I retired almost 8 years ago at age 62. My wife retired two years later, also at age 62. We have not experienced any of your 5 things. We are too busy having the time of our lives. My wife and I have been together since I was 19 and she was 17. It was love at first site. I will be 70 next month and waking up and seeing my wifes face is still the best part of my day. I don't have much for social circles because most of my friends are no longer with us. That OK because my wife is the only friend I will ever need.
Man, no better feeling than waking up every morning free to do whatever the heck you want!! I hated dragging myself to work every day year after year, and I liked my job! But the freedom!! Nothing beats it.
My husband retired a month before turning 60. He had a decent retirement plan through his work which has carried us 90% so far (I have been on SSD since 2018), but we could not of done this if he had to pay for insurance. Thankfully, as a disabled veteran, his medical is paid for 100%. He has had two major surgeries in the past two years. Cost us $15. Just filed for his social security- he turns 62 in April and we plan to cut back our distributions from our investment accounts. We travel a lot. Buy and pretty much do what we want to. We are not rich but we are definitely blessed.
We acccumulate knowledge and experience our entire life. My hobbies were related to home improvement and restoration (furniture, appliances, home upgrades, etc.). I use them when I volunteer at the local shelter for abused women and children each week. It gives me purpose, interaction with others, keeps me physically active, and my mind sharper. Everyone has skills they could contribute to some worthy organization in some way. When I went for my annual physical, my doctor said "Whatever you are doing, keep it up... you are 72 and in better physical and mental shape than most of my 40-year-olds".
Agree. This video is dead on. I'm not retired yet, but could have about 1.5 years ago. I've been working about 20 to 24 hours per week for about the last 3 years and I have came across all 5 points in this video. I will go as far as saying that these 5 points are why I hope I am not forced to retire within the next 3 years. Devin nailed it in this video.
Its not inflation, its corporate greed, Corporations are making record profits......the 2019 recession cripled the economic supply chains and the pandemic made it worse....supply chains were restored in 2021 but the corporate greed had already set in....
Great video. I am now 2 years into retirement. I have been a student of the markets for literally decades but I was surprised by how much the market volatility seemed significantly magnified. I realized the importance of having a plan that can give you confidence and allow you to stay the course. We have approached this with a 3 bucket strategy and have @ 30% in bucket #1 (actually 10 years of expenses) in a fixed index annuity. I know these are hotly debated but from my perspective really safe and so far have actually provided reasonable returns as well. Bucket #2 is @30% in a balanced portfolio ,and bucket #3 is @40% in more growth oriented positions. Keep up the good work. You provide reliable good content along with well reasoned advice and good presentation. RSB in NC
I would add to that list that I never realized before was having to navigate through the myriad of issues with Medicare. Also, long term care is scary to think about.
For long term care...the trick is to think through and communicate your wishes to your loved ones, doctors, and estate planning lawyer/financial advisor while you can...then put together a plan. Brings peace of mind.
A good summary of some important points, but hardly things that "no one tells you about retirement". I'm 62 and have heard variations of all these things many times as I've been preparing for retirement. Those who have never heard any of these things have not tried very hard to hear them. That being said, I'm glad you're teaching them here. An introduction to some people, and a review for others. Thanks. Keep up the good work.
Maybe we should call it, "5 things most people didn't hear before this video." It has been interesting to talk to the thousands of retirees through the years and hear that the challenges they face, while they feel unique, are actually common.
Good content & valid points. One worth repeating: Avoid spending all of your time tuned to news sources that constantly hammer negativity to build tribalism (us= good; them=bad). It slowly turns you into someone who is angry all the time. Not healthy. Also, watch out for recreational spending when "every day is Saturday". Cheers.
My investment lady got me to start thinking about switching to withdrawals and not building savings a few years before I retired. I ended up retiring with a mindset of "It's my money, give it to me" and I enjoy it.
I retired in June 2022. I can identify with numbers 2 and 4. I'm actually saving more now being retired than when I was working. I haven't touched one of my retirement pensions since I fully retired.
I prepared for the potential stock market volatility by dialing back. Move to more conservative investments. All I had to do was instructing the investment firm to dial it back.
All great points! Number one and five are similar and affected me in the first year and a half of retirement. I retired in the fall of 2021, just in time to watch the market fall 20% over the following year. Combine that with a conservative 3% withdrawal and my portfolio was down over $200,000. This initiated many discussions with my wife and by fall 2023 we came to the conclusion that we have enough and it's time to enjoy what we worked so hard to save. Both of us agree that it would be wonderful to leave a legacy but it's no longer a primary concern. Leaving work friends and being the first of our social group to retire has also had it's challenges.
Wonderful video Mr. Carroll. I have learned so so much from your videos and am still continuing my-how-to-best-retire education. My wife and I finished our jobs 17 and 13 years, respectively before FRA. 1) I retired 3-1/2 years ago which was a bad timing in the market. My IRA is agressively invested still because I use the bucket method so most of my IRA's I consider long term investments. You are right, the fluctuations are not for the faint of heart. Be strong and plan to buy low and sell high! 2) If you get bored, shame on you! You've had many years to decide what you want to do when retired. 3) You should have always been nuturing your relationship as if you were still dating through your whole life and into retirement and you will be fine. If not, start back up now. 4) You have to be happy with yourself, because your friends will largely change, as when children came. Your family is your best investment. 5) You'll be surprised at how much cheaper life is when you do not drive nor dress for work. Life becomes a lot simpler. You get to do your hobbies. Hopefully you have picked enough that aren't money pits. We have lived a relatively normal (to us) life living on half of our income. 6) The 6th thing that you could add is I have become a lot more aware and interested in taxes. As you withdrawal from retirement accounts, it can make a huge difference on how much and where from that affects your tax liability and start as early as you can understanding what future RMDs will do to your tax bracket. Fortunately, after my SEPP is over, I still have 15 years to do Roth conversions before RMDs kick in. I have a plan now that will delay social security and pensions to convert some and use some of my IRA's before paying heavy RMD taxation. Figuring out this will help prevent item 2, getting bored. Keep up the excellent videos! You have been a great help!
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
All 5 of these items are very accurate in my life @66 retired for 2 years. The relationship challenges are very accurate. With both my wife and I figuring out our new lives we had to "hug" out or frustrations. So far so good. The financial portion is not as difficult. Both of us are frugal and with a pension we're delaying social security and using the bucket strategy. It's way easier than I believed. Thanks for making this vide.
I agree when you’re investing in your retirement accounts it throws a lot of shade on the downs of the market. The higher amount you were investing covered more of the market down turns..#2 Try and easy out of the work field as you approach retirement I have been fortunate to have built up a large amount of comp time and used the time off to back away. #3 & #4 The beauty is if people miss their coworkers there are lots of volunteering opportunities available to meet and help people.
I sold my business at 62 years old, work 35 years, six days a week 12 hours a day I was in the retail food business, so I sold it downsize to a nice community 55 and over. I’ve been home for about four years, and I am bored, I don’t feel like I have a purpose so I am going back to work 40 hour week Monday through Friday not a hard job weekends off holidays off and I think it’s a good fit, I like to stay engaged
Even being semi-retired, working only 15 hrs a week from home which was my choice, I would have to agree with all those points you made. Fortunately, I have friends that have fully retired so I use some of my times seeing them. Unfortunately, they left California but I do enjoy my road trips in seeing them and learning why they left California and how much better they are doing in their new states. I don't seem to be bored since I have so many projects I finally get to do at home. Wife is retired and she shares her time with her groups of women friends that are always traveling. We don't have any children so that's not an issue with them or their kids. I do watch my spending and my retirement savings (stocks) more. I did take Social Security this January since I'm 67. Don't really need it since I'm still working and have rental properties. I think the best thing for me before retiring was to pay off all my properties and have no bills except property tax and insurance. My work still takes care of my medical insurance.healthy along with eating better
I’m the same situation. Severance booted me at 61, but I’m okay with that for a long time. At 62 I’ll draw SS just coz. At some point I’ll draw my pension, too. Good luck !
I would recommend holding off on taking social security for as long as possible. Think of it as longevity insurance. What most people don't think about is that not only does taking it early cause the initial amount of SS to be reduced, but each COL increase will be based on this smaller qty and that could be exponential if you live long enough.
In our 70s, we love being retired. We have plenty of money from pensions and no debt. Dividends help. Our home is a resort and we have no fears. Nice video.
My initial shockers were the cost of insurance. Another is use of any IRA monies throws you into a different tax bracket causing you to have to pay taxes each tax season. The huge increase in the cost of living has really hurt. Retirement gives time to use imagination regarding re-doing your home, or maybe going on a vacation, but funds aren’t there for it. There is now time to dream, but not able to do it financially.
#2 will be my biggest issue. But I've a huge movie collection, books, and other things I collect, and will continue to do so, that bring me enjoyment to pass the time. I left the corporate world almost 10 years ago to get away from all the responsibilities I had to work behind the scenes in a warehouse. I was then offered a coordinator position that I refused because I just don't want to deal with anything other than showing up and doing what's expected of me plus a little more. I'm never late for work and have missed only 2 days in the last 10 years. As far as #5, I'm going to spend every penny I have because I can't take it to the grave. I've never been in debt, my bills are paid in full, and I need only enough to keep me comfortable.
I use a bucket system. My income comes from an account consisting of a bond ladder. This removes any panic when the market fluctuates. I periodically transfer money from other accounts to extend the bond ladder when we have an up market.
A good marriage is based on great teamwork! When you see something that needs to be done do it. Your spouse will appreciate it and you will feel good for helping and being proactive.😉
another great video, my top rules are no debt, and something to fill your time. Of course no one told me we'd have biden in the WH ! thankfully I over budgeted on food and medical .I have a craft room and a sewing room. I have more projects than I have time for. thank you Devin.
These are 5 great points and none of these are fillers. #2) Not having a purpose. - I only work about 20 hours per week and I started to run out of home projects and I started to get depressed a little bit. Then I started to do some things I always wanted to do as a kid, but never had the time to do them. About a month later, I was fine and had new goals. Main point is that point #2 is real. #5) Not spending your retirement savings. - When you've worked your entire life for this moment, you don't want your saving to vanish. I can see how spending retirement savings could be very difficult.
My "purpose"? Doing whatever I want every day, or nothing if I so choose! Never got that "why was I born?" Or, "What's my purpose in life" stuff! Your purpose is to enjoy life in the few years you got. I have found more to do in hobbies, and have met more friends (real friends, with the same interests, not just people I work with) than ever before!
@@alansach8437 - Great. I'm glad that you have never heard of anyone questioning their purpose in life. I've worked for about 50 years in my life and so have many others. Quitting 50 hours per week (after commuting) is really a life changer. It took me a while to adjust to cutting back to 24 hours of work. Glad that you're able to do what many others can't do.
@@alansach8437 (part 2) However, that doesn't invalidate Devin's point #2. Other people do exist in this world. As mentioned in my frist post, I agree with Devin.
Lucky for me I live in retirement the same life I lived while working, that is I always focus life on Physical, Financial, & Intellectual pursuits. Life is better when I am Physically Fit, I train all year long so I can go backpacking every spring on Appalachian Trail, a grueling hike up & down the mountains on North Carolina & Tennessee. Life is better when I am Financially Secure, I live on half my income so I can keep investing, building wealth & income, because expenses double every 12 years. Life is better when I am Intellectually Sound, I continue to learn new things to keep my mind active & growing, expect to continue learning the rest of my life. Focus on Physical, Financial, & Intellectual goals your entire life and everything works out OK.
Don't just retire from something but to something else. Get excited about another chapter of your life. Concerning Devon's last bullet point, how much does the decade+ bull market have to do with retirees accounts not draining as much as expected? If I pull 4% but the market advances 8%, I actually increased my portfolio.
I told myself, this year at age 55, I am retired. Life has been much happier. Yet I am paid Wed 1pm-Fri 1pm, but only work half the shift. 9pm-9am I am asleep, online, in a comfy bed, showering, watching direct tv or something while downstairs by myself. Life is okay thought we'll only live on about 36k a year in retirement. With small bills, it should be okay
People you describe should not be in the stock market. I am almost opposite of this. Nothing changes in retirement, that is, you want to maximize your wealth over your lifetime. In my case, I wish to provide to the next generation. If you have a logic based 'stock sales plan', created upon a logical 'numbers based' formula, you find out that you can take advantage of stock market volatility, not lose because of it. I am 10+ years into retirement, I am invested in 100% stocks, and I have funded my retirement well and have also grown my stock value significantly... it can be done with fearless logic, but not on emotional reactions.
#5 freaked me out a couple of years ago so I decided that I would continue to work and try to delay my social security as long as I can... and.... working gets me out of the house and away from my spouse. You mentioned about spouses having their own time away from each other.... well.. I have a spouse that doesn't want me to do that even if it doesn't cost us anything. Basically, my spouse only cares about himself. I dream of the day when I have no one on my back and I'll be free. Doubt that will ever happen.
Great video. Work friendships will gradually be moved to the inactive file. The good news is you'll make new "retiree" friends. Like work was, retirement will be the new common bond.
Never had friends at work. They were just people I worked with. Not that many weren't good people, but very few had anything other than work in common with me. Retired, I have found tons of friends who love the things I love, because I met them while doing those things.
Regarding #4. Retirement allows us to reconnect with friends from our past. We were all busy with careers and raising children and now, even though we live miles apart, we can reconnect because we have margins in time and resources. That is a positive of retirement.
Excellent video and spot on analysis. Thank you! I’m certainly Looking forward to your upcoming video on this videos point #5. As well as your guidance regarding taxation on retirement income including pension, 401k and social security distributions and income advice. Seems like inflation and taxation are blind spots when planning for your retirement.
Devin do you have any thoughts on the recent legislation offered on 1/25/24 by Rep. Angie Craig, D - Minnesota to eliminate taxes on Social Security. It’s called the “you earned it you keep it Act” Story posted on Money Wise by Serah Lewis 2/7/24. Is there a chance this could happen? Appreciate your response. Thanks MB
Thanks for that information, great analysis. Let’s hope that our do nothing Congress can be replaced by representatives of the people by the people and for the people. MB
I have a question about my husband starting to receive social security 6 months before he turns 67. Does he have an income limit until he actually turns 67?
Frankly i'm glad to have left my job forever. The stress was too much good riddance! Don't assume everyone had a dream job that they can't bear to leave. Now I can get up when I want do what I want when I want
One thing not mentioned here that caught me by surprise is the cost of health insurance in retirement. If anyone did tell me, I guess I just wasn't listening and, if I gave it any thought at all, I guess I just thought Medicare was free and it covered everything. Well it turns out that it's not and it doesn't. There is a monthly payment required for Medicare, at least for part B, and in addition most people are going to find they will want supplemental (medigap) insurance and some prescription drug coverage, both of which require additional payment. At minimum, I think most people, if they opt for all three will find their minimum monthly payment, at age 65 will be at least $300 per month, perhaps much more depending on which medigap and prescription coverages are chosen. And that amount will go still higher for those facing an IRMAA. What is an IRMAA you ask. Well IRMAA stands for Income Related Monthly Adjustment Amount and, as the name implies, it is an additional amount you have to pay for Medicare Pt. B and prescription drug coverage it your income is above certain thresholds. As a single man, I find myself in the first IRMA tier and so I pay an additional $69.90 for Medicare Pt. B and an additional $12.90 for prescription drug coverage each month. That's for now. When I am forced to begin taking distributions from my 401K/IRA's in a few years I will bump up at least one IRMAA tier and perhaps two. Now, you may be thinking; Oh you poor bastard. You've got income sufficient to push you into these IRMAA tiers so boo hoo for you. Well, I suppose that is true, and if I have to have a problem this is probably one of the better ones to have. Still, my point is; if you think, like I did, that your health insurance costs are going to go down in retirement, or past the age of 65, you are most likely going to find that those costs are going to go up, perhaps way up.
I feel for you... seriously. I battle the IRMAA every year. Right now we can avoid the IRMAA, but if one of us dies, we could face the window's tax trap. If that happens, I'll have to look at taking much more out of Trad. IRA's in order to reduce our future RMD. That way, I'm thinking I will pay IRMAA for one year and then I might be ok after that. I hear you about the Medicare. I'm glad you posted to alert others who just don't know.
@susieq9186 Thank you. I'm just not sure how many people who this might help will actually see it here in these comments but perhaps it will help somebody. Regarding taking a bigger, one time, distribution from non Roth IRA's and thereby only paying an IRMAA for one year, that could work if you don't have too much from those non Roth IRA's I have thought about doing this myself but I am concerned about bumping myself into a higher federal income tax bracket. It sounds like you are just barely avoiding the IRMAA for married filing jointly. I am just barely into the first level of IRMAA for single filer, so we are probably both into the in the 24% federal income tax bracket. Even if we are in the 22% bracket and this one time distribution puts us in the 24% bracket, that's only an additional 2%. If you could take a one time distribution that did not push you beyond the 24% bracket and got your IRA down to where future distributions never pushed you into an IRMAA again, this would be a no brainer. Unfortunately, the 24% bracket is not too big and then the next bracket is an 8% jump to 32% If you had to take a distribution large enough to push you deeply into the 32% bracket, or beyond, then I have to wonder if the savings from avoiding future IRMAAs would be worth the additional up front taxes. In my case, most of my retirement money is in a non Roth 401k. It is hard, if not impossible, to come up with an exact figure, but it looks like in order to get future distributions down to where they did not trigger IRMAAs I would have to take such a large distribution that it would push me well beyond the 32% bracket and probably into the highest bracket, not to mention the highest IRMAA, for that year. Again, probably one of the better problems to have and most people would gladly trade with me so I will try not to complain too hard. However it is very hard to see that this much larger up front tax bill would pay off in lower, or no, IRMAAs in future years. You probably already know this but if you decide to use the strategy of taking a large one time distribution to avoid future IRMAAs, the best time to do this would be in the year one of you passes. That way you will be able to use the married filing jointly tax brackets which are much wider than the single filer brackets which you would have to use in future years.
Here's 5 things didn't expect in retirement. Waking up anytime you want to, eating anytime you want to, laying in the bed and reading your book for 2 hours (or more if you want to), how many programs and organizations there are to assist with elderly aging, how much more time you get to spend in prayer and communing with God. I could go on.
Actually I am the opposite on item 1. Since I first retired I've gotten more open to risk. Maybe because I get 2 pensions and haven't even started SS yet.
Those pensions certainly relieve a lot of pressure. Ultimately, they should be calculated in as part of your fixed income position thus allowing you to have a higher allocation to equities.
Learning to spend money is hard. Unless I have a true need, I don’t like it. I’ve recently got all my retirement assets in one brokerage house so it will more obvious I have more than I need. This year I plan on starting to gift annually to my daughter so she can increase her investments for retirement. I want her to be in my position some day before she inherits it all anyway.
Ahh... So nice. If she or her spouse works, she could put that money in her own ROTH IRA and invest it so she doesn't have to pay any taxes. If you want your grandchildren (if any) to inherit those funds, your daughter can make them the beneficiary (if your state allows). Good Luck!
Stock market is bittersweet, I need market to drop a little so I can do Roth conversions but I’ve made more money in 6 months of retirement then I thought possible.
I've found if you like your wife. Life is much better cause you can hang out more with your best friend and with a church group or other group. Hang out with old friends with grey hair
My company is early retiring me May 1 this year. That God I am getting a nice package. This and what Inhad in my brokerage already allowed me to get a nice life time income starting at 67. And I have enough in my brokerage to cover me until 67 ehen I will take SSA and the annuity. I may never need to touch my IRAs feels awesome.
All very good points Devin, if you don't stay busy in retirement, you can feel your mind and body slipping away. My biggest stress is damaging effect of runaway inflation ! Elections have consequences. Look around, are you better off now ? Hell no !
#5 Spending retirement savings can be scary. Is it possible that some retirees live very comfortably on the finances, and allow their investments to grow. I'll never understand why it's got to be a race to get to 0 when in retirement. Why kill the goose that lays the golden eggs?
Sometimes it's about the amount of savings relative to the amount of needed income. A drawdown strategy is often the way to balance living well today with protecting tomorrow.
The fear I have (and I believe is a legitimate one) is the huge national debt and a government that is deficit spending at record amounts. It is hard to feel comfortable with the M2 money supply growing (creating money) and planning for 35 years of what could easily be massive inflation for decades. It is hard to try and adjust my thinking to the rapid change in prices - what used to sound like a lot of money is not now due to monetizing the debt. Healthcare is escalating in cost. Medicare and Social Security are insolvent and it does not appear we have anyone in DC that is seriously addressing the problem. There have been nations and empires in history that debased their currency so badly by inflation and their preeminent status was lost. The USA could lose it's reserve currency status. But whether that happens soon or not, the massive illegal immigration and burden it is placing on this nation is happening now - and much of our country is in decline.
In life, there's always been a mix of good and bad news. If we become too fixated on the negative, it can lead us to make regrettable decisions. This reminds me of the biblical story of the 12 spies sent to explore the Promised Land. They spent 40 days in Canaan, then returned to report to Moses. Remarkably, even though all the spies visited the same place, they returned with drastically different perspectives. Out of the 12 spies, 10 saw primarily the challenges and obstacles in Canaan, while the remaining two, Joshua and Caleb, saw the immense opportunities it offered. Ultimately, the Israelites chose to focus on the negative report, and as a result, they faced 40 more years of wandering before reaching their destination. This story serves as a reminder of how our outlook and focus can profoundly affect our decision-making and, consequently, our outcomes. It illustrates that people can interpret the same situation in diverse ways, shaping their actions and destinies accordingly. Joshua and Caleb's unwavering faith and optimism set them apart, leading to their eventual entry into the Promised Land, while the majority's lack of faith resulted in a prolonged journey through the wilderness. Beware of your focus.
I agree with you in general. As a believer in Jesus Christ, my ultimate hope is in him and his return. However, unlike the promise made to the Israelites wandering in the desert, God has made no such promise about the USA. Once a godly nation and the results that came from that, not so much now. I plan around the possibility of another lost decade or more like happened in the 1970's to early 80's when the stock market went nowhere with stagflation. Except worse, because our nation is in worse shape now economically than then. We have a massive debt like a third world nation and history shows many empires and nations turn to monetizing the debt when in this situation. I pray for this nation and that we may turn back to God and the blessings that come with it. @DevinCarroll
No one told me in my working years I could at age 67 move to SE Asia and be able to have an 18 year old, beautiful, loyal girlfriend wanting to stay with me though the rest of my life and be happy to take care of the house, cooking, shopping. I can even have kids if I want and my kids would be covered by SS survivor benefits should I pass before they're 18. If I'd known this I would have totally skipped marriage and divorce with American women.
I started my SS at 50 1/2, my wife who is 20 months younger than me started at 50. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
I retired almost 8 years ago at age 62. My wife retired two years later, also at age 62. We have not experienced any of your 5 things. We are too busy having the time of our lives. My wife and I have been together since I was 19 and she was 17. It was love at first site. I will be 70 next month and waking up and seeing my wifes face is still the best part of my day. I don't have much for social circles because most of my friends are no longer with us. That OK because my wife is the only friend I will ever need.
Bless you.
Five months into retirement.. not bored at all. I love my house and where I live. Small daily activities are just what I like. Plus naps. Lol.
I'm getting old enough to start thinking the occasional nap would be great!
Man, no better feeling than waking up every morning free to do whatever the heck you want!! I hated dragging myself to work every day year after year, and I liked my job! But the freedom!! Nothing beats it.
My husband retired a month before turning 60. He had a decent retirement plan through his work which has carried us 90% so far (I have been on SSD since 2018), but we could not of done this if he had to pay for insurance. Thankfully, as a disabled veteran, his medical is paid for 100%. He has had two major surgeries in the past two years. Cost us $15. Just filed for his social security- he turns 62 in April and we plan to cut back our distributions from our investment accounts. We travel a lot. Buy and pretty much do what we want to. We are not rich but we are definitely blessed.
Love your perspective!
We acccumulate knowledge and experience our entire life. My hobbies were related to home improvement and restoration (furniture, appliances, home upgrades, etc.). I use them when I volunteer at the local shelter for abused women and children each week. It gives me purpose, interaction with others, keeps me physically active, and my mind sharper. Everyone has skills they could contribute to some worthy organization in some way. When I went for my annual physical, my doctor said "Whatever you are doing, keep it up... you are 72 and in better physical and mental shape than most of my 40-year-olds".
This video is a must watch. It hits all the issues in retirement.
Thanks for watching. Glad you found it to be an accurate depiction of retirement.
Agree. This video is dead on. I'm not retired yet, but could have about 1.5 years ago. I've been working about 20 to 24 hours per week for about the last 3 years and I have came across all 5 points in this video. I will go as far as saying that these 5 points are why I hope I am not forced to retire within the next 3 years. Devin nailed it in this video.
I retired about 2 years ago and was not expecting the inflation we have experienced since then. Thanks for the five points!
Thanks for watching!
I was just reading that Argentina is having over 1500% inflation, and then ours didn't seem so bad!
Its not inflation, its corporate greed, Corporations are making record profits......the 2019 recession cripled the economic supply chains and the pandemic made it worse....supply chains were restored in 2021 but the corporate greed had already set in....
Of all the videos about retirement I have watched recently, this one stands out for clarity and common sense.
Thanks!
Great video. I am now 2 years into retirement. I have been a student of the markets for literally decades but I was surprised by how much the market volatility seemed significantly magnified. I realized the importance of having a plan that can give you confidence and allow you to stay the course. We have approached this with a 3 bucket strategy and have @ 30% in bucket #1 (actually 10 years of expenses) in a fixed index annuity. I know these are hotly debated but from my perspective really safe and so far have actually provided reasonable returns as well. Bucket #2 is @30% in a balanced portfolio ,and bucket #3 is @40% in more growth oriented positions.
Keep up the good work. You provide reliable good content along with well reasoned advice and good presentation.
RSB in NC
Yep...there is something about retirement that make the market fluctuations scary!
I would add to that list that I never realized before was having to navigate through the myriad of issues with Medicare. Also, long term care is scary to think about.
The wife and I just got long term care insurance. Great peace of mind.
@@brentsmock1044May I ask what insurance company you went with? I'm considering the same. Thanks 😊
For long term care...the trick is to think through and communicate your wishes to your loved ones, doctors, and estate planning lawyer/financial advisor while you can...then put together a plan. Brings peace of mind.
@@Roksee Bankers Life😁
A good summary of some important points, but hardly things that "no one tells you about retirement". I'm 62 and have heard variations of all these things many times as I've been preparing for retirement. Those who have never heard any of these things have not tried very hard to hear them. That being said, I'm glad you're teaching them here. An introduction to some people, and a review for others. Thanks. Keep up the good work.
Maybe we should call it, "5 things most people didn't hear before this video." It has been interesting to talk to the thousands of retirees through the years and hear that the challenges they face, while they feel unique, are actually common.
Good content & valid points. One worth repeating: Avoid spending all of your time tuned to news sources that constantly hammer negativity to build tribalism (us= good; them=bad). It slowly turns you into someone who is angry all the time. Not healthy. Also, watch out for recreational spending when "every day is Saturday". Cheers.
The consumption of news, often under the guise of being 'informed', rarely makes life better.
The best advice I've heard in a long time ...Devin was upfront and honest about retirement 100%...GREAT VIDEO!
Glad you enjoyed it
Very beneficial. I'm still working at 65.5 and plan to continue for (hopefully) another 4 years.
Glad you found it valuable. Thanks for watching!
My investment lady got me to start thinking about switching to withdrawals and not building savings a few years before I retired. I ended up retiring with a mindset of "It's my money, give it to me" and I enjoy it.
I retired in June 2022. I can identify with numbers 2 and 4. I'm actually saving more now being retired than when I was working. I haven't touched one of my retirement pensions since I fully retired.
I prepared for the potential stock market volatility by dialing back. Move to more conservative investments.
All I had to do was instructing the investment firm to dial it back.
Excellent points, I've had a brush with each of these. Health concerns are another key factor.
That's true. A good addition to the list.
All great points! Number one and five are similar and affected me in the first year and a half of retirement. I retired in the fall of 2021, just in time to watch the market fall 20% over the following year. Combine that with a conservative 3% withdrawal and my portfolio was down over $200,000. This initiated many discussions with my wife and by fall 2023 we came to the conclusion that we have enough and it's time to enjoy what we worked so hard to save. Both of us agree that it would be wonderful to leave a legacy but it's no longer a primary concern. Leaving work friends and being the first of our social group to retire has also had it's challenges.
Glad you made an intentional decision to use your resources to live your life. Thanks for watching!
This is the absolutely best video on retirement I have seen and heard in a long time. Thank you!
Wow, thank you!
Wonderful video Mr. Carroll. I have learned so so much from your videos and am still continuing my-how-to-best-retire education. My wife and I finished our jobs 17 and 13 years, respectively before FRA.
1) I retired 3-1/2 years ago which was a bad timing in the market. My IRA is agressively invested still because I use the bucket method so most of my IRA's I consider long term investments. You are right, the fluctuations are not for the faint of heart. Be strong and plan to buy low and sell high!
2) If you get bored, shame on you! You've had many years to decide what you want to do when retired.
3) You should have always been nuturing your relationship as if you were still dating through your whole life and into retirement and you will be fine. If not, start back up now.
4) You have to be happy with yourself, because your friends will largely change, as when children came. Your family is your best investment.
5) You'll be surprised at how much cheaper life is when you do not drive nor dress for work. Life becomes a lot simpler. You get to do your hobbies. Hopefully you have picked enough that aren't money pits. We have lived a relatively normal (to us) life living on half of our income.
6) The 6th thing that you could add is I have become a lot more aware and interested in taxes. As you withdrawal from retirement accounts, it can make a huge difference on how much and where from that affects your tax liability and start as early as you can understanding what future RMDs will do to your tax bracket. Fortunately, after my SEPP is over, I still have 15 years to do Roth conversions before RMDs kick in. I have a plan now that will delay social security and pensions to convert some and use some of my IRA's before paying heavy RMD taxation. Figuring out this will help prevent item 2, getting bored.
Keep up the excellent videos! You have been a great help!
Excellent tips from someone who has lived it!
The only thing no one told me about retirement is how fast the day goes by. Every retiree I've mentioned this to agrees.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
Free time? Bored? No such thing!
All 5 of these items are very accurate in my life @66 retired for 2 years. The relationship challenges are very accurate. With both my wife and I figuring out our new lives we had to "hug" out or frustrations. So far so good. The financial portion is not as difficult. Both of us are frugal and with a pension we're delaying social security and using the bucket strategy. It's way easier than I believed. Thanks for making this vide.
Thanks for watching! The relationship changes are probably second on the list of things people didn't expect. Glad you are figuring it out.
My wife retired about 18 months ago and struggled with many of these points! I'm still working by the way😒
The really big and unexpected thing was the IRMAA hit. Coming off years of high income, the really big extra amount every month hit my budget hard!
Just know that "work stoppage" or "work reduction" is one of the listed reasons to appeal the IRMAA.
Confused You say coming off years of high income that maybe triggered the first IRMMA Amount and hit your budget hard ?
I agree when you’re investing in your retirement accounts it throws a lot of shade on the downs of the market. The higher amount you were investing covered more of the market down turns..#2 Try and easy out of the work field as you approach retirement I have been fortunate to have built up a large amount of comp time and used the time off to back away. #3 & #4 The beauty is if people miss their coworkers there are lots of volunteering opportunities available to meet and help people.
I sold my business at 62 years old, work 35 years, six days a week 12 hours a day I was in the retail food business, so I sold it downsize to a nice community 55 and over. I’ve been home for about four years, and I am bored, I don’t feel like I have a purpose so I am going back to work 40 hour week Monday through Friday not a hard job weekends off holidays off and I think it’s a good fit, I like to stay engaged
I hear that all the time. Especially with people who were self employed.
Even being semi-retired, working only 15 hrs a week from home which was my choice, I would have to agree with all those points you made. Fortunately, I have friends that have fully retired so I use some of my times seeing them. Unfortunately, they left California but I do enjoy my road trips in seeing them and learning why they left California and how much better they are doing in their new states. I don't seem to be bored since I have so many projects I finally get to do at home. Wife is retired and she shares her time with her groups of women friends that are always traveling. We don't have any children so that's not an issue with them or their kids. I do watch my spending and my retirement savings (stocks) more. I did take Social Security this January since I'm 67. Don't really need it since I'm still working and have rental properties. I think the best thing for me before retiring was to pay off all my properties and have no bills except property tax and insurance. My work still takes care of my medical insurance.healthy along with eating better
Sounds like retirement is going great! Thanks for watching.
Tnx Devin!! Always such good insight
Thanks for the kind words!
I retired 2 weeks ago at 60 years of age. Work was getting pain full. I have a house and enough money, to relax before I take SS at 62.
I’m the same situation. Severance booted me at 61, but I’m okay with that for a long time. At 62 I’ll draw SS just coz. At some point I’ll draw my pension, too. Good luck !
I would recommend holding off on taking social security for as long as possible. Think of it as longevity insurance. What most people don't think about is that not only does taking it early cause the initial amount of SS to be reduced, but each COL increase will be based on this smaller qty and that could be exponential if you live long enough.
In our 70s, we love being retired. We have plenty of money from pensions and no debt. Dividends help. Our home is a resort and we have no fears. Nice video.
My initial shockers were the cost of insurance. Another is use of any IRA monies throws you into a different tax bracket causing you to have to pay taxes each tax season. The huge increase in the cost of living has really hurt. Retirement gives time to use imagination regarding re-doing your home, or maybe going on a vacation, but funds aren’t there for it. There is now time to dream, but not able to do it financially.
Taxes in retirement are often a great surprise.
#2 will be my biggest issue. But I've a huge movie collection, books, and other things I collect, and will continue to do so, that bring me enjoyment to pass the time. I left the corporate world almost 10 years ago to get away from all the responsibilities I had to work behind the scenes in a warehouse. I was then offered a coordinator position that I refused because I just don't want to deal with anything other than showing up and doing what's expected of me plus a little more. I'm never late for work and have missed only 2 days in the last 10 years. As far as #5, I'm going to spend every penny I have because I can't take it to the grave. I've never been in debt, my bills are paid in full, and I need only enough to keep me comfortable.
Thanks for watching!
Excellent presentation Devin. I've learned a great deal over the years from your work. Thank you!
Glad it was helpful!
I use a bucket system. My income comes from an account consisting of a bond ladder. This removes any panic when the market fluctuates. I periodically transfer money from other accounts to extend the bond ladder when we have an up market.
A good marriage is based on great teamwork! When you see something that needs to be done do it. Your spouse will appreciate it and you will feel good for helping and being proactive.😉
So true! I've only been married for 26 years, but have certainly found it to be a 100/100 relationship.
Thanks Devin !
Thanks for watching!
another great video, my top rules are no debt, and something to fill your time. Of course no one told me we'd have biden in the WH ! thankfully I over budgeted on food and medical .I have a craft room and a sewing room. I have more projects than I have time for. thank you Devin.
Going into retirement debt free is so important. Thanks for watching!
These are 5 great points and none of these are fillers.
#2) Not having a purpose. - I only work about 20 hours per week and I started to run out of home projects and I started to get depressed a little bit. Then I started to do some things I always wanted to do as a kid, but never had the time to do them. About a month later, I was fine and had new goals. Main point is that point #2 is real.
#5) Not spending your retirement savings. - When you've worked your entire life for this moment, you don't want your saving to vanish. I can see how spending retirement savings could be very difficult.
My "purpose"? Doing whatever I want every day, or nothing if I so choose! Never got that "why was I born?" Or, "What's my purpose in life" stuff! Your purpose is to enjoy life in the few years you got. I have found more to do in hobbies, and have met more friends (real friends, with the same interests, not just people I work with) than ever before!
@@alansach8437 - Great. I'm glad that you have never heard of anyone questioning their purpose in life. I've worked for about 50 years in my life and so have many others. Quitting 50 hours per week (after commuting) is really a life changer. It took me a while to adjust to cutting back to 24 hours of work. Glad that you're able to do what many others can't do.
@@alansach8437 (part 2) However, that doesn't invalidate Devin's point #2. Other people do exist in this world. As mentioned in my frist post, I agree with Devin.
Lucky for me I live in retirement the same life I lived while working, that is I always focus life on Physical, Financial, & Intellectual pursuits. Life is better when I am Physically Fit, I train all year long so I can go backpacking every spring on Appalachian Trail, a grueling hike up & down the mountains on North Carolina & Tennessee. Life is better when I am Financially Secure, I live on half my income so I can keep investing, building wealth & income, because expenses double every 12 years. Life is better when I am Intellectually Sound, I continue to learn new things to keep my mind active & growing, expect to continue learning the rest of my life. Focus on Physical, Financial, & Intellectual goals your entire life and everything works out OK.
Don't just retire from something but to something else. Get excited about another chapter of your life.
Concerning Devon's last bullet point, how much does the decade+ bull market have to do with retirees accounts not draining as much as expected? If I pull 4% but the market advances 8%, I actually increased my portfolio.
Amen! 👏🏻 Being excited about the future is a good defense against depression.
My wife is 2yrs older than me and has been on ssdi for 6yrs and is 65. Will she still get 50% spousal benefit if I take my ss at 65 when she is 67.
I Believe have to be FRA
I told myself, this year at age 55, I am retired. Life has been much happier. Yet I am paid Wed 1pm-Fri 1pm, but only work half the shift. 9pm-9am I am asleep, online, in a comfy bed, showering, watching direct tv or something while downstairs by myself. Life is okay thought we'll only live on about 36k a year in retirement. With small bills, it should be okay
It will be...
People you describe should not be in the stock market. I am almost opposite of this. Nothing changes in retirement, that is, you want to maximize your wealth over your lifetime. In my case, I wish to provide to the next generation. If you have a logic based 'stock sales plan', created upon a logical 'numbers based' formula, you find out that you can take advantage of stock market volatility, not lose because of it. I am 10+ years into retirement, I am invested in 100% stocks, and I have funded my retirement well and have also grown my stock value significantly... it can be done with fearless logic, but not on emotional reactions.
#5 freaked me out a couple of years ago so I decided that I would continue to work and try to delay my social security as long as I can... and.... working gets me out of the house and away from my spouse. You mentioned about spouses having their own time away from each other.... well.. I have a spouse that doesn't want me to do that even if it doesn't cost us anything. Basically, my spouse only cares about himself. I dream of the day when I have no one on my back and I'll be free. Doubt that will ever happen.
😩🥲
Sorry to hear this.
You definitely hit the target in #3. Exactly what happened. Well prepared in all others but this one is so complicated.
Sorry to hear this. Don’t give up! Time will ease much of the current issues.
Great video. Work friendships will gradually be moved to the inactive file. The good news is you'll make new "retiree" friends. Like work was, retirement will be the new common bond.
Thanks for watching!
Never had friends at work. They were just people I worked with. Not that many weren't good people, but very few had anything other than work in common with me. Retired, I have found tons of friends who love the things I love, because I met them while doing those things.
Just retired 1 month ago, hope it goes well
Best wishes!
Regarding #4. Retirement allows us to reconnect with friends from our past. We were all busy with careers and raising children and now, even though we live miles apart, we can reconnect because we have margins in time and resources. That is a positive of retirement.
Thanks for watching!
Please do a video about still working and collecting ss.I am confused.Thank you😊
Excellent video and spot on analysis. Thank you!
I’m certainly Looking forward to your upcoming video on this videos point #5.
As well as your guidance regarding taxation on retirement income including pension, 401k and social security distributions and income advice.
Seems like inflation and taxation are blind spots when planning for your retirement.
Awesome, thank you!
Devin do you have any thoughts on the recent legislation offered on 1/25/24 by Rep. Angie Craig, D - Minnesota to eliminate taxes on Social Security. It’s called the “you earned it you keep it Act”
Story posted on Money Wise by Serah Lewis 2/7/24.
Is there a chance this could happen?
Appreciate your response.
Thanks
MB
@@mitchbrewer7898 Video coming out on this Monday.
Thanks for that information, great analysis.
Let’s hope that our do nothing Congress can be replaced by representatives of the people by the people and for the people.
MB
Very good video. Thank you
Glad you liked it!
I have a question about my husband starting to receive social security 6 months before he turns 67. Does he have an income limit until he actually turns 67?
I appreciate your information.
Glad to help
Frankly i'm glad to have left my job forever. The stress was too much good riddance! Don't assume everyone had a dream job that they can't bear to leave. Now I can get up when I want do what I want when I want
Thanks Devin
Thanks for watching!
Very accurate. All of it
Glad you found it useful!
One thing not mentioned here that caught me by surprise is the cost of health insurance in retirement. If anyone did tell me, I guess I just wasn't listening and, if I gave it any thought at all, I guess I just thought Medicare was free and it covered everything. Well it turns out that it's not and it doesn't.
There is a monthly payment required for Medicare, at least for part B, and in addition most people are going to find they will want supplemental (medigap) insurance and some prescription drug coverage, both of which require additional payment. At minimum, I think most people, if they opt for all three will find their minimum monthly payment, at age 65 will be at least $300 per month, perhaps much more depending on which medigap and prescription coverages are chosen. And that amount will go still higher for those facing an IRMAA.
What is an IRMAA you ask. Well IRMAA stands for Income Related Monthly Adjustment Amount and, as the name implies, it is an additional amount you have to pay for Medicare Pt. B and prescription drug coverage it your income is above certain thresholds. As a single man, I find myself in the first IRMA tier and so I pay an additional $69.90 for Medicare Pt. B and an additional $12.90 for prescription drug coverage each month. That's for now. When I am forced to begin taking distributions from my 401K/IRA's in a few years I will bump up at least one IRMAA tier and perhaps two.
Now, you may be thinking; Oh you poor bastard. You've got income sufficient to push you into these IRMAA tiers so boo hoo for you. Well, I suppose that is true, and if I have to have a problem this is probably one of the better ones to have. Still, my point is; if you think, like I did, that your health insurance costs are going to go down in retirement, or past the age of 65, you are most likely going to find that those costs are going to go up, perhaps way up.
I feel for you... seriously. I battle the IRMAA every year. Right now we can avoid the IRMAA, but if one of us dies, we could face the window's tax trap.
If that happens, I'll have to look at taking much more out of Trad. IRA's in order to reduce our future RMD. That way, I'm thinking I will pay IRMAA for one year and then I might be ok after that.
I hear you about the Medicare. I'm glad you posted to alert others who just don't know.
@susieq9186
Thank you. I'm just not sure how many people who this might help will actually see it here in these comments but perhaps it will help somebody.
Regarding taking a bigger, one time, distribution from non Roth IRA's and thereby only paying an IRMAA for one year, that could work if you don't have too much from those non Roth IRA's I have thought about doing this myself but I am concerned about bumping myself into a higher federal income tax bracket.
It sounds like you are just barely avoiding the IRMAA for married filing jointly. I am just barely into the first level of IRMAA for single filer, so we are probably both into the in the 24% federal income tax bracket. Even if we are in the 22% bracket and this one time distribution puts us in the 24% bracket, that's only an additional 2%. If you could take a one time distribution that did not push you beyond the 24% bracket and got your IRA down to where future distributions never pushed you into an IRMAA again, this would be a no brainer. Unfortunately, the 24% bracket is not too big and then the next bracket is an 8% jump to 32% If you had to take a distribution large enough to push you deeply into the 32% bracket, or beyond, then I have to wonder if the savings from avoiding future IRMAAs would be worth the additional up front taxes.
In my case, most of my retirement money is in a non Roth 401k. It is hard, if not impossible, to come up with an exact figure, but it looks like in order to get future distributions down to where they did not trigger IRMAAs I would have to take such a large distribution that it would push me well beyond the 32% bracket and probably into the highest bracket, not to mention the highest IRMAA, for that year. Again, probably one of the better problems to have and most people would gladly trade with me so I will try not to complain too hard. However it is very hard to see that this much larger up front tax bill would pay off in lower, or no, IRMAAs in future years.
You probably already know this but if you decide to use the strategy of taking a large one time distribution to avoid future IRMAAs, the best time to do this would be in the year one of you passes. That way you will be able to use the married filing jointly tax brackets which are much wider than the single filer brackets which you would have to use in future years.
SS and a pension. Enough to live good. Who needs savings to worry about losing it all 😅
Thank you. I’m same situation. I needed the assurance .. I feel okay too.
Here's 5 things didn't expect in retirement. Waking up anytime you want to, eating anytime you want to, laying in the bed and reading your book for 2 hours (or more if you want to), how many programs and organizations there are to assist with elderly aging, how much more time you get to spend in prayer and communing with God.
I could go on.
Actually I am the opposite on item 1. Since I first retired I've gotten more open to risk. Maybe because I get 2 pensions and haven't even started SS yet.
Those pensions certainly relieve a lot of pressure. Ultimately, they should be calculated in as part of your fixed income position thus allowing you to have a higher allocation to equities.
I imagine the amount gas used for the boat will go through the roof having time to go out on the water during the week.
In California after 64 you can't get Cancer,Hospital Indemnity in other states your can I wish would know this
Learning to spend money is hard. Unless I have a true need, I don’t like it.
I’ve recently got all my retirement assets in one brokerage house so it will more obvious I have more than I need. This year I plan on starting to gift annually to my daughter so she can increase her investments for retirement. I want her to be in my position some day before she inherits it all anyway.
Ahh... So nice.
If she or her spouse works, she could put that money in her own ROTH IRA and invest it so she doesn't have to pay any taxes.
If you want your grandchildren (if any) to inherit those funds, your daughter can make them the beneficiary (if your state allows).
Good Luck!
Stock market is bittersweet, I need market to drop a little so I can do Roth conversions but I’ve made more money in 6 months of retirement then I thought possible.
We've had a great ride lately. Thanks for watching!
Your mental health will be greatly dependent on your physical health.
True. Strong body - strong mind.
My kids better be saving their own money 😂
I've found if you like your wife. Life is much better cause you can hang out more with your best friend and with a church group or other group. Hang out with old friends with grey hair
Agree! Life is much easier if you like your spouse.
My company is early retiring me May 1 this year. That God I am getting a nice package. This and what Inhad in my brokerage already allowed me to get a nice life time income starting at 67. And I have enough in my brokerage to cover me until 67 ehen I will take SSA and the annuity. I may never need to touch my IRAs feels awesome.
All very good points Devin, if you don't stay busy in retirement, you can feel your mind and body slipping away. My biggest stress is damaging effect of runaway inflation ! Elections have consequences. Look around, are you better off now ? Hell no !
#5 Spending retirement savings can be scary. Is it possible that some retirees live very comfortably on the finances, and allow their investments to grow. I'll never understand why it's got to be a race to get to 0 when in retirement. Why kill the goose that lays the golden eggs?
Sometimes it's about the amount of savings relative to the amount of needed income. A drawdown strategy is often the way to balance living well today with protecting tomorrow.
No you should expect the market to go down and be prepared.
We all know sequence of return risk is real
It is indeed.
And some spend more money with all that extra time off 😢
This is interesting. In some cases, spending INCREASES in those first few years of retirement.
No investments Bernie Madoff, Mad off with my retirement 401k couldn't get back into gear to save, just on ss
Not yet retired but I already see even my most socialist friends turning into capitalists pigs😂
The fear I have (and I believe is a legitimate one) is the huge national debt and a government that is deficit spending at record amounts. It is hard to feel comfortable with the M2 money supply growing (creating money) and planning for 35 years of what could easily be massive inflation for decades. It is hard to try and adjust my thinking to the rapid change in prices - what used to sound like a lot of money is not now due to monetizing the debt. Healthcare is escalating in cost. Medicare and Social Security are insolvent and it does not appear we have anyone in DC that is seriously addressing the problem. There have been nations and empires in history that debased their currency so badly by inflation and their preeminent status was lost. The USA could lose it's reserve currency status. But whether that happens soon or not, the massive illegal immigration and burden it is placing on this nation is happening now - and much of our country is in decline.
In life, there's always been a mix of good and bad news. If we become too fixated on the negative, it can lead us to make regrettable decisions. This reminds me of the biblical story of the 12 spies sent to explore the Promised Land. They spent 40 days in Canaan, then returned to report to Moses. Remarkably, even though all the spies visited the same place, they returned with drastically different perspectives.
Out of the 12 spies, 10 saw primarily the challenges and obstacles in Canaan, while the remaining two, Joshua and Caleb, saw the immense opportunities it offered. Ultimately, the Israelites chose to focus on the negative report, and as a result, they faced 40 more years of wandering before reaching their destination.
This story serves as a reminder of how our outlook and focus can profoundly affect our decision-making and, consequently, our outcomes. It illustrates that people can interpret the same situation in diverse ways, shaping their actions and destinies accordingly. Joshua and Caleb's unwavering faith and optimism set them apart, leading to their eventual entry into the Promised Land, while the majority's lack of faith resulted in a prolonged journey through the wilderness.
Beware of your focus.
I agree with you in general. As a believer in Jesus Christ, my ultimate hope is in him and his return. However, unlike the promise made to the Israelites wandering in the desert, God has made no such promise about the USA. Once a godly nation and the results that came from that, not so much now.
I plan around the possibility of another lost decade or more like happened in the 1970's to early 80's when the stock market went nowhere with stagflation. Except worse, because our nation is in worse shape now economically than then. We have a massive debt like a third world nation and history shows many empires and nations turn to monetizing the debt when in this situation.
I pray for this nation and that we may turn back to God and the blessings that come with it.
@DevinCarroll
I love all you guys.you guys think every retirees have stocks and million in the bank .
Can you get to the point???
No one told me in my working years I could at age 67 move to SE Asia and be able to have an 18 year old, beautiful, loyal girlfriend wanting to stay with me though the rest of my life and be happy to take care of the house, cooking, shopping. I can even have kids if I want and my kids would be covered by SS survivor benefits should I pass before they're 18.
If I'd known this I would have totally skipped marriage and divorce with American women.
Spend it all!
Telling viewers to subscribe and turn on push notifications before offering content is asking me to buy a pig in a poke. No thanks.
I'll just be honest here...I had to look up the meaning of poke.
You are forgetting the issue with losing your retirement due to scams and family members.
I hope that doesn't affect too many people. 🧐
I started my SS at 50 1/2, my wife who is 20 months younger than me started at 50. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!