Retirees Spend 80% in These 5 Areas | How Do You Compare
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- Опубліковано 1 чер 2024
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In today's video, we dive into data from the Bureau of Labor Statistics and uncover the five key areas where retirees allocate over 80% of their income. This analysis provides a revealing look into the spending habits of those in retirement.
Furthermore, we're going to explore a detailed, step-by-step process on how to economize effectively. The focus is on saving money while maintaining your current lifestyle, ensuring that financial prudence doesn't come at the cost of your daily joys.
And as a special bonus at the end, I'll share our personal strategies for slashing travel expenses significantly. You'll learn how we manage to reduce costs without compromising on the excitement and enjoyment of our journeys. Stay tuned for these practical tips and insights!"
00:00 Introduction
03:19 Category 1
07:08 Category 2
07:45 The App That Saved Food Waste
11:39 Category 3
14:42 Category 4
18:27 Category 5
23:21 The App That Reduced Travel Costs
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
One of the biggest factors is being flexible with your spending.
You need to have some splurges and some time where you make a harder choice of not doing something. I’ve found that if you go out to eat all the time, or travel all the time, it becomes less exciting and more mundane. I didn’t enjoy it as much as when it was the exception.
Thanks for your excellent and insightful financial commentary!
Remember that when you have your groceries delivered, you won't be able to take advantage of what is on sale that week, or see what they have placed on the clearance shelves. I'm glad you mentioned Aldi, because I was about ready to complain about sending people on a budget to Whole Foods.
Some of the stores will give you the discount on the app. But great point!
I’m obsessive on price and have a weird brain for remembering store prices and with the exception of ALDIs and *sometimes* Trader Joe’s the Whole Foods store brand prices are the most competitive out there - at least when you consider taste and qualify.
Very informative video. Thanks. If possible can the camera be moved back a couple feet.
Health Insurance for retirees in 50s! Any tips? Do you think the IRS Refundable Prime Health Insurance credit would help the average retiree?
Very interested here too. I am actually 60 and just retired. We still have a college age daughter (freshman) so need insurance for a family, for at least another 3 1/2 years, probably all the way to 24ish until after grad school. We are on COBRA because my last employer had a really great plan. Problem is it’s super expensive, like $2500/month. We looked into the Covered CA marketplace but with our income it was no cheaper. That is our second biggest expense behind NorCal rent.
Can you make a series of videos about life insurance with the following topics: how dividend works? Who life insurance works for retirement? Which mutual company is good to buy insurance? I hope you take my suggestion thanks
Sure. I typically am not a huge fan of them, but they could be right in certain situations.
Shout out to Libby!
i m in LA as well, if I can work remotely, I would prefer it, then only my wife needs to drive for her job. Since we only have one car and we're both freelancers, if I get a job and she gets a job, I would need to rent one (should the employer requires me to work in the office). Do you think this app Turo that you mentioned is good for renting a car by the month? Or buying a second car would be cheaper? (probably not). Thank you for your videos
If you need to go into the office a few days a week, buying a car is the best option. Renting or Uber can get expensive quickly
What are ways you reduce spending?
Also, here’s the Kindred link I promised: You're invited to apply for early access to Kindred, a members-only home swapping network!
Use my code to get 5 free nights once you're accepted: www.livekindred.com?invite_code=kev.lum