Great video, Another factor to add is Do folks spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in months and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Vivian Barbara Mui just check her out. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in 2021 April due to the crash.
Ignore the trolls on the internet that recommend specific advisors. They are usually shills. The stock market is volitive. That is how you get the months with $27,000 increases as well as those with $27,000 losses. If you can't afford to take that risk, change your asset allocation. Here is an allocation for someone over 65/retired, whether they have $500K or $1M. I use Vanguard, but you could use Fidelity or Schwab as well. I also recommend ETFs vs. Mutual Funds, because they are more tax efficient. 1. Vanguard US Total Stock Index (VTI) 2. Vanguard Total International Stock Index (VXUS) 3. Total Us Bond. (BND) 4. Total International Bond (BNDX) Depending of your degree of risk taking, you simply allocate your portfolio in the manner that represents your ability and willingness to take risk. If you are more aggressive, you might have: 50% VTI 20% VXUS 20% BND 10% BNDX If you are more conservative: 30% VTI 10% VXUS 50% BND 15% BNDX That's all you need. No advisors, no excessive fees, no BS. One last comment...as Geoff mentioned in this video, it's important to have an Emergency Fund. I recommend a minimum of 18-24 months of your standard living expenses (not including travel, entertainment, etc.) in cash. That way when the market is in a decline, you will not have to withdraw from a declining portfolio. As you use your cash and the market recovers, as it usually does within 18-24 months, IN THE US, you replenish your cash emergency fund. FYI...I spent 54 years in financial services, including the last 15 as a college professor, teaching financial and retirement planning to future CFPs, ChFCs, CLUs and RICPs. My personal portfolio includes VTI/VXUS and a series of income annuities, so that is why I do not hold bonds. The Annuities are my Bonds. I also have 3 years of cash. Happy Retirement.
1. A comfortable home. 2. A comfortable retirement income. 3. Reliable transportation 4. Your health 5. All the free time you ever hoped for. 6. The ability to not have to tolerate people you cannot stand. 7. A good sense of humor.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@JefferyDuns Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
'Melissa Rose Francks' 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.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds 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
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
As a 58 years old person who’s good with number but bad with money all I want to tell you is THANK YOU for all your videos. The content is always spot on for me and I’m changing my bad habits and taking your suggestions at heart. Awesome word, greatly appreciate your videos and keep it up.
Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@patrickbrussels4454 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
@@Erikkurilla01 I wouldn't trust Stephanie Kopp Meeks. She obviously can't get much business or she wouldn't need to arrange for AI chatbots to say how great she is on UA-cam comments boards.
Things to own: 1. Car 2. a Home 3. emergency fund - 3-6 months of expenses 4. insurance - life/longterm 5. good set of luggage 6. access to gym or home gym equipment 7. keep taking classes to keep your mind alive. None of this needs to be expensive. Good video!
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
“I want to invest in real estate but I don’t have enough capital” What if I told you that there is a simple way to access the real estate market, even if your capital is low? I am talking about REITs (Real Estate Investment Trusts).
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
@@johnlennon232 mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 36 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The coach that guides me is "INGRID CECILIA RAAD", it shouldn't be any difficulty finding her seeing that she's actually quite popular, just search her name.
Great advice overall, but think twice before purchasing Long Term Care Insurance. A current class action lawsuit against GenWorth illustrates the pitfalls. We signed up over 10 years ago and have endured a steady stream of premium increases that far exceed inflation. Now, just as we are about to enter retirement, we question whether we can afford the monthly premiums that will continue until our death or placement in a nursing home. In retrospect, its hard to make an economic case for such insurance. I am interested in your opinion on these specific policies.
The Genworth class action lawsuit was about their universal life insurance product, not the LTC product. You need to be more careful and accurate when calling out financial institutions.
Also, buy your plot at a cemetery or make plans on how you would like to be buried. Have a Will ready and a letter to your loved ones on what you would like to tell them Declutter: stop hoarding. Live simple/minimalist. Don’t leave the burden of getting rid of your stuff to your loved ones. They have enough with their own problems.
Easier said than done on the hoarding. My experience with my many older relatives is that most people hoard more and more as we age. I think it has something to do with our yearning for the past, nostalgia, or loneliness. I think we connect "things" with people that we have lost and they become like a security blanket.
@@GrnXnham Well there are those with the sickness called hoarders and then there is most others that just over a period of a long life have a collection of tools, fastening hardware, old clothes, fishing tackle and ammo, and other things that they really won't use much anymore. I am pretty sure that's what SC1234 was referring to.
Excellent advice. Luckily my mother hated clutter so when the time came to clean out her house after she passed away I had very little to get rid of. We gave some to Goodwill and had a couple of garage sales & put the house on the market. So easy. My mother-in-law on the other hand…
I know it goes against conventional wisdom, but I'm planning on paying off my mortgage pretty aggressively. I think I can do it in the next five years. I'll be 45 years old then with a paid off house, and I think that will go a long way towards easing the stress of having hardly any retirement savings.
It’s great not to have a mortgage. You’re young. If you can earn 8% or more with investments and have a low interest rate on your home, I’d tend to put more money into investments. It’s all a balance
@@tedreid1035 I appreciate the advice. Balance is important, for sure. I'm just betting on not being able to stand working a day job much longer. I was born a musician and teacher, but changed careers to make "real" money. I don't regret it, but I hate it. I'm just searching for some other kind of balance, I guess.
@@loriar1027 Awesome. It’s nice to know I’m not alone. If all my other investments flop, and I lose my mind at my day job, I’ll still have a place to live. Seems like a good idea to me!
My adviser is in Florida and I am in California don’t let that stop you. This is a zoom, e mail world. Fidelity, Vanguard, and Stock Market all aren’t close but we still use them.
1. Reliable Car. 2. Safe, Clean Comfortable Home, preferably mortgage free. 3. Emergency Fund, 3-6 months in cash/cash equivalent. 4. Health Insurance. Strong Med Sup Policy and LTC Insurance. Life insurance if still needed. 5. A good set of Luggage. 6. Access to exercise equipment. 7. Local College Courses. Where ever your interest lie. Another great video Geoff.
1. Vehicle for transportation 2. Home to live in 3. Emergency Fund - 3-6 months expenses 4. Insurance - Health, Life, Long Term Care 5. Good set of luggage for travel - most retirees will do some type of travel 6. Access to health club or work out equipment - stay active and healthy 7. Education - stay engage to keep mind strong through self study or college education ***Note: None of this needs to be expensive…
I got 1 thru 6 covered, but Number 7 is a problem at 89 years of age. I am active on social media and uses Wikipedia often. I wished that I had Wikipedia when I was growing up instead of having to go to the library to look things up in the encyclopedias.
Have you really found a need for good luggage? I have personally never packed using luggage. A few times my wife packed my stuff in her luggage but if I travel in country, I simply take a gym bag or backpack and a duffle bag when I was younger. As for number 7, the objective is to keep you sharp if you make it to your 80s. No need for classes in your 80s. Now is the time for you to share your experiences or write your life story and to be generous with sharing your wealth.
I hear you @prarie. I probably wouldn’t have put this on the list except I was in Hong Kong a few years ago and had luggage failure. It was not pretty. Saran Wrap stuff everywhere. That happened to me a few years earlier - same situation. Admittedly I am known for using every square of space in the luggage
@@HolySchmidt We've been rockin' the same inexpensive ($20 after mail in rebate) 3-piece luggage sets we got from Staples over 20 years ago. We've taken it on over 60 vacations and it's still in perfect condition. We're careful not to over-stuff and we steer clear of airline travel which I'm sure would be the instant death of our luggage sets.
I say keep active by volunteer work. Have your final requirements in place and planned, will, trust, funeral or cremation. Do not leave a mess for the family.
The market crash and high inflation are stressing me about retirement. Despite the challenges, I know investing is a long-term game, so I'm staying focused on the future.
One of my best purchases in retirement was two E.Bikes. And the related safety equipment. I purchase two folding bikes that fit in the back of my SUV. I purchased two bikes on sale so I can bring a friend with me on my adventures. The total cost was about $3K. They paid for themselves in the first summer. This will be my third summer and they are still in almost new condition. They have 100 mile range and they've helped me to lose weight and improve my health. One of the best purchases I've ever made.
@@JoseOchoa-dw9vk Nobody says you can't own more than one guitar if you can afford it. An acoustic and an electric at a minimum and maybe that would be enough for some people. Others might want more, but you can do a lot with a modelling amp.
The car? I gave up my car in 2008 and ride a bicycle most places. I'm 7 67 years old. I live in the center of the city within a 10 minute walk of two grocery stores. I am fortunate to live in a city with an excellent mass transit system and if I really need a car I just use a Loft or Uber. Part of the reason I got rid of my car in 2008 was the amount of money and worry it saved me but also I knew that as I aged my reaction times would gradually slow to the point that I shouldn't be driving. Much better to set my habits before that became a necessity. As far as a set of luggage---for the last 20 years I've never travelled with more than a great backpack. I find that I can pack efficiently even when I'm staying for two weeks in a foreign location. Everywhere I travel has the option of doing laundry. Why haul massive amounts of "things" around? The health club? I used to belong to a gym and realized that the things I used most--tread mill, stationary bike, stair climber---are all things I could duplicate in the real world outside of the gym. Instead of the tread mill, I go for a walk. If the weather is bad, it's pretty easy to find a place inside. I ride a bike daily for everything so don't need a stationary bike. Taking the stairs instead of an elevator replaces the stair climber. I find exercise classes online. I bought a set of 5 and pound weights for strength training. No need for a gym at all.
Volunteering gives you a chance to give back and brings with it a sense of joy as well as social interaction. It's easy when you retire to become isolated.
I’m 68 ! I love spending time with myself and being alone . I get to do whatever the hell I want without the criticism from others and without hearing all their complaints, tragic stories and unimportant opinions about their lives. I can fade away into the sunset with nature - the animals, trees, mountains, oceans etc.
Yoga is one of the best mind and body activities for seniors. If you have joint injuries it will be as good as or better than physical therapy. Started at age 60 and never looked back.
#2. Too many people get sentimental and refuse to downsize their home. Their larger home means higher heating/cooling costs, higher insurance, more maintenance, higher taxes, etc. If money is no object, great. But I have seen too many empty nesters/retirees holding on homes & then complain about high taxes & repairs, etc. Downsizing will save a lot of money + keeps costs down + puts more money in your bank account.....I saw my parents do this. They realized they should have downsized a lot sooner.
We worked hard, paid the mortgage off in 13 years, and bought a down sized retirement home for our golden years. But now, we refi every year, we have great tenants and our retirement home has become a cash cow rental property. We will move into it when we are good and ready.
My mom&dad left me their home I grew up when they passed . It’s all paid off, 1800 sq ft, in a good neighborhood and close to everything ! A perfect retirement home.
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
As a retired person, I would say this is all spot on. We currently live in our 5th wheel trailer and travel full time, but I am thinking of buying a "tiny home" someplace permanent.
I researched tiny homes, and the Van Life. I do hear travel trailers are fun for awhile, but seems almost everyone tires of it. The country can get small fast. For tiny homes I'd like to suggest an alternative...create a tiny home instead a standard home. That's what I did in a 1660 sq ft central Phoenix single story home. I created a 300 sq ft studio 1 bath apartment for myself. 8" thick separation wall. The rest of the house which is basically a 3/2 house rents for $2400/mo plus they pay utilities including my electric. Apple to apples at today's home value and mortgage rate would completely cover the mortgage payment. Going forward it would likely start paying you. In my case I bought 14 years ago so today I'd be netting about $1600/mo after prop tax and insurance. There are some serious issues with tiny houses. Extremely limited location choices and risk of local governments creating problems. My biggest issue is the concept of being on a trailer. I've been studying tiny homes since before that label was created (see "Not So Big House" by Sarah Susanka). The concept of using a trailer was to try and get around zoning. An actual smale house wouldn't be allowed but parking a mobile trailer was, or not yet not allowed. That's when the "tiny" label started because a trailer in the US can't be wider than 8.5'. That foot print imo is extremely limiting. Most have lofts because up is the only choice. No room for stairs so up and down a ladder or worse. At 65 OK. At 80? Plus loft can create a very hot location. People touted the benefit of being able to move the trailer. I'm sure it happens but I've never personally even heard of anyone actually moving a tiny house other than many from the built location to the first living spot. I think one reason for this is do to all the infrastructure needed. Tiny homes generally aren't being moved into existing mobile home parks where the infrastructure is already in place. Most have electric run, pad, driveway, sidewalks and patio installed. Water and sewer added as most tiny homes don't have water and waste tanks because of space and certain no one wants to drag their home to a pump out station. So people are building a permanent location around a "mobile" home so really no mobile at all. Building on a trailer also adds a lot of expense...a lot. I'm hearing in the $50-100k range...plus land and infrastructure. That's in the range of a decent home in much of the US. You can buy a fixer in many towns losing population for $30k....3/2 house, large lot, full infrastructure. Put $20k into fixing it up and you have a tiny house + rental income for the cost of a low end tiny house. But imo the most important aspect is flexibility in design. No loft is required. Wider than 8.5 external, about 7.5 internal width (about the same as a US prison cell min). That can create much more comfort and greatly reduce cost. Most tiny homes use travel railer type appliances to save every inch. Those are expensive and no pleasure to use. Expand a kitchen area n=by just a foot or two makes a huge difference. Sarah Susanka's homes designed inspired me. Tiny homes don't.
A tiny home is a good idea 👍! You don’t really need much space anymore. I’m thankful I inherited my mom&dad’s home I grew up in. And it’s all paid off.
Going back to school in retirement is great. I go to City College San Francisco. Taking classes gets me out of the house so in person classes are best. For chronically lonely people like myself, it gets me among younger people to interact with. It exercised my mind helping me think of new things, new ideas.
Thank you for the information. For the poor people that loose alot now with things going on, there is another way. The way I'm choosing is to live in a RV or van. Your only payment is your vehichle and you find "free" land to park on!! Much cheaper living if you don't have the norm alot of people do. Good Luck, Be Free!!
Luggage - considering what happens to your luggage on a plane - one of my best purchases/acquisitions was my Air Force heavy duty denim luggage (soft, not heavy, hard to destroy)
I would add...own a pet and preferably rescue one from a shelter. Just make sure you can afford pet insurance and the annual funds to keep your pet healthy. Pets are brilliant companions, some help you exercise and they reduce anxiety and stress!
I love dogs. But I have seen many people avoid traveling because of their dog. You have to be honest with yourself about what it is you like to do. Not seeing loved ones because you can't afford to put your dog in a quality kennel facility for a couple of weeks a year is not a good choice for me.
@@jstravelers4094 Yes this is a really important point and so true. It is one of the considerations dog lovers need to factor in if they choose to live and care for a dog in their home. As an experienced dog rescuer, I am lucky enough to have family alongside knowing the owner of a great local doggy day care centre who can care for our dogs,when we travel abroad. My nephew has also stayed in our home and house sat the dogs. There are several options. It doesn't prevent travel but it sure does add to the considerations of travelling. When we holiday in our own country, we take the dogs...of course!!!🐾🐕🦮🐕🦺🐩
I am retired all the above all so you need to put away money for the upkeep of the house just when you think all's well the next thing something else needs repairs like Windows and doors boilers it's so hard to even get trades men after the covet glad it's easing down when you retire take time to adjust do what you want live on day at a time and have a jolly good on above all get out in the fresh air force sounds like I'm your granny I'm old enough God knows have a good laugh
I hate traveling! If anything, I can’t wait so I don’t have to interact with anyone for weeks or months on end! Not having to be around people with be the GREATEST day of my life!
Finally someone who agrees with me on travel. I hate everything about it actually. Airports, security, idiots on planes. I can drive all over the Finger Lakes anytime i want. And I can be in the Adirondacks in 3 hours. That's all I need..
Income doesn't have to be fixed in retirement. I retired at 57 after investing in the markets for almost 30 years. Most of investments were in index funds like S&P 500 and income was deferred until I retired. I actually have more money coming in now than when I was working. Wont have to touch 401K or IRA until after 70 and figure to take SS at 67 or thereafter. In fact excess funds just go into my brokerage account. I am and did nothing special. You just need to invest early and keep investing through your work career. Lastly, with respect to a reliable automobile, buy a Toyota or Lexus. I wish everyone the best success on their own journey.
Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money
When we were younger and worked on jobs, our income was fixed too, the salary. So, fixed income isn't just for retired people. Fixed income doesn't mean small or inadequate income either. I am far from being rich, but my monthly income from SS and (RMW, required minimum withdrawal) retirement accounts is more than my salary income. On travel, it could be very expensive too depends on where and how you want to travel. A set of nice luggage is the least thing on travel. A $200 set is good for anyone to anywhere for many trips. On engaging, join a church or a community club is the best and least expensive way to building and keep a social circle.
You should check your state laws before purchasing long term health insurance. Some states, fl, regulates them like group retirement funds. That limits how much you can sue for to the amount of money you pay in and they know that. If they refuse to pay and you win in court you still do not get what you are owed.
As the owner (40 years) of an auto repair shop I can attest to the advice of a good reliable car. Over the years I have seen so many people pour money into a piece of junk because they have an emotional attachment to a car. The car usually is connected to a spouse that has passed away, has a name (Betty) and is seen as a living breathing object. Huge mistakes are made even after I try and talk them into getting rid of it and getting a good low milage car with excellent repair history.
My 1999 Ford Winstar died (tranny, not worth fixing) in 2014 (I bought it in 2001), it had over 350k miles on it (I use to drive 3 hours a day to and from work, before I retired) and other than regular maintenance, I had one repair, an alternator, during that time. I bought a 2012 Ford Fiesta with 35k milage on it in March 2014 for $11k (both vehicles were trade-ins at the original dealer). Everyone laughed at me for buying such a cheap, low-end car, but to me, a car is to get you from point A to point B and isn't a fashion/wealth statement. In March I'll have owned it for 8 years. It now has 75k milage (did a few long trips after I retired) and I've never had a repair, just maintenance. No one's laughing now, since I get about 40 miles to a gallon of gas. I'm 70, and it may be my last car, since I drive less than 3k miles a year now. If it were to start nickel and diming me with repairs, it would be gone in a NY minute.
OK, so I own my home on the beach, some investment property at the lake and a 3 hectare farm outright, my 4 year old truck has 20k km and full dealer servicing. I have full government medical nearly free for life (21 USD per month and 1USD per visit). I have a small nestegg (considering I relocated to Thailand 20 years ago). I have good luggage and a few million travel points. Now I just need to get in better shape, as 30 years of a demanding job has not helped me there. I retire July 1st, 24 at 60. I am crossing my fingers!
These are a great thing to have but I have caveats with a couple of them. Some seniors become unable to drive properly as the get on in years, I agree to have a good car but also know when to stop driving ... I live in NJ with a whole lot of senior housing and see it from time to time. Emergency fund - since most seniors aren't working I don't think 3 to 6 months is enough; the emergency could be the investments plummeted like they did in 2007/2008 and it would be unwise to take a large chunk of money out of the investments and loose a great percentage of it vs waiting until you at least broke even. Or you need a car or roof on the house or ? Health care - YES!!! but research it like you said. Not only company but Supplemental vs Advantage, one may work better than the other for the individual. Keeping sharp ... just found out that the two local colleges have $0 or low cost for those 65 and over. One is a participatory role and one is an auditing (with permission of the professor) role. Don't forget possibly mentoring a person in a hobby or a craft, it gets the cobwebs out of the mind in what we may do automatically and now we have to think!
Add a spiritual or philosophical foundation of beliefs and values and effort for continual improvement and contribution or enrich to those around you and society. An ongoing purpose or goal
#1 a car does not represent freedom!!!! It is more like slavery.. At 71.. Give me a driver.. Thank you!!! Life insurance..!!?? Seriously.. A good set of luggage.. If you follow this info you will not have money to travel... Health club!!!! I would advise this guy not to quit his day job.... A paid off small house... Nothing else comes close.... And friends!!!!!!!!!!!!!!!!
A home is not expense-free. Even if you own it outright: 1) If something breaks, you pay for it. 2) You still pay various taxes, insurance, and usually HOA dues 3) All of these expenses will only go up over time.
A warm paid off home with an organically grown garden. Eat and cook non toxic veggies and know/learn how to cook! Be grateful for and eat grass fed beef. Watch for those oxalates by the way...plants can be toxic! Health and fitness is a must! Friends who talk and make sense and who laugh out loud! Joy everyday.
You need more adjectives in this list. Not a good set of luggage, but evaluate and CHANGE THE SIZE OF YOUR LUGGAGE TO MATCH YOUR DECLINE IN OVERALL STRENGTH. From experience, I have been retired/disabled 5 years. On vacation with a lazy jacka$$ relative, I destroyed my entire lumbar area lifting and twisting his bag out of the trunk of a car. 6 years later I can hardly walk, all because of him and his monster bag. My wife hated laundry and waited until every shred of clothing needed to be washed all at once. Carrying it to the laundry she threw out her back and tore her rotator cuff. 2 operations later, I sold her big roller suitcase on ebay and we only own bags that are small enough to fit as carry-on bags. Everything has wheels or fits on two portable lightweight luggage carts.
You missed something: A power backup system AKA generator for when the power goes out. You can get a couple of 400 watt solar panels and a power system for under $2000 that will get you through almost everything. You can go under $1000 for minimal things, not including your standard refrigerator and washer/dryer. (There are 12 Volt appliances that pull a lot less power.)There are many UA-cam channels, e.g. Will Prowse - and he has a website providing valuable free info. Forget about AC. (But study that situation more if you really need it. )You'll probably want a secondary power source for heat, either gas or wood. Also, you want a backup food source in case you can't get to the grocery or the grocery is empty. Grow a garden, plant fruit trees, store dried foods, maybe canned. Don't assume that the world will always be the way it is now.
Tip #8. Drop the past !! It no longer exists. Stop cluttering and occupying your mind with dead meaningless things ….. and be free. You’ll feel Better !
Something routinely overlooked in all the “best places to retire” articles is public transportation. Just because you own a car doesn’t mean you will be able to safely/legally drive until you die. Plus, owning and operating a car is expensive. And, walking or riding a bike on shorter trips-most trips are under 5 miles-saves money and works to lessen the impact of aging. Add a set of resistance bands and you can skip the gym membership.
When I used to live overseas, I’d fairly often see women and men and their 80s still riding a bicycle or walking to take public transportation. They were able to do this because I’m guessing they never stopped walking and riding bicycle throughout their decades of life whereas many Americans when they get older, they just drive everywhere.
1. Reliable investments 2. Reliable affordable car 3. Home base 4. Emergency fund 5. Good insurance 6. Good electronics (phones, iPad, etc) 7. Travel fund
As a two-year retiree, I fully agree with all seven points. I would add under 4 (protection), that if you have kids, even grown kids, make sure they have health insurance (if you are in the US). I do not want to encroach on their finances, but it has happened (to someone I know personally) that their adult, uninsured son developed a brain tumor, and the medical expenses quickly wiped out the son's finances, then the parents. All the travel plans, etc went out the door. They held onto their house by refinancing it, so it was once paid off, but then had monthly payments. They had saved their entire lives, and this was terrible for them. Of course the parents' participation was optional: they could have said no, and lost nothing, but that is harsh if you love your kids. Maybe there were legal options for the son to take, but he was in a bad state. So, maybe this is worth another video: how to protect yourself from your adult children (and grandchildren) from their extreme medical costs, while still making sure they get all the care they need. Thank you.
I told my wife that we had saved our whole working life, now it is time to spend, but reasonably. The kids are out of the house, no more mortgage, and the credit card is paid off monthly. Our new motto is- If you want it, get it.
Agree ! You can’t take it with you . I’d like a new Lexus …. but I’d feel badly if someone dinged it or stole it so I’m thinking it may not be such a good idea. I don’t really really need it . I have a 2017 convertible Fiat Spyder with only 15,000 miles that’s good enough. Plus I love throwing and tossing around the $85,000 grand that I have in cash at home! 🤣😂 It makes me feel rich!
Nice for helping us! Thank you! The YMCA offers memberships based on income, and... many colleges have free classes online that do not give credits, but, keep people engaged in all sorts of classes.
Are you talking about Medicare for retirees? Medicaid is usually coverage for poor people of any age, Medicare is for people 65 and over. If you are a very poor retiree you many be eligible for both Medicaid and Medicare. There are a number of sites on the internet talking about these topics.
There is a company called Boomer Benefits that has videos on UA-cam. Another is Medigap Seminars by Matthew Claassen. They have very in depth videos that will explain the different Medigap plans and their coverages. We bought from Matthew and have been very happy. Hubby has Medicare, and it has been the best coverage when he went through a cancer scare. It will take several videos to get a good, complete understanding of all of the plans, but when you are done, you will be more knowledgeable than most of the insurance agents out there. Good luck!
Good list ! I agree with all of this. How about including friends ? Never mind. Most of my so-called “friends” are jerks and A-….. les. They’re really more acquaintances. 8. Brothers & sisters ? I was diagnosed with a rare cancer 3 years ago at 65. Without my siblings I would not have survived. I was treated at the VA in Seattle which was 35 miles away. They drove me to all my appointments and even stayed with me for 3 months at an apartment provided by the VA during one of my treatments. Although I’m in remission,, they’re always there and willing to give me a helping hand in whatever assistance I need. To this day , they’re still helping. So YES ! 9. An enlightened mind ? Freedom from all the religious crap and hypocrisy that’s plagued human beings for thousands of centuries! Absolutely!. 10. A mental stable attitude ? Definitely!
As a Canadian the health insurance thing is a lot less important since the list of things not covered is much smaller. As for staying wise and engaged there are a large number of ways to do that including having hobbies and activities that require a reasonable amount of mental effort. A gym may be a good idea for many but there are plenty of activities not requiring special physical fitness equipment.
I will add good cookware. Because I. Today’s 2024 economic times, I am home cooking 3 meals a day. I batch cook also and take items to potlucks, picnics, gatherings.
I prefer cooking at home to eating out too. Too expensive and often not always so great tasting. We grow veggies and fruit too. So many fun recipes to try.
Harvard extension school is a great deal... cheaper than most of the local colleges. He tried to score points without knowing the facts. Most of the advice is good, but I didn't appreciate the cheap shot at Harvard. Veritas!
Number 8: an excellent computer. Take free courses online on just about anything and everything. Keep mentally fit with free online word games. Can buy anything online after comparison shopping online. Or buy used on marketplace. Of course be prepped if the electric goes out.
I would prioritize a cell phone with internet access and a desktop/laptop with the same. Emergency rations of food, medicine, flashlights, paper products and cleaning products. You can always buy luggage if/when you need it That's very easy to get in a moment's notice.
Good items. When this pandemic started we stockpiled canned goods and non-perishables to carry us through shortages. We shop slow hours to avoid virus spreaders to stay out of the medical system and try to shop once every two weeks. We were hit by a hurricane last year and are still recovering…..extra difficult during a pandemic.
the point of the video is not to buy luggage now; it is that when you buy it, buy quality. any traveler with the least experience will tell you it is so.
Geoff, Thanks for 5, 6 & 7. A lot of folks needed to hear that. I have been begging my MIL for months to use the community center she pays for. She has a trip planned late Oct & is in no shape to enjoy it. She's overweight and struggles to the supermarket. #6 is the most important of the 3!
Nice list and lots to think about when getting ready to retire. I definitely put excellent health a main driver in ones retirement. Poor health can destroy even the best made plans.
@@HolySchmidt some folks don’t realize that neglecting your health while your working creates an even bigger problem when you have a lot of time on your hands in retirement.
Having watched my parents and many others age, health is something that needs to be addressed as a long term thing throughout life - you can't just decide to get healthy once you retire. For sure poor health can ruin retirement and shorten it a lot. Not all, but many aspects of health are in a persons control and people need to be proactive there.
Great video - important points - thanks! Have you done any videos on finding healthcare insurance plans? I’m 59 and retiring soon and would like to get your thoughts on where I should shop for a plan. Due to income Level I do not Believe I qualify for Obamacare.
You should check out the ACA (Obama Care). They have extra funding to lower premiums this year and next year due to Covid funding through the American Rescue Plan. You can have a high income and still qualify.
I'd emphasize aquiring a good Medicare supplemental plan! Many retirees are shocked that Medicare parts A & B pay only 80% of your medical costs! Can you afford to pay 20% of a $500000 operation/ procedure out of your pocket-probably not?
I don't plan on voluntarily that, I hope that no one does anything extra if I get sick, I have worked in nursing homes for many years, and do not want to go that direction, just let me die in peace please!
Re-fucking-lax Nothing has changed! There have always been dangerous people in your neighborhood. You just didn't know it. You should continue to lock your doors and not ever leave valuables in plain sight. And if you're working in your back yard, have your front door locked. There was a kid in my neighborhood who would ransack people's homes while they were working in the garden. THIS WAS IN THE SEVENTIES! Guess what......he NEVER got caught! He got thrown in jail later in life ....drug dealer!
Gardening is esoteric? And learning how to use a newspaper isn't? Luggage is a big deal? We'll just use the luggage we bought almost 40 years ago. It's perfectly fine.
About having a car, an older person should also know when to give it up such as if their vision is not right or they’re taking a medicine that would impair their bill to drive correctly. Please do this to protect yourself other people.
A car is not necessary. I cannot drive due to eye issues. I use public transportation and Lyft. I spend much less on transportation than I did when I owned a car.
So by ROH you mean a home? That's hilarious for someone in healthcare! I was wondering why alcohol was one of the seven most important things to own in retirement! Great advice though!
Being a member of a health club is stupid retirement advice, you never heard of home workouts, walking or cycling? Don't you know health club subscription is expensive. A luxury if yours financially comfortable.
I think the biggest conundrum I encounter on the opportunity of retiring early is the health insurance issue... there just doesn't seem like there is a good way to do that here in the states.
Great video, Another factor to add is Do folks spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in months and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Vivian Barbara Mui just check her out. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in 2021 April due to the crash.
Ignore the trolls on the internet that recommend specific advisors. They are usually shills.
The stock market is volitive. That is how you get the months with $27,000 increases as well as those with $27,000 losses. If you can't afford to take that risk, change your asset allocation.
Here is an allocation for someone over 65/retired, whether they have $500K or $1M. I use Vanguard, but you could use Fidelity or Schwab as well. I also recommend ETFs vs. Mutual Funds, because they are more tax efficient.
1. Vanguard US Total Stock Index (VTI)
2. Vanguard Total International Stock Index (VXUS)
3. Total Us Bond. (BND)
4. Total International Bond (BNDX)
Depending of your degree of risk taking, you simply allocate your portfolio in the manner that represents your ability and willingness to take risk.
If you are more aggressive, you might have:
50% VTI
20% VXUS
20% BND
10% BNDX
If you are more conservative:
30% VTI
10% VXUS
50% BND
15% BNDX
That's all you need. No advisors, no excessive fees, no BS.
One last comment...as Geoff mentioned in this video, it's important to have an Emergency Fund. I recommend a minimum of 18-24 months of your standard living expenses (not including travel, entertainment, etc.) in cash. That way when the market is in a decline, you will not have to withdraw from a declining portfolio. As you use your cash and the market recovers, as it usually does within 18-24 months, IN THE US, you replenish your cash emergency fund.
FYI...I spent 54 years in financial services, including the last 15 as a college professor, teaching financial and retirement planning to future CFPs, ChFCs, CLUs and RICPs. My personal portfolio includes VTI/VXUS and a series of income annuities, so that is why I do not hold bonds. The Annuities are my Bonds. I also have 3 years of cash.
Happy Retirement.
1. A comfortable home. 2. A comfortable retirement income. 3. Reliable transportation 4. Your health 5. All the free time you ever hoped for. 6. The ability to not have to tolerate people you cannot stand. 7. A good sense of humor.
Seems more sensible then his.
Great advice
Great list! Exactly how everyone needs to be thinking. 👍 Good health is so important for a good life experience in later years.
You left out luggage
Great list!
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
The answer is, like with most inquiries about investing, it depends. I would advise you to look into advice management.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@JefferyDuns Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
'Melissa Rose Francks' 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.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds 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?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
As a 58 years old person who’s good with number but bad with money all I want to tell you is THANK YOU for all your videos. The content is always spot on for me and I’m changing my bad habits and taking your suggestions at heart. Awesome word, greatly appreciate your videos and keep it up.
Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@patrickbrussels4454 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
@@Erikkurilla01 I wouldn't trust Stephanie Kopp Meeks. She obviously can't get much business or she wouldn't need to arrange for AI chatbots to say how great she is on UA-cam comments boards.
Things to own: 1. Car 2. a Home 3. emergency fund - 3-6 months of expenses 4. insurance - life/longterm 5. good set of luggage 6. access to gym or home gym equipment 7. keep taking classes to keep your mind alive. None of this needs to be expensive. Good video!
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I currently work with VIVIAN KLAINE MORGAN a financial expert i met in a seminar
I recently watched VIVIAN KLAINE MORGAN on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
“I want to invest in real estate but I don’t have enough capital” What if I told you that there is a simple way to access the real estate market, even if your capital is low? I am talking about REITs (Real Estate Investment Trusts).
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
@@johnlennon232 mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 36 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The coach that guides me is "INGRID CECILIA RAAD", it shouldn't be any difficulty finding her seeing that she's actually quite popular, just search her name.
I bought a like new suede jacket at Good Will a couple of days ago. $6.50. Gotta love the Will.
Great advice overall, but think twice before purchasing Long Term Care Insurance. A current class action lawsuit against GenWorth illustrates the pitfalls. We signed up over 10 years ago and have endured a steady stream of premium increases that far exceed inflation. Now, just as we are about to enter retirement, we question whether we can afford the monthly premiums that will continue until our death or placement in a nursing home. In retrospect, its hard to make an economic case for such insurance. I am interested in your opinion on these specific policies.
The Genworth class action lawsuit was about their universal life insurance product, not the LTC product. You need to be more careful and accurate when calling out financial institutions.
Also, buy your plot at a cemetery or make plans on how you would like to be buried.
Have a Will ready and a letter to your loved ones on what you would like to tell them
Declutter: stop hoarding. Live simple/minimalist. Don’t leave the burden of getting rid of your stuff to your loved ones. They have enough with their own problems.
This!!.. Have these things behind you people.
Agreed 100%
Easier said than done on the hoarding. My experience with my many older relatives is that most people hoard more and more as we age. I think it has something to do with our yearning for the past, nostalgia, or loneliness. I think we connect "things" with people that we have lost and they become like a security blanket.
@@GrnXnham Well there are those with the sickness called hoarders and then there is most others that just over a period of a long life have a collection of tools, fastening hardware, old clothes, fishing tackle and ammo, and other things that they really won't use much anymore. I am pretty sure that's what SC1234 was referring to.
Excellent advice. Luckily my mother hated clutter so when the time came to clean out her house after she passed away I had very little to get rid of. We gave some to Goodwill and had a couple of garage sales & put the house on the market. So easy. My mother-in-law on the other hand…
I know it goes against conventional wisdom, but I'm planning on paying off my mortgage pretty aggressively. I think I can do it in the next five years. I'll be 45 years old then with a paid off house, and I think that will go a long way towards easing the stress of having hardly any retirement savings.
It’s great not to have a mortgage. You’re young. If you can earn 8% or more with investments and have a low interest rate on your home, I’d tend to put more money into investments. It’s all a balance
@@tedreid1035 I appreciate the advice. Balance is important, for sure. I'm just betting on not being able to stand working a day job much longer. I was born a musician and teacher, but changed careers to make "real" money. I don't regret it, but I hate it. I'm just searching for some other kind of balance, I guess.
Wise choice ! All you have now is taxes , property insurance and utilities .
I agree. That’s what my husband and i did.
@@loriar1027 Awesome. It’s nice to know I’m not alone. If all my other investments flop, and I lose my mind at my day job, I’ll still have a place to live. Seems like a good idea to me!
A great list. I'm in my 50s and now thinking about all of these things. Thanks...I wish your offices were closer.
My adviser is in Florida and I am in California don’t let that stop you. This is a zoom, e mail world. Fidelity, Vanguard, and Stock Market all aren’t close but we still use them.
Thanks for the kind words TMacD
1. Reliable Car. 2. Safe, Clean Comfortable Home, preferably mortgage free. 3. Emergency Fund, 3-6 months in cash/cash equivalent. 4. Health Insurance. Strong Med Sup Policy and LTC Insurance. Life insurance if still needed. 5. A good set of Luggage. 6. Access to exercise equipment. 7. Local College Courses. Where ever your interest lie.
Another great video Geoff.
1. Vehicle for transportation
2. Home to live in
3. Emergency Fund - 3-6 months expenses
4. Insurance - Health, Life, Long Term Care
5. Good set of luggage for travel - most retirees will do some type of travel
6. Access to health club or work out equipment - stay active and healthy
7. Education - stay engage to keep mind strong through self study or college education
***Note: None of this needs to be expensive…
I got 1 thru 6 covered, but Number 7 is a problem at 89 years of age. I am active on social media and uses Wikipedia often. I wished that I had Wikipedia when I was growing up instead of having to go to the library to look things up in the encyclopedias.
Have you really found a need for good luggage? I have personally never packed using luggage. A few times my wife packed my stuff in her luggage but if I travel in country, I simply take a gym bag or backpack and a duffle bag when I was younger. As for number 7, the objective is to keep you sharp if you make it to your 80s. No need for classes in your 80s. Now is the time for you to share your experiences or write your life story and to be generous with sharing your wealth.
I hear you @prarie. I probably wouldn’t have put this on the list except I was in Hong Kong a few years ago and had luggage failure. It was not pretty. Saran Wrap stuff everywhere.
That happened to me a few years earlier - same situation. Admittedly I am known for using every square of space in the luggage
@@HolySchmidt We've been rockin' the same inexpensive ($20 after mail in rebate) 3-piece luggage sets we got from Staples over 20 years ago. We've taken it on over 60 vacations and it's still in perfect condition. We're careful not to over-stuff and we steer clear of airline travel which I'm sure would be the instant death of our luggage sets.
I say keep active by volunteer work.
Have your final requirements in place and planned, will, trust, funeral or cremation. Do not leave a mess for the family.
The market crash and high inflation are stressing me about retirement. Despite the challenges, I know investing is a long-term game, so I'm staying focused on the future.
Generating substantial profits, particularly in a bear market, involves employing intricate tactics that are best executed by seasoned market experts.
Great, how do i reach out to your advisor ....
My neighbor is retired and bored. I work 12 hours a week at age 72. Happy as can be.👍
One of my best purchases in retirement was two E.Bikes. And the related safety equipment. I purchase two folding bikes that fit in the back of my SUV. I purchased two bikes on sale so I can bring a friend with me on my adventures. The total cost was about $3K. They paid for themselves in the first summer. This will be my third summer and they are still in almost new condition. They have 100 mile range and they've helped me to lose weight and improve my health. One of the best purchases I've ever made.
You missed the most important thing of all. You must own a good guitar! 🎸🎸🎸🎸🎸
Only one good guitar?
@@JoseOchoa-dw9vk what about Jimi Hendrix!!?
@@JoseOchoa-dw9vk Nobody says you can't own more than one guitar if you can afford it. An acoustic and an electric at a minimum and maybe that would be enough for some people. Others might want more, but you can do a lot with a modelling amp.
Drums
@@jeffzerb7710 Any musical instrument you like to play for that mattter. 👍👍👍
The car? I gave up my car in 2008 and ride a bicycle most places. I'm 7
67 years old. I live in the center of the city within a 10 minute walk of two grocery stores. I am fortunate to live in a city with an excellent mass transit system and if I really need a car I just use a Loft or Uber. Part of the reason I got rid of my car in 2008 was the amount of money and worry it saved me but also I knew that as I aged my reaction times would gradually slow to the point that I shouldn't be driving. Much better to set my habits before that became a necessity. As far as a set of luggage---for the last 20 years I've never travelled with more than a great backpack. I find that I can pack efficiently even when I'm staying for two weeks in a foreign location. Everywhere I travel has the option of doing laundry. Why haul massive amounts of "things" around? The health club? I used to belong to a gym and realized that the things I used most--tread mill, stationary bike, stair climber---are all things I could duplicate in the real world outside of the gym. Instead of the tread mill, I go for a walk. If the weather is bad, it's pretty easy to find a place inside. I ride a bike daily for everything so don't need a stationary bike. Taking the stairs instead of an elevator replaces the stair climber. I find exercise classes online. I bought a set of 5 and pound weights for strength training. No need for a gym at all.
Volunteering gives you a chance to give back and brings with it a sense of joy as well as social interaction. It's easy when you retire to become isolated.
If you have retired to become isolated, why would you want to be with other people by volunteering?
I’m 68 ! I love spending time with myself and being alone . I get to do whatever the hell I want without the criticism from others and without hearing all their complaints, tragic stories and unimportant opinions about their lives. I can fade away into the sunset with nature - the animals, trees, mountains, oceans etc.
Yoga is one of the best mind and body activities for seniors. If you have joint injuries it will be as good as or better than physical therapy. Started at age 60 and never looked back.
Fantastic
A big thumbs up, groove! Been doing yoga for more than a year now and it has done wonders for my sore back and joints.
Hi number one on my list is Keeping god in my life. 24 7. 365 ,, following jesus ,, staying super close to my church,,
#2. Too many people get sentimental and refuse to downsize their home. Their larger home means higher heating/cooling costs, higher insurance, more maintenance, higher taxes, etc. If money is no object, great. But I have seen too many empty nesters/retirees holding on homes & then complain about high taxes & repairs, etc. Downsizing will save a lot of money + keeps costs down + puts more money in your bank account.....I saw my parents do this. They realized they should have downsized a lot sooner.
Completely agree. Your house should serve you not the other way around.
Too often when people downsize their home they wind up in a smaller home but no cash left over
We worked hard, paid the mortgage off in 13 years, and bought a down sized retirement home for our golden years. But now, we refi every year, we have great tenants and our retirement home has become a cash cow rental property. We will move into it when we are good and ready.
My mom&dad left me their home I grew up when they passed . It’s all paid off, 1800 sq ft, in a good neighborhood and close to everything ! A perfect retirement home.
The great courses has a lot of great classes
A lot of people seem to die from boredom when they retire. Make sure you have plans to keep busy.
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
What is your deductible and Max Out of Pocket?
@@deniseyweesy pretty sure it's close to 16k.
We’ll in mass if u make more that $40000 your health insurance could be $1000 a month for 2 people! So ya it depends where u live.
I don't own a car. I do own a house. My house is within biking range of all I need.
As a retired person, I would say this is all spot on. We currently live in our 5th wheel trailer and travel full time, but I am thinking of buying a "tiny home" someplace permanent.
I researched tiny homes, and the Van Life. I do hear travel trailers are fun for awhile, but seems almost everyone tires of it. The country can get small fast. For tiny homes I'd like to suggest an alternative...create a tiny home instead a standard home. That's what I did in a 1660 sq ft central Phoenix single story home. I created a 300 sq ft studio 1 bath apartment for myself. 8" thick separation wall. The rest of the house which is basically a 3/2 house rents for $2400/mo plus they pay utilities including my electric. Apple to apples at today's home value and mortgage rate would completely cover the mortgage payment. Going forward it would likely start paying you. In my case I bought 14 years ago so today I'd be netting about $1600/mo after prop tax and insurance.
There are some serious issues with tiny houses. Extremely limited location choices and risk of local governments creating problems. My biggest issue is the concept of being on a trailer. I've been studying tiny homes since before that label was created (see "Not So Big House" by Sarah Susanka). The concept of using a trailer was to try and get around zoning. An actual smale house wouldn't be allowed but parking a mobile trailer was, or not yet not allowed. That's when the "tiny" label started because a trailer in the US can't be wider than 8.5'. That foot print imo is extremely limiting. Most have lofts because up is the only choice. No room for stairs so up and down a ladder or worse. At 65 OK. At 80? Plus loft can create a very hot location. People touted the benefit of being able to move the trailer. I'm sure it happens but I've never personally even heard of anyone actually moving a tiny house other than many from the built location to the first living spot. I think one reason for this is do to all the infrastructure needed. Tiny homes generally aren't being moved into existing mobile home parks where the infrastructure is already in place. Most have electric run, pad, driveway, sidewalks and patio installed. Water and sewer added as most tiny homes don't have water and waste tanks because of space and certain no one wants to drag their home to a pump out station. So people are building a permanent location around a "mobile" home so really no mobile at all.
Building on a trailer also adds a lot of expense...a lot. I'm hearing in the $50-100k range...plus land and infrastructure. That's in the range of a decent home in much of the US. You can buy a fixer in many towns losing population for $30k....3/2 house, large lot, full infrastructure. Put $20k into fixing it up and you have a tiny house + rental income for the cost of a low end tiny house.
But imo the most important aspect is flexibility in design. No loft is required. Wider than 8.5 external, about 7.5 internal width (about the same as a US prison cell min). That can create much more comfort and greatly reduce cost. Most tiny homes use travel railer type appliances to save every inch. Those are expensive and no pleasure to use. Expand a kitchen area n=by just a foot or two makes a huge difference.
Sarah Susanka's homes designed inspired me. Tiny homes don't.
A tiny home is a good idea 👍! You don’t really need much space anymore. I’m thankful I inherited my mom&dad’s home I grew up in. And it’s all paid off.
Going back to school in retirement is great. I go to City College San Francisco. Taking classes gets me out of the house so in person classes are best. For chronically lonely people like myself, it gets me among younger people to interact with. It exercised my mind helping me think of new things, new ideas.
GAY
@sandblast5636 Gay, happy and having a good time.
Oh you meant my sexual orientation. I'm hetero with many gay friends. What is your problem?
Thank you for the information. For the poor people that loose alot now with things going on, there is another way. The way I'm choosing is to live in a RV or van. Your only payment is your vehichle and you find "free" land to park on!! Much cheaper living if you don't have the norm alot of people do. Good Luck, Be Free!!
My wife and I love our RV but nothing beats coming home again.
Luggage - considering what happens to your luggage on a plane - one of my best purchases/acquisitions was my Air Force heavy duty denim luggage (soft, not heavy, hard to destroy)
Cars in 2022 are unbelievable money-traps! I live in Boston, haven't had one in almost ten years, and do not miss it!
I would add...own a pet and preferably rescue one from a shelter. Just make sure you can afford pet insurance and the annual funds to keep your pet healthy. Pets are brilliant companions, some help you exercise and they reduce anxiety and stress!
And a plan for your pet's next home if you die before they do!
You forgot about all of the love and companionship!
@@laurievanzon2126 thanks You're right...but being me I took that as a given😃🐾🐾🐾
I love dogs.
But I have seen many people avoid traveling because of their dog.
You have to be honest with yourself about what it is you like to do.
Not seeing loved ones because you can't afford to put your dog in a quality kennel facility for a couple of weeks a year is not a good choice for me.
@@jstravelers4094 Yes this is a really important point and so true. It is one of the considerations dog lovers need to factor in if they choose to live and care for a dog in their home.
As an experienced dog rescuer, I am lucky enough to have family alongside knowing the owner of a great local doggy day care centre who can care for our dogs,when we travel abroad. My nephew has also stayed in our home and house sat the dogs. There are several options. It doesn't prevent travel but it sure does add to the considerations of travelling. When we holiday in our own country, we take the dogs...of course!!!🐾🐕🦮🐕🦺🐩
I am retired all the above all so you need to put away money for the upkeep of the house just when you think all's well the next thing something else needs repairs like Windows and doors boilers it's so hard to even get trades men after the covet glad it's easing down when you retire take time to adjust do what you want live on day at a time and have a jolly good on above all get out in the fresh air force sounds like I'm your granny I'm old enough God knows have a good laugh
Excellent points, have them all covered. But Jane Fonda?👎👎👎👎👎👎👎👎👎
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I’m getting that one a lot. Lol. I didn’t mean to strike a nerve. Just saw the video back in the 80s. My bad.
Love your kind, wise advises reminded good respected professor. much appreciated as always. Thank you!
I hate traveling! If anything, I can’t wait so I don’t have to interact with anyone for weeks or months on end! Not having to be around people with be the GREATEST day of my life!
Finally someone who agrees with me on travel. I hate everything about it actually. Airports, security, idiots on planes. I can drive all over the Finger Lakes anytime i want. And I can be in the Adirondacks in 3 hours. That's all I need..
Hell is other people.
Exactly! Who needs to go on a cruise with 5,000 other people!!???? That’s crazy! Not for me .
Emergency fund should include money to cover your health insurance deductible in full for the year.
Excellent content. Thank you for helping us with wise choices.
You bet
Outstanding advice, thank you for posting!
Income doesn't have to be fixed in retirement. I retired at 57 after investing in the markets for almost 30 years. Most of investments were in index funds like S&P 500 and income was deferred until I retired. I actually have more money coming in now than when I was working. Wont have to touch 401K or IRA until after 70 and figure to take SS at 67 or thereafter. In fact excess funds just go into my brokerage account. I am and did nothing special. You just need to invest early and keep investing through your work career. Lastly, with respect to a reliable automobile, buy a Toyota or Lexus. I wish everyone the best success on their own journey.
Thanks Kevin
Will you do any Roth IRA conversions with your 401/IRA before 72 and paying RMD's...u can save you considerable money in taxes over the long term.
Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money
When we were younger and worked on jobs, our income was fixed too, the salary. So, fixed income isn't just for retired people. Fixed income doesn't mean small or inadequate income either. I am far from being rich, but my monthly income from SS and (RMW, required minimum withdrawal) retirement accounts is more than my salary income. On travel, it could be very expensive too depends on where and how you want to travel. A set of nice luggage is the least thing on travel. A $200 set is good for anyone to anywhere for many trips. On engaging, join a church or a community club is the best and least expensive way to building and keep a social circle.
I love that!
You should check your state laws before purchasing long term health insurance. Some states, fl, regulates them like group retirement funds. That limits how much you can sue for to the amount of money you pay in and they know that. If they refuse to pay and you win in court you still do not get what you are owed.
Thanks Cliff
You can’t beat a good old U S duffel bag . I’ve used mine for years . 🤪
true
As the owner (40 years) of an auto repair shop I can attest to the advice of a good reliable car. Over the years I have seen so many people pour money into a piece of junk because they have an emotional attachment to a car. The car usually is connected to a spouse that has passed away, has a name (Betty) and is seen as a living breathing object. Huge mistakes are made even after I try and talk them into getting rid of it and getting a good low milage car with excellent repair history.
My 1999 Ford Winstar died (tranny, not worth fixing) in 2014 (I bought it in 2001), it had over 350k miles on it (I use to drive 3 hours a day to and from work, before I retired) and other than regular maintenance, I had one repair, an alternator, during that time. I bought a 2012 Ford Fiesta with 35k milage on it in March 2014 for $11k (both vehicles were trade-ins at the original dealer). Everyone laughed at me for buying such a cheap, low-end car, but to me, a car is to get you from point A to point B and isn't a fashion/wealth statement. In March I'll have owned it for 8 years. It now has 75k milage (did a few long trips after I retired) and I've never had a repair, just maintenance. No one's laughing now, since I get about 40 miles to a gallon of gas. I'm 70, and it may be my last car, since I drive less than 3k miles a year now. If it were to start nickel and diming me with repairs, it would be gone in a NY minute.
Every retiree should own stocks. Probably in the form of an index mutual fund.
OK, so I own my home on the beach, some investment property at the lake and a 3 hectare farm outright, my 4 year old truck has 20k km and full dealer servicing. I have full government medical nearly free for life (21 USD per month and 1USD per visit). I have a small nestegg (considering I relocated to Thailand 20 years ago). I have good luggage and a few million travel points. Now I just need to get in better shape, as 30 years of a demanding job has not helped me there. I retire July 1st, 24 at 60. I am crossing my fingers!
These are a great thing to have but I have caveats with a couple of them. Some seniors become unable to drive properly as the get on in years, I agree to have a good car but also know when to stop driving ... I live in NJ with a whole lot of senior housing and see it from time to time. Emergency fund - since most seniors aren't working I don't think 3 to 6 months is enough; the emergency could be the investments plummeted like they did in 2007/2008 and it would be unwise to take a large chunk of money out of the investments and loose a great percentage of it vs waiting until you at least broke even. Or you need a car or roof on the house or ?
Health care - YES!!! but research it like you said. Not only company but Supplemental vs Advantage, one may work better than the other for the individual. Keeping sharp ... just found out that the two local colleges have $0 or low cost for those 65 and over. One is a participatory role and one is an auditing (with permission of the professor) role. Don't forget possibly mentoring a person in a hobby or a craft, it gets the cobwebs out of the mind in what we may do automatically and now we have to think!
Thanks Vinny
Do what I did. I agree with everything. Except. Buy a farm. Won't need the gym membership. Work sunup to sundown.
Love your videos!!!
Add a spiritual or philosophical foundation of beliefs and values and effort for continual improvement and contribution or enrich to those around you and society. An ongoing purpose or goal
Health is wealth.
#1 a car does not represent freedom!!!! It is more like slavery.. At 71.. Give me a driver.. Thank you!!! Life insurance..!!?? Seriously.. A good set of luggage.. If you follow this info you will not have money to travel... Health club!!!! I would advise this guy not to quit his day job....
A paid off small house... Nothing else comes close.... And friends!!!!!!!!!!!!!!!!
A home is not expense-free. Even if you own it outright:
1) If something breaks, you pay for it.
2) You still pay various taxes, insurance, and usually HOA dues
3) All of these expenses will only go up over time.
A warm paid off home with an organically grown garden. Eat and cook non toxic veggies and know/learn how to cook! Be grateful for and eat grass fed beef. Watch for those oxalates by the way...plants can be toxic!
Health and fitness is a must!
Friends who talk and make sense and who laugh out loud!
Joy everyday.
You need more adjectives in this list. Not a good set of luggage, but evaluate and CHANGE THE SIZE OF YOUR LUGGAGE TO MATCH YOUR DECLINE IN OVERALL STRENGTH. From experience, I have been retired/disabled 5 years. On vacation with a lazy jacka$$ relative, I destroyed my entire lumbar area lifting and twisting his bag out of the trunk of a car. 6 years later I can hardly walk, all because of him and his monster bag. My wife hated laundry and waited until every shred of clothing needed to be washed all at once. Carrying it to the laundry she threw out her back and tore her rotator cuff. 2 operations later, I sold her big roller suitcase on ebay and we only own bags that are small enough to fit as carry-on bags. Everything has wheels or fits on two portable lightweight luggage carts.
Why did you have to throw Jane Fonda into a good video. Yuck.
@@notpublic8961 If it’s an opinion you don’t agree with the individual needs to grow up? Shall I tell you to grow up? Nope. Why? Because I’m not 12.
@@notpublic8961 I did. That’s why I still remember.
@@notpublic8961 12?
@@notpublic8961 11?
@@notpublic8961 10?
You missed something: A power backup system AKA generator for when the power goes out. You can get a couple of 400 watt solar panels and a power system for under $2000 that will get you through almost everything. You can go under $1000 for minimal things, not including your standard refrigerator and washer/dryer. (There are 12 Volt appliances that pull a lot less power.)There are many UA-cam channels, e.g. Will Prowse - and he has a website providing valuable free info. Forget about AC. (But study that situation more if you really need it. )You'll probably want a secondary power source for heat, either gas or wood.
Also, you want a backup food source in case you can't get to the grocery or the grocery is empty. Grow a garden, plant fruit trees, store dried foods, maybe canned.
Don't assume that the world will always be the way it is now.
Good list - would add having a will etc helps your loved ones.
The list is about purchases
Very good point
Excellent video minus the reference to Hanoi Jane
Tip #8. Drop the past !! It no longer exists. Stop cluttering and occupying your mind with dead meaningless things ….. and be free. You’ll feel Better !
Something routinely overlooked in all the “best places to retire” articles is public transportation. Just because you own a car doesn’t mean you will be able to safely/legally drive until you die. Plus, owning and operating a car is expensive.
And, walking or riding a bike on shorter trips-most trips are under 5 miles-saves money and works to lessen the impact of aging. Add a set of resistance bands and you can skip the gym membership.
I agree completely on the public transportation. Another thing to consider is good quality and fast ambulance/EMT service.
If people don't like my driving they should just stay off the side walks.
@@jamesrecknor6752 So noted, James! Ha!
When I used to live overseas, I’d fairly often see women and men and their 80s still riding a bicycle or walking to take public transportation. They were able to do this because I’m guessing they never stopped walking and riding bicycle throughout their decades of life whereas many Americans when they get older, they just drive everywhere.
Great list - but I would say have minimally a full year's of expenses as a SOS fund!
1. Reliable investments 2. Reliable affordable car 3. Home base 4. Emergency fund 5. Good insurance 6. Good electronics (phones, iPad, etc) 7. Travel fund
Thanks for posting!!!! I really appreciate your videos!
Thanks for the kind words M.
Not Jane Fonda. I’m of the Vietnam era and can never forgive her for her behavior.
As a two-year retiree, I fully agree with all seven points. I would add under 4 (protection), that if you have kids, even grown kids, make sure they have health insurance (if you are in the US). I do not want to encroach on their finances, but it has happened (to someone I know personally) that their adult, uninsured son developed a brain tumor, and the medical expenses quickly wiped out the son's finances, then the parents. All the travel plans, etc went out the door. They held onto their house by refinancing it, so it was once paid off, but then had monthly payments. They had saved their entire lives, and this was terrible for them.
Of course the parents' participation was optional: they could have said no, and lost nothing, but that is harsh if you love your kids. Maybe there were legal options for the son to take, but he was in a bad state. So, maybe this is worth another video: how to protect yourself from your adult children (and grandchildren) from their extreme medical costs, while still making sure they get all the care they need. Thank you.
Great point Steve (or Liz?).
@@HolySchmidt Ha ha... it's Steve, mostly. Liz set up a new account, but I'm too lazy to do that. Thanks for your series -- very informative.
Sad state of US healthcare, only wealthy nation people go bankrupt and robbed retirement fund because illness. So glad I am in Canada.
You are not responsible for your childrens debt.
Ultimately, it is their responsibility, not yours.
I told my wife that we had saved our whole working life, now it is time to spend, but reasonably. The kids are out of the house, no more mortgage, and the credit card is paid off monthly. Our new motto is- If you want it, get it.
Thumbs up! It sounds like you are doing it in a measured way.
Thumbs up! It sounds like you are doing it in a measured way.
Joe Smoe, you're absolutely right! If you want it, get it!!!
Like my 100 year old friend said to me as he insisted on paying for dinner....."you can't take it with you"
He died last year.
I will always miss him.
Agree ! You can’t take it with you . I’d like a new Lexus …. but I’d feel badly if someone dinged it or stole it so I’m thinking it may not be such a good idea. I don’t really really need it . I have a 2017 convertible Fiat Spyder with only 15,000 miles that’s good enough. Plus I love throwing and tossing around the $85,000 grand that I have in cash at home! 🤣😂 It makes me feel rich!
Nice for helping us! Thank you! The YMCA offers memberships based on income, and... many colleges have free classes online that do not give credits, but, keep people engaged in all sorts of classes.
Thank Jeff good suggestions.
Thanks Wdeemar x 2
My local community college (in Texas) offers the first two classes free for 65 and older. Fifty-plus year-olds get 50% off tuition costs.
Outstanding!
Many colleges offer free or reduced tuition courses to seniors.
Call all of them in your area!
If you have not made one, a video explaining medicare and supplements. My phone and mailbox are hit everyday now being 9 months out.
Are you talking about Medicare for retirees? Medicaid is usually coverage for poor people of any age, Medicare is for people 65 and over. If you are a very poor
retiree you many be eligible for both Medicaid and Medicare. There are a number of sites on the internet talking about these topics.
@@bookmagicroe9553 medicare. See, that's why I asked.
I joined AMAC and they have wonderful counselors to help explain ALL of the options available to you through Medicare.
@@bookmagicroe9553 what constitutes very poor?
There is a company called Boomer Benefits that has videos on UA-cam. Another is Medigap Seminars by Matthew Claassen. They have very in depth videos that will explain the different Medigap plans and their coverages. We bought from Matthew and have been very happy. Hubby has Medicare, and it has been the best coverage when he went through a cancer scare. It will take several videos to get a good, complete understanding of all of the plans, but when you are done, you will be more knowledgeable than most of the insurance agents out there. Good luck!
A good computer will also be important to try extend how long you can keep it for.
Good list ! I agree with all of this. How about including friends ? Never mind. Most of my so-called “friends” are jerks and A-….. les. They’re really more acquaintances.
8. Brothers & sisters ? I was diagnosed with a rare cancer 3 years ago at 65. Without my siblings I would not have survived. I was treated at the VA in Seattle which was 35 miles away. They drove me to all my appointments and even stayed with me for 3 months at an apartment provided by the VA during one of my treatments. Although I’m in remission,, they’re always there and willing to give me a helping hand in whatever assistance I need. To this day , they’re still helping. So YES !
9. An enlightened mind ? Freedom from all the religious crap and hypocrisy that’s plagued human beings for thousands of centuries! Absolutely!.
10. A mental stable attitude ?
Definitely!
As a Canadian the health insurance thing is a lot less important since the list of things not covered is much smaller. As for staying wise and engaged there are a large number of ways to do that including having hobbies and activities that require a reasonable amount of mental effort. A gym may be a good idea for many but there are plenty of activities not requiring special physical fitness equipment.
I do hand stands, pushups and sprinting 2 -3 times a week aged 66.
I will add good cookware. Because I. Today’s 2024 economic times, I am home cooking 3 meals a day. I batch cook also and take items to potlucks, picnics, gatherings.
I prefer cooking at home to eating out too. Too expensive and often not always so great tasting. We grow veggies and fruit too. So many fun recipes to try.
Excellent video! Great advice to have all of these before retirement as well.
@@notpublic8961 i think he was encouraging viewers to travel and see those things on their bucket list. Just don’t stay home and wait to die.
Getting out and traveling / enjoying yourself in retirement is important. Thanks for your comment Jeff
Great videos.....thank you.
I would definitely add a computer with internet. You can learn almost anything on the internet.
And it can greatly enhance communication instead of just relying on a cell phone.
Yes, I was born 50 years too early.
What!?! What about a metal detector?
If it’s on the internet it must be true
Harvard extension school is a great deal... cheaper than most of the local colleges. He tried to score points without knowing the facts. Most of the advice is good, but I didn't appreciate the cheap shot at Harvard. Veritas!
1. a reliable car 2. a home 3. emergency fund 4. health/life/ltc insurances 5. luggage 6. staying current.
Retired and have all those things …
Thank you.
Number 8: an excellent computer. Take free courses online on just about anything and everything. Keep mentally fit with free online word games. Can buy anything online after comparison shopping online. Or buy used on marketplace. Of course be prepped if the electric goes out.
My home and vehicle are one and the same- doing the RV life so I never pay rent and I can have a change of scene any time.
Very nice
Wonderful!
I would prioritize a cell phone with internet access and a desktop/laptop with the same. Emergency rations of food, medicine, flashlights, paper products and cleaning products.
You can always buy luggage if/when you need it That's very easy to get in a moment's notice.
Thanks LW
Good items. When this pandemic started we stockpiled canned goods and non-perishables to carry us through shortages. We shop slow hours to avoid virus spreaders to stay out of the medical system and try to shop once every two weeks. We were hit by a hurricane last year and are still recovering…..extra difficult during a pandemic.
the point of the video is not to buy luggage now; it is that when you buy it, buy quality.
any traveler with the least experience will tell you it is so.
Geoff, Thanks for 5, 6 & 7. A lot of folks needed to hear that. I have been begging my MIL for months to use the community center she pays for. She has a trip planned late Oct & is in no shape to enjoy it. She's overweight and struggles to the supermarket. #6 is the most important of the 3!
Thanks for your comment Pat. It's good to stay current!
Nice list and lots to think about when getting ready to retire. I definitely put excellent health a main driver in ones retirement. Poor health can destroy even the best made plans.
I totally agree
@@HolySchmidt some folks don’t realize that neglecting your health while your working creates an even bigger problem when you have a lot of time on your hands in retirement.
Having watched my parents and many others age, health is something that needs to be addressed as a long term thing throughout life - you can't just decide to get healthy once you retire. For sure poor health can ruin retirement and shorten it a lot. Not all, but many aspects of health are in a persons control and people need to be proactive there.
@@christopherhaak9824 agree 💯
I've spent decades cultivating good health. I'm pretty healthy and plan to not only retire but collect as many retirement checks as possible. 🎸🎸🎸
Great video - important points - thanks! Have you done any videos on finding healthcare insurance plans? I’m 59 and retiring soon and would like to get your thoughts on where I should shop for a plan. Due to income Level I do not
Believe I qualify for Obamacare.
Thanks for the suggestion
Same here. Thanks
You should check out the ACA (Obama Care). They have extra funding to lower premiums this year and next year due to Covid funding through the American Rescue Plan. You can have a high income and still qualify.
@@jeanneholliday9021 thanks - I’ll check it out!
I'd emphasize aquiring a good Medicare supplemental plan! Many retirees are shocked that Medicare parts A & B pay only 80% of your medical costs! Can you afford to pay 20% of a $500000 operation/ procedure out of your pocket-probably not?
I don't plan on voluntarily that, I hope that no one does anything extra if I get sick, I have worked in nursing homes for many years, and do not want to go that direction, just let me die in peace please!
@@AhJodie you want to go like Elsie, naturally, with a bundle upped coffin
@@DrSchor I dont know Elsie... But no cremation is the way for me....
When I saw #4 Protection, I thought of our German Shepherd and other means of Protection for us in our home! That is also important these days.
Re-fucking-lax
Nothing has changed!
There have always been dangerous people in your neighborhood.
You just didn't know it.
You should continue to lock your doors and not ever leave valuables in plain sight.
And if you're working in your back yard, have your front door locked.
There was a kid in my neighborhood who would ransack people's homes while they were working in the garden.
THIS WAS IN THE SEVENTIES!
Guess what......he NEVER got caught!
He got thrown in jail later in life ....drug dealer!
Buy bags so one fits into another, sometimes you carry more luggage one way but noth the other ;)
Good idea!
Gardening is esoteric? And learning how to use a newspaper isn't? Luggage is a big deal? We'll just use the luggage we bought almost 40 years ago. It's perfectly fine.
About having a car, an older person should also know when to give it up such as if their vision is not right or they’re taking a medicine that would impair their bill to drive correctly. Please do this to protect yourself other people.
A car is not necessary. I cannot drive due to eye issues. I use public transportation and Lyft. I spend much less on transportation than I did when I owned a car.
So by ROH you mean a home? That's hilarious for someone in healthcare! I was wondering why alcohol was one of the seven most important things to own in retirement! Great advice though!
I know number 2 is home but what does ROH stand for?
Roof Over Head
Thanks for asking for the rest of us.
@@StephenEhrlichPhotos thank you LOL ! Makes sense now !
Oops. Yes Roof over Head
Being a member of a health club is stupid retirement advice, you never heard of home workouts, walking or cycling? Don't you know health club subscription is expensive. A luxury if yours financially comfortable.
I think the biggest conundrum I encounter on the opportunity of retiring early is the health insurance issue... there just doesn't seem like there is a good way to do that here in the states.
Totally agree!
Totally agree!
Totally agree!
I live in Washington State and have a high deductible plan that is almost free. It’s incredible.
Yes, Medicare doesn't kick in until 65.