💰 TRUTH! Average Retiree Income: How Do You Compare?
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- Опубліковано 16 чер 2023
- Do I have enough to retire? Does my retirement plan look solid? How do I compare, in net worth? Am I going to be able to live comfortably, from my retirement income? This question usually happens, when people get closer to retirement and this is exactly what this video is all about!
Every single day, I work with a lot of folks who are preparing to retire, or have retired. Many are thinking about making the same move. I want to share some numbers with you and I want to share a conversation with you. So let's go for a walk on the beach. Now, I'm not talking about the Hollywood rich and famous. I'm just talking about just normal, average, everyday people. You might have thought about this already but if you have not just watch what others have done who have retired. They all seem to ask the same questions.
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Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave Myrtle Beach, SC 29577
843-839-9870
Provides actionable advice and true stories from real estate investors, and people moving and retiring every week.
🟢Ready to Buy a House & You Don't Know Where to Start? Start Here! - www.HomeGuideMyrtleBeach.com
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.
💰Alternative Places BEFORE Retireing, Buying or Relocating to Florida! - ua-cam.com/video/VRTjNfGeybY/v-deo.html
I have no desire to live in Florida. I don't like the politics, and most of the "senior" age residents are there to get away from the world they used to live in. I want to remain engaged in that world!
It would take a WHOLE LOT of money to get me to move to that sh*thole.
@@billyjoejimbob56 worse place to live in fact they put a lady 90 plus year old in jail cause care home up price so high she couldn't pay. And the cost of everything and the new race laws makes it another Hitler Germany.
@@billyjoejimbob56 I retired at 55 from Chicago to Florida and paid $145,000 for a 2000 SF home in a gated golf community. Inside our guard gate there is almost zero crime so best move I ever made. I live close to the beach, world class entertainment and dining. Also, some of the best hospitals in the country. My home is now worth $360,000 due to almost 1000 people moving into FL everyday. I can go out at midnight and walk my dog 2 miles without any worries about being mugged or assaulted. Sadly could not do the same in Chicago or most North East Cities.
If that is the retirement you want, you are free to pursue it. I would rather volunteer at at a community center helping troubled youths... I am am a lousy golfer but a pretty good listener and coach.@@samquinn6427
Most people don’t realize it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than $10k returns from his investment monthly and it was completely passive.
This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?
People are facing a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to use online calculators to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
That's fascinating. How can I contact your Asset manager?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
I sleep very well being debt free. Not a care in the world. Every day is beautiful.
Are you prepared for eternity?
@@docholliday6285 Yes, I thank God for providing for me every day of my life.
@@xlgneponot everyone pays property taxes. And if they do it can be utterly insignificant if they have enough savings and income.
WELL bless your heart
God bless you!
I retired at 58. 85 in 3 weeks. Put 142,000 miles on my Class A diesel pusher.
One of the best decision I made. Debt free for years. Own a home in MI & FL. Wife & I have 3 cars: 99 Taurus, 2004 Explorer & 2005 Silverado. All work well. Agree real estate a great part of our situation. Also, building a small business. Also, the stock market. HOW: Don't have kids before marriage; get at least a high school diploma; Don't get divorced; Don't do drugs at all & alcohol only a little. Work hard. Relax.
Cheers to your success in your travels. Thanks for taking the time to watch and comment here. See you in the next video.
Add to the list do not get addicted to gambling.
I tell my nieces do not make a wrong step I. The big things on life. Ordering a wrong dish for $20 is ok but not getting pregnant young or hook on drugs
I am going to print your post out and put it on my wall 💓💓
Sound advice….
Nice setup. I'm 58 as well. Retired early in 2009 (civil servant). Agree with much of your advice but alcohol is a drug too. So if you say "Don't do drugs at all" then say "alcohol only a little" is contradictory. Hard drugs- no, but marijuana is far less damaging than alcohol to the human body so I'd actually advise people to use that "only a little" instead of the serious health complications alcohol can lead to.
Retiring next year at 61. Already had 2 cousins die in their 50's, but poor health. I'm healthy and plan on living my best life. I got this.
You do… (got this) congratulations
Health insurance? You can't get Medicare until 65🤷
@@1515cando
Hopefully one doesn’t rely on Medicare alone … no free ride there, after you pay for the upgrades (?) lol ….like prescriptions, eye care, teeth care, etc. etc. etc. yr monthly payments can and will cost out of yr SS payments…
@@1515cando I have Marketplace insurance priced into my retirement. I'll be moving to another country where I can use their insurance or self-insure.
Thanks for watching and sharing your story with others so they can make smart decisions
My mother taught me that it’s not what you make, it’s what you spend. She became a millionaire on $15/hour.
Thanks for sharing your story. Some people are able to accumulate great wealth by investing and saving and being civil. Thanks for watching.
I look at it the other way around . Most people have an earning problem not a spending problem . If you make a lot more money then the little things you have to cut out of life will become marginal compared to what you bring in . You can’t save your way to wealth these days you have to make more money
@@ianlloyd4301 Interesting. I guess Wayne Newton and Mike Tyson didn’t make enough. There is always a balance to maintain.
My mom when I was 7 or 8 held up a one dollar coupon in a grocery store and asked me what it was. I said a coupon. She said “it’s worth the same as a dollar bill…saving a dollar is the same thing as earning a dollar”
@@williamgullett5911 My mom was the same way. She always used her coupons. Plus she shopped on double coupon Tuesday so she got twice the value.
At 55 I was completely debt free. Now 70 I still drive the same pickup and still spend below my income. Got to change that mind set. I live a stress free life for the last 15 years. I have forgotten what it is like to have a debt.
Cheers! Thanks for watching in sharing your story with others
Thanks for watching in sharing
Yes, me as well. Paid off my mortgage at 59... no debt.
And now I spend only 50% of my income. I have spent $110k on home improvements the past 5 years.. and 2 new card net outlay for then $40k... and I have the same money banked as 5 years ago.
I drive a 40 yr old car. Am same age as you. Never earned the numbers he mentions in his spiel nor even close to the gov't pension I get in Canada. Being debt free for several years, people said I should by a car...instead, this month, bought another property to landscape & develop. Not dead yet & love my life. My motto: Aspire for better!
I’m guessing you are not a liberal
I retired May of 1999 after serving 28 years on the Phoenix Police Department. Retirement is great. I'm 75 now and still hanging in there.
My 26 years Police only got me $8000 a month pension and 2100 Soc Sec. It’s tough
Thats pretty sweet. I just retired at 51 after 27 years LE in Oregon. Only got me 5k a month (net). But I can live on it (less as well now, thanks to inflation) but still have 13 years to go to SS, which is projected to be 2500. Should be fine. Cant be arsed to get another job at this point. If you don't need to its hard to make yourself go get a 9-5. @@Midwest10
That great. That's a little better than me but not by much. My wife Ann also has a pension from Maricopa County. We do alright. 9 grandkids keep us hopping.
Only? I hope for your sake that city's pension fund is fully funded!@@Midwest10
10,100 per month is tough?@@Midwest10
Heck yeah bro! I’m retiring from federal service in 634 days with 30 years of service. I’ll only be 58 and can’t wait.
No one should work longer than they have to.
I am cheering you on! Thanks for taking your time to watch this video
My hubs is Fed too and we are not too far out from retiring. I don't want to get older but man I can't wait to retire :)
Nice fed jobs seem to get the luxury of retiring way earlier than most people.
I retired 3 years ago from Federal service with 31 years and at age 56 4 months. I saved between 10 and 20% of my salary each and every year. My stress levels were such that I couldn’t imagine working even one more day. It took me 2 years to fully decompress.
My husband is still working at age 62, is a Type 1 diabetic for 46 years, and isn’t yet ready to retire as he loves his job. He has saved a similar % of his salary and he has more than I do. I’m hopeful our savings will see us through rough patches as we have pushed the numbers.
@@sherrieivanov5481 Congratulations, enjoy your retirement. You made good decisions with saving a good portion of your income along the way 👏
Had the good fortune to marry my wonderful wife in 1978. She's been the anchor of this family. Siblings divorced/ separated and paid the price in more than monetary sense. Retired during covid , never been so happy, both of u!
Me as well...married in 80
Thanks for watching and sharing your story
Good point thanks for taking the time to watch and comment
Thanks for taking the time to watch and to comment
Thanks for sharing
I left my job 7 years ago after turning 50. We moved to a surf town near Puerto Vallarta. We live comfortably on $2,000/mo. We averaged over $6,000 (and rising) living in Florida. The stress of running operations of a construction company was ruining my health. We don’t miss living in the US at all.
Thanks for watching and commenting
Just curious: did you have to give up your U.S. citizenship when you became a resident of Mexico? If the answer is yes I’m assuming no social security checks from Uncle Sam?
@@johnbauer5298 No, I am still a citizen of the USA. I have a permanent resident (green) card of Mexico. I will eventually become a dual citizen. While the US makes its immigrants give up their home country citizenship, Mexico does not. I will collect SS when I am eligible.
@@charlesbartlett2569the US does not make immigrants give up their other citizenships. They have a don’t ask, don’t tell rule.
I'd love to get some social security at 50,even if it's 25% you'll never get it all and could pay, all your bills. The government wants us to wait until a older age so we get sick and the medical system scoops it all up, I'd rather have it now while I can enjoy it
The feeling you get when paying off your mortgage is incredible. You feel true “freedom”…the heavy weight is lifted from your shoulders. It’s absolutely amazing.
Agreed! Just paid off my house last week!
I actually didn’t have any feelings at that point. But about 3 months later I saw my savings start to grow exponentially. That is a good feeling.
Not such a feeling of freedom when you still pay 1,000 dollars a month to the damned town.
@@markgoodwin183 If your paying $1000 a month for taxes, in retirement, you need to move, we pay $1300 a YEAR in Florida
Agree, but it's even a better feeling when you go to a closing with a cashier check and pay the house off on the day you get the keys!
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach Lisa Ann Moberly that helped me grew my reserve from $160k to almost $600k during this Red season.
No you didn’t.
GREAT EXCUSE NOT TO RETIRE, you will never make it if you think like that, stay home and don't even think of moving overseas
I left FL in debt, now have purchased a condo in Brasil, living on $600 a month, have a nice car, food is very cheap and plentiful, people are wonderful, healthcare is free. My 700sf condo cost me $21,000 usd, try to do that anywhere else ? Is 4 years old 2/1
SO please stay there with your pitiful excuses and be miserable, other countries don't want people like you
@@CraigMarsh-hu7pf red season? Republican? So you were given money from family and now you’ve made all this money yourself?
You will fail because you think it's all about MONEY, IT ISN'T
You are insecure and think money will solve all your problems, money is the LEAST of your problem
I moved overseas in debt of $3000 bringing in $2100 a month SS. Now I have bought a nice 2/2 near the beach 750 sq ft for $21,000 and now have saved up $24,000 cash to buy another one
One of the best things to ever happen to me was to get laid off at 62. Otherwise, I would have kept working. Downsizing my home, severance pay and extended unemployment during the pandemic allowed me to retire early. At the time, I was panicking, having a hard time finding another job. But I spent that down time doing spreadsheets and figured out I had enough to retire.
I love Excel for that reason.
This is how I want to do it also. I want to live small and simple ASAP and set myself up for a less difficult and stressful future. I’m still in my 50s now.
We underwent a merger in 2020 and I was hoping to be laid off. Hasn't happened yet.
Everything you Said happened to my mother. She worked all her life, saved, built a house of her dreams to retire comfortably, the Alzheimer moved in and she died a horrible death. I plan to simplify my life as much as possible. I am paying off debts, paid off my mortgage, and plan to enjoy life as much as possible. Excellent advice, and my God bless you.
To all of you below. You have great plans that will work. Make sure you add in Inflation Protection as Hyper Inflation IS coming. Each family needs to have at least 100, (1) oz. Silver Coins for that. Now is the bottom of the market for Silver, so start buying 4 to 5 coins a month, you do not have to buy them all at once.
I retired at age 62. Waiting for the higher SS payment to take effect when I would be 66 and 10 months just wasn't worth it to me. I told my manager that if I were to die before having time to enjoy retirement, I'd be so angry that even though I'd be dead, I'd STILL know I was angry. :) My life is pretty simple, my condo isn't anything special, but it's mine and I'm debt-free and I love it.
Thanks for watching and sharing your story. Glad you enjoyed this helpful video.
If you own a condo you are not dept free. You will always have the fees from the condo group that will have to be paid and they will go up yearly
And you can still work part time doing what YOU like to do AND collect ss money 👍🏻
Now, my dad loved what he did and he retired at age 67. He also based that on the fact that he has been healthy his whole life. And he just turned 90. So he’s glad he waited till67
@@brettsurrett4596 I said I'm debt-free, not bill-free. There's a difference. But if I owned a house instead, I'd be paying for plowing, trash removal, and a bunch of other home-maintenance expenses that are currently part of my condo fee. So it's a similar outlay.
My wife and I retired five years ago. It was a great surprise to find that our disposable income in retirement is higher than it was when we were working. The benefit of working to my full retirement age and both of us contributing to our 401k's consistently over the years.
My wife and I did the same, throwing in 10% of our salaries into the company's 401k where we each worked. We did full throttle investment approach - evenly spread (33 1/3%) of salary into the top 3 mutual funds with the highest ROI between 3 to 5 years prior. Look at it quarterly, adjust bi-yearly, and NEVER sell. We've averaged 15% ROI over 30 years.
I give this advice to anyone 35 years and younger because it works. And even better, if someone one day decides to yank social security, we are fine.
We did it correctly and followed the advice of financial shows on PBS and NPR in the 1990s (which was, honestly, the only place to get unbiased financial advice for free).
Retirement was the best (if only, good) decision I ever made. The more money you can have in retirement the better, but like the man said - time is not something renewable. You cannot stockpile time. And unlike money, you never know how much time you have. I got all my adventurism out of the way when I was younger. I have limited assets, just like my time, so I take a pleasure in the modest expenditure of each. I don't have to get up when I don't want, I don't have to go out in the wet and cold, I don't have to face the commuting rat-race or punch a clock or take crap from bosses. These are the small but real benefits of retirement. Ocean cruises you can keep; they're like being trapped in a hotel you can't check out of. Flying? Who needs all that wandering around cavernous airports, customs & immigration palaver, anonymous crowds and rude inconsiderate passengers and hunting for suitcases..? Take it easy, avoid hassle, keep yourself fit, watch your diet, and take pleasure in the small things of life. "The trivial round, the common task; should furnish all we ought to ask". That's it - I'm off for a pub lunch - cheers...!
Thanks for watching and sharing your story
Great advice!
this is exactly the mindset that provides a good life!
Amen, brother.
Enjoying a low cost retirement myself. Play with the grandkids regularly and don't need the hassle of the planes and passport stuff. Plenty to see here in the lower 48 if I feel the need. Most generally travel within the surrounding states of Indiana give me enough pleasure I need go no further. Don't even know what day it is sometimes and don't really care. Lol
I’m 64 1/2. Still very active full time nurse with benefits. When i stay home I’m bored and depressed. I have no debt and a little savings, and will have a nice SS payment when I’m ready. THIS IS MY LIFE AND IM LIVING IT. I don’t know what anyone means when they say retirement is when you start to enjoy your life!
I quit my RN career at 51 and don't miss it, but grateful for the upward mobility.
A plan is required for retirement. I'm living my best life retired.
Debt free at age 65 = 56%, $275K = average wealth, mortgage debt-free at age 65 = 12%, median income at 65 = "$47.5K/yr, DO IT NOW, Sell your BIG house to buy a "smaller and sweeter" house.
Very well presented. One overlooked factor though. The loss of a spouse. Not only emotionally devastating but it can seriously reduce the household income while the expenses remain largely the same. You suddenly find yourself having to do all the things your loved one used to do, at a time when you are least equipped to do so. The impact on your well being can't be overstated. I speak from experience.
Or being a divorced woman. Feel like we’re re overlooked in so many ways.
Thank you glad you enjoyed this helpful video. So true the loss of a spouse can be devastating on many levels.
Thanks for sharing your story and thank you so much for watchin
I can totally relate.
Total lack of planning
I am 81 now. I own my own typical value home in a major city. It's paid for. My pickup has been paid for for more than 15 years. It is low mileage and runs perfectly. I do my own maintenance and light repairs. I have zero debt. That was not by chance. I planned it. I have two incomes, social security and a military pension. Together they are just over $4000 a month. Next January I'm expecting an 8% COLA increase. My monthly expenses here at the house are just under $1200 a month including food, city property taxes, car insurance and homeowner's insurance. I am a retired union worker. My past employer gave me the option of a third pension or paid healthcare. I took the healthcare available because of union negotiations. Now my health care premiums are paid for in full and the Department of Defense pays all of my deductibles.
One could say I have it made in the shade. Well I say "I planned it and now I am living the result". I live frugally. I have no need of a new car for instance. Each month I have about $3000 disposable income. I keep some in my credit union and some in cash here in the house. Once a year I do a cruise ship excursion. I like to ride Amtrak. I go to Oktoberfest. Next year I'm visiting friends in India.
In my view a good retirement is about high equity and low debt. The lower the debt the better. At about age 50 quit buying stuff. Need a last new car? OK be smart about it. AWL costs less in insurance than 4WD and they are safer in winter driving. Check Consumer Reports to find out which cars are most cost effective.
A guy in a doubewide that is paid for and who has no debt can be more secure in retirement than someone else who rolling in cash but owes it all to the company store. I don't believe that just because a man is well of that he is also smart with money. That's not a given.
I don't expect any real troubles but life is never 100% for sure. The best anyone can do is the best they can do. Those who plan early will have something. Those that do not will be on the street.
Happy retirement folks...
GOOD JOB CHAMP. YOU NAILED IT
Did you have any savings or 401K?
100% CORRECT, JUST because someone has a lot of cash DOES NOT MEAN he is smart with money, he prob had a good investment manager. Once he is cut free, he will prob waste and blow most of it off and end up poor
Just look at all the idiots who ran to Florida with pockets of cash, they impulse bought at the top and add in HUGE increases in insurance and home owner taxes, they are screwed and have NEGATIVE EQUITY, NOW need to sell, PRETTY DUMB
It’s good you took the health care. I had a 354,000 operation and didn’t have to pay a penny.
Do you have children? Who will inherit your estate?
You can always get money. When time is spent it’s gone forever. More people need to hear this. Atta boy, Pink.
Thank you so much. I’m glad that you enjoyed the message and I truly appreciate you taking the time to watch and to comment.
False. You can't get money after a severe stroke or entry into a nursing home or assisted living facility. When your health is gone your ability to get money is gone, and when your money is gone it may well be gone forever. Get a financial plan.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha. I personally work with “CHRISTINE ANN PODGORNY”, and she's really good.
Thanks for watching and sharing your story
Thanks for watching and sharing
So true, managing wealth is a special skill.
His video was a good one if all the stars are in alignment. Everyone's scenario is different. Two people working towards retirement is the best. I was married 30 years and my spouse divorced me. I worked for 40 years but now my income was cut by 50%. I'm retired, and yes, I do have a mortgage at 68 years old but I knew better to do that than pay rent the rest of my life. I would not have a mortgage if I was still married for sure. But I am strong and have a small nest egg on the side. It's not the way Jerry Pinkas says, but I will survive.
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Emily Lois Parker who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
smart, You've done well for yourself. It’s all about accumulating wealth through compound interest investmen
hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
I admire your hard work and i must say you're well on your way to retiring early. Look her up, she's not hard to find. Goodluck
out of curiosity i did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply. Thanks for the tip
Thanks for saving me hours of research, copied Emily Lois Parker on my browser, i'll reach out to her really soon. great share!
Thanks Jerry, Remember Here Today Gone Tomorrow.. I have a friend almost 66 waiting for 67 and passed away. No social security for him... I retired at 62. All I can say is when you retire owe no one. Except food electric bill, etc. Also own your house. Good Luck.
Great advise… key here live within yr means…
You’re welcome! Thanks for taking the time to watch and to comment
100%. Thanks again thanks for taking the time to watch and to comment.
At age 71 I haven't worked in ten years. I pay $229.00 a month for my property taxes. No mortgage or debt. Don't need much money as I have everything I need. People get destroyed by greed. Health is the greatest wealth and I have never been sick. Have savings that I don't need. No sense leaving millions behind for someone else to spend.
$229 … Damm I wish … mine right now is $625 a month up here in MA and that is on a house appraised at $500k
@@robskully3539 New Hampshire property taxes are even worse than Massachusetts.
@@lapuamies8718 yes, sadly I know. We live right on the border and 4 years ago we were looking to move just West of Nashua. Once we saw the tax rate and that all the towns we looked in had home owner well water, we ended up just staying out and remodeled our house.
I pay 300 bucks a year and I was complaining. Holy cow rural Missouri is not so bad after all.
Cheers to your success! Thanks for sharing your story and thank you so much for taking the time to watch this video
I retired at 54 and was scared to do it but realized I could have done it 2 years prior and all I gained by putting it off was 2 additional years of aggravation staying at work. I am very fortunate, every day is a blessing. If you work an extra 3 years you won’t live an extra 3 years. Do it while you have your health.
I retired at 50. Moved out of the US to Eastern Europe, cost of living is lower, people are more civil, crime is lower. I will draw SS at 62 (in 2 yrs) to use as savings/fun money, not wealthy, but comfortable and I don’t stress grocery shopping. Do I have any desire to return to the USA…no. BTW, my monthly expenses are $1600 USD, and my electricity bill is $32.00 USD. Yeah like I want to move back…NO.
We did the same thing, but our destination was Ecuador. Our expenses are 1/3 what they were in the States.
What part of eastern US? Do you have kids grandkids? I've thought about it but would miss the family.
I'm 38 and this sounds appealing to leave the US. I don't have the funds saved like a retiree.
@@user-ms3ko5gn8e a lot of younger people here do remote work. It’s not all retirees.
@@rvdareyet7201 I watch kids. I can't do that remotely 😄
It is gone, we lived through the zenith of our time.
These bourgeoisie individuals in tandem with the corrupt govt. will take down this country like what happened to Rome. My condolences to anyone approaching retirement, you may have concerns over whether your pension pot will stretch to cover the rising cost of living, bad regulatory policies, bad energy policies and insane fiscal policies
Government policy has thrown the future under the bus for decades. The day of judgment is near.
that is a doom and gloom scenario. people have been preaching your exact sentiment since i was a child and it never materialized. Life is better now but you don't see it. It was horrible in the 1970's it is NOT even close to that right now. What this narrative does is scare people. However, if you spend your early life getting out of debt, getting out of slavery that banks put you in, then you can get rich. Save cash, wait for a crash, then buy real estate and blue chip stocks (microsoft, etc.) You will be a millionaire, like me, within a decade.
@@magicmiamirealtor I agree 100%. People who blame the government for their own poor choices or inability to manage their own situation have existed for ages. You don't have to be rich to live within your means and plan adequately for retirement. Many people just don't want to do it and then want the government (which really means the rest of us who ARE responsible for ourselves) to bail them out. Most people deserve whatever situation they find themselves in at age 65 (barring most health issues).
Thanks for watching and commenting
worried about retirement? think about gens X, Y an Z who had their entire lives and futures destroyed by the shut downs. at least you have already have lived a fairly full life and have more than enough momentum to continue living well likely for at least another decade
I've heard it before and I'm glad you said it as well. It's the single statement that convinced me to retire early. "You can always make more money, but you can't make more time"
A few years ago my daughter "dad it looks like you are trying to do everything right now, I am".
Just retired at 56 1/2 with US Govt pension and >34 years. My entry into that path was to go in to the US Army after college. Lots of miserable nights freezing and wet in the woods and mountains, and the sad reality that not everyone survives their deployments. But it was the path to independence for me until transition to civil service my family and I left a relatively high cost of living area (Anchorage) - crossed off places we loved, but had grown too expensive for affordable living ( Sea-tac, WA), ( Henderson, NV), Palm Springs, Reno, NV, Austin, TX. We wound up living in the high desert (4,220 ft. Elevation) in the Western tip of Texas that’s almost closer to LA than Dallas. It’s a great springboard for road trips, it’s tied into power grids of NM and TX, no tornados or hurricanes. Housing is very affordable for now. The only downside is the extreme daytime heat from June -August; however we’d have that reality in many other places as well. The people here in El Paso are super friendly and the pace of living is so much more relaxed than many other places I’ve lived and worked. I learned that moving to a new place upon retirement makes for a lonely existence initially, but I’ve become the person who says hello snd initiates conversations with others now.
Wife and I are in kind of similar circumstances. After working for the US Government for 31 years and having them move us all over the US I retired at 54 1/2. That was five years ago. Wife retired from the VA as well. We lived in Seattle, WA at the time and I worked at SEATAC. We could not afford the high cost of living in Seattle once retired, but wanted to stay close to our grown children and grandchildren in the Pacific Northwest. We ended up moving to the high desert in Central Oregon. However, we moved on some acreage outside a little small town. I like to call our place "a little house in the middle of nowhere." I got enough of the big city life throughout my career and now enjoy traveling in our Airstream, fly fishing, riding on my tractor, raising chickens and working in my greenhouse that I built. Our neighbors are all at least five acres away, but we all know each other and are happy to help if needed.
Same. I'm retired from Army and have VA disability. That alone is about the same as my current salary working.
This might turn out to be a regular thing. Same with me . 4 years navy (warm bunk, awesome food) , afterwards drifted into a city job and a good retirement. I started buying a house as soon as possible. Improved and moved times 4. now at 76 I've been retired and an outright owner In a area that I love for eleven years.
Good on you G.I. you earned it, been considering the Pass myself.
Same here, but also a small VA employee pension too. I was ANC too.@@armynurseboy
Why do people always talk about SS running out of money but never say the same thing about other federal programs (like Food Stamps) going bankrupt?
32 trillion reasons why if SS goes away there will be a lot more pressing issues to worry about!
They just use it as a political football to keep people in fear , if they stopped SSA payments this country would collapse so don’t worry be happy and don’t watch the fake news
They also never run out of money for Ukraine.
Social Secutiy is an obligation in the a portion of this taxes were EXPLICITLY allocated to cover people in retirement.
In contrast, food stamps are a social service, as is medicaid and infrastructure maintenance. But none are obligations.
@@user-dj9sf4xz1e What has been spent in Ukraine in 2022 was ~3% of our ~$800+ billion annual defense budget. It may amount to 4% of the 2023 defense budget. The purpose of that budget became quite apparent when Russia invaded Ukraine. We didn't start this invasion, or Hitler's invasion, or Japan's Pearl Harbor attack. But all posed a threat to democracies worldwide. Being ill prepared to respond and passively accepting losses leads to more of the same. So the general consensus is to allocate for a national defense. It's valid to question how much we spend on defense. But, if we were to dramatically cut it, say by half, the U.S. would lose its stature, lose being the world's reserve currency (which confers a LOT of perks, and risk being dominated by Russia or China. All nations spend for their national defense, and all of them could easily find alternate priorities if defense was not necessary.
As an immigrant , I have to learn the English language and get my education first . And I know that I have to work twice , 3 times or 4 times as harder to bring myself up to the working calss level .
Thus , I've served 20 years of law enforcement in New York ... I made it through and happily retired at the age of 50 . 6 years went by , I love my retirement life . Traveling , vacationing , food tasting , and more are my norm ...
3-week time share in Smoky Mountain every year , 5-week time share in Cancun every year , and Silver member of Cruiseline ... Life is good if you are willing to work hard and contribute in USA ... Thank God 🙏🇺🇸💙🇺🇸🙏
Don't tell me that you can't find a job especially since you were born here ..
Good job and accomplishment. You set an excellent example for millions of people.
I'm 64 and have 14 payments left on a $450k home. I plan on working until 66. My 401k isn't the largest, but I'm looking at >$100k/year (post tax) in SS and pensions. My health is good (actually better than three years ago), but most importantly the health and well-being of my wife and two kids is great. Humble success, but if anyone is interested my secret was to squirrel away money, stay out of debt, suck it up when work sucked, mix work and fun and to make the best of each and every day. ha Ha, 44 years ago I was destitute and homeless.
I am 65 and still working. I am a cyclist 50 miles a week Weight lift 3 times a week. Walk 10-15 miles a week. I have been cycling and working out since 14 years old. If you watch football every weekend and do what society tells you do you will be getting sick. I run a part of a large company and very active.
Agree with you 100%, you stay active and are not a slave to spectator sports. I would add to deprogram oneself (just look at the media & commercials) telling you what you should do. Avoid the television (I have since 2008), work out and keep moving, avoid eating out make your own quality food at home, get your sleep to support your hormone levels and allow your body to rebuild itself. Lift weights and get your cardio in. Find the community support of like minded individuals and be true to your family.
I'm not retired, I was kicked to the curb in late 2020, sat on the sidelines in 2021 watching with amazement, while former coworkers reached out to me asking how to avoid the Corporate mandates. I don't care how much money you saved for retirement, it won't help if your dead, and THAT was the entire point all along
wrong your there to make money and levae that place as soon as possible. Dont cut corporate off until you get what you want then leave.
I never made money at "Corporate", worked a lifetime, and all of it was spent on rent, insurance, taxes, fines, fees, and penalties
@@tomkarnes69 then you were taught wrong. Work , pay yourself first, by investing along with your bills. Then have fun with the rest.
Easy 4 U 2 say $zillionair
3 years ago, Hubby and I came to Florida to fulfil his retirement dream. In that short span, property taxes and homeowners insurance have skyrocketed! Hubby had to go back to work part time to make ends meet...I still work full time. Bottom line: Be flexible, because anything can happen.
Have you considered moving? Unless you love ur job or place & can't give it up try Mexico or the Philippines.
Even Panama would be a good alternative choice, a short plan ride from the Florida Keys and their govt is offering alluring retirement plans to attrack expats with many great retirement benefits, great medical care - better than the States and they use the American dollar as their currency!
@@willowdreams1786 Yea, Mexico as long as you stay out of very expensive cities like Mexico City, and Gringo Gulches, you can live on 50% of what it costs in Florida easily. I know we luckily sold out condo in WPB in 2003, right before another set of Hurricanes and rise in HOA Special Assessments. Let me put it this way to make it real simple for you. You outlined why it is making it difficult to retire in Florida right now. Well I will flip that coin. Own a home in Mexico, and Property Taxes are less than 10% of what you pay in Florida. Buy a home not a condo and do not get hit with ridiculously high HOA fees. BUT, one huge pitfall. NEVER buy any property in Mexico without putting someone you want in your family to have the house after your demise! Why. 50% Profit Tax from estate, after you home is evaluated and resold. But if that person is on the Title, they just keep on owning the home and no Property Profit Tax. This started in 2019!
@@r.c.salyer3652 The problem with MEX 🇲🇽 is that a failed, or almost failed, narco state.
Don't Buy in retirement . Sell and Rent affordably in as walkable community as you can . Best wishes
Thanks for the insight...Been retired now for a year and a half with no regrets...Living Life on My Terms is so liberating...Make that Move into retirement if you are ready financially...Tomorrow is never promised👍😎👌
You are welcome! And thank you for taking the time to watch this helpful video and to comment
A very good video. The principles you describe are just as relevant here in Australia. Our retirement income system is different, but the advice to buy your own home, plan to be debt free, and save for retirement is universal. I particularly like your statement that you can find ways to make more money but you can’t make more time.
The trick to retiring debt free with money in the bank is to not marry that trophy wife/husband.
Lol good tip! Thanks for taking the time to watch and to comment
There are a lot of variables on how much money a retiree needs in retirement. I believe number 1 is the area where you live. If you live in a low cost area like I do and own your own home that's half the battle. Number 2 is staying out of car debt. If you have a paid off home in retirement and stay out of car debt you pretty much have it made.
We agree! It depends on so many factors and a huge one is where you live!
Very good points
Asia has saved me so much in cost of living while retired
Agree, that's us, we have no mort, have a 12 yr old car with 55,000 miles on it,
and our monthly spending is less than $1500. in Florida!
I'm pleased that you underline the importance of time in this video ostensibly about money. Good health and time are far more important than money, which, as you rightly point out, you can always make more of.
Getting out of debt is imperative as soon as possible. Having to work past 65 is a sad situation. (If you love your job, do it forever.) My driving force to retire early was seeing people who have to work until they get sick and die. Don't dedicate your life to living somebody else's plan for you.
Thanks for watching and sharing. So glad you enjoyed this helpful video.
Retired in our 50s (53 & 56), two modest pensions, money in 401k, 403b, and investments, & way too much liquid in bank. No car or home debt. Former employer provided group health insurance until Medicare age. We didn’t plan, we got lucky with jobs early career and stayed with one employer >25yrs.
I pretty much followed the same path as you retiring at 44 y/o and just live a modest life in the country, one day at a time...
I would say that's not ALL luck....you were clearly solid, valued employees; you secured good jobs, knew it, and stayed there; you saved....Good for you!
Cheers to your success. Thank you so much for sharing your story and thank you for watching.
Thank you so much for commenting
Thank you so much for commenting
Thanks so much. You're realistic, pragmatic and a clear communicator.
Thank you so much. I truly appreciate your comment you made my day! I appreciate you taking the time to watch. I’ll see you in the next video.
Retired at 59 after serving 22 years in the Navy as an Aircrewman on the P-3C Orion aircraft. The job I had allowed me to travel to many distant lands and to see what most people have only dreamed of seeing or experiencing. Travel young..blow off steam with wild and crazy friends and experience life while you can. I was lucky to see the world before it was the toilet it is today. Let's be honest..globalization really messed things up. But there are a few places that have not been ruined yet. So get busy living or get busy dying. Work till you dont want to anymore and travel the world young..that's it people. Oh and if you think you will travel after you retire...better change that to you HOPE to travel because tomorrow is guaranteed to no one.
You summarized excellently well what retirement is going to be and how to prepare and don't lose the precious time. Thanks.
Thank you for all the information Jerry! I retired 3 years ago. The house is paid off and I have no debt. I'm living in FL on $2300/month. So far so good. To me the crucial thing is no debt. If I can't afford it I can't have it.
Do you have homeowners insurance here in Florida?
@@doorguru168888 I have it through USAA.
My property tax and homeowners insurance alone in Florida, come to $1,100 per month. Good for you.
@@chickengod9184 I just checked those two numbers and I guess I AM lucky. They run $460/month.
I retired last November and also live in Florida. $2,500/month. I own without a mortgage and own my vehicle. I downsized and pay $415 a month for a HOA. I have a 2/3 Condo and don’t have to lift a finger taking care of a house……I’m so happy I’m done with all that headache. I very rarely eat anything out, not even coffee. No pets( need to stay mobile) and try to eat as healthy as I can. I walk for exercise or workout in the pool. The debt I am paying off ( furnishings for my new apartment) is at 0% interest. I’ll see how it goes. Thank you, your comment is very encouraging. After I pay off the debt, I’ll start saving to help my youngest son with his upcoming wedding( honeymoon). He moved to Florida 8 years ago.
We purchased a lakeside home in Tampa for cash in '13. We had put all our saved up retirement funds into this house and various multiple improvements. A year later my employer moved north, offering me a position with a substantial salary increase. We felt we had to decline. I retired at age fifty nine and a half for a substantial reduction in social security retirement benefits. The investment loss on our home would have taken years to recoup. So now we're watching our pennies, but still take joy from a relaxed life, not quite stress free, but comfortable. Our only regret is not having opened a retirement account years earlier.
Thank you so much for taking the time to watch this video and share your story
If you worked until 59.5, how was your social security significantly reduced? They take your 35 highest earning years after applying an inflation calculation, unless you are talking about taking your benefits right at 62.
if you own your home free and clear you don't face rent increases.
@@adamweah8037 Yes i am
@@adamweah8037 you could read up by searching my name on google
Economists and business leaders were voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.
Yes, however, Property Taxes, aka "Indefinite Home Rent from the Government" will never decrease. Neither will the Homeowner's insurance on your house. It is not "free and clear".
This is true thanks for watching and commenting
How about a video on moving to retirement as a renter? Not having the home ownership as part of one's net worth. What's the cost/benefit of trying to buy something close to retirement or what to consider? Thanks
Excellent question! Rents have skyrocketed 🚀 here in NJ. Now $3,000 a month for two bedroom apartment. However no maintenance costs.
Retired from my job in Florida, sold my home, and was able to pay cash for a house in NC. No mortgage, car payments, or worries.
Hi five! Congratulations thanks for taking the time to share your story with others to let them know that it can be done
I retired four months ago at age 66. I haven't started collecting social security yet, rather choosing to defer it for six months to let it grow a little. I am living conservatively. I own my single family home and am debt-free. I chose to take on a quarter-time little job that is totally unrelated to my field of expertise. It gets me out of the house and provides a little structure and opportunity to meet people. I count't be happier to have left healthcare!
Hi friend, I too am 66...I started drawing SS at my full retirement age, waiting because I am still working..so no penalty. Look at the " break even " point ( Google it...there's a calculator...)
You got an 8% bump in January, COLA...so that's like waiting a whole year...
If I had waited another year, it would take 14 years to make up for the money I didn't collect...so...maybe you thought it through, but if not...could be a big deal.😊
We retired at 66 1/2 debt free. We own our home and 2 cars. No debts on credit cards. It's great!
Same here retired May 16/2024, debt free and 1 month shy 67 years. Company still wants me to continue working, refused and left. Had enough of working.
Thank you for these great tips. My wife and I are grappling with the focused retirement picture a little these days. Your advice has helped.
It really depends on the type of job you currently have and your level of stress on that job.. I’m 62, and plan to work at least until 65.. I have buddies that are retired, but they don’t do anything different than what I do and they won’t do big vacations because of the cost… just sitting around the house all day does not seem exciting…. And let’s be honest, that’s what most retired folks do..
Just because you can sit around the house doesn't mean you need too. I just turned 74, find something you enjoy and keep moving. Rust will set in
Housing is the biggest challenge for most.
Affordable housing is a Crisis in the United States. Thanks for taking the time to watch this video and thank you so much for commenting.
Good stuff. Thanks Jerry. Even though I am still working, I've been practicing retirement for 20 years. I look at what Solomon says in ecclesiastes. Enjoy the fruits of your labor, for it is a gift of God.
Thank you for all the wonderful information. I am 56, and plan on retiring at 65. I make 70k a year, and because of good planning with my 401k, I will have 800+k for retirement. I love your videos, they are so helpful to me!! Thank you!!
Good video Jerry....I hope the young folks are listening! BTW, as an 'old-timer', I completely agree with you.
I'm 40 and figure to be debt free in 1.5 years with paid off house, vehicles and all loans. Been working 50, 60, and 70 hours a week for the past 4 years to get to this point.
Cheers to your success. Thanks for taking the time to watch and to comment. I’m glad you enjoyed this helpful video.
Thanks for the info. Appreciate the data and insight. This has been a valuable discussion.
Thanks! Well presented, not drawn out and not complicated. Well done!!😃
I was debt free by 49 1/2 yrs old with 2 paid for homes. I left full time work at age 55. Worked part time the past 7 years and now am drawing social security. Travel about 1/4 of year internationally
Really enjoy your videos.
As a 63 year old broker in Laguna Beach CA the thought of South Carolina coastal areas for retirement is more than a passing thought.
Come on down. South Carolina is great. I live in Chapin on lake murray. Chapin is the suburbs of Columbia. Low crime. Low cost of living. Charleston beaches are two hours away. I love it
So glad you’re enjoying these helpful videos. Thanks for taking the time to watch and to comment. See you in the next video.
Thanks for sharing your story about living in South Carolina
You are the first person that I’ve heard that makes total sense.
I took an early retirment from Boeings at 58 after working there for 35 years. I turn 62 in 6 months, still have plenty of 401k savings, my homes vaule has pretty much doubled in the last 5 years.
I spent years and years worring about how I would manage if I retired then I got tired of working. It`s been great, I have no stress, kid moved out and I`m ready to sell my house and explore the world once I start collecting SS which I will take at 62. with my SS and pension I will be making the same as I did while working.
Sounds like your plan worked out. Thanks for taking the time to share with others so they know that it is possible and thanks for watching.
SS and my Military retirement income is the same as when I retired. I have saved for years, have 2 autos. live on my own land. I have great Medical/Dental insurance for pennies what others pay. Basically the only debt I have is what do I want. Not what do I need. 80/20 ratio Save/ Bills. I sleep good at night and get woken up by the Roosters.
@@lawrenceleverton7426 right on!
Good video - Fortunatly I was able to pay off my home before I retired. Retiring without debt is a must but it is becoming increasing difficult to do this.
Thanks for watching and sharing your story with others. Glad you enjoyed this helpful video.
I am retired, have $400000 cash in a credit union. I have $5000/month income. My home is mortgage free. I put at least $1500/month into additional savings. I never buy a new car. I have medicare/tricare. I never bought crap I didnt need.
Hi Jerry , This is great effort by you and it helps a 50 year old ( ME) to see what is next - Heartfelt thanks
Can’t wait to be debt free. I have 38k left on my mortgage and hope to have it paid off by my 26th birthday next year and jump out of the hamster wheel 😊
I eat eggs
Really great advice, Jerry. I have been struggling with whether or not to retire next year or going 3 more years. I think you convinced me to go out next year!!
So glad you enjoyed this helpful video. Thanks for taking the time to watch and to comment.
I agree. Jerry gives some good advice on retirement. I did some googling and found that more people regret retiring too late, rather than too early. I struggle with this as well. I will probably keep working because I am only working about 24 hours per week taking my massive surplus of vacation the other 16 hours per week. But there are weeks where I get too lazy to want to come into the office even 3 days a week. I'm getting too spoiled....and I start to think that I should just quit. Lol.
If you can, I recommend DO IT! If your finances are in order, you will not regret it. I retired 2 years ago at age 58 and love it!
Great content. Thanks for keeping it simple!!!
I am learning something from this channel all the time !
Glad to hear it! So glad you’re enjoying this information. Just trying to be helpful and help others avoid the pitfalls that are costly. See you in the next video.
Ty4 all this info. Lots to think about. I'm getting where i think I'm have much less time & better start doing what i have left on my bucket list.
One of the advantages I had in my job before I retired, was that I lived in several different areas of the county throughout my career. Doing so, allowed me to see some the almost unbelievable differences in the cost of living in different places. When I retired, I moved to the most low cost place I ever lived, the Mississippi Gulf Coast. We live great on our retirement income, here but if I had retired in one of the more costlier places I had lived and worked, our buying power would have been greatly reduced. It allowed me to retire at 52.
Cheers to your success thanks for taking the time to watch and share that your story with others
I kind of took the similar approach, after having lived in Boston, Southern California, Dallas, and now Pittsburgh (as well as overseas in two different countries). Pittsburgh was my landing pad at age 49 because it gave enough time to get reestablished while preparing for retirement. The investment and entrepreneurship potential here is terrific, kind of where Miami was in 2003. Now I am 60, and looking forward to officially retiring between 62 and 67 while taking time to establish some start-up companies to keep me young.
Because of the Steel Belt turning into the Rust Belt, Pittsburgh has a cost of living equal to about Dallas, e.g. very affordable. Yet it has also been voted one of the most livable cities, with a high concentration of folks at retirement age. My trick through life has been living very much the minimalist, while accumulating job skills, life skills, and wisdom. Most of my travelling was done by age 25, so now the last third of my life can be spent as a philanthropist, but giving away time not money to help other folks.
I looked at the Mississippi Gulf Coast & was shocked to see its not recommended to swim in the Gulf there because of pollution / the Gulf wildlife. The weather though is pretty good.
@@ag4allgood , that's usually only after a lot of rain, which is true about most beaches. A lot of sewage systems get flooded in heavy rains and will end up ejecting non completely treated sewage.
@@ralphholiman7401 No , I saw swimming in the ocean Gulf Port area basically that whole Mississippi Gulf Coast was not recommended at ANY time. Even though the long white sandy beaches are great there. Some of the best beach area in the US.
You gave pretty solid advice. You may suggest 'front loading' your retirement (spend a little more on traveling, etc.) while you are young enough to enjoy it. You might suggest something about downsizing. This will add considerable funds to ones retirement and might be necessary If one wants to stay in their home as long as possible (one level, elevator, ADA sized hallways/doors). Personally, I'm 54, and already debt free with a beach home that rents out nightly. I'm self employed and decided to change my life priorities. I have taken this year off after working really hard for 30 yrs. I'm contemplating a less stress (also less pay) standard 'job' just to hold me over to full retirement age or when enough is enough (I have savings to live off of). There are many ways to retirement and the best thing to do is have a plan(s).
Thanks for taking the time to watch and comment here on this video. Truly appreciate you doing so.
Outstanding. You inject reality throughout.
you are spot on!!!! thank you for putting my mind at rest. it's reasuring to know we are on the right track!!!
You’re welcome! Truly appreciate you taking the time to watch this video and comment here on this channel. I’ll see you in the next one.
Good video for us Boomers. I retired at 63 when I looked around one morning and said " What the hell am I doing?" We all have traded time off our life for money, but I prefer to give that time to my kids and grand-kids. If you like working, by all means do it, I just like doing it for my self and when I want. Happy trails Jerry!
Cheers! Thank you so much for taking the time to watch this helpful video. I’m glad you enjoyed it and thank you for commenting
Very well said. I’ve been retired for 1 year now and everything you said is 100% correct especially “time”.
So glad you appreciate this video. I truly appreciate you taking the time to watch it and to come out here on this channel. I’ll see you in the next video.
I found his 7 questions to be very relevant and spot on! Thanks!
Glad it was helpful! Thank you so much for taking the time to watch. I’m glad you enjoyed it. See you in the next video.
I'm 47 and listening in! Can't touch my retirement accounts yet so im working on building cash flow to leave my job early in 2 to 3 years. Already had a small stroke last year and that was my light bulb moment.
Thanks for sharing your story with others. They know what it’s really all about. And thanks for watching.
Thanks so much for sharing your story with others so they know that life is fragile. And thanks for taking the time to watch.
1. I am debt free at age 65 and retired.
2. I own my home but it is NOT on the ocean or the water.
3. Net worth is about $500,000.
4. No mortgage.
Well done
Cheers to your success! Thank you for sharing with others and thank you so much for watching this helpful video
Thanks for watching and commenting
I’m very sorry to hear this. I hope that you find the strength to go on. I nearly lost my wife this year and prior to it happening I always thought I knew how I would react. Boy was I wrong when it actually came down to it. We got married a little later in life and never had children which was what we wanted at the time, but now I find myself questioning our decision.
I am 68 and still have a mortgage for 2.5 years more. It rattles me that I still owe but my Investments pull in 10% a year and I only pay 1.59% on a fixed rate. Just makes no sense to pay it off. Healthy, and I intend to live to 200. (Or die trying)!
I retired last year at 62 and highly recommend doing so as early as possible if you can. My monthly income is almost as much now as it was when I was working because I started planning for it in my 30’s.
Glad you enjoyed this helpful video. Thanks for taking the time to watch and to comment.
Did the same now health happiness and a lot of trips
Unfortunately, there comes a point where you just don’t have enough time left to prepare for retirement. I started planning mine at 30 years old. If I could go back in time, I would start planning it at 14. It makes me sick how much money I blew as a teenager that would have had forty years to grow with even conservative investing.
And what are you doing for health care?
@bman6502 , my former employer, pays 75 per cent of mine for life, and has since I retired at 52. And, I have Medicare now, too, since I turned 65 this year.
We were debt free UNTIL we retired. Then we took out a mortgage because it was 2.99% and we knew we could earn more, especially since we knew the interest rates would rise. Now we make $700/mo on the money we borrowed for a mortgage OVER our mortgage cost. It helps out in retirement by paying for our medicare and supplement. Since we still have the principle, we can always pay off the mortgage at any time if we're not making enough money on it to cover the mortgage.
First time viewer. Very good information on various "averages" related to retirees. I plan on looking for some more of your video's. Thanks. God Bless! John
Great advice. I just retired at age 53. I live in Charleston SC, all my debt is paid off, condo mortgage paid. Being single with a fixed pension is extremely helpful until you’re reach age of 591/2 to draw my 401k and then social security at age 62. I believe everyone’s situation is different. I’m single, have no debt, net worth is about 400k and have a pension that may not be the national avg for a retiree income, but it is enough to pay all expenses and hopefully enough to cover some travel costs as well. You’re so correct in stating you can always make money but can’t buy back time.
Thanks for sharing your story with others here on this channel. Truly appreciate you doing so. Thanks for watching this video and I’ll see you in the next one.
In 9 years then you could draw social security (age 62) at the lower rate. Else you could get more each year that you wait up until age 67 (100%). What do you think you'll do?
Great vid Jerry. I'm retiring in 90 days. My biggest worries, after spending hours putting together the numbers, is taxes and health care costs. I'm almost debt free with great balances in my 401(k) and my savings accounts, plus my home is paid off. My goal is to live on just the interest from savings and the investment income on my 401(k) without touching the principal. I'm super close to doing that but again, taxes and health care are the wild cards.
Congratulations your alive and hopefully healthy. The wife and I checked out in 2019 with lots of debt and no pension for another 18 months. No problem we will be $ 2,600. extra by 2028. BUT, remember to make a glide scope Jerry so that you don't save or spend too much without having great adventures. I met Alice Copper and he gave me two things a while ago. One thing was a necklace for my wife and then he sun schools out for my retirement. Here he is the lyrics are for your retirement party. ua-cam.com/video/mBqiC5ox8Bw/v-deo.html
How old are you if I can ask? Cause if you're 65 I believe you can get medicare for free. Maybe you can get that if eligible. I have the same worries as you. Healthcare being the main one.
@@Westcoastguy I'm 65 but my wife is 55 and my youngest, who is a full time college student is 18. I'm going to go the Medicare Supplemental route but the big expense will be my wife.
60 years old. No retirement or investments. Working cash jobs and paying my bills. I will die working and that is better than sitting around watching the wind blow through my yard. No health insurance either. It is cheaper this way. The monthly cost is more than my cash price for scripts. No plans to change these things because it is all I know. No credit cards or loans to pay either.
Thanks for taking the time to share your story with others and thank you so much for watching
If you own a home free and clear you need to remember that you have to pay agent fees and other sales costs when you sell and possibly in some cases capital gains.
Just to confirm that you can make plans, but if your health fails, they go up in smoke. I became unable to walk without a rollator 3 years back. Even though I still go to the office 3 days a week, I am basically home bound except for that. I plan to retire in less than a year, and have a good amount of money saved and no debt, but…
Thanks for watching and sharing
Great video. I think social security will be around for a long time but the bigger deal is what purchasing power does it have now a days vs 20-30 years from now. Making it my goal to retire at 62 with social security, small 401k, few bedroom/bathroom house paid off and a govt pension.
Good point because this runaway inflation is affecting everyone in the nation. Thanks for taking the time to watch and to comment.
@@JerryPinkas lower your means....sloved.
It will be around, but my financial planner warned us that more than likely in the future how much of it you are able to collect will be tiered according to your income. I guess these ideas are being discussed within the government because SS is short on money. He told us to only count on receiving 75% of it to be safe (we are 49 yrs old now, so getting more serious on our retirement planning). I wonder if our kids will even see any of what they paid in?
Nice presentation.
I retire in 30 days, very excited. Several years ago I changed my position in the Stock Market to an 80/20 portfolio. Put half a mil in Treasuries and left the rest in the S&P index. My idea was ~5 years before retiring I removed much of the risk in the market and secured it for the future. Did that just before the "ahem" last election (2019).
I own three homes and raw land, all paid for. No CC debt, no loans... Completely debt free. I'm about to finish this second retirement income, and will take SS at 64 (2 years). My wife has the same in her 403b, and retirements, but still works (RN). Looking forward to vacating the 9 to 5 life after working since I was 15...
I’m cheering you on to the countdown! Congratulations thank you so much for taking the time to watch this video and to comment
Working buying third home in OBA. Retire at age 64,love your podcasts
I was offered an early retirement package at age 65 and never looked back. I originally planned to be working until age 67 or 68. Instead, I do volunteer work doing what I love. The key is to eliminate debt and having a plan included all your expenses.
Cheers to your success. Thank you so much for sharing your story here and I’ll see you in the next video.
Every time I become apprehensive about how much I have saved thus far for retirement I just check into videos like this and look at the means and medians for the US as a whole - going to be some folks living some awfully lean “Golden Years” unless they’re able to pull a rabbit out of a hat somewhere along the line……😮
The average American does not have $400 in an emergency fund to pay for an emergency. 46% of Americans are one paycheck away from destitution and don't own their own home, so the middle class has been gutted since the 1980s via GLOBALIZATION. And no one wants to work hard at manual labor anymore or learn a skills trade, which pays very well but with long hours. Everyone wants to be a Kardashian BS.
They government will come for those who did save and invested wisely to reward those who did not. Soon they will " means test" social security. Easiset way for politicians to buy votes. Of course, omce Central Bank Digital Currency (CDNC) are in effect, you WILL obey the governmemt, just as they do in China or your 'currency' will not spend.
Thanks for taking the time to watch this helpful video and thanks so much for sharing your story
Thanks for watching and sharing
Thanks for watching and sharing