I live in western Pa., and I can tell you that the majority of retired individuals live on about half of what was stated as average yearly income that would be needed.
9:00 time mark _ Annual Cost of a Comfortable Retirement by State I live in Hawaii and have been retired for 7 years. I'd say the $121K figure is about right. (Of course, that depends on what you consider to be a "comfortable retirement".) That's assuming that you're debt free - no mortgage, no credit card debt, no student loans. It also explains why, although my income places me in the top 10% of all retirees, I don't feel like I'm anything more than middle class. If I was retired on the mainland, I could afford to buy a new car every year. Heck, I could afford to buy two new cars every year. Instead, I'm hoping to hang on to my Tacoma for at least 15 years because of the high cost of living here in Hawaii.
@@CyranoVE Not for public consumption. (Besides which, although I know my wife's income because I do our taxes, I don't have a breakdown of her expenses.)
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 Husband 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...
Interesting . I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation..
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
To save money I select to save 20% of my last 10 years to my 401k account. Did not go on vacation to save the money, go on 10 vacations or stop working at 63, I had 153+ weeks of vacation, you have to select what is best for you.
In Canada, you get about $81,000 for a couple, and with no mortgage but a car payment, you may have $21000 left over after expenses and taxes. This is if you both have a Defined pension plan and a few thousand from an RRSP or RIF. If you don't spend too much you can roll over the money from your RIF to a TFSA which at 75 we have been doing.
So I am retiring on 2012 income. LOL I am retiring Dec. 31. Job force reduction pushing me out, gives me just enough to live with the same lifestyle. $34,000 - 35,000 a year. Planned on retiring at 57 or 58, but now it's early at 55.
I retired 8 years ago. My surprise is that my partner and I have a lot more income than we anticipated, and we spend a lot less than we anticipated. Not working we need a lot less than when we were working. Our house is paid for. Our cars are paid for. Our healthcare costs almost nothing because my partner gets a supplemental plan through a retirement benefit. We eat at home and cook for ourselves 95% of the time. We take our 401k benefit every year and reinvest it. We live in a very expensive area (California) and thought we would need to move but we are not at all strained. I think a big factor is that we don’t have a mortgage or any other debt. Ironically I was a lawyer and always much better paid than my partner who was a schoolteacher but my partner’s retirement benefits have been outstanding.
If your wife was a teacher her Social Security is reduced by the Government Pension Offset and the Windfall Elimination Provision. There is a bill in the Senate now to eliminate these bad laws that affect our teachers very negatively. Hope they get that done.
I have a teacher retirement with a lifetime of $248,000, my husband has a 401k with around $250,000. I also have a 403B with $2000.00 and a 457 with around 23,000. Also two regular savings accounts around $11,000. No bills. No mortgage, no credit card, no car note. I also paid into social security for around 27 years with currently 40 points. I think that is how they say it. Think we will be fine. I am retiring at 61 next year in 2026 in May and my husband at 65. As a side not I do grow my own vegetables and sale on three online platforms and have made close to $5,000 since this April of this year which all goes into my savings.
My federal pension and SS amounts to 55K a year and my living expense is 45K, so I'm good. SS should make up 40% of your income. Having no debt and a no mortgage home help.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 30--100k with the right ones. Online businesses are a good bet too if you are savvy.
@@mariaguerrero08Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
*Izella Annette Anderson* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
10:17 the UK is NOT England. That would be like someone from the UK (e.g. me) saying "America, Florida" as if the two are synonymous and equivalent. England is one of four countries in the UK, each of which has its own devolved government.
I get it-you're Welsh, Northern Irish, or Scottish and got offended because he called you English. But cut the guy some slack. He is providing some good information for free. We all make mistakes. God bless you!
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
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 $30k passively 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.
Annette Christine Conte 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.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I have a 72K pension with SSI of 45K a year. That covers all our expenses and I am still able to save money. No need to touch investments yet. I consider us lucky.
I’ve worked hard to save about $800,000 for retirement, and now I’m ready to turn my savings into a paycheck. But how much can I afford to withdraw from savings and spend is what I don’t know. If I spend too much, I risk being left with a shortfall later in retirement. But if I spend too little, I may not enjoy the retirement I envisioned. What’s your advice on this please?
stay flexible - if the market performs poorly, you may not be comfortable increasing your spending at all, but if the market does well, you may be more inclined to spend more on some ''nice to haves''
@arlenehill4ril such an eye opener! never heard or used the 4% rule before. I spend what I want and when I want, however i'm interested in supplementing my streams of income by investing, mind if i look up your advisor please?
@arlenehill4ril thanks for the lead, just searched Karen by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional
only one hour on UA-cam and there is already a scam artist in the comments. LeoEmilee (spelled incorrectly on purpose)....can go fly a kite! So can all the other financial scammers on this thread!
@@Gadfly247 I blame the channel owner for not being more conscientious with having them removed. Also I blame YT and g00--gle. They are actually profiting from the sc@mmrs
One thing that is overlooked when collecting SS at 62 compared to full retirement is it takes 16 years to start to overtake your total retirement amount. 80+ years old before you collect more SS money.
I can't believe that it is more expensive to retire in Nevada than Illinois. Property taxes are 3x higher in Il. than NV. and NV. doesn't have a state income tax like Illinois.
NY cost of comfortable retirement is probably high because of the NY metro area. If you are in the rest of the state, the costs are not that high for a comfortable retirement.
It's not what you've got its how much you need to live the life you want. I consider myself lucky that I'm going to be able to do that when I retire next year. Apart from a paid up mortgage I've never had debt. Luckily I'm in the UK so no health costs to worry about.
That average SS is why all estimates are off for me because my monthly SS benefit is $4200 a month! So I get the average $50k a year in SS and this means my pension and 401k will help me live just fine in retirement!
@@crimsonpearl4686 It is absolutely possible. It depends on two factors: (1) how much you paid in during your highest-earning years, and (2) when you begin taking your SS benefits, either early or delayed. Maybe flybirds had a good job over many years and filed for SS later than most. In any case, though, someone getting the larger payments is actually receiving a smaller fraction of what he paid in than you are. In other words, he is subsidizing your benefits.
In general, do these average and comparison Financial UA-cam videos serve any purpose -- when the disclaimer is everyone's financial situation is different? Either makes you feel bad, or gives you a false sense of security.
When I graduated from college ~25 years ago, I was in the bottom 1%. I started comparing myself with the median, then the average, then the top 10%, and now the top 1%. It helps me set my personal financial goals, see what others are doing who have achieved them, and then find my own path. This particular video didn't cover the top 1%, but the most interesting part for me was comparing generally what the before-65 and after-65 spending categories are.
Hopefully, it motivates (scares) younger investors into doing better planning for retirement. During my career, I scared new employees into investing in the 401K program by telling them , “If you don’t max out, you won’t be able to retire.” Decades later, several of them have thanked me. Perhaps, thousands will be thanking Azul in the future.
Speaking for myself, I think I was spoiled working for a big company with good medical benefits. I can say that if you have Medicare and the Supplement Plan your out-of-pocket will probably be lower when comparing similar medical visits and needs. I really love how between Medicare and my G plan I don't pay anything other than the deductible. That's way less than what I paid when working. So mine is way more upfront, but seems cheaper after including 20% and or copays.
Interesting you mentioned Social Security, after receiving benefits for more than 10 years with no problems, this year January was my last payment, on asking why, I was told a form was required, when that didn’t solve the problem, another form was required and so far that still hasn’t resolved it, is this weponization of government organizations?
Try to pay off the debts first then try to live below your mean. You will be OK. If you still have some extra income then invest in S&P 500. Nothing fancy❤
I wish we could stop talking about the average mean or even the median when talking about how much a retiree has in savings, retirement earnings, and retirement spending. The averages of what people have are irrelevant. The averages of what people NEED is the relevant factor. We all need to know if we have enough not if we have more or less than the average person. If the average person has way too little, your individual followers may have a problem even if they have more than the average. Even the average retirement spending is not relevant. If the average person has too little saved, they will spend less, it does not mean they spend enough to have a reasonable lifestyle.
In a recent video Azul stated (if I remember correctly) that ap. 80% of retirees in U.S. have less that 200,000 in savings-investments. If thats the case then a lot of people are going to be in trouble. I think it is also correct that only ap. 4% of retirees in U.S. have 500,000 or more. Without good investments everyone will fall behind the constant depreciation (so called inflation) of the fiat currency which runs at about 50% every 17 years. Pensions and socialist insecurity will not even come close to keeping up with the Banking Cartel transfer of wealth.
You don't need a million in the bank. We planned for retirement, No car payments, house mortgage paid off Those are the big ones. With our pensions, social security and dividend paying stocks and annutities make things comfortable. One annuity is dedicated for annual property taxes.We are not rich but comfortable. We do have a FHA backed reverse mortagae only for catatrophic expenses which we have no used. Right now the interest on the loan balance is only 6.5%. We just maintain a minuiumu balance to keep it active. You just havve to plan ahead.
The $160K that Fidelity claims for a 30-year retirement needs does include all Medicare and Medigap premiums - in fact, that is the bulk of retiree health care spending. If you hit the max every year while you were working, you can get a decent SS payout even at age 65 - I am getting $3150.
I retired at the age of 62. I have a great lifetime pension, plus I'm drawing social security. Our house is paid off and we have zero debt. When I turn 65 (2026) I'll start drawing from my two union retirement funds, plus a mutual fund.
I have a State pension of $4300 a month with a cola. My wife will continue to collect same amount when I pass. Because i did a 10% reduction up front so she can collect it. I also have $4000 a month for Va disability. When my wife and I turn 62, we will collect social security.
People who had to have new cars boats homes and never saved...and now they have little I'm glad I make more in retirement then working and if you can't make 10% plus in the market find and independent certified fiduciary not an advisor or planner you can thank me later
You said the "Average retiree", but then later you said "The average couple" So is $50k the median retiree income or the median retiree household? Thanks
Sometimes, but it's better to have that money working for you in cash and stocks, for example. It should throw off enough money to offset yearly expenses At least that's what I strive for
IMHO, these things make a big difference. If/when you are married, when issues come up, address them instead of getting a divorce. Start saving for retirement as soon as you can. Live below your means, the people you are trying to impress are not going to help when you can't make the payments. Buy an average size home in a safe area and don't get a bigger one just because you can swing the bigger payment. Don't buy a flashy car, it can make you a target. Buy quality products and maintain instead of replacing them. Never share your financial situation with anyone besides your spouse, it nearly always comes back to haunt you. If you are a Christian, don't forget to tithe on your income. It's the only place in the bible that I can find where God tells you to test Him. The math never made sense when we started tithing, but it worked out even when it didn't make any sense by human wisdom. Best wishes for those of you preparing early for your retirement years.
The majority of seniors live in “borderline poverty.” Been so forever. SS benefits severely lag don’t quote stats…the cost of living. Vote Republican … make it worse. Tell them the truth. This video totally evades reality. Retired labor economist.
I think we spend more on pets than anything else. $12K surgeries and loads of hay that cost $9K as well as feed, medical care, and general maintenance. It is the one thing I didn't account for before retiring.
!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking?
Traditional Medicare plus supplemental and drug coverage for my wife and me is going to cost $850/month or $10,200 next year, not including dental, vision or hearing coverage. Our home insurance has doubled and our auto insurance has increased by 70% since 2020. Auto and property tax have increased by 40%. Thank you Joe Biden! Seniors are in big trouble!
So its not really health care its more like a health insurance policy, other countries give there citizens health care for free, so keep beating your chest that we are the greatest, and then always wonder why the foriegners are laughing at you 😳
Thank you for your video, you know.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 25%!
These “average” vlogs are such a waste of time! It solely depends on your outgoings and debt levels going into retirement. Also the ability to know exactly when you will die. So good luck with that one!
As they say, people don't plan to fail, they fail to plan. Thank goodness my wife and I planned out our retirement and are financially sound.
I live in western Pa., and I can tell you that the majority of retired individuals live on about half of what was stated as average yearly income that would be needed.
9:00 time mark _ Annual Cost of a Comfortable Retirement by State
I live in Hawaii and have been retired for 7 years. I'd say the $121K figure is about right. (Of course, that depends on what you consider to be a "comfortable retirement".) That's assuming that you're debt free - no mortgage, no credit card debt, no student loans.
It also explains why, although my income places me in the top 10% of all retirees, I don't feel like I'm anything more than middle class. If I was retired on the mainland, I could afford to buy a new car every year. Heck, I could afford to buy two new cars every year. Instead, I'm hoping to hang on to my Tacoma for at least 15 years because of the high cost of living here in Hawaii.
Wow! $120k sounds outrageous :( What's a high-level breakdown of your monthly expenses?
@@CyranoVE Not for public consumption. (Besides which, although I know my wife's income because I do our taxes, I don't have a breakdown of her expenses.)
@@1dash133I meant how much you pay for housing, food and entertainment at a high level not a copy of your W2 😂
Is that a brand new 2003 Toyota Tacoma? lol 😂 Joy Koy
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 Husband 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...
Interesting . I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation..
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Looked up her name and her website popped up immediately, interesting stuff so far, about to book a session with her.
To save money I select to save 20% of my last 10 years to my 401k account. Did not go on vacation to save the money, go on 10 vacations or stop working at 63, I had 153+ weeks of vacation, you have to select what is best for you.
In Canada, you get about $81,000 for a couple, and with no mortgage but a car payment, you may have $21000 left over after expenses and taxes. This is if you both have a Defined pension plan and a few thousand from an RRSP or RIF. If you don't spend too much you can roll over the money from your RIF to a TFSA which at 75 we have been doing.
So I am retiring on 2012 income. LOL I am retiring Dec. 31. Job force reduction pushing me out, gives me just enough to live with the same lifestyle. $34,000 - 35,000 a year. Planned on retiring at 57 or 58, but now it's early at 55.
So, ok.
I retired 8 years ago. My surprise is that my partner and I have a lot more income than we anticipated, and we spend a lot less than we anticipated. Not working we need a lot less than when we were working. Our house is paid for. Our cars are paid for. Our healthcare costs almost nothing because my partner gets a supplemental plan through a retirement benefit. We eat at home and cook for ourselves 95% of the time. We take our 401k benefit every year and reinvest it. We live in a very expensive area (California) and thought we would need to move but we are not at all strained. I think a big factor is that we don’t have a mortgage or any other debt. Ironically I was a lawyer and always much better paid than my partner who was a schoolteacher but my partner’s retirement benefits have been outstanding.
If your wife was a teacher her Social Security is reduced by the Government Pension Offset and the Windfall Elimination Provision. There is a bill in the Senate now to eliminate these bad laws that affect our teachers very negatively. Hope they get that done.
I have a teacher retirement with a lifetime of $248,000, my husband has a 401k with around $250,000. I also have a 403B with $2000.00 and a 457 with around 23,000. Also two regular savings accounts around $11,000. No bills. No mortgage, no credit card, no car note. I also paid into social security for around 27 years with currently 40 points. I think that is how they say it. Think we will be fine. I am retiring at 61 next year in 2026 in May and my husband at 65. As a side not I do grow my own vegetables and sale on three online platforms and have made close to $5,000 since this April of this year which all goes into my savings.
My federal pension and SS amounts to 55K a year and my living expense is 45K, so I'm good. SS should make up 40% of your income. Having no debt and a no mortgage home help.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 30--100k with the right ones. Online businesses are a good bet too if you are savvy.
@@mariaguerrero08Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
*Izella Annette Anderson* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
My wife and I spend $18,000 a year for healthcare at age 57. Thanks for sharing your numbers.
10:17 the UK is NOT England. That would be like someone from the UK (e.g. me) saying "America, Florida" as if the two are synonymous and equivalent. England is one of four countries in the UK, each of which has its own devolved government.
Hence United Kingdom
Cut some slack please!
But your countries are so TINY we lump them y'all together (puts piece of straw back in the side of mouth) :)
I get it-you're Welsh, Northern Irish, or Scottish and got offended because he called you English. But cut the guy some slack. He is providing some good information for free. We all make mistakes. God bless you!
@ I’m actually English. I wasn’t offended. I just pointed out his error.
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
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 $30k passively 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.
Do you mind sharing info on the advisor who assisted you?
Annette Christine Conte 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.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
Medical costs are outrageous for services received.
I have a 72K pension with SSI of 45K a year. That covers all our expenses and I am still able to save money. No need to touch investments yet. I consider us lucky.
Must have worked for a government agency
@ no I worked as a high voltage electrician for an electric utility company
Are electric, water, cable and lawn maintenance under housing? This list is very different from my budget items.
2:30 to 2:50 - you read the chart wrong. It's not average/median. It's under/over 65 comparison spending
My wife and I retired three years ago and our take home is more then when we were working.
I’ve worked hard to save about $800,000 for retirement, and now I’m ready to turn my savings into a paycheck. But how much can I afford to withdraw from savings and spend is what I don’t know. If I spend too much, I risk being left with a shortfall later in retirement. But if I spend too little, I may not enjoy the retirement I envisioned. What’s your advice on this please?
I'd highly recommend using the 4% rule, maybe you'd know just how much to spend after retirement
stay flexible - if the market performs poorly, you may not be comfortable increasing your spending at all, but if the market does well, you may be more inclined to spend more on some ''nice to haves''
@arlenehill4ril such an eye opener! never heard or used the 4% rule before. I spend what I want and when I want, however i'm interested in supplementing my streams of income by investing, mind if i look up your advisor please?
@arlenehill4ril thanks for the lead, just searched Karen by her full name, easily spotted her consulting page and was able to schedule a call session, she seems highly professional
I recommend investing in scratch tickets.
only one hour on UA-cam and there is already a scam artist in the comments. LeoEmilee (spelled incorrectly on purpose)....can go fly a kite! So can all the other financial scammers on this thread!
Amen!!!
@@Gadfly247 I blame the channel owner for not being more conscientious with having them removed.
Also I blame YT and g00--gle. They are actually profiting from the sc@mmrs
One thing that is overlooked when collecting SS at 62 compared to full retirement is it takes 16 years to start to overtake your total retirement amount. 80+ years old before you collect more SS money.
62k after taxes and inflation adjusted. Single and comfortable. Retired at 57 with a DB pension.
Dream retirement!
Happy for you. We do not have a pension, seriously saved since our 20s. Retired and happy
I can't believe that it is more expensive to retire in Nevada than Illinois. Property taxes are 3x higher in Il. than NV. and NV. doesn't have a state income tax like Illinois.
You are quite correct The chart is all fked up
It’s along way to Richmond, rolling north on 95
You should note before or after tax
Comparing yourself to others is a bad idea.
NY cost of comfortable retirement is probably high because of the NY metro area. If you are in the rest of the state, the costs are not that high for a comfortable retirement.
Why does the average Social Security Benefit decline between 68 and 69 y/o per the chart at 8:00?
It's not what you've got its how much you need to live the life you want. I consider myself lucky that I'm going to be able to do that when I retire next year. Apart from a paid up mortgage I've never had debt. Luckily I'm in the UK so no health costs to worry about.
That average SS is why all estimates are off for me because my monthly SS benefit is $4200 a month! So I get the average $50k a year in SS and this means my pension and 401k will help me live just fine in retirement!
$4200 a month SS?? Come on, I never heard of anymore getting the large an amount. Why do people here have to be so dishonest?
@@crimsonpearl4686 It is absolutely possible. It depends on two factors: (1) how much you paid in during your highest-earning years, and (2) when you begin taking your SS benefits, either early or delayed. Maybe flybirds had a good job over many years and filed for SS later than most. In any case, though, someone getting the larger payments is actually receiving a smaller fraction of what he paid in than you are. In other words, he is subsidizing your benefits.
My husband and I collect that. We haven’t started using our IRAs. Probably not that unusual for a couple that worked most of their lives.
In general, do these average and comparison Financial UA-cam videos serve any purpose -- when the disclaimer is everyone's financial situation is different?
Either makes you feel bad, or gives you a false sense of security.
When I graduated from college ~25 years ago, I was in the bottom 1%. I started comparing myself with the median, then the average, then the top 10%, and now the top 1%. It helps me set my personal financial goals, see what others are doing who have achieved them, and then find my own path.
This particular video didn't cover the top 1%, but the most interesting part for me was comparing generally what the before-65 and after-65 spending categories are.
Hopefully, it motivates (scares) younger investors into doing better planning for retirement. During my career, I scared new employees into investing in the 401K program by telling them , “If you don’t max out, you won’t be able to retire.” Decades later, several of them have thanked me. Perhaps, thousands will be thanking Azul in the future.
I was a high earner, even in retirement, and Medicare's cost of $8,000 a year for my wife and me was a lot higher than I ever expected!
Speaking for myself, I think I was spoiled working for a big company with good medical benefits. I can say that if you have Medicare and the Supplement Plan your out-of-pocket will probably be lower when comparing similar medical visits and needs. I really love how between Medicare and my G plan I don't pay anything other than the deductible. That's way less than what I paid when working. So mine is way more upfront, but seems cheaper after including 20% and or copays.
Interesting you mentioned Social Security, after receiving benefits for more than 10 years with no problems, this year January was my last payment, on asking why, I was told a form was required, when that didn’t solve the problem, another form was required and so far that still hasn’t resolved it, is this weponization of government organizations?
Try to pay off the debts first then try to live below your mean. You will be OK. If you still have some extra income then invest in S&P 500. Nothing fancy❤
Zul, just my opinion but the key is not average income, but total assets. More assets can lead to greater income.
It depends. Are those assets income generating?
I wish we could stop talking about the average mean or even the median when talking about how much a retiree has in savings, retirement earnings, and retirement spending.
The averages of what people have are irrelevant. The averages of what people NEED is the relevant factor. We all need to know if we have enough not if we have more or less than the average person. If the average person has way too little, your individual followers may have a problem even if they have more than the average.
Even the average retirement spending is not relevant. If the average person has too little saved, they will spend less, it does not mean they spend enough to have a reasonable lifestyle.
In a recent video Azul stated (if I remember correctly) that ap. 80% of retirees in U.S. have less that 200,000 in savings-investments. If thats the case then a lot of people are going to be in trouble. I think it is also correct that only ap. 4% of retirees in U.S. have 500,000 or more. Without good investments everyone will fall behind the constant depreciation (so called inflation) of the fiat currency which runs at about 50% every 17 years. Pensions and socialist insecurity will not even come close to keeping up with the Banking Cartel transfer of wealth.
My Husband is not retired and gets over $4,000 a month from social security
Plus a pension from a previous job.
You don't need a million in the bank. We planned for retirement, No car payments, house mortgage paid off Those are the big ones. With our pensions, social security and dividend paying stocks and annutities make things comfortable. One annuity is dedicated for annual property taxes.We are not rich but comfortable. We do have a FHA backed reverse mortagae only for catatrophic expenses which we have no used. Right now the interest on the loan balance is only 6.5%. We just maintain a minuiumu balance to keep it active. You just havve to plan ahead.
Reverse mortgage is a bad idea.
The $160K that Fidelity claims for a 30-year retirement needs does include all Medicare and Medigap premiums - in fact, that is the bulk of retiree health care spending.
If you hit the max every year while you were working, you can get a decent SS payout even at age 65 - I am getting $3150.
I retired at the age of 62. I have a great lifetime pension, plus I'm drawing social security. Our house is paid off and we have zero debt. When I turn 65 (2026) I'll start drawing from my two union retirement funds, plus a mutual fund.
What union are you from?
What state?
On the state chart for retirement cost is that per person or per couple?
I have a State pension of $4300 a month with a cola. My wife will continue to collect same amount when I pass. Because i did a 10% reduction up front so she can collect it. I also have $4000 a month for Va disability. When my wife and I turn 62, we will collect social security.
Cool! My SS is well above the median.
185.00 plus taken away from your check every month for Medicare
I feel blessed at $55K (take home) per year. My wife makes $7K per year (disability only).
Are there consequences drawing income and retirement for taxes
People who have been retired for thirty years are almost certainly at a lower income than those retired for only a few years.
People who had to have new cars boats homes and never saved...and now they have little I'm glad I make more in retirement then working and if you can't make 10% plus in the market find and independent certified fiduciary not an advisor or planner you can thank me later
You said the "Average retiree", but then later you said "The average couple"
So is $50k the median retiree income or the median retiree household?
Thanks
This is household income right??? Not individual, meaning as husband and wife right???
I am 50 and have 2.5M can I retire? I’m married and have NO debt, we own everything.
Yes, go see a financial advisor.
@@Rottingboards No, if he has 2.5M then he doesn't need a financial advisor.
Average SS is not the median SS correct? I could not find a median.
Hi, @Azul I assume income is Net?
This lost me at How much do retirees make? By definition nothing! In retirement you are SPENDING your hard earned retirement money.
Sometimes, but it's better to have that money working for you in cash and stocks, for example. It should throw off enough money to offset yearly expenses At least that's what I strive for
Good word
IMHO, these things make a big difference. If/when you are married, when issues come up, address them instead of getting a divorce. Start saving for retirement as soon as you can. Live below your means, the people you are trying to impress are not going to help when you can't make the payments. Buy an average size home in a safe area and don't get a bigger one just because you can swing the bigger payment. Don't buy a flashy car, it can make you a target. Buy quality products and maintain instead of replacing them. Never share your financial situation with anyone besides your spouse, it nearly always comes back to haunt you. If you are a Christian, don't forget to tithe on your income. It's the only place in the bible that I can find where God tells you to test Him. The math never made sense when we started tithing, but it worked out even when it didn't make any sense by human wisdom. Best wishes for those of you preparing early for your retirement years.
The majority of seniors live in “borderline poverty.” Been so forever. SS benefits severely lag don’t quote stats…the cost of living. Vote Republican … make it worse. Tell them the truth. This video totally evades reality. Retired labor economist.
I think we spend more on pets than anything else. $12K surgeries and loads of hay that cost $9K as well as feed, medical care, and general maintenance. It is the one thing I didn't account for before retiring.
Sell the horse
!!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement.
I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Kristine Lynn Weber, for her expertise and exposure to different areas of the market.
Without a doubt! Kristine Lynn Weber is a trader who goes above and beyond. she has an exceptional skill for analyzing market movements and spotting profitable opportunities. Her strategies are meticulously crafted based on thorough research and years of practical experience.
how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.. What's your take on this approach? and How can i reach her, if you don't mind me asking?
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this.
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Traditional Medicare plus supplemental and drug coverage for my wife and me is going to cost $850/month or $10,200 next year, not including dental, vision or hearing coverage. Our home insurance has doubled and our auto insurance has increased by 70% since 2020. Auto and property tax have increased by 40%. Thank you Joe Biden! Seniors are in big trouble!
Don't worry, Trump is going to make all of that cheaper, especially eggs. SMH. how about reading a book on economics before spouting nonsense.
So its not really health care its more like a health insurance policy, other countries give there citizens health care for free, so keep beating your chest that we are the greatest, and then always wonder why the foriegners are laughing at you 😳
working til 67 ROFLOL!
Thank you for your video, you know.. I can’t recommend Shellane Maxwell enough! When I first approached her, I was overwhelmed about retirement planning…Thanks to her guidance, I was able to restructure my investments and focus on high-yield options. Within just a year, my retirement fund grew by 25%!
She mostly interacts on Telegrams, using her name.
@shellanemaxwell she’s verified
@shellanemaxwell
she’s verified . . .
Thanks to her tax strategies, I saved over $55,000 last year, which I reinvested into my retirement account
With her help, I paid off $25,000 in student loans ahead of schedule, freeing up more money for my investment
Most never got the courage to quit that low paying 40 hour a week, going no where job. If they don't have have enough in retirement, it's their fault!
These “average” vlogs are such a waste of time! It solely depends on your outgoings and debt levels going into retirement. Also the ability to know exactly when you will die. So good luck with that one!
Do not listen to this guy. He keeps getting confused and using median versus average interchangeably. They are not the same thing.