Retirees: 8 Signs You Are RICHER Than You Think
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- Опубліковано 15 чер 2024
- This video discusses eight signs a retiree is richer than they think - many of these will surprise you! I've also included two bonus signs at the end.
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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.
Your health is good.... You're richer than you think.
The most important asset.
Amen to that!
You got your priorities right!
My wife and I just crunched some estimated major expenses that will be going away in 4 years. We also have taken into account how much we save. The results were that in 4 years, we can 50% of my gross salary or one of us can take less stressful job and make 50% less.
Alive...you're richer than you think.
1. Debt free ❤❤
2. Low withdrawal rate ❤
3. Multiple resources ❤
4. Have emergency fund❤
5. Don't think much about
money ❤
6. Have inheritance ❤
7. Contribute to charity ❤
8. Have CPA do tax❤
😂😂😂😂😂😂😂😂😂😂
Thank you for sharing this. I'm busy now, and I didn't want to watch the video, but I wanted to know the 8 signs. Thanks again.
No, I’m screwed.
I’m poor lol
Not all of these are correct and you need to add to the list
Pay off mortgage
This man knows the game. Listen if you want to retire.
yes it's very useful I have to do it
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement. My question is, do I pay off mortgage as a near-retiree, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
as most investing-related questions, the answer is relative. I'd suggest you consider financial advisory to be on a safer side
@mikemoffa bravo! mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement
@mikemoffa very much appreciated, your response suggests a person of benevolence.. just inputted her full name on my browser and immediately came across her consulting page, top-notch qualifications I must commend
Schmidt's commentaries are always welcome, mostly because they confirm what I believe. Confirmation bias for sure, but his advice is smart. Had I listened as a younger man, I would be even more richer than I think. But the arrogance of youth is one of those life lessons that has to be experienced sometimes.
you can not put an old head on young Shoulders , well not yet .
I think the key to having enough at retirement is to be very moderate in spending any income increases you will have over a working lifetime. Invest at least half of the new money you get, or use the money to pay off debt. And focus expenditures on improving assets, like one's home. Paying off credit cards is a must, or you never catch up. One last thing, learn to do things yourself - rather than pay others. Anyone can learn simple plumbing, home repairs, simple car maintenance, cleaning, cooking, or even mowing their own grass. I see a lot of young people paying for all of these services - and it's a big drain on savings.
Wonderful. Not the topic of this video.
@@chuckm1961Well, yes, it is exactly the topic of this video.
I agree with DIY but as we age we won't be able to do all the DIY we used to -- be ready for that expense
The truth is that most of us can afford to be rich or live rich, but not both.
"if you are watching this video, you are richer than you think" haha I feel richer already.
Some expenses never go away:
1: Property taxes 2. Property insurance 3. Umbrella insurance 4. Auto insurance... it never ends.
Health insurance
Correct: And that 's why recurring revenues that also never end ... become financial security's best friend.
@@wannamontana4130 I agree. Handling and growing finances should be required teaching at schools
Thank you for all you share ,truly. grateful !
I always enjoy this type of video. After listening, I realize I am better off than I'd expected.
Yes, don’t forget there are a ton of people in the world whose income depends on you being scared.
@@pamelab7235Yes, he wields a powerful anti-predator weapon on those criminals who prey on the oft-occurring fears of the aging and elderly due to our diminishing cognitive capacities!
Happy Father's Day Jeff!
We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy
50 and early retirement. I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
@@mikegarvey17I'm new to this and have heard that now is an excellent time to buy. However, I currently have cash sitting in my bank account that I would really like to put to good use because inflation is at an all-time high. Who is this coach that you mention, and do you mind if I look them up?
Yes, *Gertrude Margaret Quinto* made headlines in 2020, but I'm not sure if I can bring her up in this context. She manages my portfolio and acts as a counselor for me.
I recently retired at 62. My accountant is telling me we are going to probably run out of money because of the poor direction. The current administration is leading us in, but too many people are blind to what’s going on in our country I hope and pray that people see the light before it’s too late, not for just me but for everyone in our country, God bless America
Thank you holy Schmidt.
THANK YOU JEFF FOR SOME GOOD INFORMATION.
You bet
Happy Father's Day Geoff Thanks for taking time to do this Great Video!
My pleasure.
Thank you Schmidt. Great information.
Kind regards from Denmark.
Thank you for this video. I learned alot.
What great information! Thank you Schmidt!!!
Kind regards from Denmark.
Awesome video! Happy Father’s Day!
Thanks so much
Great video.
I waited until 70 to take social security. Almost doubled my annual payout
Nicely done
Baby steps - Ramsey
That may or may not be smart, completely depends on one's longevity
Always wonder how to figure royalty income or a pension into net worth. Geoff?
I am not going quite that far, but if working definitely go past FRA, so any income coming in does not decrease your SS check.
Thanks Geoff! ❤
You bet
Thanks Mr S
Thanks!
Thx!
thank you
Take a drink every time he says "Let me explain..."
Too funny
I tried it and now I’m p*ssed lol
You'd be drunk by the end of the video.
I did, I got a light buzz.
You get the picture
Great point about a 3 year emergency fund being an investment fund in reality.
It is wild that coin collections appreciate in a predictable fashion. You learn something every time on this podcast.
Numismatics is fun. 😊
Great video. I am fortunate to be in a good situation, though I am not ready to retire. Another six years or so, as I am targeting 65. Thank you for what you do
I just watched your light slowly flashing, on the left side of the screen, and when it flashed 27 times ... you were talking about something?..
I think you had a seizure.
Why is that light flashing? 😅
@@Ev3_6 I actually find it distracting.
I wondered if anyone else noticed that!😂
Another great video, thanks! Also debt free, low withdrawl rate, multiple (small) streams, large emergency fund, safe investments. All thanks to folks like you!
I guess I’m richer than I thought. Thanks for the insight.
Sure thing.
Thanks Jeff - Im retired and trying to get most of the Morgan silver dollars dates in BU Condition together👍
Excellent choice….
Thumbs up Time !
Thank you!
ok. Love the content, but what's up with lamp?
I fit almost all of these profiles but I do think about money a lot. I think it keeps you there.
Agreed. NO debt, nice nest egg, rental property income, we drive older cars, I think about money a lot. That’s why I watch Geoff’s videos. Really don’t want for anything, material possessions are a PITA. We’re selling our house and have to do a deep purge and it’s stressful…shouldn’t be. Thanks Geoff!
This is pure gold. Every high school student should watch this. Could you do a video about QCD (Qualified Charitable Deduction) for IRA accounts? Great way to donate RMD's with no tax burden,
Thanks for the comment and idea!
Someone has zero consumer debt, paid off home, multiple income streams, never worry about money and a net worth higher than when first retired. What does it even mean to say that person is richer than they think? I think they already know.
All and all, I like your entire presentation. You speak calmly and pace the information well. So I gave a like subscribed. 👍🏻
TY!
I am doing fairly well for a debt free guy at 74 years of age
My husband invested in annuity’s. 2% interest and fees are horrible. Locked in for 10 years. Stupid
Your hubby need a good financial advisor. Not a 2% annuity. ,, most annuity paid out 6 % interest on the policy
Annuities are horrible...I CANNOT BELIEVE that I was so stupid.,I make 0 interest....I would have been better to hide money under my bed , take a small amount out every month...I did not realize what I was buying,,,annuity terribl
Loved this insight into personal finance.
But, what’s up with that light in the background ? ? Is that his signal to pay his debt to the power company ?
@Jeff, first of all, Happy Fathers Day! I wanted to ask if you could sometimes cover what is referred to as a bond ladder. Both inflation protected and not inflation protected. In our case, in our 70s, we have adequate retirement income and six figure stock portfolio. No debt. So we are doing just fine today. My concern is my spouse who is not financially literate. I would like to consider changing from my diversified dividend portfolio averaging 5% to a bond ladder perhaps 20 years. But I get confused about them even when discussing them with the brokerage person. Can you go over them and suggest what to consider please? Thank you much. Robert P.
Why is the lamp light going on and off?
Been wondering the same thing 😅
Probably house is haunted.
@@darkstar7742 Yep, Poltergeists would be my guess...
One other aspect of student debt is that education allows mental instead of physical labor or changes the type of physical labor.
Geoff, what is up with your lamp flashing on and off?
What is the avg. debt?
Low withdrawals are the goal but how do you manage RMD’s and the taxes when due? It seems that will accelerate the withdrawals thus defeating or at least reducing the goal amount.
I reviewed last years tax return my new wife had a CPA prepare and he deducted depreciation on her rental based on the full purchase price of the rental (land plus improvements). As far as I know you don't depreciate the land. Seems like a sneaky trick to get her a refund to justify the lofty price he charged her.
No debt but no house either. Haven't had any debt most of my life, only debt I've had was when I had a mortgage and that was only for ten years.
Lol being child-free is a great financial boost.
Had a friend who was thinking of selling his children lol
The light flashing off and on, waiting for his ship to come in?
lol- good eye. Will disclose in a future video
I want one of those lights!
Charging a device.
Assets attach to debts
Hi Geoff, do you have a video on spending down in retirement? I get to retire this year, 2024, and I don't know what I'm doing. I am a subscriber. I am not on any social media.
I check off every one of the items on your list in the affirmative. I have to admit I'm shocked. Trust me, this was not by design but because of dumb luck. Kind of scary when you think about it.
I think there are some signs of that
Could you please do a video on the amount of income you are limited to earn while taking SS early.
The soc sec website will probably tell you everything you need to know about that.
In 2024, the maximum amount you can earn while younger than full retirement age and still receive full Social Security benefits is $22,320 per year, or $1,860 per month. If you earn more than this amount, the Social Security Administration (SSA) will deduct $1 from your benefit payments for every $2 you earn above the limit.
@@David-sc2ir Thank you
I have issues with treating a paid off house as an asset. Sure you can sell it for a lot of money, but you need someplace to live. Also, you could take out a loan against the value, but how you have another debt. For my conservative strategy I only consider wealth to be something that does not create debt when exchanged for goods and services. Cash, equities, coins, etc.
Please let us know what the blinking light on the left side of the video is about. Not sure if it’s motion activated by a pet behind your screen or if it’s Morse code for something. Thanks!
lol. Good eye- I’ll disclose in a future video.
@@HolySchmidt Thank you!
If I may, I have a question. I am retired, I bought a house to renovate 2 1/2 years ago and it is stll not complete, and I have no clue how much longer it will take. I am looking to sell as is. Do you have any advice on how I would do that? Do I get in touch with a realtor or an appraiser? I have no debt, but this house is an albatross. Thank you
What if you have debt, at zero percent, but you’re paying down debt and living on 2 social security checks, and not withdrawing any of your IRAs yet?
You’re doing good. That is my strategy only tape into my inherited traditional IRS if I retire at 60.5 yrs old. Hold onto my SS until 64.5 to 66 yrs old. I wanting to hold off taping into 401k as long as I can. I am hoping to use my home as an AirB&B for passive income 60.5-67 yrs of age. I currently rent out 1-3 rooms. $650-$1800 per month.
I did invest everything I received inheritance. It wasn’t a lot but over 10 yrs it’s doing good. Yo Joe! Keep building America you care about all of us, not just the rich.
@@johnrockenbach7241. Thank you for your reply. That is our goal as well. To go as long as we can before touching our investments. Talking to retired friends they said “what are you waiting for” because my husband is 72 and I’m 63.
But, before we retired I told my husband the only way I’ll be ok with doing it, is if we pay off our credit card debt (at zero percent as I said) as our first priority.
We currently are renting in our new retirement home in Mexico with the plan to sell our home in the U.S. this summer. We might, not sure yet, use that money to pay off our debt and then buy a home with cash in our Mexico town.
And YES, thank you Joe!!!
4 more years!! 💙💙💙💙
What's the point in retiring unless you can do it in Caligulan splendor?
Yes!!!!😂
Had to play it 1.25 to 1.5 speed normal was to slow.
Would being married be another sign? I seem to have read somewhere that married couples come out ahead financially compared with unmarried couples. Generally.
Not all married couples have money. The number one reason couples get divorced is money problems ,,
Of course. There's two salaries to pay the mortgage, electricity & gas, a new fridge, and so on. But that's only a general rule. If you want two BMW's instead of two Toyotas... you can still end up poor.
Raise your hand if you want to know where Geoff got that cool lamp in the background? ✋
Credit card debt? Great way to ruin your life. If you can't afford a new refrigerator, then why would you think you could afford a new refrigerator and 20% interest? Credit card debt is the mirage of a solution to a lack of savings.
Is there a way to determine the value of a pension when calculating your net worth?
It’s usually the sum of future payments using some sort of discount rate - I assume 5 percent, others may using something slightly higher or lower. For example (and very
roughly) a $100 in 1 year is worth approximately $95 dollars today. In 2 years approximately $90 dollars today and so on.
@@HolySchmidt Pensions don't follow the consumer price index ? I went for early retirement 15 years ago and my pension is now more than my last salary. Last year I got a 12% "pay rise" because we had 12% inflation.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and have $40,000 in CDs. Since the goal of getting a job was to save for retirement and NOT up my lifestyle, I was able to do this quickly. If I can do it making $15,000 a year, anyone can.
Nice work!
My retirement is influenced by Wholly Schmidt.
I think the people that should be worried are those of us who are retiring with less than a million. I have only 650k in my Roth and I don't know how to grow it.
Geoff, I enjoy watching your videos and appreciate that you speak to often overlooked aspects of retirement planning. I completely disagree with you on one point in this video, namely that notion of structuring an inheritance to control its use by beneficiaries. Sure, you can do that if you want. Personally, I think it is evil. If you make a gift, it is a gift. It is not your money any more. If the beneficiary is stupid and squanders the money, so be it. The beneficiary is no worse off than before. I personally know of cases where a parent put money in trust for children. The children then had a disabled child and were not able to access the money in the trust. Pretty horrible, eh? I know another case where parents put money in a trust for children and one of the children immigrated to another country. What a financial mess, eh?I know a third case where grandparents set up a trust for grandchildren. The in-between generation were the trustees. The money way supposed to be distributed at 30-but the trustees were incompetent and somehow came to the belief that the money was not to be distributed to 40. Is this good? You might think, we can structure the trust better, more flexibly. No you can't. You do not know the future and you cannot know how best to use the money. Only the beneficiary can. I would make an exception for young beneficiaries. I set up a testamentary trust for my children with a partial distribution:, one-third at 21, remainder at 25. Otherwise, good job!
I hear you, and of course there will be exceptions, but the most obvious example is giving someone - barely of age - a lot of money. There is a big difference between the legal age and maturity age of many people. I don’t know many people who are financially savvy enough below say age 25, (perhaps even 28) to make huge financial decisions. They just haven’t had the real life experience and this makes them an easy target.
The worst possible outcome is that the recipient doesn’t know the ways of the world and gets taken advantage of, invests in their “new friend’s” surefire business idea and the con is gone.
That happens a lot more than you read about. As far as the trustee, there are reputable professional trustees who do this all the time.
@@HolySchmidt I agree with all your observations. As I wrote, I enjoy your videos.
I disagree with your disagreement about a structured inheritance. If someone sacrifices throughout life to build assets and have a comfortable retirement, leaving it to an heir should continue the legacy and honor the years of sound financial practices that created the wealth. Yes, the future is uncertain, but IMO protecting the funds is like insurance against the uncertainty with icing on top. There would be no money at all, if the benefactor didn't use good judgement. Structuring the distribution continues the good judgement.
@@caseytcat888 Thank you for your comment. I hear you. Your money, your rules. I have no issue with that. Minimally, I argue, that planners and those leaving an inheritance should be open minded and consider the range of options. In regard to all financial plans, I generally favor the least structured and least restricted implementations. The future is uncertain and flexibility in and of itself has great value. From an economic perspective, unrestricted bequests maximize beneficiary happiness.
With the "you will own nothing and be happy" threats, seems like a good time to pack it all in for a while and invest it in yourself before your pension is forcibly invested in collapsing bonds.
Of course very American centric
Don't forget that your local authority can, and will, raise property taxes as needs fit
My husband likes having a mortgage for the tax deduction. So what are the benefits of having no mortgage compared with the tax deduction benefit?
No matter how big the deduction, you are bringing in less money that you are paying out in interest costs.
I see no advantage. We paid ours off in year 11 and it freed up money for investments. Those investments have greatly out earned any loss in interest deduction. And more importantly, the investments are completed controlled by us.
Why can't an investment fund be an emergency fund. Cash in a high yield account is a good thing.
It's not an investment fund because even the highest yield savings account loses value due to inflation, that's not investing.
@@spankynater4242 It what form do you keep your emergency fund? Cash in a safe, cash in the bank, cash in a high yield account? I have all 3. Safe and H.Y.A. are for far in the future use or high dollar emergency.
@@spankynater4242 The H.Y.A. is the core account of a brokerage account where cash from sales or transfer goes first.
Really, some of you are more worried about the lamp in the background than the info? 🤦🏾♂️ However, he can change up his voice reflection because it is very monotone and can put you to sleep. 😂
It is calm. And that is refreshing and calming.
@@rutasevo3528 Yea, calm you to sleep. 😴 Just needs to liven it up some because he is dropping jewels. I think that’s why a lot of people were focused on the lamp. 🤣
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.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
Vivian Carol Gioia 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.
I find this informative, curiously explored Vivian on the web, spotted her consulting page, and was able to schedule a call session with her, she shows quite a great deal of expertise from her resume.. very much appreciated
Great video.
I am lucky with $900 in checking and $2000 in savings.
I am set.
Just kidding.
I do give money to family in need.
I ask them to use the money wisely and to date they have (funds only to their children with education).
I appreciate your videos and please let me know if you traveling to Clearwater, FL in the future.
You can stay with me on old Tampa Bay where I recently build a dock in memory of my wife.
My home is 3 years old which I purchased in 2021 as I retired.
Both of us military were on active duty and she died in 2014 and is buried in Arlington National Cemetery with full honors.
Thanks for the invite!
Hi, I have coins and want to sell them. Any idea how I can do that?..
What kind of coins exactly? I think I can help with that
Having a 100k in my emergency fund is a goal i am getting close to.
I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
I know this lady you just mentioned. She's really good with and on her job. She's helped a couple of families and individuals' finances
I have heard a lot of wonderful things about Sonia Duke on the news but didn't believe it until now. I'm definitely trying her out
Started with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
Can I start with as low as $1,000?
I don’t buy it that the average retiree has only 10,000 saved. I mean if it means 10k in the bank then I buy it. Most people have a Roth, 401k, a spouse with a 403b, a military pension or tri mark healthcare for vets. Or, we are not striating between age 25 and age 65.
What he meant was, most people have zero retirement accounts.
@@spankynater4242 not anyone where I live and some people are on public assistance forever so they will not need an official retirement
@@spankynater4242 but those people are probably 25-35 working at a small business
@@Avacadofrommexicoyeah no we are talking retirees. I know plenty of people in their 60s with very little retirement savings. They spent their money going to bars after to working, buy motorcycle to trail ride, etc. All of these are complete throwaways of money. You should only spend this money after you make you deposits into your investment an/or bank accounts.
Student load debt was considered ok debt IF, AND ONLY IF, it will allow you to get good paying job. Some of today’s grads are not getting good paying jobs associated with their debt.
I have been investing in index funds for over 30 years my home is paid off in 2 years all this after divorce and 18 years of child support i can retire comfortable in 5 years with 5 streams of income😂
😀
Sure the home is a decent asset but I’d be sad if it was larger than my 401k.
Unfortunately for many…
Paid off mortgage 10 years ago;
never had a credit card debt; not retire yet, don’t think we need to withdraw from saving at all,
have pensions now, will take SS later, saving, checking, Roth and regular IRAs, 401k; interest and dividends are about $80k a year;
have several millions liquid investments
DW is a trained tax professional
Think we are slightly below average, not rich at all.
A lot of scammers here pretending to have the best financial advisor here.
Standard for any financial channel. Watch for a lot of replies and in the midst of the replies, the name of an investment "pro".
Are you a priest??❤😮 holy man of the ckith. Just kidding, sir. Keep up the good work. FYI My m ain't goals = Maximize Soc Sec payment,
being debt free by FRA,
Keep physically & mentally Active
Excellent
I'm 51 and have almost no debt. Including my home we have just under $50k in debt. But not because we paid it all off. I save up to purchase everything. Again including my home. I didn't get anything from my family and have never made more than 70k a year. Stop believing the commercials. You don't need all the crap they say you need.
First?
Never had any yard apes or curtain climbers so i am richer than i think.
Your choice is your own but my life is far richer with my children in it.
I also am happily more rich with no children. Your comment brought me a smile.
I wouldn't call kids garden apes or curtain climbers. You make however a good point. We never had kids and I am sure it (financially) makes a big difference. That, plus the fact that we both have/had decent jobs and the only debt we ever had was a mortgage. Some people don't realise that a maxed out credit card means you give 16% of your salary to the bank.
YEAH! I’M FIRST!!! (Making me richer than I thought I was!). : )
Unfortunately, second 😂
I am so happy that i made a productive decision about my finances that changed my life forever. I am a single mother and i live in Florida, i bought my first house in September and i hope to retire next year at 40 if all goes well. Thanks to Mrs Judith M Layton for helping me achieve this.
What IF... You have NO debt (houses paid off) and Never have to touch Principle ($1MM in a IRA) ... because SS and Pension and Dividends puts you in the 30% tax bracket... are you REALLY Rich? I feel (know) Not!... With no LTC insurance.. A nursing Home is over $100K/Year. That will quickly eliminate even a $1-2MM in savings quickly for Americans today... TRUTH! With Healthcare Costs and LTC Needs today... A Retired Couple CANNOT EVER have enough "Savings" to protect them from running out of money and relying then on Medicaid during their End Years. JMHO.
I don't worry too much on the NH score. Most don't ever go into a NH & generally, if they do, it is a pretty short stay.
Don’t worry, nursery home 2 and maybe max 3 years (unfortunately), on average it will cost you 300k.
Move to Belgium. My dad lives in a nursing home at 2000 euro per month, which is less than his pension. My mom still lives at home and her pension covers her costs of living. They don't even need to touch their savings.
I'll try not to feel sorry for myself, no it's unproductive. I'll go down fighting like my VIKING ancestors! NO DEBT yet, just broke.
Quit drinking Mead?
Some of us freaks have never paid a penny of interest.
Never on a credit card.
@caseytcat888 , Never. I was raised that way.
@@slshusker same here. I owe that to my mom.--pay it off every month. Paying interest is like giving money away.