Being debt free is the key to a great retirement, in my case I also have a great pension with great health insurance with the same premiums as when I was workin
People that come into big money quickly often have not developed skills to maintain the money. They often fall prey to all types of bad investments. I think people that have spent a lifetime building their retirement savings are resistent to spending it down. Bad money managers is a problem for some athletes like George Foreman.
My friends keep telling me to "enjoy myself." No one understands me when I tell them that "not working" is enjoying myself!!!!! I do not want to EVER go b ack to work! I especially do not need to travel until broke!!!
The biggest difference with traditional retirees, is they soon get social security coming in. This acts like a paycheck and if they blow all their savings they won't be bankrupt unless they also incurred a lot of debt that social security cannot service. They are forced to restrict their lifestyle to match their social security income.
@@chrisniner8772 really tight. That's why I always planned to provide for my needs myself. Part of that plan is to claim social security only when it's value as longevity insurance has peaked (age 70) or if I fail and need it sooner.
I have a pension and retired at 45 with 25 years of service. I went back to work and earn a salary plus opened a 401k. I have been drawing my pension for almost 16 years. II am 61 now and plan to work another 9 years. I like my job and it pays me to travel. I have been divorced for 24 years. I can take a lady friend with me when I travel and just pay for her expenses. When I finally do retire I’ll have my pension, 401k, and hopefully social security. I also have rental property and commercial property as well. I had a plan and started working at 16 for the day I could quit and the only change to the plan over the last 45 years is when I wanted to quit. The older I get the less I want to stop.
People view money wrong IMO Money in the bank is like building an army. If you have a strong army it can go out a conscript recruits (interest or other investment income) that can take care of you. The bigger your army the better, don’t give up your soldiers without very careful strategies are considered.
I appreciate the show. I think my problem will be actually spending what we’ve saved. We’ve lived beneath our means for 30+ years and saved and invested. When I retire in the next few years, I will struggle with taking money out of our investments. Thank goodness we’re working with a fiduciary that will help us through the next phase of our life. Thanks again for the show.
@@paullampert6990 since the highest growing group among the homeless is the elderly, seniors, then the answer to your question is : grow older. Perhaps you’d like to see done here what they did to the homeless children in Rio in about the 1990s? They wanted to clean Rio up (from homelessness) so it would be more attractive to tourism. So they sent in the police and gunned down all the homeless children. My source? Was one of the TV news shows, I think it was 60 minutes, that was on TV at the time. Is that the America you are advocating for? Or perhaps you’d like to see us like Russia where there are millions of children thrown away and living in orphanages where they are given minimal education and thrown out at age 16 and half of them die on the streets within the first year out of the orphanage. And where, even if the child is only 5 years old or less, the government can declare them ‘unadoptable’ and the child is sent to a mental instutional ( which are worse than Russian prisons) to die scared, alone and uncared for. Is that the kind of America you want? My source for Russia, I’ve been there and seen it with my own eyes, had children come up to me in the hallway of the orphanage and secretly whisper to me, “please, please, please take me home”. Heart wrenching! But I guess that’s the kind of America that you want.
I assume some retirees don’t manage their money well, however the biggest difference between athletes and retirees is years and years of budgeting experience. Plus, the data on retirees finances look more like 85% responsible adults and less like impulsive youngsters
Once your receiving that monthly check from pension or SS. You know the one you can’t get fired from and shows up in your bank every month regardless of how the stock market is doing, how can you go broke. Doesn’t seem possible. My plan is once I’m on SS to burn every dime of it every month. What’s the worst that can happen. Oh! They send me another check hahaha
@@Dolphinfinancialgroupfl yes, that’s true. But I have a slight advantage as I’ve lived on a budget below my means my whole life so I’m adept at doing that. And now that I’m on Social Security I make sure that both I and my grandson that I’m raising alone without any financial help, can make through every month on my Social Security.
Ss will be taking a cut in 2035 of about 25% or more because not enough people are working to fund it and that's the year I retire good thing is I'm in Canada and our pension fund isn't run by the government they have no access to it 😂
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Living within your means. And that means ignoring the romantic consumerism aimed at retirees, the most flagrant being travel.
Being debt free is the key to a great retirement, in my case I also have a great pension with great health insurance with the same premiums as when I was workin
Great video, guys. Enjoyed the conversation.
Glad you enjoyed it!
People that come into big money quickly often have not developed skills to maintain the money. They often fall prey to all types of bad investments. I think people that have spent a lifetime building their retirement savings are resistent to spending it down. Bad money managers is a problem for some athletes like George Foreman.
My friends keep telling me to "enjoy myself." No one understands me when I tell them that "not working" is enjoying myself!!!!! I do not want to EVER go b ack to work! I especially do not need to travel until broke!!!
The biggest difference with traditional retirees, is they soon get social security coming in. This acts like a paycheck and if they blow all their savings they won't be bankrupt unless they also incurred a lot of debt that social security cannot service. They are forced to restrict their lifestyle to match their social security income.
Having a pension or guaranteed income makes retirement easier to manage for sure.
Living on $1850 a month is pretty tight
@@chrisniner8772 really tight. That's why I always planned to provide for my needs myself. Part of that plan is to claim social security only when it's value as longevity insurance has peaked (age 70) or if I fail and need it sooner.
I have a pension and retired at 45 with 25 years of service. I went back to work and earn a salary plus opened a 401k. I have been drawing my pension for almost 16 years. II am 61 now and plan to work another 9 years. I like my job and it pays me to travel. I have been divorced for 24 years. I can take a lady friend with me when I travel and just pay for her expenses. When I finally do retire I’ll have my pension, 401k, and hopefully social security. I also have rental property and commercial property as well. I had a plan and started working at 16 for the day I could quit and the only change to the plan over the last 45 years is when I wanted to quit. The older I get the less I want to stop.
Many are working longer. It's not necessarily a bad thing: ruclips.net/video/EFyLdTi8d_s/видео.html
People view money wrong IMO
Money in the bank is like building an army. If you have a strong army it can go out a conscript recruits (interest or other investment income) that can take care of you. The bigger your army the better, don’t give up your soldiers without very careful strategies are considered.
I appreciate the show. I think my problem will be actually spending what we’ve saved. We’ve lived beneath our means for 30+ years and saved and invested. When I retire in the next few years, I will struggle with taking money out of our investments. Thank goodness we’re working with a fiduciary that will help us through the next phase of our life. Thanks again for the show.
Spending when you've been a saver can be difficult. We did a show on this topic: ruclips.net/video/22FgQiep87g/видео.html
Where are all these seniors without a penny?
Homeless. Seniors are the fastest growing group among the homeless.
@@sallyprzybil2404 what did they do to cause themselves to be homeless? Anyone could end up homeless. Yes?
Using credit cards
@@paullampert6990 since the highest growing group among the homeless is the elderly, seniors, then the answer to your question is : grow older. Perhaps you’d like to see done here what they did to the homeless children in Rio in about the 1990s? They wanted to clean Rio up (from homelessness) so it would be more attractive to tourism. So they sent in the police and gunned down all the homeless children. My source? Was one of the TV news shows, I think it was 60 minutes, that was on TV at the time. Is that the America you are advocating for? Or perhaps you’d like to see us like Russia where there are millions of children thrown away and living in orphanages where they are given minimal education and thrown out at age 16 and half of them die on the streets within the first year out of the orphanage. And where, even if the child is only 5 years old or less, the government can declare them ‘unadoptable’ and the child is sent to a mental instutional ( which are worse than Russian prisons) to die scared, alone and uncared for. Is that the kind of America you want? My source for Russia, I’ve been there and seen it with my own eyes, had children come up to me in the hallway of the orphanage and secretly whisper to me, “please, please, please take me home”. Heart wrenching! But I guess that’s the kind of America that you want.
Living pay check to pay check that's how@@paullampert6990
I assume some retirees don’t manage their money well, however the biggest difference between athletes and retirees is years and years of budgeting experience.
Plus, the data on retirees finances look more like 85% responsible adults and less like impulsive youngsters
True, but that lump sum 401k can be tricky.
@@Dolphinfinancialgroupfl panic! fear! ...keep pushing it.
Once your receiving that monthly check from pension or SS. You know the one you can’t get fired from and shows up in your bank every month regardless of how the stock market is doing, how can you go broke. Doesn’t seem possible.
My plan is once I’m on SS to burn every dime of it every month. What’s the worst that can happen. Oh! They send me another check hahaha
End of life care is uber expensive.
The retired sports players are overspending and trying for a lavish lifestyle.
And they don’t invest wisely
Living above means will make retirement difficult for anyone.
@@Dolphinfinancialgroupfl yes, that’s true. But I have a slight advantage as I’ve lived on a budget below my means my whole life so I’m adept at doing that. And now that I’m on Social Security I make sure that both I and my grandson that I’m raising alone without any financial help, can make through every month on my Social Security.
Retirement is when your income stops and your expenses continue. 😮
i know a few
Ss will be taking a cut in 2035 of about 25% or more because not enough people are working to fund it and that's the year I retire good thing is I'm in Canada and our pension fund isn't run by the government they have no access to it 😂
78%???? Hmmmmm.
NFL football players?
...and their trophy wives cash out in a divorce.
2nd half of Boomers are going to be hit hard. The first group of them started hitting 64-58 now.