7 Simple Ways to Overcome the Fear of Retiring
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- เผยแพร่เมื่อ 15 ส.ค. 2023
- 7 simple steps anybody can take to address the fear of retiring. Video's Sponsor is New Retirement: go.robberger.com/new-retireme...
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In today's video we'll discuss seven things we can do to lower the stress and fear of retirement:
0:00: Overcoming the fear of retirement
1:24: Create a Retirement Budget
4:54: Categorize Spending by Wants, Needs & Desires
6:39 Compare Spending to the 4% Rule
8:51 Plan for One-time Purchases
11:08 Assume the Worst
13:05 Use a Retirement Planning Tool
14:31 Get a Second Opinion
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
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It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
Great video, one that folks really need to watch. I' m 50, retired a while at 45. 1 have 35% of my capital invstments in an IRA. 25% in index funds, and the balance spread across other investment accts. in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly. My financial consultant has been patient and has done a wonderful job for me throughout the years.
I overcame the fear a long time ago.
Yes Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve best results
Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,
in my case CHRIS RYAN STEWART has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest.
Chris Ryan Stewart is the CFP responsible for my portfolio success, the man has a private client base you can confirm him yourself on the internet, regulation an all.
Used my brokerage planing tool, Monte Carlo analysis for the last 25 of my 40 working years. In 2020, I took a layoff, got cancer, went on s/s disability, inherited a siblings estate and realized that reality is not always baked into the planning tool. Be ready for anything , so when the day comes to un-job your life , hopefully by choice , you find comfort, adventure and joy.
Thank you Rob! I retired with a very good government pension, some social security and retirement accounts. I have planned well but I am still worried. The funny thing is that when I worked, I didn't worry about retirement. FYI, when you are retired you have alot of free time to over analyze things!
My plan about a year before retiring is to have a dry run and live on the budget my wife and i agree to with income generated from our nest egg. If it works, great, if it fails we keep working, if we are close figure out what adjustments we need and if we want to make them. Lots of good advice here. Thanks.
Rob, you have one of the best retirement channels there is. So many good explanations and presented so well.
Very good information! But I would point out that a trip around the world for 2 people probably is closer to $100,000 than $10,000!
Hi Rob, I retired about 6 months ago and have been listening to you since. THANK YOU! I have checked our budget and the fact that we can live well below a 4% withdrawal is what gives me comfort. Also, your previous examples using Fi Calc. Showing that we should never run out of money given our situation allowed us to overcome that fear of retiring.
I think you make some good points. To me the gist of what you said, as far as income and expenses go, is to identify and quantify. Makes sense. One of the most common causes of fear is 'the unknown'. Make all the income and expenses moving parts known, quantify (how much?) them as realistically as possible, then the 'how is it going?' is right there on paper in front of you.
Great stuff Bob! Keep it coming.
Very informative. Very happy to have viewed this video
Thank you for this video!
How about a show on continuing care retirement facilities
Thank you Rob for your helpful analysis and brevity. I found some peace of mind by running a few good life expectancy calculators, along with knowing my family medical history, to put some evidence-based odds on my longevity risks for planning purposes. - Bill
Thank you Rob, great advice
Good information Rob...thank you once again for the videos you produce. A year ago I left a financial advisor at a well known advisory firm and now DIY through a discount broker using a 3 fund portfolio. Took this major retirement step much because of the information learned through you as well as the boglehead community. So far it's gone very well...and the 1% AUM is a thing of the past. Will be using the step of bringing in a "second opinion" somewhere down the road.
Would love to see some reviews of other retirement tools, like Trajectory. I think you had indicated in the past that you planned to talk about that one. I have New Retirement but it certainly isn't a silver bullet - it can produce some confusing results and I'm not sure I'll continue using it. Thanks - great channel!
Hi Rob ... love your videos!! you explain everything so clearly, that a beginner can understand it! Keep it up!! Question... do you have a video on the IBC concept using whole like? Thanks!
you are the most professional financial specialist I have ever met ! I was just about to invest mutual funds by DCA in insurance account so the capital Gain is tax free for consistent 10 years . so in your opinion, it's not a good idea to do that .I need to rethink about it.. again , thanks for your advice .
Thanks so much for your library of great retirement/investing/financial content! It has been very helpful to us as we approach and enter retirement. I have been using the paid version of NewRetirement for some time now, and I haven't seen a competing tool with nearly the sophistication and flexibility. Regarding getting a second opinion, we recently paid for a session with NewRetirement Advisors; I think they call it a Retirement Plan Checkup. In this video, you recommend having a retirement planner crunch the numbers using their own tools. Do you think that going to an "outside" advisor, as opposed to one that is going to use the same tool I've been using to create the plan, would provide a significant benefit? It occurs to me that an advisor in the employ of NR may have a bias to agree with the NR tool's projections. Thanks for any thoughts!
We call the doomsday scenario "Scorched Earth" I have a budget for that. Say all the worst things happen and we need to cut all extras out. No travel or trips, no going out at all for anything but groceries and doc appts. Get rid of 1 car to cut property and insurance costs, go to 1 smart phone we would share. Cut the couple streaming services we have. Knowing all our numbers from years of budget and keeping track, we can live at the poverty level without missing any meals. Knowing our base costs are low, that provides great relief. So going to live it up in retirement !
Fantastic advice, Rob.👏👏 If only you weren't an Ohio State fan, we could be friends. 🤣🤣
Keep up the great work!
@Rob, regarding the second opinion you received, what changes did they recommend for you, if any?
Uncle Rob. You once mentioned and recommended one book on life and living. I think it was a one word title if not mistaken. I can’t seem to find that video again.
@Rob Berger - I use New Retirement. Regarding my retirement withdrawals, as long as they are enough to cover my expenses but less than New Retirement's Max Spending level, I should be good, right? I just wonder why you haven't pointed out this seemingly obvious answer to the never ending question about withdrawal amounts
Nit: the camera is crooked! Drove me crazy😊😊
I don't see the link to the FP you used.
Hi Rob , great content, I’m learning a lot . I’m about 6 years from retirement at 62 yrs old . I’m not investing savvy , my money is managed by a work based fidelity plan ( 401 k & 403 B I’ve maxed out since age 31) . I’m considering a fee only financial advisor but their AUM of 1-1.25% . I’ve purchased New Retirement and love the software but I’m nervous that once I get into retirement I’ll need someone to manage investments, tax strategy etc . I’m going to look into your list of advisors next but if I really want a “hands off “ approach should I go with AUM person ?
Thanks for all your videos !
You can learn what to do & save more money without an AUM person
14:30 Consider a fee-only advisor. Could be a CFP, but doesn’t have to be.
Has anyone used Mark Zoril. One of the advisors rob is recommending. Thanks!
I do.
Yes, my wife and I recently signed up with Mark. He is a fee-only advisor and gave us the specific advise for our situation, that allowed me to make the final decision to retire. I wish I had signed up with Mark sooner.
Best video to date. Thank you.
and also people love dividend , and your opinion is total different from them .. I do see after dividend pay out ,the price drop . that means dividend is from stock price, which is not profit at all. and even worse , principle fall most of time .pick a sesame, but lose a big watermelon ... appreciated.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 175K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
Inflation is what is scary since runaway Inflation like the 70s without the benefit of rising wages can put retirees in serious trouble
Are you really retired with 130K subscribers and youtube income? It's a great gig but quite different than many of us who when we retire, will not have such semi-passive income:) Although I assume you didn't have youtube at the time you retired? Enjoy your channel.
Agree, the advice is useful, but he is not really retired, and I thought I heard him say that in a recent video.
Nothing wrong with what Rob does, but it is different, from what I’m doing now. Any kind of regular work related activity means you work PT, and it totally changes the equation and the experience. In fact I worked PT for nearly 2 years before I “fully” retired, and it is much different.
Man, I want to retire and I am 34.... I just wish I had money
How long were you really retired, Rob?
@Rob Berger I’m strongly considering going with a financial manager who charges 1% AUM and takes care of managing investments, college planning, tax planning, etc. I know you don’t ordinarily advise it, but I have some special circumstances. I’m only 54 and disabled with 2 teenage daughters. I have enough investments to spin off enough for us to live on comfortably. But I don’t really trust myself to manage it on my own. I will need to make sure that I have a continuing income stream for the rest of my life, in addition to paying for college, weddings, vacations, etc. I’ve made some bad financial decisions in the past and don’t completely trust myself to do it on my own. The financial manager I’m considering is highly recommended to me (she’s part of a big firm) and manages the money for several friends, all of whom have a lot more money than I do. What do you think?
I think a financial manager makes a lot of sense. But at a minimum I would interview planners who charge a flat fee. They can do the same thing, but at a much lower cost.
I worry about linking my accounts to these tools also, they cost 😞
Sometimes good software is not free:) but new retirement is pretty cheap especially considering the others.
yep, it's good to think about the fallback "doomsday" plan
Maybe I am just a poor but 9k-12k a year doesn't seem cheap 0_0
Tiller has no cost its free?
Excellent points to consider.
@Rob how old were you when you retired and what role does age play in making one anxious about retiring? Did you voluntarily retire or was it involuntary?
IIRC he sold his business and was financially able to retire even though he was much before 65. I'm guessing he was around 50 in 2018.
He's not retired.
@@usddcmthe retirement didn’t stick
@rapfreak7797 he's working a youtube channel. 170k subscribers probably a pretty good gig.
Thank you ... have used NewRetirement for a couple of years and love it ... appreciate that you exposed me to a couple features i haven't used (eg. One time cost of something like a wedding) ... your channel may be the best on you tube ...
I think i would be more comfortable if i wasn't saving for the future of a son with autism
Wow, yes that takes added planning plus added patience and love. FWIW friends have 2 autistic sons. One is higher on the functional scale and the other prob closer to Aspergers but both bright. They were raised like other kids and encouraged to be independent when/as possible. Both are adults now with govt jobs suited to them and share a condo our friends own. One is able to drive within the city and takes the other to work, appts etc. Our friend live a few hrs away. They’ve been in their own for many yrs now and doing well. Our friend call regularly and visit but not so much to take away independence or autonomy. Obv their will is set up to ensure their well supported after. I’m aware this may not be realistic for all with autism but our friends do believe in teaching skills for independence like any other kids. Canada and UK have supportive housing pgms for those who need some more help. There’s young autistic adults on YT too. Hope this helps in some way and your in an area that offers any needed resources for autistic children. Peace and health.
Same here
Very similar situation here.
Our daughter has CP and although the ABLE account is helpful, it’s a lifelong commitment, which is why I will probably push taking SS till 70 so she receives the maximum benefit (I think it’s about 70%) when I’m gone. We moved to CO specifically because of their disability services.
Life Insurance and several trusted family members
Just curious as you were planning... what range of Monte Carlo scores did you shoot for? I've heard all kinds o of planners say if you get too caught up on attaining a score in the mid or upper 90s, you are likely missing out on others activities outside of work and accumulation. Thoughts?
This was my number one question that I hoped he would address.
@@sherricunningham5675 same. For some reason when I do 'what if' scenarios I feel uncomfortable at anything under 99%.
@@livingtheslolife He has one called "How Social Security Should Affect Asset Allocation During Retirment" where he's using the Personal Capital software and it shows 85% as being "good" and 76% as being "roughly on track." I think I'm ok with anything above 90%, but I prefer 99%
@Rob how important is income tax planning in managing one’s anxiety in retirement? How did you do your income tax planning?
Thanks Rob - within a year of possible retirement and using paid New Retirement (great program) - just lost both of my parents and thinking about mortality in more personal terms - appreciate this timely video... Hug your loved ones !
Health issues forced me into earlier retirement but still partly involved in our sml biz. Husb was retired for maybe a few mths after we sold. 😂 Then like Rob fell into an opportunity (data analytics consulting). Self employed yes but we agreed no employees this time and lower work load. He likes what he does will do it until he can’t or gets tired of it. You don’t have to retire but if you do have a plan and a purpose. Studies are clear now on mortality rates for those who don’t. Longest living populations either don’t have a word for retirement or stay active in semi retirement and or volunteer work etc. As always do what feels right and best for YOU.
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I got comfortable with my retirement date decision by educating myself on the financial issues during the ten years prior to retirement. I read books from experts and watched many TH-cam videos from experts. I am also well trained in investments and finance so it came somewhat easy to me. I developed an expense estimate for retirement and then set a savings goal. I originally planned on retiring at 64 but worked one more year because I was making a lot of money and the job was easy. It added a buffer for me. I retired last year at 65 and will start SS at 70. I will use my retirement savings for the five years in between.
If you are working, you are not retired.
Agreed. It would seem more accurate to say you retired from one career to pursue another.
Yeah, I roll my eyes at the 'retirement gurus' who are 'retired' but have vlogs/blogs/websites/speaking engagements - they infest the industry. It's particularly gross when they start selling memberships or merchandise.
Yeah it is the same as someone who rents out a house and calls it passive income
@@ArthurDentZaphodBeeb It's interesting -- if you look at the actual retirement "strategies" of most of these folks they are either (1) never retire; or (2) spend hardly any money relative to accumulated assets so the "plan" really doesn't matter anyway. In either case, their real goal (or "revealed preference" as economists say) seems to be "die with as much money as possible."
Absolutely agree! I worked PT for 2 years before retiring. it was nice, but still very different from being fully retired.
Rob is very smart, but seems not to want to retire. He seems to have the resources, so not clear if afraid, or just likes to work.
He never really addresses the title of the video as it relates to him still working.