Thanks for the quality videos. Our big regret was not starting to plan well in advance of a potential retirement. I wish I had 3 to 4 years back before retirement to better plan. Retirement planning can be a complex environment. Seek out people who have personal experience and professional help to educate you on how to plan. We now have a plan and will retire shortly at age 64 and 62 with some professional help and contributions from several trusted friends. Also consuming great content to help get you up to speed on the things coming at you will help.
Great video. Thank you for the info and making me feel good about how my husband and I have been living our lives enjoying every moment while being financially realistic. I truly feel that is keeping us healthy physically and mentally ready for retirement.
Health insurance cost was the biggie when we retired. By having a large sum in the bank prior to retirement at age 62 I was able to limit my retirement income and save over $80,000 in health insurance premiums via subsidized health insurance premiums until age 65 and Medicare
I worked 37 y at Hospital, every yr I used every hour of PTO! I WENT Places and Did things while i could? I had co-worker have 320Hr in PTO Bank and wud be Forced to take PTO or wud stop Earming it? She just went out on Disability w Dementia! Now she cant drive or be left alone? She was getting lost inside out Department! She was saving $$ for Retirement but wont be abke to enjoy it! Wont remenber it if she did? So sad to watch her fade away so quickly? DO Things While u still Can do them!
Yes! I am on the same page with you. Six years ago, after my kids got graduated and married. My husband and I have spent more time traveling and doing things that we enjoy. Less working and going down savings strategies, We 're now at 63 and 64 y old. We are moving toward retirement with more excited plans ahead and happy memories we have overwhelmed for 6 years. Enjoy your life when U can, and don't wait until retired. Balancing between money and time until the end of life. Either affordable spending or luxury spending is ok based on yr pocket.
I had an advisor draw up a Plan, he had me take Pension and Soc Sec, live on Only that don't touch IRA! He wud manage that for me when I died at 90 it wud be worth $1,900,000 HELL NO! WHY Wud I sfay poor w that much money so I cud Die Rich? I did NOT Hire him! I want to enjoy my Retirement! Single, No Kids, dont need to leave a Legacy!
Such wise tips as the most important thing about retirement and old age is quality of life and to optimize that, you need both your brain and body healthy. I also try to reframe retirement by thinking of it as "retirement from full-time work" so that it's about transitioning to another stage in life which requires preparation and planning. While I am not waiting to travel, sadly my full-time job only affords me maximum of 3.5 weeks so I try to pack it all in. What would be nice with retirement travel is to be able to take the time to savor the places I visit.
James, I’m curious, how many of your clients sell their houses soon after they retire? I ask because I’ve lived my life backwards compared to many people, prioritizing retirement savings first while happily renting to maintain my flexibility. So I’m wondering if I’m skipping a transactional cost of a home sale incurred by most/many/a few.
My mother is in her 80s and still lives in her same house and a lot of her neighbors live in the same house till they die. My bil rented till age 45 bc he traveled a lot then he bought a house but he was pretty wealthy by then and paid cash for it.
I fear for my children who are just entering their working life. I have taught them how to prepare for income replacement in retirement, but there is no way to anticipate healthcare costs. Government programs like the ACA and private insurance are already out of reach to 65% of earners. What will they cost in 40 years from now?
Im tired of hearing these people that plan to spend More each Month in Retirement than i ever made Per Year working massive OT asking will they have enough? YES! U are already so RICH Compared to Most of Us! I think they are really just Bragging how much they have? My Pension and SS Will be about $4kp mo Combined! Single so that is it! Not $60K p month like some comments ive read recently!
We went to Europe in our twenties and we had the best time. Put it on a credit card and paid it off when we got back. My parents told us that we shouldn’t travel in our 20s because your supposed to travel when you’re older. We have no regrets about going to Europe at a young age. You have more energy in your 20s 30s than you will ever have in your 60s and 70s.
Great video. A good book on this subject for me was 'What The Happiest Retirees Know'. It helped me understand that there are things more important than obsessing over accumulating assets. Specifically, to me, it motivated me to get a few hobbies NOW.
So great you address these personal challenges and opportunities as well as financial planning. Retirement planning requires the whole package.
Great information. Thank you for seeing more than just the financial aspects of retirement. It’s so important and very much overlooked.
Thanks for the quality videos. Our big regret was not starting to plan well in advance of a potential retirement. I wish I had 3 to 4 years back before retirement to better plan. Retirement planning can be a complex environment. Seek out people who have personal experience and professional help to educate you on how to plan. We now have a plan and will retire shortly at age 64 and 62 with some professional help and contributions from several trusted friends. Also consuming great content to help get you up to speed on the things coming at you will help.
Great video. Thank you for the info and making me feel good about how my husband and I have been living our lives enjoying every moment while being financially realistic. I truly feel that is keeping us healthy physically and mentally ready for retirement.
Thank you James. It's very good information to keep in mind.
Health insurance cost was the biggie when we retired. By having a large sum in the bank prior to retirement at age 62 I was able to limit my retirement income and save over $80,000 in health insurance premiums via subsidized health insurance premiums until age 65 and Medicare
My husband worked in the trades so he got health insurance at 55 for only $75 a month through his union. He kept working at another job though.
Thank Obama.
Did you do ROTH conversions, which would increase your retirement income.
My healthcare insurance in Thailand costs about $1500 per year. 💰
Can you tell us how much you spend a year on everything (rent, etc.,) living in Thailand? Do you live in a major city? Thanks for your time
I worked 37 y at Hospital, every yr I used every hour of PTO! I WENT Places and Did things while i could? I had co-worker have 320Hr in PTO Bank and wud be Forced to take PTO or wud stop Earming it? She just went out on Disability w Dementia! Now she cant drive or be left alone? She was getting lost inside out Department! She was saving $$ for Retirement but wont be abke to enjoy it! Wont remenber it if she did? So sad to watch her fade away so quickly? DO Things While u still Can do them!
Yes! I am on the same page with you. Six years ago, after my kids got graduated and married. My husband and I have spent more time traveling and doing things that we enjoy. Less working and going down savings strategies, We 're now at 63 and 64 y old. We are moving toward retirement with more excited plans ahead and happy memories we have overwhelmed for 6 years. Enjoy your life when U can, and don't wait until retired. Balancing between money and time until the end of life. Either affordable spending or luxury spending is ok based on yr pocket.
I had an advisor draw up a Plan, he had me take Pension and Soc Sec, live on Only that don't touch IRA! He wud manage that for me when I died at 90 it wud be worth $1,900,000 HELL NO! WHY Wud I sfay poor w that much money so I cud Die Rich? I did NOT Hire him! I want to enjoy my Retirement! Single, No Kids, dont need to leave a Legacy!
Extremely helpful post
Sometimes you lose your health early like at only 50. I have back problems like my father had. Makes it hard to travel on planes, trains etc.
Good video
Thank you
Such wise tips as the most important thing about retirement and old age is quality of life and to optimize that, you need both your brain and body healthy. I also try to reframe retirement by thinking of it as "retirement from full-time work" so that it's about transitioning to another stage in life which requires preparation and planning. While I am not waiting to travel, sadly my full-time job only affords me maximum of 3.5 weeks so I try to pack it all in. What would be nice with retirement travel is to be able to take the time to savor the places I visit.
Some people improve their health when they retire...
James, I’m curious, how many of your clients sell their houses soon after they retire? I ask because I’ve lived my life backwards compared to many people, prioritizing retirement savings first while happily renting to maintain my flexibility. So I’m wondering if I’m skipping a transactional cost of a home sale incurred by most/many/a few.
My mother is in her 80s and still lives in her same house and a lot of her neighbors live in the same house till they die. My bil rented till age 45 bc he traveled a lot then he bought a house but he was pretty wealthy by then and paid cash for it.
I fear for my children who are just entering their working life. I have taught them how to prepare for income replacement in retirement, but there is no way to anticipate healthcare costs. Government programs like the ACA and private insurance are already out of reach to 65% of earners. What will they cost in 40 years from now?
Im tired of hearing these people that plan to spend More each Month in Retirement than i ever made Per Year working massive OT asking will they have enough? YES! U are already so RICH Compared to Most of Us! I think they are really just Bragging how much they have? My Pension and SS Will be about $4kp mo Combined! Single so that is it! Not $60K p month like some comments ive read recently!
We went to Europe in our twenties and we had the best time. Put it on a credit card and paid it off when we got back. My parents told us that we shouldn’t travel in our 20s because your supposed to travel when you’re older. We have no regrets about going to Europe at a young age. You have more energy in your 20s 30s than you will ever have in your 60s and 70s.
Love it
Great video. A good book on this subject for me was 'What The Happiest Retirees Know'. It helped me understand that there are things more important than obsessing over accumulating assets. Specifically, to me, it motivated me to get a few hobbies NOW.
Thanks for sharing!