The Truth About Retirement: Are You Financially Ready?
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- Опубліковано 2 чер 2024
- This video discusses the very important (and scary) question, can you afford to retire? The video compares the five main areas of retirement spending against three types of retirement: Spartan, Average and Wealthy to help you come to a better understanding if you are financially ready to retire.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Check out one of our most popular videos - 4 Major Social Security Updates for 2024: What You Must Know -> ua-cam.com/video/zBCmA5Xx7U0/v-deo.htmlsi=UKlzbdkAe1kuk20O
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
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I’m taking the hybrid approach; VOO and SCHD as my foundation with growth like MA, UNH, HD, O and PEP. I have a 20 year time horizon, and the best part is I still enjoy my life while doing this, touring and buying things I love. I appreciate the small victories so far, but aim for more.
smart move, recently moved out of a couple positions and kept about the same dividends, but ideally you can simplify things with the help of an advisor and still make a big killing
@@CarrFreeman quite a huge return! wonder what makes up your wheelhouse, been debating on growth stocks to buy and could really some help at this point of economy instability, would you mind connecting me to your fin.adviser please?
@@CarrFreeman just copied and pasted her full name on my browser, found her site first thing and skimmed through her credentials, no doubt she seems extremely professional... thanks for putting this out
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.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “JENNY PAMOGAS CANAYA”, and she's is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field. Most likely, her deets can be found on the net, so you can confirm yourself..
I am 63. Worked all my life. If I were to retire today, my SS pmt is $924 a month. I have been single for the past 20 plus years after my ex divorced me. My job as a legal secretary never allowed me enough in earnings to save. I have lived pay check to pay check. Families with 2 incomes struggle, so one measely income made my life miserable! I own nothing, lost it all in the divorce. Never been able to buy a home, new car, etc. So I am screwed. I think it's just terrible the way our government cares for the elderly. I have a friend who is in the same boat as me. She's been a single person working as s legal secretary. She's 74 years old, tired, sickly and still has to work to meet her needs. This is a sin that our country's greed with all it's wealth allows the most vulnerable senior citizens to have to endure such cruelty. God will not let such injustice go unpunished.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipate. 30% of the $600K I invested in st0cks is lost to the market. How can I diversify my portfolio for retirement
It is advisable that you redistribute your capital now that you are retired and dependent on your investments. You could assign your resources with the assistance of a financial expert to streamline the procedure.
I discovered an expert who really assisted me in growing my portfolio from $275k to approximately $850k in two years because I needed a substantial push to help my declining stock portfolio stay afloat.
This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advsors.
You are fortunate to have such minimal losses.
My first retirement account and those of all my coworkers at the time were vaporized. As in total loss, with zero recovery.
The money manager went rogue right before the 1987 crash and wiped out the entire portfolios of several thousand people, me included.
I have found working part time at a job I love brings me a little more income, gives me a purpose and is rewarding.
I have some retirement money set aside but I don’t touch it. Because my house and car are paid for I manage to live on my Social Security alone, which is $1300 a month, and am still able to save anywhere from $200-$500 a month. I’m healthy and take no medication so that is a big help. I have taken five trips to Mexico and a cruise to Alaska last year, so I am not depriving myself. I do live very frugally but I get a kick out it. I am 83 years old and it’s working for me so far.
Good job! :)
didn t you watch the movie about the iceberg? alaska? really?
I bet you have never had huge debt. Like myself I live frugally but very well. Never had credit card debt. No designer handbags never wanted them
@@keepingitreal618 I never had huge debts, but when both my husband and I were working I got a little sloppy with our finances, there were some overdraft charges, etc. The less income I have the better I do.
"A room to let" that's term I haven't heard used in at least a generation!
Lol. That is the accountant in me coming out!
Trailer for sale or rent
Rooms to let for 50 cents
No pool no phone no pets
I ain't got no cigarettes
You know the rest ✌️
Can you? That depends. For many…if you wait til you can afford to retire…you never will. Nothing is promised….nothing. Nobody lays on their death bed saying…” l wish l worked more”
The truth…ld personally rather have more time than more money…it’s the sunrise in the park..the sunset on the beach….it’s the moments in life that really are what count.
If you can sleep at night without worrying about getting groceries….can meet your bills with some left over to do at least a bit of what you want…you’re pretty well off
I HUGE part about retirement is not having as many expenses. I have planned on funding my Roth IRA till 60 and having my house paid off by 55. As long as there is somewhat of a Social Security system in place, I will be able to live off that when I retire at age 67. Then, I can use my Roth IRA or small Traditional IRA to fund anything other special needs. I am thankful that all I need to be happy is a nice porch swing, a good book, and a small breeze during the day.
Please encourage seniors to make use of food pantries. No shame in needing help especially with nutrition. Great video.
Truth. My mother has low ss. Last year I found a cheaper medicare plan, monthly food assistance, yearly oil assistance for my mom.
We’ve been retired for 10 years. I think the big question is do you have a plan for retirement. Many of our friends don’t retire because they don’t know what to do with themselves so they don’t retire. We hike and backpack. It’s good exercise and we don’t kill our investments.
Congratulations on your subscriber base. It is well deserved. Thank you for this quality content.
My pleasure, thanks for noticing!
This video arrived in the perfect time for me. I just crossed a birthday that puts me just a handful of months away from FRA.
Thanks, Geoff, for guiding me along the way for several years now.
Happy birthday!
My Spartan Plan has $55 internet with $12 mobile phone bill. No cable. No streaming subscriptions.
Phones are all used and $59.
No contracts.
$67 a month total.
Love that!
Thank you. Valuable info.
Always great advice.
Thank you Sir for the advice. Much appreciated.
Thanks Geoff and congratulations! Well deserved.
Thank you once again Geoff Congratulations on your Sucess!
Very helpful video! Thank you
Hi Geoff,
Not only are you a super intelligent individual but you have a really good way about you and your presentation and public speaking skills are exceptional … God bless you. I really look forward to your videos like most people look forward to getting their magazine or newspaper….
Peace be with you always …🇺🇸😇🙏⭐️☮️💜👍🌎
Thank YOU for giving us your precious time!!!!❤
Congratulations on the subscribers! Well deserved! You provide a valuable service.
Thank you so much and kudos on your accomplishment. I love your channel!
Congrats on 250k+ subs, what an accomplishment!
If you have to ask that question, you are not ready. It's pretty simple math. Start with how long you expect to live and work backwards. Be sure to leave enough money on the table for your family to fight over when you are gone.
That is a dumb statement! It is actually quite difficult to figure out how much you need for something you have never done before. How long you expect to live has virtually nothing to do with it unless you expect to die in a year or two. Beyond that we don’t have much of an idea. I could die this week or 35 years from now. It is NOT predictable.
My wife and I retired sequentially over the last 3 years. Since then her younger brother died, and we both lost older fathers. Our elderly mothers live on about $2500 per month and have no portfolio or savings. One rents, and the other owns.
We did try to figure this out. So far we are surprised by how much further money goes in retirement, and we realize we could have retired earlier. We also now realize that we have no way to actually run out of money. Worst case we just spend what we have coming in.
More important than a portfolio is having no debt, preferably a paid off residence, and some guaranteed income. Once you have that you are set. The counting backwards from some future date is complete folly. Instead we can now focus on spending our portfolio as we please realizing that there is no magic withdrawal % or years it has to last. Will we hedge a little, sure, but beyond that it is just a guess, not simple math.
how can you predict money coming in if things are not predictable?
should i buy gold?@@randolphh8005
Congratulations on the subscribers! Well deserved. Not only do I watch, but I send your videos to my family and friends when relevant. Your practical and non-judgmental approach to retirement means people in every category from “Spartan” to “Wealthy” can learn from you. Keep up the good work.
Thank you Geoff, your insight and advice is always very helpful, thanks for using your gifts and talents to help others!!
Thanks for the single room rental information sir 😊
Congratulations on your UA-cam accomplishment. You have been very helpful in making decisions.
Pay attention, there are so many variables… my wife started at 62, I claimed spousal benefit’s on her and waited until 70… this gentleman is someone to engage … an expert… these are million dollar decisions…
This apparently was a while back. I don’t think this is a legal strategy now.
@@youngtimer964 no this strategy does not work anymore. When you apply for SS your account is opened. You cannot just take spousal anymore.
Yes, the Social Security rules do change over time. Originally, there were no spousal benefits.
More recently, spousal benefits enabled a wife (or husband) to file and claim benefits based on the spouse’s earnings AND her benefits would continue to grow based on her earnings (as if she had not filed at all).
This was perceived as “double dipping”, and the loophole was closed almost 10 years ago.
I think it was 2015, but Geoff would know all the details, historical and current.
You can no longer do that anymore. Those of us younger boomers can’t do that.
Affording to retire one thing. Being mentally able to retire is more complicated. We already do pretty much what we want to, and work on the projects we want to. I'm still determining where retirement fits in this. Getting older (past FRA) and financially able to quit working, but what do you do to fill your days? We have been traveling for decades, so there are fewer new places we want to visit.
But we know we are not getting any younger so whatever we are going to do, we need to get on with it.
Very pragmatic - thank you.
@@HolySchmidt if you have advice on making the mental transition to being retired please post a video on it. Thanks.
I liked my work a lot also. I went part time for 2 years, and that was a good compromise. Yet, fully retiring was still different. The major difficulty was the daily routine. Now I’ve slowed down in a good way, have multiple projects i can do, but don’t allow myself to stress over them. I LOVE the lack of stress, although I used to thrive on it in the past. I now focus on enjoying all things I do, and keeping the pace more modest. Thus, no stress and more enjoyment. I know I can die tomorrow or 20 years from now. We don’t have a “bucket list” just plans for the next few months and then some vague ideas beyond that. Life is a journey without a destination, not a race to the end.
What about using your retirement years to benefit your community by volunteer work? It helps you maintain a schedule (a more flexible schedule than in your working years,) it keeps your mind active, it provides social interaction, and knowing that you provide a useful service to others is one of the best feelings there is!
Forget to say congrats on the award and 250K subs. Well deserved!
Research driven- that is a must!
Thanks Jerold.
Hi Geoff - "Long time listener, first time caller." My husband and I were surprised (happily) at the $575 /mo. household estimate for medical. And, we wondered, "Does that include dental? What about eye glasses?" We'd love a video on de-mystifying Medicare costs. (Meanwhile I'll search your channel and see what I can find.) Thanks for all of your videos!
I have Medicare Part B and when I retired from Federal Government employment I was able to take my Federal BC/BS with me which acts as my Medicare Part B supplement. Medicare Part B does not provide any dental coverage, but my husband who has a Medicare Advantage plan does have some dental coverage with his plan as does my BC/BS plan but both are very minimal. Due to having several health issues I wanted comprehensive coverage which is costly, and with the 2O24 premium increases I will be paying for my comprehensive coverages which include plans for dental and vision is a few dollars shy of $575/month combined coverage for you and your husband. What saves us is that my husband is a disabled Veteran and receives most of his care from the VA which only charges him a minimal copay for medication. He opted also to take on a modest cost Medicare Advantage plan so he can if he chooses which he does get care outside the VA which his community PCP is closer to our home. There are many things to consider when choosing a retirement healthcare plan, and I suggest you meet face to face with a local expert who can evaluate your health status which will help determine your individual healthcare needs so that you can make a better informed decision in choosing your retirement healthcare plan/s.
I am retiring at 62 and moving to panama. My wife and I can live quite nicely there on just our Social Security. We will keep our investments and a bunch of cash for emergencies. It is crazy cheap to live there as a retiree.
How does Healthcare look like there?
@@FIRED13 Excellent!! And super affordable. Doctors visits are $12-20.00 and you can walk right in to see a doctor. You can usually see a specialist in 1-2 days and prescription drugs are really cheap and you don’t need a prescription unless its a controlled substance.
Thank You!
Congratulations on the 250,000 subscribers! I would love to retire early but the healthcare costs is what I worry about. Have great retirement savings and still about 10-12 years away from retiring traditionally but afraid to pull the trigger
The cost of healthcare is indeed a valid concern. I retired at age 64.8 following a 44 year R.N. career. The last 21 of those years I worked for the Federal Government/VA so I was able to take my health insurance with me into retirement which I did. When I turned 65 five months after I retired I enrolled in Medicare Part B at which point my Federal Standard BC/BS acts as my Part B supplement. My Medicare Part B combined with my Federal BC/BS provides me very comprehensive coverage, and the only copays I have are modest ones for medication and my BC/BS travels with me. My monthly premiums in 2024 will be Medicare Part B $174.70, FEHB BC/BS Standard $336.84, MetLife High option dental $42.12, and FepBlue Vision High option $12.20 all totaling $565.87/month. Fortunately for my husband and I and he being a disabled Veteran pays very little for the care he receives from the VA. Since he wanted the option to also receive care outside the VA he enrolled in a Medicare Advantage plan as well as a dental plan, and his modest VA disability pension covers the costs of those premiums. If my husband did not have the VA for a care option he would have the same plans as I which would cost us not counting medication copays around $1,200/month.
One of the most critical issues where I live in rural Pennsylvania, is lack of affordable housing for seniors. Beginning rents are starting at $1500 to $2000/mo. with no extras! Due to lack of sufficient income in market surveys conducted, several developments were cancelled unfortunately, which might force the decision for relocation as the only solution for many. (These developments were intended for middle income people, and not necessarily for lower income individuals to boot)!
Florida has a zillion billion trillion million homes, nay, entire neighborhoods, and even cities, that have been built from the ground up so you can live on just your ss check. You need to start reading the paper.
That was the point of my statement, the fact that you may have to relocate to a more affordable alternative location! .@@DrSchor
Congrats on 250K! Thanks for all the great content.
I have decided with inflation and increasing healthcare insurance costs and your videos to cont working 3 days a week. I will take social security in six months at FRA and put that into Roths after taxes. My house is paid off but not my car. Will work on that. If I can cont to work 3 more years I'll be above spartan. Thank you for your videos. I will go back and find the ones on Roths, hopefully that will be the right investment.
Thanks for all you do! The truth is that The government has really made things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. It's obvious we are headed for hyperinflation,it is always the poor who take the hit.
Why do you think we are headed for hyperinflation? We are not Weimar's Germany, nor Zimbabwe or Venezuela.
On the plus side, with hyperinflation the public debt should become irrelevant, negating your assumed reason.
As long as we have an independent Federal Reserve Bank that does the right thing to combat inflation, I don't see hyperinflation on the horizon.
Currently inflation is down and it seems that the rate increases did what they suppose to do. Hopefully the resulting inevitable recession will not be too bad.
Won't happen. The Fed will 'break' the economy (and the job market) before too long, and we will have high prices and high unemployment for a while. Unfortunately, the FED won't be able to fix it just by lowering interest rates, but they'll try, and we'll have a long drawn-out period with a crummy economy and a stock market that will go sideways for a lot longer than people think it could or should but only after it's been cut in half or so from where it is now.
@@thomasgoldschmidt298BRICS has partnered with Saudu Arabis and the Petro dollar that has brought great wealth to America is going away. Our dollars will.becone like money in Zimbanwe.
the government is you
Yes!! Congratulations 🎊 😊❤ Looking forward to retirement! You’ve made me feel more relaxed and confident! Great ideas, common sense decisions to think about! Most importantly, you have given the low income, bare minimum savings group a real chance to realize retirement is possible! Thank you!! 💗
is he telling you what you want to hear?
I'm on disability and luckily I planned on not being able to keep up an income when my private disability insurance runs out at age 65. I starting saving money as much as possible easily on, and now I should be able to keep up the same income. The key is to get a financial adviser and be aggressive early on in you life by saving!! Spend what you need to and save for later!!
This is why it cracks me up, people make videos about how to live in Mexico or Ecuador or Bangkok for less than 2,000 a month. You can easily live for that in the US.
quite so. we have more interstates, and therefor, more bridges to live under.
Congratulations 🎉👏 on your milestone!! I appreciate your information! I do have to add that I frequently laugh at the quoted averages for teachers' salaries. I have a masters degree and many years service plus specialty training, and I've never earned anywhere near the quoted averages. I suspect it has to do with the difference in cost of living across the country. I lived in a lower cost of living area and also make a choice to teach in an alternative school outside of public support. Regardless, my husband and I are about 8 years from retirement, and I gain so much knowledge from watching your channel.
I retired at 60 . I only get about 800.00 a month but I don’t owe anything and I have my own vegetable garden. I do have to pay a 200.00 light bill and 25.00 water bill every month so only leaves me a little over 500.00 a month . Not easy but I have a roof over my head and I am not starving.
Hi hippie🌹🌹
How are you doing?
It has become harder to retire now than in the past. I was saving instead of investing for a very long time, and now I just have about $516k and I don't know how to make it grow, with all the inflation, into something tangible I could retire with. Any ideas?
At a point like this, when the pressure is already on you to retire, it s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
Very brilliant idea, I was managing my portfolio by myself using UA-cam and Incurred a huge loss which made me hire an advisor. It's been 2yrs already and I have made up to $380K in returns and would pay fully for my 3rd rental property in Ohio by next month.
@@rebeccaartgallary
who is your coach if you don’t mind me asking.. heard a bit about coaching where investments are done in personal trading account with the help of a license advisor, is this right?
Absolutely, Monica Amanda McClure is my portfolio coach, and my trading account basically mirrors that of hers, it's quite transparent and automated, so I don't have to be active during trades. You can vet her if you like.
I Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds soon. Thanks
Many thanks for all your videos. At the risk of being pedantic, history tells us the Spartan option did not include comfort. The tips listed are very practical, while many are understandably US specific, I imagine that the last 20% you added would be generally applicable.
Thanks for sharing
I'm not kidding when I say that the market crash and high inflation have me really stressed out and
worried about retirement. I've been in the red for a while now and although people say these crisis has it
perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in
my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such
sophisticated trades can only be carried out by proper market experts
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser
that guides you?
Definitely! All of this happened in less than a year after *STEPHANIE KOPP MEEKS* told me what to do. I
started with less than $100,000, and now I'm about 18,000 short of having a quarter million dollars!
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website, thank you for sharing.
One addition to the Spartan plan: Internet and Mobile Phone. I have cable internet with unlimited data at $85 per month and mobile text and calling plus 10GB of data at $35 per month. If I didn't watch so many videos (like Holy Schmidt) and had a phone that permitted use as a WiFi hotspot, I could probably get by with just the latter expense.
Nice point.
You are paying too much for home internet. Just one of many possible replacements - T-Mobile Home Internet $50
@@FIRED13 Also, too much for his cell phone plan. One can get unlimited talk and text with 10GB for $20 with Mint Mobile. Between internet and cell phone plans that would be a $540 savings per year.
A lot of Internet service offer senior discounts. We have Internet through Spectrum for just $24.99 /month.
I’m single and healthy. But my biggest concern is healthcare. What will be deducted from my anticipated social security check and what will supplemental health insurance cost?????? Thank you for all your videos!
Hey Geoff- can you post a video on Hybrid Pensions. Thanks
Thanks HO. Let me look into it.
Wouldn't alot depend on what you're used to doing? I mean if you lived modestly the majority of your life, then living modestly after you retire shouldn't be a difficult job. 🤷
Whoops guess this is covered in the vid. 😊
I am 68 and retired. Even though I own my home outright, the property taxes and utilities in my county are on an untenable trajectory. So moving to a less expensive area while remaining close to healthcare services is my biggest challenge. I've been doing a bit of research, but the services of a competent real estate agent is likely what I will require. Congratulations on the 250K subs.
Thanks 2CB
I've decided to splurge on myself this year. I'm going to buy a kayak and Stainless steel propane grill. Together it will set me back $550 but I'm worth it.
I have very small dreams, don't I? (Maybe next year I'll buy a paddle.)
I’m in California. Just my wife and I spend $8400 a year on groceries. That does not include eating out. We buy inexpensive groceries and eat mostly chicken. Not sure how we would eat out and in on $6750 a year.
I hear you. California, along with New York and Hawaii are three of the most expensive places to eat in the country.
You can also reduce meat with protein alternatives to vary things up (tofu, salmon, etc) and buy freezable bulk meat (Costco).
@@FIRED13
I live in salmon country, and it is ridiculously expensive to buy or even catch with a tag. West coast cost of living is insanity. It seems like it should be cheaper since we are so close to where food and meat animals are raised. Yet, since we are so far from oil refineries the cost of transporting goods is bananas. This weekend I heard how on the coast a sheet of plywood is $25 a sheet, and it is produced in that very town! 2 hours away in our town that same plywood is $16 each. Same store chain by the way. It’s just so expensive to live on the West Coast.
have a question on retiring prosses with Gov.. I put in for my retirement on March 17 2023. Received a text from my retirement counselor on September 18 2023. I retie on November 30 2023 and it is November 4 2023. I did text last week and the reply was I'm working on November retirement now. I am looking for any information on what the checking out prosses is, where or who I'm to get this from. My supervisor has been looking into this also. I am trying not to have some one tell me I was supposed to do this or that along time ago. My work has hired my replacement already and I am training them. Getting close and i am still lost in the prosses. Help needed. Thank You Mike V
I love your show, but I have lived my whole life in Antigo WI, Granby MO, and Riverton WY. I have had good paying jobs and have more saved for retirement than most of my peers. Your numbers are triple what most people make while working in the areas I have lived, and the national ssi is what most live on. What's up?
Far too many of the people who I have worked with or were schoolmates died 12-18 months after retirement.
The first one was rather shocking but now I almost expect half of us to kick it soon after calling it quits on work.
to be sure, half do, and half dont. which half do you think you are in? that is the question.
5:55 did the queen just jump over a pawn?
After the catastrophe of an economy/inflation we have witnessed and continue to witness. It's a gamble. You can do everything right and still end up in a hard place. Bad luck with health. Everyone deciding your neighborhood is the best place on earth. Energy prices. Laws forcing you to replace appliances/vehicles. You name it....
I’m 59 and the numbers prove I won’t be until age 70. That’s ok. My paternal grandfather didn’t quit working until he was 87; a year later without purpose, he was dead.
Currency arbitrage is my retirement strategy. That is, I "earn" (Social Security & pension) in US dollars and spend in local currency. By living in a country with a low cost of living, my money goes a lot further than if I live in the US. Housing, transportation, healthcare, food and entertainment are half what I would pay in America.
Unexpected cost could be assisted living care especially if you have Alzheimer’s or dementia.
Let’s hope you have long term care insurance otherwise be expected to exhaust your savings ( investments) + SS will go towards this expense.
I can’t afford it but need to because of health problems. I am 68 and still working but have no retirement savings have to survive on s security only I will probably end up homeless ?
Nah. The state home will take you like in ct.
Mr. Schmidt I’m 60 and have no 401 just a very very very small pension plan though my employer I do have a small amount saved my suv and home is payed off I am planning on stop working at 62 and move out of the country on a budget of 2,500 per month and live off of savings and rental income with the hope of not collecting my ss until I’m 65-66. Is there anything else I can or need to do to implement my plan. Thank you
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
A bit late with my comment but anyhow: we retired in 2007 from the income of our stocks, and then 2008 came! It caused a lot of stress and we worried a lot. I researched the a lot and came to the conclusion that selling our stock would be the worst thing to do. So we buckled up, lived really frugally for 2 years, made some dollars (like in the hundreds) with a few side-hustles, and stopped watching the stock-market. In 2010 we discovered that we were slightly better off than before the crash. So when COVID and inflation happened we followed the same strategy. And that worked out fine again. Our investments are now a couple of percent below pre-covid levels but it is not an exact science anyhow. So our strategy: if a crisis happens, be active, be frugal and stop checking the stock-market. We by the way have a portfolio with 15 or so of large dividend paying companies like JnJ, Unilever and P&G. Nothing fancy, and very passive.
Health is the big variable u may have little saved but if u feel u won't make it past 75 taje it at 62
Please help me understand why my state, Maine, does not allow me to collect teacher’s retirement and social security? I worked at a school that took both out and as I get closer to retirement, I am reminded that I will not get full social security due to a “windfall” provision. Are other states like this?
I suppose they are. Not that I really understand the windfall provision, but SS is a federal program & their rules do not vary from state to state.
Hi Geoff - I have a mortgage that I won’t be able to afford in retirement - I have equity but with todays market and interest rate if I downsize the mortgage still ends up the same -
so what are you going to do?
Oh my friends and I saw when we outlive our husbands (which is common), we become the Golden Girls for the remaining of our lives.
Love that!
Sometimes life doesn't give a choice. Corporate America decides that for you. After 60ish, you CAN'T GET HIRED TO DO ANYTHING! Even with 30 years of experience and flawless credentials.
i pity the fools who squandered 30 years letting Corporate America make choices for them. i pity the fools who squandered 30 years not letting Corporate America
invest their money so they can retire early on your stock portfolio.
How can one take about 4 or 5 retirement topics and make an infinity of videos about them?
Do UA-cam content providers have to pay taxes from their UA-cam income and advertising?
👏👏🙏🙏
What teacher doesn't pay into Social Security, and not qualify for benefits?
The school district my son teaches at, does not pay in the Social Security
My brother and his wife do not collect SS, he was a superintendent and she a counselor. Texas allowed teachers to forfeit SS, not sure if that was by individual or by the district one worked in.
What's the point in retirement if I have to sweat over every penny I spend for the next 20 25 years.
you are right! keep sweating at work,
The big factor is having no bills. No mortgage…no line of credit balance…no visa balance…no car payment
I’m not a millionaire but no bills. Just normal bills like the rest of us. Life is short folks. Enjoy
a normal bill is a bill. how can you have no bills if you have normal bills?
@@DrSchor if you don’t know the difference then I can’t help you.
Food is $250 to $300 per week, unless you are eating dog food
Only $575/mo for food!? In THIS economy???
Two words: Ramen Noodles
Forget the 4% rule! Use the 1/25th rule instead! 60% of the time, it works every time! 😂
What is that?🧐
In a bear market, the media highlights unfavorable events, such as a shrinking economy, geopolitical instability, cultural and legal conflicts, or a mixture of these factors. Recently, I came across a podcast featuring someone who successfully multiplied their initial investment from $120k to nearly $460k during this challenging market phase. Can you give advice on how to achieve such aggressive profits in such short periods?
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
@@user-ff2hy3oz9h Please can you leave the info of your investment advisor here? I’m in dire need for one.
Be the first one to sign up with Mr. Ponzi?
Nope. Working until 70.
nope what? you will be ready. at 70
Hi, I'm sure you don't get this question often. I was 70 Aug 1, 2023. I need to wait until Jan 2024 to get my 1st SS benefit check. I understand that SS considers my birth month to be July. If I claim my benefit to start in Dec, is it correct I will get my first deposit in Jan? Will I also get Aug - Dec benefit in Jan 2024?
I am sure you don't get accurate information from YT often.
There never seems to be a good time.😊
I considered it a good time when I did it!! I never looked back.
Should the plus nog bij 25% te het to the 100% of the total budget?
I found maximum 50% saving move abroad,
but the living quality is not attractive,
Mostly only 30% saving, NOT worth moving abroad?
Better retire in Vegas?
Water issues in Vegas. 💦
$575/mo for food? Maybe if you retire to Mexico.
"Can you afford to retire?" is NOT the question to ask. How long can you afford to STAY retired is what everyone should ask. You may be able to squeak a retirement in now, but in 3, 10, 20 years you will go broke. Social Security will never keep up with actual inflation. The scam numbers the Govt. uses are completely bogus - they're not fooling anyone. You need an untapped source of income to tap into later - just to fill in the gap, when you start going under. When I retired, my retirement plan covered me to the age of 95 under the current circumstances. It was a very conservative plan, not that I expect to last that long. In just a few years, that age estimation went down to 82, which is possible for me to make. I have zero debt and my SS WAS plenty for me to live on at the time. With Bidenflation, I have already had to tap into savings just to pay the basics - with zero left over.
Bottom line: Staying retired is going to be THE tough thing you need to plan for.
I retired at 45😊
no more retirement videos for you!!! next.
Had I stayed at my last 30-year job (management refused to give raises after 2010), I would have spent $14,000 on fuel each year, essentially destroying any monetary value of waiting for Full Retirement.
The only reason for my "dislike" is that we have been doing most of what the presenter says for years, so nothing new for us. But hopefully many of you will find helpful information.
why would you dislike information you know, from your own life, is true.
why do you dislike him for telling people only what they need to know, and nothing more.