The Five BEST PRACTICES in Retirement Spending
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- เผยแพร่เมื่อ 5 ส.ค. 2024
- This video discusses five of the most effective practices used by retirees to maximize and enjoy spending in retirement.
6 Purchasing Mistake Retirees Almost Always Regret:
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
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My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@Mark Lofgren Do you mind sharing info on the adviser who assisted you?
@Mark Lofgren Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start the remaining months of 2023 on a woodnote financially.
Thank you so much for this tip! Finding your coach was a breeze and I was really impressed with all the research I did on her credentials before scheduling a call. It's clear from her résumé that she's extremely knowledgeable and skilled, and I'm so excited to have the chance to talk to her.
Here's what happened in the past month: husband fell down, broke off front tooth, needed a cap $986. Car accident resulting
in payment of $1,000 deductible of insurance. Garage door died and needs replacing. Luckily we have emergency fund.
I wasn't financially 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 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. Great video! Thanks for sharing!Very inspiring! I love this
I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in.I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
@@DarylSimpson58 Her name is Laura Marie Keilman. Look her up online, she is quite popular in the united states and she is a certified financial adviser in order to put you through the procedures of achieving your dream portfolio.
@@MajorCockbern That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@DarylSimpson58 look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where your located.
@@MajorCockbern Thank you, i just found her website.
I just want to sleep in with no interruptions!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Retirement is sooooooo simple for me...................
I retired last October at 64, with a healthy 401K and IRA, even through my financial adviser/financial planner said we are in great shape to weather the financial storm we are about to go thru, we sold our condo, got rid of one vehicle, only need one vehicle now, and purchased a new manufactured home in a 55 plus community, now no mortgage, no CC debt. I don't plan on taken my SS until I reach my FRA. We watch every dollar, and have baked in a good size yearly travel budget for our RV travels.
You’re awesome! Well done!
I’m 64 turning 65 in August. My wife is 65. We’re waiting for August to retire when we’ll both have Medicare.
We also have a RV, a travel trailer. Planning on going for 2 month trip in September. Out to San Diego to visit our son then back through south Texas, New Orleans and gulf shore around FloraBama area.
@@jimcurry5458 It's a great way to travel, we love it. Congrats on your retirement,
you rock
My biggest financial problem in retirement has been the transition from saving to spending. I have not been able to make that transition. Of course, that means that an emergency fund is not a problem.
I can relate. Retired for 4 years now and I am just now starting to getting over the trauma of withdrawals from my IRA. You save for 40+ years then boom, it starts going the other way. BUT I try to focus on thats why you saved to begin with; right...
Same here! I’m afraid to start spending it.
Not the worst problem. I'll just go out to dinner 🤗
Me too. Habits are hard to break, good or bad.
Wow, that credit card payment example was incredible! I'll bet a lot of people think rounding up the monthly payment would have little effect but it really did make a difference. Wish I'd known this back when I carried credit card debt, but I'm thankful I don't do that now.
Jeff,
Please add a bullet point summary at the end of each of your videos. I can think of a dozen of your videos that I'd like to act upon, but I can't remember the specific actionable items from each of them. Also, thank you for all of your work. It makes a REAL DIFFERENCE in the lives of your viewers. It's a big difference, a life changing difference.
this is such important info, all checked. thank you JS
You are doing a great service to keep giving those basics, because it doesn’t matter if you’re working or retired, they work for you! Have/use/stick to a REAL budget (that’s a dedicated money plan, not your checkbook balance), maintain an emergency fund, eliminate debt, continue to save/build security, maintain your credit standing by paying bills you do have on time, every time.
When you find the average financial mess in someone’s life, one or usually more of those items has been neglected or ignored. Thanks, Geoff!
Thank you Mr Schmidt
Thank you, this was informative.
I have one CC, I use it for places that don't take debit cards or online purchases and I pay off the balance each month. Makes life easy and its nice to have as a backup.
Excellent content and informative! New subscriber. ❤️
Like the suggestion of putting 5% into an emergency fund
As a recent retiree, nearly age 63, 30 years in the Navy and now back in my home state of Florida.
I will have a book published soon and I am starting freelance e writing using the University of Iowa online certificate which I hope to achieve next year.
Better use my GI bill, right?
Agree with all you said.
I am beginning to live like a minimalist.
I invest, have no credit card debt (only home mortgage paying it off in half the time), a very high FICO score, Navy retirement , etc.
Life seems okay.
Blessing to you and your viewers.
Your advice is always valuable and I enjoy these videos. Secondly, I am impressed by the high-quality of the Stock Video Footage you use in these presentations!
Thank you!
Great advice and see you are upping your game with the nice suit and shirt.
Have to dress the part!
But he gets his furniture at the dump. I’d liked to know the story for what’s sitting behind him.
Great presentation & I couldn't agree more with your points. I was a mortgage guy for ~40 yrs & a degree in accounting. I practiced that the first 4 years. I would show my clients how just adding a few extra dollars to their mortgage payment every month made such a big change in the term & total interest paid. It really is amazing if you play around with a mortgage calculator what you can very easily accomplish. The hard part for most was being diligent & continuation.
Yup, being disciplined is the key. Even when you can't be when those emergencies come up you'll still get ahead and make progress.
retired, credit score was 848 last month. But things are tight, as I retired much earlier than I wanted to due to covid issues. I hope I can maintain it but savings? maybe I can continue to save a few bucks per month, but as I said it is tight and I have cut everything I can.
Great advice Geoff!! I was already following 4...and I'm not retired yet....gotta make that emergency fund funding change.
Oh yeah, for those thinking, I got this covered....things happen, sometimes when you think "I'm good". Last year, I broke my leg while NOT covered by insurance. Yeah, it was a 60 day period that my company put in place before the coverage started, and I didn't check the COBRA rules....which I could have waived that 60 days. Anyways, don't do what I did, it's wicked expensive!
Why American don’t demand universal healthcare is beyond me. A Canadian
Love your videos and have been watching your videos for about a year now. The recently added sounds from the video clips cut into the main video are very distracting and keep me from hearing what you are saying in each duration. Just my personal suggestion, but I'd like it if you took out those sounds, so I may better absorb the content you are putting out.
Geoff, love the content. Wish you would please link websites you use in your examples. I know I could find the credit card one if I took an extra minute, but I'm lazy😂. Thanks for your insights. Also, thoughts on Roth conversions during retirement??
What about using Roth as retirement fund? I really appreciate your content. I usually take notes and email them to myself while watching your videos.
We retired early with no debts. By limiting our retirement income we saved over $25,000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, etc.
If I have to use a credit card I wait for a zero percent balance transfer offer on another card before doing it. Currently trying to finish building our home (started 21 yrs ago) and need to finish this year so these expenses will be paid off by my 65th birthday next year. By the materials, switch to the zero % promo, divide balance by months and pay monthly. Much easier now since we’re virtually debt free already, otherwise I would have to slow progress to pay as we go which is why this project has taken so long to begin with.
Good afternoon. I just came back from Fry’s grocery store. I really wanted some rice Krispy’s cereal. $5.99 for the small box. Who are they kidding? Products are way down of every kind.
Buy the store brand if there is one. It is highly probable they are the same product as the name brand without the overhead.
Great advice. Could you give some ideas of what credit score you should be striving for? And how to improve if you are not where you want to be?
750+
My spending plan is pretty difficult...I can't seem to find anything to spend on. I'm having a good time laughing at all of the inflation though. Last night I decided to take a crack at my first try making a version of a McRib so I checked out the prices at McDonalds...they were hilarious! I can't believe anyone would pay so much for that garbage. Instead I grabbed a pound of ground pork and seasoned it with salt, pepper, garlic and onion powders, paprika, etc formed it into round patties and cooked them over medium heat before coating them in BBQ sauce and nesting them on lightly toasted Sheboygan hard rolls that were on sale at our small town grocery store's bakery department. I then loaded up the thinly sliced onions and pickles...fantastic and under $2/serving. There's lots of people recreating the McRib verbatim and they form rectangular patties, mold in ribs, freeze them and put them on the same shaped buns. I went with round patties so I could use round buns and drop the cost of the finished sandwich 20% as well as tasting better and we always have round bakery buns on hand, the molded "ribs" side doesn't brown as well as my flat, round patties and why freeze the meat just because McDonalds does, I'll take fresh every time. I really streamlined the process as well so they're just as fast and easy as burgers to make. This is a powerful thing to do with everything from computers and electronics to vehicles and everything in between. While I have a hard time finding ways to spend, all I see are new ways to save even more and I have a fun time with all of the projects to do so.
Live Simple, Live Free!
When I was getting my MBA in 2003 one of our profs told us that credit card companies call those who pay off their balances every month "DEADBEATS" because the CC company never makes any money off of them. So when I decided to get a VISA credit card at my credit union a few years ago, i was worried about my credit score because I've paid off CC balances every month for 20 years. I was shocked to learn that it was an excellent score. Why? What has changed? Why am I no longer considered to be a "deadbeat"?
In WA unfortunately your credit score can no longer be used to determine your price of insurance. 😢
In California it’s illegal for companies to check credit score for insurance.
One comment, I believe that you are missing half of the budget if you don’t include income because the bottom line is where you stand every month income minus expenses this is a very important number to evaluate and help tune your budget so it is more helpful to you.
Where can we find the calculator you use from the 4 minute mark please ?
I only counted 4.
Jeff, thanks for the video. By the way, I'm doing all five. I do have a question on whether I need an emergency fund. I'm currently debt-free (home included), have no CC debt, and have a credit score of 780. I know where all of my income is going and give over 40% of my retirement income to charity ($120k). Do I need to have 6 months in an emergency fund? My net worth is over 3 million.
Thanks,
No free advice after big noting your net worth here….
So my wife and I paid off our house 22 years ago. We pay cash for our cars. We use credit cards as a convenience, and we pay off the balance each month. We have had zero debt for over two decades. So our credit score is probably not all that great. Are we supposed run up some debt to improve that score? That seems nonsensical.
So do you actually have a lousy credit score, or are you just speculating? Because my wife & I have a similar credit profile (although we only paid our mortgage off about 5 years ago), and our scores are well over 800.
@@pmasters1951Likewise, Don should actually check their score and see how it it. Over 800 is great, but even lower scores might still cover all the bases you need to cover.
That is nonsense, you silly goose.
When you retire, are you supposed to put 5% of all the money you receive (Social Security, pension, IRA, ROTH distributions) into the emergency fund? Also, is this 5% of pre-tax or after-tax amount?
5% rule not important. Build your emergency fund to two years of expenses in cash as fast as you can, then stop. All other money gets invested.
This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
It’s amazing you were able to save that much during your active years. Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
Yeah, I’m also closing in o retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
I'm 76 and have a credit rating of 832 and my wife not retired rating is honestly 850. We believe credit score is important to the day you pass. No, we are debt free also.
If you are debt free and don't plan on taking on any debt, why is your credit score important? My wife and I have similar credit scores but we have no debt and will never have any debt so it doesn't really matter.
My 95 year-old-Grandma would demand of us, “What’s your FICO score?”
Why would I withdrawal money from my IRA and save it?
I would simply leave that 5% in the IRA and not pay taxes a little longer??
He did not say that. If you are not taking money out of your IRA then it's not income.
@@bugsbunny2357 he specifically said you should save 5% of all your income
And again I would not withdrawal from my IRA if I wasn't going to spend it or do Roth conversions
I would rather have the money in my IRA than an emergency fund (of course I will be invested appropriate (
i watch and listen and learn... BUT.......$5000 debt @19% interest making minimum payment with 1% principle included in payment is 61 months to pay off not 275 months. What did I miss???
is the 5% rule you mention pre-tax income or post-tax income?
5% of take home
I don't understand why anyone buys things on a credit card that they don't have the money to pay for in advance! It's like borrowing from a legal loan shark!
It is not "like" that: it is that.
All these retirement experts don't realize that retirement is highly personal from one person to another, you cant formulate it. This country retirement is in a mess because of not bad decision by people but the politicians who serve their rich masters.
since you elect them, you are their masters
politicians are not your parents; the bad decisions are yours: if you don't understand that, you will not have a good retirement.
My rule: Don’t buy anything unless I can eat it or wear it.
you must own a lot of diamonds
I currently invest in stocks with the help of a licensed broker. She trades for me & has helped me grow my 6 figure portfolio to over 200% up. It best to invest with an expert.
Hi, I’ve been in need of a good investment manager to help me build a portfolio, how can I reach her?
@@johnoli2976 You can research her, Paola Marro . Sorry I can’t share her personal details here
Being hearing about her all over town 🤔 so she’s that good?😮
It's all good stuff but this video might as well be called "The Five BEST PRACTICES in Spending for Anyone". What is said here applies to people at any age and stage of life, retired or not. It's surprising to me how many people don't follow these basic rules and then wonder why they can't get ahead.
1. Every dollar has a job
2. 5% of income goes to emergency fund now and forever
3. Do not carry credit card debt - pay it off
4. Maintain a great credit score
5. ?
I guessed I missed one somewhere
This channel is one of the worst for comment spam. Report the spam, people!
Yeah, I only counted four also.
People don't know this by retirement age? Good god what have you been doing all these decades
Move to Mexico. 25% world. Across the board.
Enough with the sound effects!
These added clips are a bit annoying to watch and interrupt what you are saying
Debit cards have made credit cards obsolete. Don't get suckered in.