I’m 79 next month, retired twenty years. People don’t realise how long retirement is and how much you can achieve in twenty years. In your first twenty years you probably learned to talk and graduated from college, why not try to match that in your last twenty years? All the retirement videos seem to recommend getting your travel done in the first couple of years because after that it is terminal couch lock. If you exercise right and eat right you probably have a quarter of a century of good living in front of you. Make the most of it, we did and it has been fantastic.
never had the travel bug. at 66, i realize i have been working since 12. done now. perfectly satisfied with friends, the dog, and a stack of newspapers and a pot 0' coffee.don't have a tv and am rarely bored. when it happens, i leash up the dog and get lost for an hour. win win.
Retired at age 39 to marry a wonderful man who was getting ready to retire at age 60. He died unexpectedly at almost 100 a few months ago. I am very disoriented. We left the US 18 years ago to live in France. I wanted to return home but home in USA looks like a very bad choice. I can go anywhere but the world looks like it is ready for another Great Depression. I tell myself bon courage ❤️🩹
Excellent information. I have been retired 6 years, this is the best time of my life. Filling my days with things I’ve always wanted to do. Traveling seeing the US 6 months of the year. I did experience some depression, my career was my identity and I had to rediscover myself. I can say I am thankful, grateful and blessed to be living my retired life.
Same here! July 1 will be my second year into retirement. Enjoying many things, including my 4 granddaughters. I have visited 4 countries already and looking forward to do a cruise 🚢 Happiest time in my life!
You're definitely right about many retirees worrying way too much about saving still. But I can understand why they feel that way, I mean after decades of saving it's hard to have a sudden shift into actually spending on luxurious things
I cannot more highly recommend "Victory Lap Retirement," an excellent book detailing the many ways to transition out of the workforce at your own pace.
The irony of it all is that the Covid-19’s lockdown helped prepare my husband and me for our retirement. We learned how to live together 100% of the time, negotiating our various roles. Also, I retired from teaching last June 2023. I spent the years before reading books about retirement, investigating what I could do with my time once I didn’t have a full time career. I am currently volunteering at an animal shelter. It gets me out of the house and into a new social environment.
My wife and I retired as physicians New Year’s Eve 2019! We went to a wedding 29 Feb 2020 and were then banished to our home in the woods and occasionally foraged for food at the grocery store with mask and social distancing. It could have been a situation if we couldn’t handle being retired and full time with each other. We are still doing great and traveling again. Maybe my wife being a psychiatrist and my being primary care was part of it!
Fantastic video and right on point! I retired 5 months ago and have been going through just about everything you mentioned. I knew I would have a hard time spending so several years before I retired, I opened an account to hold money just for travel. That's its only purpose: FUN. And I don't need that money for anything else. Even then I am having a hard time spending it. So for me that is the hardest thing to adjust to. Also, many of us are solo in our retirement and do not have anyone else to split the bills with, two can live cheaper than one and all that. Blessing or a curse I suppose but it is very different when you have to foot every bill yourself. But, I am looking forward to those happy years all the studies say are coming. 🙂
This is a great video Kevin and thank you. I'm newly retired and into my 4th month. I'm working on....through baby steps....leaving it all on the table so no regrets wishing I would have done this...or done that. Thanks again!
Thank you for your video. I watched this along with several others this morning and you brought up one of the more interesting points I have thought about. The money I will have isn't as important as the time I want to spend in retirement. I am 59 years old and am looking at retiring in 6 years when I turn 65. I have had several people tell me to maximize my retirement by waiting until I am 67 or 70. While a two or five-year difference may not seem like much, it means everything when you consider how quickly time passes by. My Dad retired at 59 and was dead at 61. People told him that he was foolish to retire at 59 and advised him to wait until he was 62. Can you imagine if he had pushed it those additional three years? I like to think that he enjoyed those two short years he had of his retirement. My wife and I have built substantial savings to prepare for an early retirement. We never owned a new car. We never went out and bought an RV, a boat, a fifth wheel, an ATV, jetskis, or any of the other toys that my coworkers have indulged in. We bought and paid for a small three-bedroom home that we raised our daughters in and paid it off over twenty years ago. However, my wife continued putting the same mortgage payment into a savings account after the house was paid off since we were used to spending that money each month. While my friends and coworkers have always called me a "tight-a$$" with my money, I think I will have the last laugh with an early retirement. I don't think I can work beyond 65. I have spent my entire career as a truck mechanic and have broken nearly every finger in each hand. My wrists and elbows feel like rusted hinges. My back feels like someone is jabbing it with a red-hot ice pick. If my body can stay together for another six years, I will reward it by never lifting another truck part. This is far more important to me than pushing it until I am 67 or 70 and have to spend my retirement lying in bed. Another thing you brought up in your video is what retirement can do to a marriage. Way ahead of you on this one. We have been married for 41 years. If you do the math you can see that we were married in high school. You don't spend that much time with someone and not figure out how to make it work. She has her plans and I have mine, just like we have done throughout our marriage. We have taken separate vacations in the past and have done separate things throughout our marriage without any problems. People might think that is weird, but those same people are divorced- we are still married. Your video touched on several things that I have thought about. Thank you for confirming several of my thoughts.
I'm 70 and retired 4+ years ago. Not bored yet and I can find plenty to do. Heck, with the internet there's plenty to learn out there... and to teach others in my areas of experience. I have yet to tap into any of my nest egg because I wanted to coast a few years on SS to see how expenses were, even with no bills beyond monthly expenses. Yup, everything is paid for... years ago. I suspect I should pull the trigger, have the house painted, new fences, and that sort of thing (probably near $20K) so when it's time to downsize, everything is in order. As for depression, my friends started dropping dead 20+ years ago so that's a fact of life. I am still young enough to make more friends, even if they are just casual friends. Life will go on and so far, all I have to deal with is the typical aches and pains of growing older. Everything else is working but slowing down... as expected. Oh, I have over a million stashed away not including my home so that part is better than most.
I'm retiring at the end of August & taking my State Pension. I'll clean out my Apartment, distribute most of my Stuff to Relatives, keep about four to five boxes of keepsakes. My Reward is a Six Month Tropical Vacation in the Philippines starting in mid-October 2024... At that point... I'll either come back to the US and take a Federal Job with Insurance, OR settle in somewhere in the Tropics, possibly with some type of Digital Nomad work.
I am thinking of doing very much the same thing taking retirement having a year to just decompress and travel to some of the places I have put off before I get too old and then if need be or desired possibly come back into the workforce. I am a very young 55 but I also can see how the stress of my current job is very quickly burning me out.
Rather than looking for a part time job, try talking with your boss about working part time. I cut back to three days a week and my coworkers said I was just as productive. I cut out meetings that weren’t helpful in getting my job done.
Kevin I enjoy your Honest simple approach to retirement. Something my parents who lived through Deoression taught me. Living Frugally but still enjoy life treat yourself like a Bill in your working years so you have prepared for retirement!
Retired 18 months ago and agree on these and would add another, which Is the importance and complexity of tax planning on future cash flows, e.g., RMDs, gift taxes, IRMAA, etc.
Thanks, Mike! You’re right. I guess I glossed over those because I talk about that a lot in other videos, but that’s a huge thing people wish they’d understood.
Something I realized watching this video. When younger you could make repairs yourself to save money. As you age you may not be able to do all those repairs and have to pay retail labor prices that you weren’t ever used to so the price shock is even more so.
My wife and I planned for this. I retired at 59, and she is still working for a few months more. What we did do about 6 years ago is begin replacing infrastructure. AC’s, roof, windows, doors, water heaters, remodel the bathroom so I can use it if I am in a walker or wheelchair. With the exception of the water heaters, everything we have done should outlast us! I’ll let my daughter worry about that when it is her time! Plan and enjoy!
I just enjoy my life the best I can. I'm 61 and do not expect to go beyond 70-75. My house was paid off 20 years ago. My VA disabilty lowers my property tax in my state by $8000.00 a year. I have $20,0000.00 cash. My pension is $5000.00 a month and another $5000.00 from my investments. I think I'm good for the next 10-15 years.
I classify myself at being retired at 64, but I’m not. I bought a truck and no payments, I bought a 1/2 acre piece of land and no payments, then I bought a small tractor with some attachments and no payments, all debt free!! There was a price to pay and it’s called motivation, determination and and sacrifice!!
Inflation is an interesting phenomenon. We have, in retirement, just shifted what we spend money on. We have cut way back on going out to eat. We eat much healthier now as a result. We also cut out alcohol, no wine or beer, unless we go out to eat. We raised our insurance deductibles to help offset a little for higher premiums. Find a hobby! It’s a marriage saver. You still need to be independent and have activities that are truly yours.
At one point in my life I got down to my last 500.00 and was sleeping on couches in friends' houses. Made my retirement nest egg but I don't mind working some extra years. United States is totally brutal on people who don't have enough money. When the market crashed in 1928 it didn't come back until the early 1950s. Imagine some guy chirping about this is the time to take some time off for you in 1927.
I think people typically don't "shop" for major appliances often enough to see what the prices are today. the "I remember when a good water heater was ...."are long gone. And they don't seem to last quite as long as they did and they cost way more to repair. but yeah that's what emergency funds are for...System repairs on an aging house. I doubt anyone thought a new roof would cost $30,000 depending on the home.
I’m retiring in 4 days. I’ve worked all my life I’ve done well but never could save unless I deserted others. I’ve prepared buy cutting back. I sold my Audi back to the dealer and made a profit. I own two older cars in good shape and have no payments. I will rent. It’s more expensive to buy then rent plus at 62 I don’t want to do maintenance. I’ve secured good health care at a good rate. I will be making about a 60,000 a year income. I will be happy.
I’m retiring in 4 days. I’ve worked all my life I’ve done well but never could save unless I deserted others. I’ve prepared buy cutting back. I sold my Audi back to the dealer and made a profit. I own two older cars in good shape and have no payments. I will rent. It’s more expensive to buy then rent plus at 62 I don’t want to do maintenance. I’ve secured good health care at a good rate. I will be making about a 60,000 a year income. I will be happy.
@@OutsidethePot IF there's a way to drive your MAGI down to around $20,000 (live off of cash) you'd probably qualify for state medicaid. That's generally zero co pays zero deductibles.
Ah, I believe the depression type feelings doesn't Just come from leaving work and that... You're getting older, Weaker and hurting more, Closer to suffering and death.. And friends/family of yours are getting sicker Or passing away
Right on ! We are getting out this year in our 50s. We have spent the last 3 years doing all the upgrades we wanted/needed in the house. So no large new expenses should come up in the first several years. Also replaced our 17 and 19 year old vehicles with newer ones that will last us a long time and may be the last cars we ever buy, who knows? ! We have our trips planned out through 2030 ! Have made new friends that are retired themselves so we will have a good pool of people to do things with when we want and bounce off each other. Going on ACA for most years until medicare. Looks like in our first few years medical insurance will cost us about 150-300 a month with the income we expect to have. Also tax planning for the future. We plan to continue to pull down on IRAs at rates we may not need after SS kicks in just to reduce those accounts a little and put the money in CD ladders or other after tax mutual funds, etc. That way we will not have MASSIVE tax liabilities from RMDs and or with what we leave to anyone. As you say. It takes some planning and thought, maybe even a trial run to reset the groove of your life for and in retirement.
50's plan on 2 more cars. Plan on your insurance company dropping coverage IF your roof hits 15 years or so. I might be in decent shape but they might make you replace it or drop you as a customer if you don't. Or your insurer might decide to leave the state and the next one says we won't insure you unless you put on a new roof. Things like that never used to happen.
I used to work Full Time w Absurd amounts of OT? Was always tired. This yr I am,working Part-time, turning down OT And as,Spring nears,am thinking of Retiring. Close Life instead of Money?
The big surprise for me was Estimated Taxes. No one warned me that I'd be doing taxes five times a year. (The four quarters plus the final 1040.) Then you get to meet Schedule AI because your income unevenly distributed, but the IRS wants taxes paid in equal installments unless you can prove you get paid unequally. In early June I'll be doing taxes again, tax quarters are not always calendar quarters. 🙄
@@stevemyopinion423 yep, if a decent amount. We retired early on interest. The IRS wants 4 equal estimated payments vs one big one the following spring.
''retirement is a major life reorientation...'' not for all of us. college educated, but ditched the world of ties to have a one man landscaping shop for 35 years. paid cash for a colo house. retiring to off grid, raw land in TN this summer. realized i had eunf 5 years ago when my partner died. no kids, outlived my family. pretty much stopped working 5 years ago. had time for me and not others. walked right into retirement. only 2 real changes were no more alarm clock and made all appts. for, ''after 10.00''. cashed out so i don't worry about ''the market''. have more than enuf to see me to the end. when i take ss, it will be ''government annuity gravy''.
Long term care works like this. If you or a loved one needs it, you purchase it until the money runs out after which, Medicaid steps in and pays 100%. Easy as that. Long term care only becomes a problem if the person who needs it wants to leave an inheritance. Forget the inheritance. If you need a nursing home, take care of yourself or your loved one first. A spouse in the home is allowed to retain about $150K in assets PLUS the home and then Medicaid will step in and pay 100%. If there is no spouse and you are alone, you spend down to $2,000 and then Medicaid covers 100%. If you need or want to, turn excess assets into income-producing investments which are not counted as assets and do not need to be spent down.
To me, retirement is about opportunity cost. With the start of the pandemic, I work from home, have tons of vacation and like my job just fine. I have lots of flexibility and don't have anything to retire "to", so what would I do with more time? May as well keep making money and improving my work skills until I can find a new passion that will take up my time in retirement - I'm sure as heck not going to just sit around.
Yep. All those people submitting false claims, or claiming things in addition to the true cost, or building in flood plains, adds up. The criminals are the insured, not the insurers.
Wow I've been saying Time = money is the biggest lie since I've been 20. Recently I could choose between a 3% salary increase or 5 extra vacation days... I chose 5 extra vacation days and most of my coworkers did too, because we actually discussed it with eachother. And I remember specifically saying......you can always earn more money, but you can't earn more time.
Very good advice. I retired when I was 54 years old (I’m 60 now) and have worked 1/2 time since retirement to supplement. I’ve kept a journal of post retirement expenses and it’s been a lot more than I originally thought. Replacing windows, the fence, removing trees, vehicles repairs and more… We’re now empty nesting and that’s a big change financially and lifestyle. The earlier you retire, the more flexibility you’ll need for unknowns.
Excellent video. An uncomfortable subject is long term care versus right to choose. Before anyone judges, many retirees have no friends and family and don't want to be a burden etc. if they contract a terminal illness. Many of us want to take the last big vacation and then choose our own end. The universe willing, that's how I'm leaving this life!
I'm tired. I've worked all my life. I have 41 years of blood, sweat, and tears in this one company where I've been investing 11% into my 401k. I'm almost 62 now. I wanted to retire on May 31st 2024. I thought all I had to do was turn in my two weeks notice and tell them to start sending me my money every month. I don't want to go on any vacations anywhere, I don't want to buy anything special, I'm just sick and tired of working ALL THE TIME! My arthritis has gotten to the point that its painful to work! I don't enjoy working anymore! My body is breaking down and I want to retire NOW while I'm still somewhat able to walk! I hardly ever go to the doctor for anything, yet all I hear is "oh when you retire health care is going to take MOST OF YOUR RETIREMENT MONEY!" So I gotta ask, is it even possible AT ALL to retire with a 401k of half a million dollars? Because that's all I've got saved from working all these years! I still owe around 80k on my house but that's the only debt I have. Is retirement really just gloom and doom?
Half a million will never be enough if you happen to live in the US with sky-high medical cost even with Medicare. I live in Belgium, enjoy universal healthcare and minimal out-of-pocket cost. I have a million saved and invested and it still feels like I do not have enough. Planning to retire at 67 next year but also planning to accept a fw days monthly of well-paid assignments until 70 to draw down less. I am sorry your work has been so tough and back-breaking. Wishing you all the best, most of all good health.❤
I really Enjoyed the first 17 years of my working life. The I couldn't find a way to continue my career or find a new interesting career. So now I am a laborer which is boring and at times demeaning but it pays almost the same amount of money as when I was a professional. ( all due to the first baby boomers retiring ahead of me who mostly performed factory jobs) My hope is to reignite some professional or skilled job in retirement or to start a one person business. Problem is I am spending so many hours working that I can't retrain and its hard to start paying for all those benefits and replace all that vacation time. ( 2 weeks plant shut down plus 3 to 4 weeks vacation a year) It is quit different from most people's life experience. Most people experience what I did when I was young when they were old and starting to grey. On the other hand the hard work keeps me in shape and I am healthier and sharper than many 45 to 50 years olds. What happened? I am just starting to slow down at 65. Hint, my grandparents lived for 90 to 95 years old and so did my parents. What do you do with yourself if you retire at least 30 to 35 years before you die?
Another nice review! Agree with the inflation discussion. Many people don’t realize how it devalues your money. On the other hand it is very difficult to think in present and future dollars at the same time. My recommendation for this is to keep everything in present dollars( those that adjust with in inflation). This includes Social Security and investments. SS does mostly keep up, and investments should keep up. On the other hand annuities won’t. Pensions vary. Most annuities need to be severely discounted by 50% or more for values 15 years out. So if you have enough money in today’s dollars that will inflate, you should have enough in future dollars. We assume that portfolio growth will ONLY keep up with inflation(no real growth). For an annuity 15 years out we assume it is worth half in “real dollars”. So if you want a $1000 annuity payment 15 years out it will need to be paying $2000 at that point to have similar spending power.
Thank you. I think a surprising number of people don’t realize their annuity doesn’t have a COLA rider. And many pensions as well. It’s a big oversight in planning.
Inflation would increase for Americans above 3% because of decoupling-from-China and import tax strategies by your government, imports will be much more expensive as costs from products would skyrocket moving ahead.
Fortunately I learned that I have stage IV-B lung cancer a few years before retirement age, because while I'm so fortunate that there's a new medication that's working great, the cost is prohibitively high. I'll take another awesome invention to actually cure the cancer before I can actually retire. Fortunately I like my job.
I was forced into retirement at age 61 after my husband suffered a debilitating stroke and starting requiring 24x7 care. We are fortunate in that we’d already been planning for retirement and have sufficient income from pensions, savings, investments, and social security. I just wish that I could travel and some tick items off my bucket list. Unfortunately, I’m stuck caring for my husband and father and can’t easily leave town.
Consider finding someone to watch them for three weeks and travel. Caregivers often die before those they care for. You need to rejuvenate before you move forward.
@@jabow1878 I was a caregiver for my dad for 12 years. It sounds easy to find someone to step in for 3 weeks, but it's nearly impossible. No one in my family would dare help me like that. And paying for that kind of care is extremely expensive.
Wow, why would you not include home repairs / renovations and car repair / renewal into your budget? I am including 2% value of my home for repairs and upgrades and 10% for my car for repairs and renewal. This is the smart thing to do. Also account for any medical insurance. As I live in Canada, I just need to cover for prescription drugs, dental and ambulance so $200 CAD per month should be enough cover for couple
Great advice. I am planning to retire in about a year just for that reason there are many places I would like to go and the way I'd like to travel there is rougher than I think I want to be doing at 65
There is no planning for Long Term Care. The only option is investing early enough so you can pay for it without the insurance. Most people dont even qualify for LTC.
I’ve always worked pretty hi stress job.. I need to retrain myself to just slow down, everything doesn’t have to be done today, man that’s hard, so I went back to work !!! Work actually helps me wind down, sounds odd I know??
If my homeowners insurance more than doubled I would look for another insurance company. Did you say your homeowners went from $1,400 to $3,600 in one year? I actually find that hard to believe but if you say so.
@@calvinreichelderfer7989 Many are leaving....butttt...being replaced by even more people (FL # 1 in current state growth)....annnd the new ones coming in many cases have deeper pockets than the ones leaving!
Typically tax dollars come from other fee, higher sales tax , or a sales tax on groceries as well as hard goods., possibly higher user fees , possibly even high property taxes. it's a balancing act. You'd have to look at your total tax burden even being one county over can cost or save you money if one county applies a local sales tax and the other one doesn't.
Thanks for your videos Kevin! A lot of good points.. For me, I think my happiest ages were 26 (I wasn't thrilled with my first job) and 61 (I retired at 50 so this is earlier than for some people). No depression for me, but I did have some periods of stress (when I was happy and was just too much in my own head).
I retired at 26 when I started working in government. I have travel, enjoy nature, I’m jacked and I have enjoyed beautiful women. At 52; I’m ready to enter the workforce
You mentioned you had retired at 26, what age did you start working for the Government? In order to get a pension a Government worker have to meet requirements like for me be over the age 52 and work over 20 years to get the minimum amount for the pension. If you have retired at the age of 26 you will not be getting a pension unless you had retired after working 26 years with the Government.
The cost of healthcare is an obscenity. It's one of the things that motivated me to move abroad. I'm not willing to risk a lifetime's accumulation of wealth and possibly even end up on the street should myself or my spouse have a large unanticipated medical expense. As for the cost of owning a house, here in Spain my homeowner's insurance is about 45 Euro a month and our annual property taxes are about 750. Just saying. I don't want to diss the US too much for retirees but it's just an expensive country to live in. It's not the only one of course but at least for use making a decision to move abroad provided us with a profound improvement in our quality of life. Of course as they say, your mileage may differ.
Well, I'm 55 and fully retired for some years now. When I had my 21st birthday my mother told me to start planning my retirement then. Seemed ridiculous at the time but I took her advice and started my investment journey. Its had ups and downs but our income per year now is more than 100K and we live pretty well. A new car every 5 years, private health insurance and two overseas trips a year plus we also have enough to help out the kids with their mortgages. No govt pension of course. The secret, if there is any, is to start early to get the benefit of compounding. I started working early with Cynthia McClure Alexander early and today I am happily retired .
@@markbajek2541I am definitely not getting a new car every 5 years. I will wait until the car will give me problems. I keep my cars to 15 years. I am 53 years, my next new car will be in my middle or late 60's God willingly if I be around.
America is NOT a retirement society by any means. Its a straight consumer society. No part of the Government. Any of the federal state county or city truly address a person to retire. The struggle over SSI is the red flag of that apathy. A working retirement is an issue that America really doesn’t want as a whole to address
My retirement surprise was nothing to do with finance. It was how incredibly bored and unhappy I was without a job. I’ve been retired 15 years and hated every minute.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
Did I mess any retirement surprises?
Reality check
🤭👌👍
*miss ?
Retirement programs are ponzi scheme
Don't live for your kids.
I’m 79 next month, retired twenty years.
People don’t realise how long retirement is and how much you can achieve in twenty years. In your first twenty years you probably learned to talk and graduated from college, why not try to match that in your last twenty years?
All the retirement videos seem to recommend getting your travel done in the first couple of years because after that it is terminal couch lock. If you exercise right and eat right you probably have a quarter of a century of good living in front of you. Make the most of it, we did and it has been fantastic.
Thanks for sharing! It’s an inspiration.
Yes but I bet you retired earlier as we all do. I retired at 49 and that was to late.
never had the travel bug. at 66, i realize i have been working since 12. done now. perfectly satisfied with friends, the dog, and a stack of newspapers and a pot 0' coffee.don't have a tv and am rarely bored. when it happens, i leash up the dog and get lost for an hour. win win.
Retired at age 39 to marry a wonderful man who was getting ready to retire at age 60. He died unexpectedly at almost 100 a few months ago. I am very disoriented. We left the US 18 years ago to live in France. I wanted to return home but home in USA looks like a very bad choice. I can go anywhere but the world looks like it is ready for another Great Depression. I tell myself bon courage ❤️🩹
@@ParisianThinker I wish you strength and eventual happiness.
Excellent information. I have been retired 6 years, this is the best time of my life. Filling my days with things I’ve always wanted to do. Traveling seeing the US 6 months of the year. I did experience some depression, my career was my identity and I had to rediscover myself. I can say I am thankful, grateful and blessed to be living my retired life.
Same here!
July 1 will be my second year into retirement.
Enjoying many things, including my 4 granddaughters.
I have visited 4 countries already and looking forward to do a cruise 🚢
Happiest time in my life!
Life begins at 90! 😊
It’s important to remember that 40% of retirees retire involuntarily. You may not get to choose when you retire.
You're definitely right about many retirees worrying way too much about saving still. But I can understand why they feel that way, I mean after decades of saving it's hard to have a sudden shift into actually spending on luxurious things
I cannot more highly recommend "Victory Lap Retirement," an excellent book detailing the many ways to transition out of the workforce at your own pace.
The irony of it all is that the Covid-19’s lockdown helped prepare my husband and me for our retirement. We learned how to live together 100% of the time, negotiating our various roles. Also, I retired from teaching last June 2023. I spent the years before reading books about retirement, investigating what I could do with my time once I didn’t have a full time career. I am currently volunteering at an animal shelter. It gets me out of the house and into a new social environment.
My wife and I retired as physicians New Year’s Eve 2019! We went to a wedding 29 Feb 2020 and were then banished to our home in the woods and occasionally foraged for food at the grocery store with mask and social distancing. It could have been a situation if we couldn’t handle being retired and full time with each other. We are still doing great and traveling again. Maybe my wife being a psychiatrist and my being primary care was part of it!
Totally agree!!
Life begins at 70🎉❤❤
Fantastic video and right on point! I retired 5 months ago and have been going through just about everything you mentioned. I knew I would have a hard time spending so several years before I retired, I opened an account to hold money just for travel. That's its only purpose: FUN. And I don't need that money for anything else. Even then I am having a hard time spending it. So for me that is the hardest thing to adjust to. Also, many of us are solo in our retirement and do not have anyone else to split the bills with, two can live cheaper than one and all that. Blessing or a curse I suppose but it is very different when you have to foot every bill yourself. But, I am looking forward to those happy years all the studies say are coming. 🙂
Thanks, Ginger. I love the idea of having a savings account for fun! Enjoy your retirement!
Thank you for talking about Healthcare. I have watched several retirement videos and I am surprised with how few mention costs relating to this. 😊
Excellent retirement assessment. Should be viewed by folks in their 40’s
43 here. Thanks everyone for the advice and wisdom.
Just turned 40!
This is a great video Kevin and thank you. I'm newly retired and into my 4th month. I'm working on....through baby steps....leaving it all on the table so no regrets wishing I would have done this...or done that. Thanks again!
I knew all this. You just don't think it is significant. Well you better get along with your spouse. Every day you will be with them. Make an effort.
Thank you for your video. I watched this along with several others this morning and you brought up one of the more interesting points I have thought about. The money I will have isn't as important as the time I want to spend in retirement.
I am 59 years old and am looking at retiring in 6 years when I turn 65. I have had several people tell me to maximize my retirement by waiting until I am 67 or 70. While a two or five-year difference may not seem like much, it means everything when you consider how quickly time passes by. My Dad retired at 59 and was dead at 61. People told him that he was foolish to retire at 59 and advised him to wait until he was 62. Can you imagine if he had pushed it those additional three years? I like to think that he enjoyed those two short years he had of his retirement.
My wife and I have built substantial savings to prepare for an early retirement. We never owned a new car. We never went out and bought an RV, a boat, a fifth wheel, an ATV, jetskis, or any of the other toys that my coworkers have indulged in. We bought and paid for a small three-bedroom home that we raised our daughters in and paid it off over twenty years ago. However, my wife continued putting the same mortgage payment into a savings account after the house was paid off since we were used to spending that money each month. While my friends and coworkers have always called me a "tight-a$$" with my money, I think I will have the last laugh with an early retirement.
I don't think I can work beyond 65. I have spent my entire career as a truck mechanic and have broken nearly every finger in each hand. My wrists and elbows feel like rusted hinges. My back feels like someone is jabbing it with a red-hot ice pick. If my body can stay together for another six years, I will reward it by never lifting another truck part. This is far more important to me than pushing it until I am 67 or 70 and have to spend my retirement lying in bed.
Another thing you brought up in your video is what retirement can do to a marriage. Way ahead of you on this one. We have been married for 41 years. If you do the math you can see that we were married in high school. You don't spend that much time with someone and not figure out how to make it work. She has her plans and I have mine, just like we have done throughout our marriage. We have taken separate vacations in the past and have done separate things throughout our marriage without any problems. People might think that is weird, but those same people are divorced- we are still married.
Your video touched on several things that I have thought about. Thank you for confirming several of my thoughts.
I'm 70 and retired 4+ years ago. Not bored yet and I can find plenty to do. Heck, with the internet there's plenty to learn out there... and to teach others in my areas of experience. I have yet to tap into any of my nest egg because I wanted to coast a few years on SS to see how expenses were, even with no bills beyond monthly expenses. Yup, everything is paid for... years ago. I suspect I should pull the trigger, have the house painted, new fences, and that sort of thing (probably near $20K) so when it's time to downsize, everything is in order. As for depression, my friends started dropping dead 20+ years ago so that's a fact of life. I am still young enough to make more friends, even if they are just casual friends. Life will go on and so far, all I have to deal with is the typical aches and pains of growing older. Everything else is working but slowing down... as expected. Oh, I have over a million stashed away not including my home so that part is better than most.
I'm retiring at the end of August & taking my State Pension. I'll clean out my Apartment, distribute most of my Stuff to Relatives, keep about four to five boxes of keepsakes. My Reward is a Six Month Tropical Vacation in the Philippines starting in mid-October 2024... At that point... I'll either come back to the US and take a Federal Job with Insurance, OR settle in somewhere in the Tropics, possibly with some type of Digital Nomad work.
Enjoy!
I am thinking of doing very much the same thing taking retirement having a year to just decompress and travel to some of the places I have put off before I get too old and then if need be or desired possibly come back into the workforce.
I am a very young 55 but I also can see how the stress of my current job is very quickly burning me out.
Betcha don’t come back! Enjoy!
Ted sounds great I retired at 62 3 years ago and have never looked back best wishes to you!
Good for you! Best of luck.
Rather than looking for a part time job, try talking with your boss about working part time. I cut back to three days a week and my coworkers said I was just as productive. I cut out meetings that weren’t helpful in getting my job done.
Kevin I enjoy your Honest simple approach to retirement. Something my parents who lived through Deoression taught me. Living Frugally but still enjoy life treat yourself like a Bill in your working years so you have prepared for retirement!
Retired 18 months ago and agree on these and would add another, which Is the importance and complexity of tax planning on future cash flows, e.g., RMDs, gift taxes, IRMAA, etc.
Thanks, Mike! You’re right. I guess I glossed over those because I talk about that a lot in other videos, but that’s a huge thing people wish they’d understood.
I noticed that if males volunteer at animal clinics, they are expected to do the heavy and dirtiest tasks. Why?
Something I realized watching this video. When younger you could make repairs yourself to save money. As you age you may not be able to do all those repairs and have to pay retail labor prices that you weren’t ever used to so the price shock is even more so.
Great insight. I’ve been busier and had to hire our repairs I used to do…it’s hard to swallow.
My wife and I planned for this. I retired at 59, and she is still working for a few months more. What we did do about 6 years ago is begin replacing infrastructure. AC’s, roof, windows, doors, water heaters, remodel the bathroom so I can use it if I am in a walker or wheelchair. With the exception of the water heaters, everything we have done should outlast us! I’ll let my daughter worry about that when it is her time! Plan and enjoy!
I just enjoy my life the best I can. I'm 61 and do not expect to go beyond 70-75. My house was paid off 20 years ago. My VA disabilty lowers my property tax in my state by $8000.00 a year. I have $20,0000.00 cash. My pension is $5000.00 a month and another $5000.00 from my investments. I think I'm good for the next 10-15 years.
I classify myself at being retired at 64, but I’m not. I bought a truck and no payments, I bought a 1/2 acre piece of land and no payments, then I bought a small tractor with some attachments and no payments, all debt free!! There was a price to pay and it’s called motivation, determination and and sacrifice!!
This video is great. It stands out from other UA-cam retirement talks. The presenter is very logical and to the point. It helped me a lot. Thank you!
please talk about GROWTH. And continuing to prospering. After leaving our career secure job
Just when I start feeling the retirement anxiety lessen a bit, I watch a video such as this one .. and whammo .. I’m nervous tense and can’t relax.
Inflation is an interesting phenomenon. We have, in retirement, just shifted what we spend money on. We have cut way back on going out to eat. We eat much healthier now as a result. We also cut out alcohol, no wine or beer, unless we go out to eat.
We raised our insurance deductibles to help offset a little for higher premiums.
Find a hobby! It’s a marriage saver. You still need to be independent and have activities that are truly yours.
At one point in my life I got down to my last 500.00 and was sleeping on couches in friends' houses. Made my retirement nest egg but I don't mind working some extra years. United States is totally brutal on people who don't have enough money.
When the market crashed in 1928 it didn't come back until the early 1950s. Imagine some guy chirping about this is the time to take some time off for you in 1927.
I’m thinking if you can’t afford the cost of a broken water heater, you probably shouldn’t be thinking about retirement.
Probably should start doing some backwards-planning for it tho, especially if they can't afford a water heater.
I think people typically don't "shop" for major appliances often enough to see what the prices are today. the "I remember when a good water heater was ...."are long gone. And they don't seem to last quite as long as they did and they cost way more to repair. but yeah that's what emergency funds are for...System repairs on an aging house. I doubt anyone thought a new roof would cost $30,000 depending on the home.
I’m retiring in 4 days. I’ve worked all my life I’ve done well but never could save unless I deserted others. I’ve prepared buy cutting back. I sold my Audi back to the dealer and made a profit. I own two older cars in good shape and have no payments. I will rent. It’s more expensive to buy then rent plus at 62 I don’t want to do maintenance. I’ve secured good health care at a good rate. I will be making about a 60,000 a year income. I will be happy.
I’m retiring in 4 days. I’ve worked all my life I’ve done well but never could save unless I deserted others. I’ve prepared buy cutting back. I sold my Audi back to the dealer and made a profit. I own two older cars in good shape and have no payments. I will rent. It’s more expensive to buy then rent plus at 62 I don’t want to do maintenance. I’ve secured good health care at a good rate. I will be making about a 60,000 a year income. I will be happy.
@@OutsidethePot IF there's a way to drive your MAGI down to around $20,000 (live off of cash) you'd probably qualify for state medicaid. That's generally zero co pays zero deductibles.
Ah, I believe the depression type feelings doesn't Just come from leaving work and that... You're getting older, Weaker and hurting more, Closer to suffering and death.. And friends/family of yours are getting sicker Or passing away
That’s true, but there’s something about quitting work that seems to accelerate it in some people.
Your nailing it as the mind is talking more than ever to us. I recommend if you have a passion on your ♥....go for it!💪💪👍👍🙏🙏🙏🙏
Right on ! We are getting out this year in our 50s. We have spent the last 3 years doing all the upgrades we wanted/needed in the house. So no large new expenses should come up in the first several years. Also replaced our 17 and 19 year old vehicles with newer ones that will last us a long time and may be the last cars we ever buy, who knows? ! We have our trips planned out through 2030 ! Have made new friends that are retired themselves so we will have a good pool of people to do things with when we want and bounce off each other. Going on ACA for most years until medicare. Looks like in our first few years medical insurance will cost us about 150-300 a month with the income we expect to have. Also tax planning for the future. We plan to continue to pull down on IRAs at rates we may not need after SS kicks in just to reduce those accounts a little and put the money in CD ladders or other after tax mutual funds, etc. That way we will not have MASSIVE tax liabilities from RMDs and or with what we leave to anyone. As you say. It takes some planning and thought, maybe even a trial run to reset the groove of your life for and in retirement.
50's plan on 2 more cars. Plan on your insurance company dropping coverage IF your roof hits 15 years or so. I might be in decent shape but they might make you replace it or drop you as a customer if you don't. Or your insurer might decide to leave the state and the next one says we won't insure you unless you put on a new roof. Things like that never used to happen.
No conversion to Roth accounts?
I used to work Full Time w Absurd amounts of OT? Was always tired. This yr I am,working Part-time, turning down OT And as,Spring nears,am thinking of Retiring. Close Life instead of Money?
Every day is Saturday, and morning meetings are whenever you get up off the bed to start the day at your leisure.
The big surprise for me was Estimated Taxes. No one warned me that I'd be doing taxes five times a year. (The four quarters plus the final 1040.) Then you get to meet Schedule AI because your income unevenly distributed, but the IRS wants taxes paid in equal installments unless you can prove you get paid unequally.
In early June I'll be doing taxes again, tax quarters are not always calendar quarters. 🙄
This was an adjustment for me too! Thinking about taxes more often is not fun. 😢
What is that true. So if you retire at 40 and only live on dividends. You have to do taxes more then once a year
We pay quarterly estimates, but easy to do online or send a check. Sch A, if you itemize which is rare, only once with 1040.
@@stevemyopinion423 yep, if a decent amount. We retired early on interest. The IRS wants 4 equal estimated payments vs one big one the following spring.
That bull shit. I would want to pay once a year. So I can put it in a high interest account and make a little more money
''retirement is a major life reorientation...''
not for all of us. college educated, but ditched the world of ties
to have a one man landscaping shop for 35 years. paid cash for a colo house.
retiring to off grid, raw land in TN this summer. realized i had eunf 5
years ago when my partner died. no kids, outlived my family.
pretty much stopped working 5 years ago. had time for me and not others.
walked right into retirement. only 2 real changes were no more alarm clock and
made all appts. for, ''after 10.00''. cashed out so i don't worry about ''the market''.
have more than enuf to see me to the end. when i take ss, it will be ''government annuity gravy''.
You have done a Very good summary of the exact thoughts and fears there
I am glad I listened to this. Now I am seriously considering whether I am ready to take an early retirement
Long term care works like this. If you or a loved one needs it, you purchase it until the money runs out after which, Medicaid steps in and pays 100%. Easy as that. Long term care only becomes a problem if the person who needs it wants to leave an inheritance. Forget the inheritance. If you need a nursing home, take care of yourself or your loved one first. A spouse in the home is allowed to retain about $150K in assets PLUS the home and then Medicaid will step in and pay 100%. If there is no spouse and you are alone, you spend down to $2,000 and then Medicaid covers 100%. If you need or want to, turn excess assets into income-producing investments which are not counted as assets and do not need to be spent down.
To me, retirement is about opportunity cost. With the start of the pandemic, I work from home, have tons of vacation and like my job just fine. I have lots of flexibility and don't have anything to retire "to", so what would I do with more time? May as well keep making money and improving my work skills until I can find a new passion that will take up my time in retirement - I'm sure as heck not going to just sit around.
Well said
The increase in homeowners and car insurance is literally criminal!
Auto insurance decreased by $50/year! What!?
Yep. All those people submitting false claims, or claiming things in addition to the true cost, or building in flood plains, adds up. The criminals are the insured, not the insurers.
My car and home insurance increased by 150% this year!
Wow I've been saying Time = money is the biggest lie since I've been 20. Recently I could choose between a 3% salary increase or 5 extra vacation days... I chose 5 extra vacation days and most of my coworkers did too, because we actually discussed it with eachother. And I remember specifically saying......you can always earn more money, but you can't earn more time.
Very good advice. I retired when I was 54 years old (I’m 60 now) and have worked 1/2 time since retirement to supplement. I’ve kept a journal of post retirement expenses and it’s been a lot more than I originally thought. Replacing windows, the fence, removing trees, vehicles repairs and more…
We’re now empty nesting and that’s a big change financially and lifestyle. The earlier you retire, the more flexibility you’ll need for unknowns.
I am 53 and plan to retire next year September… but will be in another country
I really appreciate all these points you brought up. Thank you.
Excellent video. An uncomfortable subject is long term care versus right to choose. Before anyone judges, many retirees have no friends and family and don't want to be a burden etc. if they contract a terminal illness. Many of us want to take the last big vacation and then choose our own end. The universe willing, that's how I'm leaving this life!
I change my home & auto insurance when it goes up. It seems to go up every 6 months to a year.
It’s getting harder to shop carriers in some states like California and Florida as insurers pull out.
I associate with people who no one elses wants due to them having serious problems and issues I am dreading retirement associating with these people
Might be time to move and make new friends.
Well done Kevin.
Your videos are spot on and well done.
Cheers
Thank you, I appreciate that.
Ditto. I find your delivery honest.
BTW, reality checks are sobering. The inflation example is always food for thought.
Thank you
Your video is spot on it makes you think about a lot of things
I'm tired. I've worked all my life. I have 41 years of blood, sweat, and tears in this one company where I've been investing 11% into my 401k. I'm almost 62 now. I wanted to retire on May 31st 2024. I thought all I had to do was turn in my two weeks notice and tell them to start sending me my money every month. I don't want to go on any vacations anywhere, I don't want to buy anything special, I'm just sick and tired of working ALL THE TIME! My arthritis has gotten to the point that its painful to work! I don't enjoy working anymore! My body is breaking down and I want to retire NOW while I'm still somewhat able to walk! I hardly ever go to the doctor for anything, yet all I hear is "oh when you retire health care is going to take MOST OF YOUR RETIREMENT MONEY!" So I gotta ask, is it even possible AT ALL to retire with a 401k of half a million dollars? Because that's all I've got saved from working all these years! I still owe around 80k on my house but that's the only debt I have. Is retirement really just gloom and doom?
Half a million will never be enough if you happen to live in the US with sky-high medical cost even with Medicare. I live in Belgium, enjoy universal healthcare and minimal out-of-pocket cost. I have a million saved and invested and it still feels like I do not have enough. Planning to retire at 67 next year but also planning to accept a fw days monthly of well-paid assignments until 70 to draw down less. I am sorry your work has been so tough and back-breaking. Wishing you all the best, most of all good health.❤
I really Enjoyed the first 17 years of my working life. The I couldn't find a way to continue my career or find a new interesting career. So now I am a laborer which is boring and at times demeaning but it pays almost the same amount of money as when I was a professional. ( all due to the first baby boomers retiring ahead of me who mostly performed factory jobs) My hope is to reignite some professional or skilled job in retirement or to start a one person business. Problem is I am spending so many hours working that I can't retrain and its hard to start paying for all those benefits and replace all that vacation time. ( 2 weeks plant shut down plus 3 to 4 weeks vacation a year) It is quit different from most people's life experience. Most people experience what I did when I was young when they were old and starting to grey. On the other hand the hard work keeps me in shape and I am healthier and sharper than many 45 to 50 years olds. What happened? I am just starting to slow down at 65. Hint, my grandparents lived for 90 to 95 years old and so did my parents. What do you do with yourself if you retire at least 30 to 35 years before you die?
You enjoy it and develop hobbies❤️
Re-create yourself, then become a new you again. Lather, rinse, repeat! Enjoy!
Another nice review!
Agree with the inflation discussion. Many people don’t realize how it devalues your money.
On the other hand it is very difficult to think in present and future dollars at the same time.
My recommendation for this is to keep everything in present dollars( those that adjust with in inflation). This includes Social Security and investments. SS does mostly keep up, and investments should keep up. On the other hand annuities won’t. Pensions vary. Most annuities need to be severely discounted by 50% or more for values 15 years out.
So if you have enough money in today’s dollars that will inflate, you should have enough in future dollars. We assume that portfolio growth will ONLY keep up with inflation(no real growth). For an annuity 15 years out we assume it is worth half in “real dollars”. So if you want a $1000 annuity payment 15 years out it will need to be paying $2000 at that point to have similar spending power.
Thank you. I think a surprising number of people don’t realize their annuity doesn’t have a COLA rider. And many pensions as well. It’s a big oversight in planning.
Great video, insightful, and meaningful!
Thanks!
Great info! Thank you!
My worth and my value have NEVER been tied to my job. I'll be fine.
@Kevin Lum
Check the title. It says "Facts No Tells You!"
I think you are missing a word.
Thanks, Frank! I’ll hire you as my editor. :)
I’m 5 years away but great video and I’ve watched a bunch of them.
Thanks, Mark!
Inflation would increase for Americans above 3% because of decoupling-from-China and import tax strategies by your government, imports will be much more expensive as costs from products would skyrocket moving ahead.
Fortunately I learned that I have stage IV-B lung cancer a few years before retirement age, because while I'm so fortunate that there's a new medication that's working great, the cost is prohibitively high. I'll take another awesome invention to actually cure the cancer before I can actually retire. Fortunately I like my job.
I was forced into retirement at age 61 after my husband suffered a debilitating stroke and starting requiring 24x7 care. We are fortunate in that we’d already been planning for retirement and have sufficient income from pensions, savings, investments, and social security. I just wish that I could travel and some tick items off my bucket list. Unfortunately, I’m stuck caring for my husband and father and can’t easily leave town.
Consider finding someone to watch them for three weeks and travel. Caregivers often die before those they care for. You need to rejuvenate before you move forward.
@@jabow1878 I was a caregiver for my dad for 12 years. It sounds easy to find someone to step in for 3 weeks, but it's nearly impossible. No one in my family would dare help me like that. And paying for that kind of care is extremely expensive.
Sending prayers.
I’m retired 7 years and I’m still scared to spend any of my savings. I’m still living on social security alone.
Retired 6 times in 73 years.
I guess we all need to realize that we can always go back to work if it gets too depressing or boring or expensive. Thanks for the good reminder!
We all save as much as we can so ‘we should plan for this’ , makes no sense. Most of us don't make millions a year
Wow, why would you not include home repairs / renovations and car repair / renewal into your budget? I am including 2% value of my home for repairs and upgrades and 10% for my car for repairs and renewal. This is the smart thing to do. Also account for any medical insurance. As I live in Canada, I just need to cover for prescription drugs, dental and ambulance so $200 CAD per month should be enough cover for couple
I wish I retired sooner, at 58 or 59. Sooner is better for travel while young enough to.
What age did you retire?
Great advice. I am planning to retire in about a year just for that reason there are many places I would like to go and the way I'd like to travel there is rougher than I think I want to be doing at 65
There is no planning for Long Term Care. The only option is investing early enough so you can pay for it without the insurance. Most people dont even qualify for LTC.
Retire overseas. The US is a good place to earn money, but not a good place for retirement.
Much appreciated. Very good advice. I am transitioning to part time in 1 month 😁
Congratulations! Big life step.
I’ve always worked pretty hi stress job.. I need to retrain myself to just slow down, everything doesn’t have to be done today, man that’s hard, so I went back to work !!! Work actually helps me wind down, sounds odd I know??
Some people don’t have enough $$$ to retire 😂
Perhaps PARTIALLY retire is the answer?
It doesn't cost nearly as much to retire than you think.
Assuming health okay?
Great video!!! Thank you
Thank you!
''retirement, as you know, isn't just a lengthy vacation.''
then you are not doing it right...
If my homeowners insurance more than doubled I would look for another insurance company.
Did you say your homeowners went from $1,400 to $3,600 in one year?
I actually find that hard to believe but if you say so.
He might be in Florida....there's horrible stuff going on down here regarding homeowners insurance.
@@danielhuntington2116That’s insane! I would want to leave the state
@@calvinreichelderfer7989 Many are leaving....butttt...being replaced by even more people (FL # 1 in current state growth)....annnd the new ones coming in many cases have deeper pockets than the ones leaving!
It’s happening in Northern California.
@@kel3678 Does it affect the sanctuary cities too?
Thank you 🙏
Is it worth to move to a State with no state tax?
It should factor, but I wouldn’t be driven by only that factor.
Typically tax dollars come from other fee, higher sales tax , or a sales tax on groceries as well as hard goods., possibly higher user fees , possibly even high property taxes. it's a balancing act. You'd have to look at your total tax burden even being one county over can cost or save you money if one county applies a local sales tax and the other one doesn't.
Thanks for your videos Kevin! A lot of good points.. For me, I think my happiest ages were 26 (I wasn't thrilled with my first job) and 61 (I retired at 50 so this is earlier than for some people). No depression for me, but I did have some periods of stress (when I was happy and was just too much in my own head).
Thanks, Doug! I always struggle with being in my own head and missing the moment.
This is true I wish I’ve known.
There’s only one thing wrong with retirement; you never get a day off !
😂😂😂 terrific sense of humour
Lol I'd wager the Costco hotdog will be $1.50 in 20 yrs
Haha. You’re probably right.
😂😂
do long term care policies actually pay out?
I retired at 26 when I started working in government. I have travel, enjoy nature, I’m jacked and I have enjoyed beautiful women.
At 52; I’m ready to enter the workforce
You mentioned you had retired at 26, what age did you start working for the Government? In order to get a pension a Government worker have to meet requirements like for me be over the age 52 and work over 20 years to get the minimum amount for the pension. If you have retired at the age of 26 you will not be getting a pension unless you had retired after working 26 years with the Government.
The cost of healthcare is an obscenity. It's one of the things that motivated me to move abroad. I'm not willing to risk a lifetime's accumulation of wealth and possibly even end up on the street should myself or my spouse have a large unanticipated medical expense.
As for the cost of owning a house, here in Spain my homeowner's insurance is about 45 Euro a month and our annual property taxes are about 750. Just saying.
I don't want to diss the US too much for retirees but it's just an expensive country to live in. It's not the only one of course but at least for use making a decision to move abroad provided us with a profound improvement in our quality of life. Of course as they say, your mileage may differ.
Will retire at 62. The pension will be significantly less than if i would do it at 66, but will I even be here at 66? So I trade time for money :)
So far i have worked 44 years maybe 3 more to go
41 for me and 6 more to go
I did 41 years and DONE.
I have a big problem with pleasure but what does that mean?
Well, I'm 55 and fully retired for some years now. When I had my 21st birthday my mother told me to start planning my retirement then. Seemed ridiculous at the time but I took her advice and started my investment journey. Its had ups and downs but our income per year now is more than 100K and we live pretty well. A new car every 5 years, private health insurance and two overseas trips a year plus we also have enough to help out the kids with their mortgages. No govt pension of course. The secret, if there is any, is to start early to get the benefit of compounding. I started working early with Cynthia McClure Alexander early and today I am happily retired .
Yep save as early as you comfortably can. New car ever 5 years huh good on you.
@@markbajek2541I am definitely not getting a new car every 5 years. I will wait until the car will give me problems. I keep my cars to 15 years. I am 53 years, my next new car will be in my middle or late 60's God willingly if I be around.
@@pamelawalker9056 might be flying cars if you wait long enough
The word “ instruction “ is misspelled at the beginning of the video. Maybe there needs to be an instruction manual on how to spell instruction.
Is hard being perfect? Bet that it is lonely.
America is NOT a retirement society by any means. Its a straight consumer society. No part of the Government. Any of the federal state county or city truly address a person to retire. The struggle over SSI is the red flag of that apathy. A working retirement is an issue that America really doesn’t want as a whole to address
Number 3 graphic - " more expensive " ?
Yeah, I know. Our editor made a mistake and I missed it when editing the mistakes. Drives me nuts.
"I WISHED I'd known", "I WISHED I'd known" ... I'm confused. Does he mean to say "I WISH I'd known"?
boredom! boredom! boredom! poverty! poverty! poverty and intense poverty!
Healthcare is much cheaper on Medicare than when hubby was working.
I’m suddenly feeling very nervous watching this video
Social Security is going to be fine 20 years from now…? I thought it was already bankrupt…? How is that gonna work?
They have 60 billion for Ukraine, they'll have it for SS
Most Americans don't have 300,000 for medical care so this comment is stupid
Retirement seems SO BORING.
My retirement surprise was nothing to do with finance. It was how incredibly bored and unhappy I was without a job. I’ve been retired 15 years and hated every minute.
Owning a home, is way cheaper than rent
Taxes, taxes, taxes. They eat us up alive. Otherwise, we are doing great physically, mentally, and financially.
It is very American. Obviously the guy is from the US. In the UK the majority of us won’t have more saved than spending.
So, now you have more money saved, you can't spend it all (in your retirement)
What a terrible statement!
Amazing wrong statement.
But retired people die