The #1 Retirement Trap No One Talks About...
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
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This is the #1 Retirement Trap no one is talking about these days. By 2030, more than 1 in 5 Americans will be over the age of 65, and the life expectancy globally is expected to rise from 73.33 years as of today all the way to 77 years old in 2050.
With such a large proportion of people retiring, there will always be questions around how much they should have saved, how you they can withdraw, if social security is still gonna be here, etc… but that’s actually not the #1 Retirement Trap that is out there:
Going into retirement without knowing how much is “enough”, and constantly wanting more.
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:37 - The Trap
1:30 - How Retirement is Spent
2:39 - 2 Related Personal Stories
5:05 - Hedonic Adaptation
6:45 - Know Your Retirement Number
8:51 - Retirement Income Replacement Ratio
10:20 - How Much Your Retirement Costs
11:18 - Passive Income Sources
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Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.
One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.
This is why I've entrusted a fiduciary with my investment decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to $780k, generating sufficient dividends for my household's needs.
Mind if I ask you to recommend this particular coach you using their service?
thanks a lot. I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
She appears to be well-educated nd well-read. I ran an onlne search on hr name nd came across hr website; thank you fr sharing
I don't miss working or the people at work. No hard feelings, just moved on. And there is so much to do in "retirement." There' s no such thing as getting bored. There's a whole world out there. And younger people need you and your perspective.
Warren Buffett talked about this. He said it's craziness to work a job you hate now because you think that it will give you a better life tomorrow.
Everyone doesn't love, or even like their job. People need to be financially secure and many people want to take good care of their families.
Like everything else in life, there are obvious trade-offs.
When people idolize Warren Buffet or any other so called "legendary investor", they almost never consider where all their money came from....lemme give you a hint, it all came from other traders. They literally stole your money.
The problem is: what if you hate every job?
One big trap that people never account for is assisted living costs when their health is failing which is really expensive. The going rate in my area is about $5k a month.
5-6k is average monthly nursing home costs
$5k is affordable
My grandmother has full service and her place is pretty nice but she pays $8k per month to live there
They have a pill for that now
You don’t live in California. Cost of assisted living in the SF Bay Area is $16,000/month in a decent private place. If you’re broke, you can go to a MedicCAL facility. (It’s called Medicaid in other states.) My friend just died in one. 7 beds crammed into a room. One nurse per 35 patients. A doctor on call but not on the premises. People literally warehoused, waiting to die. All patients drugged to be docile.
Retirement shouldn't be about a magic number! This video hit the nail on the head, plan for experiences that make you happy, not just a bigger nest egg. Love the focus on finding fulfillment in retirement.
thanks German!!
I became a minimalist in 2008. It was a long, thoughtful process. As I worked to craft a life that I loved I was moving towards a life that would sustain me as I retired. It wasn't my goal at all but minimalism taught me how much was enough for me. I learned what it took to lead the life I love. Now I'm three months into my retirement and I love the life I have.
Sounds like you’re not sick yet.
@@suzanneemerson2625 What a little bundle of joy you are. I'm guessing you often miss the point of what people are talking about.
I think my concern for wanting more is the loss of value on the dollar. If someone retired with a million early 2020 the purchasing power is now like 500k. Also some places have stupid property tax policies that can eat it up. While I hope to have the health and energy and want enough money to travel a few times a year, pay for the gas/consumables to take hunting and fishing trips, socialize and eat out etc- I want to save a good amount just out a general distrust of our governments monetary policies and taxes
I'm content with out my outdated 2006 Mazda 3 with no monthly payments and my insurance is $63/month. Status symbols such as a nice car or ride is a wealth killer unless it can be used for a corporate task where tax breaks can be beneficial. Over a $1000 per month to show off a vehicle I can't afford would be detrimental to my wealth.
Good one H...helping us think thru when it's ENOUGH.
The real problem is that once one finally makes 100k, it's the new 60k and to achieve the same desired freedom and financial power, you now need 175k.
Nah, I was making $100k for a while and had minimal lifestyle inflation. Actually, it wasn't until I shifted to working part time and earning half as much that my cost of living went up substantially.
I basically only need like 40-50k of income. I make over 100k and just save everything above my necessities.
Lifestyle inflation is terrible and I notice all my friends falling into it despite making much less than me.
@@Lolatyou332 Even without “lifestyle inflation,” just regular inflation in the economy means the cost of everything doubles every 7 1/2 years. So in 7 1/2 years, you need to be making $80-$100k just to maintain the lifestyle you have today.
@@suzanneemerson2625Your assertion about inflation doubling cost of everything in 7.5 years is a pure lie. You have no clue what you are stating.
@@Lolatyou332 I experience this all the time. A friend got mad at me at a lamp store when I said "I can't afford that" even though my salary is nearly double hers. She said "of course you can!" Well yes, I can easily buy the lamp, but I would like to buy a home and retire some day, so if it's not in the budget, I can't afford it.
SO TRUE! I've first life experienced the "I'll be happy when..." accomplishing it, then just moving it higher and going back to baseline happiness.
I always enjoy your content. I really liked the personal stories. Keep them coming!
Thanks for sharing your perspective which no one talks about! 😊 Informative video!
Great perspective. Thank you
I retired at 35, I’m now 38. I love my life, i’m not out spending like crazy, i spend my time with loved ones, hiking with my wife and dog. I spend most of time working on new hobbies. Money does not buy happiness, no amount of money can buy time. Finally, don’t retire in any major city, move away!
May we ask what you did to retire so early?
@@babyg7796 He traveled to Mexico, then came back pretending to be a migrant.
@@comment8767🤣 perfect idea!!! Then you can get free housing, Healthcare and a food card that reloads every month!!
Great video, thank you for the work that you do.
great video humphrey! i like your vids discussing some of the psychological traps around money.
i enjoy watching your vids. your honest and give actual insightful information even when i think i know something already i still watch
Very insightful! Loved the video!
You young whipper snapper!!
I'm with your Dad 😊.
As someone who's eyeing retirement down the road, this video hit home hard. The 'more money, more problems' mindset is real!
wonderful video humphrey
Glad you enjoyed it!
The main problem in retirement is finding people that want to do things. I wanted to do a month-long trip by Ebike covering hundreds of miles. If you find a person interested they may be fit enough but no money or they have enough money but their health is poor. Dropped it down to 50 miles, then around town. One person did it one time. Dropped down to taking a walk once a day no takers. I ended up walking 2-4 miles a day. All my in-city tasks is done on an Ebike. I found people on the bike trail that I meetup with in the summer. Sometimes it's hard to find people that want to do what you like to do in retirement.
I retired early and I have found out in retirement that I spend very little money. Living on less than $20k a year. I repair and do preventative maintenance on the items in the home and transportation. The hobby garden supplies over 50% of my food. I traveled when I was younger and I don't really have many places I want to see. I bought most of my high priced hobby equipment. I'm not alone in having problems spending money in retirement the lady next door I do tasks around her home and she will not let me do them for free.
Thank you!
Great video! I'm always wanting more and I save like crazy....I'm actually working on spending money on things that I enjoy otherwise I'm just hoarding money
Love this video! It makes complete sense since we always want more. The opposite of this problem is retiring with literally nothing which isn't good either. I used to work at a call center and talked to people all the time who only had social security to live on in retirement, which only made me want to save more.
Great video Humphrey. One concern I have is transitioning from fully structured days to no structure. Where can I find the labor department chart on how retirees spend their days? Thanks in advance.
I'm stuck in one more year mode after hitting my original stretch goal.
I think part of it is just that I didn't think inflation would hit that hard over a decade, so the original target number is not the same today. I thought it'd take 5 more years to hit the number I'm currently at.
The other part of it is uncertainty and expecting a market collapse that would take my wealth number below what I'd like it to be at this part of my life. But that's probably a pretty normal thing to experience with the market generally going up and being at or near highs a lot of the time.
If you structure your portfolio correctly it should be able to weather a crash or a bull market. Just remember to NEVER watch the “news” and that the market makes money 8/10 years on average. I do understand your sequence of returns risk fear though and will probably struggle with that myself when it’s my time. Just have to jump in with both feet sometimes.
I do notice my colleagues have been waiting to retire at a later age. Many people would argue that waiting for retirement in their 70’s but I would argue that security has a diminishing return after 671/2 years old. Compound that with decreasing health may hasten your to start our retirement sooner than later
Retire 62 or earlier!
@@sct4040 totally agree 👍
This video is helpful. I am planning a retirement fund. The earlier the better.
thanks Courtney!
I agree with your dad on restaurants. Must be a generational thing..
People at work are toxic, I won’t miss any of them.
Omg the picture of the banana in spaghetti sauce 😂😂😂
You are the fruit of your father’s labor! He is saving his money to pass on as inheritance to you.
Money in the bank is security. It is peace of mind.
I agree with your father. The Costco frozen meals are similar to the restaurants’ meals. Many restaurants also purchase industrial-size frozen food and embellish before presenting to customers. As a result, your father is saving money by eating at home.
I have by most metrics achieved what I set out to do when I was 16. I went to college, moved to my city of choice, moved up the ladder, am in the profession I wanted to be. Living on my own. Making good money. On a great path towards retirement. My therapist asked why I wasn't happy. Well, because I achieved what I wanted to do and I'm finding out it's not what I want anymore!
Humphrey can you make a video on the Roth 401k and how much you recommend allocating towards it as opposed to the 401k which everyone already talks about
I think it is highly dependent on personal scenarios / tax brackets. But could be nice to see an overview of the logic.
I don't max out my 401k contributions, I just contribute as much as my employer is willing to match. So in my case, it's 5%. I then try to max my Roth IRA since it provides more freedom on where I can allocate my money. Any leftover savings get placed into a high yield savings account.
Great video: there’s a need to shift from an accumulation mindset to a decumulation mindset. Once the retirement number is achieved
Well said!
WHAT ABOUT GOLD? IS A GOOD INVESTMENT TO HOLD LIKE BONDS AND STOCKS?
Great video. I really like it when you talk about the 4% rule. It makes investing seem so much simpler when you see that table of success rates for various combinations funds/asset mixes. I feel like that table, those funds and the background of the 4% rule is the first thing everyone should be taught about investing. That would get rid of a lot of noise.
It's not a rule it's historical data. No guarantees about the future and it has only worked in US
Glad it was helpful!
Hi, I’m a bit confused about the 4% rule. how much do you have to have in the retirement savings in order to use the 4% rule?
@@kinman28 doesn't matter how much you have
$10,000 you withdraw $400
$100,000 withdrawal $4,000
$1,000,000 withdrawal $40,000
Then adjust by inflation. If inflation is 5%, the next year you withdraw $42,000 if you started with a million
I bet that you dad is happy and derives happiness from something different than most Americans. My grandmother was the same way. Would wait for sales on strawberries when I’d take her shopping or wouldn’t buy them. I’d say you can afford these but she would refuse. She would often say how in her words, satisfied she was with her life. For her the happiness was shopping with us and spending time with us.
I 💯 agree about the " Moving the GOAL POST." It was also mentioned in the book " The PSYCHOLOGY of Money ". However, in my CASE. I'm a MAN of my word. I would probably stress test one of my retirement accounts (I have 3) once it hits 6 figures. Why? So I can try maybe writing a book or STARTING A SMALL BUSINESS. Some people want to retire early, so they can follow or try their other passion in life. Of course this is all my HUMBLE opinion ❤
@humphrey At around the 8:20 mark, why do you recommend the 50/50 allocation as opposed to the 20/80 or 10/90 allocations? I understand the latter two are more stable due to more concentration in bonds while the former is better as a "inflation buffer." I'm just curious to know the thought process. I know the answer changes depending on context and circumstances. Thanks again for this incredibly insightful content. Hope all is well.
he was obviously just wrong the 30/70 split or 20/80 split would be more stable than the 50/50 especially when you go out to 35 years and beyond.
Which split will most likely result in my money lasting for x years, assuming that the bond / stock ratio and the withdrawal amounts per year will not change over time, depends on what x is, hence on for how long I will live, which is unknown. It is true that there is no row in the table shown where 50 / 50 would have given us the highest change of not running out of money. 10/90 is best at 30 year mark, 30 / 70 at 35 years, 40 / 60 at 40 and 60 / 40 at 45.
Good info. Thanks for this perspective
My pleasure!
Humphrey, the GOAT!
thank you brotha
So what I am hearing is... "Mo Money Mo Problems."
I have questions about my retirement. Can you set up an appointment for financial advising?
Not sure if this is your area of expertise but I have a video suggestion: What are the things you should do when you graduate from school / have found a stable job?
Like what should we know? Taxes? Insurances? How do we set those up? And Other necessities that i am forgetting
I hope i got my point across because currently I have no idea on what i should do after i graduate and getting a stable job
The Buddha had it right.
Remove your desires and be happy you are where you are. Chasing things is the essence of desire.
A bit off topic. I know this video focuses on the “knowing your retirement number” but I’ve really found that having some philanthropic bend gives new meaning to where I want to put any extra money and time.
Humphrey is correct, my portfolio actually increased after my retirement 3 years ago.
I'm an introvert. The ONLY reason I work is to live and retire. So no, missing people is NOT a problem. I cannot freaking wait until nobody bugs me.
I love ❤️ when Humphrey shares stories about his dad and his frugal immigrant lifestyle. These are the people that make our country great 💪🏾🙏👏🏿🙌🏾❤️🇺🇸👍
Being that momey conscious at 92 is insane. What was the point of saving if you dont get to enjoy the money and life in the future.
One thing that puzzles me on retirement is where does the money come from. Yes, that sounds like a stupid question but for example, if I was receiving $1,000.00 a month in dividends, I know that each month the money will appear in my bank account, and I can withdrawal from that. If I have a million dollars in stocks and bonds and did the 50% rule of investing in half stocks and half bonds, as you showed in your graph, how do I get the money? Sounds silly because I always would imagine that I would be making money, of off my investments, and using that money to live on but unlike the dividends which just appear, so to speak, in the bank. The other funds just grow larger as their values increase. So to get the money, I would have to sell a percentage each month or year to have money. What would you sell? Half of you bonds and half of the stocks? Just trying to figure out how to get paid for the investments I 've made throughout the years for retirement.
What dividend portfolio that gives out $700 a month?
This particular video was very helpful to get a reminder of how humans only are temporarily happy once reaching a goal, then revert back to their baseline, 'happiness'. Although, I have to say winning a 1B lottery would substantially change my baseline for the better permanently - haha!
do the numbers that indicate how people use their retirement time account for the possibility that thats all they can afford to do?
Question on 4% rule:
Say you have $1M -- you take out 40k, but it was a good year and your portfolio grew 15%-ish and you now have 1.1M: do you now take out 44k the next year, or do you play it safe in case of a downturn and only take out 40k again?
Putting half of my Salary into my portfolio at the start of each month has always been my approach. My second approach is to hold off on selling for at least five years, but as of late, my portfolio has seen a significant fall with losses of around $65k, Please what can i do?
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at the worth of your portfolio, you should consider financial advisory.>
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my advisr are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How do I reach out to a financial advisor, my portfolio has been struggling since 2022 and I’ve been holding on by the skin of my teeth.
@@McElvinnwtf are you investing in? the market is up double digits since 2022!
The graphic for how retirees spend their days is so interesting
Thanks, Humphrey!
Is the finance killer on the next vehicle about cars by any chance ;-).
those ratios do not make sense for California with the increases in cost of insurance products.
I retired at 57 and currently I am 73 years old.
I am active and happy. Right now I am healthy, active and financially comfortable.
It is as good as it is going to get.😊
HUMPHREY HUMPHREY HUMPHREY 💪🏽
I love the editing team note - WHEN you 2.0M. 😂
Based on 4 hours+ on phone/TV, 9 hrs sleeping and less than 30mins socialising i retired at 30.
What’s the best way to do with my money when retired? Withdrawal all the money or live off dividends?
I'm not sure i like the suggested options during retirement: stay at home and watch tv, move to a cheaper location...😅 don't get me wrong, I'm all about enjoying life but it's about spending where it adds value to me. At the age of 92, i do feel a bit bad for your dad that he would prefer a frozen meal over eating out. But maybe it's other things too? The noise? The unfamiliarity of a restaurant?
From my point of view, i do want a healthy nest egg to plan for the potential event of severe disability for example a stroke. The cost of sustaining a comfortable life with disability is rarely if ever spoken about. Care to do a video on the topic, Humphrey?😊
I’m 48, and I can relate to your dad. 😭
Wonder how to come up with the "% of Success" table? I have a portfolio of 100% stock with average ~16% growth in the past 15 years, way better than bonds. 🤔
The biggest fear I have in retirement is large unexpected medical expenses. How do you prepare for a big hit (presumably) like that to your retirement?
You have insurance with a maximum out of pocket
Or do you mean long term care?
You work really hard on your health now. It is your main job.
Transportation costs go way down too.
I have question? Is investing I metals a good idea.
Metals is gambling, not investing. Over the course of the last 10 years, it has been worse than inflation. Over the course of 50 years, it has been way worse than inflation. Treat it like ForEx.
@@rudyardganuelas6254I'd call it speculating more than gambling
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing! I'd suggest you consider financial advisory at this point in time, remember you are in for the long haul
I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.
The goal is not to be the richest in the graveyard.
facts well said
One of the biggest things people overlook going into retirement is what will they do with their time. Those that fail to consider this often start to live unhealthy lifestyles and soon start to decline mentally and physically.
Doesn't this ignore inflation and the steadily decreasing value of money? How can I predict how much money I will need in retirement 22 years from now without considering inflation? In the past 3 years we have seen prices go crazy. Where I live a stick of butter has quadrupled in price! The average price people are spending on a car is like 6x what I paid for my car 8 years ago! I'm starting to think I won't be able to get by on 80% of my salary in retirement. Maybe like 300%!
As another 1st-gen Chinese American, your description of your Dad sounds really familiar...
Wazzup Hump? ✌️
I’m doing my best to balance my finances between “I need to have enough for retirement” and “retirement won’t be a thing by the time I’m that age”
Eating out might taste better, but it might be even more unhealthy than eating frozen meals at home, depending on things like size of meal, now much fat, how much salt, etc.
One can get healthy food from the grocery store, easily. At least in the US in most places. With fresh fruits and veggies, fresh meat like fish, white meat, and eggs, and even things like frozen veggies and canned veggies with little to no salt added -- it's not that hard to eat healthy, as long as one is willing to do a little work re prepping (like cutting / chopping). I do that, but am a warmer-upper, NOT a cook.
It's more about the amount of work to prepare and that fresh food doesn't keep as long as frozen or canned food (so more trips to the grocery store), than money, re eating healthy.
Ugh, as always to the point!
what the heck kind of investment property a normal person could potentially afford cashflows 2k/month?
Our income is now 4x what we thought would be a dream. Net worth is 3x what I would have thought would have been a lot. And our lifestyle hasn't changed. The important thing is we were happy with little and we are happy with more. Probably a lot lot lot like your dad.
I had to mentally prepare myself when I was younger that I would never be able to retire. It just doesn't seem possible for the majority of the population.
Humphrey really out here giving Asian finance daddy vibes
I'm in my early 30's and I've found myself too preoccupied with retirement life. My finances are in good shape, and I honestly just want to be comfortable and able to afford groceries, rent, gas, and the occasional get together with friends. Don't really have a number I think I should hit by retirement.
Yeah it could be a trap to be such a hard-core saver that you NEVER feel comfortable spending. Once I decided to go on an expedition to Tanzania, though, I happily spent an ungodly amount on the best gear I could find. No problem. Now I'm back to being frugal. Every so often, make sure you can snap out of it and let loose a little.
Im weightlifting so I can enjoy my money in the future
I retired at 62, based on 1,000 Monte Carlo simulations there is a 99% chance I will not run out of retirement funds thru the age of 100. Retirement is awesome with physical fitness, wealth, and time all available to enjoy the outdoors in MT and AK.
One thing I cannot figure out at the moment is why the 4% rule is even in the discussion when I can get a Single life, 3% escalation, 5 year guarantee annuity paying 5.3% or a Single life, level, 5 year guarantee paying 7.4%. With things as they are for now, the 4% rule is irrelevant.
Generally, bevause you lose the principle with a low-fee annuity, vs on average you have 2.5x your portfolio left for charity/heirs with 4%. I think it's a great idea to buy an annuity with part of yoir nest egg - say, enough to cover basic essentials with social security - and the rest keep imvested.
I don't think having more money is ever a wasted endeavour.
I actually retired about 2 years later than planned which allowed me to have a bit more money and being nearer claiming my pension. Now I am grateful for the extra financial flexibility even though I could have retired earlier without running out of money.
Now I still accumulate assets and I am grateful for being in a position to be able to do so.
I'm subscribing so you can finally be happy
I’m sure I’ll just keep working in my 70s I was out of work for 2 months one time and i almost went insane. It was boring asf. All my friends were at work and I couldn’t find anything fun to do. By the time I’m 70 all my friends will be dead and I’ll be bored asf still so ima just keep working
So Ramit Sethi is right about learning how to spend on what matters to you
Interesting: I thought it was not knowing what you are retiring to.
Very well articulated; I wish I had more time for trial and error, but I'll be 56 in October and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have a portfolio of at least $500k at the age of 60.
There are a lot of strategies to make tongue-wetting profit especially in this down market, but such sophisticated trades can only be carried out by proper market experts
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
This is exactly how i wish to get my finances coordinated ahead or retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Life expectancy has recently went down and they haven't told us why
Covid death
Do you have a plan for hyperinflation in retirement? Good for you!