Replying to a comment.
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- Опубліковано 12 вер 2024
- A subscriber commented on how the retirement age has been changed, with the result that they have to keep working for a few more years. I make some suggestions about how they might bring that date forward.
I remember that comment and thought it was too bad. Retirement age in USA for me was 65, but I decided to retire early at age 62 because when I figured it out that it didn’t make sense for me to wait. I live very frugally, able to pay bills and a basic emergency fund, that’s it. It all depends on our lifestyles. I gave away or sold most of my things, many years ago. I don’t receive as much enjoyment from them. Thanks for addressing this and caring about your commenters. ❤️
I’ve always preferred to be ‘rich in time’ than ‘rich in money’. Spend less to work less & enjoy your free time whilst your still young enough to enjoy it.
Excellent straightforward advice. I’m 58 and went down to 4 days a week during covid. I could stop working if I wanted to and live off savings and draw the pension but my job is quite ok and I enjoy being with my colleagues. When that all changes I’m out. My mother died in her late 40s. As you say, life is too short!
I just came across your videos today, by accident! Wow, what a wonderful lady you are. So confident, independent and speak such wise words. Just pressed subscribe and will watch all your existing vids. Wonderful........... take care. 💚
I was born in 1946 so was able to retire at 60 and bless the day I did.
I was never happy knowing I was giving my life to an employer for a measly wage, I was glad to be shot of it.😊
My 60th birthday was my first day of freedom.
Brilliant advice I loved this Im so Happy have less money and retired I live a simple quiet life I love a challenge making healthy meals ..You certainly keep us on our toes ilona Thankyou x
Well said. I totally agree with you. My Dad died at 57 years old wth plans for his retirement that he never made. I decided that by the time I was 50 I would be debt free and be able to make my choices on how life would be. I reached that goal went part time at a new job that I love. I dont have a huge house and luxury car but I have a home that provides everything I need . I still travel and have a wonderful life full of friends and hobbies of which I am very grateful for. Yes I am very fortunate but I have faced many challenges in my life and like you Meanqueen I put on my happy face and stay positive. Attitude is the key to happiness not belongings that we don't really need.
Thank you for your videos. You remind me of my very wise Aunty and I look forward to seeing what you come up with next. Love from Perth Australia🐨🐚🐟🌞
You made the right choices. Well done.
I would rather live on less than work more; live life to the fullest for me rather than the company.
I worked hard for a long time. Then I realised that time is more important than money.
I worked for 50 years, started at 15. Retired at 65. My husband is retiring after Easter, he’s so excited! We are in charge, it’s our lives, and we choose to be independent. Money is a tool, not a Master. We have no debt. No mortgage, just moved into a new home.
Future life is not promised, grab and enjoy it now. My parents scrimped and scraped to pay their mortgage. My dad walked miles to work as an engineer in dirty, oily Vauxhalls, 70 hour a week. They dreamed of owning a motorised caravan when they retired. Mum died aged 58, dad committed suicide 2 weeks later age 56. Please don't wait. xx
Wonderful inspiring advice. And so true. You are amazing and have a,wonderful attitude. You do me good when I have a down day!!!! Thank you. X
I am 55 in october retired not going back to work my choice I have secure accommodation government rental secure small government pension adult children and small investment that's enough if I continue to live a thrifty life my solution was stop spending on a bare bones budget
I was 57 last week and I'm retiring in June. I've been planning it for a few years now by saving as much money as I could by simply not spending! I'll get my teacher's pension (which is tiny due to many years of just part time teaching) and I'll get by. Life's too short to be told what you can do and when you can do it. We have to be brave and make it happen ourselves! Good advice as always Ilona!! 🙂
That sounds like a good plan, Ali. You know what you want and you are making it happen. I hope you have a happy and long retirement. ilona
good luck. If you live 40 more years that will be brutal
I agree with you I retired at 55 from nhs but I too feel you can make it happen life’s too short! I know I lost my mum aged 63 and sister aged 46 to cancer
Be happy with what you’ve got! The saying used to be, trying to keep up with the Jones’s. People are always trying to impress other people, living beyond there means🙄I would like a few new things(fridge freezer, new carpet, a different car) But I can make do with what I’ve got. Everything is paid for. I’m content in my own skin and not interested if someone has more than me. I would rather feel relaxed and content, than worry about things I don’t need or can ill afford. To much importance is put on material things these days. Another old saying, you can’t take it with you. Just go out and make memories, enjoy the time you have got on this earth❤️🙏🏻🥰🐥🦋🐞🐝👍
Thank you Ann. Everything I have is old, second hand, and worn out. I very rarely buy new these days.
@@meanqueensuperscrimper8908 second is made better I find, most of the time anyway!!!(clothes and furniture) and who doesn’t like a bargain. I’ve always liked going to jumble sales, back in the day and then charity shops🥰People like to call them vintage shops now!! Same thing, just charge more🤦♀️😂😂😂❤️
Well said.
My long term boarder 17 years,moved in when I got divorced l made mortgage payments from his rent and worked until my kids left home .at this point my lodger had a tumour on hiS spine so I retired from my job and take care of him full time at home and have been doing so for several years now,the government gives me a small salary for this .by the way I was a paid carer in disabilities for over 30 years when I met him .I am debt free and own the home now so I will not be working outside the home ever again and I love being at home❤I turn 54 next month 🎉
I retired at the height of Covid when I was 58. I won’t qualify for social security until 62. I have a small pension. I live frugally and are totally enjoying life. I struggled and sacrificed to pay off everything. You can do anything if you want it bad enough.
Thank you Lynn. And well done for making the change in your life.
Me too. I retired in October 2020 at age 57. I had planned for my retirement since I was in my 20's. Most people that are complaining never planned for their future! I have always been frugal and got completely out of debt before retiring. And I was a single woman! If I can do it anyone can. You can't depend on someone doing it for you! Excuses, excuses!
Well done LynnS.
@@michelleraney3577 I'm not complaining about my state of affairs but it just puzzles me how people can live without any money coming in. If they arent in receipt of pensions or benefits, how do these people pay their bills? If they live off a lifetime of savings they are lucky, but those savings would dwindle with the current economic situation. It baffles me to be honest.
@@mrsh3972 You have to learn whatever the tax laws are in your country and invest accordingly. Your goal is not to live off your savings, it's to invest wisely and live off the profits of your investments.
My mums friend is 74 and still works full time but she could retire now really. I just think she worries that is it when she does. A colleague of mine is taking early retirement tomorrow she’s 58 and her and her husband are going to enjoy travelling round Europe in a motor home! My father in law had to work till he was 65 and passed from a stroke at 66 and two of his sisters died before they were even 65. So much of what you say resonates. I am only 36 but would love to retire early! I will go part time as soon as I am able!
Start building up your nest egg now. Stop spending on frivolous rubbish that you don't need. Keep focussed on what you want to achieve.
That was powerful, Ilona. I've seen friends blossom after retiring, coming into their real selves with the pressure gone. For me, I finally felt I could do things fully, attend to the details, because I wasn't ruled by time. I scaled back, and am pleasantly surprised at how little a person truly needs. I need time, and had all along. Very, very wise counsel from you. Thank you.
The pressure was lifted off me when I decided to go part time, and disappeared altogether when I stopped work. This was the beginning of the next phase of my life. I embraced it. I'm glad you are in a good place now.
Good morning, madam. I so enjoy listening to your thoughts and advice. Thanks for sharing!
You are right. There are a thousand ways to have a wonderful and fulfilling life and it doesn't take a lot of money. Our life is what we do with the time we have. Downsize, upcycle learn new skills and put them to good use. Do whatever it takes to find contentment. Life is something you are, right here right now, not something waiting for you in some abstract future.
Maybe I don not understand Ilona but when you got your state pension, you was only sixty. Today you have to wait if you are 58 years old until 67 years. It is seven years more than you had to support yourself if someone today want to quit work the same age as you did. Maybe it is not so easy. I took out my private pension at 56 years and state pension at 61years but that is in Sweden. I live on little money but I manage and I have a good life.
It wouldn't be impossible for someone to retire at sixty now, but a plan needs to be put in place long before it happens. Earn as much as you can while still working. Put in extra hours, either in the same job or a second part time job. Squirrel money away, and only spend on something that you need, rather than what you want. If the retirement age is 67 now, look at knocking a few years off that. If you have ten years of work left, look at over paying the mortgage. get rid of all debt, pay it off.
@@meanqueensuperscrimper8908 forewarned is forearmed ! Alas was not the case for so many !
We retired at 55 as we’d been paying into our work pensions for many years. We’d paid off the house too. We’d rather be frugal and live off less and have time.
I remember once upon a time at coffee break in work my fellow office workers said that even if they won the lottery they would still come to work. 😮 I was shocked. Right then I realized some people lack imagination and viewing life as an opportunity. I couldn't wait to get out of there... and I did. Perhaps some people wouldn't know what to do with themselves. Perhaps, although complaining about it, they are just wanting to complain. 🤔
I should add, of course, you need to do the maths, make a plan. It doesn't just happen. I think that's what your saying Ilona. 👍
Some people would be lost without the routine of going to work. Best to have some hobbies, some interests to keep you busy.
The reason you still come to work is because you don"t want people to know you won. There are some horrific tales of murder and extortion surrounding a lot of the USA's lottery winners! Better to have that financial security and remain anonymous.
Take control! Best advice for everyone. Listen up people. Bravo !
In part I agree with you, however, some things are much more difficult than 20 years ago. People need to prepare well in advance of retirement, pay of their debts and live within their means. Most don't have the option of retiring at 60 anymore with a government pension, more like late 60's if they are lucky. While people can prepare - it is government who keep changing the rules and it makes it very hard to plan for retirement whether that be a government pension (if they are still there) or a self funded retirement where they try to tax you after saving and already paying tax on your savings. Working part time may be an option, however the cost of food, power and basic essentials will continue to increase making it more difficult to reach the point in time when you can fully retire. It is a completely different time in history forward from here - and not for the better.
I agree. Plan so that you can be financially independent with multiple streams of income in retirement, and if the government throws any money your way, that's just gravy.
Hi I have just joined your channel. You are so right.
I worked very hard, from 15 years to 63 years. Now in my 70s , I have a home paid for. I live on a pension, and make ends meet. I'm not complaining. I walk, but can only do about 6 miles, my arthritis in my feet does stop me. I love walking thou. I have a small dog, and we go with a flask and a biscuit. She has her's too.
I don't have car ,I gave up driving a few years ago. I'm lucky thou I have got a bus almost outside the door, and my OAP pass means I travel free. This is so wonderful, really love my pass.
Anyway, glad to join you . 😊Sandra
Hello Sandra. I am very pleased to meet you. Sounds like you have a lovely life. I think we deserve it after working right from leaving school. You did three years more than me. I would have carried on a bit longer but my firm closed down and I was not going to find another job so close to 60 years old. I am soon to be 75, and loving every minute of retirement. Keeping busy is the key. I wish you well. ilona
@@meanqueensuperscrimper8908 thank you for your lovely reply. It's so nice to know that you took the time to read it. 😊
This is excellent advice. I agree completely. In my early forties I was finding that I was getting more and more miserable in my career and life in general! I felt that I wasn’t properly living and was tired of feeling like a cog in a wheel, slogging away for a future that wasn’t guaranteed. My husband felt the same way so we decided to sell out bungalow and buy a narrowboat. That was seven years ago now. We have a very simple life and very basic boat with very few mod cons but the biggest luxury we do have is a real sense of freedom. Even though we’re not fully retired, we have so much more free time to do things we enjoy. It’s all about quality of life, not material gain for us and just took a little bit of planning to change our life for the better. It takes courage to go against the grain but is so worth it.
Thank you for sharing your story.
Hi Ilona, hope all is well!
Crazy what’s going on here in the USA!
Unreal/incredible
He’s the best we had, they’re all nuts
Anyhow just popped in to say hello
❤️🌴
Hello Rhonda. It's all bonkers here as well. The funny thing is they think we are stupid, when we know perfectly well what is going on. Our Government has some daft ideas. I am well, hope you are too.
@@meanqueensuperscrimper8908
Nothing major to complain about, ty
Boy our worlds gone bonkers! Sry, we should be careful on your videos.. they’re not our friends!
Be well talk soon always a pleasure to watch you 🌴🇺🇸❤️
Very encouraging talk. I’m going to be 50 this yr I don’t want to retire yet but I do feel that my health with have me retire early ( I have painful flat feet and even though I now get to sit down more my feet are still in agony), but I never thought about setting up a pension ( other than state pension until recently), I have some debt to clear and recently got rid of one debt so I’m gradually getting there. I plan to start saving now so that if I end up having to retire early that I can do so. I will run some side hustles etc anyway I can that’s legal to earn extra money and save it xx thank you Ilona xx
Earn a few bob here and there wherever you can and put it away for a rainy day.
Paying off debt first is the best investment because the interest you're getting paid at the bank is usually way lower than what you're paying on your credit card balances. A penny saved is MORE than a penny earned because the saved penny isn't subject to income tax.
@@3namechangezalowdevry90day7 thank you. Yes I’m paying that of first as quickly as I can
I think most people would like to retire early. Unfortunately most people can't. Even with no debt or mortgage and a frugal existence, day to day bills still need paying and for those of us who've brought up families with all that entails, planning for early retirement was never possible money wise. With the exception of yourself, many people have inherited money or property which might enable them to follow their dreams, but for most of us it's work as normal. On a fixed income like a pension, budgeting should be easy, but for those of us with variable incomes it can be a nightmare. So, we have no choice, unless we inherit, to carry on working 'til 67 and then receive a pension if we're lucky.
Your job is the only job I ever wanted to do but they told me no. Too old now. But I very much admire you and enjoy every single one of your videos 🧡
I’m so glad we never fell for the pension scam. My retirement age never has relied on pension plans, rather my own investments and property. They can set the retirement age at 100 for all it matters to me. I’m going to retire when I can afford it and want to. When will people realise that the Government NEVER is there for you when you need it. They need your taxes - thats all.
That's the spirit.
@@meanqueensuperscrimper8908 I love your attitude! When I was a child I always yearned to drive HGV. Loved them. Of course my dad couldn’t get his head around it so unfortunately that never happened. That’s was then - 40yrs ago? But I did everything else MY way and guess what - it’s worked out. Not pretending it’s all been easy but at least it’s all mine. Keep up being rebellious !
While I mostly agree with you about "calling our own shots", many others have extenuating circumstances.. not other people... making it impossible to retire early. Perhaps responsibility to family...health insurance... problems that make having a job important.
I do agree Mary ! If you were a carer of an elderly parent we know that doesn’t allow for savings let alone living ! If you decided to retire before the age of 67 you would have to go on Job seekers allowance which defeats the objective of retiring ! Without any income retirement is most un doable !
@@pearl2910 There are many ways of earning extra money. Search the internet for opportunities locally and in a work from home capacity.
💥Well, in the immortal words of Del Trotter, there's always a way!🌷
I totally agree Illona, but it is not just a question of them wanting to retire, they want someone else to fund them while they are not working. I live my life my way too, and always have done. Only now do I find I cant just take myself out for the day. go for a walk, or a drive in the countryside. As old Arthur Ritis came to visit and refused to leave. Its so frustrating, but I keep busy by doing small things. when Iam able. Dot painting mandals or quotes on wooden circles for fridge magnets, is my latest challenge. and crochet animals when Im forced to sit all day.
I saw your comment on Happy Days channel about your brother. Sad to hear that. May Shiva bless you.😊
Wise words. We are hoping for sixty but we are lucky enough to have a house to downsize. I've never been much of a spender though I would like a few nice holidays 😊. Take care
❤from Australia ❤I’m debt free and 54 years old,never had a fancy home or car don’t care no more work for me 😊
Debt free is fab. No more worries. Suits me fine.
I do wonder how many younger people who are renting will ever save to buy a house. If you can’t own your own home and pay it off then it seems so much harder now. My daughter’s rent is £900 a month, luckily there are 3 wage earners to pay it
My nephews will never be able to buy a house. My grandparents were never able to afford a house. My mother and father never bought a house. The opportunities were never there for us working class people.
Sorry Leona but I agre with your commenter. When I entered the work force in 1982 I was expecting to get state pension at age 60. 25 years later In 2007 it was changed meaning I would not receive any state pension till age 66. Then in 2011 it changed again, now I will be 67 before I receive any pension. That’s until they decide to change it again. I was and do plan for my own long term financial future I was working hard hoping to retire early at age 55 filling the gap with my own savings till state pension age. But now there is a seven year financial hole in my plan. I now live cutting back, scrimping and saving determined I will still stop paid work at age 60. But I am furious with the government. I have been put in the position of having 19 years notice to fill a 7 year hole in my expected income. So yes I and many many others are furious.
I consider myself lucky. I worry more for those that will still be working at age 66 in manual labour jobs it’s no joke. Their will be a lot more of our society that end up on long term sick and or disabled.
Totally agree ! Not fair at all !
Couldn't agree more
I quite agree, it isn't fair. The world economy is in dire straights because they have been printing money. The banks are in a mess. That is why they have been pushing everyone to start early making plans for their own private pensions. If we all knew how long we are going to live for, it would give us a number to work towards. They keep moving the retirement age further and further away, because they are not sure if they can keep paying out benefits and state pensions.
I totally agree, I thought I'd be 60 but now they say 67.
But, Ilona is not saying it's 'fair', just that we need to sort ourselves out early on.
I hate living in 'genteel poverty' and stupidly didn't contribute to my teachers pension and didn't have an alternative plan. Now it's somewhat of a mess and I live frugally on my savings.
But! I'm out of that unhappy rat race and keeping going, and Ilona is right, we have to find our own way to escape it - somehow.
Good luck everyone!
I’m 48 and have been overpaying my mortgage and paying extra into my pension by not spending on nonessentials. I buy second hand or only purchase reduced or budget goods. I’ve downsized the car to also save money. I go camping for holidays. This is my plan to take control of when I can retire. So many of my colleagues aren’t even thinking about retirement but I think it’s important to have a plan so that you can be secure if want or need to retire earlier than the state pension age.
Good thinking Batman.
Hi Ilona, I was also born in 1949 and retired when I was 69, my choice.
Your hair is looking very nice.
Best wishes A
Thank you Ilona for sharing your wisdom, enthusiasm about life, humour & your truth. Your latest video was about 'replying to a comment' So sorry to see all the 'attacking' & 'not agreeing' with you in their comments in your blog. I was quite taken aback & shocked. Goodness, if people are that riled & not willing to read/hear a different type of opinion... then why tune in? If I tune into UA-cam etc & I don't like the content... I leave that Channel & I don't comment. Plenty people really appreciate everything about you. Oh & I love the felted tree.... you have so many talents. Hope deleting those comments doesn't take up too much of your valuable time. Regards & best wishes. Rose 🌻
They are becoming quite threatening. I have the option of blocking all comments when I need a break from it. Thank you for your comment.
I won’t receive my State Pension until 67 ! They raised the pension age ! They said the Axe had to fall somewhere! Thanks guys! Wish I’d know sooner 🤨
Is going to 68 I think
@@linda-nl8ib that’s about right ! Totally unfair ! After all peoples bodies haven’t changed that Iam aware of !
@@linda-nl8ib yes my daughter is in her mid 30’s and if nothing changes she won’t get any state pension till she is 68
@@catsmother4556 we are living longer so the state doesn't want to give our pension what we pay in .
@@linda-nl8ib True so true. The government messed up, they should have raised the state pension age many years sooner than they did. It should have been raised for those entering the labour market. At least then we would have had an entire working career to prepare for it. Instead in a panic they bulldozed in the new reforms. It was done so fast they messed up the calculation and had to increase it again a few years later. To top it off they also increased the number of qualifying years of contributions from 25 to 30. And who’s suffering for their incompetence. Us.
An edit to this comment contributions went from 30 to 35 years.
Thanks to Paper&Twine for letting me know.
You are a complete inspiration and everything you’ve said makes total sense 🤩
Thank you. Watch what is going on, make your own plans, and stay ahead of the game. Good luck on your journey through life. ilona
You are so right people should take control of.their lives .
Hi from Australia Illona. You are awesome mate. Cheers :)
I planned a few years ahead of my retirement. I paid off the mortgage and any debt I had and didn't accrue anymore, I started to work part time and living on a much smaller amount by becoming frugal and I was a lot happier, the money was all budgeted for and no further debt accrued. Yes I go without but I don't really miss any of it now. I don't have a private pension but I know you can take it early if you want even if it's not much. By the way I am a 50's baby so didn't retire at 60 either.
My attitude has always been if I want it then I will make it happen. My husbands and I retirement age is 67, with 5 years age gap between us. We have always said we will retire together at 60 and 55. We struggled whilst the children were young and couldn't save but we both worked hard as the years went by to pay everything off early, we did so a few years back and are working to build up our savings. Our retirement plans have not altered and we will retire in couple of years, regardless of what the state or anyone else thinks.
That's what I like to hear. Fighting talk.
Great advice Ilona! 💕🙏
My full retirement age in the States was 66 but I quit working and started drawing Social Security at 65 I wanted to make sure that I was going to be on Medicare. I could have started drawing Social Security at 62 but felt that was too large of cut plus I liked my job.
I am able to pay all my bills and still put a set amount of money into savings every month part of that is for real estate taxes the rest I call emergency money. I quit working in May of 2020 and have not regretted it you have to do what you feel is best for you
This is so true Ilona you have to do what you want to do ..x
Bravo! You can't teach independence to those who think the government has control of them.
If people give in now to the Government, there is a lot worse to come. People need to take control now of their own lives, because if they don't they can wave their freedom bye bye.
@@meanqueensuperscrimper8908 precisely it's all linked I think. Just a pity the majority aren't aware of it, however I feel we are turning a corner to a new way of life for all.
@@hazelcowie3368 Yes, this has been in the pipeline for many years. They have trashed the economy and now they are panicking. Fill people with fear so they rely on the state. Restrict their movements. Bring in digital id and CBDC. Bingo, a universal credit system.
@@meanqueensuperscrimper8908 it makes me so happy though that some of us can see through it and more are starting to question it.
All my relatives never made it past their late 60s. None of them smoked, drank or ate unhealthy. We just have bad genes. State pension age will be 70 for me. I know I'm unlikely to reach it. Despite having no choice but to pay taxes. My job doesn't permit me to retire early. And minimum wage prevents me saving. All my family are poor and in low wage jobs. So any money I do get is spent on them. In one way it's good that family were healthy up until they died. And most of them had a year or 2 of retirement. But I don't think that will be the case for my parents, my siblings and myself. We probably will work until we drop & have nothing to show for it.
When I married my husband in 1981 I was 19 and he was 24. We thought we would retire at the same time. Sadly that hasn’t happened as he received his state pension in 2022 and I have to wait until 2028. A rough calculation means over £70k that the Government have pocketed that I should have expected to receive. The saddest thing is that we will not have all those years that we expected to have together to enjoy our retirement as I continue to work as we cannot survive financially on just one state pension 😢
You are giving in too easily. Forget the £70k, what you never have you never miss. Can you go part time? Go through your income and expenditure with a fine tooth combe. What do you spend your money on? What can you cut down on? You could retire now if you really want to. How much is the one state pension that you receive? If you think you can't do that, what about setting a retirement date for one years time, and working towards that. Cutting out any unnecessary spending.
Good advice, thank you. There are always options it we want to make something happen.
Here! Here! If you are ready to retire for whatever reason, find out what it would take. Write it all down, health insurance? income? expenses? Know the answers to the questions. Then, tell the spousal unit, "I'm retiring, I've had enough." If you are worried about being abused(verbally or physically) about your decision, then you have other problems that need addressed. I retired at 57. They were laying me off...again. The labor agreement said if I was 55 and laid-off I could retire, keep my health insurance and not take that big of a hit on my pension. My health insurance was worth more than my pension and I keep it until I was 65. Took Social Security at 62 which doubled my income and with continued careful management I'm in a fairly secure position financially.
I retired at 55 on a reduced works pension. Started receiving state pension a few months ago when i reached 66. I paid off my mortgage before retiring and learned to live on small pension. It can be done ✅
I retired at 50. I didn't have a job that paid silly money, I was just frugal and managed to stash away plenty to live a comfortable life until I officially retired at 66.
Wise words ,as always .x
I took some small pensions early so I could reduce my hours. I now work 19 hrs a week and am cosidering dropping them even more.
Good for you. It's all about getting the balance right. It's a trade off, what is more important.
Thing is if you got no income ,,it hard as not have pension till 67
I retired at 61 cause physically it was near impossible.
Not all are blessed with good health.I had a reasonable pension from work and CPP. My house was paid off and when I turned 65 I also got OAS. Here in Canada. I also have investments. Best thing I ever did was to quit working at a full time job. Which sometimes sucked the life out of me. The young ones can go for it.! I encourage retirement very much so. 🤔😊
Lovely to hear from you.
Very good advice!😊
They're probably USA people with chronic illness who have to be employed to have health insurance. If you're unemployed and too young for Medicare (65) and you retire, you have to have income either below poverty level to get Medicaid or 400x poverty level to get Obamacare. So a lot of people fall into the gap by being too rich for one and not rich enough for the other.
I know nothing about the USA system of healthcare, so I can't comment on that.
@@meanqueensuperscrimper8908 Frugality and living within your means applies the world over, but the laws and hurdles on the way to early retirement vary from country to country so it pays to know as much about the red tape as possible. The USA's healthcare system is incredibly convoluted and makes early retirement like driving through a minefield. The advice used to be to invest within a traditional IRA or 401k, which lets an American avoid paying taxes on the income until they take the money out in retirement, (at which time they should pay less taxes due to being in a lower income bracket). If someone retires before 59 1/2, they can't tap these funds without penalty, but they can roll the money to a Roth IRA, paying income tax on the money as they roll it, so that this "income" qualifies them for Obamacare health insurance.
That's where I am right now at 59 health insurance is outrageous so I am still working for health insurance.
@@kellywilliams7214 I don't know if you're qualified for a HSA, but you can put money in that, invest it and pay out of pocket for medical expenses so that the money stays in the tax free HSA until you retire. (This is different than the FSA which has to be spent by the end of every year). This is a common strategy used (after maxing out IRA and 401k contributions) by people planning to retire early in the USA.
Wise words
Well said. Agree 100%
Good advice
Good advice.
We got a man in town he told me when he was a boy he said he never work for any one except him self and he did it still doing it and paid his stamp its boots sales and market stalls and then over the years selling on line I feel there lots of ways to bring in a income crafts panting and odd jobs I done it I know some lady here she knits jumpers for the bon firer group and designs her own pattern and gets paid she is 85 cheerful lady and has a husband that she is a carer for, for many years where there a will there is a way. I feel many have become robots well I will say Paul O Grady has lived a fabulous life even if it was cut short he said many times he knows he not live into old age as mum and dad had heart problems but that did not stop him really getting out there he lit up our country our world he was a Angel fabulous man will be missed by many. He did not come from money he earn it and put it to good use help so many out there and our dear animals he loved too. Great video. Meangreen 🌼🌷🌻😊 love and blessings
I did this when I was 57 and I've never looked back
Ilona I have to say I am a huge fan lol The comments here seem to be so much nicer than your blog (that was awful the way people say hurtful things). But happiness is what we make it. Carry on mother we are listen to your wise words. Enjoy life!!!!
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well said ilona
It’s not just that they can’t afford to retire till 67?
Can't afford to live let alone retire here in the US.
A inspirational speaker. Thank u meanqueen X
You are sush a lovely lady love listening to your chats 🥰
The comment about wanting to retire must be from people in the USA.
Full retirement age for full benefits of Social Security in her age group is 67 otherwise, if she retires early she will be docked quite a bit of money from Social Security.
Social security is a trap that many fall into. Get paid for doing nothing.
She would have had to plan from an early age in order to live off the proceeds of her nest egg after quitting and not have to claim Social Security immediately.
@@meanqueensuperscrimper8908 SS in the USA is different, it's like what other countries call old age pension. It's meant to get the elderly, less able bodied workers out of the work force and support them for a few years until they die. The age limit for benefits has been increased several times as life expectancy has increased. Only the financially independent retiree who has invested for years gets to choose when to take benefits.
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You must have to get some benefits off the state to help with living, as you only had £200 savings.
Stop making assumptions. Basically I had no savings. Then my state pension clicked in. I paid in for 45 years, I was not eligible for any benefits.
@@meanqueensuperscrimper8908 thank you for your reply, but it still doesn’t make sense to me, you say if you want to retire early, do it, but you have to have enough money to live on, to last until you get your pension, or am I missing something, I am not being nasty, I am just intrigued how to do it.
@@sallybryant887 You say you have to have enough money to live on, but who decides how much is enough? My pension is paid into my bank weekly. So for that first week I spent nothing, I stopped spending. From then on I only bought what I needed. Mortgage, utilities, food. That went on for a couple of years, the money I didn't spend stayed in the bank, building up a nice pot. Now after 14 years I have got a bigger pot and the mortgage is paid off. The magic words are, JUST STOP SPENDING. I deliberately run my income down on the run up to 60, and was looking forward to the new challenge.
@@meanqueensuperscrimper8908 so you paid your mortgage and utilities from previous savings? Trying to envisage how I may make a similar plan work
@@shannondify I have never had a savings account in my life. I have never saved for anything. When I bought my first house I was working and had pretty decent wages, the same as a man. Because I was working long hours, I didn't have time to spend it . I used it to pay rent, and buy food, and put petrol in the car. I mentioned to my boss that I had too much money in the bank, what do I do with it? His reply, put it into property, buy a house, can't go wrong. I found a little terrace house and put every penny I had down as a deposit. I was then skint for a few years, the house needed a lot of work doing to it. After a few years I sold it and bought a bigger house. Every penny I got from the sale went into the new house. I was skint once again. The third time I moved, into the house I am in now, I put the money from the second house, £20,000 as a deposit. The house cost £40,000, so I had £20,000 left to pay. I didn't have a holiday for years, couldn't afford it. I had to live as cheaply as I could, to be able to pay the mortgage. I don't actually save money for a purpose, I just don't spend it.
It's called a written budget sinking funds discretionary funds and my future me
Hard decision
Nothing is easy these days. It depends on how much you want something.
Ilona have you ever read the book, "Your Money or Your Life?" It's written by an American author Joe Dominguez. Quite old, but You'd like it.
Another great read along the same lines is "The Cheapskates Guide to Retirement " by Jeff Yeager.
Yes, I bought it right at the beginning of my money saving journey.
@@meanqueensuperscrimper8908 did you find it largely applicable to the U.K. too please?
@@tinanolan1485 Yes, I did. The principles of living within your means, only buying what you need rather than what you want, and working out whether the item you are planning to buy will greatly enhance your life, is much the same in any country.
Totally agree, I'd much rather enjoy life and make my money stretch to do all I enjoy than work my life away making money for others.....couldn't agree more, a lifetime friend the same age as me died last year, I'm enjoying life to the full while I can like you!
That's very sad when a friend dies. It could happen to anyone at any time.
@@meanqueensuperscrimper8908 Don't we know it, I agree with you, one life, we live it however makes us happy!