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Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.
Haha. Investing enthusiast? Not really. Our family got introduced to a financial advisor about four years before my dad retired. That was what changed things. I've been using the same now and I think my retirement income would be on the right track.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with Tenley Megan Amerson, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
51 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
We all aspire to financial independence, attainable through savvy investing and a frugal lifestyle. Inspired by Warren Buffet, my wife and I, despite a middle-class income, aim to retire at 58 with a $1.7M stock portfolio, never having sold a single share.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I fully agree. At 66, recently retired with about $800k in external retirement funds, I'm debt-free. My retirement funds have significantly grown in the past three years, thanks in part to a financial advisor. Having one is crucial, particularly for those nearing retirement, making it the best way to navigate the stock market.
@@mariaguerrero08 This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
51 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $170k investment thus far.
@@hunter-bourke21 I've been thinking of going that route been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, do think your Fin-coach could guide me with portfolio-restructuring as i wouldn’t mind a recommendation.
My advisor is "Camille Alicia Garcia, A renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
NICOLE DESIREE SIMON is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Sincerely, I'm genuinely moved by what you said about early retirement. And yes i equally agreed with you It's the FREEDOM from being able to make a conscious choice, each and every day, in terms of how you’re going to spend your time… I have about 40k that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
no time to look back! avoid unnecessary spendings, you can move to wealth by increasing your investments and as far as i'm concerned, advisors are ideal reps for the job
Right, using an invt-advisor is ideal especially for near retirees and newbies that barely understand how the mkt works, my portfolio used to be up and down like a seesaw, not until I hired an advisor around March2020 amidst the lockdown. This is how I've been able to scale up tremendous 7figures in ROl, after subsequent investment as of today
Mrs Marisol Cordova is the Consultant in charge of my portfolio. With over three decades of service, she's earned a reputation and internet awareness, so finding basic information should be simple.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Unpopular opinion but times are tougher than they used to be in some ways. Back during the depression a man could support a household on just one income. These days? Both parents can have good incomes and still struggle better health care, inflation, child care, rent/mortgage. Things are harder now economically than they used to be *That being said,* yeah some people are definitely broke because of their own spending habits
My primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I know the risks of short term gains are much greater but if well managed one'd make a killing, am I wrong?
These strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I’ve been on both end of the spectrum, I was lnvesting on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@@africanboi4542 Interesting. I've a lump sum doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@anniezeng4587 Mrs Marisol Cordova is my portfolio-coach, I found her on Bloomberg where she was featured and at once, looked up her name on the web.Thankfully, I came across her site and reached out to her.
The Transamerica Center for Retirement Studies estimates that the average Baby Boomer has $202k saved up for retirement and own 43% of the stock market. According to the 4% Rule, this would result in a $8k annual retirement income. Judging by this I feel under pressure to get the most out of my $300k in savings. In order to increase my yields, I am in desperate need of guidance.
A financial advisor can help you properly estimate your retirement income. It's really difficult to get into the stock market that I would have suggested as a mere investor and understand how profitable stocks work.
I stopped listening and taking financial advise from these RUclipsrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance.
This reference seems valid.. Just looked up her full name on my browser and found her site without sweat, over 23 years of experience is certainly striking! very much appreciate it
Covid wasn't kind to me. I lost my spouse and my employer went bankrupt. I ended up retiring several years earlier than planned. I've discovered jobs, for people my age, are few and far between even if you are willing to work for a much lower wage. Thankfully, I am debt free except for a mortgage. I'm living a frugal retirement but the house has to be sold. The mortgage is almost 60% of my income and future property tax increases will drive it higher. I'm actually looking forward to life after the house. It's just a ball and chain, at this point. I will have enough from the sale to buy, free and clear, something much smaller, in a lovely area, with enough left over to pad my emergency fund nicely. I haven't had to touch my retirement accounts. My advice is to re-assess what your true priorities are. You can make it work on far less than most financial advisors would have you believe. New places to live mean new friends, new activities and possibly, a new, lower, budget. Don't stay stuck. Choose an adventure.
In retirement if you don't have children, is there any point in owning a house with all the worries that come with that, maybe it's best to cash in your chips and rent.
My daughter and step-daughter each have jobs, houses and spouses and a college education paid for by me. Why should I scrimp on my retirement to leave them additional money? They have 30 more years to work and save, I don't.
I've been retired for 7 plus years and my wife has been retired for 5 plus years. So far we haven't used any of our retirment money. We are having no problems living on just our SS. Being debt free is what makes that happen.
That’s very interesting. (Certainly not “dreadful.”) Were you surprised by this result, or did you have a good sense of your spending prior to retirement?
Same here. We actually paid our home off and bought reliable cars and paid them off before retirement. I have been retired for 8 years and husband for 6 and we have actually saved money because we don't have a lot of expenses. As to those who think we should not be saving...For one thing, I can't think of much I want and if I do, want something I buy it. For another, your home even if paid for, always has maintenance issue to deal with. For example, just last week we had to replace our water heater. Last year a new frig. That never ends. Eventually wewill have to pay someone to do lawn care and home maintenance that we currently do, etc. When that happens, we will have the money to do it.
Institutions like Fidelity scare us into thinking we need millions to retire. The truth is you don't and these financial institutions are trying to scare you into building a larger account with them. The bigger account, the more they make.
No material possessions can replace the time you spend on yourself. Money and things come and go, but time keeps moving forward. Retire. Embrace freedom. Live fully. Reinvent yourself. Connect with who you are.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@derrickholfman2 this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@derrickholfman2 very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.||
🤣 im retired with $1400 social security and i draw $0 to $300 from 401k about 5 times a yr. my house is paid off and i drive an 2012 Prius. Many months i have money to save $500 a month. No pets. 1 son that is totally independent. I vacation with friends every 2 to 3 yrs out of state. I eat very well at home. I never feel i miss anything. Keep it simple.
Just stay in your home as long as you can, because it's when people migrate to apartment living is when finances dwindle. Too many are being sold on "retirement community" living, which is becoming very very pricey!
That’s amazing. My house was paid off too. But real estate taxes and homeowners insurance came to almost $1000 per month. Utilities- water, electric, sewer, internet another $500. After that I’d be in the hole if I lived on $1400. And really skinny. Lol.
@@Abraham.Lincoln22They propably has a very nice home. They just made wise decisions throughout their life. I just learn that some states doesn't have you pay property taxes once you reach 65.
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!
I started out with a financial advisor called *"Rochelle Dungca Schreiber"*. Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor..
Never have been so happy with my wife’s choice to be a lifelong government employee as we now enter into our mid-fifties and look forward to a pension that is almost her full pay.
The biggest problem I’ve had in retirement is switching from saver to spender, I spent decades saving as a normal routine, not comfortable spending for pleasure.
Same. Our financial advisor planned for us to have 75K a year in retirement and we find we only spend 15K. We have no debt and the stuff we enjoy doing is free. We moved to a smaller house so don't need anything.
I have enough. Retired at 64 due to health. My house is paid off and I have no debt. I live very comfortably on a thousand a month. It's all the choices we made through out our life.
As voices in my head always remind me. “There’s not enough time in the world to do all the nothing I wanna do. There’s no material possessions that can replace time you can spend for yourself.” Money, things come and go. Time only goes. Retire. Be free. Live. Reinvent. Engage with yourself.
I am living on nothing but Social Security, and my check is less than what I've been told is the average. I don't pay for Medicare, because I made sure to get out of the US before my 65th birthday. I get much cheaper healthcare where I am. I live in a comfortable flat, within walking distance of everything I need. Also, it's near a beach and several amazing hiking places. I can take a bus, for free, to anywhere else I want to go. So I don't need a car. I have never lived so well before. Freedom is everything. Get it as soon as you can.
@@tinabraxton4906 OK, just don't try to come back into the country and get healthcare. No one will insure you and you will have to pay your own medical expenses.
I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!
I started out with a Financial Advisor called *”Janet Santa Sherry”*. Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor..
My husband and I just run with the 4% rule to keep it simple. Save up enough that 4% of your total retirement savings would cover your expenses in retirement. As an example, $1 Million allows you to withdraw $40,000 per year (dividends on investments often pay about half of that). It's a simple rule of thumb, and we don't bother calculating things like Social Security, only what we save ourselves. We consider that as "extra" if we need it, rather than absolutely necessary.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks|couple months, so I think there are alot of wealth transfer if you know where to look.
We retired from Florida to Mexico this year. Even with a paid for home, rapidly rising costs, especially on homeowners insurance-$9k a year had us doubting we wouldn’t have to work forever. Sold the house. Now 4 months into retirement and we wish we’d done it 5 years earlier.
yeah, in Colorado, property taxes are doubling, County raise the value of my house $175,000, i fought back, they wanted to raise it $250,000... and the State of Colorado wants County's to raise property taxes, are County by 49% next year, are insurance $2,220 more a year, last month, with the Lawyers and Roofers doing this rip off now, that's why Insurance Company's are leaving some States... talked to one guy about it, while trimming my tree, his In-laws are selling there house for those reason, and of course, those things rising, lower the value of house... wanted to sell, when prices were ridiculous the year before, but the wife didn't want to, she is still working, and she wished she would have retried before, now, when we could have gotten a lot more for the house... so i figured we lost about a $100,000 or more, when we sell in a year or so... and move next to the kids... Timing!!!
I'm still quite far from retiring, but having helped manage my mother's decision by collecting information her financial planner wanted when planning to retire a few years ago, I was already aware of most of these things. The one big difference I have from my mother though is I assume I'm not going to have any children (there are many reasons for that which I won't go into). I'm currently seeing how much time my mother spends taking care of her mother, and up to a few years ago her father as well, and I'm scared about the costs of having to hire people to do these things for me, and that's assuming they can even be reasonable replacements for children in terms of actually caring about you. I don't want to die alone from some minor injury or being unable to get to a doctor because I can't afford someone to look after me when I'm older. Given the trends in health care in general, I have absolutely no idea how I'm going to budget accurately for that. Seeing the deterioration of my grandparents has also made me much more aware of the utility of exercise, and I hope keeping good care of my body will make life when I get to their age a bit more livable without constant help.
How much you need to retire on is all relevant to your situation. I moved to France at 46 (and retired) and bought a run down 600 year old house to renovate. It’s not the way I used to live and probably isn’t the way you live either but I’m happy living in less than I’ve ever had before. But then I have no debt and I can only spend what I get each month and when it’s gone, it’s gone.
My mom paid into LTC insurance for 35 years at a cost of a few thousand each year. So the total expense was around $70k. She was a very healthy lady so the insurance didn’t kick in until later in life. Many don’t understand that LTC doesn’t pay out until the person is incapable of seeing to their own needs on a variety of items, such as bathing themselves. So this might seem like it’s not worth it, and many never need the insurance because they go quickly, heart attack or similar. Mom’s in a memory care facility. In just the first year of insurance paying out, we’ve already recouped the entire investment. A few thousand a year for this insurance is a lot easier to afford than a nursing facility that runs $6-10k per month or higher. I always tell people to 1) get it before major health challenges (usually mid-late 50s); and 2) you don’t need to have enough insurance to cover the entire expense. Even a few thousand each month may make a difference to the care you can afford when your need is greatest. Medicare does NOT cover this expense.
I admit that I have more cash flow now than when I was working. I track all my expenses. Gas prices rise, I don't care. I only fill the truck once a month. Still investing in a non IRA mutual fund. Health costs are higher but once I take into account what has gone down, I'm still way ahead. I really enjoy being retired. Glad I'm was prepared.
My utilities have doubled over the last 3 years. Homeowners insurance went up 50 percent. Food expenses climbed 30 percent. This kind of unanticipated price spiraling can cripple a retiree trying to make retirement savings stretch, yet these aren’t getting a mention in your planning scheme.
My wife and I actually saved too much for retirement. We get $16,000 a yr in pension payments, $48,000/yr for social security, and $36,000/ yr in stock dividends. We have everything paid off so we easily live on half our annual income.
We are looking at not quite $75k with nothing from retirement accounts (we do have a couple IRA's and a 401k). The plan is to be mostly debt free although there might be a car payment, but it sounds like our house payment just became medical expenses.😄
I couldn’t imagine retiring in the US with my giant property tax bill, and I did not want to be a renter so I sold my house, everything in it, and my car, got residency and moved to Mexico where I paid cash for a house and a new car. I retired at 62, took my social security, and am living my best life. It felt great to shed all the stuff and stress and start over with a clean slate. I was able to engineer exactly the life for myself that I wanted. I could not have done it in the US. This is a great video that made me feel even better about my decision to retire “early.”
@@MJA5 Such a rude comment. Yes, I have Mexican friends and I speak the language. I feel very much a part of the community. They definitely have a constitution.
I retired from Florida to Mexico 4 months ago. Same scenario, but I’m going to rent the first year until I pick my perfect neighborhood to buy in. Absolutely love it!!
Saved $250 per month not commuting. Saved $260 per month on lunch. Saved $$$$, not shopping as a hobby. Recouped $$ by selling stuff. Only being on SS, pension, IRAs, 403b means a 12% income tax rate. We are living on less than what we bring home every month.
This is very accurate I am amazed at how little money it takes to live on with the kids graduated from college and out on there own and having the mortgage paid off.
Hi I’m retired getting $2500/month, a $1000 pension/month, and draw $500 from my retirement account. I have a mortgage, HOA, and my other bills. I have no credit card debt. I do fine.
Thank you for sharing Mary Ann. It helps others to see that it's possible to have a good retirement on $4,000. There are people doing it on $2,000 and still take trips & cruises and owns a house. Many Finanical companies wants people to believe that you need so much more money and it may be true if you are the type of person who has expensive taste & wants.
Planning for retirement when you are a caretaker for your special needs child is a particular challenge. Would appreciate you doing a series on this topic or being directed to someone you know who is covering it well.
I’d appreciate that topic too. I’m a widowed single woman raising my grandson since he was born, alone. He’s 6, I’m 69. I’ve adopted him. I retired from Nursing when he started kindergarten. For now, we’re able to live on Social Security, but I have to stretch my dollars. I do have a tiny pension from my late husband that I get monthly which also has health insurance with it that is my supplement to Medicare and covers me 100%. However, neither Medicare, nor my late husbands health insurance will cover my child. I have a little in investments, I started saving late so there’s not that much there, but it’s invested. Right now I’m not touching my investment money. When I finally do I’m going to use it for little quarterly “bonuses” for things like some local trips. I did my “ big” travel ( Europe, etc..) when I was young, and have no desire to go back to those places. If you are not retired yet there are a couple things you can do to prepare: First, build your investments as much as you can. Now is a good time to buy into the market as the market is down so it’s like everything is on sale. Learn for yourself, don’t just hand your money over to someone else. Next look on th Social Security website and see what your proposed monthly amount is. This will give you an idea of how much SS will help. If the amount is low. Then make these last earning years some of the best in your career to raise that monthly amount up. Social Security uses a formula to determine your monthly amount based on your 35 Best earning years. If these last earning years are better than earlier years those lower earning years drop out of the equation. Next, go over your budget and expenses, trim everything possible off it. Doing this now will help you find money to save. Become an expert in frugality. Watch ever You Tube video read every book you can find on it and implement what you can. Next what kind of supplemental income can your child get? SSI? Find out and maximize it. Can your child qualify for other things? State health care? Food stamps? Take advantage of those things. Next, how is the cost of living in your area? Can you move to someplace with a better cost of living during retirement? (Moving is my next step) Keep written records of budgets, savings, expenses, proposed places to move to. Make a written plan. That’s a start. My plan also takes into consideration my developmentally challenged daughter who will, eventually, probably, move back in with us. Best of luck.
Retiring next summer at 64, not taking my SS till least 67, will have a pension of 4200 per month, have no payments of any kind. Also have a large sum in a HSA , do not feel I need to touch my portfolio, but if i do, its there if needed.
I retired 7 years ago at age 62 paid off my mortgage.. To date we have not touched a dime of our retirement money. I have 1.5M in my portfolio. It took me 10 years to get to this goal. I started with a reasonable amount through my CFA ‘Olivia Rene Reyes’ My dividends are supplementing my retirement at the moment. It takes time and I invest in good companies every chance I get, and I make sure I never keep money in the bank. I never sell the chicken that lays the egg (dividends). I just eat the egg
I watch all of your thoughtful videos. I am an exception and a bit fearful. No family, single woman and an awesome nurse at age 70. Working for a large insurance company and own a home in S Fl. Scared to retire. But I think I will pull the trigger as the average age is 78. No major medical problems right now. Thanks for listening. Don’t like drama but support is always welcomed. 😊
I, too, am a single woman, and I can relate to your fears. BUT I retired early when I realized how miserable I was at my job with new administration (had loved it for 20 years), had an ill mother and a child who potentially needed help. Three years later, absolutely NO regrets. I realize every day how wonderful it is to have complete control of my time. I am wealthy by some measures, not by others; I can say I have always lived modestly and have no plans to change, owe no one, and am confident that barring a catastrophe that affects everyone, I will be able to live comfortably until my death. If you have not talked with a financial professional, that might be reassuring for you. Life is too short to spend all of it working! You have fought the good fight; now it is time to enjoy the benefits. I encourage you to not allow fear to make this decision. You can do it!
5%+ interest on fixed income is helping this saver. 40/60 AA and interest on fixed income + dividends > my expenses. Still have Social Security coming between 4 and 7 years from now. However inflation is definitely having an impact on everyone’s living expenses. My Auto insurance nearly DOUBLED in the last year. I was able to get a reasonable rate for Homeowners insurance but I’m hearing horror stories from many of my neighbors. Thank goodness for the ACA my health insurance is reasonable even though I had a health scare last year and met my maximum OOP. My biggest accomplishment is getting my daughter through college debt free. She is now making more than I ever did 😊.
The average American woman spends her last 15 years single because men die so much earlier, so it makes little sense to even consider a "two person" retirement.
Well, the average age that a 62 male passes is age 82 and average age a 62 year old female passes is age 84. While individual circumstances may vary the math suggests the opposite.
The ridiculous claims made by the financial world for retirement purposes shows who NOT to trust. If you own your home free & clear chances are your going to do fine. US residents need health insurance coverage not so here in Canada. Remember once retirement arrives you dont need a new car for commuting or the 'work' clothes. Travelling really not that fun due to crowds EVERYWHERE.
I bought my rural acreage retirement home many years ago, retired in 2019, debt free, moved and sold my two story house in the city beginning of 2020. My expenses for housing are about 1/3 of what they were in the city. No water/sewer bills, lower elec/gas bills, as my retirement home is only 1k sq ft. Since I don't live on, or near any coast, my house insurance premium is low, and my property tax is just over $600. a year. I save money monthly, out of my SS alone, so haven't had to use money from my pension, or what's in my IRA yet. The employer I retired from reimburses me monthly for all my medical premium's, including Medicare, and supplemental. Even though I planned for my retirement, it's working out to be even better than I expected.
@@DrSchor If you have everything I said in my post taken care of you will be fine unless something extremely horrific happens. No plan is ever 100% which is why I said should instead of would. As an example: Most people that die unexpectedly in the middle of the week probably had plans for the upcoming weekend. However, you should absolutely plan on having your debt paid off before you retire. I did. I retired at 59. You can't retire if you have a lot of debt no matter what your age is.
I am disabled and 60. I get subsidized housing limited to 38% of income, get free tuition for grad school and free meds, free rides to appts and free bus fare
How about those of us cleaned out by the ex at the divorce and then by alimony which prevented retirement saving? The only way to prevent that is to never marry in the first place. Keep that in mind, younger men.
I will retire ten years after my house is paid off. That will allow me to live off 75% of my Social Security. I won't need to touch my large Roth IRA and can give it away as I see fit.
@@DrSchor true. There are events that nobody can predict. Thankfully, it doesn’t take much to make me happy. A good book and my screened in patio are all I really need.
Thanks for a more realistic health care cost figure. I had previously heard over $200,000 just for the female so $318,000/couple sounds better! I agree it’s not all at once and May mostly fall at the end. Hopefully a do not resuscitate will help prevent destroying life time savings for the last days
Many people do not live in major metropolitan areas. Our parking costs for a 2nd car, just like the first one, are nothing in the driveway of our paid-off house. The car itself is paid off and maybe we do most repairs ourselves. An older car in such an area might only cost $400 or $500 per year to insure. My old camry costs less than $600 per year just sitting in the driveway and to the extent it is driven, it takes depreciation off of the other car and running costs (gas, oil, tires, etc.) are there whether you are using one car or two. If you have two cars, then it is easier to maintain and repair them yourself.
Thanks for the video. I feel better about the calculations I have done for the future. Obviously a lot of people tell you that you need much more. Well I live in rural Indiana. My family of 4 lives on less than 4k a month. In retirement I could see eaily living on (the equivalent based off inflation) of only 2000-2500 a month. The fact that I (should) have around 500k saved by the time I retire, which means, with SS we should be able retire very comfortably.
I'm worried about the cost of healthcare, Medicare premiums are actually higher than what we were paying for my husband's union health insurance plan a month. His union is giving him a Medicare Advantage plan at 65 with a fairly high deductible compared to the $600 family deductible for both of us we had before and I have no idea which doctors are going to be covered under the Medicare Advantage plan. bc he hasn't gotten his new card yet.
I think it all comes down to lifestyle. If you have a paid off home and like to stay home most of the time, retirement can be cheap. Of course eventually we will face rising health care costs as we age, but this is nearly unavoidable.
Unless I missed it because I was doing something else at the same time, you left out a big one - income tax. SS for most people will be taxed a lower overall rate. Also, if your income was from self-employment, you save 15.3% on FICA taxes since you were paying both the employee and employer share when self-employed. Great video though. Though I'm an accountant too, my girlfriend will not listen to me about the numbers even though she is scared to death of running out of money which, by my calculations can only happen if she lives to be approximately 356 years old. I'll send her links to your videos. Hopefully, she will listen to you!
I probably fall in a less than 1% category. I'm 63 will retire at 65. Annual income averages 70K. Have 400K in my 401K. Not planning on filling for SS until age 67. At 65 I will purchase a custom van for travel. This purchase will be around 200K. Half of my retirement account. I have no problem doing this. Knowing I will have (hopefully) 10 years to do and go as I please. After that, I really will have very little need for much income to live on. My hope is to die with very little money left. And yes, I have 4 grown children. All very self sufficient. I have never believed in working to be able to leave money to ones children. I actually see that as a very conceited thing to do. You can not control them or anyone else when you are dead.
I lead a very laid back lifestyle. Everything I own is paid off. I dont need to spend money to be happy! I live on my $4,000 a month income. Really I live on half of that. Do plan on some travelling. Nothing extravagant. Im happy with museums. local sightseeing, ect. Im very happy and content. I just turned 71.
Moved to a safe place . Free Healthcare, No car ( can walk everywhere but rent a car if needed), no mortgage ( paid in cash), 5415th on the cost of living index by numbeo. Live by the ocean , great gym , local markets. Utility costs are 1/10th of UK. 3 private pensions + state in 2 years time. Not a millionaire but don’t need to be. Time is the coin of life.
I'm 58 and retiring at 62 with 2300 in SS a month. I will only have around 150K in the bank. But my home is paid for and in top shape. My cars are paid for and great cars. I owe nothing in dept(zero). I own the lot beside me and its worth 30K. I only have food, taxes, power and daily needs to pay for. My wife will get around 1200 SS a few years later at 62. I made 1.8 million working since 16 on my SS statement and lived well for over 40 years. So why would I need more to live 20 years or say 30 years. I don't drink or smoke never have and healthy. With the ACA insurance it affordable. I have a small welding shop at home to make a few extra bucks. I'm not working till 67....no way! I don't need a million dollars to retire. I don't need much. Key is no dept!!!
I enjoyed the alone time during covid as I’m an introvert. What I didn’t enjoy was the death of science and all of the nonsensical things like lockdowns, mask mandates, 6’ spacing. As a retired engineer, it was painful watching the death of science.
yeah, in Colorado, property taxes are doubling, County raise the value of my house $175,000, i fought back, they wanted to raise it $250,000... and the State of Colorado Congress, run by Lawyers, wants County's to raise property taxes, are County by 49% next year, are insurance $2,220 more a year, last month, with the Lawyers and Roofers doing this rip off now, that's why Insurance Company's are leaving some States... talked to one guy about it, while trimming my tree, his In-laws are selling there house for those reason, and of course, those things rising, lower the value of house... wanted to sell, when prices were ridiculous the year before, but the wife didn't want to, she is still working, and she wished she would have retried before, now, when we could have gotten a lot more for the house... so i figured we lost about a $100,000 or more, when we sell in a year or so, and not what the County said it's worth either... and less money, when we move next to the kids... Timing!!! The way things look, because of Inflation, the wife might have to work another 3 years... part of that reason, is the Lawyers and the Roofers, wanting $43,000, for a $18,000 job... the insurance company is threating to Deny are Claim... Use the Insurance Company's list of roofers... or tell the Roofer, before you signing anything, give me an Estimate, and give it to the Insurance company first... never had this problem before, with 2 roofs... that Lawyers for you, when they stick their hands in it... it started in Florida... $50,000 roofing jobs... and they won't change the State Laws, because Lawyers are the ones in the State Congress's... Careful !!!!
My only expense is rent $750 and internet $55 . Groceries and everything else comes from Social security. I have no savings. I just stay home and await my end. I'm 66 so that could happen any time.
my adviser is telling me i need 7K a month to live off of when i retire. I'll have car (this year) and home all paid for before then. That seems very expensive to me, i have 8 more years to 65, wifes plan will pay her 2.8K a month pension, SS is estimating me around 3k at 65. This not including my IRA's and 401K. i wish I could retire sooner really.
Scooty, I would suggest you create a spending journal (or spreadsheet...whatever), to track your typical monthly expenses. My wife has been doing it out of habit for years. It gave us a more focused monthly amount to plan for. You and your family can better plan than some advisor. I just say this as I hope you can retire sooner rather than later. My wife & I are in our early 50's and plan to be done before we hit 57. It always makes financial sense to work another year, but you can never get that time back. Plan, budget, and retire ASAP. Enjoy your years! 🙂
Thanks for the continuing advice on important tax and retirement topics. I spend a lot of time working to optimize my financial decisions and am always glad to find things I may have otherwise overlooked.
Most people don't save enough to cover the additional cost incurred from a one time hospitalization or two which is inevitable as we get older. Hospital and then a good chance you will need rehab will wipe out your savings. In order to cover the cost most people have to sell their home. This sadly is what happens to most people at the end of their lives. Hospitalization, and when the money is all spent down they put you on medicaid and it is off to a bad nursing home to end your days. So, you either have to save A Lot of money to cover hospital and rehab or don't even bother because all that hard work and savings is still going to be quickly eaten up in hospital and rehab, nursing home charges, you are then put on medicaid and you will end up in the same place anyway. A bad nursing home.
when folks are trying to determine the retirement budget.. why don't they just use current 'take home' pay... rather than salary ?? seems a bit more simple ... no? -- and asking .. these xTimes current salary figures.. I assume these are against 'salary' rather than 'take home' $ ??
I disagree about the cars. We have older cars we maintain. We have different activites and part time jobs in different directions. We do more things together but have many separate activites. No local public transportation, nothing in walking distance and I don't want to do Uber. We fit them into our budget.
Check out one of our most popular videos - *4 Major Social Security Updates for 2024: What You Must Know* -> ruclips.net/video/zBCmA5Xx7U0/видео.htmlsi=UKlzbdkAe1kuk20O
Biggest lesson i learnt in 2023 in the stock market is that nobody knows what is going to happen next, so practice some humility and low a strategy with a long term edge.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.
Could you kindly elaborate on the advisor's background and qualifications?
“NICOLE ANASTASIA PLUMLEE’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.
This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?
Haha. Investing enthusiast? Not really. Our family got introduced to a financial advisor about four years before my dad retired. That was what changed things. I've been using the same now and I think my retirement income would be on the right track.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with Tenley Megan Amerson, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
'Carol Vivian Constable’ maintains an online presence. Just make a simple search for her name online.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
51 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Thanks, I just googled her I'm really impressed with her credentials. I reached out to him since I need all the assistance I can get.
We all aspire to financial independence, attainable through savvy investing and a frugal lifestyle. Inspired by Warren Buffet, my wife and I, despite a middle-class income, aim to retire at 58 with a $1.7M stock portfolio, never having sold a single share.
People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.
I fully agree. At 66, recently retired with about $800k in external retirement funds, I'm debt-free. My retirement funds have significantly grown in the past three years, thanks in part to a financial advisor. Having one is crucial, particularly for those nearing retirement, making it the best way to navigate the stock market.
@@mariaguerrero08 This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
CAMILLE ALICIA GARCIA maintains an online presence. just make a simple search for her name online.
I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
STEPHINE KOPP MEEKS she is whom i work with look her.
51 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $170k investment thus far.
@@hunter-bourke21 I've been thinking of going that route been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, do think your Fin-coach could guide me with portfolio-restructuring as i wouldn’t mind a recommendation.
My advisor is "Camille Alicia Garcia, A renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
While the current market offers short-term profit potential, it's crucial to note that executing such a strategy requires expertise and skill.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst.
impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
NICOLE DESIREE SIMON is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Sincerely, I'm genuinely moved by what you said about early retirement. And yes i equally agreed with you It's the FREEDOM from being able to make a conscious choice, each and every day, in terms of how you’re going to spend your time… I have about 40k that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.
no time to look back! avoid unnecessary spendings, you can move to wealth by increasing your investments and as far as i'm concerned, advisors are ideal reps for the job
Right, using an invt-advisor is ideal especially for near retirees and newbies that barely understand how the mkt works, my portfolio used to be up and down like a seesaw, not until I hired an advisor around March2020 amidst the lockdown. This is how I've been able to scale up tremendous 7figures in ROl, after subsequent investment as of today
who is the professional guiding you?
Mrs Marisol Cordova is the Consultant in charge of my portfolio. With over three decades of service, she's earned a reputation and internet awareness, so finding basic information should be simple.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Being a CONSUMER is the biggest issue facing Americans. We want stuff, lots of it. We dont need it. Not being a consumer is FREEDOM.
Unpopular opinion but times are tougher than they used to be in some ways. Back during the depression a man could support a household on just one income. These days? Both parents can have good incomes and still struggle better health care, inflation, child care, rent/mortgage. Things are harder now economically than they used to be
*That being said,* yeah some people are definitely broke because of their own spending habits
My primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I know the risks of short term gains are much greater but if well managed one'd make a killing, am I wrong?
These strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
I’ve been on both end of the spectrum, I was lnvesting on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfoIio-advisor for guidance, It’s been over 2 years and I’ve scaled up a stagnant reserve of $280K to $700k in just about 24months.
@@africanboi4542 Interesting. I've a lump sum doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@anniezeng4587 Mrs Marisol Cordova is my portfolio-coach, I found her on Bloomberg where she was featured and at once, looked up her name on the web.Thankfully, I came across her site and reached out to her.
@@africanboi4542 Thanks, I found her page immediately I researched, I read through her resume and seems pretty interesting, I just reached out to her
The Transamerica Center for Retirement Studies estimates that the average Baby Boomer has $202k saved up for retirement and own 43% of the stock market. According to the 4% Rule, this would result in a $8k annual retirement income. Judging by this I feel under pressure to get the most out of my $300k in savings. In order to increase my yields, I am in desperate need of guidance.
A financial advisor can help you properly estimate your retirement income. It's really difficult to get into the stock market that I would have suggested as a mere investor and understand how profitable stocks work.
I stopped listening and taking financial advise from these RUclipsrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance.
This reference seems valid.. Just looked up her full name on my browser and found her site without sweat, over 23 years of experience is certainly striking! very much appreciate it
Clip coupons, seriously live a cheap high quality life
Could you please do a video focusing on childless singles planning for retirement.
Thanks for the suggestion
Yea please! We are DINKS both have great jobs and will have our home paid off. Thanks!
Childless singles please.
Yes please
There’s a lot more of us singles than there used to be.
Covid wasn't kind to me. I lost my spouse and my employer went bankrupt. I ended up retiring several years earlier than planned. I've discovered jobs, for people my age, are few and far between even if you are willing to work for a much lower wage. Thankfully, I am debt free except for a mortgage. I'm living a frugal retirement but the house has to be sold. The mortgage is almost 60% of my income and future property tax increases will drive it higher. I'm actually looking forward to life after the house. It's just a ball and chain, at this point. I will have enough from the sale to buy, free and clear, something much smaller, in a lovely area, with enough left over to pad my emergency fund nicely. I haven't had to touch my retirement accounts. My advice is to re-assess what your true priorities are. You can make it work on far less than most financial advisors would have you believe. New places to live mean new friends, new activities and possibly, a new, lower, budget. Don't stay stuck. Choose an adventure.
👍
BRAVO. We are not descended from meek and weak ancestors. YOu did it! You are surviving well.
Very true. I am retiring in Colombia.
Best wishes to you 👍
In retirement if you don't have children, is there any point in owning a house with all the worries that come with that, maybe it's best to cash in your chips and rent.
My daughter and step-daughter each have jobs, houses and spouses and a college education paid for by me. Why should I scrimp on my retirement to leave them additional money? They have 30 more years to work and save, I don't.
I've been retired for 7 plus years and my wife has been retired for 5 plus years. So far we haven't used any of our retirment money. We are having no problems living on just our SS. Being debt free is what makes that happen.
Sounds dreadful. What is the money for?
That’s very interesting. (Certainly not “dreadful.”) Were you surprised by this result, or did you have a good sense of your spending prior to retirement?
Good for you!
When you have zero debt it is mindboggling on how little you need to live. I try to explain that to everyone I care about.
Same here. We actually paid our home off and bought reliable cars and paid them off before retirement. I have been retired for 8 years and husband for 6 and we have actually saved money because we don't have a lot of expenses. As to those who think we should not be saving...For one thing, I can't think of much I want and if I do, want something I buy it. For another, your home even if paid for, always has maintenance issue to deal with. For example, just last week we had to replace our water heater. Last year a new frig. That never ends. Eventually wewill have to pay someone to do lawn care and home maintenance that we currently do, etc. When that happens, we will have the money to do it.
Institutions like Fidelity scare us into thinking we need millions to retire. The truth is you don't and these financial institutions are trying to scare you into building a larger account with them. The bigger account, the more they make.
No material possessions can replace the time you spend on yourself. Money and things come and go, but time keeps moving forward. Retire. Embrace freedom. Live fully. Reinvent yourself. Connect with who you are.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
@@derrickholfman2 this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
I've shuffled through a few advisors in the past, but settled with “Vivian Carol Gioia” her service is exemplary. I'd suggest you research her further on your browser, sure you'll find her basic info.
@@derrickholfman2 very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser, and came across her site, top-notch qualifications! she seems well-qualified
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.||
You have done great for yourself. I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success!!.
I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including RUclips channels, seminars, and more.-
Thanks to these recommendations, I successfully located her online profile and have already reached out to her with a message..
Take care of your health when you're young and you probably won't have many health care costs when you're old.
🤣 im retired with $1400 social security and i draw $0 to $300 from 401k about 5 times a yr. my house is paid off and i drive an 2012 Prius. Many months i have money to save $500 a month. No pets. 1 son that is totally independent. I vacation with friends every 2 to 3 yrs out of state. I eat very well at home. I never feel i miss anything. Keep it simple.
Just stay in your home as long as you can, because it's when people migrate to apartment living is when finances dwindle. Too many are being sold on "retirement community" living, which is becoming very very pricey!
Your “house” must be a tent or a pop up camper.
That’s amazing.
My house was paid off too.
But real estate taxes and homeowners insurance came to almost $1000 per month.
Utilities- water, electric, sewer, internet another $500.
After that I’d be in the hole if I lived on $1400. And really skinny. Lol.
@@Abraham.Lincoln22They propably has a very nice home. They just made wise decisions throughout their life.
I just learn that some states doesn't have you pay property taxes once you reach 65.
@@Mexicobeanpole500 for internet?
I’d be retiring or working less in 5 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.
Do you have a 401k? you should contribute to your retirement diligently, or better still look into financial planning
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has lost everything accrued since early 2019, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘LOREN LENA WALKER’. The strategy they use is recession-proof, more specifically profit-oriented, and most likely, you'd find her basic info on the net, she's a renowned advisor.
thanks for info! curiously copied and pasted her full name on my browser, spotted her page easily, she actually looks very distinguished
I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!
I started out with a financial advisor called *"Rochelle Dungca Schreiber"*. Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor..
This comment thread is highly suspect. This looks more like market (or worse) folks
Never have been so happy with my wife’s choice to be a lifelong government employee as we now enter into our mid-fifties and look forward to a pension that is almost her full pay.
The biggest problem I’ve had in retirement is switching from saver to spender, I spent decades saving as a normal routine, not comfortable spending for pleasure.
Same. Our financial advisor planned for us to have 75K a year in retirement and we find we only spend 15K. We have no debt and the stuff we enjoy doing is free. We moved to a smaller house so don't need anything.
Excellent news. I’m 10 years from retirement and this is good to hear since I’m already getting worried. 😱
I have enough. Retired at 64 due to health. My house is paid off and I have no debt. I live very comfortably on a thousand a month. It's all the choices we made through out our life.
Thank You 😊 this comment is helpful
As voices in my head always remind me. “There’s not enough time in the world to do all the nothing I wanna do. There’s no material possessions that can replace time you can spend for yourself.” Money, things come and go. Time only goes. Retire. Be free. Live. Reinvent. Engage with yourself.
No truer words were ever spoken
Here are some truer words, schmidt, mon ami. Don't be selfish by engaging with yourself. Engage the next generation.
@@DrSchor Retirement time is our time to live. If one can help others, fine. But this is our time.
I am living on nothing but Social Security, and my check is less than what I've been told is the average. I don't pay for Medicare, because I made sure to get out of the US before my 65th birthday. I get much cheaper healthcare where I am.
I live in a comfortable flat, within walking distance of everything I need. Also, it's near a beach and several amazing hiking places. I can take a bus, for free, to anywhere else I want to go. So I don't need a car.
I have never lived so well before. Freedom is everything. Get it as soon as you can.
@@tinabraxton4906 OK, just don't try to come back into the country and get healthcare. No one will insure you and you will have to pay your own medical expenses.
I realized that the secret to making a million is making better investment. I bought my 1st home at 21 for 87k sold for 197k, 2nd home 170k and sold for 320k, 3rd 300k and sold for 589k and buyers paid all closing costs expenses etc Not making up to a million before retirement is unfulfilled retirement.!!
You have done great for yourself. I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success!
I started out with a Financial Advisor called *”Janet Santa Sherry”*. Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor..
It's the energy.
Yes.
At age 71 I don't have the energy anymore.
Thanks for the comment skippy
Take some vitamins and cut out carbs.
At 73 I am all still all go-go 😊.
Find out what is wrong. Fix it and live.
@@HolySchmidt You're welcome.
The same is true for achieving financial independence (early retirement). You can need a lot less than when you were actually working for money.
Flew back yesterday from a scouting trip to Spain and Portugal. Although I speak Spanish, I really enjoyed Portugal.
Portugal seems to be very popular; nice people, I found.
one of the more economical countries to visit in Europe. Spain is awesome, as well.
My husband and I just run with the 4% rule to keep it simple. Save up enough that 4% of your total retirement savings would cover your expenses in retirement. As an example, $1 Million allows you to withdraw $40,000 per year (dividends on investments often pay about half of that).
It's a simple rule of thumb, and we don't bother calculating things like Social Security, only what we save ourselves. We consider that as "extra" if we need it, rather than absolutely necessary.
I, too, think the 4% rule is still a good guideline...
You will work longer than you have to
I'm going with 3% as a general rule, but I'm highly risk averse.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks|couple months, so I think there are alot of wealth transfer if you know where to look.
I’m only 51 and you’re one of my favorite RUclipsrs
Too kind
We retired from Florida to Mexico this year.
Even with a paid for home, rapidly rising costs, especially on homeowners insurance-$9k a year had us doubting we wouldn’t have to work forever.
Sold the house.
Now 4 months into retirement and we wish we’d done it 5 years earlier.
Nice one
I had friends just retired to Mexico, the big place on Mexico west coast that the Love Boat used to stop at
yeah, in Colorado, property taxes are doubling, County raise the value of my house $175,000, i fought back, they wanted to raise it $250,000... and the State of Colorado wants County's to raise property taxes, are County by 49% next year, are insurance $2,220 more a year, last month, with the Lawyers and Roofers doing this rip off now, that's why Insurance Company's are leaving some States... talked to one guy about it, while trimming my tree, his In-laws are selling there house for those reason, and of course, those things rising, lower the value of house... wanted to sell, when prices were ridiculous the year before, but the wife didn't want to, she is still working, and she wished she would have retried before, now, when we could have gotten a lot more for the house... so i figured we lost about a $100,000 or more, when we sell in a year or so... and move next to the kids... Timing!!!
But you are living in Mexico. I hope you are fluent in Spanish.
@@jameshardin4895sadly, Colorado has been Califorincated by the California exodus.
I'm still quite far from retiring, but having helped manage my mother's decision by collecting information her financial planner wanted when planning to retire a few years ago, I was already aware of most of these things. The one big difference I have from my mother though is I assume I'm not going to have any children (there are many reasons for that which I won't go into). I'm currently seeing how much time my mother spends taking care of her mother, and up to a few years ago her father as well, and I'm scared about the costs of having to hire people to do these things for me, and that's assuming they can even be reasonable replacements for children in terms of actually caring about you. I don't want to die alone from some minor injury or being unable to get to a doctor because I can't afford someone to look after me when I'm older. Given the trends in health care in general, I have absolutely no idea how I'm going to budget accurately for that.
Seeing the deterioration of my grandparents has also made me much more aware of the utility of exercise, and I hope keeping good care of my body will make life when I get to their age a bit more livable without constant help.
Get long term care insurance
Some people aren't ready but their health will force them to retire, be prepared.....especially in America.
How much you need to retire on is all relevant to your situation. I moved to France at 46 (and retired) and bought a run down 600 year old house to renovate. It’s not the way I used to live and probably isn’t the way you live either but I’m happy living in less than I’ve ever had before. But then I have no debt and I can only spend what I get each month and when it’s gone, it’s gone.
I love this. Most people move to Latin America so this is very interesting.
I'm grateful to have a roof over our heads and enough to live on but we still need to be frugal.
Great video and looking forward to the retirement budget video. Thanks 🙏. Keep them coming.
My mom paid into LTC insurance for 35 years at a cost of a few thousand each year. So the total expense was around $70k. She was a very healthy lady so the insurance didn’t kick in until later in life. Many don’t understand that LTC doesn’t pay out until the person is incapable of seeing to their own needs on a variety of items, such as bathing themselves. So this might seem like it’s not worth it, and many never need the insurance because they go quickly, heart attack or similar. Mom’s in a memory care facility. In just the first year of insurance paying out, we’ve already recouped the entire investment. A few thousand a year for this insurance is a lot easier to afford than a nursing facility that runs $6-10k per month or higher. I always tell people to 1) get it before major health challenges (usually mid-late 50s); and 2) you don’t need to have enough insurance to cover the entire expense. Even a few thousand each month may make a difference to the care you can afford when your need is greatest. Medicare does NOT cover this expense.
I admit that I have more cash flow now than when I was working. I track all my expenses. Gas prices rise, I don't care. I only fill the truck once a month. Still investing in a non IRA mutual fund. Health costs are higher but once I take into account what has gone down, I'm still way ahead. I really enjoy being retired. Glad I'm was prepared.
My utilities have doubled over the last 3 years. Homeowners insurance went up 50 percent. Food expenses climbed 30 percent. This kind of unanticipated price spiraling can cripple a retiree trying to make retirement savings stretch, yet these aren’t getting a mention in your planning scheme.
Also once retired you can avoid travelling peak season, no longer need to flight on weekends, usually better fares are on Tue, Wed and Thu.
Yes, and you can finally take advantage of specials when they are offered during off season.
Not retired and i already do this. Im doomed as there seems to be nothing to cut. Food maybe? 😅
My wife and I actually saved too much for retirement. We get $16,000 a yr in pension payments, $48,000/yr for social security, and $36,000/ yr in stock dividends. We have everything paid off so we easily live on half our annual income.
I'd buy a C8 Vette convertible and go CRUISE! 😎
Me too
@@kencarp57
Nice!
Good place to be. I'm holding off on taking dividends. Reinvesting for now.
We are looking at not quite $75k with nothing from retirement accounts (we do have a couple IRA's and a 401k). The plan is to be mostly debt free although there might be a car payment, but it sounds like our house payment just became medical expenses.😄
Wait wait wait... $150/mo for cable. Yikes, is that what it costs? (Yes, that was my one takeaway from this terrific video ;-) )
cable is not dead yet, but soon, it is on life support.
Sadly... yes. That is why I kicked them to the curb 4 years ago.
Even streaming is getting close to cable as far as costs are concerned.
I couldn’t imagine retiring in the US with my giant property tax bill, and I did not want to be a renter so I sold my house, everything in it, and my car, got residency and moved to Mexico where I paid cash for a house and a new car. I retired at 62, took my social security, and am living my best life. It felt great to shed all the stuff and stress and start over with a clean slate. I was able to engineer exactly the life for myself that I wanted. I could not have done it in the US. This is a great video that made me feel even better about my decision to retire “early.”
Hi what state did you move to
@@maricarmenmendez593 Yucatán. I love it here!
@@MJA5 Such a rude comment. Yes, I have Mexican friends and I speak the language. I feel very much a part of the community. They definitely have a constitution.
I retired from Florida to Mexico 4 months ago.
Same scenario, but I’m going to rent the first year until I pick my perfect neighborhood to buy in.
Absolutely love it!!
@@MJA5 Thank goodness it’s not for everyone. You especially.
Saved $250 per month not commuting. Saved $260 per month on lunch. Saved $$$$, not shopping as a hobby. Recouped $$ by selling stuff. Only being on SS, pension, IRAs, 403b means a 12% income tax rate. We are living on less than what we bring home every month.
Medical bills is the reason you never have enough money. No such thing as having too much money when you're the working class
This is very accurate I am amazed at how little money it takes to live on with the kids graduated from college and out on there own and having the mortgage paid off.
Hi I’m retired getting $2500/month, a $1000 pension/month, and draw $500 from my retirement account. I have a mortgage, HOA, and my other bills. I have no credit card debt. I do fine.
wass there a question here?
Thank you for sharing Mary Ann. It helps others to see that it's possible to have a good retirement on $4,000. There are people doing it on $2,000 and still take trips & cruises and owns a house.
Many Finanical companies wants people to believe that you need so much more money and it may be true if you are the type of person who has expensive taste & wants.
Wow, you are getting more than I was when I was working! Bravo and enjoy!
Is $2500 from SS?
@@kristinab1078 yes
I can get more money. There's a check coming every month. I can't get any more time.
Time is fleeting. Enjoy it
That's astounding. @@HolySchmidt
An essential video. Some expenses and costs of working go away when retiring. Most people and systems miss this fact.
Planning for retirement when you are a caretaker for your special needs child is a particular challenge. Would appreciate you doing a series on this topic or being directed to someone you know who is covering it well.
I’d appreciate that topic too. I’m a widowed single woman raising my grandson since he was born, alone. He’s 6, I’m 69. I’ve adopted him. I retired from Nursing when he started kindergarten. For now, we’re able to live on Social Security, but I have to stretch my dollars. I do have a tiny pension from my late husband that I get monthly which also has health insurance with it that is my supplement to Medicare and covers me 100%. However, neither Medicare, nor my late husbands health insurance will cover my child. I have a little in investments, I started saving late so there’s not that much there, but it’s invested. Right now I’m not touching my investment money. When I finally do I’m going to use it for little quarterly “bonuses” for things like some local trips. I did my “ big” travel ( Europe, etc..) when I was young, and have no desire to go back to those places. If you are not retired yet there are a couple things you can do to prepare: First, build your investments as much as you can. Now is a good time to buy into the market as the market is down so it’s like everything is on sale. Learn for yourself, don’t just hand your money over to someone else. Next look on th Social Security website and see what your proposed monthly amount is. This will give you an idea of how much SS will help. If the amount is low. Then make these last earning years some of the best in your career to raise that monthly amount up. Social Security uses a formula to determine your monthly amount based on your 35 Best earning years. If these last earning years are better than earlier years those lower earning years drop out of the equation. Next, go over your budget and expenses, trim everything possible off it. Doing this now will help you find money to save. Become an expert in frugality. Watch ever You Tube video read every book you can find on it and implement what you can. Next what kind of supplemental income can your child get? SSI? Find out and maximize it. Can your child qualify for other things? State health care? Food stamps? Take advantage of those things. Next, how is the cost of living in your area? Can you move to someplace with a better cost of living during retirement? (Moving is my next step) Keep written records of budgets, savings, expenses, proposed places to move to. Make a written plan. That’s a start. My plan also takes into consideration my developmentally challenged daughter who will, eventually, probably, move back in with us. Best of luck.
Retiring next summer at 64, not taking my SS till least 67, will have a pension of 4200 per month, have no payments of any kind. Also have a large sum in a HSA , do not feel I need to touch my portfolio, but if i do, its there if needed.
These high pensions mentioned in the thread blow my mind. I have a good salary, but I will be lucky if I walk away with 2,200 per month.
I retired 7 years ago at age 62 paid off my mortgage.. To date we have not touched a dime of our retirement money. I have 1.5M in my portfolio. It took me 10 years to get to this goal. I started with a reasonable amount through my CFA ‘Olivia Rene Reyes’ My dividends are supplementing my retirement at the moment. It takes time and I invest in good companies every chance I get, and I make sure I never keep money in the bank. I never sell the chicken that lays the egg (dividends). I just eat the egg
Truly It’s all about accumulating wealth through compound interest investments
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth
Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply
Sounds like Las Vegas. Be careful
That is why I wanna retire ASAP.
I watch all of your thoughtful videos. I am an exception and a bit fearful. No family, single woman and an awesome nurse at age 70. Working for a large insurance company and own a home in S Fl. Scared to retire. But I think I will pull the trigger as the average age is 78. No major medical problems right now. Thanks for listening. Don’t like drama but support is always welcomed. 😊
I, too, am a single woman, and I can relate to your fears. BUT I retired early when I realized how miserable I was at my job with new administration (had loved it for 20 years), had an ill mother and a child who potentially needed help. Three years later, absolutely NO regrets. I realize every day how wonderful it is to have complete control of my time. I am wealthy by some measures, not by others; I can say I have always lived modestly and have no plans to change, owe no one, and am confident that barring a catastrophe that affects everyone, I will be able to live comfortably until my death. If you have not talked with a financial professional, that might be reassuring for you. Life is too short to spend all of it working! You have fought the good fight; now it is time to enjoy the benefits. I encourage you to not allow fear to make this decision. You can do it!
QUIT! You don’t want your “retirement” to be the ambulance ride to the hospital……..!!!!!!
If the work is stress free continue till you are absolutely ready to retire. Sounds like you do telework, working from home can’t be stressful.
Don’t be scared. Do it and enjoy.
You will wish you did it ten years ago!
Spend a few of your bucks on therapy.
Listening to you is so reassuring and hopefully for those of us waiting for this next exciting (scary) chapter to unfold...
Take it slow and steady
Everyone assumes this great advice for the married couple, I wish someone would cater financial advice to those who are single.
That’s valid.
5%+ interest on fixed income is helping this saver. 40/60 AA and interest on fixed income + dividends > my expenses. Still have Social Security coming between 4 and 7 years from now. However inflation is definitely having an impact on everyone’s living expenses. My Auto insurance nearly DOUBLED in the last year. I was able to get a reasonable rate for Homeowners insurance but I’m hearing horror stories from many of my neighbors. Thank goodness for the ACA my health insurance is reasonable even though I had a health scare last year and met my maximum OOP. My biggest accomplishment is getting my daughter through college debt free. She is now making more than I ever did 😊.
Nice work!
Stellar content as usual. Retired couple of early 60s. One car and two e-bikes.
Sounds perfect
The average American woman spends her last 15 years single because men die so much earlier, so it makes little sense to even consider a "two person" retirement.
Well, the average age that a 62 male passes is age 82 and average age a 62 year old female passes is age 84. While individual circumstances may vary the math suggests the opposite.
The ridiculous claims made by the financial world for retirement purposes shows who NOT to trust. If you own your home free & clear chances are your going to do fine. US residents need health insurance coverage not so here in Canada. Remember once retirement arrives you dont need a new car for commuting or the 'work' clothes. Travelling really not that fun due to crowds EVERYWHERE.
I bought my rural acreage retirement home many years ago, retired in 2019, debt free, moved and sold my two story house in the city beginning of 2020. My expenses for housing are about 1/3 of what they were in the city. No water/sewer bills, lower elec/gas bills, as my retirement home is only 1k sq ft. Since I don't live on, or near any coast, my house insurance premium is low, and my property tax is just over $600. a year. I save money monthly, out of my SS alone, so haven't had to use money from my pension, or what's in my IRA yet. The employer I retired from reimburses me monthly for all my medical premium's, including Medicare, and supplemental. Even though I planned for my retirement, it's working out to be even better than I expected.
Love your CALM, Detailed presentation... Spot on with REAL LIFE Income. .... Well Done.
car is freedom. Both drivers need a car
I hear you
As long as you can afford it. I agree.
Unlimited bus pass is 600 yearly to access all the museums of the national capital region, DC.
2000 yearly for unlimited bus and subway
If you are debt free, own your home, own your car, have health care, and a modest and steady income you should be fine.
do you think should is a plan?
@@DrSchor If you have everything I said in my post taken care of you will be fine unless something extremely horrific happens. No plan is ever 100% which is why I said should instead of would. As an example: Most people that die unexpectedly in the middle of the week probably had plans for the upcoming weekend. However, you should absolutely plan on having your debt paid off before you retire. I did. I retired at 59. You can't retire if you have a lot of debt no matter what your age is.
I agree this is a solid general principle for most. Works for me!
Excellent video , new to retirement and helped ease some of the concerns I had. Thank you!
I am disabled and 60. I get subsidized housing limited to 38% of income, get free tuition for grad school and free meds, free rides to appts and free bus fare
How about those of us cleaned out by the ex at the divorce and then by alimony which prevented retirement saving? The only way to prevent that is to never marry in the first place.
Keep that in mind, younger men.
jewish lawyers prevent that
I will retire ten years after my house is paid off. That will allow me to live off 75% of my Social Security. I won't need to touch my large Roth IRA and can give it away as I see fit.
on the internet, no one can pat you on the back. or hear you scream when your plan fails.
@@DrSchor true. There are events that nobody can predict. Thankfully, it doesn’t take much to make me happy. A good book and my screened in patio are all I really need.
Thanks for a more realistic health care cost figure. I had previously heard over $200,000 just for the female so $318,000/couple sounds better! I agree it’s not all at once and May mostly fall at the end. Hopefully a do not resuscitate will help prevent destroying life time savings for the last days
Many people do not live in major metropolitan areas. Our parking costs for a 2nd car, just like the first one, are nothing in the driveway of our paid-off house. The car itself is paid off and maybe we do most repairs ourselves. An older car in such an area might only cost $400 or $500 per year to insure. My old camry costs less than $600 per year just sitting in the driveway and to the extent it is driven, it takes depreciation off of the other car and running costs (gas, oil, tires, etc.) are there whether you are using one car or two. If you have two cars, then it is easier to maintain and repair them yourself.
Thanks for the video. I feel better about the calculations I have done for the future. Obviously a lot of people tell you that you need much more. Well I live in rural Indiana. My family of 4 lives on less than 4k a month. In retirement I could see eaily living on (the equivalent based off inflation) of only 2000-2500 a month. The fact that I (should) have around 500k saved by the time I retire, which means, with SS we should be able retire very comfortably.
I'm worried about the cost of healthcare, Medicare premiums are actually higher than what we were paying for my husband's union health insurance plan a month. His union is giving him a Medicare Advantage plan at 65 with a fairly high deductible compared to the $600 family deductible for both of us we had before and I have no idea which doctors are going to be covered under the Medicare Advantage plan. bc he hasn't gotten his new card yet.
I think it all comes down to lifestyle. If you have a paid off home and like to stay home most of the time, retirement can be cheap. Of course eventually we will face rising health care costs as we age, but this is nearly unavoidable.
I e joy your videos. You should bump your volume up a bit though
Thank you.
Congratulations.. regards from Athens Greece...
Unless I missed it because I was doing something else at the same time, you left out a big one - income tax. SS for most people will be taxed a lower overall rate. Also, if your income was from self-employment, you save 15.3% on FICA taxes since you were paying both the employee and employer share when self-employed. Great video though. Though I'm an accountant too, my girlfriend will not listen to me about the numbers even though she is scared to death of running out of money which, by my calculations can only happen if she lives to be approximately 356 years old. I'll send her links to your videos. Hopefully, she will listen to you!
Our income tax rate went down to 12% ‼️ I don’t worry about state taxes at all, no need to run to a no tax state.
I probably fall in a less than 1% category. I'm 63 will retire at 65. Annual income averages 70K. Have 400K in my 401K. Not planning on filling for SS until age 67. At 65 I will purchase a custom van for travel. This purchase will be around 200K. Half of my retirement account. I have no problem doing this. Knowing I will have (hopefully) 10 years to do and go as I please. After that, I really will have very little need for much income to live on. My hope is to die with very little money left. And yes, I have 4 grown children. All very self sufficient. I have never believed in working to be able to leave money to ones children. I actually see that as a very conceited thing to do. You can not control them or anyone else when you are dead.
Amen to that.
I lead a very laid back lifestyle. Everything I own is paid off. I dont need to spend money to be happy! I live on my $4,000 a month income. Really I live on half of that. Do plan on some travelling. Nothing extravagant. Im happy with museums. local sightseeing, ect. Im very happy and content. I just turned 71.
I don't plan on my earnings. I plan on my take home. Then, I have to plan that I will be taxed for my take-home social security pay. It's daunting.
Moved to a safe place . Free Healthcare, No car ( can walk everywhere but rent a car if needed), no mortgage ( paid in cash), 5415th on the cost of living index by numbeo. Live by the ocean , great gym , local markets. Utility costs are 1/10th of UK. 3 private pensions + state in 2 years time. Not a millionaire but don’t need to be. Time is the coin of life.
My house has been paid off since 1999. No car payment or credit card payments.
This is the only way to do things.
Just wondering, how old were you at 1999
I'm 58 and retiring at 62 with 2300 in SS a month. I will only have around 150K in the bank. But my home is paid for and in top shape. My cars are paid for and great cars. I owe nothing in dept(zero). I own the lot beside me and its worth 30K. I only have food, taxes, power and daily needs to pay for. My wife will get around 1200 SS a few years later at 62. I made 1.8 million working since 16 on my SS statement and lived well for over 40 years. So why would I need more to live 20 years or say 30 years. I don't drink or smoke never have and healthy. With the ACA insurance it affordable. I have a small welding shop at home to make a few extra bucks. I'm not working till 67....no way! I don't need a million dollars to retire. I don't need much. Key is no dept!!!
I enjoyed the alone time during covid as I’m an introvert. What I didn’t enjoy was the death of science and all of the nonsensical things like lockdowns, mask mandates, 6’ spacing. As a retired engineer, it was painful watching the death of science.
yeah, in Colorado, property taxes are doubling, County raise the value of my house $175,000, i fought back, they wanted to raise it $250,000... and the State of Colorado Congress, run by Lawyers, wants County's to raise property taxes, are County by 49% next year, are insurance $2,220 more a year, last month, with the Lawyers and Roofers doing this rip off now, that's why Insurance Company's are leaving some States... talked to one guy about it, while trimming my tree, his In-laws are selling there house for those reason, and of course, those things rising, lower the value of house... wanted to sell, when prices were ridiculous the year before, but the wife didn't want to, she is still working, and she wished she would have retried before, now, when we could have gotten a lot more for the house... so i figured we lost about a $100,000 or more, when we sell in a year or so, and not what the County said it's worth either... and less money, when we move next to the kids... Timing!!! The way things look, because of Inflation, the wife might have to work another 3 years... part of that reason, is the Lawyers and the Roofers, wanting $43,000, for a $18,000 job... the insurance company is threating to Deny are Claim... Use the Insurance Company's list of roofers... or tell the Roofer, before you signing anything, give me an Estimate, and give it to the Insurance company first... never had this problem before, with 2 roofs... that Lawyers for you, when they stick their hands in it... it started in Florida... $50,000 roofing jobs... and they won't change the State Laws, because Lawyers are the ones in the State Congress's... Careful !!!!
Sure hope so because I see where SS may have cuts coming in 2025 (those born after 1960)
My only expense is rent $750 and internet $55 . Groceries and everything else comes from Social security. I have no savings. I just stay home and await my end. I'm 66 so that could happen any time.
my adviser is telling me i need 7K a month to live off of when i retire. I'll have car (this year) and home all paid for before then. That seems very expensive to me, i have 8 more years to 65, wifes plan will pay her 2.8K a month pension, SS is estimating me around 3k at 65. This not including my IRA's and 401K. i wish I could retire sooner really.
You’d be surprised what you can do in 8 years if you focus and work toward it
I owe 80K on the house, I'm trying to pay it off in 5 or less years. I'm saving 20% also with 130K income for me, not including wife.@@HolySchmidt
Scooty, I would suggest you create a spending journal (or spreadsheet...whatever), to track your typical monthly expenses. My wife has been doing it out of habit for years. It gave us a more focused monthly amount to plan for. You and your family can better plan than some advisor. I just say this as I hope you can retire sooner rather than later. My wife & I are in our early 50's and plan to be done before we hit 57. It always makes financial sense to work another year, but you can never get that time back. Plan, budget, and retire ASAP. Enjoy your years! 🙂
My wife has that in detail for the past 20 years, good advice. @@martinvotruba117
Start listening to the Dave Ramsey podcast. It's really inspirational and helps you stick to a budget, and may help you pump more money into the 401k.
Hi Geoff, I hope you and your family are well. Thank you for your videos. They have been very helpful.
You are very welcome
Thanks for the continuing advice on important tax and retirement topics. I spend a lot of time working to optimize my financial decisions and am always glad to find things I may have otherwise overlooked.
Thanks Jeff
Most people don't save enough to cover the additional cost incurred from a one time hospitalization or two which is inevitable as we get older. Hospital and then a good chance you will need rehab will wipe out your savings. In order to cover the cost most people have to sell their home. This sadly is what happens to most people at the end of their lives. Hospitalization, and when the money is all spent down they put you on medicaid and it is off to a bad nursing home to end your days. So, you either have to save A Lot of money to cover hospital and rehab or don't even bother because all that hard work and savings is still going to be quickly eaten up in hospital and rehab, nursing home charges, you are then put on medicaid and you will end up in the same place anyway. A bad nursing home.
when folks are trying to determine the retirement budget.. why don't they just use current 'take home' pay... rather than salary ?? seems a bit more simple ... no? -- and asking .. these xTimes current salary figures.. I assume these are against 'salary' rather than 'take home' $ ??
I disagree about the cars. We have older cars we maintain. We have different activites and part time jobs in different directions. We do more things together but have many separate activites.
No local public transportation, nothing in walking distance and I don't want to do Uber. We fit them into our budget.
Haven’t watched that regrettable purchase video….but I’m guessing one of the top ones are RVs….just speculation🤙
Stop reading the comments and pay attention to the video 🧑🏼🦲