Age 60 and No Retirement Savings - What You ABSOLUTELY Must Do NOW
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- Опубліковано 10 кві 2021
- Completely broke at age 60? This video discusses what to do if you are 60 years old and have no retirement savings. It discusses the easiest way to reduce costs and increase income so that you can build a small nest egg now and generate additional income in retirement.
Over 50% of people entering retirement have less than $5000 to their name. This staggering statistic means that we are facing a national emergency that Social Security wasn't designed to fix. This video will help show the way.
Links Mentioned in This Video:
Upwork - www.upwork.com/
Fiverr - www.fiverr.com/start_selling
uDemy - www.udemy.com/
Important Links:
Free "Retirement Ready" Checklist:
holyschmidt.com/checklist/
Federal Reserve Board Survey of Consumer Finances:
www.federalreserve.gov/econre...
Social Security Administration Application for Benefits
secure.ssa.gov/iClaim/rib
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/benefits/retireme...
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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.
Theres still hope for everyone. My husband and I woke up at me 50 him 54
We had no retirement, no savings, and have always worked hard labor self-employed jobs
For thd past 7 yrs we turned our house into a rental, bought a tax foreclosed house from city for 1,300
Slept on the floor of the boarded up house. No water, no electricity, slowly fixed it up over 7 yrs
We now live in that mortgage free house. Selling our main one. Will bank the money
Still work part-time husband will colkect ss in 4 months
Trick is we paid off all debt in the 7 years. We have none
All this B.S. that you need a half mil to retire is a joke. We live comfortably on 1,500 per month
Your story is inspiring, good work and I may need to use your example soon.
I tell people that money won't buy you happiness but the lack of and mismanagement of money will buy you a ton of sorrow.
I'm d 100th person to like ur comment ❤️🙏👍
For real
100% TRUE!
How true. I tell people trust in Jesus he will take care of you he has me been out of work for 5 months now. Oh yea and Iam 58.
I overheard two very old ladies in mobility carts at the grocery store a while back. One said to the other, the only thing worse than being old is being, broke and old.
Some of us have been forced into retirement. I lost my job in 2020 and have not been offered a job yet. College degrees, long work history but there is age discrimination out there. Unemployment has ended so I have no choice but to apply for social security. In a perfect world you can plan, but that doesn’t always work out.
I'm so sorry you're still unemployed. May 2022 bring you a good job where you're fully appreciated including your age.
That's why most of us can't save money because they're forcibly forcing people out of work or they're firing people over silly stuff etc. You can't save if companies are doing this and what makes it worse is that most of the X generation's jobs were sent overseas and we were not able during that time to save much money and in between jobs you use the savings to survive because there were no real jobs to survive.
@@adithalee8660 amen , so true I’m 57 and let me tell you, it’s not from lack of working hard or trying hard. I don’t buy nothing unless I need it. But here we are!
This is what advisors like Dave Ramsey and Suze Orman don't understand even though this happens to alot of people.They say stay in the workforce until you are 70 but the workforce wants you out by age 50
Keith Kalfas videos have helped me.
Hustle some window cleaning or light landscape accounts with small businesses and residential customers.
We’re 73: and we both work part time. But our biggest help is that our home is paid off, and no credit card or other debt.
👍a lot of people want to be you guys when their 40.
Yes, but we weren’t in that financial situation in our 40’s. Would have been nice, but didn’t happen then,
Great that your house is paid off! Are the jobs necessary to make ends meet?
Truly I’m not sure if they’re necessary, the jobs, or if it’s just a security measure so we don’t have to use more of our savings. Then save them for when one of us is gone, or we really can’t work anymore. We still have tons of time to do what we want.
I'm glad you still feel you are capable of working I'm 67 I worked full-time for 20 years after my divorce and part-time one year last working May 2020 I get no pension but I am drawing Social Security I had thought about working part-time longer than the year that I did because I was saving what I made working that year but I finally decided it wasn't worth it I also have my home paid for and no debt. In the 20 years that I worked I did build up a small 401k and Roth IRA I am careful with by spending and I'm hoping to never have to go back to work. My ex-employer asked last week if I wanted to come back to work part-time I said no. So I'm glad you're capable and still want to work
Another very critical piece along with this advice, is to take the very best care of your health NOW while you can. If you are not healthy and are able to live independently, cannot do much. So exercise, consistently even if it is committing to simply walking daily, getting adequate sleep, manage stress, eat healthy diet etc.
Absolutely!
I totally agree, you wouldn't want to spend what money you do have on medications.
Very true. The health factor from 60+
Exercise ...
Great advice...
1000000000 x like button around anywhere? I could have wrote these exact words i sure as heck been saying the exact thing for a while now...movement aka walking has changed my life...2 hours a day.....r u sure your not in my head ? :)
I am the person you are talking about. I just turned 60 been working in construction my whole life so no 401 k no savings and unfortunately been working from pay check to pay check. This video was absolutely no help at all, I know I got myself into this and was grasping at straws thinking you had a way out. All this did was confirm what I already knew, I will be working till the day I die, probably on the job site. Always kept waiting for that great job to come along that never did.
Yep. Pretty much.
Dont give up.
Me too, but I don’t care, work and life go hand in hand. Retirement is overrated!
Try to get a job working for your state, schools, etc. That comes with state retirement. Check how many years it takes to be vested.
Get out of debt, collect SSA at 62, sell it all, move to Mexico.
Bring back home economics and basic personal business classes to the curriculum. in high school!
Also history geography and financials
@@carolginsberg7741 That too! The reason why I chose Home Economics and Business and because so many folks don't know how to cook, sew(mend), or balance a check book. They spend money on restaurant food and then wonder why they are in debt!
I teach both to my kids. I taught them to cook. I taught them to bake. I also taught them to invest, and to put money in 401k. Most importantly, I taught them personal finance.
@Tony Po It's not the arithmetic that's hard, it's the discipline that is.
Right after a return to a requirement of passing Civics class to graduate! NO MORE U.S. CITIZENS WHO THINK THE BILL OF RIGHTS ARE OPTIONAL! Do you *read me* 'President Potatohead' Biden?
I got a saying “I want what i Need, I don’t necessarily need what I want” & that saves me a lot of money. The End
excellent.
Exactly my point.
I just simply look at debt as something that I don't deserve if I have to go into debt what I'm going into debt for is something I don't deserve plain and simple
Wants are wishes. Needs are necessities. That simple.
Yep want's and needs are important to break apart. I don't need a BMW, I need a Honda! :-) Now it's 19 years old.
52 now, I was constantly fighting with my ex spouse on investing, saving, vesting, and stock options on the job...she thought stock options/ stock market was too risky...she didn't see any point in having a savings account ( her words, not mine ), she didn't want to work extra hours for the money/ things she wanted. When the divorce was over, I started doing all the things for saving and investing I always wanted, still learning and I am determined to have the best retirement I can.
I'm 54 I bought a cheap furniture removal truck. If you are still healthy you can get paid to work out and stay fit. A lot of people need to move their stuff cheaply and just need a guy with a clean truck and some basics like trolley, straps and blankets. Lots of apps to get work and hand out your number on a business card sized refrigerator magnet (it's in their face every day then) to customers for recommendations to friends and repeat business. Opportunity to specialize in one or two niche areas. I move a lot of spas myself.
You were being creative! Good for you! :-)
At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.
I'm in my mid 30’s. Once I get paid, I begin to spend on irrelevant things. I work hard for my money, so I believe I can spend it on what I like. The older I get, the more my perspective shifts. I want to take my finances into consideration and put myself in order before it's too late. How are you doing it, Sir?
As I stated, I've been putting aside money into stocks and FX with the assistance of a pro financial analyst, Herman w Jonas, who is under a licensed broker. He has been the backbone of my portfolio. Making a substantial amount of profit, I just renew my investment at intervals.
Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.
As someone planning for retirement, Herman W Jonas has recommended a balanced stock portfolio that aligns with my risk tolerance and time horizon. His customized approach has yielded both growth and security.
Fortunately you're only 42! Be happy you figured it out. :-)
I retired at 62 in 2016 and the same time collecting SS benefit that is $500 less than if l would have retired at 67 yrs old. I am enjoying it for 5 years now .I don't have to wake up at 5am and drive 55 miles to work.
And more than a 1000 if could have waited 'til 70.
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts
I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.
@@hermanramos7092 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
@@martingiavarini All of this happened in less than a year after ‘Catherine Morrison Evans’ told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.
I believe that if three, four, five etc 60 year olds combine their efforts and work together they could reduce their expenses greatly. As an invaluable bonus they would offer each other the support of a team.
Agree
Im all about that way of thinking!!
I love how you speak to everyone, paupers and millionaires alike, with the utmost respect. Your strategies for those who will live on social security only are so timely and needed.
And in many developed countries you don't have even that option. Just a miserable end of miserable life.
A divorce at 45 and meant we lost our properties and I had to pay 75.000 to my ex as she hadn’t worked for many years. Her lover moved into our home after divorce. I lived in a studio for 3 years. The payments over 8 years ends in one month. I have supported my three children during university. My daughter will qualify as an architect next year, one is studying fine art and my son is a graphic artist. I’m broke. I’m also quite happy. At 57 all my savings accounts have gone but I’m debt free. My state pension will just about enough to get by and my job is relatively safe. The expensive car has gone and my habits have changed. I cycle, play tennis. I expect some money later in life when my parents leave this world but what joy it is to have them around in their 80’s and still married. They’ve already helped me financially. I run a business with quite a large turnover. I could retire at 62, 65 or even later in the French system.
Well, if she did have a lover, you could have avoid paying some? I don't know a never been there.
@@pagosabob10 In French Law this makes no differencz at all. Don't marry in France....cheers
My mother was force retired at 86 years old! She's amazing.
My dad only retired at 89 because he passed on. He was amazing too!😍
Yes, she must have been amazing! :-)
So let me get this straight... Double down on work to start a second carrier, retire from the first carrier at 70, but never stop working on the second one. Downsize your lifestyle by 40%ish immediately. So, live in a van, shower at a gym, and work 60+ hours a week so you can leave the country at 70. This doesn't sound like a solution, this sounds like a failed economic system that will never let you retire or be secure. This is soul crushing advice.
Well what's your advice?
I was forced to start taking my social security at age 67 because lost my job. I'm now back in the job market working a full time and part time job. I lucky in that I got my health back in order and can maintain such a schedule until maybe l am 80 years old. The new reality is retirement the way we taught is thing of the past for people.
If you are not in good physical condition, you won't be able to work until you're 65 years old, let alone 70 years old.
I'm going to offer MY advice: Try to maintain a good relationship with your kids and other family members. You never know when you may need them to help you buy food, pay utilities, etc.
God bless you all.
Begin to develop deep connections with individuals who share the same ideals and principles and see life as you do with no ego, and pull all your resources together for the betterment of the group for many of us this will be the only way to survive the coming years all for one and one for all🙏🤲♥️
I'm 23 right now but I am starting to do certain things that only people even think about when they are at least 45 and they have no savings because it disappears every time the bills are paid. What I am going to do is get a travel trailer and a motorcycle, go to South Dakota rent a single night in an RV park go to the DMV and get my driver's license and become a South Dakota resident. After I do this I will set up a private PO box for 15 a month so I can continue to pay taxes, essential bills like car insurance and whatnot without having to pay any rent. I don't even need to live in South Dakota to do this either. I only need to go back there every 10 years to renew. I just need to find a place to park my camper where it won't be disturbed and drive my motorcycle to work and whatnot. I live in Texas but my rent is 8700 per year. This is so much money I could very easily save for things like when I'm 50 years old I'll have enough money to relax. Also my car insurance now is almost 5 grand a year because I'm young and had an accident a little while back but in South Dakota it will be less than 500 for everything a year. Why wait until you're 30 to start taking the steps to save money when you can do it while you're young?
My Highschool made Art a mandatory requirement for graduation. Guess what wasn't mandatory? Finance. There was a $30 fee for the Art class as well.
Some things in life just don’t make sense. 🤦♀️
Financial literacy is critical.
@@jameslyons6655 I agree. My HS offered a financial literacy class under the home economics department. I found it depressing. I had no idea what I wanted to do or be. It felt impossible and hopeless. It feels like there are so many more options open to people now than then. Information is at your fingertips in the speed of light. As a married female, my husband and I agreed I would work until we had children. I worked as an insurance auditor. I went to one business and the owner told me I should be home with babies. I had no right to take the job from a man looking to support his family. I calmly explained that the man from last year still had his job but that the business had grown and I was hired to do what he couldn’t and that my husband wanted me to work until we had our first child. He grudgingly allowed me to do the audit, 🤷♀️ Who really helped me was Amy Dacyzyn of The Tightwad Gazette. She was my role model.
Hi Kevin - as a retired K-12 Art teacher who taught 10,000 students over 36 years... all I can say is, you must have had lousy fine art experiences! That's a real shame. I consistently tried to incorporate real life experiences into my classes, many times focusing on conserving and taking care of the supplies, cost of and care for public school property/furniture and the overall "value" of your self, wealth and artistic creations. Please do not make negative generalizations about the lack of importance of "Art" in a child's education. It's very short-sighted. Additionally, in NJ (and, perhaps, nationally), "Financial Literacy" courses were mandated as a HS graduation requirement following the 2008-09 economic crisis. Thanks.
Art, may come in handy one day, I hope you continued your practice. Currently undervalued in society, Art allowed you to see life they different lenses and protectives. It will become much more valued but society one day. Financial savvy is critical, no doubt, and the $30 for supplies was because assholes no longer fund such. The diminishing value of art in society..... Hell, some schools aren't even buying books anymore and children are no longer taught to write in cursive and can not even sign their own name on a contract now. Soon enuf we'll all sign "X".
But Art, is the window to a brighter world. It lifts people. Regardless of what society claims is out isn't valuable, ART, compassion, appreciation of nature, natural resources, the ability to see the good in one another and to promote it,,, that is what's important in this journey. No doubt.
I am 51 and trying to figure out how I am going to retire . I learned a lot by watching UA-cam videos about retirement and saving . I am grateful for the knowledge and advice from every video . Thank you for sharing your knowledge .
I'm in the same boat. I've made a great income, but also made every financial mistake possible in life. My divorce and remarriage wiped out what was left. Now I'm starting over at 51. Killing my debt now and hopefully, and I'm praying that I can do this, can kill debt and save for retirement by 70. I've made enough that I should have been retired by now. But seriously, starting all over again, now. Ouch.
@@ellisz5972 at 51 both you and Lisa Bennett above have plenty of time to reach your goals. I'm 62 and wish I could be 51 again and still know what I know now.
@@gregsmith6756 Thank you for the encouragement. Looks bleak from my place, but I can only go forward.
@@ellisz5972 naw man you're still young. Your mind is just now becoming developed enough to know what you want to do and to have the mental stamina to stick with it. Plus you have at least a good 20 years ahead to which you can save and are not likely to need to live off of the money, since people are remaining healthy longer it seems.
@@gregsmith6756 Thank you again. Means a lot
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving
Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
Who’s the person guiding you
credits to *MARTHA ALONSO HARA* , one of the best portfolio managers out there. she's well known, you should look her up
Thank you, I just checked her out and I have sent her an email. I hope she gets back to me soon.
You can find ways to pare down your monthly living expenses. When things got tight in 2020, I got rid of cable ($90), half my newspaper ($25), useless home "security" ($40),
half the amount of trash picked up ($60), buying lunch ($125) and take out coffee ($60). That's $400 in my pocket each month that I'm using for investments now.
Nice!
Excellent!
Not sure about giving up internet, as I would use it to job hunt, trainings for other work opps., entertainment options.
@@maryeh4636 No, I kept the internet. Just lost the cable, which is fine, as I never watch TV. Ended up canceling the rest of the newspaper, too!
I started to save and invest since I was 30, now at 63 retired with no mortgage. The highest monthly expense is medical insurance. Advanced planning is the key, but it's never too late to become financially responsible. Cut back, be frugal, sell your things, stuff doesn't make you happy. Being frugal gives you peace of mind.
I wish I had been disciplined like you. I will be ok but I am still working for a bit before retiring. I want to but l am honestly afraid to
Investing in the stock market is the most common way for beginners to gain investment experience.
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
who would you endorse ?
Vivian Klaine Morgan
I’ll recommend Vivian Klaine Morgan for you, her strategies is working for me for months now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
I worked for May CO, for 26 years. I worked in NY, Fla, and CT. My last retail job was at the Danbury Mall. I worked for Filenes, for 16 years. We went through a corporate takeover, and bankruptsy. That was in 2006. Federated Macy's took over, May COwent out, and no more FilenesI stretched my stock money, for about 8 years. Now I'm living on Social Security chicken feed entirely., like alot of others. I have housing, which helps. I was 59, when I threw in the towel. I'm glad I did, because malls r dead and online shopping has taken over.
I'm 58, with no savings because Im dumping it all into paying off my house..I have 12 payments left. I'll be totally out of debt. Id rather work than retire. it gives me purpose. I cant imagine not having a job to go to every day. I really enjoy it.
What job do you have?
@@veravero5715 I drive a 300 mile rural route mostly farmers and ranchers, for a company thats like UPS only smaller.. I only have about 6 or 7 stops, so most of it is driving.. Its a great job, no traffic, no stress. no heavy lifting, Just driving and listening to the radio and thinking about those 12 payments I have left..well 11 now, I just walked to the post office yesterday with Mays payment.
So glad for you Michael, I wash I can do same, I do mot want stress but it is everywhere that it why I want to find job where you do not loose your own health because the med bills are crazy, wishing you happiness in your own almost Home. Thank you for the reply.
@@veravero5715 Don't give up, Look for employment that fits your needs, even if you have to take a cut in pay. Your health and happiness is more important than a larger paycheck. I wish you the best.
Congrats on being totally debt free including your home - u rock ! God bless always !
This seems to be a revolving door of people getting to 60 with no savings, and still, our schools teach no financial education
Even if they taught it in high school would it actually stuck with you?
I had economics in college in my twenties and I really didn't learn a thing. The funny thing is I understand it more now as I get older but how did I get a "A" and I didn't even understand it. I look back and I was clueless(same goes with individual income tax class, I was absolutely clueless at the time and got a "B")
I'm 53 and often feel I'm way behind in retirement savings because I didn't start saving until I was 40 years old. I had nothing before that, but I really started to work my plan and can say I feel better today. We all can do it if you give yourself a solid 10 years of being invested in your savings plan. I am closing in on $400K in retirement savings and a paid off house in 40 months. If I can do it, you can do it because I was in your boat not that long ago.
Great job Daniel, sounds like you're on the right track to a comfortable retirement. Hopefully your health is good so you can enjoy it all the more.
May I ask what you do for a living? I’m 45 and I’ll be honest. I’m afraid. Very afraid.
@@EtheReal388 I work in outside sales, but when I first started investing I only did $100 per paycheck. Then I went to $200 and gradually just kept going up until I was not missing the money and can still pay my bills. This method works the same if you start with $25 or $50 a paycheck. You will be amazed how much you'll have after 5 years. You will be like, how in the world did my account grow so fast. I'm still amazed at what I have accumulated in 10 years after starting from nothing. You can do it, just start. Betterment is a good company to use.
@@dtr579 thank you for sharing. I will let go of the shame and just get started.
@@EtheReal388 great! You will be glad you did. You are still young and have 20 years you can save. You can have a lot of money by then, just by investing $100 - $200 a month.
This whole "problem" is an artificial product of American lifestyle. I have been living comfortably and maintaining a vehicle on Social Security alone since 2002. At the same time I have saved a few thousand for a rainy day.
What advice would you give the rest of us on how to live and save on social security alone.
Sounds good for most people guess most money I ever made was 26,000. A year I own My own home and have very little debit I also get a lot of nessity on barter system I took social security at 62 never had any money All my life May as well get what I worked for soon as I can we are not promised another day of life just the grace of God 🙏
The 20 year olds at gas stations earn $35-40k a year in 2022..
How could you earn $12/hr in 2022?
It isn't possible.
@@sammencia7945 you won't find anyone in my area working at gas station getting 12.00 and hour 8.50 to 9.00 hr tops if you're a manager you might get 11.00 or you can drive 30 miles to Walmart and they are hiring at 12.00 hr now
Amen, and Thank you for doing this !!! Too many people are caught up in obtaining "things". Great video !
I stopped sitting on funds after learning the hard way, I’m trying to take full advantage of the new year, I’ve allocated my capital in a safe and sustainable way but still leave room for excitement for individual stocks, cryptos and new exciting opportunities!
Great to see this strategy being used by someone, It's not about how much it's more about being regular with your investments.
Tomorrow is a direct result of what you choose today. With an effective saving, good strategy, and skills anyone can be a millionaire by simply investing in the overall stock market. I’ve recently added some NFTs and gaming token to my portfolio.
@@seanroger6954 Absolutely, this is exactly why I opted for a trader years ago. Dan Raziel guides my investment decisions and he’s helped build a portfolio that’s enabled me clear up my debt and live more comfortably. covering every facet of investing including stock and c r y pto and some. There’s been consistency in my profits despite the current market trends.
The bear market took me off guard, I’m currently waiting on a lot of trades.
@@joerobert1801 I’m aware of Dan Raziel, spreading funds on such multiple investments requires is quite risky, are you at all bother by the risks?
Best way to build a fast nest egg... work your regular job ,live within your means and side job for cash
A few years before retirement my husband and I lived on just one of our salaries and put the other in savings. Both retired now living on his SS plus a small portion of my annuity. No debt and we're doing fine.
Thank you Jeff you are amazing. May your neighbourly love be blessed and you be rewarded a million times over.
Thank you so much for this pod cast... Explains with logic, intelligence..a lost art today !!!!
Rule #1 - spend less than you make.
The first year I was married (31 years ago), my wife and I bought a house.
But we knew we were in a precarious situation.
So we decided not to run the heat for the first winter.
Minimum on the Thermostat was 50 Farenheight.
So, my wife wore a winter coat in the house.
I wore a heavy sweatsuit.
Same stuff, over many years
Now, we are both retired, no debt.
We live in a 55+ community.
***
When you borrow money, you are just bringing future spending into today.
Reverse that (save) and you are building your spending ability in the future.
I am totally over "stuff". I throw out the flyers into the recycle bin as soon as they arrive. No more temptation to purchase things "on sale". It just separates you from your money.
Nice to meet you! I'm glad I found this! !Thank You
You have the most soothing and comforting speech pattern while sharing valuable information. I just subscribed because of it. Thank you and the “”Holy Schmidt “ is priceless!
I'm glad at the age of 23 ....I knew it already... Thank you for educating us about saving
You’re cute
Don't just save, Invest! use s & p index funds.
I have tried to watch a couple of your videos but I prefer people that cut to the chase. Im not judging you, just stating my preferences. The most valuable older people have is time so I like to get to the point.
Thanks, John
I LOVE THE FILM UP IN THE AIR!!! DESPERATE FIL WITH GREAT ACTORS!
Thank you, I just found this channel today and subed. Great info. I love the name too.
Fantastic video as usual, Geoff! Thank you for your excellent advice while also remaining non-judgemental. Lots of us got caught up in the "keep up with the Jones" trap when younger.
Bottom line up front. Became interesting at minute 3.32. Very important and pertinent info after that. Let' all move to Valencia, Spain!
I wanted to thank you for this information. So many "advisors" tend toward those who already have sufficient income, i.e., 6 figures. Thank you for not talking down to to those of us who are not in that tax bracket
Thanks for the tips. My mom is 59 and in this situation.
I just want a nice house with a decent yard in a good neighborhood, a dependable car (already have that - the car only, wishing for the other things), and no financial struggles. Who cares about competing with other people for things and status? Ugh, that must be exhausting... you can't enjoy what you already have if you're thinking that way.
Leave it to a financial guru to prove The Bible right. Happiness does not depend on having the latest things. "Even when a person has an abundance his life does not result from the things he possesses.” (Luke 12:15)
This guy is giving good advice.
I differ from most people apparently in that my only concern is what I’m satisfied with. I don’t compare, contrast or compete with other people. When I make purchases, my goal is to spend the least amount of money for my satisfaction point, which is subjective and is going to be different for every individual. Luckily I have fairly moderate tastes, lol.
Had savings. Burned it all up keeping my wife alive.
I'm so sorry. Hopefully she is doing well now.
I’m so sorry. Fact of life with health care in America, I hope you’re both doing well now.
Absolutely disgusting to hear that Bryan! Nobody should have to lose their Life savings to a Insurance company over Healthcare costs.
You did the right thing. How could you ever spend it in a better way? I hope you still have some assets that could be liquidated for you, if needed.
You should set up a go fund me account. I know there are generous and compassionate people out there who are willing to help!
Never use credit,always pay in cash-buy only what u need,prepare your own meals,pay cash for your car,drive what u can afford to pay cash for,and remember,if you have your health,that is the greatest blessing of all!
Why don’t schools teach financial planning in school? This is beyond me. Kids need to learn the value of $$$ in grade school. I was fortunate to have loving parents - however they both lived through the depression and wars. They both said to save 10% of your paycheck for retirement. I’ve always tried to educate myself about not over-spending and saving. The best thing I ever did. I’m 66 financially independent. I choose to work because I enjoy it. I plan on retiring at 70 with no debt.
Experts are now advising 15%-20% not 10% its not enough!
If you can read, you can teach yourself,
@@darlenepaul2918 I agree. However, I started at 10% in Retirement. Started buying RE at 22 Years old. I tell young kids to put $30K into a 401K by the time they are 30 - they will retire with over $1M in their account, based on compounding interest.
Government schools don’t want t9 teach, but indoctrination. Broke seniors are easily manipulated.
It´s a great idea. Financial planning should be an important class for the kids.
Thank you! Very informative.
When I was younger and I'd drop a piece of meat on the kitchen floor I'd toss it in the garbage, now that I'm close to retirement I pick it up and rinse it off.
🤣🤣🤣🤣
Ya just gotta like this guy. He gives great, sensible advice. I really needed this one!
Great advice! Thank you for speaking in an appropriate "indoor voice". Most UA-camrs yell at the camera as if they don't understand the concept of a microphone.
😄😄😄😄😄
LOVE “Up in the Air” - my favorite!!
I really respect and appreciate your desire to help others! Retired St Jude nurse
Found your channel a couple of months ago. Very good and useful information. Subscribed and looking forward to your next one. Turning 60 this year and learning and using your insight. Thanks and keep them coming.
Thanks for subscribing and watching!
I took on transcriptionist jobs--you listen to recordings on the internet (court proceedings, jail calls, legal proceedings, etc.) and type them into whatever format they want--from home, no less. I have four of these jobs and I've pieced together a small income. At 65, with zero savings, it's all I can do. Luckily, I know how to type!
Just found your channel. Fantastic. I'm looking at retirement within the next year and I think this video offers alot in the way of planning and recourses that will be very helpful. Subbed.
Thanks Schmidty!
Play at 2x speed to keep your sanity.
Nope. Love his delivery and his voice.
I thought this was a joke until I did it and appreciated how this speed level matches my ADHD! THANK YOU
At speed 2x I thought it was normal speed. I also have ADHD. Lol.
@@alicehong7809 me too
Excellent video, thanks for the insight
Thank you!
Thanks for this information. IT really is helpful in determining the best time for me to retire.
"You can be young without money, but you can't be old without it."
- Tennessee Williams
Thanks for your videos. I’ve learned a lot from you and I feel more secure about the future by practicing what I’ve learned.
He is the best there is 👌
I met my second wife about 8 years after my first divorce and partied for quite a while when I was single. I had no savings and about $20k in credit card debt. We married when I was 55. She helped me pay off my debts and taught me how to save. In 7 years I was able to save about $75K, but was railroaded by kidney failure. I ended up having a transplant and got fired from my job. I had to retire early, but an engineer's retirement isn't too bad. Between the 401K and my Social Security I'm doing ok. But my real source is Jesus Christ, who I;ve walked with for 42 years now. When I got out of the hospital (after 6 months that included a bout with MRSA) He spoke to me and told me that He would take care of me. And indeed He has, even after a neighbor stole my car.
Thank goodness. May God continue to bless you
Amen.
Praise the Lord
Did you get that car back from your neighbor?
Excellent, excellent advice! Best I've ever heard on YT! You know the Bible speaks more of "money management" than salvation? I just turned 60 in Dec. 2021, never thought I'd get here, however, my "backpack" has always been too full. I'm just now am starting to discard its contents. I make good money, but just don't sock it away nor invest it well except house maintenance and giving to the Lord's work! Plus, many people ask me for $ help (and I provide it). I plan to continue my side gig (Medic) part-time after getting my SS income well into my late 60s and 70s good Lord willing! I can wait to rest after I'm dead. Great advice Holy Schmidt and keep those vlogs coming!
"Life" happens...we have nothing...and I'm so tired of working. Been shopping for space under a bridge in a warmer state...
Watched this episode even though it doesn't apply to my situation, great advice and tips!
The fewer things that you own, the fewer things that own you.
"Up in the Air" was set in Omaha, at least the protagonist lived there. "All About Schmidt" was also set in Omaha. Then this channel, "Holy Schmidt" I wonder if there is a connection. My wife is from Chile, I would say that Chile is not quite as expensive, but still not cheap. I speak the language and know Chile very well, from Arica in the North to Punta Arenas in the south. It is a great place. Great information, thanks for the video!
Great information thank you
who wants to drop dead 10 minutes after you retire or too feeble to do anything? How long can someone put off retiring before they can't really enjoy retirement? What is the point, I have money to hand over to my care givers? What a mess our society is.
Spot on, thank you.
Something I ponder since my father was set to retire and had a stroke 2 weeks before that date. He died just a week before he was supposed to get his first Social Security check.
Amen
My grandmother was an RN her entire life, always taking care of everyone else, while neglecting herself. She unfortunately passed away of a massive heart attack two weeks before retiring
A truly valuable video! Thank you so much for this great financial wisdom here. I can now look forward to retirement with more resources at my disposal while engaging in a 2nd or even a 3rd source of income! Keep posting great content!
I love your videos so much! You are so helpful. Thank and bless you! The thing that is killing me (paid cash for my $1M home and my car) is my taxes and insurance. I can barely keep up with this.It's insane. And yes, I'm looking for employment. We are renting our apartment in the basement for $2,000 per month but we need $6K per month just to run the house.
Of all the videos that I have watched on financial literacy. Mr Schmidt I honestly have to say yours is the best. Why? It is realistic. Saving is not enough, never has been. Ironically having the habit of saving at least 10 percent (although I am always broke I tithe and save 15 percent) is the difference between poverty and security. Developing a marketable skill is genius. I originally planned to work in security or the super market after I turned 65, 8 years away. I may go back to school (my employer will pay for it) and become a mechanic or plumber. I originally thought this was one of the pie and sky invest money I don't have into an ETF at 7 percent compounded until I was 90 while consisting on pork and beans while working 3 jobs.
I will make out time to watch it. 😊
But I want to know what precautions I have to take so when am 70 I will enjoy my ending day's.
Take your time watch and respect the old 🗝️ but don't be a shopaholic try to "save for the dry seasons it won't rain for ever" *Warren buffett*
@@David_garner9 That was deep!I am a hardcore fan of Warren Buffett. I got to start investing in mutual funds because of him and I haven't regretted it.
Really warren buffett is that good !! I will look into his video more often and start Investing thanks ☺️😊
Am at my 50s and am looking for a suitable platform with good yielding potential I can invest in.
@@petersonkahlid7679 payment of taxes eat so much of our salary so why don't you take up Investin in BTC 🤔😊
I think I'll retire and live off my savings . I don't know what I'll do next week .
I'm doing it! I decided to try and pay off my mortgage in 4 years. I'm 68, on SS and a pt job. The last few months I've been saving my job income and living off my SS. It's been a little tough but I'm doing it and increasing my savings. In 4 years, I'll decide whether to pay off my mortgage, or keep the savings for retirement. If all goes well, my savings should be about 95k at that time. My house payment is under $500 so I should be able to swing it with SS & my savings if I decide not to pay it off and hold on to my cash.
Great Schmidt!
I would prefer to be wealthy and unhappy than poor and unhappy
YES
How about content and grateful
I hate to say it but this comment is very right. Being poor is a lot harder and more expensive!!
If you are unhappy, your bank account matters very little.
@@FlyingImmortal , Get real! That sounds foolish. It's depressing when the bank balance is low. I think it's easier to be content when that balance is sufficient. At least one can breathe a sigh of relief.
One idea that I picked up (from the movie Going in Style 2017), was the retirees had worked together for years and were buddies, so some of them shared an apartment to cut corners. There are obvious caveats there but it's a solid option as well. Great content!
Thanks for the comment!
Thank you Jeff!!!
You are welcome Tom
Thank you! What nice kind presentation.
You make great videos. So appreciated.
Thanks for the kind words!
Being a new home owner in retirement I am currently making plans to run a bed and breakfast guest house.I will only need to use one of my bedrooms .I am lucky as I can close it off from the rest of the house, it is situated next to a bathroom and opens up to an outside seating area for smokers. This will supplement my retirement income.
All the luck in the world with your new enterprise.
Great idea!!!
Jeff, you do a very good job, I have to tell you.
Thanks Jim, I appreciate the encouragement and knowing I make a difference.
That is a big part of why I do this.
My saving grace was the full pension I began collecting upon retirement at 55 and collecting Social Security benefits at 62.
I like your advice. helping the algorithm
LOL LOL LOL
Okay, for a person who doesn't have a retirement account of any kind (pension for instance) I expect this is good advice.
HOWEVER - in my case - OMG no.
First off if I'd stayed at my job until 65, I'd probably have died, or my health would be considerably worse.
For another, the things I buy GIVE ME JOY. I don't buy them otherwise.
BIG thing - I'm retired military. I've got Tricare LOL I also now have Medicare. I've got THREE retirement checks. I'm making more money - NET that is, ie SPENDABLE - than I did before I retired from my civilian job.
Also, yes, I did have an IRA. I bought my car with cash with it - bought some collectibles I LOVE, and which give me joy every single day. I could sell said collectibles for around the same price I paid for them - I didn't buy them as an investment but it would give me enough to pay out of pocket expenses if I have a HUGE medical emergency, say. I'll have to eventually sell them when I downsize to a smaller old age place.
Meanwhile, I'm spending my money on things I love to do while I still have the energy to enjoy them. I've plenty of money for my living expenses, plus emergency funds, and I'm not in debt. So why in the world would I bother denying myself stuff I enjoy? Yeah, I don't.
Of course I'm lucky. Health insurance, 3 retirement accounts. Thank goodness.
BTW, I retired from DSS - social services. I know a lot more about Medicaid than your average person, and I've seen people who've lost everything due to outrageous medical expenses, no matter how well they planned. Life's a gamble pretty much, sad to say. At least in the US, with no decent universal public health plan.
Thank you!
You bet
At age 64 my retirement is now $900 a month almost but here in the Napa Valley California you can't even rent a room in somebody's house for that price so I'm moving to the Mojave desert in 2 weeks and my entire income will go to rent as always so there is no savings and there will be no saving you just have to go to the food bank and hustle a lot on the side to try to find food that people have thrown away to eat
I've also camped outside for 5 months at a time to save money
See Bob Wells Cheap RV Living on UA-cam.
I saved for retirement and did all the sensible things with very few holidays. But the big elephant in the room is "seniors divorce". At 63 I was retrenched from my job and a month later my wife divorced me and took more than half my savings. At 65 I have health issues, still unemployed and no money left. So much for my saving program.
I’m a divorced woman who is in similar situation. I can’t work due to chemo. Not old enough for Medicare, and buying medical insurance and paying bills is going to break me. Fight for universal Medicare.
@@lm7092 So sorry to hear your situation. Universal Medicare should be in the Bill of Rights as a basic human right.
@@michaellincoln3739 Then by all means move to a communist country like Cuba, Venezuela or North Korea…Personally, I don’t believe Doctors should be forced to work as slaves, they deserve good pay for the years of studying hard and not forced by a Government at gun point to take care of others for low pay. Unless they volunteer to do so.
@@princessunicorn669 Don't be so ridiculous. I live in Canada. Not communist, and a great universal health care system that most doctors, because they care about people, wholeheartedly support.
@@princessunicorn669 Australia has a good public private system---for all the brainwashed by corporate overlords-the USA has the most expensive "healthcare" with the worst outcomes
Thanks for posting your videos! I'm at 55, have a pension working behind the scenes, a little bit of 401k that I have not raided since the 2008 meltdown--- and I appreciate your straightforward take on things. I'm definitely looking at medians, not averages now. thanks! I feel better that I can actually retire when I'm 65
Jeremy from Jersey just subscribed
Very decent person ever.