
@@oldcountryman2795 I did receive a decent sized inheritance, but only about 10 percent of my net worth now. The main benefit of it was it allowed me to quit my job at the time and look for a better, higher paying job. So it gave me a great ROI.
The takeaway: yes, you can still retire on time, but you're going to have to be smart, frugal, disciplined and industrious to do it. When you're 25 years old, 65 seems so far away, like you will never get there. When you are 55, unless you gave it at least some thought and effort previously, you may have an oh Schmidt moment. Great vid, sir, thanks for the strong insight.
I like the “oh Schmidt” moment.
@@HolySchmidt Great t shirt idea!
Great information! You are spot on in that I do not know of any family member, friends or co-worker that was properly educated on investing for retirement.
The baby boomers were told to get your HS diploma, work for a company with a pension for 30-40 years and then retire.
You are done. Now kids are told they have to go college, get in debt 40-100+k then hopefully find a job in the area of study. Still nothing about investing for retirement. (As though they can afford it now with the prescribed 10+ years of debt right out of the gate!)
You are so right!
I appreciate your comments unfortunately my family does not usually live long enough for me to consider taking the later retirement and Social Security. I factor that in when considering when to retire.
You can work part-time/seasonal/odd jobs after you retire, even if they aren't related to a hobby or interest of yours. Every dollar you earn working is a dollar you don't have to take out of your retirement accounts or other investments. This money can instead continue to compound until you have to take RMDs or you just decide to start withdrawing it. This can make a big difference if you can delay taking out money for a significant amount of time.
I was telling a viewer that the other day. Multiply every dollar earned part time by two. One because it wasn't there before and second because you don't need to draw that from savings. You could make the same argument for working one extra year.
Your videos are so excellent. Thank you, thank you. Have you ever done a video on putting $ into a ROTH vs. pre-tax contribution?
Always glad to hear what you have to say, thx for the vid.
My pleasure William. Thanks for watching.
Great stuff Geoff! I am always looking forward to your videos. Thanks!
Thank you Juan!
It's all too common for people to finish paying for their children's college educations at around 50 and then start thinking seriously about retirement, only to realize they have a lot of catching up to do. They can borrow money to go to school but you can't borrow money to retire on.
Yep. No scholarships for retirement. Alternatives for expensive colleges include ROTC, community college, or work study/coop college.
Well I am fifty and still have a seventh grader at home. So I had to make sure we were set for retirement and his college.
So true, Dave S, some people put their children and animals on a pedestal and spend every penny they earn on them, then these kids turn around and throw them in the nursing home.
Convinced my coworker to let her kid live back in with her once her kid graduates. Let her live rent free and pay off the rest of her student loans to have a good life. she did. Then I convinced her and her kid to live with her still and work and save. Then she had a lot after a year of working hard and saving. Then I told the kid pay off your parent's mortgage for all the things she did, she then did. Great kid and raised right. Just have to do it right.
@@MrKogline Good story.
Thank you for the great advice!
My saving grace is that I have and am collect both a pension and Social Security benefits. Had a very long rough period financially, but am now able to save. I do take a disciplined ,frugal approach and usually paying with cash.
Same here.
Solid advice. Thank you for the straight forward content.
My pleasure Jean-Pierre. Thanks for watching
Debt free
Mortgage free
Maxing out retirement
Keep going!
I enjoy your videos and enjoy learning new things. I am 70 years old and comfortably retired so I would like to see more videos with informations that applies to people that are already retired. Please do a video with information and ideas about IRA mandatory distributions.
Thanks for the comment. I’ll give it some thought
Excellent advise. Have been following you for a while and enjoy your content. I hope people will listen and use the information you put out. Puts things in an easy time understand package that make sense! Look forward to your next video. Thanks.
Thanks Barry.
I just found you. You offer good, sound advice to all. You answered my question about whether or not to start taking my SS at 62, definitely worth waiting at least until 65 or even 70 (our family historically live into their 80's). I like your thoughts on downsizing and purging now, not later.
Yikes. I have some savings but I will need to invest hard out now 😬
Thanks. Great video!
Glad you liked it!
Hello. Have you ever touched on the 401(k) Rule of 55 in any of your videos? My wife has a 401(k) with her former employer and has since taken early retirement at the age of 55. We have not withdrawn anything yet and I would like to learn more about the rule and any caveats we should look out for, such as not being able to roll it over.
The IRS Rule of 55 allows an employee who is laid off, fired, or who quits a job between the ages of 55 and 59 1/2 to take money from their 401(k) or 403(b) plan without the 10% penalty for early withdrawal.
@@masterblaster2593 Thank you. And it is my understanding that the money has to remain in the 401(k) and cannot be rolled over into an IRA at any time in the future to remain penalty free, at least until normal retirement age when the 10% penalty would no longer apply.
@@kbsanders Probably best to contact her 401k plan administrator for specifics as these may vary.
It’s doable, if you still have a good paying job. What advice can you give to people who lost their job, still unemployed and using up all the savings?
I’d like to hear the answer to this question, too. He mentioned 401K contributions that are actually higher than my take home income. I’m actually learning tons from this channel, and really appreciate this info. I feel like retirement programs are only for high income earners.
I think work until your 70 and get the maximum social security. I don't hate my job and still have my health I think I could do it if I had to. My mom worked a full time job well into her 70s and she always regretted leaving her job, she loved it.
my s.s starting at 63 to 80 is a total of only $200 different as if I waited till start at 66 to 80. Kind of a no brainer.
Sounds like you’ve done the work.
The gap will widen considerably when you live past 80.
@@masterblaster2593 Correct, but if you do not intend to live check to check and would rather have money in the bank..If I do not touch any of my next 2 1/2 years of payments I will have a considerable 5 figure account in the bank. I and my wife intend on at least another 3 years of working, me part time.
I would like to know how to plan retire if your a teacher. I will only have my teachers retirement.
If it were possible to piss around for 30 years and then retire with a few years of hard work then that's what everyone would do. It isn't. You can't compress a lifetime's worth of saving and investing a 15yr timeframe, so expectations have to be adjusted accordingly.
What forms i need to file so my daughter will keep receiving her check each mo til she finished high school i am on full SOCIAL SECURITY DISABILITY & her birthday is in November that wjy she a yr behind on graduate high school . Thanks
Each situation is unique. I’d recommend discussing with the SSA. The telephone number is in the description.
What to invest in during a crashing us$? Peter Schiff recommends buying dividend stocks in companies in emerging markets that dont earn us$s. What's your take?
@Kurt Peter Schiff has been predicting the end of the world as long as I can remember. Anyone who listened to his gibberish in 2008 would have missed the biggest bull run in US history. I'd rather get a root canal than listen to him for another minute.
Agreed....don't listen to "end of the world ..hide in your bunker" types like Peter Schiff. Listen instead to people like Peter Lynch.
Title should be: "In Your 50's with No Savings and DIDN'T HAVE KIDS IN YOUR 40s"!!!
I did and its the greatest thing I ever did. I did save in my 401K though. My kids have added so much to my life.