When I was young, I thought I needed a million dollars or more to retire. I retired two and a half years ago at age 56 with much less than a million saved. Being debt free and frugal makes it easy.
plane fun, we have been lead to believe we need 250 K to retire on. Depending on your lifestyle, you can get by with 1/2 that amount. My partner and I aren’t poor, we eat what we want, travel where we want, basically do what we want. We’re debt free and that helps. Our SS combined is 3,600 a month. He draws on his 401K, which allows us to keep our money in savings and investments.
Absolutely! To me, it should be 'priority one' when planning for retirement. Even if it means not having a huge amount saved up, it's imperative to go in without having any debts whatsoever, it at all possible.
@@santaclause2875 you can incurr debt under certain circumstances. Say I'm getting 4% on cash and I buy a car and get a zero percent financing deal. Maybe it's better to incurr the debt but back it up with the cash? One scenario.
In preparing for retirement we sold our big house, paid cash for a house 1/3 the size. With a smaller home comes smaller insurance, taxes, utilities, etc. We are able to live very comfortably on ss alone. We have investment money for big purchases like a car, etc. Selling our larger home was the best decision we made.
I've known people, in their early 60's, who said they were going to work until 70. And then died at 67, 68.... Another co-worker worked until age 69. Then died at 71. I'd rather trade a few more dollars for a few more years of life.
I'm retiring next Friday...it's a little scary. 😧 I'm planning on the 3 phases of retirement... the go-go, slow-go and no-go years. We're almost 64, so we'll be filling a 15-month gap in healthcare insurance ourselves. In January SS kicks in for both of us. We're debit free and have a nest egg north of $500k. Our financial guy says we'll be fine, but says the big gamble is your health. And it almost doesn't matter how much you have if your health goes south. The guy who plans to work until 70...as we say in TN, Bless His Heart! Unless he's super physically fit, plan on being tired. 😕
I took SS at full reinterment age and it works for me. The extra money would be nice but who know how much time I have left. I am healthy and feel good and I want to enjoy the rest of my time on this earth.
The variety of variables is endless. But the value of new days with freedom to plan and schedule are the shared reason we enjoy this thing called retired. I just love it.!!! The time and conversation here. thanks.
Waiting till 70 is an OK plan if he likes his job and it allows him to have the lifestyle he wants. I personally, cannot wait to stop working because my job is stressful and does not allow me to live the life I want. It is an anchor holding me back from doing what I want - so retiring as soon as possible is my goal. My dad passed away at 73 and my mother in law passed away at 67 - you cannot assume or know how many years you have left.
@@Rob-lz5iz I love my job and its purpose. I work from home 4 10 hour days a week, but I can’t tell you how much I am looking forward to not being tied to the work and freedom go. 30 working days!!!!! 😀
I believe it is expenses vs income. I’ve been retired 12 years now and husband 15 years ages 74 and 76. It ‘s not only about the money you saved but the ability to make money with investments and dividends.In the early years we traveled more but now health issues pop up like Cataract surgery,falling, cracked teeth etc that take slowing down. We eat eat less, spend less. Everyone is different and has to decide what they want, and what to let go off.Thanks for the thoughts to ponder
I’m retired and you talked about the guy at 180K retirement. I’m 74, like you in the Cleveland area, and at my age I know more than he does. You really don’t need 180K at 70. 60 year old brain isn’t the same brain at 70. The body is also 10 years older too. I am very lucky but… I had my gallbladder removed bladder removed in 2015, both hips replaced in 2016, 2 weeks after the second hip replacement I had a full blown widow maker heart attack. I was lucky in that my physical therapist witnessed it in my home, gave me CPR for almost 9 minutes after he dragged my hulk to the floor. My local FD arrived and shocked me back and hauled me to the hospital. And because I worked at the same FD in dispatch it was a great human interest story so it made the local news on TV. And again…I was lucky…very lucky because I know any number of those that didn’t make it from 60-70. You have just one time in this world we know. There are no guarantees. Unless you love your job, leave when you can afford it. My original hope was to work until 70 but fate stepped in and I’ve been retired for 7 years. I’m one lucky guy.
That's a story! You definitely have the experience to give good advice. The guy is still a bit younger so I have a feeling he will change his mind at some point. Glad you made it and you're doing well. Buzz
I only have a few t shirts that I really like. This is one. I'll hit Goodwill and the Salvation army over the winter to find some good ones for next summer. Lol
Aw come on Buzz, 'yer killin' me here ! Seven year old car is still like new ! My 18 year old Nissan truck is still going strong and shines up like new at 212K miles !!
My youngest daughter is 28. She is still driving her first car (new) I bought her 2012 Chevy Cruze. She does well on maintenance and schedule, but her mom worries about her using it for long distances. She recently was doing a trip from DC to of all places Cleveland for a wedding, and on the way her car overheated and she was on the side of the road. She called me and I told her based on what she was telling me, it was likely a hose. Luckily she had AAA, and had it towed to a nearby shop in a small town outside of Pittsburgh. She got lucky with a very honest mechanic. $176 and couple later back on the road. When her mother said to her if she was going to get a new car now, she just responded and said I don’t need a new car, and I don’t want a car payment. I would say she has a good head on her shoulders. 😊
@@grumpychoi Trying to keep it on the road is good but I'd take it to a trusted mechanic at least once a year for a "look see". Wheel bearings, bushings, brake lines etc can wear and catching problems before a breakdown can be good.
Oh she does. She takes in for scheduled maintenance and all. But sometimes do things happen regardless of preventive maintenance @@BuzzRetirementGarage
Im on my 12th toyota Buzz, they make a quality vehicle,, im impressed. Turning 70 soon but in good health...lots of options retiring in a small town in western wa.the air is good, temperatures are cool.
Right? But whatever works for him. He may change his mind in a few years. My Plant app says they're Sweet coneflowers. I don't know. I'm not much a flower identifier. Lol
Good luck to you. I'm looking back at the good times too. Sometimes it seems the only constant in life is change. Evolution is necessary to avoid extinction 😂
I know people in their 60's that built a new house and have 3 car payments. They will not be able to retire. Debt free, mortgage free is the way to go. I moved to SC from MD to cut my living expenses and taxes. My equity in my MD home when I sold it paid for my SC home.
Maryland is cheaper than South Carolina? Man, I used to do a lot of business trips up to MD as an Army Contractor, and I thought it was ridiculously expensive there.
We lived on one income, no debt, house paid for 35 years ago. The last 13 years not working have been delightful. Just pension income, no SSI due to jobs we had.
Good video . People don't realize how cheap it is to live , once they retire . We pay cash as often as we can . I have a 2012 Lincoln with 250 thousand miles on it . I bought my wife a 2022 Ford Bronco Sport for 35 thousand cash in 2022 . No bills make for a happy retirement .
Sup Buzz. Toyota's are great! I have 2, 05' Tacoma at 225k and just beginning to break it in. When mortgage is paid off before retirement my ego wants a brand new Silverado 4x4 to enjoy road trips and Rx pickup in retirement . Home maintenance cost will come out of savings in the future and having a new roof thanks to hail damage helped. Good day sir.
I was forced into a new vehicle in 2019 after I got hit on the interstate and totaled my perfectly good Buick verano which had replace my 2000 Silverado. We decided to get another truck, so after doing my due diligence we ended up getting a new 2019 Silverado RST 5.3L 4x4. Cloth seats (which I love). Probably last truck I will own but we love it. My wife has a Cadillac srx, but she always prefers taking the Silverado when we do anything. 😊
@@BuzzRetirementGarage When I replaced my 2000 Silverado (239k) in 2013 with two kids going to out of state college I decided to go with the better gas mileage car with my 2013 Buick Verano. Which was great until with 130k it got totaled in 2019. But all kids were gone, so I decided to suck up the gas mileage (although it does get 22 mpg highway). I was driving 22k miles a year. Then march 2020 COVID hit and since then, I only have 39k miles more in 4 1/2 years, so not so bad. And while I loved my Buick Verano for commuting (but not as much as my 92 Saturn SL2), I do love my Silverado.
I actually own a Mazda CX 5. Bought it in 2018 and has 147,000 miles. Now I'm barely putting miles on it. Zero problems with this vehicle. Usually electrical stuff will go first since I live in Cleveland and they live pouring salt in the winter.
One of the reasons I go to my Little building (ultra mancave) is to sit at my desk there and "think". Mostly about nothing. Feels good. Gets me out of the house and just going there makes me feel good.
I had a 1998 Tacoma and added an F150 in 2008. Sold the Toyota in 2016 because I was bored with it. Took me maybe five minutes to unload it. The Ford is still running like a Swiss watch. Nock on wood. Keet 'em coming, Buzz!
The amount of money needed for retirement is the 54k question. The only thing that is controllable is having zero debt. But that can also change during retirement. Example house repairs, car repairs or new car and the general cost of living going up. At 74 my wife and I are enjoying life. Like someone said earlier the is no guarantee of tomorrow. Buzz thanks for the video.
I’m goin next year with a whole lot less than I’m making now. I have no idea how much longer I’m goin to live but I can tell you how long I’ve been working and that will be 50 years when I hang it up and that is long enough.
@@BuzzRetirementGarage My wife pays $250 a month for Obamacare. I have a $0 premium for my advantage plan plus the Medicare premium. Our property tax is $2934 a year. Our other big expenses are car insurance ($982/yr) and home insurance ($1414/yr). House and car tax and insurance works out to $444 a month. We don't have a car payment or mortgage. And don't forget we pay $1 a pound for grapes. :)
@@dancurran8977 we live in TX and property tax is a big burden. We will pay closer to 10k a year in property tax in retirement, but it is all in the budget, so it is what it is.
I listen to Duane as well. I am about to retire (days away) .. and find his vids to be informative, funny and useful, except for US specific content, as I am in Scotland. Living in the UK is at times frustrating in that rules in England and Wales are usually different in Scotland or Northern Ireland... read the fine print for your location
Back in 2000, we had 24 technicians, 2 engineers, 1 sales, and 1 clerk. In 2023, I was the one original employee left. We hired two off the street technicians before I left. It was a very sad day for myself and the two new greenhorns. But I don't care as long as I don't have to come back to work! 😂
We are in our 50’s and plan on partial retirement in 10 years. And that’s fine, doing something for a supplemental income I think is good for you. After the last three years we have really learned that living expenses are not guessable. So we will see!
Amazing backdrop!! Like your Monthly Budget Vlogs trying to live on SS Certainly not this month grandson had some car issues cat needed surgery quick 2k car fixed our cat passed after a valent
Buzz, I feel you think like most of us who are your subscribers. We've worked hard our whole lives and try to maintain a good life style but nothing to extravagant. Live within our means. Yes who wouldn't want to have 180,000 a year in retirement but who makes that kind of money? Keep making your videos, enjoying your insight
My biggest issue since retirement is not having the ability to just get some of the extras for ouselves and the grand kids ! bothers me every day . I'm 70 in a few months Thinking getting a part time job . BUT the discrimination of people my age is alive and well ! Tim NJ.
I retired two years ago at age 68 (until my wife could go on Medicare at 65). Our total SS is $5,000/month. Despite having my 401K, my wife's IRA, and no mortgage, I believe we could live off just our SS if we had to. I don't do a budget, so I'm not sure. Sometimes I feel like I worked too long. However, I pulled 70K out of my 401K last year to pay off my kids' student loans and this year, it was 50K so my wife could pay cash for a Honda Pilot. So I guess I shouldn't be complaining
We are debt free and live very comfortably on our $5,000/month SS (for over 7 years now) in expensive CT. We have lots of money in our retirement plans but have barely touched them. Keeping for any sicknesses we might get (in our early 70’s) or our two kids will be well off when they inherit it.
@@BuzzRetirementGarage We did both retired at 67. My husband loves retirement but I have had four jobs since (temp positions.). Just started one 4 weeks ago - only through Medicare Enrollment.
Ya ……yikes ….working your current job till 70. To each their own but not for me. I retired @ 59 , pension, and social security, and yes I still work part time. But not that full time 48 to 56 hours a week I did for 40 years. Don’t regret it, but didn’t want to keep doing it. Great topic Buzz. ❤️🌵
After hearing you talking about vehicles, it made think about how many miles I'm driving each month. I'm going to start recording my mileage on the first of the month. I drive less these days.
What we need for income during retirement differs but as you wisely stated it depends on your monthly expenses. Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also.
@@BuzzRetirementGarage But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you. Jesus said if we seek him first ALL THESE THINGS shall be added God has no shortages on anything. God supplies all my needs through Christ Jesus.
@@BuzzRetirementGarage Every good gift and every perfect gift is from above, and cometh down from the Father of lights, with whom is no variableness, neither shadow of turning. The greatest gift is eternal life! For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord. For by grace are ye saved through faith; and that not of yourselves: it is the gift of God: Not of works, lest any man should boast. Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his Son into the world to condemn the world; but that the world through him might be saved. He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
My parents were children during the 1930s, a tough time during depression years. The struggle of survival and hardship, watching pennies of their moms and dads stuck with my parents into adulthood, and skimped, queezed all value of situations of buying only essentials. Trained frugality tightwads.... Well that carried into me, and like my parents before me, I am a cheap bastard mostly, minor exceptions. I went to work, dumped as much as possible into a 401k and separate IRA account, and I am very fine now, SS covers more than I need and I still am cheap, I barely need 2k a month, with bucks left over, shove into savings. Which brings me to .......how the hell does anyone need 15k a month? I would have trouble to spend all that.......
We wanted to have pretty much the same level of "spendable money" in retirement we had with us both working. Meaning that as we won't be contributing to the 401k / Roths any more the total income can be much lower, but what hits the bank account each month is what has been hitting it for the past ~5 years - pretty sure we can live on that as we have been. Occasional big bills like roofs, cars, aren't an issue so long as we keep liking Subarus and don't feel the need to upgrade to Mercedes ;) I think that fellow that's planning on working to 70 may end up regretting working those extra years. Their life, their money, their needs and desires of course. But for me I'd rather have a few more good years in retirement and a bit less money. $15K a month is lot of money. We're doing everything we want on a bit less than half that and still have money left over at the end of the month.
Hopefully he changes his mind as the years pile on and he starts to feel the aches and pains or if his work changes for the worse. You never know. Buzz
There is no "formula" for successful retirement. You can slice and dice early SSN, FRA or extended benefits to 70 along with "projected" longevity stats and think you have arrived at your sweet spot. Then die tomorrow. I wish I could figure out when I want to call it quits, but still struggling and don't quite feel ready yet. Soon though - 10-16 months I am guessing, and stay part-time after that for a bit. Thanks for the post. Fun as always.
We only made stampings for the frame. Near your rear shocks you'll see two brackets, one looks like a hook, welded together. We made those in Akron, Ohio from 2003 to 2023.
One shoe definitely doesn't fit all. I'll turn 61 this year and retirement here where I live (Louisiana Gulf Coast) is looking less and less doable. Homeowners insurance is skyrocketing thanks to hurricanes. Car insurance is ridiculously high thanks to poor roads and this being a litigious environment. Groceries are taxed and our sales tax is 10%. Yet, my wife's elderly parents are here, our eldest daughter is here, and we've got two grandsons here. We've got a daughter in Little Rock, Arkansas, and we really like it up there, but we're kind of stuck here. So, I'm doing renovations to the house with the intent on selling eventually, and hoping for a revelation for a path forward that's doable.
How much? Two rules first the Charles Dickens Micawber Principle you mention (adapted for USD) Annual income $50,000, annual expenditure $49,550, result happiness. Annual income $50,000, annual expenditure $50,050, result misery. Second rule is to estimate that expenditure accurately with some buffer and stick to it. That is the tricky part. I did hear from a retirement finance advisor that many retirees who accumulate large retirement savings die with more than they retired with so may be too much caution is not the thing either. Final comment is that no amount of savings or lack of can make you happy within yourself and generous spirited to others - if you don’t have these…..
You need a crystal ball to figure out how much you need saved to retire. We don’t know how long we’ll live or how healthy we will be. Will you need long term care or will you be able to be independent. Some people really don’t want to retire while it was a goal for me. We saved as much as we could and hope we saved enough. A friend is 75, healthy and works full time because he loves his job. We’re all different with different goals and circumstances.
Other than participating in my company’s 401K I regretfully admit to not planning for retirement. The day just arrived when I’d had enough and we are making what we have work. Fortunately that is providing more than if I’d sweated crunching the numbers. I think I relied a little too much on serendipity to get through life 😂 I do not recommend that approach 😂
@@paulhi9228 I mean some people have plenty of money and want to run for president when they are 78, so you never know why people do what they do. I am like peace out!
In 2016 in New York, I paid $8,250 for a complete new roof, ripped off old shingles and some plywood and even installed 2 new skylights, house is 1355 square feet, not getting near that price today
The X is called Financial Margin. The difference between income vs expenses. I retire next year at age 64. My retirement income will be around $160,000 a year. I will be living on much less. It is just how the numbers turned out.
Hey Buzz! Great episode, hope to see you Saturday afternoon on the 'live' broadcast. Yep, everyone has a different situation, for sure. Retirement means so many different things to people. I think the absolute main goal people need to work toward when planning retirement is to go in totally debt free. That's what I did, been ten years now and having that stressful load off my back before retiring has helped immensely in keeping stress under control. Have a great weekend!
I had a neighbor telling me how much Social Security he would be able to get at retirement and it was more than the max even paid by Social Security. Math is tricky for many people.😊
@@dianewilliams9729 That is too funny. It reminds me of they that was trying to tell my buddy and I how fast he ran the half mile in high school. I said the is amazing since his state record is 2 seconds slower than your time. 😀
We made parts that went on the frame. Look where you're rear shocks are. There are two large metal pieces welded together. We made both parts for 20 years. The frame maker then welded our parts on. Now the welding and assembly is all done in Mexico.
@@BuzzRetirementGarage My mom worked in manufacturing all her life. Her last and longest job was at a company in Oklahoma that does a similar thing various parts for multiple car companies. It keeps a good number of people employed in ada, ok for now at least. Originally it was General Tire,but has been sold several times and now is owned by Flex-n- gate
Remember folks , its not how much you make, its how much you get to keep. Making a ton of money puts you into a higher tax bracket .. why work your butt off and pay all that taxes.
Working to 70 ain’t worth it my book…no matter how much money you make. I’d rather have been retired early with less money than retired later with more…even if I knew I would live beyond 70.
I am that guy, except I am only 2.5 years out from 70. Fortunately I think I only need about $8k a month after tax so maybe not as bad but its true. You have seen my expenses so you know what I am spending. I don’t think I live extravagantly except that I want to stay in LA Ca. And have reasonable access to beach and mountains. But I do have a lot of real estate debt that is part of the problem for me. But if I can get my apartment building paid off, projected to happen in two years, that income will more than cover all my housing expenses and social security which is projected to be $4800 a month will cover the rest. My retirement savings will be there as a backup. I got a new project at work this week so as I write I am temporarily working 5 days a week up from 4.
My wife and I have 11x our income vs bills in pensions before taking SS or from our investments due to being age 58. Yet, my wife still insists on doing a flexible part time job for 20 hours a week due to its enjoyable and 6 figure salary. I show her the math but she says the shoe might drop. We both grew up poor.
No because it varies too much. I don't consider it and bank almost all of it. We do give away $25-$50 every Saturday on the LIVE shows. As long as I can keep progressing I can continue to give.
I honestly thought I would need $2M dollars to retire until I started really looking into it. A lot of articles you read online leave out Social Security in the calculation. Like everyone says. You need to know your expenses and start from there.
Maybe a good question to ask after, “Do I currently have enough for retirement?” Ask yourself, “How much better would my retirement be with 300-500K more in retirement?” I’m very conservative and I’m guessing my lifestyle change wouldn’t change a whole lot having more money….
Hey! What a nice surprise to kick off the weekend. If SS does what it's supposed to do (and not disappear), I'll be just fine without dipping into my 401k or savings much. But if anything happens to SS income . . . I'm toast. And maybe that's what that individual was thinking about ~ not banking on SS at all. I live a modest lifestyle. If I retired with zero SS income, I would need approximately 40k per year and that would devastate my savings and 401k pretty....darn....quick. We all have our comfort levels. If working till 70 makes that individual happy/comfortable/confident . . . then that's okay for him. 😎 Hope to catch you all tomorrow evening ~ good Lord willing. :)
I didn't have nearly enough of a portfolio nest egg saved that would have paid out an absolute minimum of $1,500 per month to supplement my SS benefits at age 65 so I'll be living off those savings to delay SS until I'm 70. I'll reach my FRA in about a month. Within the next 6 to 12 months I'll have to find a part time or full time job to help get me to my max SS benefit at 70. That benefit will likely be over $60,000 yr. Adding my spouse's benefit will bring us over $80,000 per year. With our home and cars paid off and no credit card or other loan debts outstanding, we will be able to live comfortably & without the nervousness of not having enough money just on our SS income. And with that being our only income we will only have to pay about $300 in income tax
Sounds like you have a good plan. As long as the math makes sense and you're not trading too much time for money. You would know best based on your situation. Thanks for sharing. Buzz
@BuzzRetirementGarage trading the time is a definate factor. I know this isn't a "definite for sure" for me but longevity is in my DNA. my parents lived to 89 and 104 and my 4 grandparents ranged in age from 79 to 98. With this in mind, I feel that delaying til 70 is my better option, along with being a better financial decision for my wife if something should happen to me first. Happy to have run across your channel to get a perspective on SS from someone who is not a financial professional and all that jargon and has a similar work history & take on life and retirement as I do. If I can find the time, I'd like to expand my channel to more than what it is. Take it to a place where I interact about the products/hobby I have and also go into a SS/retirement type forum. Time will tell. Thanks for being an inspiration Buzz
@BuzzRetirementGarage thanks Buzz, and it's been my pleasure to be here to watch your channel. Glad to be a part of it. Everyone's retirement situation is different and I've shared some of my information, opinions and ideas here - with more to come. And this is largely because of the down to Earth content of your channel and of the other folks who have also settled in here. Sharing ideas, scenarios and the realities of retirement without having a million dollars and more invested in portfolios can be important info to those of us that are in that boat as well as knowing that we are not alone in that financial situation. Lol, and that's MY ramblings of a lunatic!
I think too many people Don't understand investing. Most funds in 401K sucks. Learn about investing on you own. 401k funds are riddle with expenses fees. I have taking time to understand how to invest, how to stay clam when the market goes downs, etc... People at work don't know what a dividend or ETF is. They just go with the dumb "Target date" fund unable to see what is inside that fund. if anything pick any Vanguard funds, they are know for low fees (bet they are not a option in your 401k. Just saying)
The good news is even if the target date funds don't appeal to some, it's better than not investing at all. Take advantage of the company match if there is one. So much information on the Internet to make the money earn more but just being in the market helps many people.
When to retire? For me it is like when should I put down my dog. You’ll just know. I’m finishing a 40 year career in Investment Advisory. At age 68 I’m ready to retire but just made the decision recently. Let me throw out a generic formula that anyone can use when trying not to outlive your money. With your investment money how much can I pay without running out? Take your age and divide by 12. 68/12=5.66. So if I have $500,000 times 5.66 that is $28,300 a year. The older you get the higher the %. If your principal goes down recalculate to adjust. If it goes up recalculate upward. This will always keep you out of a financial ditch.
@@BuzzRetirementGarage income on $500,000 per year using the formula. It takes into account your age and the amount of investments you have to generate income.
How much you need depends on how you plan to live. If you want to travel the world and spend money on new toys, you better have 500,000 or more saved. We live pretty frugal and are dept free. I have one week before retire. The budget shows we will have just over 1000.00 cash flow after all expenses, living on SS only, we have 10,000 emergency cash and 100,000 in investments. Everything I read says it’s impossible for me to retire at this time. We’ll see.
The guy retiring with 180K may be on to something - it's anticipated inflation will run rampant moving forward as interest rates were lowered yesterday. Expectation is the FED will so some more lowering at some time. I'm taking a reactive response (vs. proactive) for the moment. Right now I'm drawing @ $66K/yr of income, including SS. I'm sitting on @ $900K of additional in stocks I may convert at some time, but right now I'm riding a market surge I expect to continue for a while. I expect at some point that $66K might not be enough, but I know I can get by on $40-45K as I'm debt and mortgage free. Be well.
He has a plan but he can modify as he goes. I'm sure he'll be watching the economy like we are. I agree, run with the market. I did pull some small profits and I'll do it again soon.
@@Last_one_before_I_go when I bought my first house in 1990 interest rates were 9.5%. Navy Federal is siting at 4.75% today. I will take that. I also have enjoyed the 4.6% interest from the high yield savings while it lasts.
@@grumpychoi I remember those times well...how about 8-10 years before that?...even worse. If you can get and cover the cheap money, go for it. Be well.
I have just over 2 years before I will retire at age 66 1/2 I will have approximately 130,000 between an IRA and 401k my wife being 4 1/2 years younger than me will collect her social security at that time and I will live off my savings until I’m 70 and then social security only and a small stipend from my wife’s 401k
@@BuzzRetirementGarage we live on less than 50,000 a year now we both have a good amount of $$ going into our 401k and I also have an IRA that I max out every year including the make up contributions. With those withdrawals we live on less than $50,000 a year Buzz you live in an expensive area. We live in South Carolina. I heard you mention the taxes on your house. The taxes on my house is just over $300 per year. Everything we have is paid for including our home Ram truck and the camper we pull with it. I will use almost all the money I have in my 401 after I retire and before I collect social security. Leaving my wife’s 401 alone.
Buzz, I know what's going through your mind. I don't have a You Tube channel so I'll say it, F..k him. I am really upset now so I am going fishing the rest of the day!!
That guy toiling away until 70 for $180k in retirement income sure is going to make his local old folk’s home happy……..🫤 Retirement often involves a delicate balance between time and money - hope his equation isn’t a little lopsided……..😕
When I was young, I thought I needed a million dollars or more to retire. I retired two and a half years ago at age 56 with much less than a million saved. Being debt free and frugal makes it easy.
You mentioned two of the most important aspects when it comes to retirement! I agree
Debt free and frugal definitely helps!
Yep, "it's not what you make, it's what you spend".
plane fun, we have been lead to believe we need 250 K to retire on. Depending on your lifestyle, you can get by with 1/2 that amount. My partner and I aren’t poor, we eat what we want, travel where we want, basically do what we want. We’re debt free and that helps. Our SS combined is 3,600 a month. He draws on his 401K, which allows us to keep our money in savings and investments.
@MargaretGSmith-c1q Like your situation, other sources of income can drastically reduce the amount of money you need to retire. Congrats 👏
Being debt free really makes the difference when you retire it removes a lot of stress.
For sure!
Absolutely! To me, it should be 'priority one' when planning for retirement. Even if it means not having a huge amount saved up, it's imperative to go in without having any debts whatsoever, it at all possible.
@@santaclause2875 you can incurr debt under certain circumstances. Say I'm getting 4% on cash and I buy a car and get a zero percent financing deal. Maybe it's better to incurr the debt but back it up with the cash? One scenario.
Health is more important
@@santaclause2875health is way more important
In preparing for retirement we sold our big house, paid cash for a house 1/3 the size. With a smaller home comes smaller insurance, taxes, utilities, etc. We are able to live very comfortably on ss alone. We have investment money for big purchases like a car, etc. Selling our larger home was the best decision we made.
That was a really smart move. Congrats!
Great idea. An overly underrated move. Good job.
We are right behind you. That has been our plan all along. If too many people come to visit, they can stay in the house and we will go to a hotel! 😀
@@grumpychoi lol
I've known people, in their early 60's, who said they were going to work until 70. And then died at 67, 68.... Another co-worker worked until age 69. Then died at 71. I'd rather trade a few more dollars for a few more years of life.
I think if you can, that's the best way. Buzz
I retired at 67, no regrets
I'm retiring next Friday...it's a little scary. 😧 I'm planning on the 3 phases of retirement... the go-go, slow-go and no-go years. We're almost 64, so we'll be filling a 15-month gap in healthcare insurance ourselves. In January SS kicks in for both of us. We're debit free and have a nest egg north of $500k. Our financial guy says we'll be fine, but says the big gamble is your health. And it almost doesn't matter how much you have if your health goes south.
The guy who plans to work until 70...as we say in TN, Bless His Heart! Unless he's super physically fit, plan on being tired. 😕
Congrats
Congratulations on your upcoming retirement 🎉. Something tells me you'll be fine!
Very nice gesture Buzz. Sure they appreciated the pizza
Got a lot of texts so that's good. I'll make a trip there soon.
60 and retiring in 5 days. 30SEP. I am excited and very nervous at the same time. Good talk Buzz, Thanks.
You'll be fine! Email me anytime while you're getting your retirement legs. Congratulations on your upcoming retirement!
My 2000 Toyota is still going strong.
toyotas are great
Ditto. 👍
Love that you keyed in on the monthly expenses. That is crucial in determining what you need.
The most important factor.
your black-eyed Susan's are beautiful!
My Picture This plant ID app says they're sweet coneflowers. I don't know much about flowers. Thank you though! Buzz
I took SS at full reinterment age and it works for me. The extra money would be nice but who know how much time I have left. I am healthy and feel good and I want to enjoy the rest of my time on this earth.
The old time versus money equation is always there.
The variety of variables is endless. But the value of new days with freedom to plan and schedule are the shared reason we enjoy this thing called retired. I just love it.!!! The time and conversation here. thanks.
You are absolutely right!
Waiting till 70 is an OK plan if he likes his job and it allows him to have the lifestyle he wants. I personally, cannot wait to stop working because my job is stressful and does not allow me to live the life I want. It is an anchor holding me back from doing what I want - so retiring as soon as possible is my goal. My dad passed away at 73 and my mother in law passed away at 67 - you cannot assume or know how many years you have left.
Right. To each his own but at some point time is more valuable than money. Thanks for sharing. Buzz
@@Rob-lz5iz I love my job and its purpose. I work from home 4 10 hour days a week, but I can’t tell you how much I am looking forward to not being tied to the work and freedom go. 30 working days!!!!! 😀
I believe it is expenses vs income. I’ve been retired 12 years now and husband 15 years ages 74 and 76. It ‘s not only about the money you saved but the ability to make money with investments and dividends.In the early years we traveled more but now health issues pop up like Cataract surgery,falling, cracked teeth etc that take slowing down. We eat eat less, spend less. Everyone is different and has to decide what they want, and what to let go off.Thanks for the thoughts to ponder
I’m retired and you talked about the guy at 180K retirement. I’m 74, like you in the Cleveland area, and at my age I know more than he does. You really don’t need 180K at 70. 60 year old brain isn’t the same brain at 70. The body is also 10 years older too. I am very lucky but… I had my gallbladder removed bladder removed in 2015, both hips replaced in 2016, 2 weeks after the second hip replacement I had a full blown widow maker heart attack. I was lucky in that my physical therapist witnessed it in my home, gave me CPR for almost 9 minutes after he dragged my hulk to the floor. My local FD arrived and shocked me back and hauled me to the hospital. And because I worked at the same FD in dispatch it was a great human interest story so it made the local news on TV. And again…I was lucky…very lucky because I know any number of those that didn’t make it from 60-70. You have just one time in this world we know. There are no guarantees. Unless you love your job, leave when you can afford it. My original hope was to work until 70 but fate stepped in and I’ve been retired for 7 years. I’m one lucky guy.
That's a story! You definitely have the experience to give good advice. The guy is still a bit younger so I have a feeling he will change his mind at some point. Glad you made it and you're doing well. Buzz
Hey Buzz, Nice to see you. Did you plan your color coordination with the flowers in the background? haha
I only have a few t shirts that I really like. This is one. I'll hit Goodwill and the Salvation army over the winter to find some good ones for next summer. Lol
@@BuzzRetirementGarage Good deal!!
Ramblings of a Retired Lunatic?!!?!? that's my kinda title... ;-) Always interested in what you have to say. 👍
12 episodes so far. Maybe CBS will buy them. Another show about nothing. It worked for Seinfeld.
@@BuzzRetirementGarage 😆
Flowers look great!
Thanks. They're still doing well. 15 straight days without rain. Weird for Cleveland. Hopefully we get some tomorrow.
Aw come on Buzz, 'yer killin' me here ! Seven year old car is still like new ! My 18 year old Nissan truck is still going strong and shines up like new at 212K miles !!
Mines 5 years old. Mazda CX5. 147,000 miles. Road salt messes with the electrical. Maybe I won't drive on snowy days. Lol
My youngest daughter is 28. She is still driving her first car (new) I bought her 2012 Chevy Cruze. She does well on maintenance and schedule, but her mom worries about her using it for long distances. She recently was doing a trip from DC to of all places Cleveland for a wedding, and on the way her car overheated and she was on the side of the road. She called me and I told her based on what she was telling me, it was likely a hose. Luckily she had AAA, and had it towed to a nearby shop in a small town outside of Pittsburgh. She got lucky with a very honest mechanic. $176 and couple later back on the road. When her mother said to her if she was going to get a new car now, she just responded and said I don’t need a new car, and I don’t want a car payment. I would say she has a good head on her shoulders. 😊
@@grumpychoi Trying to keep it on the road is good but I'd take it to a trusted mechanic at least once a year for a "look see". Wheel bearings, bushings, brake lines etc can wear and catching problems before a breakdown can be good.
Oh she does. She takes in for scheduled maintenance and all. But sometimes do things happen regardless of preventive maintenance @@BuzzRetirementGarage
@@grumpychoi That's true.
Im on my 12th toyota Buzz, they make a quality vehicle,, im impressed. Turning 70 soon but in good health...lots of options retiring in a small town in western wa.the air is good, temperatures are cool.
I have a Mazda but Toyota is really good. Their production systems are top tier.
My friend passed away on Monday at 59. Her husband passed away 8 years ago at 56. I had been encouraging her to retire, she could afford it.
Wow, that's young for them both. So sorry for your loss.
@@noreenn6976 thank you. Her husband had retired two weeks before he passed.
Sorry to read that! You just never know.
That's really sad.
Awww I am so sorry for the loss of your friend.
Like its always said more money doesnt buy time
Right but you don't want to have to worry about it everyday either. Such a quandary.
The amount of money you need to retire depends on so many different factors so the amount it different for everyone. Good rambling Buzz
It does depend on many things. Like how many cruises we want to take. Lol
@@BuzzRetirementGarage exactly 😉
5:40 Medicare Part B and the IRS love this kind of person. PS. the Black Eyed Susan's (?) look beautiful!
I was thinking with all that money I am sure the medical profession will help him whittle it down to size pretty quick. if you got it they want it
Right? But whatever works for him. He may change his mind in a few years. My Plant app says they're Sweet coneflowers. I don't know. I'm not much a flower identifier. Lol
Good luck to you. I'm looking back at the good times too. Sometimes it seems the only constant in life is change. Evolution is necessary to avoid extinction 😂
Evolution is necessary but I'd rather it come slowly. At least my barbershop, where I got my haircut when I was 5 years old, is still open!
Tomorrow is not promised. Was just sitting here watching MSNBC and Ramblings popped up. Beautiful day to be retired.
Everyday is a great day to be retired!
I know people in their 60's that built a new house and have 3 car payments. They will not be able to retire. Debt free, mortgage free is the way to go. I moved to SC from MD to cut my living expenses and taxes. My equity in my MD home when I sold it paid for my SC home.
Building a new house at their age is interesting. But to each their own I guess.
Maryland is cheaper than South Carolina? Man, I used to do a lot of business trips up to MD as an Army Contractor, and I thought it was ridiculously expensive there.
@@pawpawstew Scott said he moved out of Maryland.
@@pawpawstew SC is cheaper. I bought a similar home in SC at 1/2 the price I sold my MD home for. RE taxes in SC are 1/4 of MD.
We lived on one income, no debt, house paid for 35 years ago. The last 13 years not working have been delightful. Just pension income, no SSI due to jobs we had.
You did well!
Good video . People don't realize how cheap it is to live , once they retire . We pay cash as often as we can . I have a 2012 Lincoln with 250 thousand miles on it . I bought my wife a 2022 Ford Bronco Sport for 35 thousand cash in 2022 . No bills make for a happy retirement .
Thanks for watching. Having no major debt is great! I do use a Costco credit card through Citibank and pay it monthly. The cash back is amazing. Buzz
Sup Buzz. Toyota's are great! I have 2, 05' Tacoma at 225k and just beginning to break it in. When mortgage is paid off before retirement my ego wants a brand new Silverado 4x4 to enjoy road trips and Rx pickup in retirement . Home maintenance cost will come out of savings in the future and having a new roof thanks to hail damage helped. Good day sir.
I was forced into a new vehicle in 2019 after I got hit on the interstate and totaled my perfectly good Buick verano which had replace my 2000 Silverado. We decided to get another truck, so after doing my due diligence we ended up getting a new 2019 Silverado RST 5.3L 4x4. Cloth seats (which I love). Probably last truck I will own but we love it. My wife has a Cadillac srx, but she always prefers taking the Silverado when we do anything. 😊
I almost bought a Silverado in 2016 but decided gas mileage was more important since I was driving so much.
@@BuzzRetirementGarage When I replaced my 2000 Silverado (239k) in 2013 with two kids going to out of state college I decided to go with the better gas mileage car with my 2013 Buick Verano. Which was great until with 130k it got totaled in 2019. But all kids were gone, so I decided to suck up the gas mileage (although it does get 22 mpg highway). I was driving 22k miles a year. Then march 2020 COVID hit and since then, I only have 39k miles more in 4 1/2 years, so not so bad. And while I loved my Buick Verano for commuting (but not as much as my 92 Saturn SL2), I do love my Silverado.
Hey Buzz. Saw you on Steve’s live. That was fun.
I sure hope you get more than 2 years out of your car 😮. My 2007 Toyota is still going strong, plan to keep it another 3-5 years.
I had a 2000 Sienna with 260000 mil. I donated it early this year. No oil burning.
Excellent!
I actually own a Mazda CX 5. Bought it in 2018 and has 147,000 miles. Now I'm barely putting miles on it. Zero problems with this vehicle. Usually electrical stuff will go first since I live in Cleveland and they live pouring salt in the winter.
@@BuzzRetirementGarageMazdas are good cars! If you’re not putting many miles on it, I bet you can get at least 5 more years out of it.
@@dforrest4503 I hope so.
One of the reasons I go to my Little building (ultra mancave) is to sit at my desk there and "think". Mostly about nothing. Feels good. Gets me out of the house and just going there makes me feel good.
I may have to heat my garage this winter for the same reason. Lol
@@BuzzRetirementGarage Got heat in my Little building but I'm in Texas. Not really needed. Now the A/C is really nice.THAT is needed.
Hi Buzz!! Canning applesauce here today.
Yummmmm!
Good eating in the winter!
I had a 1998 Tacoma and added an F150 in 2008. Sold the Toyota in 2016 because I was bored with it. Took me maybe five minutes to unload it.
The Ford is still running like a Swiss watch. Nock on wood.
Keet 'em coming, Buzz!
Those 150's are great runners.
The amount of money needed for retirement is the 54k question. The only thing that is controllable is having zero debt. But that can also change during retirement. Example house repairs, car repairs or new car and the general cost of living going up. At 74 my wife and I are enjoying life. Like someone said earlier the is no guarantee of tomorrow. Buzz thanks for the video.
Absolutely right. Good to see you. Have a good day my friend. Buzz
I’m goin next year with a whole lot less than I’m making now. I have no idea how much longer I’m goin to live but I can tell you how long I’ve been working and that will be 50 years when I hang it up and that is long enough.
That's long enough. You need some me time for sure. Buzz
Excellent insight as always...all well said.
Good health and Happy life 😊❤. Bye 👋
Hello! Goodbye so soon?
@@BuzzRetirementGarage I was not supposed to be here. Sir take good care of yourself 🙏. Old man and Sea . Hanging in there.
@@Annabelle-v1m You're always welcome to be here.
Our monthly expenses are around $3.5K a month in California. I wouldn't know how to spend $180K a year!
That seems low for CA but I remember your property tax is capped and you have a good healthcare deal if I remember right.
@@BuzzRetirementGarage My wife pays $250 a month for Obamacare. I have a $0 premium for my advantage plan plus the Medicare premium. Our property tax is $2934 a year. Our other big expenses are car insurance ($982/yr) and home insurance ($1414/yr). House and car tax and insurance works out to $444 a month. We don't have a car payment or mortgage. And don't forget we pay $1 a pound for grapes. :)
@@dancurran8977 Bit you get great deals on blueberries.
@@dancurran8977 we live in TX and property tax is a big burden. We will pay closer to 10k a year in property tax in retirement, but it is all in the budget, so it is what it is.
I really enjoy your channel. I have 2 1/2 years to go.
Thanks! I appreciate you being here! Buzz
I listen to Duane as well. I am about to retire (days away) .. and find his vids to be informative, funny and useful, except for US specific content, as I am in Scotland. Living in the UK is at times frustrating in that rules in England and Wales are usually different in Scotland or Northern Ireland... read the fine print for your location
Congratulations on your upcoming retirement! Good luck. Buzz
Back in 2000, we had 24 technicians, 2 engineers, 1 sales, and 1 clerk.
In 2023, I was the one original employee left. We hired two off the street technicians before I left.
It was a very sad day for myself and the two new greenhorns.
But I don't care as long as I don't have to come back to work! 😂
Nothing stays the same. Glad you don't have to go back!
We are in our 50’s and plan on partial retirement in 10 years. And that’s fine, doing something for a supplemental income I think is good for you. After the last three years we have really learned that living expenses are not guessable. So we will see!
Living expenses are such an unknown target. We do know they rarely go lower!
Don’t forget to film the Sam’s club haul
Agreed! I like the shopping hauls.
Nothing special today. Chicken thighs were the highlight. Lol
You really did ramble 😂.
I'm dang good at it! Lol
Amazing backdrop!! Like your Monthly Budget Vlogs trying to live on SS Certainly not this month grandson had some car issues cat needed surgery quick 2k car fixed our cat passed after a valent
Fight you just never know when things go off the rails just happy we have a buffer. All The Best To You & Mrs Buzz! Be Well Be Safe & Stay Blessed.
Yes, we do need a buffer for sure. Sorry about the cat. Hopefully if grandson is driving he's working too.
My truck is 15 years old and I really want to dive into a new truck, but just can justify the spend. Maybe two more years.
Buzz, I feel you think like most of us who are your subscribers. We've worked hard our whole lives and try to maintain a good life style but nothing to extravagant. Live within our means. Yes who wouldn't want to have 180,000 a year in retirement but who makes that kind of money? Keep making your videos, enjoying your insight
I would have to see one’s W2 form to believe that.
I'm very not knocking it but holding off until 70 to get that last dollar seems excessive. But it's his life and he can live it any way he wants. Buzz
My biggest issue since retirement is not having the ability to just get some of the extras for ouselves and the grand kids ! bothers me every day . I'm 70 in a few months Thinking getting a part time job . BUT the discrimination of people my age is alive and well ! Tim NJ.
You are the extra for the grand kids. My grand parents never gave me anything, and I enjoyed them 100%.
Beautiful!
The reply below is spot on!
Hi Buzz, I was going to say Hi in your live but RUclips removed the chat. I just had a white space 😂. Sounds like you’re having fun.
Wonder why they did that? 14 straight sunny days definitely help my disposition! Next week finally getting a few days of rain. Hope you're doing well!
Same here - never been able to chat on the live streams. Figured it was just Buzz trying to avoid my smart @$$ comments……..😂
@@ddellwo The actual LIVES on Saturday night are set for subscribers only. Make sure you're subscribed and I'll moderate your language. Lololol
I retired two years ago at age 68 (until my wife could go on Medicare at 65). Our total SS is $5,000/month. Despite having my 401K, my wife's IRA, and no mortgage, I believe we could live off just our SS if we had to. I don't do a budget, so I'm not sure. Sometimes I feel like I worked too long. However, I pulled 70K out of my 401K last year to pay off my kids' student loans and this year, it was 50K so my wife could pay cash for a Honda Pilot. So I guess I shouldn't be complaining
We are debt free and live very comfortably on our $5,000/month SS (for over 7 years now) in expensive CT. We have lots of money in our retirement plans but have barely touched them. Keeping for any sicknesses we might get (in our early 70’s) or our two kids will be well off when they inherit it.
Better to be a bit cautious but not overly cautious. Would retiring at 64 or 65 have been better? Don't look back. What's done is done. Right?
@@BuzzRetirementGarage We did both retired at 67. My husband loves retirement but I have had four jobs since (temp positions.). Just started one 4 weeks ago - only through Medicare Enrollment.
Ya ……yikes ….working your current job till 70. To each their own but not for me. I retired @ 59 , pension, and social security, and yes I still work part time. But not that full time 48 to 56 hours a week I did for 40 years. Don’t regret it, but didn’t want to keep doing it. Great topic Buzz. ❤️🌵
Thanks for stopping in!
After hearing you talking about vehicles, it made think about how many miles I'm driving each month. I'm going to start recording my mileage on the first of the month. I drive less these days.
I was driving 95 miles a DAY. Now I'm lucky if I do that in a month!
@@BuzzRetirementGarage Now your car should last FOREVER!
@@scottc3029 What kills them in Ohio is getting that road salt in the electrical system. Trying to diagnose and repair electrical issues is costly.
Morning
Afternoon now but another beautiful day!
What we need for income during retirement differs but as you wisely stated it depends on your monthly expenses.
Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
For where your treasure is, there will your heart be also.
For now I'd like a few earthly treasures. Hope you don't mind my friend.
@@BuzzRetirementGarage But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.
Jesus said if we seek him first ALL THESE THINGS shall be added
God has no shortages on anything.
God supplies all my needs through Christ Jesus.
Amen
@@BuzzRetirementGarage Every good gift and every perfect gift is from above, and cometh down from the Father of lights, with whom is no variableness, neither shadow of turning.
The greatest gift is eternal life!
For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.
For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
Not of works, lest any man should boast.
Therefore as by the offence of one judgment came upon all men to condemnation; even so by the righteousness of one the free gift came upon all men unto justification of life.
For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.
For God sent not his Son into the world to condemn the world; but that the world through him might be saved.
He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God.
And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil.
HEY BUZZ,I HOPE RETIRE SOON!
I hope you do too!
My parents were children during the 1930s, a tough time during depression years. The struggle of survival and hardship, watching pennies of their moms and dads stuck with my parents into adulthood, and skimped, queezed all value of situations of buying only essentials. Trained frugality tightwads....
Well that carried into me, and like my parents before me, I am a cheap bastard mostly, minor exceptions. I went to work, dumped as much as possible into a 401k and separate IRA account, and I am very fine now, SS covers more than I need and I still am cheap, I barely need 2k a month, with bucks left over, shove into savings.
Which brings me to .......how the hell does anyone need 15k a month? I would have trouble to spend all that.......
Depends on lifestyle I guess. Everyone has different bills and spending habits. Buzz
We wanted to have pretty much the same level of "spendable money" in retirement we had with us both working. Meaning that as we won't be contributing to the 401k / Roths any more the total income can be much lower, but what hits the bank account each month is what has been hitting it for the past ~5 years - pretty sure we can live on that as we have been.
Occasional big bills like roofs, cars, aren't an issue so long as we keep liking Subarus and don't feel the need to upgrade to Mercedes ;) I think that fellow that's planning on working to 70 may end up regretting working those extra years. Their life, their money, their needs and desires of course. But for me I'd rather have a few more good years in retirement and a bit less money. $15K a month is lot of money. We're doing everything we want on a bit less than half that and still have money left over at the end of the month.
Hopefully he changes his mind as the years pile on and he starts to feel the aches and pains or if his work changes for the worse. You never know. Buzz
When you are retired you can do a lot of things “randomly “ 😂😂😂
or not do them randomly doing what you WANT is great
It's great to be able to jump up and say I'm going here or there. I love it!
There is no "formula" for successful retirement. You can slice and dice early SSN, FRA or extended benefits to 70 along with "projected" longevity stats and think you have arrived at your sweet spot. Then die tomorrow. I wish I could figure out when I want to call it quits, but still struggling and don't quite feel ready yet. Soon though - 10-16 months I am guessing, and stay part-time after that for a bit. Thanks for the post. Fun as always.
It can drive you crazy thinking about it. But eventually we need to make the best decision based on our situation.
Hey, Buzz! I have a 2015 Toyota Tacoma; VIN starts "5T," assembled in Texas. Wondering if your old shop made it!
We only made stampings for the frame. Near your rear shocks you'll see two brackets, one looks like a hook, welded together. We made those in Akron, Ohio from 2003 to 2023.
One shoe definitely doesn't fit all. I'll turn 61 this year and retirement here where I live (Louisiana Gulf Coast) is looking less and less doable. Homeowners insurance is skyrocketing thanks to hurricanes. Car insurance is ridiculously high thanks to poor roads and this being a litigious environment. Groceries are taxed and our sales tax is 10%. Yet, my wife's elderly parents are here, our eldest daughter is here, and we've got two grandsons here. We've got a daughter in Little Rock, Arkansas, and we really like it up there, but we're kind of stuck here. So, I'm doing renovations to the house with the intent on selling eventually, and hoping for a revelation for a path forward that's doable.
I didn't think anyone taxed food items?
How much? Two rules first the Charles Dickens Micawber Principle you mention (adapted for USD) Annual income $50,000, annual expenditure $49,550, result happiness. Annual income $50,000, annual expenditure $50,050, result misery. Second rule is to estimate that expenditure accurately with some buffer and stick to it. That is the tricky part. I did hear from a retirement finance advisor that many retirees who accumulate large retirement savings die with more than they retired with so may be too much caution is not the thing either. Final comment is that no amount of savings or lack of can make you happy within yourself and generous spirited to others - if you don’t have these…..
Good way to sum it up! Thanks for sharing. Buzz
You need a crystal ball to figure out how much you need saved to retire. We don’t know how long we’ll live or how healthy we will be. Will you need long term care or will you be able to be independent. Some people really don’t want to retire while it was a goal for me. We saved as much as we could and hope we saved enough. A friend is 75, healthy and works full time because he loves his job. We’re all different with different goals and circumstances.
You summed it up well! Thanks for sharing. Buzz
Other than participating in my company’s 401K I regretfully admit to not planning for retirement. The day just arrived when I’d had enough and we are making what we have work. Fortunately that is providing more than if I’d sweated crunching the numbers. I think I relied a little too much on serendipity to get through life 😂 I do not recommend that approach 😂
Hard to believe someone with your intelligence left it to chance.
@@BuzzRetirementGarage maybe I never fully grew up because we never had the responsibility of kids
@@kristentheologus-KTechnogal Never to late to adopt me.
@@BuzzRetirementGarage 😂😂😂
Buzz, how large is your property that you upkeep in retirement? Looks like that can keep you busy.
Not that big. 60 feet by 480 feet deep. Wish we more but grateful for what we have.
You cannot tell someone how much money they will need to retire until you know their expenses.
Add to that, is the person married, does the spouse work? Does the spouse receive SS? Medicare for both/either?
True. $180,000/year might be peanuts.
@@paulhi9228 I mean some people have plenty of money and want to run for president when they are 78, so you never know why people do what they do. I am like peace out!
180K a year is great as long as you're healthy enough to enjoy it
Correct.
In 2016 in New York, I paid $8,250 for a complete new roof, ripped off old shingles and some plywood and even installed 2 new skylights, house is 1355 square feet, not getting near that price today
That's a great price!
The X is called Financial Margin. The difference between income vs expenses. I retire next year at age 64. My retirement income will be around $160,000 a year. I will be living on much less. It is just how the numbers turned out.
Excellent! That's the way to do it!
Hey Buzz! Great episode, hope to see you Saturday afternoon on the 'live' broadcast. Yep, everyone has a different situation, for sure. Retirement means so many different things to people. I think the absolute main goal people need to work toward when planning retirement is to go in totally debt free. That's what I did, been ten years now and having that stressful load off my back before retiring has helped immensely in keeping stress under control. Have a great weekend!
I agree! Thanks for watching.
I had a neighbor telling me how much Social Security he would be able to get at retirement and it was more than the max even paid by Social Security. Math is tricky for many people.😊
Probably an honest mistake but hopefully he won't be in for a rude awakening. Lol
@@dianewilliams9729 That is too funny. It reminds me of they that was trying to tell my buddy and I how fast he ran the half mile in high school. I said the is amazing since his state record is 2 seconds slower than your time. 😀
@@grumpychoi 🤭🤣
Buzz I bought a 1997 Tacoma and still have it today, I was just waif your company made the frame ?
We made parts that went on the frame. Look where you're rear shocks are. There are two large metal pieces welded together. We made both parts for 20 years. The frame maker then welded our parts on. Now the welding and assembly is all done in Mexico.
@@BuzzRetirementGarage My mom worked in manufacturing all her life. Her last and longest job was at a company in Oklahoma that does a similar thing various parts for multiple car companies. It keeps a good number of people employed in ada, ok for now at least. Originally it was General Tire,but has been sold several times and now is owned by Flex-n- gate
@@grumpychoi The trick will be to keep all the manufacturing in the USA. Many people work manufacturing jobs and the more we have, the better.
Remember folks , its not how much you make, its how much you get to keep. Making a ton of money puts you into a higher tax bracket .. why work your butt off and pay all that taxes.
That's true too.
Working to 70 ain’t worth it my book…no matter how much money you make. I’d rather have been retired early with less money than retired later with more…even if I knew I would live beyond 70.
🎯👏👏💯
Many people would agree.
Hey Buzz how is it going
Going good my friend.
I am that guy, except I am only 2.5 years out from 70. Fortunately I think I only need about $8k a month after tax so maybe not as bad but its true. You have seen my expenses so you know what I am spending. I don’t think I live extravagantly except that I want to stay in LA Ca. And have reasonable access to beach and mountains. But I do have a lot of real estate debt that is part of the problem for me. But if I can get my apartment building paid off, projected to happen in two years, that income will more than cover all my housing expenses and social security which is projected to be $4800 a month will cover the rest. My retirement savings will be there as a backup. I got a new project at work this week so as I write I am temporarily working 5 days a week up from 4.
The way you work out you're only 60! You'll do well. You have it planned out for max benefit and that's good.
My wife and I have 11x our income vs bills in pensions before taking SS or from our investments due to being age 58. Yet, my wife still insists on doing a flexible part time job for 20 hours a week due to its enjoyable and 6 figure salary. I show her the math but she says the shoe might drop. We both grew up poor.
I think she likes the 20 hours away from you. I don't mean that in a negative way. My wife tells me to go out and play all the time. Lol
@@BuzzRetirementGarage bingo
Buzz, Did you include You Tube income in your monthly budget schedule?
No because it varies too much. I don't consider it and bank almost all of it. We do give away $25-$50 every Saturday on the LIVE shows. As long as I can keep progressing I can continue to give.
Buzz, you are to young to be a "Retired Lunatic," a "Retired Goofball," maybe. But not to worry Lunatic comes in your 70's ... 😂
I accept any name. Lol
I honestly thought I would need $2M dollars to retire until I started really looking into it. A lot of articles you read online leave out Social Security in the calculation. Like everyone says. You need to know your expenses and start from there.
That's true.
Wow, 180,000 a year is a lot of money and at 70 How much more do you have to live?
He may change as mind as the aches and pain comes.
Maybe a good question to ask after, “Do I currently have enough for retirement?” Ask yourself, “How much better would my retirement be with 300-500K more in retirement?” I’m very conservative and I’m guessing my lifestyle change wouldn’t change a whole lot having more money….
More money equals bigger cushion to prevent failure.
@@BuzzRetirementGarage Very good point…
Hey! What a nice surprise to kick off the weekend. If SS does what it's supposed to do (and not disappear), I'll be just fine without dipping into my 401k or savings much. But if anything happens to SS income . . . I'm toast. And maybe that's what that individual was thinking about ~ not banking on SS at all. I live a modest lifestyle. If I retired with zero SS income, I would need approximately 40k per year and that would devastate my savings and 401k pretty....darn....quick. We all have our comfort levels. If working till 70 makes that individual happy/comfortable/confident . . . then that's okay for him. 😎 Hope to catch you all tomorrow evening ~ good Lord willing. :)
Right. Individual ideas are not wrong. Time will tell.
I didn't have nearly enough of a portfolio nest egg saved that would have paid out an absolute minimum of $1,500 per month to supplement my SS benefits at age 65 so I'll be living off those savings to delay SS until I'm 70. I'll reach my FRA in about a month. Within the next 6 to 12 months I'll have to find a part time or full time job to help get me to my max SS benefit at 70. That benefit will likely be over $60,000 yr. Adding my spouse's benefit will bring us over $80,000 per year. With our home and cars paid off and no credit card or other loan debts outstanding, we will be able to live comfortably & without the nervousness of not having enough money just on our SS income. And with that being our only income we will only have to pay about $300 in income tax
Sounds like you have a good plan. As long as the math makes sense and you're not trading too much time for money. You would know best based on your situation. Thanks for sharing. Buzz
@BuzzRetirementGarage trading the time is a definate factor. I know this isn't a "definite for sure" for me but longevity is in my DNA. my parents lived to 89 and 104 and my 4 grandparents ranged in age from 79 to 98. With this in mind, I feel that delaying til 70 is my better option, along with being a better financial decision for my wife if something should happen to me first. Happy to have run across your channel to get a perspective on SS from someone who is not a financial professional and all that jargon and has a similar work history & take on life and retirement as I do. If I can find the time, I'd like to expand my channel to more than what it is. Take it to a place where I interact about the products/hobby I have and also go into a SS/retirement type forum. Time will tell. Thanks for being an inspiration Buzz
Thanks for being here my friend!
@BuzzRetirementGarage thanks Buzz, and it's been my pleasure to be here to watch your channel. Glad to be a part of it. Everyone's retirement situation is different and I've shared some of my information, opinions and ideas here - with more to come. And this is largely because of the down to Earth content of your channel and of the other folks who have also settled in here. Sharing ideas, scenarios and the realities of retirement without having a million dollars and more invested in portfolios can be important info to those of us that are in that boat as well as knowing that we are not alone in that financial situation. Lol, and that's MY ramblings of a lunatic!
I think too many people Don't understand investing. Most funds in 401K sucks. Learn about investing on you own. 401k funds are riddle with expenses fees. I have taking time to understand how to invest, how to stay clam when the market goes downs, etc... People at work don't know what a dividend or ETF is. They just go with the dumb "Target date" fund unable to see what is inside that fund. if anything pick any Vanguard funds, they are know for low fees (bet they are not a option in your 401k. Just saying)
The good news is even if the target date funds don't appeal to some, it's better than not investing at all. Take advantage of the company match if there is one. So much information on the Internet to make the money earn more but just being in the market helps many people.
When to retire? For me it is like when should I put down my dog. You’ll just know. I’m finishing a 40 year career in Investment Advisory. At age 68 I’m ready to retire but just made the decision recently. Let me throw out a generic formula that anyone can use when trying not to outlive your money. With your investment money how much can I pay without running out? Take your age and divide by 12. 68/12=5.66. So if I have $500,000 times 5.66 that is $28,300 a year. The older you get the higher the %. If your principal goes down recalculate to adjust. If it goes up recalculate upward. This will always keep you out of a financial ditch.
I don't understand what the $28,300 represents?
@@BuzzRetirementGarage income on $500,000 per year using the formula. It takes into account your age and the amount of investments you have to generate income.
So instead of the 4% rule this illustration makes it 5.5%?
@@BuzzRetirementGarage 4% is arbitrary number. This formula customizes the percentage based on your age and how your portfolio is performing.
How much you need depends on how you plan to live. If you want to travel the world and spend money on new toys, you better have 500,000 or more saved.
We live pretty frugal and are dept free. I have one week before retire. The budget shows we will have just over 1000.00 cash flow after all expenses, living on SS only, we have 10,000 emergency cash and 100,000 in investments. Everything I read says it’s impossible for me to retire at this time. We’ll see.
I think as long as you don't need a car and roof at the same time you'll do fine. Bur remember, I'm not an expert. Lol. Buzz
The guy retiring with 180K may be on to something - it's anticipated inflation will run rampant moving forward as interest rates were lowered yesterday. Expectation is the FED will so some more lowering at some time. I'm taking a reactive response (vs. proactive) for the moment. Right now I'm drawing @ $66K/yr of income, including SS. I'm sitting on @ $900K of additional in stocks I may convert at some time, but right now I'm riding a market surge I expect to continue for a while. I expect at some point that $66K might not be enough, but I know I can get by on $40-45K as I'm debt and mortgage free. Be well.
He has a plan but he can modify as he goes. I'm sure he'll be watching the economy like we are. I agree, run with the market. I did pull some small profits and I'll do it again soon.
@@Last_one_before_I_go when I bought my first house in 1990 interest rates were 9.5%. Navy Federal is siting at 4.75% today. I will take that. I also have enjoyed the 4.6% interest from the high yield savings while it lasts.
@@grumpychoi I remember those times well...how about 8-10 years before that?...even worse. If you can get and cover the cheap money, go for it. Be well.
I have just over 2 years before I will retire at age 66 1/2 I will have approximately 130,000 between an IRA and 401k my wife being 4 1/2 years younger than me will collect her social security at that time and I will live off my savings until I’m 70 and then social security only and a small stipend from my wife’s 401k
Am I understanding you correctly? Needing about $50,000/year to live at minimum can you go 3-1/2 years without taking SS?
@@BuzzRetirementGarage we live on less than 50,000 a year now we both have a good amount of $$ going into our 401k and I also have an IRA that I max out every year including the make up contributions. With those withdrawals we live on less than $50,000 a year Buzz you live in an expensive area. We live in South Carolina. I heard you mention the taxes on your house. The taxes on my house is just over $300 per year. Everything we have is paid for including our home Ram truck and the camper we pull with it. I will use almost all the money I have in my 401 after I retire and before I collect social security. Leaving my wife’s 401 alone.
Buzz I'm a little disappointed. Where are all of the fish from the boat trip? 🤣🤣 Love your videos! keep up the great work!
No boat trip. Went to the pier but couldn't even smell a fish.
@@BuzzRetirementGarage 🤣🤣
Buzz, I know what's going through your mind. I don't have a You Tube channel so I'll say it, F..k him. I am really upset now so I am going fishing the rest of the day!!
Did you catch anything? Lol
@@BuzzRetirementGarage Nope, but getting out to the state park and in contact with nature was very relaxing for me.
@@1alfonsorico Always is.
how do you avoid wasting too much time on the internet?
Go shopping!
Start reading books.
That guy toiling away until 70 for $180k in retirement income sure is going to make his local old folk’s home happy……..🫤
Retirement often involves a delicate balance between time and money - hope his equation isn’t a little lopsided……..😕
Maybe he'll change his mind when the body develops more aches and pains.