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The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Carol Vivian Constable 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.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
61 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
I've been retired since 2019. No regrets, better than I imagined...62 -72 is likely to be the best decade of my life. When I was young I had time but little money, then working and family money but little time, now retired I have time, money and physical fitness and enjoying every day of retirement.
I’m retired and 67 my husband is working and 57. We just got back from our dream Alaska cruise. We saved up for it ($5000 in all). Because you never know how long your life will be or you will be healthy enough to enjoy travel. If you have a dream trip AND you can afford it now, go!
Royal Caribbean. We went in mid May. The weather was sunny, but cool, in the low fifties. Our costs were approximately $2000 for our cabin, $250 in prepaid tips on board, $750 for off the ship excursions, and $2000 for round trip flights and miscellaneous.
I listened to an old man when I was young(er). Health is #1, everything else is really low on the list. I observe the majority of people my age are in very poor health. It’s sad, because being healthy costs nothing an in reality it saves you huge amounts of money.
For what it's worth I retired 7 years ago at age 62. My wife, who is 2 years younger than me retired two years later at 62. We are having the time of our life. Not one minute of one day have we regretted retiring early. We do anything we want anytime we want. We love our RV outings. We will soon take our 4th trip this year. We generally go on 10-12 trips a year. If we feel like doing something we do it. If we don't feel like doing anything, then we do nothing. We break our years down like this. We have two seasons. Hockey and Camping. This works well for us because there is very little overlap. The single most important thing is to be happy. Being happy is priceless.
I did the Dickens technique. Projected 30 years into the future. Came back to 2023 scared but relieved that it has not happened yet. Told my girlfriend NO, I will not marry you.
I was always the primary breadwinner and money manager. I maintain a document I titled "Read upon my death" that lays out all of our accounts login information and how to reach our money manager. My husband has had absolutely no interest in any form of budgeting/money management in the almost 50 years we have been married. and I can't see that changing any time soon. My mind and soul are at easy--I have done everything I could do to set him up to have enough to live on should I die first. If he blows it--then its on him for not wanting to learn.....
Absolutely brilliant idea! I make the money and my wife saves it and doles it out when we need it. I've thought about the 'break open when dead' envelope but never did it; I will now.
Same story for us (except we've only been married 37 years). I update the "Stuff to know when I'm dead" file at least once a year since passwords, utility providers and whatnot change. Luckily we have a daughter who can be counted on to assist him since he's not very computer literate.
You and I are identical...but in my case, it is my wife who has no interest in learning. I have a 9 page, detailed document with all of our financial data. It is updated the second Wednesday of every month, (our Social Security payday) at a minimum. It is titled, "What Do I Do Now?" I also up date it whenever anything new or significant occurs. Everyone should have something similar, but most don't.
The best investment I ever made was buying a piece of property of around 10 acres from a bank foreclosure. I sat on it for 7 years, then built a house on it, and sat on it for another 23 years. Then I cashed out and live on the proceeds. The proceeds was like getting a job that pays twice as much, as when I was working, for life, but without me doing a thing.
Being 8 weeks into retirement, a few items stick out. Spending…. I’m spending like I still have a job! Tax deferred… wish I had a Roth somewhere! Organize, clean, and a few projects… all completed sooner than anticipated. Time to branch out and volunteer!
Not your fault, Roth IRA's were started as only for secondary education. Somewhere along the line the restrictions were loosened while we were not paying attention (life-family). There are a lot, really a lot of us in that boat.
15 years here I have looked at all or our spending, and one item insurance is where we started. At renewal time, ask for discounts, or keep shopping, you are driving less and if you have a good FICO score that will also help. Prioritize your needs, and do a net worth statement every year to see your progress.
If you are able, you can always do a Roth conversion if you can afford to pay taxes with taxable account. If not, pay taxes with tax deferred withdrawal.
@@samsmullen991 we have too much to convert. I hear taxes probably will be lower now then then, but if we take out 20K to 30K a year to convert, it will push up in a higher tax bracket while working.
I will be retiring totally in two months and this is the best video I have seen.I have been working on all 10 of theses.I think I have it figured out.We will see.
The thing I regret most is worrying over non important matters. Whilst ignoring the important things, thinking things would work out without effort. How stupid
This video was very helpful. Visualizing yourself in twenty years is eye opening. I have been watching the older neighbors around me, and they seem to go downhill quickly. Staying up on home maintenance makes a huge difference. I try to do something for the house every month. Tomorrow I am replacing the hot water heater. I think it's important not to procrastinate. I just had an enormous pine tree removed that was too close to my house. (and my neighbor's.) What a relief.
You can use one of those budgeting tools so you are sure that the amount you spend makes sense over the long term. It will be “Just right”, like Goldilocks says! I have just downloaded “Every Dollar” from Dave Ramsey, but there are lots of them online. That may help you to keep from being so hesitant about enjoying your life savings while you are still able!
I was forced into retirement in 2009, due to the economic problems of the time. That lasted 6 months. I got bored and started a(nother) company to keep busy. It's fun, it keeps me busy, and I don't stress about it.
LISTED REGRETS 1. Regret that they kept working after 62, even though they had more than enough $$ to retire early. 2. Surviving partner is not as knowledgeable / aware of retirement account(s), passcodes, strategies & contacts 3. Spending TOO MUCH initially in retirement 4. Putting $$ first, and relationships 2nd. 5. Not planning that your body's energy will decrease over the coming years 6. Not maintaining your home, car, boat, roof to avoid big-$$ repairs 7. Not engaging with a Financial Planner EARLY 8. Not finding a NEW PURPOSE in retirement to fill that void 9. Having TOO MUCH $$ locked away in pre-tax accounts 10. Retiree has UNDERSAVED for Retirement
I am divorced, no kids, and no surviving immediate family. I am currently 64. The past 4 years I went from a stressful full time job to a less stressful full time job. Then a couple of months ago I took out one pension early and went part time. I like this because it gives me purpose, an opportunity to socialize, and provides flexible income because I can pick up extra hours if needed. I would like to continue this as long as my energy holds up. That reduction in energy is starting. After work the LAST thing I want to do is exercise.....
I heard a quote, "You always think there is time. That is the problem." There is no way to make an educated decision on when to retire. None of us know how long we will live, what our future health will be (good or bad), or how retiring will affect our health (good or bad). It is tempting to be inspired by all the people bragging online about how healthy they are, but one must realize that those who are too sick to post online or have already died are not represented in the comment section.
One of the points really hit home. I am the financial savvy person in my household. She doesn't care how its paid for but just that it is. I will have to draw up plans and get it simplified for her.
I needed the higher monthly income so retired at 66. I made decent money working and needed more time to add years to my pension. My SS is almost 2400 and pension is 1300 and the difference would have been a lot had i gone out at 62. I dont have to work and i am a very young 70. And yes i can still camp, run aroung the yard with dog, still can do everything fine. I even bought a VR unit for fun exercise. Plus i needed to have Medicare and a supplement so all my medical expenses were covered. I can save 1000 a month when not doing projects around my 6 acres. Last month i built a shed by myself. Only bad thing about retirement is that i alread outlived my close friends and the relatives close to my age i used to hang with.
@@sw6118 Outliving those close to you does have a huge impact on your life and being single probably makes it worse. I am OK most of the time but sometimes the enormity of all the death hits you unexpectedly. Not only have I lost friends and close age relatives but my middle daughter Melinda passed away from cancer in 2020, she was almost 42. We just have to put one foot in front of the other and do the best we can. My youngest daughter and her 4 year old Olivia come by here almost every Tuesday and hang out for several hours. Life could be a lot worse but I do wish I could turn back time.
Thanks for the video. I have done most of what you suggested right down to getting a family trust. What you reminded me to do is get passwords for the accounts and filling out required information in the trust documents
I just started transferring some funds from my pre-tax accounts to other retirement accounts. It’s a real eye opener to see those taxes taken out! Bottom line is that I didn’t have as much in my retirement accounts as I thought, because Uncle Sam gets a chunk. I’m only in my third year of retirement, and thankfully we get by just fine without spending any of the retirement account(s) money. Hopefully I’ll never spend any of it, but if we ever end up needing care, we know it’s there. We’ve discussed giving money to our kids now, instead of waiting till they have to pay inheritance taxes. We went through that when my parents died, and have vowed to do things differently.
Oh, another fallacy. "inheritance tax?" Really? The threshold for that is 15 million dollars! For a couple. You can't "Give" money to the "Kids" without penalty, not sure what the threshold is, but read somewhere you can only give $15k tax free to any one person. Not sure if that is one time only, or every year. You should contact an estate attorney and look at a trust, if you have that much in assets.
Lastly, don't know when you went thru with your parents, but Bush 2 started raising the "Death Tax" threshold in like 2001. Been over 1 million since then. I handled my uncle's estate last year, so I know of what I speak. Any assets you have and pass on, house, stocks and such are immediately subject to "Step up" in value at the date of death. A house has a limit of like $500k, after which "Capital Gains" would be assessed. One vehicle we have in Texas is a "Transfer title on death" which removes a property from probate completely, but you would have to speak to a lawyer about that and designate 1 child to receive it. Also 401k's are not subject to probate either, but go to the named beneficiary. No tax at all until they take disbursement. Hope this helps.
Such good advice, I hope some young people are watching. I am so glad we had a financial advisor who opened Roth IRA's for us because now that we are old we are in a high tax bracket and the government is telling us how much we HAVE to take out of our 401 K's and it is a lot of tax to pay. If we need to replace our car we are able to remove money from our Roth tax free. We also put money monthly into stable dividend paying stocks and now we can collect the dividends on a monthly basis.
I am in that transition period right now between full-time work and retirement. I could take Social Security now, but I’m holding off for a few more months and working part-time after leaving full-time work in early 2022 until I reach FRA next spring. The difference in my monthly benefit by waiting will pretty much cover my Medicare payment. Regarding health, over the last couple of years I feel like I’ve started to fall apart, and it’s accelerated this year. As a result, I’m limiting my part-time work to 20 hours a week; anything more than three days a week and 6 hours/day, and I “feel it” the following day. I covered for an employee on vacation last week and worked a five-day week for the first time in 16 months, and I was extremely achy-breaky by the time Friday ended.
IMO this is really the start of retirement planning. Watching this in Spring Lake, NJ staring at the ocean. My dream is a fully listed out plan of tasks and goals, and the analysis to show that I can afford all of it. Getting closer!
Very true. I watch my parents and grandparents and the two biggest things I notice is the drop in energy level as they got older and how surprised they were/are by 20 years of basically zero yields on their savings accounts in the face of rising prices for everything else.
Jeff, I would like to see something on how divorce/death can change your SS. My ex passed, I was able to collect based on his base. It was much more than mine. Almost everyone I have spoken about SS had no clue how death/divorce effects one’s SS.
When I saw the title, all I could think of was that there's only 2 possible regrets because there's only 2 possible ways people reach "end of retirement": going back to work and death.
It depends how you define retirement. If you define retirement as : doing the things you like to do after a life of working a job that you didn’t enjoy you might actually need more money because of your new hobbies. But if you managed to have fun and exercise your hobbies during your work years, your spending habits won‘t change much.
I retired at 69, and my watt meter dropped off very quickly. I could have stopped earlier but was motivated by the mission of my government contractor work life. The satellites are flying nicely, but I'm worn out.
It’s such a blessing that my husband and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what he lacks, he’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. She has years of financial market experience.!!!!
Cash is KING in BAD Times. We have recently seen this folks. I stashed cash as fast as heck after the last Presidential change, because I KNEW what what was coming from the result of it and wanted to be prepared. Great Video!
As an octogenarian I felt "just great" (well, pretty decent) going into 2023. A fall off a ladder resulting in multiple fractures including my back early in 2023; just like magic, I suddenly felt a decade older. If you're over 50, avoid ladders like advice from Joe B
My wife works in the hospital. I'm 53. We agreed, after her telling me many stories, that I'm not to get on ladders anymore. The other thing, is ice. Icy sidewalks, shoveling snow, they are absolute killers ... for a person's health, lifestyle, and sometimes even life. We will get a big snowstorm, and my wife says, "I better go to work early tomorrow, the hospital will be full of men who have had heart attacks while shoveling the snow." Yep.
@@robertgulfshores4463 We bought a snowblower after we retired! Have plenty of shovels for our sons to use 😊... besides the snow we get now that we've moved further south is not too bad.
I’ll take advice from Joe B. every day of the damn week thank you. You might want to go back to the doctor because it seems as if your brain is as fractured as the rest of you old man.
Jeff, the list is great. Your videos have been more helpful to me in preparing for retirement than ANYTHING that I have read or seen. My only request, your use of visual lists on a white board is very good. It allows me to see in one place what you have told to your audience as a summary. I can then do a screen shot and then place it in a file (Power Point) as a future reference. That is what this video is missing.
Thanks for the remind ST. I have been meaning to put up content on the whiteboard - I will start in the next few weeks after I finish this round of videos already recorded.
@@HolySchmidt When you create these lists in your white board format, it helps me, and I suspect many others, to both follow your train of thought and encapsulate your ideas. Also, if you are not being told frequently enough, I really appreciate your getting to the point in your videos. I know that when I watch one of your videos, I don't have to listen to a "word salad."
Live simply and you can retire a lot earlier. It's pretty easy, we make it way too complicated on ourselves all throughout life, not just in retirement.
Because there are ways to address long term care if you end up needing it. Like selling the home or taking a reverse mortgage. Some may have rentals that could be sold if needed. This assumes that everything else was done right.
That is a biggie. Can't stand nursing home shenanigans. I'm going the euthanasia route when they legalise it locally. In 40 years it will be in place for sure.
@@maximuscomfort My dad was on dialysis at the end of his life. My mom suggested he was making noises just to irritate her. She was getting dementia. So he stopped the dialysis and was gone in a month. My father in law had a stroke and his oldest daughter took care of him and her mom. He suffered a lot, as did the caregiver, for about a decade. But there were a lot of good things that happened, that would not have, had he been able and wanted to end his life early. Suffering has side benefits.
@@siglandoe3913 A lot of people don't have rentals. If you're married and one or the other spouse needs nursing home care at something as high as $13K per month, will you sell the house your husband or wife lives in and drain the marriage's financial resources to impoverish the healthy spouse? The other issue is that most people want to pass something down to their children. If a couple uses up all of their resources, it will have financial consequence on the children. They will need it in what's looking like at least 10 years of economic depression in the U.S. There are other options with proper planning that meet your financial goals and protect your spouse and help your children.
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. 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.
@@davidjackson4437 I totally agree, I'm 60 and newly retired with about 1.5 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@gowonjake 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 46 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.
@@gowonjake Thanks for sharing this. I did my own lil research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick so I scheduled a phone call. She is experience can't wait to have a chat. I hope she doesn't ignore me.
Just talked to someone and they said #9 was their biggest regret. They needed a big chunk of money, and had it to spare, but it was all tied up in accounts that were not pre-taxed.
@@deecee901 They are so good that in five weeks, I've had more improvement in my limp than the past two years of exercising during retirement doing 3 hours a day of other exercises. I've limped for years due to the left thigh bone not staying fully in the hip. Also takes away belly fat quickly. If you can only do ten-second planks to start then I would encourage you to do that.
@@deecee901 The strength you gain is wonderful also for posture. I also recommend an easy one: clasp one wrist with another behind your back and lift up to expand your chest and lift your sternum up. Great for posture and walking and energy.
Totally agree on planks and any good core strengthening exercises. One recommendation I'd have is if you don't know what to do or how to do it, go to a good physical therapist who can teach and guide you. I learned a lot. And FYI - I also notice that side planks significantly increase my knee stability. Without exercise like planks they get loose and start to wobble.
I don't have a partner but my youngest daughter knows to look in my nightstand for account information and passwords. But I need to make a will. I'm seeing a lot of homes going on the market that need a roof. It's sad to see homes haven't been maintained. A new roof is more important than counter tops.
When i retired the rest of my life seemed like a black hole because most of my plans got side tracked with grandkids an family issues so that taking off sailing for half the year went out the window , after 8 months i couldn't stand it an went back to work for a large construction company traveling all over with an expense account an a paycheck that had nothing to do with my life , it was money they gave me an i didn't owe anyone a dime , i call it free money , all my hotels had to have a decent pool an weight room and a full breakfast with all the bacon you could eat an allow takeout boxs for snacks , was working on bridges over major highways so took about 3/4 hrs of work an the rest of the day spent driving around in the company car seeing the sights an shopping with the company credit card , everyone i know now owns enough fishing rods an tackle to last a few generations , their home workshops have every tool known to man , that brake job they were putting off was done with a smile , I have never had what I consider free money before an it was the best four years of my life , retiring may seem the end of life but maybe it's the beginning of another 😇
Another GREAT video, Geoff!! Very thought-provoking. Hmmmm. Curious. You stated one should have purpose and not be defined by a retirement filled with television and the internet. YOU are part of my internet. Should I stop watching YOU in order to discover a stronger purpose? Riddle me THAT, Batman.
Thanks Jeff another very good video im almost 66 and I'm still working I'm thinking about retiring soon I'm trying to wait until I'm 67 that way I'll get a little more ss when I do retire from work I'm hoping to live another 10 15 years but I read the obituarys and it looks like tomorrow is not guaranteed
Michael, I’m 62 and also planning on working until age 67 for the same reason. In the mean time my wife and I are trying to do all the bucket list stuff while we can afford to and are healthy. Everyone’s situation is different and no one has a Chrystal ball. What if you live to be 95? Plan for the worst, hope for the best!
Good video. I would add that planning is essential. By that, I mean, sitting down with your spouse every 4 or 5 years, and develop your financial. goals every 4 or 5 years. Be firm about it, set dates, and let these goals control your spending and saving habits. Set higher and higher financial goals as you age. For example, starting at age 30, by age 35 can you have your debts paid? At 35, will you at 40 have saved enough to not have to finance anything, like car and appliances? At 45, plan to save enough to buy a house at 50. You get the idea. Look ahead, let these goals determine your saving and investing habits as you work towards them. We did just that every 5 years. At 35 I had nothing but 3 kids and no money. I retired at 52. I never made more than $50,000 a year plus some at a second job. Yes it wasn't easy, but I was young. Family grown up now, we are comfortable and quite wealthy. Do it!
Putting well earned money into the financial market can be over emphasize for first time investors unlike a bank where interest is sure thing. Well basically times are uncertain, the financial market is out of control and banks are gradually failing. I’m planning on a ballpark figure of $3m for retirement and I have about 550k loaded up for this , could they be any opportunities for a boomer like me?
As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money, sincerely your best opportunity is seeking an investment advisor unless you’re canny yourself.
Very true; people down-play the role of an investment advisor until burnt by their mistake. I remember after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researches for registered advisors and I did found someone of practical knowledge, and decades of experience. As of today my stagnant reserves $325k has yielded almost 7-figures after subsequent investments.
@@Hoffmanluiz. Wondering what’s shares vou have in your wheelhouse now that the market have gone berserk! Your invt-advisor must be a mastermind, do you mind sharing info please? I’m in dire need of portfolio assistance for extra income.
Renowned for his proficiency and expertise in the financial market, "COURTNEY HEATH WILLIAMS" my investment advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
Im a #9. Always great advice Jeff, but what to do now about having too much locked into pretax accounts? What a happy problem, right? Love that money isn't even in the top 5 things too!
Went through the original Personal Power tapes years ago...changed so much my wife at the time didn't want me in her life anymore...She called it the case of ambitionitis...I lost a good wife and didn't get to see my kids as much as I wanted...Good change is not always good. I regret that today 20 plus years later. Warning you may loose everyone you are currently with by changing even for the better is it worth it? Your mileage may vary. Yes I did the skydiving, lost 42 lbs by using a juicer increased my energy, earned a Black Belt, retired at 50 I am 60 now, completed two bucket lists. So there's that.
I retired at age 57 1/2 after 35 years with my company… a major airline that provided a generous pension. Since I don’t get Medicare until age 65, I went under my spouse’s company medical coverage. I saved in a 401k and Roth IRA since I was in my 20s and have quite the stash. All of it is under professional management ( that has a fee but is dwarfed by the returns it produces) and I decided to begin drawing a salary when I turned 59 1/2 which is the earliest I can access it all without tax penalty. I just turned 62 and am very comfortable and will not plan on accessing Social Security until I’m 70 because I don’t need it now plus it will maximize that income source indefinitely. Oh, I bought a rental home in 2009 that is now paid for and produces an excellent stream of income plus I’ll pay off my primary residence in the next 12 months by always paying extra each month for many years. I just thought that could serve as a real-life experience template for somebody trying to figure out a way to financial independence in the future. I’m blessed and constantly give thanks and wanted to pass that knowledge on in case it might inspire or help anybody.
I'm the breadwinner, and my wife is the accountant. This works well. I also have a password file for all accounts and the whole family has the key to the file. For investments, I told them to use VOO and not try to beat the market. Hopefully, I've thought of everyting.
A big issue with every retiree I talk to is longevity. Am I denying myself by overestimating my life expectancy. Or would I be foolish to ignore the 4% or other rules and run out of money?
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
An obvious way to lnvest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average Joe, a financial advisr is important in making this decisions
Very True Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the adv!ce of my financial-planner who has helped me gain $985k in a well-diversified portfoIio that has experienced exponential growth
Nobody needs millions to retire. That’s what financial advisors seem to push. In reality, my dad says it’s all about conserving your resources. Spending carefully on the things you need, not all the things you want.
1. You had the means to retire, but continued to work. 2. One partner was financially savvy and the other partner wasn't. The savvy partner died first. 3. Spend too much initially, in retirement. 4. Putting money first and relationships second. 5. Not planning for your energy decline in retirement. 6. Not maintaining your residence while you are working, and facing major repairs in retirement. (This goes fr autos as well.) 7. Not engaging a financial professional early enough. Financial planning is done piecemeal. 8. Not finding a new purpose, once you retire. 9. Too much money locked away in deferred accounts, like IRAs, 401k's, etc. Negative tax situation. Consider ROTH IRAs, and tax advantaged investing. 10. You "under saved" for retirement.
I would like request a video on how to set up a system to pass on financial information and or financial plan to a spouse in case of the death of the one who handles such things.
The true end is not when your casket is lowered into the ground and covered, it's later when the Gravedigger goes back to his shed and wipes your name off his whiteboard, that's the final moment.
I need a solid and reliable plan to survive these trying times, I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the price crashes and I realized some investors made a fortune from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
I grew to a 7 figure well-diversified portfolio. I only buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct. also ignore the forecasts and market views which are at best entertaining but completely useless. ever grateful to Trisha Jean Webb my F.A..
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Despite my husband and i having equal tenure in civil service, differing investment approaches yielded disparate results. Guided by a financial advisor, We are both retired and still earn monthly from our investments.
Indeed, that's accurate. I'm currently in my mid-50s. My husband and I were on a similar path until a couple of years ago when I decided to shift my investments to his wealth manager. While I haven't quite caught up to his accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $25k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
It sure would be nice if the federal and state governments would give the retired person a break when they're taken their money to live off of instead of gouging us until we're dead in a Box. Our tax codes are unbelievable. We've been paying taxes our entire working life and now we have to do it in retirement unbelievable.
Save like the Dickens lol 😂 I would rather work full time and save, while making decent money. Than work a part-time job, for longer, like at in retail, making a low wage. Work full until the goal is attained. In a high/med to low wage example.
#4 Misses a much bigger mistake. In our current state there are now many things we're not really supposed to ever discuss. The big risk is divorce. This is also related to a spouse who doesn't want to understand the finances because they're lazy which also means delusional. Divorce over 60+ is growing. Particularly with women talking with female friends telling them they can do better. Retirement is a huge change. Just because you and your spouse got on the same page for your earning years does not in any way mean you're going to be on the same page for retirement. Generally it means a lot of fighting, bad feelings and someone being trampled by a self-centered delusional spouse. Time to take a realistic look at your marriage. Maybe a way better choice to part ways. For men there are many choices they may not be aware of. For example a 60+ retired American man in SE Asia is a rockstar. Finding love again with a 20's, 30's or even 40's woman can be life an American man never could have imagined.
I agree that divorce might be right, probably in situations where it would have been right at any point in the last 10-20 years. Why did you wait? You should know that the first year of retirement is a huge lifestyle change and speaking as the semi-retired spouse, it was hard to know how to respond to the change of the day in my spouse’s life. Finally, he began to relax and find a new way to get happily through his days. All is good again. Going to Asia and taking advantage just because you can? That’s just really ugly.
I retired at 56 now 69, and it was the best decision I ever made. I have no debt. own my house cars always pay cash, no credit card debt, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I'm worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do i wait?
There are numerous intriguing stocks across various industries that might catch your attention, but it's not always advisable to act on every prediction. Therefore, I suggest that you work alongside a financial advisor who can help you determine the best times to buy or sell the shares or ETFs that you are interested in.
@@valeriepierre9778 Picking stocks is a risky thing to do, particularly for non-professionals. I learnt that in 2020, when I lost almost everything. But I switched to using a financial advisor, who has better knowledge of the market than I do, and I've been returning at least $38k every month. Just too bad I didn't learn the lesson early on.
I’m 51 yrs old. My wife is 59. I plan to stop working next year and live on my pension. I plan to take my SS benefit at age 62. My wife has always been my dependent and is not eligible for her own SS benefit. What type of benefit can she get when she turns 65 when I haven’t applied for my SS benefit yet? And when I do at age 62 how much can she get based on my SS?
I have always lived with in my means, and continue to do so in retirement, if my investments have a good year then I will spend more, if markets are down then I will do without some things,
We are in the situation where we make more money than we ever have and have no tax deduction. Our house is paid off and our kids are adults ,so in our case the IRA ,401 k and HSA make the most sense because we avoid paying 22 percent in federal tax plus 4.5 percent start income tax. We will not be making this kind of money when we retire.
“Not retiring after 62 despite having money to do so” is obvious self-sabotage. I’m in a more rare, but much less obvious case. Mid-late 40s and enough to retire. What to do? I’d like to keep working with more flexibility, but no one wants part-timers, it’s all or nothing. On the other hand, keeping working just to prevent boredom seems like a profoundly stupid thing to do also.
Mr. Schmidt, I’ve enjoyed your shared knowledge on real life financial & retirement conditions. Starting my research for retirement in a few years (possible) from a Public Educational Entity, would $3,500 be an average cost for a detailed Financial Retirement Plan from a CFP? Thank you in advance.
I find the "experts" are wrong more often than they are right. For example the experts were saying that retirees should have part of their investments in bonds. That never made any sense to me because bonds weren't paying anything. I left my investments in stocks and avoided big losses in bonds. Recently the experts were saying that the financial stocks were doomed. In early May I scrounged every free penny and invested in a basket of solid financial stocks. My investments in financial stocks are already up 10%. So screw the financial advisors.
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Check out one of our most popular videos - *4 Major Social Security Updates for 2024: What You Must Know* -> ua-cam.com/video/zBCmA5Xx7U0/v-deo.htmlsi=UKlzbdkAe1kuk20O
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Carol Vivian Constable 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.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
61 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
With $295k now, how do you expect to have 1.5 million in 2 years?
I've been retired since 2019. No regrets, better than I imagined...62 -72 is likely to be the best decade of my life. When I was young I had time but little money, then working and family money but little time, now retired I have time, money and physical fitness and enjoying every day of retirement.
I like your slow, calm presentations. So many people talk so fast their words run together. Your voice is calming.
Thanks, you're too kind. People either love it or hate it I find.
So True!
I'm not retired YET. I am 54 and getting close. I regretting working so hard and missing my kids growing UP.
I’m retired and 67 my husband is working and 57. We just got back from our dream Alaska cruise. We saved up for it ($5000 in all). Because you never know how long your life will be or you will be healthy enough to enjoy travel. If you have a dream trip AND you can afford it now, go!
Curious who you cruised on. My bride and I are looking at the same for next year when we step away from the working class.
Royal Caribbean. We went in mid May. The weather was sunny, but cool, in the low fifties. Our costs were approximately $2000 for our cabin, $250 in prepaid tips on board, $750 for off the ship excursions, and $2000 for round trip flights and miscellaneous.
'Jean2018' brought a little tear to my eye as my mom was Jean and died in 2018. I wish you both all the best.
I listened to an old man when I was young(er).
Health is #1, everything else is really low on the list. I observe the majority of people my age are in very poor health. It’s sad, because being healthy costs nothing an in reality it saves you huge amounts of money.
For what it's worth I retired 7 years ago at age 62. My wife, who is 2 years younger than me retired two years later at 62. We are having the time of our life. Not one minute of one day have we regretted retiring early. We do anything we want anytime we want. We love our RV outings. We will soon take our 4th trip this year. We generally go on 10-12 trips a year. If we feel like doing something we do it. If we don't feel like doing anything, then we do nothing. We break our years down like this. We have two seasons. Hockey and Camping. This works well for us because there is very little overlap. The single most important thing is to be happy. Being happy is priceless.
I did the Dickens technique. Projected 30 years into the future. Came back to 2023 scared but relieved that it has not happened yet. Told my girlfriend NO, I will not marry you.
I was always the primary breadwinner and money manager. I maintain a document I titled "Read upon my death" that lays out all of our accounts login information and how to reach our money manager. My husband has had absolutely no interest in any form of budgeting/money management in the almost 50 years we have been married. and I can't see that changing any time soon. My mind and soul are at easy--I have done everything I could do to set him up to have enough to live on should I die first. If he blows it--then its on him for not wanting to learn.....
Absolutely brilliant idea! I make the money and my wife saves it and doles it out when we need it. I've thought about the 'break open when dead' envelope but never did it; I will now.
Same story for us (except we've only been married 37 years). I update the "Stuff to know when I'm dead" file at least once a year since passwords, utility providers and whatnot change. Luckily we have a daughter who can be counted on to assist him since he's not very computer literate.
You and I are identical...but in my case, it is my wife who has no interest in learning. I have a 9 page, detailed document with all of our financial data. It is updated the second Wednesday of every month, (our Social Security payday) at a minimum. It is titled, "What Do I Do Now?"
I also up date it whenever anything new or significant occurs.
Everyone should have something similar, but most don't.
The best investment I ever made was buying a piece of property of around 10 acres from a bank foreclosure. I sat on it for 7 years, then built a house on it, and sat on it for another 23 years. Then I cashed out and live on the proceeds. The proceeds was like getting a job that pays twice as much, as when I was working, for life, but without me doing a thing.
Being 8 weeks into retirement, a few items stick out. Spending…. I’m spending like I still have a job! Tax deferred… wish I had a Roth somewhere! Organize, clean, and a few projects… all completed sooner than anticipated. Time to branch out and volunteer!
It’s OK that you are still spending. In years ahead you’ll spend far less.
Not your fault, Roth IRA's were started as only for secondary education. Somewhere along the line the restrictions were loosened while we were not paying attention (life-family). There are a lot, really a lot of us in that boat.
15 years here I have looked at all or our spending, and one item insurance is where we started. At renewal time, ask for discounts, or keep shopping, you are driving less and if you have a good FICO score that will also help. Prioritize your needs, and do a net worth statement every year to see your progress.
If you are able, you can always do a Roth conversion if you can afford to pay taxes with taxable account. If not, pay taxes with tax deferred withdrawal.
@@samsmullen991 we have too much to convert. I hear taxes probably will be lower now then then, but if we take out 20K to 30K a year to convert, it will push up in a higher tax bracket while working.
I Retired at the age of 50 and loved every day. Retire when you can do what you can as long as you can. Great video.
I will be retiring totally in two months and this is the best video I have seen.I have been working on all 10 of theses.I think I have it figured out.We will see.
Thanks Gerry.
Good for you Gerry, I’ll be retiring in a year from now😀
The thing I regret most is worrying over non important matters. Whilst ignoring the important things, thinking things would work out without effort. How stupid
I have no fear! I fear losing my health. I already battle few conditions. No one needs tons of $..
Budgeting and planning seems to be the theme here.
This video was very helpful. Visualizing yourself in twenty years is eye opening. I have been watching the older neighbors around me, and they seem to go downhill quickly. Staying up on home maintenance makes a huge difference. I try to do something for the house every month. Tomorrow I am replacing the hot water heater. I think it's important not to procrastinate. I just had an enormous pine tree removed that was too close to my house. (and my neighbor's.) What a relief.
Don't forget the COLD water heater too!!!!!!!! Sorry, could not help myself!
Have the opposite problem in retirement and have the money but can’t bring myself to spend any of it .
Then your heirs will spend it for you!
@@jeff2424 ok I will start spending 😊
Try buttplugs.
You can use one of those budgeting tools so you are sure that the amount you spend makes sense over the long term. It will be “Just right”, like Goldilocks says! I have just downloaded “Every Dollar” from Dave Ramsey, but there are lots of them online. That may help you to keep from being so hesitant about enjoying your life savings while you are still able!
I like the previous suggestion. Make a plan on how you will ENJOY your money, then enjoy yourself.
I was forced into retirement in 2009, due to the economic problems of the time. That lasted 6 months. I got bored and started a(nother) company to keep busy. It's fun, it keeps me busy, and I don't stress about it.
LISTED REGRETS
1. Regret that they kept working after 62, even though they had more than enough $$ to retire early.
2. Surviving partner is not as knowledgeable / aware of retirement account(s), passcodes, strategies & contacts
3. Spending TOO MUCH initially in retirement
4. Putting $$ first, and relationships 2nd.
5. Not planning that your body's energy will decrease over the coming years
6. Not maintaining your home, car, boat, roof to avoid big-$$ repairs
7. Not engaging with a Financial Planner EARLY
8. Not finding a NEW PURPOSE in retirement to fill that void
9. Having TOO MUCH $$ locked away in pre-tax accounts
10. Retiree has UNDERSAVED for Retirement
Thank you so much! 😊
You’re awesome for listing these points. I was looking for it!
Thank you. I took a screenshot.
I am divorced, no kids, and no surviving immediate family. I am currently 64. The past 4 years I went from a stressful full time job to a less stressful full time job. Then a couple of months ago I took out one pension early and went part time. I like this because it gives me purpose, an opportunity to socialize, and provides flexible income because I can pick up extra hours if needed. I would like to continue this as long as my energy holds up. That reduction in energy is starting. After work the LAST thing I want to do is exercise.....
I heard a quote, "You always think there is time. That is the problem." There is no way to make an educated decision on when to retire. None of us know how long we will live, what our future health will be (good or bad), or how retiring will affect our health (good or bad). It is tempting to be inspired by all the people bragging online about how healthy they are, but one must realize that those who are too sick to post online or have already died are not represented in the comment section.
One of the points really hit home. I am the financial savvy person in my household. She doesn't care how its paid for but just that it is. I will have to draw up plans and get it simplified for her.
I needed the higher monthly income so retired at 66. I made decent money working and needed more time to add years to my pension. My SS is almost 2400 and pension is 1300 and the difference would have been a lot had i gone out at 62. I dont have to work and i am a very young 70. And yes i can still camp, run aroung the yard with dog, still can do everything fine. I even bought a VR unit for fun exercise. Plus i needed to have Medicare and a supplement so all my medical expenses were covered. I can save 1000 a month when not doing projects around my 6 acres. Last month i built a shed by myself. Only bad thing about retirement is that i alread outlived my close friends and the relatives close to my age i used to hang with.
A VR unit?
@@terriwolcott6620 virtual reality game system. Use it for fun exercise.
@@terriwolcott6620probably vacation rental
Outliving friends and family can be a major source of depression especially as you see them declining…loving your own life really helps.
@@sw6118 Outliving those close to you does have a huge impact on your life and being single probably makes it worse. I am OK most of the time but sometimes the enormity of all the death hits you unexpectedly. Not only have I lost friends and close age relatives but my middle daughter Melinda passed away from cancer in 2020, she was almost 42. We just have to put one foot in front of the other and do the best we can. My youngest daughter and her 4 year old Olivia come by here almost every Tuesday and hang out for several hours. Life could be a lot worse but I do wish I could turn back time.
Thanks for the video. I have done most of what you suggested right down to getting a family trust. What you reminded me to do is get passwords for the accounts and filling out required information in the trust documents
Thanks Sig
I just started transferring some funds from my pre-tax accounts to other retirement accounts. It’s a real eye opener to see those taxes taken out! Bottom line is that I didn’t have as much in my retirement accounts as I thought, because Uncle Sam gets a chunk. I’m only in my third year of retirement, and thankfully we get by just fine without spending any of the retirement account(s) money. Hopefully I’ll never spend any of it, but if we ever end up needing care, we know it’s there. We’ve discussed giving money to our kids now, instead of waiting till they have to pay inheritance taxes. We went through that when my parents died, and have vowed to do things differently.
Yes, except you no longer pay the 7.65 percent FICA anymore.
Oh, another fallacy. "inheritance tax?" Really? The threshold for that is 15 million dollars! For a couple. You can't "Give" money to the "Kids" without penalty, not sure what the threshold is, but read somewhere you can only give $15k tax free to any one person. Not sure if that is one time only, or every year. You should contact an estate attorney and look at a trust, if you have that much in assets.
Lastly, don't know when you went thru with your parents, but Bush 2 started raising the "Death Tax" threshold in like 2001. Been over 1 million since then. I handled my uncle's estate last year, so I know of what I speak. Any assets you have and pass on, house, stocks and such are immediately subject to "Step up" in value at the date of death. A house has a limit of like $500k, after which "Capital Gains" would be assessed. One vehicle we have in Texas is a "Transfer title on death" which removes a property from probate completely, but you would have to speak to a lawyer about that and designate 1 child to receive it. Also 401k's are not subject to probate either, but go to the named beneficiary. No tax at all until they take disbursement. Hope this helps.
Thanks Jeff. I always look forward to your videos.
Such good advice, I hope some young people are watching. I am so glad we had a financial advisor who opened Roth IRA's for us because now that we are old we are in a high tax bracket and the government is telling us how much we HAVE to take out of our 401 K's and it is a lot of tax to pay. If we need to replace our car we are able to remove money from our Roth tax free. We also put money monthly into stable dividend paying stocks and now we can collect the dividends on a monthly basis.
The thing I didn't take to task was how fast time flies by
This is where I’m at right now I fear I will dies on the streets 😢
I am in that transition period right now between full-time work and retirement. I could take Social Security now, but I’m holding off for a few more months and working part-time after leaving full-time work in early 2022 until I reach FRA next spring. The difference in my monthly benefit by waiting will pretty much cover my Medicare payment. Regarding health, over the last couple of years I feel like I’ve started to fall apart, and it’s accelerated this year. As a result, I’m limiting my part-time work to 20 hours a week; anything more than three days a week and 6 hours/day, and I “feel it” the following day. I covered for an employee on vacation last week and worked a five-day week for the first time in 16 months, and I was extremely achy-breaky by the time Friday ended.
My brother gave me good advice, health is more important than money. You can't do things in your 70ties or 80ties you did in you 60ties.
IMO this is really the start of retirement planning. Watching this in Spring Lake, NJ staring at the ocean. My dream is a fully listed out plan of tasks and goals, and the analysis to show that I can afford all of it. Getting closer!
Thanks Hawking!
Going on 67, living my best life. I planned my retirement and living it.
Very true. I watch my parents and grandparents and the two biggest things I notice is the drop in energy level as they got older and how surprised they were/are by 20 years of basically zero yields on their savings accounts in the face of rising prices for everything else.
Core strength will keep your energy up, and you don't get it on an exercise bike.
Reading this while on a exercise bike. Yikes!
@@nelliesmith9730 You need planks. Riding a bike outside gives core strength to balance and maneuver.
Start early folks so few, if any, regrets.
Jeff, I would like to see something on how divorce/death can change your SS. My ex passed, I was able to collect based on his base. It was much more than mine. Almost everyone I have spoken about SS had no clue how death/divorce effects one’s SS.
Thank you HS for all of your very true and extremely important information you give out on your fun and informative channel! Thank you…
Welcome back Geoff, hope you enjoyed vour time off! 😎
Hi George, thank you! You are very observant!
When I saw the title, all I could think of was that there's only 2 possible regrets because there's only 2 possible ways people reach "end of retirement": going back to work and death.
It depends how you define retirement. If you define retirement as : doing the things you like to do after a life of working a job that you didn’t enjoy you might actually need more money because of your new hobbies. But if you managed to have fun and exercise your hobbies during your work years, your spending habits won‘t change much.
Thank you for that analogy. I was thinking that was probably the scenario.
I regret not traveling overseas prior to the pandemic (in our 50s), now my hubby is 77 and is a bit late.
that time line doesn't make sense ?
I enjoy my 20 years in the military. I was able to travel when I was stationed in Europe.
I retired at 69, and my watt meter dropped off very quickly. I could have stopped earlier but was motivated by the mission of my government contractor work life. The satellites are flying nicely, but I'm worn out.
It’s such a blessing that my husband and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what he lacks, he’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
That is so amazing, I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success. with my partner..
The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. She has years of financial market experience.!!!!
Jeff, I just wanted to say Thank You! I'm learning a lot, and I really appreciate your analysis and the way you make things understandable for us.
My pleasure Robert.
🎶🎵🎼...regrets, I've had a few. But then again, too few to mention... I Did it My Way. 🎼🎵🎵,
As always, excellent job!
Cash is KING in BAD Times. We have recently seen this folks. I stashed cash as fast as heck after the last Presidential change, because I KNEW what what was coming from the result of it and wanted to be prepared. Great Video!
What you afraid the GOP might succeed in their long term goals of getting rid of social security and medicare?
As an octogenarian I felt "just great" (well, pretty decent) going into 2023. A fall off a ladder resulting in multiple fractures including my back early in 2023; just like magic, I suddenly felt a decade older. If you're over 50, avoid ladders like advice from Joe B
My wife works in the hospital. I'm 53. We agreed, after her telling me many stories, that I'm not to get on ladders anymore. The other thing, is ice. Icy sidewalks, shoveling snow, they are absolute killers ... for a person's health, lifestyle, and sometimes even life. We will get a big snowstorm, and my wife says, "I better go to work early tomorrow, the hospital will be full of men who have had heart attacks while shoveling the snow." Yep.
@@robertgulfshores4463 We bought a snowblower after we retired! Have plenty of shovels for our sons to use 😊... besides the snow we get now that we've moved further south is not too bad.
Ladders are deadly. Old folk + ladders = pain and misery.
I’ll take advice from Joe B. every day of the damn week thank you. You might want to go back to the doctor because it seems as if your brain is as fractured as the rest of you old man.
Last week we had a funeral for a 56 year old tree cutter, I feel sure it was his age or effects there of that caused him to fall
I retired at 58. To exercise and occupy with purpose, I find most important.
lol. Especially the intro casket closing! Lol
Jeff, the list is great. Your videos have been more helpful to me in preparing for retirement than ANYTHING that I have read or seen. My only request, your use of visual lists on a white board is very good. It allows me to see in one place what you have told to your audience as a summary. I can then do a screen shot and then place it in a file (Power Point) as a future reference. That is what this video is missing.
Thanks for the remind ST. I have been meaning to put up content on the whiteboard - I will start in the next few weeks after I finish this round of videos already recorded.
@@HolySchmidt When you create these lists in your white board format, it helps me, and I suspect many others, to both follow your train of thought and encapsulate your ideas. Also, if you are not being told frequently enough, I really appreciate your getting to the point in your videos. I know that when I watch one of your videos, I don't have to listen to a "word salad."
The entire transcript and related links are attached under the title.
Just wondering if you still take clients...love your UA-cam and I watch a ton of them! Thanks Geoff!
Live simply and you can retire a lot earlier. It's pretty easy, we make it way too complicated on ourselves all throughout life, not just in retirement.
Can you discuss having to take care of a disabled child and retirement?
Always be sure you have good medical resources. Old age has surprising health concerns where good medical resources can keep you going.
Great video, Geoff, but I'm rather surprised that long term care arrangements (insurance, etc.) didn't make your list.
Because there are ways to address long term care if you end up needing it. Like selling the home or taking a reverse mortgage. Some may have rentals that could be sold if needed. This assumes that everything else was done right.
That is a biggie. Can't stand nursing home shenanigans. I'm going the euthanasia route when they legalise it locally. In 40 years it will be in place for sure.
@@maximuscomfort My dad was on dialysis at the end of his life. My mom suggested he was making noises just to irritate her. She was getting dementia. So he stopped the dialysis and was gone in a month. My father in law had a stroke and his oldest daughter took care of him and her mom. He suffered a lot, as did the caregiver, for about a decade. But there were a lot of good things that happened, that would not have, had he been able and wanted to end his life early. Suffering has side benefits.
@@maximuscomfort Can't agree with euthanasia; it's essentially state supported suicide. There are other, better options with proper planning.
@@siglandoe3913 A lot of people don't have rentals. If you're married and one or the other spouse needs nursing home care at something as high as $13K per month, will you sell the house your husband or wife lives in and drain the marriage's financial resources to impoverish the healthy spouse? The other issue is that most people want to pass something down to their children. If a couple uses up all of their resources, it will have financial consequence on the children. They will need it in what's looking like at least 10 years of economic depression in the U.S. There are other options with proper planning that meet your financial goals and protect your spouse and help your children.
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. 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.
consider financial planning.
@@davidjackson4437 I totally agree, I'm 60 and newly retired with about 1.5 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@gowonjake 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 46 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.
@@gowonjake Thanks for sharing this. I did my own lil research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick so I scheduled a phone call. She is experience can't wait to have a chat. I hope she doesn't ignore me.
The sad piano music makes it seem like I’m watching some 5th rate infomercial. The bell and casket ⚰️ really was amusing though 😵💫😵💫😵💫
Thanks Geoff enjoy all your video's
Just talked to someone and they said #9 was their biggest regret.
They needed a big chunk of money, and had it to spare, but it was all tied up in accounts that were not pre-taxed.
Thanks Sandi.
So?
Spend it and pay the tax.
Why do people make such a big deal about having to pay taxes on taxable distributions? Tax rates are currently low. That may change in the future.
I am in my mid-60s and regret not getting core strength exercise from doing planks. They are fixing my limp and changing my life.
Are planks the best?
@@deecee901 They are so good that in five weeks, I've had more improvement in my limp than the past two years of exercising during retirement doing 3 hours a day of other exercises. I've limped for years due to the left thigh bone not staying fully in the hip. Also takes away belly fat quickly. If you can only do ten-second planks to start then I would encourage you to do that.
@@deecee901 The strength you gain is wonderful also for posture. I also recommend an easy one: clasp one wrist with another behind your back and lift up to expand your chest and lift your sternum up. Great for posture and walking and energy.
Totally agree on planks and any good core strengthening exercises. One recommendation I'd have is if you don't know what to do or how to do it, go to a good physical therapist who can teach and guide you. I learned a lot. And FYI - I also notice that side planks significantly increase my knee stability. Without exercise like planks they get loose and start to wobble.
I don't have a partner but my youngest daughter knows to look in my nightstand for account information and passwords. But I need to make a will.
I'm seeing a lot of homes going on the market that need a roof. It's sad to see homes haven't been maintained. A new roof is more important than counter tops.
Beware - Of all the fake conversations about investment advisors below in the comments. They are scammers. Most realize this but perhaps a few do not.
When i retired the rest of my life seemed like a black hole because most of my plans got side tracked with grandkids an family issues so that taking off sailing for half the year went out the window , after 8 months i couldn't stand it an went back to work for a large construction company traveling all over with an expense account an a paycheck that had nothing to do with my life , it was money they gave me an i didn't owe anyone a dime , i call it free money , all my hotels had to have a decent pool an weight room and a full breakfast with all the bacon you could eat an allow takeout boxs for snacks , was working on bridges over major highways so took about 3/4 hrs of work an the rest of the day spent driving around in the company car seeing the sights an shopping with the company credit card , everyone i know now owns enough fishing rods an tackle to last a few generations , their home workshops have every tool known to man , that brake job they were putting off was done with a smile , I have never had what I consider free money before an it was the best four years of my life , retiring may seem the end of life but maybe it's the beginning of another 😇
Another GREAT video, Geoff!! Very thought-provoking. Hmmmm. Curious. You stated one should have purpose and not be defined by a retirement filled with television and the internet. YOU are part of my internet. Should I stop watching YOU in order to discover a stronger purpose? Riddle me THAT, Batman.
57 single in Miami, walk 4 miles for work. No money saved 😢😢😢
Financial planners have led me astray. VOO is fine for the money investments. I don't recommend they use a financial planner.
Thanks Jeff another very good video im almost 66 and I'm still working I'm thinking about retiring soon I'm trying to wait until I'm 67 that way I'll get a little more ss when I do retire from work I'm hoping to live another 10 15 years but I read the obituarys and it looks like tomorrow is not guaranteed
Michael,
I’m 62 and also planning on working until age 67 for the same reason. In the mean time my wife and I are trying to do all the bucket list stuff while we can afford to and are healthy. Everyone’s situation is different and no one has a Chrystal ball. What if you live to be 95? Plan for the worst, hope for the best!
Good video. I would add that planning is essential. By that, I mean, sitting down with your spouse every 4 or 5 years, and develop your financial. goals every 4 or 5 years. Be firm about it, set dates, and let these goals control your spending and saving habits. Set higher and higher financial goals as you age. For example, starting at age 30, by age 35 can you have your debts paid? At 35, will you at 40 have saved enough to not have to finance anything, like car and appliances? At 45, plan to save enough to buy a house at 50. You get the idea. Look ahead, let these goals determine your saving and investing habits as you work towards them. We did just that every 5 years. At 35 I had nothing but 3 kids and no money. I retired at 52. I never made more than $50,000 a year plus some at a second job. Yes it wasn't easy, but I was young. Family grown up now, we are comfortable and quite wealthy. Do it!
Manage your money, invest wisely. Pay everything completely off and no matter old you are don't ever stop working, it will keep you alive..
Please do a RMD video!!!
Thanks DHDC L
great info 👍
Putting well earned money into the financial market can be over emphasize for first time investors unlike a bank where interest is sure thing. Well basically times are uncertain, the financial market is out of control and banks are gradually failing. I’m planning on a ballpark figure of $3m for retirement and I have about 550k loaded up for this , could they be any opportunities for a boomer like me?
As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money, sincerely your best opportunity is seeking an investment advisor unless you’re canny yourself.
Very true; people down-play the role of an investment advisor until burnt by their mistake. I remember after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researches for registered advisors and I did found someone of practical knowledge, and decades of experience. As of today my stagnant reserves $325k has yielded almost 7-figures after subsequent investments.
@@Hoffmanluiz. Wondering what’s shares vou have in your wheelhouse now that the market have gone berserk! Your invt-advisor must be a mastermind, do you mind sharing info please? I’m in dire need of portfolio assistance for extra income.
Renowned for his proficiency and expertise in the financial market, "COURTNEY HEATH WILLIAMS" my investment advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
@WHCOURTNEY ! THAT’S HIS USERNAME, HE’S AVAILABLE ON TELEGRAMS..
Thank you!!!
Im a #9. Always great advice Jeff, but what to do now about having too much locked into pretax accounts? What a happy problem, right? Love that money isn't even in the top 5 things too!
Went through the original Personal Power tapes years ago...changed so much my wife at the time didn't want me in her life anymore...She called it the case of ambitionitis...I lost a good wife and didn't get to see my kids as much as I wanted...Good change is not always good. I regret that today 20 plus years later. Warning you may loose everyone you are currently with by changing even for the better is it worth it? Your mileage may vary. Yes I did the skydiving, lost 42 lbs by using a juicer increased my energy, earned a Black Belt, retired at 50 I am 60 now, completed two bucket lists. So there's that.
I retired at age 57 1/2 after 35 years with my company… a major airline that provided a generous pension. Since I don’t get Medicare until age 65, I went under my spouse’s company medical coverage. I saved in a 401k and Roth IRA since I was in my 20s and have quite the stash. All of it is under professional management ( that has a fee but is dwarfed by the returns it produces) and I decided to begin drawing a salary when I turned 59 1/2 which is the earliest I can access it all without tax penalty. I just turned 62 and am very comfortable and will not plan on accessing Social Security until I’m 70 because I don’t need it now plus it will maximize that income source indefinitely. Oh, I bought a rental home in 2009 that is now paid for and produces an excellent stream of income plus I’ll pay off my primary residence in the next 12 months by always paying extra each month for many years. I just thought that could serve as a real-life experience template for somebody trying to figure out a way to financial independence in the future. I’m blessed and constantly give thanks and wanted to pass that knowledge on in case it might inspire or help anybody.
I'm the breadwinner, and my wife is the accountant. This works well.
I also have a password file for all accounts and the whole family has the key to the file.
For investments, I told them to use VOO and not try to beat the market.
Hopefully, I've thought of everyting.
A big issue with every retiree I talk to is longevity. Am I denying myself by overestimating my life expectancy. Or would I be foolish to ignore the 4% or other rules and run out of money?
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
That’s impressive, have you always had a financial advisor?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.
An obvious way to lnvest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average Joe, a financial advisr is important in making this decisions
Very True Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the adv!ce of my financial-planner who has helped me gain $985k in a well-diversified portfoIio that has experienced exponential growth
@@hermanramos7092 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
Well I have been retired 23 years, and I didn't need 1 million.
Nobody needs millions to retire. That’s what financial advisors seem to push. In reality, my dad says it’s all about conserving your resources. Spending carefully on the things you need, not all the things you want.
1. You had the means to retire, but continued to work.
2. One partner was financially savvy and the other partner wasn't. The savvy partner died first.
3. Spend too much initially, in retirement.
4. Putting money first and relationships second.
5. Not planning for your energy decline in retirement.
6. Not maintaining your residence while you are working, and facing major repairs in retirement. (This goes fr autos as well.)
7. Not engaging a financial professional early enough. Financial planning is done piecemeal.
8. Not finding a new purpose, once you retire.
9. Too much money locked away in deferred accounts, like IRAs, 401k's, etc. Negative tax situation. Consider ROTH IRAs, and tax advantaged investing.
10. You "under saved" for retirement.
I would like request a video on how to set up a system to pass on financial information and or financial plan to a spouse in case of the death of the one who handles such things.
The true end is not when your casket is lowered into the ground and covered, it's later when the Gravedigger goes back to his shed and wipes your name off his whiteboard, that's the final moment.
I need a solid and reliable plan to survive these trying times, I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the price crashes and I realized some investors made a fortune from the recent recession and I was wondering if such success rate could be achieved in this present market. Any recommendations?
The market always bounces back. Make sure you are taking the time, and putting yourself in a position, to be able to do so when the timing is right.
I grew to a 7 figure well-diversified portfolio. I only buy quality firms, anticipate to hold them regardless of what happens, pay up but not too much, keep track, sell only when necessary, and be ready to course correct. also ignore the forecasts and market views which are at best entertaining but completely useless. ever grateful to Trisha Jean Webb my F.A..
@@JuneroseCarcina checked for your FA and found her web page. she is very impressive , I wrote her and I'm waiting on her.
In that case I recommend you stop being a fraudulent troll and actually learn from these videos. 🤔🤦♂️
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Despite my husband and i having equal tenure in civil service, differing investment approaches yielded disparate results. Guided by a financial advisor, We are both retired and still earn monthly from our investments.
Indeed, that's accurate. I'm currently in my mid-50s. My husband and I were on a similar path until a couple of years ago when I decided to shift my investments to his wealth manager. While I haven't quite caught up to his accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's regrettable that many individuals lack access to such insights. I understand why people might become anxious. Insufficient information can indeed pose significant challenges. Personally, I've been able to generate over $25k passively simply by investing through an advisor, and the best part is, I don't need to exert much effort. Regardless of economic fluctuations, skilled wealth managers consistently deliver returns.
Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
It sure would be nice if the federal and state governments would give the retired person a break when they're taken their money to live off of instead of gouging us until we're dead in a Box. Our tax codes are unbelievable. We've been paying taxes our entire working life and now we have to do it in retirement unbelievable.
They do.
It is puzzling to me that SSI is taxed. We paid tax on the money that was used to pay into it, why do we pay taxes again?
@@noreenn6976 Would you be happier if you could elect a “Roth” Social Security payout that was an untaxed lesser amount?
Save like the Dickens lol 😂 I would rather work full time and save, while making decent money. Than work a part-time job, for longer, like at in retail, making a low wage. Work full until the goal is attained. In a high/med to low wage example.
#4 Misses a much bigger mistake. In our current state there are now many things we're not really supposed to ever discuss. The big risk is divorce. This is also related to a spouse who doesn't want to understand the finances because they're lazy which also means delusional. Divorce over 60+ is growing. Particularly with women talking with female friends telling them they can do better. Retirement is a huge change. Just because you and your spouse got on the same page for your earning years does not in any way mean you're going to be on the same page for retirement. Generally it means a lot of fighting, bad feelings and someone being trampled by a self-centered delusional spouse. Time to take a realistic look at your marriage. Maybe a way better choice to part ways.
For men there are many choices they may not be aware of. For example a 60+ retired American man in SE Asia is a rockstar. Finding love again with a 20's, 30's or even 40's woman can be life an American man never could have imagined.
I agree that divorce might be right, probably in situations where it would have been right at any point in the last 10-20 years. Why did you wait?
You should know that the first year of retirement is a huge lifestyle change and speaking as the semi-retired spouse, it was hard to know how to respond to the change of the day in my spouse’s life. Finally, he began to relax and find a new way to get happily through his days. All is good again.
Going to Asia and taking advantage just because you can? That’s just really ugly.
I retired at 56 now 69, and it was the best decision I ever made. I have no debt. own my house cars always pay cash, no credit card debt, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I'm worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do i wait?
There are numerous intriguing stocks across various
industries that might catch your attention, but it's not
always advisable to act on every prediction. Therefore, I suggest that you work alongside a financial advisor who can help you determine the best times to buy or sell the shares or ETFs that you are interested in.
@@valeriepierre9778 Picking stocks is a risky thing to do, particularly for non-professionals. I learnt that in 2020, when I lost almost everything. But I switched to using a financial advisor, who has better knowledge of the market than I do, and I've been returning at least $38k every month. Just too bad I didn't learn the lesson early on.
I’m 51 yrs old. My wife is 59. I plan to stop working next year and live on my pension. I plan to take my SS benefit at age 62. My wife has always been my dependent and is not eligible for her own SS benefit. What type of benefit can she get when she turns 65 when I haven’t applied for my SS benefit yet? And when I do at age 62 how much can she get based on my SS?
I have always lived with in my means, and continue to do so in retirement, if my investments have a good year then I will spend more, if markets are down then I will do without some things,
We are in the situation where we make more money than we ever have and have no tax deduction. Our house is paid off and our kids are adults ,so in our case the IRA ,401 k and HSA make the most sense because we avoid paying 22 percent in federal tax plus 4.5 percent start income tax. We will not be making this kind of money when we retire.
“Not retiring after 62 despite having money to do so” is obvious self-sabotage. I’m in a more rare, but much less obvious case. Mid-late 40s and enough to retire. What to do? I’d like to keep working with more flexibility, but no one wants part-timers, it’s all or nothing. On the other hand, keeping working just to prevent boredom seems like a profoundly stupid thing to do also.
Mr. Schmidt, I’ve enjoyed your shared knowledge on real life financial & retirement conditions. Starting my research for retirement in a few years (possible) from a Public Educational Entity, would $3,500 be an average cost for a detailed Financial Retirement Plan from a CFP?
Thank you in advance.
I find the "experts" are wrong more often than they are right. For example the experts were saying that retirees should have part of their investments in bonds. That never made any sense to me because bonds weren't paying anything. I left my investments in stocks and avoided big losses in bonds. Recently the experts were saying that the financial stocks were doomed. In early May I scrounged every free penny and invested in a basket of solid financial stocks. My investments in financial stocks are already up 10%. So screw the financial advisors.
On my way