Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
My CFA, Joseph Nick Cahill is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Excellent share, curiously inputted Joseph Nick Cahill on the internet, spotted his consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
I'm 59 and turning 60 soon. I got laid off with a bunch of other people at my firm. I was a little down (for about a day) because I was one of those people who did the right thing over the last 30 years. I'm now retired and love it. I say that because over those 30 years I was a personal finance junkie and listened to all my mentors (John Bogle, Warren Buffett, David Bach, sometimes Dave Ramsey) "use your job to finance your retirement goal"
Having a great savings and more streams to earn makes life goal’s easier but our way of life needs better alternative, at the same time, people also need to be more responsible. I know for a fact that there's a lot of people that simply don't make enough, I make roughly hundred plus a year and in California, rent inflation alone eat up almost all of what I make, with dependents and other obligations included, it's easy to end up with zero. however it’s a good time to add to existing asset holdings as follow -on opportunities how did you go about touching base with yours, kudos on your growth so far
you only have to put in the simplest terms to help you understanding tax, mortgage, emergency funds for cashflow interest. If you're looking for nest egg options or if you have any questions about financing your next property or assets building.
Then feel free to write Deron Cirillo his incredible earning interest will support you in making your home buying and benefits journey as smooth and stress-free as possible. Good luck staying debt free as much as possible in the future.
I like the reward tip My wife and I are working on paying off our mortgage fast, and I think that will help motivate us. I can't wait to be mortgage free! We have a plan, and should be able to get there in 5 years or so, with extra effort.
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of investors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within the short term but to execute such a strategy, you must be a skilled practitioner or be working with one.
@@FarukStingl I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@DereksJosephs Who is the coach who guides you? I urgently require assistance; my stock portfolio is stagnating, and I need investment advice for retirement.
@@KarenDuncan-o5s My CFA ’’ MARGARET MOLLI ALVEY, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
A former colleague said he was afraid of running out of money at 85. I am fairly positive he is financially sound, so I told him that if that occurs, either the world went totally to hell, or he had a great time getting there.
If you have equity in your house, you can't run out of money, you have that as a last resort. If I should be so lucky to run out of money when I'm 90, I will accept that.
I’m 71, own my home, have pension, social security and a hefty brokerage account after saving and investing 20 % of my gross income since I was 25 years old…I have a $30,000 year international travel budget… health is good too!
Retiring next week at 48. Completely debt free. 1.5M in savings, and plan to be productive and earn some money in early retirement. My wife loves her work, so she will stay self employed.
Not quite sure I understand this comment because it doesn't sound like you're actually retiring if the wife's working and you're also still earning an income. Sounds like you're just changing careers. LOL
I’m 82 y/o now and I count my blessings every day. Without your health, you have nothing. If you’re rightly advised to plan early for your financial future then, you should rightly plan early for a healthy future. If you don’t do one of these, you might just as well not do either. I’ve seen relatively poor people financially AND poor health people who are just as happy as the wealthy/healthy ones. Happiness is not measured by the number of zeros in your bank balance. Your way of living your life should be commensurate with what you expect to get out of life. If those two things are opposite each other, you’ll most likely be an un-happy person blaming everyone else for what went wrong. In the final analysis, you must be happy with the choices you made and never ever compare yourself with anyone else.
Very well stated. I am retired and have done pretty well. Just living frugally we have amassed quite a bit of money. It took us some time, but we have learned to spend. We have a $50,000 annual travel budget, and we enjoy our cruises..
Good for you! I'm trying to figure out what I need to retire. We are saving because of confidence as he said. Should I expect a 3% or 6% ROI on my savings (401k, etc)?
$50k !! wow - we're were thinking $20k for our international travel budget. Based on your travel experiences are we shooting too low? I was thinking 4 main trips a year (just the 2 of us)
@@Mooneypilot101WOW there's actually someone like me out there. I have been saving 80 percent of my pay for the last ten years. I am debt free. I have 3 years and four months left but I'm thinking 16 months at age 65.
I applaud anyone who can delay taking SSA until 70, but if you have health issues it may behoove you to claim early. My dad had 3 heart attacks by the time he was 60. He stopped working at 62 to claim SSA and was dead at 72. He had no regrets of stopping early to enjoy life while he still could.
Parent a lived to 71, parent b to 73, and only sibling to 50 (cancer). I’m taking mine as soon as possible. 1) longevity is a long shot …. Lol 2) remember go go, slow go and no go. I’ll take it when I can spend it with a healthy body and mind.
If...IF someone retires at 62 and does not have enough put away to make it to 70 living on their savings or living on their savings supplemented with a part-time job...they don't have enough saved to retire..
I'm one of those boomers. Parents were born in the 1920s, lived through the depression with absolutely nothing. My upbringing was very modest. We lived in a trailer. I never had money so now I value what I do have and I don't squander money.
I just retired a month ago. My pension and Social Security equal $78K per year. I have zero debt and live in Arkansas (low cost of living). I think I’ll be ok.
Same here but my property taxes are $20k a year which is why I’m still working at age 70. Fortunately have a nice pension and haven’t needed SS until now when I have to take it.
Any of us who have had to clean out our deceased parent's homes and all the "stuff" that went straight to the dumpster KNOW we don't need more STUFF because we know where it will inevitably end up!!
I always wondered if it was just me that got rid of 99% of my parents stuff - into the dumpster. I just didn’t have a need or want for but a few things.
It’s so true, I just dealt with my mother’s stuff ( so much of it was donated or to the dumpster) very emotional though , I have a small apartment so could only keep a few key things unfortunately. Big lesson: use the fancy dinner plates and flatware everyday and put it in the dishwasher otherwise we know where it’ll end up
It’s a good reminder, too-almost nothing you buy retains significant value, and that which does generally takes a fair amount of effort to turn into money. Clothes, kitchenwares, and housewares are basically scrap the second they leave the store. You might spend weeks trying to sell a 5-year old TV or a 10-year old car for peanuts.
We had a weekend to clear out my parents apartment after they both passed, just me & my sis, the majority of the stuff got taken, we knocked on everyones door in the building and asked them if they would like to do a walk through and take stuff, couch, coffee table, kitchen table, all the rooms got cleared out within 2 days! Clothes we donated and only thing we took was the food in the cabinets, whatever the neighbors didn't want. Felt good that zero went in the landfill and got reused.
@@lindahughes9207 Great work! I’ve had to clean out SFHs so resorted to a professional estate sale. The end effect would have been the exact same as if I had opened the door and asked people to take what they want.
You ae describing me. This am, I paid off the one credit card as is done every morning - $7.46. The new house on the corner is listed for $4 million. My parents were raised in the depression. I wore hand me down clothes/shoes until I was in junior high. I went through the economic downturns raising a small child, being widowed and had to have the life style of living below my means. I don't need to spend big bucks to enjoy life. I have 13 fruit trees on a conventional city lot and fresh tomatoes for salad every day.
Here is the deal, when we Boomers reach our retirement years we almost always have everything we need, and we no longer need to buy stuff. What many of us will spend on is traveling.
Retired at 58. No debt. Easy formula. 1: Save 15% of your income. If you make $100k, pretend you only make $85k. 2: Make your own coffee and pack you lunch. Run the numbers. It is truly staggering
I think living below your means is totally key. My wife and i live like we make 2/3 of what we actually do and that cushion for unexpected expenses helps us sleep at night
@@apnira10 Life is too short to go through it on the cheap. The key is a balance between spending to enjoy life and saving a bit for the future. For many, a nice car is not a "splash."
It's too hard to earn to spend it down rapidly. It took us 50 years to build a 2 million dollar portfolio and it is a great relief to know you can have anything you want but have the discipline not to waste it on things that only cause you more grief when they require maintenance and up keep. We bought a new Tesla last year and it has been great, we prefer to leave what we don't spend to our kids. It's nice to know you don't have any more deadlines or are required to fight the traffic to get to work everyday. A steady income that grows every year is worth a lot more than collecting junk that no one wants when you die. Our parents collected a lot of things that I am sure meant a lot to them for semimetal reasons. However we had very little use for all of the cut glass, silverware, dinner china or antiques that they collected. We did keep some items but in the end it was only a small part of what they collected. We can travel and do what we want to do now and have money to repair anything that could go wrong with our 17 year old home. We sleep well at night knowing we are secure and happy with the time we have left.
I’m often chided for not spending my wealth. I just tell those folks that I do spend my wealth. I spend every single dollar every day. What do I buy with it? A good night’s sleep.
@@CarlWithACameraPrecisely how I feel!! I get to use each dollar twice - once for the good night’s sleep today, and then again someday far in the future to buy something I need or want. I feel no shame in double dipping like this, the ultimate 2-for-the-price-of-1 deal!
Agreed, though I don't have kids. We have a small house now and that acts as a limit to the amount of stuff I can accumulate. I kinda like it that way.
Both my parents grew up during the Depression, and I grew up with their frugal habits. Even though I am a multimillionaire with no debt, I still wash out and re-use plastic bags, and try to reuse aluminum foil🥴
Even though I am a deca billionaire , I replied to your comment. I agree to what you said. I even cut my toothpaste tube into half to get the last ounces.
I have no interest in spending more. Traveling greatly annoys me and I have a house full of stuff that feels suffocating. What I really want is a quiet space to enjoy in peace, which I've already built. Nothing is more satisfying to me than spending an entire day in my fruit tree orchard either relaxing or maintaining/improving that space. To heck with spending more.
After accumulating wealth for so many years you become conditioned to saving, investing and frugality, then decumulation is hard and it can even bring about sadness…
While I don't have a goal to leave a lot money to anyone, I'll happily do so before spending for its own sake. We know our values by now, so it's not a fear of spending but rather an immunity to romantic consumption.
Simple. Don't try to keep up with your neighbors with their fancy lifestyles and most importantly live bellow your means. In our society, we are unfortunately judged by the car we drive. At the end of the day most of those folks won't be able to retire and are saving nothing (I'm always blown away at how little my neighbors and friends are saving/investing.....if at all). I feel good knowing that I'll be able to close up show in my mid 50's, simply because I put together a plan in my 20's.
I agree with you 100%. Especially on the car thing. It blows my mind to see this idiotic behavior of trading in a car every few years to continue having this NEVER ENDING monthly payment just because you want to impress folks.
There was a saying i read from a men's fitness magazine , from an elderly bodybuilder "do what you can when you can as there may come a day when you can't". While he was talking about fitness and health , i think it applies to.your retirement too.
We didn't wait and retired at 53 and 51. The money still grows because we don't need anything, are debt free, and really only spend extra to travel....especially South during the Winter.
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
A good sign someone is NOT wealthy is they drive a flash car (financed), they wear designer labe clothes (credit card) and they eat out a lot or get home delivery food (credit card) and post lots of pictures on social media about how “happy” they are.
I don't have a lot. But what I do have is good health, a decent pension at $70k a year, no debt, medical insurance, about $200k saved, and a couple of properties mortgage free. I take in more than I spend, and yes I save too. I just keep flipping the $200k in short term CD's and use the interest earned for major purchases and maintenance on my properties. Works for me.
Our patents lived through the depression and we saw the effect on them. But we, in Ontario anyway, lived through 20% interest. So, we are leary of the future financial liabilities. We may have had cheaper home prices but the interest rates would have rotted your socks off! Plus, many homes were single earners, managing one's money was an important term.
If you make smart choices with the Medicare and your supplement, it limits the annual amount that you will spend on deductible and maximum out of pocket. IOW, don't sweat the health care costs. LTC is costly. However, I saw my mother not enjoy her money only to have it all go to the nursing home, then she went on Medicaid (welfare). The difference in care between self pay and Medicaid is minimal unless a person is a millionaire. Enjoy your money, and let your kids earn their own.
We are the saving/help generational wealth gen... Many of our conversations (my cluster) relate to learning about wealth management from credible resources. I have learned that elderly folks like: To be safe To be comfortable To be financially secure. Not much they need (they have it already). Ironically, they eat out less - waste money less as they have time to cook, and plan travel. Just my observations.
I'm not a Boomer (1966) but I am retired and I took a 20% pay raise in retirement. I maxed out my contribution to 401K and HSA and I was used to living on about half of my income after tax.
We meet all the indicators and we know we’re well off financially. We’re even growing our wealth in retirement, but we don’t have desire for material things. We love the peace of mind of knowing that we don’t have to worry about running out of money. If we leave most of our money to our children, that’s great too. The most important thing for us is financial security.
That's pretty much me. Grandfather was a banker, dad was a stock broker/ business owner. I was a lowly union guy😁, but I was able to bail when I was 49. I enjoy making $ more than spending it. I know I'm weird...
HA!!! Since I was 5 and my parents took me to the bank to open a passbook savings account. If I got a dollar for my birthday I would save half of it. A $5 bill from my grandparents at Christmas? Save half of it. (For the youngsters in the audience, $5 in 1956 had the purchasing power of $57.44 today.) And compound interest is one of the wonders of the world.
That's exactly it--switching from accumulation to spending is a difficult transition. It's especially true when financially comfortable due to many years of living below one's means. I've always enjoyed traveling, but I now do so at a higher level. Good info and makes sense. 👍 Haha, just continued watching, "yep, that's me". 😊
4 years ago my friend and I had 25k to put towards a replacement car. He went into BMW dealership intending to buy a nearly new but instead got a high spec brand new M3 on lease and paying £500/ month. I put off for two years because of COVID and continued to use my old 2009 Insignia until mechanical issues (head gasket gone) and water hoses perishing meant I needed to replace. I bought a top of the range 3yr old 10k miles Volvo S90 Inscription with a load of additional extras for 25k. Friend is on second BMW but has now spent all his deposit equity in the vehicle and will need to get either another deposit or a loan for his next car. Me I'm happy to run my car for as long as I can. No debts, no mortgage in receipt of a company pension. Working again after 3mth break and also paying 15% into Company pension which they contribute 30% will be going half time in 2025 and earning about what I was on pre retirement full time. Investing fully each year too maxing the ISA. Wife is currently working part time already 2 days a week. I'd say save early in life and make that saving a pain to access as you learn to live within your means and don't keep up with the Jone's as too many of them live on the never never and credit cards. Just one missed salary payment from ruin.
Yeah, that's us. Just starting to upgrade to the "Club Level" on certain cruises and fly Business Class if/when it's "only a little more" (NOT when it's 75% more). Tough to teach a moderate- spending dog new tricks.
Later Boomer here. I plan to wait until 70 to take social security. In 3 years my house will be paid off. I may work until early 70s (my family lives into late 80s and 90s -- my 91 year Aunt still drives and travels), I enjoy my work and am in good health. I'll make the decision when I hit 70s. With my house paid off and no debt, I an easily cover basic expenses with social security, so I would have more than enough saved at 70 to retire then. Freedom is when you can make choices!
My wife and I are retired baby boomers. Low interest rates you say? When we were looking for our first house in 1982, the mortgage rates were 18%. We waited until early ‘83 and our first mortgage rate was 12 3/4%. We built a ranch house when we retired and carry $140k mortgage; we can afford the monthly payment. We bring home more now than when we were working but not drawing down any investment principle. About $2.4MM in net worth. All good.
This is almost 100% exactly what Dave Ramsey says, Financial Peace, and the 7 baby steps! I already have that smile watching people drowned in their status crap! Live like nobody else, so someday, you can live like no one else!!!!!
We paid off two houses. The one we live in and the one my office is in. I had to retire due to fibromyalgia and I plan to ( and learn to ) spend my money that we accumulated over the last 40 years. Plan to collect social in two years. Getting 3900 a month. He is right in that when you learn to live below your means all these years you tend to live below your means in retirement.
It's really gratifying knowing that I can fully live off my modest projected social security amount easily. This gives me more freedom to start spending down my nest egg in early retirement.
Once frugal always frugal. I have always been frugal my whole life. I still enjoyed travelling in luxury (exotic places, first class flights etc). This allows me to build up retirement savings and I'm planning to retire in 2 months. The thing is I will never my frugal way to live my retirement life. I prioritize 'value for money' and I will always be that way.
Many boomers have multi generations that we are helping financially! Aged parents, children, and grand children! Now add the fear of future cuts and cost of living its hard to splurge!
We are the quiet, millionaires next door, settled exactly where we want to be and have finally realized we have plenty of money to spend now, while we are retired with no debt or heirs at 63. Just took a $30k vacation, four times more than we’ve ever spent before, and it didn’t hurt our bottom line at all. Enjoy today the results of your hard work and past frugal living! You never know when your situation may change.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
NICOLE ANASTASIA PLUMLEE' is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
We have lived like this throughout our marriage. Paid off all of my debt at age 49. Have given my three children the deposits for their houses but taught them how to live below their means. They are all doing well. I am still working at age 66 because I still have something to contribute to society. It’s not all about indulging ourselves now and going on cruises to get fat. We still have a vision for the future.
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
My money keeps growing and I have more than I ever dreamed of having. I traveled so much when I was younger that I am done with travel. My lifestyle doesn't cost much and I am still working on spending more money. The crazy thing is in 8-10 years it will double in size at the present rate of return. I went to the doctor and it cost $365 for 15 min. visit. That means they charge over $1200 an hour. If you are concerned about losing wealth fast poor health will do it.
Wife and I married in college 50 yrs ago. We started with zero, living paycheck to paycheck. Oftentimes, we had nothing left between paychecks after paying rent and bills. Once I got a job after graduation, we tried to save what we could and later funded our 401(k) the max each year. We did all our own home and vehicle repairs and used grocery coupons. We took very modest vacations with our kids perhaps every 3rd year. We never smoked, drank coffee or bought alcohol and rarely ate in restaurants. Wife did not work outside our home. We also made significant (for us) charitable and church donations each year. We retired with a 7 figure IRA, substantial savings, zero debt, 3 nice vehicles, 2 power boats and a large home. We are enjoying traveling and spending time with family and friends. We never expected to retire in such good financial shape. It can be done. It takes planning, discipline, buying what you need and not everything you want, shopping for deals, not trying to keep up with the neighbors and not throwing away your earnings at Starbucks, bars, restaurants and expensive vacations. Spend less than your net income.
Happiness is a well kept secret but, I think as people get older, they figure some things out on there own. People figure out that the key to being unhappy is focusing on what you don't have/aren't getting. You learn to live in the now and to ask yourself, what do I need to be happy in this moment. Sure I have "financial experts" telling me I'm doing it wrong, if I had your money, I wouldn't have it very long. Happiness is a choice but, it has nothing to do with money or what you buy with money. It's being able to say, there is nothing I need to be happy in this moment.
@@Eric-Marsh I found Buddhism in my teens, stayed with it long enough I trained myself to "find my center". I was in my 60s before I found the scientists that study happiness, Dr Robert Holden, Dr Laurie Santos (free Yale Happiness course) and there are others. Learning happiness is huge.
I find that the big question, spend on what? I am by nature a minimalist and have never wanted things or travel etc. I'm basically quite content. I can see the likelihood of dying rich (which I don't want) but how to avoid it? Even buying a nicer home isn't really spending the money, it's just locking it up in real estate as opposed to stocks etc., it's still not gone.
I support poor and suffering people in Uganda. There's nothing like knowing every dollar you give is easing the pain of real people who otherwise couldn't help themselves.
@@adm58 life is short..support others trying to create value (ie a start up business) that is something you are passionate about? Give to search and rescue or other local volunteer organizations? I think that's what I'd do if I were in your situation.. how cool and congrats to you!
When we downsized last year, we could have paid for the house without taking a mortgage, but that would have in essence tied up most of our wealth, just to leave it to our children. So we took out a $100,000 mortgage, and are now able to splurge on some of the small things.
Haha you described me. No debt, paid off house and my financial advisor keeps telling me I need to spend 40K more a year then I told him I will busdget for. I also have a full brokerage account outside my retirement funds. I feel great with my position.
I'm a baby boomer that was raised by depression era parents. Their lessons took root. Excluding home equity our household net worth has increased 50% since retiring. We are not big spenders as a result we save about 35% of our retirement income.
I retired years ago on 8k a year being frugal just about to draw my pension .it was the best decision of my life live while you can .if you wait in till retirement you may not have your health .no debt 8k per annum it can be done 😊
Retire and collect SSA early even if you dont need it, and invest it into something like Roth, at least it's money in your pocket while you're still around... both my parents were gone before their 67th bday...
Yupp, that's me/us . . . . All you said and all your recommendations with one caveat: Many of us have less than 100% surety that SS will pay out in the future as it has paid out in the past e.g. - "means testing" or higher taxation of Meanwhile, I am converting IRA => Roth IRA to the top of the 24% bracket.
I'm 52 and paid off my mortgage 5 years ago. I think it's easier for some people to be frugal. I usually cook at home. Dining out causes weight gain. I think dining out is where most people waste money. I drive a 2010 Altima. I love the car. I like Corvettes but it would probably be in the garage most of the time. I clean my own house. I would be embarrassed for a stranger to see my house dirty. I mow my owm lawn. My neighbor has a zero turn and cuts one side because it only takes a couple of minutes. I have a small vegetable and fruit garden. I worked part-time at the golf course when I was a stay at home Mom. I love the people but I wouldn't even golf when it was free for me. Trips would be nice but its hard to find someone to go with. People my age are either broke or sick. Hoping to change that.
I just stay at my local shopping centre for half the day nearly every day, that way l don't have to use up electricity etc at home. Plus, staying at home is boring! I just love my retirement years of hanging out there, watching movies on my phone while it's plugged into my power bank in the food court. The shopping centre is my 2nd home. My multi-million dollar mansion 😂
I just stay at my local shopping centre for half the day nearly every day, that way l don't have to use up my electricity etc at home. Plus, staying at home is boring! I just love my retirement years of hanging out there, watching movies on my phone while it's plugged into my power bank in the food court. The shopping centre is my 2nd home. My multi-million dollar mansion 😂
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Yes, my parents grew up in the Depression. I very much remember stagflation during the Carter presidency. I first entered the job market in the early 1980s, in the midst of a recession. I remember recessions in the early 1990s. I remember dot bomb and was laid off after 2001 (but found another job right away). I remember the real estate crash of 2008. We have no debt. Our house is paid off. We have significant savings both in retirement plans and outside our qualified accounts. We do spend money -- we have nice cars. But we rarely eat out. We don't do a lot of travel. We will be retiring in the next couple years.
I know exactly "where I stand." I have detailed records of every cent for over thirty years, pretty much ever since PCs were invented. You can too. Just start now.
Perfect topic. I'm 3 years in retirement @57, did a good job in the accumulation phase with net worth of $3M+. The problem is I haven't spent any of it despite knowing I have no concerns of running out of money. Some minimalist traits that helped me save are not easily cast aside. I sense I'll be dead and gone with plenty of money left behind, but that was never a goal.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider financial advisory
Watching my 90 year old in-laws struggle with dementia makes it hard to decide which approach is best. Saving for long term care is more important to me than having fun.
I'm afraid to retire, currently 60 with 800k in savings, mortgage free home, 18 monthe emergency fund and working 50 plus hours weekly. Soon to slow down to 40 long term then more slowdown to 30, I drive commercially so my job is extremely secure, hard to back away from a 35 year career. Blessed and thankful.
@Lookup2Wakeup My husband is much younger than me and we constantly argue about what constitutes a vacation - not only that, but his company of 25 years did mass layoffs. So what do we do? I don't want to wait til 70 because longevity isn't in my family.
I worked a career job, indoors, from age 24 to 62. By then I had enough to delay SSA retirement until I was 66. You will know when it's time to give them your notice.
I waited until about 49 to get serious about saving and have managed to save 1.2 million at age 66 still working but want to call it quits at 67 in 10 months. I have lived on less than what my SS will be for many years now in fact some years saved over 70% of my income. I have no children to leave anything too so I could just spend I guess but being frugal is so ingrained in me now it will be difficult! Deciding where I want to live on planet earth for retirement is my big problem now.
I have plenty of money but find it difficult to spend it. Thats where my wife comes in and she will spend it wisely and always looking for value. Im always looking at the crab legs that Costco has for 10.99l.b but I find it hard to pull the trigger. Im your typical millionaire next door.
Now a days I don't think too much when spending on food. It not going to make any diff in my life style and I am savings quite a bit by cooking at home than eating out.
Im 53 and want to retire as soon as everything financially indicates that it's time to do so. I will not work 1 day longer than that. I see colleagues (Nurses ) who are in their 70's STILL WORKING when they have more money than they know what to do with and just shake my head. Too many drop dead before they are able to enjoy any of the fruits of their many years labor or become disabled, not physically able to do anything but sit around their house all day . I decided a while ago that that will not be me.
My wife and I are exactly the type of young Baby Boomers that you have been talking about. We both just retired at age 62, have fully paid off primary home and rental property. And have substantial wealth invested in savings. Even with all of this, we still live very frugally, and are continuing to invest and make money. We have seen seen what one catastrophic illness can do, financially, to a family. We also believe the US is headed for a severe recession, so we want to have enough savings to be able to still live comfortably during those times.
Yep that’s me….retired @57 I don’t spend more because we already buy anything we want when we want it and do what we want to do and still save a big chunk every month. Fund my kids IRA’s so they will be set for retirement and will help them with a house down payment. We simply do not waste our money on frivolous stuff, never have, never will.
Single boomer female, and I hit every one of those numbers. But the longevity is the outlier for me. Who would have thought Id have to plan to my 90s...but my current excellent active and solo lifestyle and longevity genes are leading in that direction. Not everyone will be in the rocking chair in their 80s and 90s. So when I retire at 65, I am accounting for up to 30 years beyond. That's huge. If i live that long.😂
So true about living below means. In order to determine if i could retire early, I tried living on what I thought I could manage and invested the rest. Having seem my parents barely manage through the 18% mortgage, grand parents who lost everything in war, I am glad I learned to live frugally. I can make my own coffee and despite 6-figure salary, could never justify the cost of a pizza. Instead, i used some money to travel, jelp family.
Spending too much vs too little is a fine line. I don't want to spend money just to be spending money. And we have LTC risk, market risk, etc. so don't blame us too much for holding on to it a little too tightly. However, I'm trying to find that boundary, that fine line and make sure I'm doing what I want to do and not wasting the gift that God has given me (us). It is not a pick a spending rate and forget it. When you are trying to ride that line, how much you spend has to be watched and managed.
You just described me perfectly. I don't need or want anything. My home is 70% paid off at 2.4% mortgage (why would i pay that off?) It doubled in value in the last 5 years. I averaged 9% returns while maxing savings with company match 401K for 40 years. I am up 17% this year in my investments. I am flush. I still work and make a high end executive salary-- because I like working. It is where my friends are. No idea what else I would do with myself. Now I don't want anything lol. And the last thing I want to do is travel. I have been traveling for business since 1988. I wear jeans, go to Costco, buy in bulk, and have two brand new paid off vehicles. My social security and medicare are just sitting there and I am 67, so 100% eligible. I have two small retrirement pensions I collect as well for walking around money. Not complaining, I am very lucky, but here i sit, commenting on your video. Maybe I should buy a smart TV, but I don't think I could work it. Can't play golf, my elbow is bad. Ride my bike, workout at home (not even a gym membership), and my credit cards are zero. I still mow my own lawn and do most of the work around here myself. But I did get my wife a housekeeper, probably our only luxury. My kids are both exceptional professional people, doing great in their careers. If I die, they don't need my money. Just for fun, I bought 4 bitcoin at $2500 each. It is now $60,000 each. So--what would you do?
So after taxes and medical covered (I'm fully medically covered by VA, my wife by Tricare). Our first year of retirement at age 62 (for me), we will take home just over 100k. I won't take Social Security till sometime between 65 and 67 years old. 100k is roughly 80% of what we take home now and we will still be able add to our savings. I feel this will be a decent amount for us, and not having to pull from our savings or her TSP (401k) will be nice too.
Thanks, Kevin. I needed to hear this. Im in the same position, plus a few things more. I'm not frugal or stingy but at 60yo I have everything I need. Could buy another fancier car but it doesn't interest me. I could have a newer kitchen but happy with my fully functioning 70s kitchen. I love travelling and that's where the money will go 😂😂😂😂😂😂 thank you again ❤❤
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk.
Financial planning and retirement strategies are crucial, especially in today's economic climate. With global economic fluctuations and uncertainties, it's essential to have a solid plan in place to protect your financial future.
Agreed, I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
My CFA, Joseph Nick Cahill is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,
Excellent share, curiously inputted Joseph Nick Cahill on the internet, spotted his consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal
I'm 59 and turning 60 soon. I got laid off with a bunch of other people at my firm. I was a little down (for about a day) because I was one of those people who did the right thing over the last 30 years. I'm now retired and love it. I say that because over those 30 years I was a personal finance junkie and listened to all my mentors (John Bogle, Warren Buffett, David Bach, sometimes Dave Ramsey) "use your job to finance your retirement goal"
Having a great savings and more streams to earn makes life goal’s easier but our way of life needs better alternative, at the same time, people also need to be more responsible. I know for a fact that there's a lot of people that simply don't make enough, I make roughly hundred plus a year and in California, rent inflation alone eat up almost all of what I make, with dependents and other obligations included, it's easy to end up with zero. however it’s a good time to add to existing asset holdings as follow -on opportunities how did you go about touching base with yours, kudos on your growth so far
you only have to put in the simplest terms to help you understanding tax, mortgage, emergency funds for cashflow interest. If you're looking for nest egg options or if you have any questions about financing your next property or assets building.
Then feel free to write Deron Cirillo his incredible earning interest will support you in making your home buying and benefits journey as smooth and stress-free as possible.
Good luck staying debt free as much as possible in the future.
I like the reward tip My wife and I are working on paying off our mortgage fast, and I think that will help motivate us. I can't wait to be mortgage free! We have a plan, and should be able to get there in 5 years or so, with extra effort.
As a soon retiree, keeping my 401k on course is my top priority. I have been reading of investors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within the short term but to execute such a strategy, you must be a skilled practitioner or be working with one.
@@FarukStingl I agree with you. As an early investor in NVDA, AVGO, ANSS, and LRCX, my financial advisor's advice was incredibly helpful. Over the past seven years, she has helped me find stocks that have performed 10x multiple times. With her help, I've grown my portfolio to over a million dollars.
@@DereksJosephs Who is the coach who guides you? I urgently require assistance; my stock portfolio is stagnating, and I need investment advice for retirement.
@@KarenDuncan-o5s My CFA ’’ MARGARET MOLLI ALVEY, is a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@DereksJosephs Thank you for the lead. I searched for her, and I have sent her an email. I hope she gets back to me soon.
The problem is the fear of running out of money is greater than the fear of not using it to its fullest potential.
Often a solid financial plan with a strong contingency plan will help with that.
A former colleague said he was afraid of running out of money at 85. I am fairly positive he is financially sound, so I told him that if that occurs, either the world went totally to hell, or he had a great time getting there.
If you have equity in your house, you can't run out of money, you have that as a last resort. If I should be so lucky to run out of money when I'm 90, I will accept that.
perfect post....
@@tudvalstone But what if you live past 90? I guess Medicaid will be around, but your inheritance will not.
I’m 71, own my home, have pension, social security and a hefty brokerage account after saving and investing 20 % of my gross income since I was 25 years old…I have a $30,000 year international travel budget… health is good too!
Retiring next week at 48. Completely debt free. 1.5M in savings, and plan to be productive and earn some money in early retirement. My wife loves her work, so she will stay self employed.
Enjoy your retirement! I hope Cede and Company 😮does not own your assets and you only have claims against them.
@@Etron49😂😂
Not quite sure I understand this comment because it doesn't sound like you're actually retiring if the wife's working and you're also still earning an income. Sounds like you're just changing careers. LOL
Congratulations
Then you actually won’t be retiring. If earning money doing something else you are just changing jobs. But, good luck anyway!
I’m 82 y/o now and I count my blessings every day. Without your health, you have nothing. If you’re rightly advised to plan early for your financial future then, you should rightly plan early for a healthy future. If you don’t do one of these, you might just as well not do either. I’ve seen relatively poor people financially AND poor health people who are just as happy as the wealthy/healthy ones. Happiness is not measured by the number of zeros in your bank balance. Your way of living your life should be commensurate with what you expect to get out of life. If those two things are opposite each other, you’ll most likely be an un-happy person blaming everyone else for what went wrong. In the final analysis, you must be happy with the choices you made and never ever compare yourself with anyone else.
Very well stated. I am retired and have done pretty well. Just living frugally we have amassed quite a bit of money. It took us some time, but we have learned to spend.
We have a $50,000 annual travel budget, and we enjoy our cruises..
Good for you! I'm trying to figure out what I need to retire. We are saving because of confidence as he said. Should I expect a 3% or 6% ROI on my savings (401k, etc)?
@@globalfamily81724.5%?
$50k !! wow - we're were thinking $20k for our international travel budget. Based on your travel experiences are we shooting too low? I was thinking 4 main trips a year (just the 2 of us)
Only spend what is left after saving. I spend less than 25% of my income. 3/4 goes into savings and investments
@@Mooneypilot101WOW there's actually someone like me out there. I have been saving 80 percent of my pay for the last ten years. I am debt free. I have 3 years and four months left but I'm thinking 16 months at age 65.
I applaud anyone who can delay taking SSA until 70, but if you have health issues it may behoove you to claim early. My dad had 3 heart attacks by the time he was 60. He stopped working at 62 to claim SSA and was dead at 72. He had no regrets of stopping early to enjoy life while he still could.
It depends on the situation. My case, wife doesn't work. So if I claim early and die, she gets very little. If I delay to 70, she will get the max.
Parent a lived to 71, parent b to 73, and only sibling to 50 (cancer). I’m taking mine as soon as possible. 1) longevity is a long shot …. Lol 2) remember go go, slow go and no go. I’ll take it when I can spend it with a healthy body and mind.
Next day is not guaranteed for anyone! Claiming as soon as I can!
If...IF someone retires at 62 and does not have enough put away to make it to 70 living on their savings or living on their savings supplemented with a part-time job...they don't have enough saved to retire..
@@bobby350zif you claim early and then die, your wife will get 100% of what you were collecting.
He's right. Time is the one rsource you can never get back, it doesn't matter how much money you have.
Then use your time wisely throughout your life not just in old age!
I'm one of those boomers. Parents were born in the 1920s, lived through the depression with absolutely nothing. My upbringing was very modest. We lived in a trailer. I never had money so now I value what I do have and I don't squander money.
I just retired a month ago. My pension and Social Security equal $78K per year. I have zero debt and live in Arkansas (low cost of living). I think I’ll be ok.
Same here but my property taxes are $20k a year which is why I’m still working at age 70. Fortunately have a nice pension and haven’t needed SS until now when I have to take it.
I live in Arkansas too! It's a great place to be! My sister recently said that I am stealth wealthy.🎉
Congrats..
Pension? What's that? 😉
Yep
Any of us who have had to clean out our deceased parent's homes and all the "stuff" that went straight to the dumpster KNOW we don't need more STUFF because we know where it will inevitably end up!!
I always wondered if it was just me that got rid of 99% of my parents stuff - into the dumpster. I just didn’t have a need or want for but a few things.
It’s so true, I just dealt with my mother’s stuff ( so much of it was donated or to the dumpster) very emotional though , I have a small apartment so could only keep a few key things unfortunately. Big lesson: use the fancy dinner plates and flatware everyday and put it in the dishwasher otherwise we know where it’ll end up
It’s a good reminder, too-almost nothing you buy retains significant value, and that which does generally takes a fair amount of effort to turn into money. Clothes, kitchenwares, and housewares are basically scrap the second they leave the store. You might spend weeks trying to sell a 5-year old TV or a 10-year old car for peanuts.
We had a weekend to clear out my parents apartment after they both passed, just me & my sis, the majority of the stuff got taken, we knocked on everyones door in the building and asked them if they would like to do a walk through and take stuff, couch, coffee table, kitchen table, all the rooms got cleared out within 2 days! Clothes we donated and only thing we took was the food in the cabinets, whatever the neighbors didn't want. Felt good that zero went in the landfill and got reused.
@@lindahughes9207 Great work! I’ve had to clean out SFHs so resorted to a professional estate sale. The end effect would have been the exact same as if I had opened the door and asked people to take what they want.
My best "asset" is a low maintenance and frugal wife!
In a restaurant:
Yes, I’ll have the champagne.
She’ll have a water please. Tap.
😂
That’s awesome-you’re a smart man to have a wise wife! Be nice to her and treat her like the treasure she is!
Hope you're frugal too.
You ae describing me. This am, I paid off the one credit card as is done every morning - $7.46. The new house on the corner is listed for $4 million. My parents were raised in the depression. I wore hand me down clothes/shoes until I was in junior high. I went through the economic downturns raising a small child, being widowed and had to have the life style of living below my means.
I don't need to spend big bucks to enjoy life. I have 13 fruit trees on a conventional city lot and fresh tomatoes for salad every day.
Can I come over for lunch? I love fresh tomatoes! 🍅 Thanks for sharing!
Must be California with a $4 million house. Thats why people hate boomers.
@@bills1995vette People hate boomers because they worked hard, saved much of what they earned, and invested wisely.
Here is the deal, when we Boomers reach our retirement years we almost always have everything we need, and we no longer need to buy stuff. What many of us will spend on is traveling.
and in the USA overpriced medical expenses.
@@COOLARULgo to Canada or the UK and sit in an emergency room
@@zuhalterei4090my 8yr old niece tripped on a step & broke her nose while we were traveling in Germany. Cost was 40 euros, even saw a plastic surgeon
@@zuhalterei4090 If you are a member of the working poor. the UK and Canadian system is better than the USA
@@zuhalterei4090 absolutely -- much, much better than here in the US. The NHS, badly underfunded though it is, is an absolute godsend.
Retired at 58. No debt. Easy formula. 1: Save 15% of your income. If you make $100k, pretend you only make $85k. 2: Make your own coffee and pack you lunch. Run the numbers. It is truly staggering
I think living below your means is totally key. My wife and i live like we make 2/3 of what we actually do and that cushion for unexpected expenses helps us sleep at night
Retired at 55 no debt. Saved 10% or more pa throughout my career. Invested plenty. Didn’t splash on cars or nonsense. Life is good.
@@apnira10 Life is too short to go through it on the cheap. The key is a balance between spending to enjoy life and saving a bit for the future.
For many, a nice car is not a "splash."
@WangOChonUs too, lived on one salary last eight years. Truly life changing for the better now.
@@jerrylundegaard2592 "For many, a nice car is not a "splash." Indeed. "Many" are broke because of confusing want with need.
It's too hard to earn to spend it down rapidly. It took us 50 years to build a 2 million dollar portfolio and it is a great relief to know you can have anything you want but have the discipline not to waste it on things that only cause you more grief when they require maintenance and up keep. We bought a new Tesla last year and it has been great, we prefer to leave what we don't spend to our kids. It's nice to know you don't have any more deadlines or are required to fight the traffic to get to work everyday. A steady income that grows every year is worth a lot more than collecting junk that no one wants when you die. Our parents collected a lot of things that I am sure meant a lot to them for semimetal reasons. However we had very little use for all of the cut glass, silverware, dinner china or antiques that they collected. We did keep some items but in the end it was only a small part of what they collected. We can travel and do what we want to do now and have money to repair anything that could go wrong with our 17 year old home. We sleep well at night knowing we are secure and happy with the time we have left.
I’m often chided for not spending my wealth. I just tell those folks that I do spend my wealth. I spend every single dollar every day. What do I buy with it? A good night’s sleep.
Some might also say that you're throwing away a lot of money!
But you earned it!
Stay healthy!
@@CarlWithACameraPrecisely how I feel!! I get to use each dollar twice - once for the good night’s sleep today, and then again someday far in the future to buy something I need or want. I feel no shame in double dipping like this, the ultimate 2-for-the-price-of-1 deal!
Agreed, though I don't have kids. We have a small house now and that acts as a limit to the amount of stuff I can accumulate. I kinda like it that way.
Both my parents grew up during the Depression, and I grew up with their frugal habits. Even though I am a multimillionaire with no debt, I still wash out and re-use plastic bags, and try to reuse aluminum foil🥴
Even though I am a deca billionaire , I replied to your comment. I agree to what you said. I even cut my toothpaste tube into half to get the last ounces.
Same situation with my parents. I learned to live within my means and enjoy life with this strategy.
Same here,but not rich😀
Same
My dad
I have no interest in spending more. Traveling greatly annoys me and I have a house full of stuff that feels suffocating. What I really want is a quiet space to enjoy in peace, which I've already built. Nothing is more satisfying to me than spending an entire day in my fruit tree orchard either relaxing or maintaining/improving that space. To heck with spending more.
After accumulating wealth for so many years you become conditioned to saving, investing and frugality, then decumulation is hard and it can even bring about sadness…
the greatest sense every day is knowing that you got it covered, that feeling is better than any car, boat, or plane those feelings are short-lived.
While I don't have a goal to leave a lot money to anyone, I'll happily do so before spending for its own sake. We know our values by now, so it's not a fear of spending but rather an immunity to romantic consumption.
Simple. Don't try to keep up with your neighbors with their fancy lifestyles and most importantly live bellow your means. In our society, we are unfortunately judged by the car we drive. At the end of the day most of those folks won't be able to retire and are saving nothing (I'm always blown away at how little my neighbors and friends are saving/investing.....if at all). I feel good knowing that I'll be able to close up show in my mid 50's, simply because I put together a plan in my 20's.
I agree with you 100%. Especially on the car thing. It blows my mind to see this idiotic behavior of trading in a car every few years to continue having this NEVER ENDING monthly payment just because you want to impress folks.
@WangOChon You're wise.
@@IamGroot786😮
The cost of a medical crisis and or long term care is the number one reason for our age groups bankruptcies.
Because boomers are bad at caring for your health.
There was a saying i read from a men's fitness magazine , from an elderly bodybuilder "do what you can when you can as there may come a day when you can't". While he was talking about fitness and health , i think it applies to.your retirement too.
We didn't wait and retired at 53 and 51. The money still grows because we don't need anything, are debt free, and really only spend extra to travel....especially South during the Winter.
How much did you retire with
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
That's awesome!!! I know nothing about investment and I'm keen on getting started.
What are your strategies?
You're not a boomer
A good sign someone is NOT wealthy is they drive a flash car (financed), they wear designer labe clothes (credit card) and they eat out a lot or get home delivery food (credit card) and post lots of pictures on social media about how “happy” they are.
I do all of those 😅 and i retired at 53. Oh, apart from the social media 😮
Template for the $ drain hole for sure
I don't have a lot. But what I do have is good health, a decent pension at $70k a year, no debt, medical insurance, about $200k saved, and a couple of properties mortgage free. I take in more than I spend, and yes I save too. I just keep flipping the $200k in short term CD's and use the interest earned for major purchases and maintenance on my properties. Works for me.
One missed detail: Concern about unexpected health costs or long term care needs.
Our patents lived through the depression and we saw the effect on them. But we, in Ontario anyway, lived through 20% interest. So, we are leary of the future financial liabilities. We may have had cheaper home prices but the interest rates would have rotted your socks off! Plus, many homes were single earners, managing one's money was an important term.
Parents not patents!
If you make smart choices with the Medicare and your supplement, it limits the annual amount that you will spend on deductible and maximum out of pocket. IOW, don't sweat the health care costs. LTC is costly. However, I saw my mother not enjoy her money only to have it all go to the nursing home, then she went on Medicaid (welfare). The difference in care between self pay and Medicaid is minimal unless a person is a millionaire. Enjoy your money, and let your kids earn their own.
Long term health care at age 60
We are the saving/help generational wealth gen...
Many of our conversations (my cluster) relate to learning about wealth management from credible resources.
I have learned that elderly folks like:
To be safe
To be comfortable
To be financially secure.
Not much they need (they have it already).
Ironically, they eat out less - waste money less as they have time to cook, and plan travel.
Just my observations.
Really excellent advice. "Have a purpose for your Money cause you can't take it with you. "
I'm not a Boomer (1966) but I am retired and I took a 20% pay raise in retirement. I maxed out my contribution to 401K and HSA and I was used to living on about half of my income after tax.
Another sign you're doing pretty well is you watch Kevin Lum's videos. I doubt many spenders do.
We meet all the indicators and we know we’re well off financially. We’re even growing our wealth in retirement, but we don’t have desire for material things. We love the peace of mind of knowing that we don’t have to worry about running out of money. If we leave most of our money to our children, that’s great too. The most important thing for us is financial security.
That's pretty much me. Grandfather was a banker, dad was a stock broker/ business owner. I was a lowly union guy😁, but I was able to bail when I was 49. I enjoy making $ more than spending it. I know I'm weird...
Not weird at all. 😊
Sounds like you did well. Congrats!
Baby Boomers have been SAVING since we cut grass and had lemonade stands to raise money, when we were young kids!!
No, you boomers have used your political leverage to run up asset prices.
Amen! And selling crocheted ugly nylon potholders to rich neighbors!! At age 11!
Wow, you were so lucky. Lawnmowers, lemons and a nice neighbourhood
@@SimoniousB Everyone has a reason for not succeeding.
HA!!! Since I was 5 and my parents took me to the bank to open a passbook savings account. If I got a dollar for my birthday I would save half of it. A $5 bill from my grandparents at Christmas? Save half of it. (For the youngsters in the audience, $5 in 1956 had the purchasing power of $57.44 today.)
And compound interest is one of the wonders of the world.
My wife and I drove used cars while our friends upgraded their automobiles every 3-4 years.
Now, we're both retired, 😊and they're still working.
Perhaps they enjoy working. I found when I reached the point where I did not have to work, work actually became enjoyable.
That's exactly it--switching from accumulation to spending is a difficult transition. It's especially true when financially comfortable due to many years of living below one's means. I've always enjoyed traveling, but I now do so at a higher level. Good info and makes sense. 👍 Haha, just continued watching, "yep, that's me". 😊
Thanks!
@foundryfinancial I've watched a lot of videos about retirement financial strategies, but this one is spot on!! Thanks for pointing this out.
4 years ago my friend and I had 25k to put towards a replacement car. He went into BMW dealership intending to buy a nearly new but instead got a high spec brand new M3 on lease and paying £500/ month. I put off for two years because of COVID and continued to use my old 2009 Insignia until mechanical issues (head gasket gone) and water hoses perishing meant I needed to replace. I bought a top of the range 3yr old 10k miles Volvo S90 Inscription with a load of additional extras for 25k. Friend is on second BMW but has now spent all his deposit equity in the vehicle and will need to get either another deposit or a loan for his next car. Me I'm happy to run my car for as long as I can. No debts, no mortgage in receipt of a company pension. Working again after 3mth break and also paying 15% into Company pension which they contribute 30% will be going half time in 2025 and earning about what I was on pre retirement full time. Investing fully each year too maxing the ISA. Wife is currently working part time already 2 days a week. I'd say save early in life and make that saving a pain to access as you learn to live within your means and don't keep up with the Jone's as too many of them live on the never never and credit cards. Just one missed salary payment from ruin.
Yeah, that's us.
Just starting to upgrade to the "Club Level" on certain cruises and fly Business Class if/when it's "only a little more" (NOT when it's 75% more).
Tough to teach a moderate- spending dog new tricks.
Later Boomer here. I plan to wait until 70 to take social security. In 3 years my house will be paid off. I may work until early 70s (my family lives into late 80s and 90s -- my 91 year Aunt still drives and travels), I enjoy my work and am in good health. I'll make the decision when I hit 70s. With my house paid off and no debt, I an easily cover basic expenses with social security, so I would have more than enough saved at 70 to retire then. Freedom is when you can make choices!
nothing in life is guaranteed.. spend now… do what you want to do now.
My wife and I are retired baby boomers. Low interest rates you say? When we were looking for our first house in 1982, the mortgage rates were 18%. We waited until early ‘83 and our first mortgage rate was 12 3/4%. We built a ranch house when we retired and carry $140k mortgage; we can afford the monthly payment. We bring home more now than when we were working but not drawing down any investment principle. About $2.4MM in net worth. All good.
I'm an Xer (albeit on the older side of GenX!), but this totally describes me! Every one of those markers.
This is almost 100% exactly what Dave Ramsey says, Financial Peace, and the 7 baby steps! I already have that smile watching people drowned in their status crap! Live like nobody else, so someday, you can live like no one else!!!!!
We paid off two houses. The one we live in and the one my office is in.
I had to retire due to fibromyalgia and I plan to ( and learn to ) spend my money that we accumulated over the last 40 years. Plan to collect social in two years. Getting 3900 a month. He is right in that when you learn to live below your means all these years you tend to live below your means in retirement.
It's really gratifying knowing that I can fully live off my modest projected social security amount easily. This gives me more freedom to start spending down my nest egg in early retirement.
Once frugal always frugal. I have always been frugal my whole life. I still enjoyed travelling in luxury (exotic places, first class flights etc). This allows me to build up retirement savings and I'm planning to retire in 2 months. The thing is I will never my frugal way to live my retirement life. I prioritize 'value for money' and I will always be that way.
Many boomers have multi generations that we are helping financially! Aged parents, children, and grand children! Now add the fear of future cuts and cost of living its hard to splurge!
We are the quiet, millionaires next door, settled exactly where we want to be and have finally realized we have plenty of money to spend now, while we are retired with no debt or heirs at 63. Just took a $30k vacation, four times more than we’ve ever spent before, and it didn’t hurt our bottom line at all. Enjoy today the results of your hard work and past frugal living! You never know when your situation may change.
I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
NICOLE ANASTASIA PLUMLEE' is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
We have lived like this throughout our marriage. Paid off all of my debt at age 49. Have given my three children the deposits for their houses but taught them how to live below their means. They are all doing well. I am still working at age 66 because I still have something to contribute to society. It’s not all about indulging ourselves now and going on cruises to get fat. We still have a vision for the future.
I have a bumper sticker on my vehicle's rear window that reads:
"I spending my kids' inheritance"
I am 27 and i just started my ROTH IRA and deposited the max for 2024! I feel stupid for how long it took to get my life straight. The problem here is, what is the best way to invest the money to grow for retirement?
Research, research ,research. Dint listen to what your friends do.
@@valbushon8392one thing Dave Ramsey said, ( before he went all a**hole MAGA) was to not take advice from broke friends or broke advisors.
Keep putting into the roth ira and max it every year.
Diversify. Spread your savings into several different Roth funds. Consistency is key.
@@margaretr6847 I have one ROTH fund, but that fund is diversified over several ETFs.
My money keeps growing and I have more than I ever dreamed of having. I traveled so much when I was younger that I am done with travel. My lifestyle doesn't cost much and I am still working on spending more money. The crazy thing is in 8-10 years it will double in size at the present rate of return.
I went to the doctor and it cost $365 for 15 min. visit. That means they charge over $1200 an hour. If you are concerned about losing wealth fast poor health will do it.
Wife and I married in college 50 yrs ago. We started with zero, living paycheck to paycheck. Oftentimes, we had nothing left between paychecks after paying rent and bills. Once I got a job after graduation, we tried to save what we could and later funded our 401(k) the max each year. We did all our own home and vehicle repairs and used grocery coupons. We took very modest vacations with our kids perhaps every 3rd year. We never smoked, drank coffee or bought alcohol and rarely ate in restaurants. Wife did not work outside our home. We also made significant (for us) charitable and church donations each year. We retired with a 7 figure IRA, substantial savings, zero debt, 3 nice vehicles, 2 power boats and a large home. We are enjoying traveling and spending time with family and friends. We never expected to retire in such good financial shape.
It can be done. It takes planning, discipline, buying what you need and not everything you want, shopping for deals, not trying to keep up with the neighbors and not throwing away your earnings at Starbucks, bars, restaurants and expensive vacations. Spend less than your net income.
Happiness is a well kept secret but, I think as people get older, they figure some things out on there own. People figure out that the key to being unhappy is focusing on what you don't have/aren't getting. You learn to live in the now and to ask yourself, what do I need to be happy in this moment. Sure I have "financial experts" telling me I'm doing it wrong, if I had your money, I wouldn't have it very long. Happiness is a choice but, it has nothing to do with money or what you buy with money. It's being able to say, there is nothing I need to be happy in this moment.
Hindu/Buddhist way!! I am happy for you
That sounds kinda like Buddhist philosophy. :)
@@Eric-Marsh I found Buddhism in my teens, stayed with it long enough I trained myself to "find my center". I was in my 60s before I found the scientists that study happiness, Dr Robert Holden, Dr Laurie Santos (free Yale Happiness course) and there are others. Learning happiness is huge.
I find that the big question, spend on what? I am by nature a minimalist and have never wanted things or travel etc. I'm basically quite content. I can see the likelihood of dying rich (which I don't want) but how to avoid it? Even buying a nicer home isn't really spending the money, it's just locking it up in real estate as opposed to stocks etc., it's still not gone.
Excellent!
Kids? Spouse? Pets? Random acts of kindness? What a gift to find a cause and be a philanthropist..
@@redonionsyummy no kids, no spouse, no pets, but, yes, gifting would be a good use.
I support poor and suffering people in Uganda. There's nothing like knowing every dollar you give is easing the pain of real people who otherwise couldn't help themselves.
@@adm58 life is short..support others trying to create value (ie a start up business) that is something you are passionate about? Give to search and rescue or other local volunteer organizations? I think that's what I'd do if I were in your situation.. how cool and congrats to you!
When we downsized last year, we could have paid for the house without taking a mortgage, but that would have in essence tied up most of our wealth, just to leave it to our children. So we took out a $100,000 mortgage, and are now able to splurge on some of the small things.
Haha you described me. No debt, paid off house and my financial advisor keeps telling me I need to spend 40K more a year then I told him I will busdget for.
I also have a full brokerage account outside my retirement funds.
I feel great with my position.
I'm a baby boomer that was raised by depression era parents. Their lessons took root. Excluding home equity our household net worth has increased 50% since retiring. We are not big spenders as a result we save about 35% of our retirement income.
"You should get busy spending your money..." - that's fun to hear.
Thanks for sharing these insightful indicators, Kevin!
I retired last year at 51. All of the things on this list are accurate.
That’s me. Retired for almost a decade and continue to increase my savings.
I retired years ago on 8k a year being frugal just about to draw my pension .it was the best decision of my life live while you can .if you wait in till retirement you may not have your health .no debt 8k per annum it can be done 😊
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
Retire and collect SSA early even if you dont need it, and invest it into something like Roth, at least it's money in your pocket while you're still around... both my parents were gone before their 67th bday...
Yupp, that's me/us . . . .
All you said and all your recommendations with one caveat:
Many of us have less than 100% surety that SS will pay out in the future as it has paid out in the past
e.g. - "means testing" or higher taxation of
Meanwhile, I am converting IRA => Roth IRA to the top of the 24% bracket.
I'm 52 and paid off my mortgage 5 years ago. I think it's easier for some people to be frugal. I usually cook at home. Dining out causes weight gain. I think dining out is where most people waste money. I drive a 2010 Altima. I love the car. I like Corvettes but it would probably be in the garage most of the time. I clean my own house. I would be embarrassed for a stranger to see my house dirty. I mow my owm lawn. My neighbor has a zero turn and cuts one side because it only takes a couple of minutes. I have a small vegetable and fruit garden. I worked part-time at the golf course when I was a stay at home Mom. I love the people but I wouldn't even golf when it was free for me. Trips would be nice but its hard to find someone to go with. People my age are either broke or sick. Hoping to change that.
I just stay at my local shopping centre for half the day nearly every day, that way l don't have to use up electricity etc at home. Plus, staying at home is boring! I just love my retirement years of hanging out there, watching movies on my phone while it's plugged into my power bank in the food court. The shopping centre is my 2nd home. My multi-million dollar mansion 😂
@@carerforever2118 Great idea!
Amazing channel. I’m so glad I found it. It’s the first channel that talks about enjoying life. Thank you. ❤
The possibility of Social Security having problems in 10 years is a major reason to not squander a/o spend less now.
I just stay at my local shopping centre for half the day nearly every day, that way l don't have to use up my electricity etc at home. Plus, staying at home is boring! I just love my retirement years of hanging out there, watching movies on my phone while it's plugged into my power bank in the food court. The shopping centre is my 2nd home. My multi-million dollar mansion 😂
at 58 with millions in net worth but still love to work and still live way below my mean because i want to gift all my kids with a debt free life.
Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
Yes, my parents grew up in the Depression. I very much remember stagflation during the Carter presidency. I first entered the job market in the early 1980s, in the midst of a recession. I remember recessions in the early 1990s. I remember dot bomb and was laid off after 2001 (but found another job right away). I remember the real estate crash of 2008.
We have no debt. Our house is paid off. We have significant savings both in retirement plans and outside our qualified accounts. We do spend money -- we have nice cars. But we rarely eat out. We don't do a lot of travel. We will be retiring in the next couple years.
I know exactly "where I stand." I have detailed records of every cent for over thirty years, pretty much ever since PCs were invented. You can too. Just start now.
Love your encouragement. Thank you. I will start today. ❤
Personally, I do not care how many cents I spent in 1994.
Perfect topic. I'm 3 years in retirement @57, did a good job in the accumulation phase with net worth of $3M+. The problem is I haven't spent any of it despite knowing I have no concerns of running out of money. Some minimalist traits that helped me save are not easily cast aside. I sense I'll be dead and gone with plenty of money left behind, but that was never a goal.
money advice is subjective, what works for you may not work for me. I would suggest getting rid of any unnecessary purchases, especially things that cost you monthly, or better still consider financial advisory
Watching my 90 year old in-laws struggle with dementia makes it hard to decide which approach is best. Saving for long term care is more important to me than having fun.
I'm afraid to retire, currently 60 with 800k in savings, mortgage free home, 18 monthe emergency fund and working 50 plus hours weekly.
Soon to slow down to 40 long term then more slowdown to 30, I drive commercially so my job is extremely secure, hard to back away from a 35 year career.
Blessed and thankful.
@Lookup2Wakeup My husband is much younger than me and we constantly argue about what constitutes a vacation - not only that, but his company of 25 years did mass layoffs. So what do we do? I don't want to wait til 70 because longevity isn't in my family.
I worked a career job, indoors, from age 24 to 62. By then I had enough to delay SSA retirement until I was 66. You will know when it's time to give them your notice.
You have nothing to fear, start putting your ducks in a row.
You cannot buy time.
I waited until about 49 to get serious about saving and have managed to save 1.2 million at age 66 still working but want to call it quits at 67 in 10 months. I have lived on less than what my SS will be for many years now in fact some years saved over 70% of my income. I have no children to leave anything too so I could just spend I guess but being frugal is so ingrained in me now it will be difficult! Deciding where I want to live on planet earth for retirement is my big problem now.
This describes both my parents (and my wife's parents) exactly. We've mostly inherited these tendencies.
I have plenty of money but find it difficult to spend it. Thats where my wife comes in and she will spend it wisely and always looking for value. Im always looking at the crab legs that Costco has for 10.99l.b but I find it hard to pull the trigger. Im your typical millionaire next door.
HA !!! I remarried 6 yeara after I retired and now her son has two boys, 5 and 8. Grandma plus grandsons = SHOPPING.
Now a days I don't think too much when spending on food. It not going to make any diff in my life style and I am savings quite a bit by cooking at home than eating out.
Nope
Im 53 and want to retire as soon as everything financially indicates that it's time to do so. I will not work 1 day longer than that. I see colleagues (Nurses ) who are in their 70's STILL WORKING when they have more money than they know what to do with and just shake my head. Too many drop dead before they are able to enjoy any of the fruits of their many years labor or become disabled, not physically able to do anything but sit around their house all day . I decided a while ago that that will not be me.
My wife and I are exactly the type of young Baby Boomers that you have been talking about. We both just retired at age 62, have fully paid off primary home and rental property. And have substantial wealth invested in savings. Even with all of this, we still live very frugally, and are continuing to invest and make money. We have seen seen what one catastrophic illness can do, financially, to a family. We also believe the US is headed for a severe recession, so we want to have enough savings to be able to still live comfortably during those times.
Thank you. I really appreciate you sharing your knowledge and wisdom. It helps. 😊
This is the true vision of how to be wealthy!
Yep that’s me….retired @57 I don’t spend more because we already buy anything we want when we want it and do what we want to do and still save a big chunk every month. Fund my kids IRA’s so they will be set for retirement and will help them with a house down payment. We simply do not waste our money on frivolous stuff, never have, never will.
63 still working saving 23 percent, go on great vacations.
Will plan on leaving most of my investments alone (in a down market) and basically skim money from dividends and growth.
Our parents lived through the Great Depression. My mom would freak out if we spent our 25 cent allowance money. We had frugality drilled early!
Single boomer female, and I hit every one of those numbers. But the longevity is the outlier for me. Who would have thought Id have to plan to my 90s...but my current excellent active and solo lifestyle and longevity genes are leading in that direction. Not everyone will be in the rocking chair in their 80s and 90s. So when I retire at 65, I am accounting for up to 30 years beyond. That's huge. If i live that long.😂
We also worked second jobs and OT hours to save for our future.
Great video and really spot on...thanks!
Thanks, Mike!
So true about living below means. In order to determine if i could retire early, I tried living on what I thought I could manage and invested the rest. Having seem my parents barely manage through the 18% mortgage, grand parents who lost everything in war, I am glad I learned to live frugally. I can make my own coffee and despite 6-figure salary, could never justify the cost of a pizza. Instead, i used some money to travel, jelp family.
Spending too much vs too little is a fine line. I don't want to spend money just to be spending money. And we have LTC risk, market risk, etc. so don't blame us too much for holding on to it a little too tightly. However, I'm trying to find that boundary, that fine line and make sure I'm doing what I want to do and not wasting the gift that God has given me (us). It is not a pick a spending rate and forget it. When you are trying to ride that line, how much you spend has to be watched and managed.
You just described me perfectly. I don't need or want anything. My home is 70% paid off at 2.4% mortgage (why would i pay that off?) It doubled in value in the last 5 years. I averaged 9% returns while maxing savings with company match 401K for 40 years. I am up 17% this year in my investments. I am flush. I still work and make a high end executive salary-- because I like working. It is where my friends are. No idea what else I would do with myself. Now I don't want anything lol. And the last thing I want to do is travel. I have been traveling for business since 1988. I wear jeans, go to Costco, buy in bulk, and have two brand new paid off vehicles. My social security and medicare are just sitting there and I am 67, so 100% eligible. I have two small retrirement pensions I collect as well for walking around money. Not complaining, I am very lucky, but here i sit, commenting on your video. Maybe I should buy a smart TV, but I don't think I could work it. Can't play golf, my elbow is bad. Ride my bike, workout at home (not even a gym membership), and my credit cards are zero. I still mow my own lawn and do most of the work around here myself. But I did get my wife a housekeeper, probably our only luxury. My kids are both exceptional professional people, doing great in their careers. If I die, they don't need my money. Just for fun, I bought 4 bitcoin at $2500 each. It is now $60,000 each. So--what would you do?
The uncertainty about what the government will do about social security and the growing government debt don't help.
So after taxes and medical covered (I'm fully medically covered by VA, my wife by Tricare). Our first year of retirement at age 62 (for me), we will take home just over 100k. I won't take Social Security till sometime between 65 and 67 years old. 100k is roughly 80% of what we take home now and we will still be able add to our savings. I feel this will be a decent amount for us, and not having to pull from our savings or her TSP (401k) will be nice too.
I am personally scared. I am SAHM with MS. Talking about future retirement is scary especially with my health.
Thanks, Kevin. I needed to hear this. Im in the same position, plus a few things more. I'm not frugal or stingy but at 60yo I have everything I need. Could buy another fancier car but it doesn't interest me. I could have a newer kitchen but happy with my fully functioning 70s kitchen. I love travelling and that's where the money will go 😂😂😂😂😂😂 thank you again ❤❤