Retirement RED FLAGS - Fix These 7 Things BEFORE You Retire
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- Опубліковано 12 чер 2024
- This video discusses seven common red flags that indicate you may not be ready to retire. Fix these BEFORE You retire if at all possible.
00:00 Introduction
00:17 Haven't hit savings goals
02:04 Don't know where your cashflow is coming from
03:25 Don't know how much you're going to pay in taxes
04:20 Don't know how inflation will affect your life
05:28 Still in debt
06:36 Sitting around is your post retirement social plan
07:50 Not having a budget
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I completely agree; I am 60 years old, recently retired, and have approximately $1,250,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
*@lilyhershey1* That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
The decision on when to pick an Adviser is a very personal one. I take guidance from “Gertrude Margaret Quinto” to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
For me the biggest help for planning for retirement is coming up with a fairly accurate retirement budget. That helped me know what subscriptions to cancel and what expenses to retire. The next biggest thing was gathering all my financials into one workbook so I could see where the retirement income would come from. For me, both of these activities were very freeing. I realized that my retirement savings were more than adequate along with social security distributions. I retire fully December 31, 2024 and found your many videos over the past 2 years very helpful to make my retirement happen with a sense of peace and calm. Thanks.
I’m taking classes to be a lifeguard at my local pool. A great way to build a social network.
5% annual increase in food costs is more than 50% increase over 10 years. It's over 60% because each 5% increase affects the previous years' 5% increase as well.
"Compounding"
Only if the 5% rate continues, which so far it hasn't.
Trump
Practically 62.9% however social security is inflation indexed. What gets retirees is losses as in withdraws are also compounded.
5% doubles price of food in 14 years.
I don't consider things such as our house as part of our net worth for the purpose of retirement calculations or similar. I understand it has value, but as we don't plan on selling it anytime soon it doesn't come into play. The only things I count for retirement calculations are retirement accounts, investment accounts, savings, etc.
You seem like a highly educated man but your delivery is so respectful and down to earth. You understand the human condition. Thank you for this valuable information, Geoff! ❤
I was pushed! Seriously though, I was laid off but totally ready to retire. The four months of severance and benefits gave me breathing room to get the retirement benefits up and running.
I was pushed also. Laid off because of the pandemic. And decided I wasn't going back. I work part time now. Less money but a lot less stress also.
Sort of pushed. They cut my hours after 20 years but wanted same job done. Luckily they had to offer me a reasonable package and increase my pension by 25%. This allowed me to go, got another job for 2 years and retired 6 years early.
At time I was really concerned and it seemed so unfair but glad to say it turned out wonderfully.
Luckily we had put ourselves into a good position so when the unexpected came we could use it to our advantage.
I think I’m trying to say, life can be very unfair and try not to be in a position where you say, “ wow, never saw that coming “.
You are part of a big club out there! Didn't happen to me, but enough of my friends and co-workers ended up in your predicament that I could see it was only a matter of time till my turn came. I didn't leave exactly when I wanted, I was 62 at the time and hoping for two or three more years, but I did make the choice myself rather than waiting for HR to do it for me. Working out just fine so far...
Fortunately a bit over a year ago I found Mr Schmidt's channel. Thanks Geoff. 💗
My industry turned to gig work after I'd been in it for 15+ years. My 401k and HSA options disappeared when i turned 42. I did most of my own investing which in the end was the only thing that really saved me when my industry started implement DEI and to quietly adopt ageism as a philosophy. Their argument was I was paid too much because I was a white male and over 50. I don't know where to even begin with that. Since gig work and bonuses make you vulnerable to every business risk possible, I was now an "undesirable" that isn't on the official victim list; even though I identified as a Glib/Token, 21 year old Extradimensional (Cosmic) Nudibranch.
At 53 I was sprinting toward 65 all while being tripped 1 or 2 times a year by layoffs and company failures; suddenly I became medically disabled, something else I didn't plan for. I'm now "retired" at 62 doing "retired things" like a one-legged man in a butt-kicking contest.
Next year, I'll be the oldest living (in theory) male ever on my father's side and my mother's father died when I was 17 so examples have been scarce. Financially, I think I'm "OK", but I had never really been aware of the emotional/practical side of retirement. Part of the reason I'm so fond of Holy Schmidt videos. Social media is a plague, but I'm not sure I'd be as comfortable at this point if not for the availability of information.
"Sitting around is your retirement plan." YES, you should put out a video on this!!!! There are way too many people who do this.
You have the best retirement videos. Thank you.
He does!!
Listen to Schmidt… you will be far better off….
Simple, powerful and absolutely free. Thanks.
Discipline, good choices, live within your means.
Thanks again.
The link is returning an error code for some reason. I'd love to try your template.
Loved every second of my watch to the very end. I could really use your help Schmidt, I’m 52 and disabled since 2007, still own a small business with $480K in savings. Already have a share in a rental property. But I'd still love to grow my investments ahead of my retirement. Can you help me?
May be unable to offer personalized investment guidance. However, I suggest consulting with a reliable advisor to ensure appropriate investment planning.
Agreed, I’ve been investing in the stock market for 11 years now, last 6 years with the help of a financial planner apparently due to the covid-19 pandemic crash. Throughout the 6 years of guidance alone, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1.4m roi as of today. Personal best
@georgeh Mind leaving info of your advisor here please?
She's known as a 'Heather Lee Larioni'. One of the finest portfolio managers in the field also widely recognized. Just research the name. You’d find necessary details to work with and set up an appointment.
Thank you for sharing. I just scheduled a phone call with her. She seems proficient considering her résumé.
Another outstanding and very useful video!!
Thank you !
*THANKS!!* Always informative and well done. You are appreciated!
I enjoy your videos and have found them helpful. Love the name of your channel!
Great vid thanks for the advice Mr Schmidt.
Outstanding video, GEOFF!❤
Thanks for your time
Thank you for the excellent content, as usual.
Good show, Mr. Schmidt! Thank you...🇺🇸 👍☕
So true thank you
I like having an afternoon nap in my sunny bedroom with my cats. That's after I drink my ginger/tumeric tea while finishing an old movie. I like playing Solitaire while I eat my meals that I prepared from organic foods. I like have a BIG glass of ice water with lime zest and juice in the evening while I watch a movie upstairs and play with Nugget and Juno. I do my chores in the morning like Dr. Stuart McGill suggests. I like exercising while I watch MASH during the afternoon. I like studying cookbooks and creating exciting tasty food. I like to stay home. I don't much like phone calls that are sad.
When setting up my retirement plan I had no idea what number to use for inflation and rate of return on my investments. I ended up basing one on the other. So far the percentage difference between the two has been much more stable, over the long term.
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
I believe Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Sharon Ann Meny 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.
Thanks, I just googled Sharon and I'm really impressed with her credentials. I reached out since I need all the assistance I can get.
Well said
All good advice. It’s crazy to think someone would retire without knowing their goal numbers or income streams.
Thank you for making that budget template. I'm, however, getting an error when clicking on the "free template here" link. Tried on both mac and windows.
I committed $600K into some real assets like infrastructure and also looked into certain types of fixed-income securities. The idea is to have a balanced portfolio while taking advantage of the current liquidity environment. What are better strategies to optimize my portfolio?
I suggest you diversify into alternative investments that could benefit from the liquidity-driven market conditions. Or better contact an expert to help Taylor your portfolio
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfOlio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay finan-cially secure for over five years, yielding nearly $1 million in returns on invest-ments.
I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
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
One suggestion I make to people, is every year in January, look at your pay stub closely, and see if the tax deductions have change from your last few pays in the prior year. Do this even if you make the exact same amount. Every year the IRS adjusts the tax brackets for inflation, and also adjust the amounts in the tax tables your employer uses to determine the amounts. This usually causes a lesser amount to be taken out, but the amount you will owe at the end of the year does not change. This can cause you to owe tax unexpectedly at tax filing time. In my case, in each of the last 3 years, my January pension tax deduction wa lower than the year prior, and I had to go into the online pension portal and make an increase to the extra amount of have taken out, to make it be the same as the prior year. I’m up to $65 per month extra now.
The link to the budget excel sheet isn’t working.
Love the channel. Link to download budget spreadsheet is broken. [an error occurred while processing this directive]
Thank God for your videos and some other good people that create these kind of informative Videos. No one knows Everything. 👍👍
The download page for the Excel spreadsheet, doesn’t work.
@59 I've got: property+income taxes, health+house+car insurance, phone, electricity, food costs, gas, I'll be working til I'm 70. These "help-the-boomer-fill-time" videos are rather humerous.😂
Planning on it! 😂. What options do I have? 😢
What about property taxes which go up and homeowners insurance premiums which keep going up till they exceed your original mortgage +property tax + homeowners insurance costs in ten years time? What about replacing broken appliances or fixing a leaking roof, etc? We had a leak in our water main to the house which cost $5,000 to repair it was unexpected.
As a homeowner you should budget approximately 2% of the home value each year for maintenance expenses. Stuff breaks and wears out. It should not be “unexpected “
Good tips. The download for your budgeting template does not work. Perhaps sever is overloaded with all us nerds asking for it. ❤
Tried to download the free budget - this is the message I got "[an error occurred while processing this directive]"
Me too!
I got that message as well. I thought it was because I am outside of the US.
I received the same error message.
Great video. I loved your analysis on " net worth vs. Income" This is the same conversation I have with people that I'm a dividend investor and focus on Income while they buy all these tech stocks. I always say, net worth doesn't put food on the table unless you sell. My stocks are like having your cake and eating it too lol
Liquidity is king. That's true whether you're a business or an individual.
Taking dividends or selling the equivalent amount of stock is the same thing.
@@SpookyEng1 Stocks that pay dividends are usually those that have decent to excellent income, but little growth potential (think utility companies, or even GM/Ford). If you're retired, maybe you'd prefer a consistent dividend, if you're years away from retirement, growth is the better option.
Excel spreadsheet link not working.
Hello. Have you done a video on starting S.S., then suspending benefits (within 12 months)? Example, a person loses their job at 63 and starts collecting benefits. Then later has a opportunity to reenter the fulltime workforce.
I used to budget religiously. But when my Quicken program wasn’t compatible with my new operating system I stopped. I’m retired so honestly I’m not sure I need to budget now anyway, but I’d be willing to look at your spreadsheet if you fix the link.
@holyschmidt I get an error when trying to get the excel spreadsheet too
Can you list these items at.the end in order.
Would love a video on how to complete the new W-4 P for people that are about to retire. Its confusing when it comes to a 2nd income. You would already completed a W 4 for the 2nd job or income. So why would you list it again on the W-4P?
Do you have a recommendation for a trusted financial advisor?
Jeff. Sorry, but I got this message when I tried to download the spreadsheet on my mac. "[an error occurred while processing this directive]" Is the link messed up?
I have such a stripped down lifestyle I can't relate 😮
The link to the budget spreadsheet is not working...
my house is my nest egg. paid cash 12 years ago. 234k is now 525k. retiring to land on an off grid cabin. the easy way to know when enuf is enuf is when you say no to outstretched hands around you...friends family, or government,
Our food costs have doubled just in the last few years. Those inflation numbers for rising food costs are not indicative of actual numbers.
My groceries have already gone up 50%.
Since 2020, food costs have doubled
I was laid off almost 8 years ago from a world-class high-tech company. I ran a large, consequential group and received highest recognition for undertaking and accomplishing an almost impossible task. But because the company was pushing "Diversity" and I am a man, of European heritage, straight, monogamous, etc. I was in the crosshairs. In any other world, I would have been almost the last person to be laid off. "Diverse" people similarly situated, were not laid off. Despite all that, I strove to work until full retirement, and even though I am not working now, I am not invoking Social Security yet, becasue of excellent advice I have followed, such as Mr. Schmidt's videos, and a LOT of self-discipline.
What does being monogamous have to do with anything??
Yep got a co worker who is black, didn't open a case for a year, but got promoted. Her numbers were flatlined for years. This is NOT what the folks who stood up to hoses and dogs wanted. This is a free pass, not an equal opportunity.
I'm 63. In the end, spending is hard. Save and save, so there's a bag of money. And then if you are blessed, inherit a bit of money, or an IRA or goodness forbid annuity - it's all good - but balancing RMDs becomes a full-time job. Yeah, I know, boo-hoo for me, but I've worked for it.
Panic early and beat the rush?..............s/:)
I am another one who couldn't get the link of the retirement budget sheet to work.
I have found Social Security to have met my needs nicely. Add my 401K disbursements to it and I'm sitting pretty.
Where is the inflation proof your retirement video?
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
SCAMMERS POSTING AGAIN AND AGAIN! Please give them a thumbs down, and report them. We don't want anyone falling victim to their evil ways.
Your channel name is offensive and unprofessional.
Oh, come’on.
No, it's not. It's clever and funny. Loosen up. Life is too short.
You're offended by his name?
No, it isn't. Go somewhere else
Boo hoo....