Another great video and discussion on a good topic. Everyone should give this area thought even if they can't fully support the idea of dying with zero. I've been retired for 12 years and am in a good place financially. I've been focusing more on gifting while alive that past few years and find this very fulfilling. I've always helped my kids when needed but now do more than when they need an assist for some reason. Initiated by me simply because I want to. I've also got my grandkids getting more focused on learning about finances and planning for their future. I've encouraged them to open IRAs, one a Roth, by providing seed money to start and telling them I will match their future contributions. Much better to do this now IMO than leave them that much more down the road. Better for them and gives me pleasure and joy to see them learn and put it to use for their future. Larry, Central Valley, Ca.
These are some very interesting ideas, but the main problem I see with this is how close those “traditional retirement date” and “optimal retirement date” are on the chart. You’re sacrificing a huge piece of long-term wealth (that will give you tremendous piece of mind even if you never get to use it) for just a couple of years of not working. It’s a tough sell.
Realizing that "income" is used interchangeably with spending was key for me understanding these fine Safeguard videos. As someone who spent significantly less than his income for many years, this was not obvious or natural to me.
If you spend more you can eat better and extend your life. People living on garbage processed foods end up unhealthy. The other thing about gifting money to your 45-55 yo kids, maybe they can retire early and spend more time with you. This is exactly my situation as my last parent is over 80 and I am busy working at 54.
To me this is perhaps the most important video for someone that has saved enough money for a comfortable retirement. I know the market in the past 3 years has been a good one, but honestly I can say you can't spend the amount you thought you might need, especially if you don't have a mortgage or other debt. I have been retired now for 4 years almost and spend about 80% of what I thought I needed. And believe me its not by lack on not spending. In 3 years I have been every summer to Europe, 3 cruises, and our standard 10 days at xmas and new years to cancun. I also put cash away because I have ordered the new M2 G87 BMW with 6-speed manual.
I'm 2 years into retirement at age 57 and recently read this book. I'm cheap and not sure that I ever paid full price for a book before, but I did with this one and it was well-worth it....highly recommend. It is not really a book for people with little discretionary income nor does the book focus on how to invest or make money. It's all about being thoughtful on how to spend money you already have. The guy that wrote it is quite interesting and in the book offers some very different ways of looking at typical uses of money and discusses new concepts such as quantifiable "memory dividends" which are the repeated (cumulative) enjoyment of recalling fun experiences with family and friends.
Very informative video, I can relate 100%. After going through so many Monte Carlo scenarios and financial planning sessions, I realized that I can retired at age 50 . And that’s exactly what I’ve done I’m 55 now and I’m happy . Don’t have any debt don’t have any credit card debt don’t have debt whatsoever . Thanks for the informative video . So I agree with you 100% providing my children with the money now where they’re young they just starting working and they can use the money to buy a home to buy a car whatever . What’s the point of giving them the money upon death, They’ve already succeeded in life and the financial means to do and get what they need.
It's weird how our brain is attracted to simple-sounding ideas. However, look behind the curtain; zero costs more than it's worth. Thanks, Safeguard Wealth Management, for the great content!
Bill Perkins is a very successful, very rich guy. He's trying to encourage other very rich people to spend their money. His message left me cold. Some of us are worried about whether our money will last when inflation is running hot and the govt. is looking to expropriate wealth to fund its insatiable spending habit. My goal in retirement is to never go broke. And never lose more sleep over that than is absolutely necessary. Leaving a bag of money behind when I die is fine. That means I did this right.
Leaving a bag of money when you die means you did it wrong. My plan is much better. Leave nothing and live on SS if I happen to be in my 90s still alive. I have my grandfather as an example. By the time he hit 80, all he wanted to do is go to the local cafe in a seaside town he lived in Greece and play backgammon with his friends. Take a nap in the afternoons and walk his dog in the evening. If I go to Greece with just my SS check I would be earning more in a month than 93% of all Greeks, so I am fine with that. Before that my wife and I will see the world, go on great cruises, stay in nice hotels, go on great road trips and never ask how much is something we both want. Yes I do have money, my net worth is around 6.5 million but I worked my a... off to reach that, time to spend it.
That looks like a great plan. Not everyone wants to go through life covered in bubble wrap though, some of us want to get out of our stressful jobs that are killing us, and are willing to take a little more risk and cutting back when the need arises. I'd rather be poor and happy, than rich and miserable.
You're just not going to spend a lot after 65. You don't have the energy or physical ability to do much. The best way in my opinion is to SPEND IT WHILE YOU'RE YOUNG and then just save a small portion for your old age. Travel NOW. Enjoy life while you can. The senior citizen center will still welcome you.
That depends on one's personal health and vitality. I don't plan on slowing down at all anytime before age 75, but I work hard to stay fit and healthy. I understand that's not most people's reality because most people simply don't take proper care of their health in order to prolong their active years. The so called 'spending smile' doesn't really make sense to me because I don't expect my level of activity to drop in mid-retirement. This is one reason why financial planning in retirement must be individualize to one's own circumstances.
@@dlg5485 Don't believe me. Just start traveling and see how many 65+ people you see. Not many. I don't even see very many walking in the park or at the mall. Golf course? A few. Age has a way of making all those finely tuned plans go astray!
I’m debt free. I spend my money on my proactive health campaign. I eat quality food (nutrition). I travel to better places than my dream home (mainly the location but the accommodations must be first class). Otherwise I spend only on essentials because I have enough of the material things that mean nothing (silky me thinking they mattered when I was younger). I plan on enjoying my next 30 years fully, inheritance? My kids are all on track to be financially independent, plus I believe our communistic government will eventually out law inheritance completely. I’m 65, will take SS at 70. Be healthy, it is worth more.
That "communistic government" maintains the framework whereby you were able to prosper. Your positive message closes with a bitter "its all mine and all about me" attitude. Maybe a book on the health benefits of practicing gratitude.
Can you spend some more time on annuities? With CDs paying 5% and treasuries paying so well, what is the breakeven for them? What happens if the company goes under?
Most states have 250k in insurance coverage for failures. Also know that states regulate the insurance companies and they have to meet certain standards. Most annuity companies have pretty darn good balance sheets.
totally agree to Die with Zero. Life have to be filled with experiences. It is better to accumulate with experiences rather than wealth. I plan to start slow travel 4 years later all over the world with frugal life after retirement. This will make my life more meaningful
I'm guessing that this would apply to me & my wife as we don't have kids. I have couple pre-tax accounts (i.e. 401k and 457b), a small ROTH IRA, will get a gov't pension when I retire at 60, and SS at 62 or later. My wife has a similar set up. The gov't pension and SS are for life so if they end up as my only remaining income sources when I pass, then that would be my way of "dying with zero". If I get a p/t job, then the SS will be delayed until the p/t job ends.
The process is easy... you just need flexibility in your spending. When you have more money, spend more. When you have less money, you spend less. You really can't have a fixed withdrawal or spending mindset... you need to be flexible.
Oh boy. Who, pray tell, determines what amount of spending is “excess”? Leave the central planning to the failed states please. People can spend as much as they want.
Does anybody sell "longevity insurance"? By this I mean something you buy that doesn't start paying out till you are 80, or 85. The idea is that it gives you safety if you live a really long time, but is cheaper than a traditional annuity because it doesn't payout until you are most likely dead (or only have a few years left). It gives you some peace of mind, but at a (I would hope) significantly lower cost. Unlike traditional insurance, you are betting that you live, while the insurance company is betting that you die.
Wait until you are 70 to collect SS. That gives you more living longer. As for insurance, there is always somebody willing to be on the other side of any bet...I mean insurance.
@@curtisstewart3179 I do plan on waiting until 70 for SS as a kind of longevity insurance. The question is - is anybody selling longevity insurance? Can I go to Northwestern Mutual and get a longevity insurance policy?
@andyklapper8484 in the insurance world somebody probably will sell you something like you want. The will insure a voice so why not longevity. I used to have error and omission insurance to insure my client if I made an error. But these types od insurance are not standard line and there is probably only one maybe two who would do it. Talk to an independent insurance agent. Who knows, it may be as common as 6 toed cats.
Another great video and discussion on a good topic. Everyone should give this area thought even if they can't fully support the idea of dying with zero. I've been retired for 12 years and am in a good place financially. I've been focusing more on gifting while alive that past few years and find this very fulfilling. I've always helped my kids when needed but now do more than when they need an assist for some reason. Initiated by me simply because I want to. I've also got my grandkids getting more focused on learning about finances and planning for their future. I've encouraged them to open IRAs, one a Roth, by providing seed money to start and telling them I will match their future contributions. Much better to do this now IMO than leave them that much more down the road. Better for them and gives me pleasure and joy to see them learn and put it to use for their future. Larry, Central Valley, Ca.
These are some very interesting ideas, but the main problem I see with this is how close those “traditional retirement date” and “optimal retirement date” are on the chart. You’re sacrificing a huge piece of long-term wealth (that will give you tremendous piece of mind even if you never get to use it) for just a couple of years of not working. It’s a tough sell.
Yes, things that money can buy without being actually spent are peace of mind, a sense of security and having options.
Realizing that "income" is used interchangeably with spending was key for me understanding these fine Safeguard videos. As someone who spent significantly less than his income for many years, this was not obvious or natural to me.
If you spend more you can eat better and extend your life. People living on garbage processed foods end up unhealthy. The other thing about gifting money to your 45-55 yo kids, maybe they can retire early and spend more time with you. This is exactly my situation as my last parent is over 80 and I am busy working at 54.
To me this is perhaps the most important video for someone that has saved enough money for a comfortable retirement. I know the market in the past 3 years has been a good one, but honestly I can say you can't spend the amount you thought you might need, especially if you don't have a mortgage or other debt. I have been retired now for 4 years almost and spend about 80% of what I thought I needed. And believe me its not by lack on not spending. In 3 years I have been every summer to Europe, 3 cruises, and our standard 10 days at xmas and new years to cancun. I also put cash away because I have ordered the new M2 G87 BMW with 6-speed manual.
bla bla bla 6-speed manual 🙂
I'm 2 years into retirement at age 57 and recently read this book. I'm cheap and not sure that I ever paid full price for a book before, but I did with this one and it was well-worth it....highly recommend. It is not really a book for people with little discretionary income nor does the book focus on how to invest or make money. It's all about being thoughtful on how to spend money you already have. The guy that wrote it is quite interesting and in the book offers some very different ways of looking at typical uses of money and discusses new concepts such as quantifiable "memory dividends" which are the repeated (cumulative) enjoyment of recalling fun experiences with family and friends.
I wonder if this is the same bill Perkins who played on high stakes poker years back.
Very informative video, I can relate 100%.
After going through so many Monte Carlo scenarios and financial planning sessions, I realized that I can retired at age 50 .
And that’s exactly what I’ve done I’m 55 now and I’m happy .
Don’t have any debt don’t have any credit card debt don’t have debt whatsoever .
Thanks for the informative video .
So I agree with you 100% providing my children with the money now where they’re young they just starting working and they can use the money to buy a home to buy a car whatever .
What’s the point of giving them the money upon death,
They’ve already succeeded in life and the financial means to do and get what they need.
It's weird how our brain is attracted to simple-sounding ideas. However, look behind the curtain; zero costs more than it's worth. Thanks, Safeguard Wealth Management, for the great content!
Great video! Good message that more people need to hear IMHO.
So, purchase an income annuity, and wait until 70 to collect SS. Sounds good to me. Do I even need to read the book now?
Bill Perkins is a very successful, very rich guy. He's trying to encourage other very rich people to spend their money. His message left me cold. Some of us are worried about whether our money will last when inflation is running hot and the govt. is looking to expropriate wealth to fund its insatiable spending habit. My goal in retirement is to never go broke. And never lose more sleep over that than is absolutely necessary. Leaving a bag of money behind when I die is fine. That means I did this right.
Leaving a bag of money when you die means you did it wrong. My plan is much better. Leave nothing and live on SS if I happen to be in my 90s still alive. I have my grandfather as an example. By the time he hit 80, all he wanted to do is go to the local cafe in a seaside town he lived in Greece and play backgammon with his friends. Take a nap in the afternoons and walk his dog in the evening. If I go to Greece with just my SS check I would be earning more in a month than 93% of all Greeks, so I am fine with that. Before that my wife and I will see the world, go on great cruises, stay in nice hotels, go on great road trips and never ask how much is something we both want. Yes I do have money, my net worth is around 6.5 million but I worked my a... off to reach that, time to spend it.
Someone who probably didn't even read the book revealing a lot unfavorable characteristics about themselves in their comment.
@@stevejohnson2108good for you and a great plan!
That looks like a great plan. Not everyone wants to go through life covered in bubble wrap though, some of us want to get out of our stressful jobs that are killing us, and are willing to take a little more risk and cutting back when the need arises. I'd rather be poor and happy, than rich and miserable.
You're just not going to spend a lot after 65. You don't have the energy or physical ability to do much.
The best way in my opinion is to SPEND IT WHILE YOU'RE YOUNG and then just save a small portion for your old age. Travel NOW. Enjoy life while you can. The senior citizen center will still welcome you.
That depends on one's personal health and vitality. I don't plan on slowing down at all anytime before age 75, but I work hard to stay fit and healthy. I understand that's not most people's reality because most people simply don't take proper care of their health in order to prolong their active years. The so called 'spending smile' doesn't really make sense to me because I don't expect my level of activity to drop in mid-retirement. This is one reason why financial planning in retirement must be individualize to one's own circumstances.
@@dlg5485 Don't believe me. Just start traveling and see how many 65+ people you see. Not many. I don't even see very many walking in the park or at the mall. Golf course? A few. Age has a way of making all those finely tuned plans go astray!
C'mon. 65? Maybe slow down at 75ish. But 65 is still young.
@@dlg5485This
😊
That’s hilarious, my 82 yr old in laws just got back from two weeks in Thailand 😂
I love my children, but they are saving for their retirement like I did mine. I will leave them my house. The cash will be
spent.
I’m debt free. I spend my money on my proactive health campaign. I eat quality food (nutrition). I travel to better places than my dream home (mainly the location but the accommodations must be first class). Otherwise I spend only on essentials because I have enough of the material things that mean nothing (silky me thinking they mattered when I was younger). I plan on enjoying my next 30 years fully, inheritance? My kids are all on track to be financially independent, plus I believe our communistic government will eventually out law inheritance completely. I’m 65, will take SS at 70. Be healthy, it is worth more.
That "communistic government" maintains the framework whereby you were able to prosper. Your positive message closes with a bitter "its all mine and all about me" attitude.
Maybe a book on the health benefits of practicing gratitude.
Fine if you don't have kids. If you do it's your chance to create generational wealth for your family.
Can you spend some more time on annuities? With CDs paying 5% and treasuries paying so well, what is the breakeven for them? What happens if the company goes under?
Most states have 250k in insurance coverage for failures. Also know that states regulate the insurance companies and they have to meet certain standards. Most annuity companies have pretty darn good balance sheets.
totally agree to Die with Zero. Life have to be filled with experiences. It is better to accumulate with experiences rather than wealth. I plan to start slow travel 4 years later all over the world with frugal life after retirement. This will make my life more meaningful
I'm guessing that this would apply to me & my wife as we don't have kids. I have couple pre-tax accounts (i.e. 401k and 457b), a small ROTH IRA, will get a gov't pension when I retire at 60, and SS at 62 or later. My wife has a similar set up. The gov't pension and SS are for life so if they end up as my only remaining income sources when I pass, then that would be my way of "dying with zero". If I get a p/t job, then the SS will be delayed until the p/t job ends.
The process is easy... you just need flexibility in your spending. When you have more money, spend more. When you have less money, you spend less. You really can't have a fixed withdrawal or spending mindset... you need to be flexible.
Right on. I want to die with zero.
FWIW, retiring without spending it all is a very green thing to do. Excess spending drives the economy to consume resources in our name.
Oh boy. Who, pray tell, determines what amount of spending is “excess”? Leave the central planning to the failed states please. People can spend as much as they want.
QLAC
Does anybody sell "longevity insurance"? By this I mean something you buy that doesn't start paying out till you are 80, or 85. The idea is that it gives you safety if you live a really long time, but is cheaper than a traditional annuity because it doesn't payout until you are most likely dead (or only have a few years left). It gives you some peace of mind, but at a (I would hope) significantly lower cost. Unlike traditional insurance, you are betting that you live, while the insurance company is betting that you die.
Wait until you are 70 to collect SS. That gives you more living longer. As for insurance, there is always somebody willing to be on the other side of any bet...I mean insurance.
@@curtisstewart3179 I do plan on waiting until 70 for SS as a kind of longevity insurance. The question is - is anybody selling longevity insurance? Can I go to Northwestern Mutual and get a longevity insurance policy?
@andyklapper8484 in the insurance world somebody probably will sell you something like you want. The will insure a voice so why not longevity. I used to have error and omission insurance to insure my client if I made an error. But these types od insurance are not standard line and there is probably only one maybe two who would do it.
Talk to an independent insurance agent. Who knows, it may be as common as 6 toed cats.
Research qlac policies
A QLAC policy may be what you are looking for.
I am concerned that annuities can interfere with optimal tax strategies later in life, especially considering RMD. Is it a valid concern?
Fund annuity with IRA money. Payouts are RMDs.
Sorry, but sometimes you DO need more money... and a better plan.
That income annuities going to take you 17 years just to break even with your own money
It insurance guaranteed. You can take more risk with other money. My payout is 10% of premium.