Can I Afford To Retire Right Now?
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- Опубліковано 25 гру 2022
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I'm sure this gentleman would crush it at a Lowe's or Home Depot if he can stand and work with customers well.
Good idea
The concrete floors are hard on the joints.
😮😮Life can change in the blink of an eye. An accident caused my husband to be disabled at 45. It changed everything. So kids, plan ahead.
He would be a good Vocational Ag Teacher or train other people to be carpenters. It's hard to find a good carpenter so invest in making other people good at that skill to help those of us out here that are good at other things.
Facts
Problem is schools are more interested in "diversity" hires than qualified instructors 😒
Great idea.
Yes. I agree. He's verbal. And a listener.
Wood shop instructor at local high school. Think he’d need to get teaching certificate though unfortunately.
Good wisdom and discussion by Dave starting at 6:20. Reminds me of good old days when Dave was by himself doing rants, giving advice etc.
This guy could offer consultation services. A lot of people build their own home/shed and need someone experienced to look it over to make sure it passes code or for advice.
I do this pays a few hundred here and there
Great idea.
My second half started at 35 years old. I'm currently 37 and loving the decision I've made!!!
Begs the question, What was your old career, and new?
Dude , leadership in the carpentry field, this guy has a ton of knowledge as long as he can lead and teach
Question not asked: Will you have access to health insurance if you retire early? Medicare doesn't start until age 65. Sourcing your own health insurance can be expensive.
You get Medicare if your fully disabled
Double knee replacement might qualify him for SSD.. which gives him access to medicare in two years
Private insurance
The cost of health insurance premiums is out of control, never been higher.
This is what keeps me from retiring.
Seriously, my husband is the same age and his shoulder and one knee is shot. He is non-union and if he had this option it would be wonderful. It's not that easy to say, "You can do so much." These men have literally exhausted themselves both physically and mentally. Many think it's not a mental job but it actually is. You have to get trained in something new which means going to college at 57-58 years of age.
I know about this, my grandfather worked for Ford for 34 years but he is very healthy older man now. My father still works for Ford plant in Michigan now and will retire there, but he has had it rough on his body for ages now. They used to have to pull cramps out of his legs, exactly why I chose not to pursue that line of work since I know how mentally and physically draining it got. Pursued tech instead and got a degree in Computer Science.
Its GREAT be a carpenter I just had to get a double knee replacement and cant walk but those green backs were so worth it.
Construction or permit inspector might be a good field to transition into, either starting your own business or working for the county or city.
These jobs are political in alot of cities! hard to step into for the average carpenter
Agree. Great idea.
There are lots of opertunities for his skills. Estimates, consulting, buyer, Forman of a crew. I just had a construction worker visit my house just so I could explain what I wanted to do and if I was going in the right direction.
Health is crucial. 😩
I kneeled and built everything as a construction worker. I loved the job. I quit due to poor working conditions and my health. I have enough work keeping my stuff clean and maintained.
With that much experience he could easily make more doing home inspections fora Realator or becoming a contractor, county inspector, moving up to Forman in the union, and so on, it will work out for him if he thinks about his experience
I agree with Dave about the second half needing to be meaningful. I find myself being picky about a new job or career at age 54 because I want it to be significant. Not just for the money.
Right there with you, seeking my next act now.
@@erichearduga forget the money. Do what you think is right. That's my struggle.
I like that idea of an “encore” job. Less stressful, but still meaningful
This is one area I really disagree with Dave on. You do NOT have lots of time if you are roughly 60 years old! At best you have 20 more years of doing most anything you want and many will not even live that long, for most it is 10-15. Life is not about stacking as much cash as possible and working until you can brag about your net worth.. This guys should figure out how to set his expenses at 3,100 per month and then pick up a part time job if he has to and wants to and it should be something he loves. He should think about what is important to him outside of work and make sure to focus on that before it is too late. In addition this guy will get SSA which between his pension and SSA is more than enough to live on. Dave is NOT the guy to call about "Should I retire", but Dave IS the guy to call about how to get out of debt, stay out of debt and build wealth over time.
Agree
average age is 72.6. 76 for women. Yes there are much higher and lower life spans but at the age of 72 your odds of needing care or serious medical issues are exponentially higher than when you are 58.
Life is about living. I'm assuming this guy would prefer to work a few more years to get the extra cash so that he can live more comfortably for the rest of his life without having to run a business until he dies.
He could teach carpentry in an evening class
It sounded like in his voice that he was hoping Dave would endorse the idea of retiring a bit early. Dave wants to preach working until the day you die if you're poor. I guarantee you that Dave has soft hands...
He can still be a carpenter.
He can be a GM, or a PM. He can stay in the same kind of line of work.
Ramsey, I really like your programs.
People call in from Ohio pretty frequently! Fellow Ohioan here who is proud 😁
Why does this guy not get it ! Change careers like Dave said.
Because you love to build and repair stuff and you enjoy the lifestyle and the body can't handle the abuse. Just like a pro athlete/ entertainers get injured? That's what they do. Easier said than done.
its really hard for older generations to learn to do new things
@@reesercliff that's ignorant
What about a supervisory or desk job within the union structure?
🤣 that's a death sentence after you enjoined a career in the field 🤣
This takes politics
I’d take the money and do some odd jobs. 3100. is nothing to sneeze at.
That's a dam good pension
Could he work at a high school or community college to teach skills?
No way. He is 58 and his body is shot from physical work. He can retire or take a part time job while living on his pension. He is ready. On average men only live until 75.
I'm 59 and my knees and I got hip going bad I'm just hoping to make it to 62
Who are you to judge?
@@terryclouse3340Exercise and see a physical therapist. It is worth the investment .
That's life expectancy from birth. A 58 year old man can expect to live much longer than 75.
A man who has already made it to age 58 has a much higher life expectancy than average.
he's perfect candidate for Passive-elastic knee-ankle exoskeleton . And train and help DIY folks virtually with via zoom or paltap .
Almost all union pension have a disability clause to be able to get full pension
Physical Therapist here. Every situation is different and should be individualized but to NEVER kneel or get on a ladder is spotty advice. This completely changes his life. So unfortunate to think this is his only path.
PT here also. With good PT and a good surgeon, he could absolutely return to kneeling. For someone to say he will never be a carpenter is sad and honestly a cop out by his PT
Thats what I was thinking. I have seen guys climb poles after knee replacments
The drugs and the secretary in the red convertible sound pretty good!
Carpenters are smart!!! And they should charge more! IMO
They do, but a lot of them get undercut by immigration. Plenty of skilled workers coming in from south of the border lowering wages.
@@stevecooper7883 Tech world deals this blow too.
Let that be a lesson my knees,.my back, my shoulder.
$65k a year is Really low for a union carpenter
Not for a base salary in a rural state. With OT, he has probably made more like $80k at times. He did allude to being unsure exactly with OT.
Question not asked: At age 58, does he have any "dependents"? (Children)
Kids: Learn about compounding interest!
I invested in my “401k” for ten years before I really understood compounding interest and how fast it starts adding up after some years.
@@These-times-are-awesome would like to hear more
@@Combat_Medic I've made more in compound interest than my yearly salary ( not counting 2022)
Absolutely
As mentioned below, If he 'retires' at age 58,
How will he pay for Medical insurance, Dental insurance, his Union? ?
58 is a long way to Medicare! Plus a mortgage...
He's got to get into another Company or a Bussines for the bennies.
They must not remember middle class expenses.
$3100/mo won't go far if you have poor health.
The union may have retiree insurance, I have it through the Teamsters, pretty much the same as when I was working at UPS, $200 a month
The hosts didn't ask any of these questions so we don't know much about his financial situation.
The trades can pay a lot of money, but this guy is an example of somebody who has not done very well. He made $60-65k in a job that destroyed his body by 58.
Yeah I was shocked after he said how great not going to college was that he only made 60k. From how he was talking after having his knees and shoulder destroyed before 60 I thought he said he was going to make 200k+. An entry level job in tech with a bootcamp class pays more than what he was making at 58 with a destroyed body. How did he trick himself into thinking he was a winner?
He does get the 36k a year pension. That's like a 3.5 percent withdrawal rate on a million portfolio. Better than a lot of people!
There are many jobs that do that. Sadly.
My brother made the same amount of money working for a cement company for 40 years, pounding concrete. His body was destroyed by the time he was 60.
@@Wablestomp2 it's a different lifestyle. It's called blue collar worker.
Drive a school bus until you decide which direction that you want to pursue. Also you will meet a lot people with ideas .
Sometimes the schools offer additional work to the bus drivers just to entice people to drive the buses.
That’s great advice. Bus drivers also get health insurance.
I retired at 58. I still work additional jobs. I looked for jobs I can make my own schedule. Not work when I want time off to travel.
Dave, it’s LYMA, like a Lima bean.
When you work the trades, there is a good chance that you will be messed up physically (typically, knees, back or shoulder issues) by the time you are getting in your 50's.
Should be an inspector for the building department
He starts by saying how great his trades are but the entire call is how he has to retire early because his body is destroyed from the job and he is disabled.
You do a physical job for 30 years and your body is shot. You have to get out while those with less taxing jobs can keep working for another 20 years. Something to consider when choosing to skip college and jump into the trades.
Sitting at a desk for 40 years is not a healthy way to go either.
@@truckingmoney485 With desk jobs you need to be really disciplined with diet and exercise, play some sports and use a sit/stand desk to compensate!
@@truckingmoney485 it’s much less taxing on the body and if you have some kind of injury, you can easily keep working a desk job. Just because you sit at a desk while working doesn’t mean you can’t workout and eat healthy after you get off work.
@@donnakenny9345 Trade-off because he can collect a significant pension at 58. A lot of desk jobs don't pay what he's making and you HAVE to work another 20 years if you don't invest very carefully.
This is the thing about the trades; your body wears out and you have to plan on a second career.
Yes, it pays well and kudos to him, but he missed that irony. When they ask what else he can do, he is very limited on options that his body can handle.
$3100 is more than enough if you have a paid off house and cars
Yup. Done all the time.
Not if it doesn’t increase automatically with inflation.
@@blackworldtraveler3711 Plus ~$2000/mo SSA at 62
@@aolvaar8792 -Not many make 2k at 62.....you only get 70%
He said he has a mortgage.
Also you cant just wait to take your pension till later. You need current hours of service for it to count.
Not necessarily true...that was not the case for this caller. I know it's not true for mine. I could work 25 years and then do something else while not collecting yet.
I worked on my knees and climbed ladders for over twenty five year's. I love the work, but the body can't handle the abuse. I worked year round in the worst weather conditions. I built two houses and now work in a grocery store 🤣 best decision ever!
I agree my least favorite part was working in terrible weaather
It's good to be able to scale back. If I need the extra income in retirement I'd likely do the same. It would also keep me busy.
Time to start teaching the younger generations. Use your knowledge to teach them how to do the work.
What about social security?
How about building cabinets, you don’t have to install them , custom cabinets are in big demand
I was thinking that...home furniture, kitchen items...he could work with wood as an artisan business.
Found my sweet spot! 🙏🔥🎆
I retired six years ago with $200K and no problems. I have a mortgage, car payment, and paying my son’s college. All my money is safe in the bank.
Kids, make sure that you begin paying yourself (investing) the moment you begin working your full time job. Live within your means. Learn that nobody is responsible for yourself but you( despite what nonsensical pipe dreams the Democrat party promises you)
Start buying stocks in good companies as soon as you can
Buy stocks that pay dividends as soon as you csn
Just buy an index fund. Don’t purchase individual stocks.
Yes because the Democratic Party is truly the villain here? You self-righteous buffoon.
It’s not an issue with society or the systems that your generation created? That couldn’t possibly have anything to do with it?
Good grief people like you make me want to pull my hair out.
Buy cypto as soon as you can (I'm joking since everyone is proposing different instruments)
People are facing 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.
You can use 72t and retire early without any penalty
65k working a lot of overtime is not what I would find appealing. Maybe if you're living in a cheaper country.
And this is why you pay off your house. 3K a month is nice if you dont have a morgtage.
Healrh insurance! What are his options?
Get catastrophic coverage through a cost sharing program like Zion and start seeing a direct primary care Dr or a Dr who only takes cash.
don't bring your ID to the emergency room
basically this man has spent every dollar he has ever made. 58 years old 34k in savings that was given to him and house isn't paid for.
Divorce?
@@Corkfish1 guys in unions don't save money. They count on union pension
Given? Those are contributions from the General Contractor who payed into his Annuities/Vacation/Healthcare/Pension for work performed. 🤷♂️
Pension deductions. Less pressure to save a ton. As you heard, he'll collect $3100 a month now or if he can wait $3800. House isn't FULLY paid for, but it sounded like it could be by 62, so he's pretty close. Makes sense. He likely bought it in his early 30s on a 30 year fixed rate. Yes, with an advisor earlier, he probably should have done something like a ROTH IRA, but when you have a pension, you're less pressured because you will collect a liveable income.
I always thought that most tradies move into the business management side of things in the second half of their career when their bodies start folding.
Lots of time at 58?
$60k/year is good wage, where? 3k/month is only good if there isn't any inflation and you have no debt. Being a carpenter is great until you loose your knees at age 50.
$60k is good in a lot of rural America for a single earner. Average per capita is $59k and in rural America, it's only $45k. He also mentioned OT, so he may get upwards of $80k some years. He's also 58, not 50, so he's very close to retirement age.
Question not asked: does he have a spouse? Does she work?
Take the pension, get a part-time job at Lowes/Home Depot. If you need health insurance, look into Obama care.
Was about to comment the same thing. Could easily get to 4-4.5K/month with that pension and a part time gig.
He said he got his son in law started in a business. Can't he go back and work with him?
50 - 65 are the best years for income
People over compensate. If your mortgage free, can certainly live on 2000 a month easy or less , and in any state
I don't really think 90 percent of people have 1.9 million for retirement 🤔.
Better to focus on self than percentage of population.
Depends on the individual and earnings/spending lifestyle. Can live on much less than that.
Many blew their chance not saving,investing,living within means,avoiding debt,etc... Many had more necessary and unnecessary expenses with FOMO,YOLO,etc..
Nobody including myself has that kind of money for retirement most people far from it.
When you work a pension job, you may have less "savings", but steady income throughout your retirement years. As a teacher, I have a lot of money taken out for the teaching pension every month. It means my take-home looks a lot smaller than my gross salary, but it's worth it later.
I’m not going to have a mortgage payment when I turn 50.
If he takes it now and still goes and makes some real money most of his SS will probably be taxed. He need to take that into consideration.
CORRECT- they didn’t discuss this, is is taking social security early? I wouldn’t do that at all
There's typically a limit to what you can earn, but you still can end up making more than staying at home. For example, he might be allowed part-time work up to $1500 a month or something like that.
The video title has nothing to do with the content. We have no idea how much this guy spends and cannot actually answer the question.
It's time for Home Depot
Move to working in ways that don't continue degrading his health.
He has doctor's orders.
He isn't just going to accumulated retirement. He can apply for SSDI and disability pension from the company/union if he can't work as a carpenter at all.
There are alternate jobs.
But he may not like being the guy running the chop-saw (typically a low ranking carpenter) cutting 2X4/6/8 to ordered length as one guy feeds him wood and another takes cut pieces up to the guys swinging hammers.
You can do that sitting on a stool if the cut station is set up right.
A bit of self discipline to not go and tell others "stand back, I'll show you." and be back to climbing ladders and crouching on knees.
He needs to be discussing what he CAN do with "wizer heads" that have already had to deal with this.
Definitely an option. He could possibly start a personal business building furniture or kitchen items that don't require he do nearly the bending.
Hmmm - 58 years old, making a max of $60k including overtime and needs both knees replaced.... I think maybe college would be a better way to go than a union trade. Some sort of desk job can pay a lot more and is much easier on your body.
60k as a carpenter wtf? Im at a wearhouse chillin for that salary
He can hang up his boots and enjoy life now. Live life, can be over in a second, and will be by 80, highly likely. People need to look at life. It ain't all about working
Teach carpenters classes to youth?
The answer, is to send more money to ukraine!
🤣
LoL right
Dont be an id…t, Ukraine just got some of needed weapons for survive but US manufacrurers got bilion orders for new one. This is mega business for US beneficiaries. Thats why the war is going on
😂😂😂
See you joking after first russian nuke on Washington, DC
if need just food money, just drive uber, few ours a day, make 50 a day, he is good
Edward Jones will take a big chunk of that savings. He's already 58, just let him retire already.
It's disgusting how he cuts ppl off. The man is simply looking for advice and not far from his age
Construction doesn't have to hurt your body if you work smart. Maybe he's overweight and never wore knee pads when kneeling.
Depends on the person, my brother has always worked in an office and had to have knee replacement
Poor guy
He beats up on college and touts the trades, yet hes 58 and broke - financially and physically.
✝️🙏
Cdl
i made a deal that my wife gives me a dollar every time she farts..... now im debt free! 🎉🎉
This is why you don’t want a mortgage at this age. He wouldn’t even have a dilemma if he didn’t have one. It boggles my mind when I see people I know in their mid 50’s overspend on a new house which includes a nice fat mortgage payment.
I think he's almost done from the way he said it. He likely bought in his early 30s and is at the tail end of a 30 year mortgage.
Answer is no, he can't retire comfortably with a mortgage on 3k gross a month. He should retire from his line of work due to health reasons, but he should keep working doing something else.
If he has a paid off house, $3k is fine
lol Dave does not allow his cohosts to say volunteer or non profit. This woman hasn't learned that yet!
Non-profit is nothing but a tax status. It is an otherwise meaningless term.
In many countries 58, 60 is the retirement age . Why is USA so stringent people keep working till 67😢
SRB
yes the world will keep spinning without me ,..... won't to / cab they afford to not ,.. get the money for the peoepl they owe ???/ will let's see ///
SRB
hey I sto-pping really quick / it hard to do this and .... it hard though
He was in a union, but making only 65k?
If he wasn't in a union, I'll bett he would have been making a lot more.
Yep the money he generates had to pay the annuity for those older than him.
At least he's getting that nice pension. My friend retired from the air force, 20 years enlisted, his pension is only 2k a month
@@imveryhungry112 He could have been making over 100k.
So with that and investing, a pension means nothing.
Not necessarily
@@karlabritfeld7104 Yes it can.
Some unions will only allow you to work for one company and not allow you to do side jobs. Or can only work in certain weather conditions. Or work certain hours.
All of them are not like that. But some are.
He has decades of experience, and only making 65k?
Double knee replacement. Yet he stated that "a union trade is a great thing." Consider this young people. And do not ever go into this line of work in this day and age.
Be a truck driver
Teach a class
Please remember this channel is as much for entertainment as information. My in-laws made the mistake of taking everything Dave R. has said over the years as gospel. This unnecessarily lowered their living standard while working and even more after retirement. My father-in-law had high paying jobs his entire life and due to DR's recommendations, he always felt poor and like he wasn't saving enough. They both lived into their mid-eighties and died with almost a million dollars just sitting in various accounts while they lived very frugally in retirement. Just sad.
That doesn’t sound like Ramsey’s advice though. “Live like no one else now so later you can live like no one else”. “He always felt poor even though he had high paying jobs” - that’s not a ramsey problem sir, that’s a personal problem.
Mortgage in late 50s. No thanks
I realize we are not all fortunate enough to be debt/mortgage free before 50s. It should be a goal perhaps.
$326/mo PITI, so what?
Invest invest invest and when your tired of investing invest some more and yes you can still enjoy life to the fullest
Standard Ramsey 2nd act: fentanyl and overdose..my tax money will pay for his methodone treatement..