My grandparents senior home costs 10k a month and they are living longer than they expected and ran out of money. That’s why I’m nervous about not having enough for retirement.
I am 72 and started SS at 70 with no debt. I recently told my wife lets go out to an expensive restaurant. She asked why? I said we have not been spending enough recently. So, we had a nice $200 meal. Yes, it gets harder to spend as we get older.
@@July.4.1776 I planned to start SS at 70 about 15 years ago. I retired at age 66 and saved enough to bridge to 70. Everything is working to plan. We have a super comfortable retirement. My wife is income protected if I pre-decease her. I don't care if we ever break-even. No regrets. Best of luck with your decision.
I am about 8-10 years out from retirement. These videos (and others like it) are extremely helpful with getting me to successfully prepare for retirement NOW, when I have time. This takes a lot of the fear, worry, and uncertainty out of preparing for retirement.
My experience exactly. Retired seven+ years ago at 52. Knowing expenses going into retirement is so useful. I am under my budget every year. I have more in retirement savings than I did when I retired. So happy I did retire at 52. At 59, this year, was diagnosed with cancer. Things can change - QUICKLY. My prognosis is good but life has changed dramatically.
Right you are. Yard work, pool work, planting landscape become enjoyable and inexpensive when you do it yourself (DIY). I agree with the bladder! Oven igniter was $165, DIY it's $35. Plumbing quote $14,000 for broken pipe, DIY it's $150 to make my own sewer cam and buy 35 foot hand snake! I love this country! Maturing in not needing to spend to be happy is also huge.
We have cut the cable, are sale shoppers, and I have dropped the life insurance. My GF is a master sales shopper. I just fixed my mailbox for $17, and the replacement quote was almost $150. There is very little i will not try to fix. My goal is to retire at 60 at the latest, and I am really hope it happens at at 59. I am almost 57 now and your videos are really making me think i can do it.
My state ACA just went up 1200 a year based on $40k income. I couldn’t believe it. And that doesn’t even count office visits and prescriptions. 50 an office visit and generics 35 mo. Hard to plan when health costs keep soaring. I’m 61 so have a few years to go. Medical will make or break whether you can leave that job early when health care doubles every year.
Yes, if the Democrats had been able to drop the starting age for Medicare as I hoped they would, I probably would/could have retired by now. Instead I'm trying to see whether I can retire at 64 and manage one year of ACA. My fingers are crossed that I can, but if the ACA disappears, I'll probably have to work to 65 just for the medical coverage. :-( I sure am glad that I started contributing to my retirement several decades ago and while I'm sad that we had to sell our paid off house, I'm glad that when I got relocated a few years ago we managed to get a mortgage during the time the rates were super low! Things are looking reasonably good.
I think the one exception for older people (80+) where they spend more money than when they were young is long term care/health expenses. Some health insurance (Tricare) doesn't cover long term care etc.
1. The "4% rule" assumes 50/50 stocks/bonds and spending increases with inflation. In reality, spending changes in different stages. 4% rule is just a rule-of-thumb. 2. You will automatically dial-back spending when the market goes down. 3. Many expenses go down when you retire. Less miles on car, more cooking at home, shop sales and insurance, no more work clothes, etc. 4. You will mature into buying less stuff. 5. Affordable Care Act. Get subsidies for health insurance, do homework before retirement. 6. Don't be so pessimistic on returns. 7. Overestimating inflation in your plan. 8. Getting paid for your part-time hobby.
Good morning from Los Angeles Joe. I ❤ your videos. My dream is to retire in my 40s but mathematically, based on my pension at work, it makes sense to wait until 52. Your videos are soothing to me. I feel like you are a friend speaking with me, and that you want the best for me. You have such a genuine way about you. I appreciate listening to your videos. Wow, Oregon looks beautiful ❤ I may have to drive up myself!
Thanks for commenting. My style is "just 2 people talking". I do one take on my videos -- no editing. This makes content creation very efficient on my end and creates a unique experience on your end.
Hi Joe, Happy new year to you and your family. I also got Apple Air Tags, but I used it for something else. My mom who is 87 has Alzheimer and still lives alone in a retirement home for independent people. She does her own grocery chopping and takes the bus and goes to the drug store every 2 weeks to get her medications. She has been living there for over 25 years and going to the same stores since the beginning, so she is functioning on autopilot, basically. She knows that has Alzamher and refuses to move out. But like you said so well, that is a topic for another video. I’m a caregiver for my mom. I was able to convince her to put an Air Tag on her key, that way I can track her. I know when she goes and takes a walk so I can follow her. I know people who have put an Air Tag on the walker, purse, and wallet of their parents who have dementia. For people with elderly parents that you are a caregiver of, that could be useful for them and for you as well.
3:18…I disagree…with assisted living where the average cost is around $10k/month in america…an 85 years will be spending more compare to when they were in their 60’s
You validated everything i observed watching my situation before i pulled the trigger and made the retirement move. Its good to hear someone else say these things. Ive kept a lot of habits from when i was young and broke...
1:56 I think it depends on how you apply it. How I see it is that you have fixed expenses and variable expenses. The 4% rule should be applied to the fixed expenses. For example, if the minimum you'll need per year is $36K, then do you have at least 25x $36K? If you use it for all of your expenses the you have more flexibility because you can increase and cut spending each year, but be careful not to dip below your minimum for the remaining time.
We find we spend way less on food going through the 50s as we became more health conscious. Beans, greens, grains, fruits and vegetables have become tasty staples and have made us healthier with more energy and less pain going into retirement.
Good video. I hadn’t tracked expenses in years, but this year I have, and it’s pretty much where I expected, and less than I projected before retiring. Like you said, having time to shop around saves a surprising amount of money.
My mother said her and my dad were told by a planner they have enough to live well past 100. Lol. My dad worked until age 69. He was a farm kid but had a career in sales. He is still pretty frugal. He has coupons for hamburgers in his center car console.
Yes. I am still working on the hospital 40 hrs a week. I don’t maximize sales , offers etc . Simply because I don’t have time and mental energy. When I was unemployed I did maximize it and it worked out for me!
Good list, but some items are more applicable to the under 70 crowd. I'm 65 and I can see new expenses coming. Lawn care, car washing, plumbing, handyman stuff... All stuff I currently do myself that I'll eventually have to pay someone else to do. Another one is helping less fortunate family members. Boldin just posted a story about giving money to family. The numbers are really surprising. Of course I don't have to do that, but I want to. I've noticed that most videos that say you need less $$ than you think to retire are posted by folks who are 65 and under. I don't see any videos by 80 yo that say they saved too much. I'm super conservative with my finances, and I want to leave my wife with no concerns about money. I sleep better knowing that I'm probably being overly cautious.
I believe more people, who can, will help family members that are in dire circumstances. Most people can't, but those family members that can, will need to.
No offense but all the things you mentioned that you'll have to pay for? Unless you're disabled which I realize some are, I intend to take care of myself into my late 80s. Lawn care and car washing are basic exercise
Funny you mentioned the 'bladder'. About a year back, started having sewer drain issues. Like you said, I paid plumbers $300 - $400 every time they came out to clear the sewer line. After 3 or 4 times, I was considering buying a 'drain snake' for about $400. Learned about the bladder. I've used it at least 3 times since I bought it. Knock on wood but have not needed it in almost a year. It's a great little tool.
Excellent video Joe. I am the oddball who has done everything around the house that I could possibly do all my life. It has saved a ton of money. I cannot remember the last time I took a vehicle to a mechanic, the only things that have been done at this house we have lived in for 21 years is the roof, air conditioner and carpet in one room. I am going to continue this until I can’t do it anymore then I will pay the pros. I enjoy home improvement, and when I’m done it’s right. My first truck I kept for 23 years. And I have only bought one vehicle in my life that we haven’t kept for at least 10 years. I am more loose with the spending now than ever but I see that changing once I pull the rip cord. I know payroll taxes will go away as will my contributions to retirement, and the house will be paid for. Those three things alone add up to a big percentage of our expenses. Taxes will also decrease. Inflation doesn’t affect retired people with paid off houses the same way it does younger folks with debt and a family to feed. Housing expenses are a large part of the inflation calculations. I am still guilty of only using 5% return in my calculations. I used to use 4% but after watching another of your videos I moved to 5. I’ll make the jump to 6% now. Thanks for sharing all the good info sir.
Joe this video is important because as you said on a prior recent video the financial planning and wealth management industry that I’m a part of tends to be way too conservative- in my view based on many of us not yet being retired or younger and not realizing some of these important points you’ve experienced in the last 5 years and in my experience often out of a sincere desire to make sure clients don’t get ahead of their skis which unfortunately can lead to them working way too long (as I have by drinking my industry’s koolaid) - you’ve made a big difference in opening my eyes and helping me to retire soon as I’ve realized via your videos and consultation in large part that I’ve already worked several years longer than I needed to.
FME that bladder sink unclogger can also blow out your ABS plastic drain pipes that are glued together. If it is ABS plastic under the sink why not just unscrew the P-trap, that's what it's there for, lol...
Do they have monthly pensions? Are you and your siblings supporting them in any way financially? Are they in great health? Not everyone has these things, so one needs to save more to account for it. One shock event will wipe out a big chunk of 500k easily.
Another great video of content. I have to say, that I've learned more from your channel regarding practical, real life info about retirement than any other channel I've watched--and I follow several. Perhaps it is because we are both Hoosiers and I share the plain-spoken style. Thanks for teaching the rest of us how to approach retirement successfully.
Pooh and Grogu thats nuts... I will take Poohs Money Pot. Glad you got to see Crater Lake its awesome.. I have seen most of the 48 and Canada after 30 years of Trucking. Keep up the great info. I'm keeping my 500K term life for 123.00 a month till 77. Yes wife will get 401k and Roth. I think its a good bet , But I know most life insurance never pays off.
Crater Lake is beautiful, wow!!! I’ve never been to Oregon but a 2week trip to Jackson Hole, Mount Rushmore and now crater Lake is on my post-retirement 2026 travel card!! We live in coastal Georgia so it’s a ‘big’ trip for us 😊
shop sales - every Monday morning I go to Walmart... whole loaves of fresh baked Italian bread for .27/loaf! I bought 12 of them, wrapped them in paper towel and then saran wrap, put in freezer... win! (I now have time)
Even if general spending goes down over time, health care costs, long term care, etc., typically goes up. So my spending plan does have inflation built in. I could be wrong…
Good points. I'm undecided at this point if I will do anything to generate income after I retire. I have several things I can do but I'll decide once I get moved down there. Might be home repair, small engine repair, lawn mowing or maybe just a few hours working at the Y.
@danielhurst8863 good advice. I'm good at woodworking. Have often thought of making something fairly specific so I can optimize the production and be able to sell at a competitive price and still make money. Just need to figure out what that item is!🙂
@@acornsucks2111 The work I see people do is often atrocious. I am fussy, some say OCD, and I do it right or not at all. Sometimes its hard to get people to pay for that, but I'm not exponentially higher than folks who do substandard work. I don't have the overhead and I have a keen attention to detail. When I do a job, it is not a compliment for someone to say "nice repair". I'd rather have no one know that a repair was even made and that it looks like it did when new.
Some really excellent points as always, Joe, particularly for example on how to manage TAXABLE income when going into the ACÁ Exchange for health insurance. And once you’ve secured college education for your kids and retirement for you and your spouse there’s often no need anymore for life insurance as you mentioned. And I’m so glad you still have that 2012 Sienna. Every time my wife needles me about getting myself a newer auto, I tell her that as long as Joe has his 2012 Sienna I’m holding onto my beautiful dependable 2010 Honda Accord!
About buckets, for some reason, I don't like price volatility on the fixed income side, even though psychologically I am OK with it on the stock side. As a result, I'm going with I bonds, instead of TIPS, on the inflation portion of fixed income. And money market/stable value funds/bank CDs on the nominal portion. Fixed income is what I would draw from in case of market tanking, so I want certainty that it will be there.
Currently downsizing preparing for retirement. We're in escrow buying an off-grid cabin at age 56 & 63 for full time living $1200 a mo. Mortgage reduced to $100 a month. prop. tax = *92% reduction in housing* 1 more month each yr of solar power for e-car/home = *10% reduction in transportation & home electricity costs* Our Retirement income combined will be $2300 per month. Currently: 50k invested in the S&P. Cash savings: 40k I'll grow/raise most of our food within 3 years and sell some such as our free-range eggs. House has a huge 9 foot fenced back yard
Great list Joe! Another source of conservativism that gets ignored by Boldin in the monte carlo analysis and other programs is the primary home. If the financial landscape goes really sideways later in life most people could have the option to sell that asset and move to a smaller home, apartment or cheaper geographic location.
Good vid. Def going to keep some of this in mind. Also, really loved crater lake too. I cycled from the base up to top and then around the rim. The ride back down was a blast!
Those plumber bladders are great. The rubber gets less expandable over the years and it won't seal the pipe as well, but easy enough to buy another one.
Cleveland OH - 68 - retired June 1st 2024 I have been saving money doing my own home maintenance. 1. Cleaned the mold off the house siding - Quote $500 I did if for $75 Took 2 days (4 hours per day) 2. Fixed my cement chimney cap - Quote $4,900 I did it for $200. Planned 2 days but took 3 days. Again I only worked about 4 hours per day. I also turned my hobby (boating) into 2 seasonal part time jobs that have no stress. 1. During the boating season I teach people how to maneuver boats 2 days per week. I work for a national boating club and I control my schedule. 2. During the off season I teach the USCG Captains license class. I work for a training company so they do all the work I just teach. 4 classes per year each class is 10 days. Together I earn about $8,000 per year and that's enough for me.
Same here. If I can do it myself, I will! House projects, car maintenance, etc. Replaced 12ft of fence, including a gate. Replaced a rotting door. $900 total for materials. Never even got estimates because I know it would probably be triple that amount.
I think perhaps you are underestimating one thing in particular? Health care expenses, regardless of how good your health is NOW, will likely increase simply because of age. You should also budget-in a factor for some sort of assisted living. You may not need it, but better to have the money and not need it than the other way around, IMO.
Great info here, and right now I’m hungry for a juicy prime rib. That smart shopping, you can get better quality meat and eat cheaper than going out to restaurants
This is all stuff that I’ve already come to believe. I am 62. Sadly, I just saw epic times had a news article on how Social Security is going to be cut by 25% in the next nine years.
How do you plan your travel? Do you go for deals? Group travel vs just you and your wife? Thanks so much for your videos. They have really helped me with my retirement transition. Full retired now for 3 months and I'm 64.5.
Just a correction on the Costco employee getting a discount. As a just retired 37-year Costco employee, here, we do get a free executive membership, but we do not get discounts. The margins are too small to offer employees discounts. Also, part time is 25 hours per week. Usually, 5 days x 5 hour shifts. A location can have employees that work less than 25 but does not offer benefits. Working only one day a week would only be offered to a long-time employee transitioning to retirement, then a newbie off the street. Just thought I would make that clear, in case anyone here is looking for a part time job. Going on 6 months retired. I barely have spent any money so far as my first goal in retirement was to lose weight and work on strength and fitness. Walking everywhere, so very low car expenses. With only two months left in the year, will spend about $10,000 for the year. I will definitely spend more next year, but it is nice to know that I can easily dial it back if need be.
Thanks, Joe. You bring up some excellent food for thought here, and your points about the natural guardrails and reduced need for 'retail therapy' really made me think today. Cool footage of Crater Lake! I think that one needs to go on my destinations list. :)
Great video as always Joe. Do you have any recommendations on a good retirement planning software tool that can be used outside the US? Thanks in advance, and enjoy your retirement.
I will increase spending, why, because I do nothing at all now outside of work and necessities. I don't even buy new cloths unless needed. So yes I will spend more. Alot, no but some. I will need more money because I just make enough as it is.
Hi Joe Love your channel. Thank you for all the financial topics you have presented. Very informative and helpful. May I ask you to please let me know if you have already addressed annuities and in particular Deferred Fixed Annuities which our Fidelity advisor has suggested we consider including in our retirement plan. I would be most grateful for your thoughts on this type of annuity. Thank you again Best regards Warren
I do not own annuities. I believe annuities are insurance products that can reduce the risk of markets but at a steep price - fees, fees, fees. I use buckets to lower the risk in the short term while growing assets in the long term.
Hi Joe, can you do a video reviewing FI Calc and share your thoughts on the website, please? I find the site to be valuable but I would like to hear your thoughts on it. Thanks.
I love it. Missing a ton of features but does great with historical returns and potential sequence of return risks. Not a full planning tool at all I asked Boldin to include this feature. I’ll look at it again and highlight pros and cons. Thanks.
My protection from a down market are my wife and my fed pension which covers all expenses, not touching Ira/tsp, been retired 2.5 years, she is taking SS which we save, I’m taking mine at fra
Decided last weekend that I will stop working in late April and use my sick leave until the end of November and retire on Nov 30th. I can’t wait to do things on my schedule from then on…
Good post, there's so much misinformation out there that makes people unnecessarily worried about retirement. For example, the 4 percent rule only makes your financial advisor and kids rich, and the fact that you spend as much money at 90 (if you happen to make it that long) as you do at 65 is just wrong
@@MmhmmyeahokI help my kids while I'm alive. And they are both doing very well on their own, vis hard work. The goal is to enjoy my life while I'm still here
Any thought on this? To offset risk of sequence of returns and running out of money over a 30 year retirement your nest egg needs to be about 30% more than your expenses over that time period if invested in 100% stock. (ETF type say) without any other tactical moves (2 or 3 buckets or decreasing your spending) anyone have thoughts on this theory?
thanks for this list, Joe. my transportation budget may not go down much. will have more time for upgraded intercooler, upgraded turbo, track tires... 😉
Great stuff Joe! Regarding expenses, and you mentioned you're only spending 80% of the original budget you created 6 years ago... Do you go into Boldin on a regular basis and update your expenses to reflect actual numbers when you do your quarterly or annual reviews? I was just thinking about that and wondering how Boldin knows your "actual" expenses so your plan is more accurate. BTW, Crater Lake is BEAUTIFUL!
$170/month on ACA? Wow. I looked up what the premiums would be for my wife and me in NYS for 2025 and we’d be looking at $3000/month or $2300 after subsidies.
Hey Joe, I’m also working towards retiring early at the age of 55. I’ve heard mixed responses in financial land about how Social Security income can be impacted by retiring early since you won’t be contributing due to leaving your job. I believe it’s called Bend Points. How much can this actually impact future SS income? What are your thoughts?
If you were planning on $20k/year for healthcare and realize it will only cost $10k/year and think "I could have retired a year earlier" ... then you are cutting it too close to retire.
My financial guy doesn’t think irrevocable trusts are hugely necessary as as long as you designate beneficiaries those assets are already protected by doing that so no need. This applies to retirement accts. Not sure as far as physical assets like real estate etc. just fyi do your due diligence also would like to hear what you find in your research. :)
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My grandparents senior home costs 10k a month and they are living longer than they expected and ran out of money. That’s why I’m nervous about not having enough for retirement.
$34,000/year from youtube? Good for you Joe! Great content!
Joe deserves it!
@ never said he didn’t!
I am 72 and started SS at 70 with no debt. I recently told my wife lets go out to an expensive restaurant. She asked why? I said we have not been spending enough recently. So, we had a nice $200 meal. Yes, it gets harder to spend as we get older.
In retrospect was it correct to start SS at 70? …. Any second thoughts on starting it earlier?
@@July.4.1776 I planned to start SS at 70 about 15 years ago. I retired at age 66 and saved enough to bridge to 70. Everything is working to plan. We have a super comfortable retirement. My wife is income protected if I pre-decease her. I don't care if we ever break-even. No regrets. Best of luck with your decision.
I am about 8-10 years out from retirement. These videos (and others like it) are extremely helpful with getting me to successfully prepare for retirement NOW, when I have time. This takes a lot of the fear, worry, and uncertainty out of preparing for retirement.
My experience exactly. Retired seven+ years ago at 52. Knowing expenses going into retirement is so useful. I am under my budget every year. I have more in retirement savings than I did when I retired.
So happy I did retire at 52. At 59, this year, was diagnosed with cancer. Things can change - QUICKLY. My prognosis is good but life has changed dramatically.
Prayers for a speedy recovery from your diagnosis. Fight it!
Best of luck, sounds like you have a good outlook. I’m your age and retired as well.
Praying for you and your long long future!
Right you are. Yard work, pool work, planting landscape become enjoyable and inexpensive when you do it yourself (DIY). I agree with the bladder! Oven igniter was $165, DIY it's $35. Plumbing quote $14,000 for broken pipe, DIY it's $150 to make my own sewer cam and buy 35 foot hand snake! I love this country! Maturing in not needing to spend to be happy is also huge.
We have cut the cable, are sale shoppers, and I have dropped the life insurance. My GF is a master sales shopper. I just fixed my mailbox for $17, and the replacement quote was almost $150. There is very little i will not try to fix. My goal is to retire at 60 at the latest, and I am really hope it happens at at 59. I am almost 57 now and your videos are really making me think i can do it.
My state ACA just went up 1200 a year based on $40k income. I couldn’t believe it. And that doesn’t even count office visits and prescriptions. 50 an office visit and generics 35 mo. Hard to plan when health costs keep soaring. I’m 61 so have a few years to go. Medical will make or break whether you can leave that job early when health care doubles every year.
Yes, if the Democrats had been able to drop the starting age for Medicare as I hoped they would, I probably would/could have retired by now. Instead I'm trying to see whether I can retire at 64 and manage one year of ACA. My fingers are crossed that I can, but if the ACA disappears, I'll probably have to work to 65 just for the medical coverage. :-( I sure am glad that I started contributing to my retirement several decades ago and while I'm sad that we had to sell our paid off house, I'm glad that when I got relocated a few years ago we managed to get a mortgage during the time the rates were super low! Things are looking reasonably good.
I think the one exception for older people (80+) where they spend more money than when they were young is long term care/health expenses. Some health insurance (Tricare) doesn't cover long term care etc.
This is true. You work saving so you have enough to pay for your healthcare until death. It's so effing stupid.
Na. I say spend it all before the nursing home takes it. What are they going to do...send you off to die in your car?
1. The "4% rule" assumes 50/50 stocks/bonds and spending increases with inflation. In reality, spending changes in different stages. 4% rule is just a rule-of-thumb.
2. You will automatically dial-back spending when the market goes down.
3. Many expenses go down when you retire. Less miles on car, more cooking at home, shop sales and insurance, no more work clothes, etc.
4. You will mature into buying less stuff.
5. Affordable Care Act. Get subsidies for health insurance, do homework before retirement.
6. Don't be so pessimistic on returns.
7. Overestimating inflation in your plan.
8. Getting paid for your part-time hobby.
Being retired gives time to do research on spending/buying items.
Good morning from Los Angeles Joe. I ❤ your videos. My dream is to retire in my 40s but mathematically, based on my pension at work, it makes sense to wait until 52. Your videos are soothing to me. I feel like you are a friend speaking with me, and that you want the best for me. You have such a genuine way about you. I appreciate listening to your videos. Wow, Oregon looks beautiful ❤ I may have to drive up myself!
Thanks for commenting. My style is "just 2 people talking". I do one take on my videos -- no editing. This makes content creation very efficient on my end and creates a unique experience on your end.
Agreed with you. All you need is a house and health.
Hi Joe, Happy new year to you and your family.
I also got Apple Air Tags, but I used it for something else. My mom who is 87 has Alzheimer and still lives alone in a retirement home for independent people. She does her own grocery chopping and takes the bus and goes to the drug store every 2 weeks to get her medications. She has been living there for over 25 years and going to the same stores since the beginning, so she is functioning on autopilot, basically. She knows that has Alzamher and refuses to move out. But like you said so well, that is a topic for another video. I’m a caregiver for my mom. I was able to convince her to put an Air Tag on her key, that way I can track her. I know when she goes and takes a walk so I can follow her. I know people who have put an Air Tag on the walker, purse, and wallet of their parents who have dementia. For people with elderly parents that you are a caregiver of, that could be useful for them and for you as well.
3:18…I disagree…with assisted living where the average cost is around $10k/month in america…an 85 years will be spending more compare to when they were in their 60’s
You validated everything i observed watching my situation before i pulled the trigger and made the retirement move. Its good to hear someone else say these things. Ive kept a lot of habits from when i was young and broke...
1:56 I think it depends on how you apply it. How I see it is that you have fixed expenses and variable expenses. The 4% rule should be applied to the fixed expenses. For example, if the minimum you'll need per year is $36K, then do you have at least 25x $36K? If you use it for all of your expenses the you have more flexibility because you can increase and cut spending each year, but be careful not to dip below your minimum for the remaining time.
We find we spend way less on food going through the 50s as we became more health conscious. Beans, greens, grains, fruits and vegetables have become tasty staples and have made us healthier with more energy and less pain going into retirement.
Was at Crater Lake in July. Beauty that everyone should see in person.
👍
Good video. I hadn’t tracked expenses in years, but this year I have, and it’s pretty much where I expected, and less than I projected before retiring. Like you said, having time to shop around saves a surprising amount of money.
I use an electric power washer that I got on the cheap to clean out sink and bathroom drains which works great.
My mother said her and my dad were told by a planner they have enough to live well past 100. Lol. My dad worked until age 69. He was a farm kid but had a career in sales. He is still pretty frugal. He has coupons for hamburgers in his center car console.
Guy is living like me
same here!
Nice work. I just hit the big 60 myself. Looking to retire in the next year or two.
Yes. I am still working on the hospital 40 hrs a week. I don’t maximize sales , offers etc . Simply because I don’t have time and mental energy. When I was unemployed I did maximize it and it worked out for me!
Good list, but some items are more applicable to the under 70 crowd. I'm 65 and I can see new expenses coming. Lawn care, car washing, plumbing, handyman stuff... All stuff I currently do myself that I'll eventually have to pay someone else to do. Another one is helping less fortunate family members. Boldin just posted a story about giving money to family. The numbers are really surprising. Of course I don't have to do that, but I want to. I've noticed that most videos that say you need less $$ than you think to retire are posted by folks who are 65 and under. I don't see any videos by 80 yo that say they saved too much. I'm super conservative with my finances, and I want to leave my wife with no concerns about money. I sleep better knowing that I'm probably being overly cautious.
I believe more people, who can, will help family members that are in dire circumstances. Most people can't, but those family members that can, will need to.
No offense but all the things you mentioned that you'll have to pay for? Unless you're disabled which I realize some are, I intend to take care of myself into my late 80s. Lawn care and car washing are basic exercise
Funny you mentioned the 'bladder'. About a year back, started having sewer drain issues. Like you said, I paid plumbers $300 - $400 every time they came out to clear the sewer line. After 3 or 4 times, I was considering buying a 'drain snake' for about $400. Learned about the bladder. I've used it at least 3 times since I bought it. Knock on wood but have not needed it in almost a year. It's a great little tool.
I appreciate all you do Joe!
Excellent video Joe. I am the oddball who has done everything around the house that I could possibly do all my life. It has saved a ton of money. I cannot remember the last time I took a vehicle to a mechanic, the only things that have been done at this house we have lived in for 21 years is the roof, air conditioner and carpet in one room. I am going to continue this until I can’t do it anymore then I will pay the pros. I enjoy home improvement, and when I’m done it’s right. My first truck I kept for 23 years. And I have only bought one vehicle in my life that we haven’t kept for at least 10 years. I am more loose with the spending now than ever but I see that changing once I pull the rip cord. I know payroll taxes will go away as will my contributions to retirement, and the house will be paid for. Those three things alone add up to a big percentage of our expenses. Taxes will also decrease. Inflation doesn’t affect retired people with paid off houses the same way it does younger folks with debt and a family to feed. Housing expenses are a large part of the inflation calculations. I am still guilty of only using 5% return in my calculations. I used to use 4% but after watching another of your videos I moved to 5. I’ll make the jump to 6% now. Thanks for sharing all the good info sir.
Have been retired 4+ yrs now and u r correct! Great video.
Thsnk you for the video. Number 6 struck a chord with me
Joe this video is important because as you said on a prior recent video the financial planning and wealth management industry that I’m a part of tends to be way too conservative- in my view based on many of us not yet being retired or younger and not realizing some of these important points you’ve experienced in the last 5 years and in my experience often out of a sincere desire to make sure clients don’t get ahead of their skis which unfortunately can lead to them working way too long (as I have by drinking my industry’s koolaid) - you’ve made a big difference in opening my eyes and helping me to retire soon as I’ve realized via your videos and consultation in large part that I’ve already worked several years longer than I needed to.
Thanks Marty
Good on you. I'm often surprised how many seasoned FAs still work. I would want my FA to not need to work as requirement #1.
FME that bladder sink unclogger can also blow out your ABS plastic drain pipes that are glued together. If it is ABS plastic under the sink why not just unscrew the P-trap, that's what it's there for, lol...
I don't why people think you need a million dollars to retire. My parents are far from millionaires and they live comfortably in retirement.
Student loan debt and renting. 1 mil of I can
media propoganda
Financial institutions like Fidelity want people to keep working so they can keep contributing money into their retirement plans.
@@wisulliv why anyone would take out a student loan is beyond me.
Do they have monthly pensions? Are you and your siblings supporting them in any way financially? Are they in great health? Not everyone has these things, so one needs to save more to account for it. One shock event will wipe out a big chunk of 500k easily.
TY. Good info.
Another great video of content. I have to say, that I've learned more from your channel regarding practical, real life info about retirement than any other channel I've watched--and I follow several. Perhaps it is because we are both Hoosiers and I share the plain-spoken style. Thanks for teaching the rest of us how to approach retirement successfully.
Thanks. I think my plain talk is unique vs all the financial advisors.
Appreciate you! - fewer words might be helpful for those of us still on the go - not yet retired … still, very, very encouraging talk!
Pooh and Grogu thats nuts... I will take Poohs Money Pot. Glad you got to see Crater Lake its awesome.. I have seen most of the 48 and Canada after 30 years of Trucking. Keep up the great info. I'm keeping my 500K term life for 123.00 a month till 77. Yes wife will get 401k and Roth. I think its a good bet , But I know most life insurance never pays off.
Crater Lake is beautiful, wow!!! I’ve never been to Oregon but a 2week trip to Jackson Hole, Mount Rushmore and now crater Lake is on my post-retirement 2026 travel card!! We live in coastal Georgia so it’s a ‘big’ trip for us 😊
shop sales - every Monday morning I go to Walmart... whole loaves of fresh baked Italian bread for .27/loaf! I bought 12 of them, wrapped them in paper towel and then saran wrap, put in freezer... win! (I now have time)
Even if general spending goes down over time, health care costs, long term care, etc., typically goes up. So my spending plan does have inflation built in. I could be wrong…
Good points. I'm undecided at this point if I will do anything to generate income after I retire. I have several things I can do but I'll decide once I get moved down there. Might be home repair, small engine repair, lawn mowing or maybe just a few hours working at the Y.
Monetize a hobby. It's easier to make money when you are doing something you enjoy.
@danielhurst8863 good advice. I'm good at woodworking. Have often thought of making something fairly specific so I can optimize the production and be able to sell at a competitive price and still make money. Just need to figure out what that item is!🙂
We always need good repairmen of any kind. The younger generation can't fix anything.
@@acornsucks2111 The work I see people do is often atrocious. I am fussy, some say OCD, and I do it right or not at all. Sometimes its hard to get people to pay for that, but I'm not exponentially higher than folks who do substandard work. I don't have the overhead and I have a keen attention to detail. When I do a job, it is not a compliment for someone to say "nice repair". I'd rather have no one know that a repair was even made and that it looks like it did when new.
@@gregkloe The key is taxation, you have to expense your hobby.
Great video, Joe! What a beautiful lake!!!!
Wow! Thank you Joe for sharing that incredible video clip of Crater Lake! Inspires a great desire to travel there and see it for myself!
Some really excellent points as always, Joe, particularly for example on how to manage TAXABLE income when going into the ACÁ Exchange for health insurance. And once you’ve secured college education for your kids and retirement for you and your spouse there’s often no need anymore for life insurance as you mentioned. And I’m so glad you still have that 2012 Sienna. Every time my wife needles me about getting myself a newer auto, I tell her that as long as Joe has his 2012 Sienna I’m holding onto my beautiful dependable 2010 Honda Accord!
Funny. No plans to replace
2006 Toyota Avalon here. Runs like a champ!
2008 MDX with 202k miles here😁 raised by parents who grew up in post-war Britain with food rationing.
I still have my 1999 Camry 😊
@@Jupiterplus You win.
Many thanks talk with expect to need so much more than they really will.
Thanks for this great list.
About buckets, for some reason, I don't like price volatility on the fixed income side, even though psychologically I am OK with it on the stock side. As a result, I'm going with I bonds, instead of TIPS, on the inflation portion of fixed income. And money market/stable value funds/bank CDs on the nominal portion. Fixed income is what I would draw from in case of market tanking, so I want certainty that it will be there.
Currently downsizing preparing for retirement. We're in escrow buying an off-grid cabin at age 56 & 63 for full time living
$1200 a mo. Mortgage reduced to $100 a month. prop. tax = *92% reduction in housing*
1 more month each yr of solar power for e-car/home = *10% reduction in transportation & home electricity costs*
Our Retirement income combined will be $2300 per month. Currently: 50k invested in the S&P. Cash savings: 40k
I'll grow/raise most of our food within 3 years and sell some such as our free-range eggs. House has a huge 9 foot fenced back yard
Great list Joe! Another source of conservativism that gets ignored by Boldin in the monte carlo analysis and other programs is the primary home. If the financial landscape goes really sideways later in life most people could have the option to sell that asset and move to a smaller home, apartment or cheaper geographic location.
Not in MC but in net worth
Thanks for sharing Crater Lake, absolutely beautiful
Yeah getting advise and watching you experts! Learning a Lot.. Thanks
Good channel. Thanks for the interesting insights.
Good vid. Def going to keep some of this in mind. Also, really loved crater lake too. I cycled from the base up to top and then around the rim. The ride back down was a blast!
Wow. I bet that was fun
Thanks Joe, always Appreciate the insight you give , very useful since I have plan to retire mid next year.
Those plumber bladders are great. The rubber gets less expandable over the years and it won't seal the pipe as well, but easy enough to buy another one.
Cleveland OH - 68 - retired June 1st 2024
I have been saving money doing my own home maintenance.
1. Cleaned the mold off the house siding - Quote $500 I did if for $75
Took 2 days (4 hours per day)
2. Fixed my cement chimney cap - Quote $4,900 I did it for $200.
Planned 2 days but took 3 days.
Again I only worked about 4 hours per day.
I also turned my hobby (boating) into 2 seasonal part time jobs that have no stress.
1. During the boating season I teach people how to maneuver boats 2 days per week.
I work for a national boating club and I control my schedule.
2. During the off season I teach the USCG Captains license class.
I work for a training company so they do all the work I just teach.
4 classes per year each class is 10 days.
Together I earn about $8,000 per year and that's enough for me.
Same here. If I can do it myself, I will! House projects, car maintenance, etc. Replaced 12ft of fence, including a gate. Replaced a rotting door. $900 total for materials. Never even got estimates because I know it would probably be triple that amount.
I think perhaps you are underestimating one thing in particular? Health care expenses, regardless of how good your health is NOW, will likely increase simply because of age. You should also budget-in a factor for some sort of assisted living. You may not need it, but better to have the money and not need it than the other way around, IMO.
I’m self insured. My mom in LtC and I’m the PoA. I’m pretty experienced
@joekuhnlovesretirement I am not sure I understand. You are not carrying health insurance at all?
Great info here, and right now I’m hungry for a juicy prime rib. That smart shopping, you can get better quality meat and eat cheaper than going out to restaurants
Even while working, I've always done my own repairs. I've saved tens of thousands of dollars over the decades.
This is all stuff that I’ve already come to believe. I am 62. Sadly, I just saw epic times had a news article on how Social Security is going to be cut by 25% in the next nine years.
Epoch Times is propaganda and not a legitimate news source. Go elsewhere for your news.
How do you plan your travel? Do you go for deals? Group travel vs just you and your wife?
Thanks so much for your videos. They have really helped me with my retirement transition. Full retired now for 3 months and I'm 64.5.
US trips all me planning. I start with TH-cam videos. Lots of travel vlogers. Overseas we like guided tours
Great video and thanks for the travel video at the end! West Michigan here
Less is more, thanks the inspiration.
Love these vids. Positive but not pie in sky!
You’re the best Joe, here’s to compounding!😎
Just a correction on the Costco employee getting a discount. As a just retired 37-year Costco employee, here, we do get a free executive membership, but we do not get discounts. The margins are too small to offer employees discounts. Also, part time is 25 hours per week. Usually, 5 days x 5 hour shifts. A location can have employees that work less than 25 but does not offer benefits. Working only one day a week would only be offered to a long-time employee transitioning to retirement, then a newbie off the street. Just thought I would make that clear, in case anyone here is looking for a part time job.
Going on 6 months retired. I barely have spent any money so far as my first goal in retirement was to lose weight and work on strength and fitness. Walking everywhere, so very low car expenses. With only two months left in the year, will spend about $10,000 for the year.
I will definitely spend more next year, but it is nice to know that I can easily dial it back if need be.
And good luck getting in to Costco to begin with.
Way to go, get your health and fitness back to where they should be and meanwhile let your investments grow.
@@valleyofiron125 What is the reason you didn't like it anymore ? Just curious
Thanks, Joe. You bring up some excellent food for thought here, and your points about the natural guardrails and reduced need for 'retail therapy' really made me think today. Cool footage of Crater Lake! I think that one needs to go on my destinations list. :)
So true about losing the desire for “stuff”.
Yeah, its key in getting rich or having enough. And being more happy with life. Freedom and options increase way more
If you have older plumbing you may want to think twice about using newer ways like that plumbing bladder to clear a clog.
Good content. Bookmarks would be helpful.
Thank you for your candor.
Great video as always Joe. Do you have any recommendations on a good retirement planning software tool that can be used outside the US? Thanks in advance, and enjoy your retirement.
No
I will increase spending, why, because I do nothing at all now outside of work and necessities. I don't even buy new cloths unless needed. So yes I will spend more. Alot, no but some. I will need more money because I just make enough as it is.
Great advice, thank you!
this is gold! thank you!!!
Hi Joe
Love your channel. Thank you for all the financial topics you have presented. Very informative and helpful.
May I ask you to please let me know if you have already addressed annuities and in particular Deferred Fixed Annuities which our Fidelity advisor has suggested we consider including in our retirement plan.
I would be most grateful for your thoughts on this type of annuity.
Thank you again
Best regards
Warren
I do not own annuities. I believe annuities are insurance products that can reduce the risk of markets but at a steep price - fees, fees, fees. I use buckets to lower the risk in the short term while growing assets in the long term.
Hi Joe, can you do a video reviewing FI Calc and share your thoughts on the website, please? I find the site to be valuable but I would like to hear your thoughts on it. Thanks.
I love it. Missing a ton of features but does great with historical returns and potential sequence of return risks. Not a full planning tool at all I asked Boldin to include this feature. I’ll look at it again and highlight pros and cons. Thanks.
Eggsa ARE outrageous. Haha. I eat at least 6 a week. Great video. 178 days ..
Get some chickens
My protection from a down market are my wife and my fed pension which covers all expenses, not touching Ira/tsp, been retired 2.5 years, she is taking SS which we save, I’m taking mine at fra
People with pensions have won the lottery.
Decided last weekend that I will stop working in late April and use my sick leave until the end of November and retire on Nov 30th. I can’t wait to do things on my schedule from then on…
Congratulations
Good post, there's so much misinformation out there that makes people unnecessarily worried about retirement. For example, the 4 percent rule only makes your financial advisor and kids rich, and the fact that you spend as much money at 90 (if you happen to make it that long) as you do at 65 is just wrong
@@Mmhmmyeahok they can make their money the same way I did.
@@MmhmmyeahokI help my kids while I'm alive. And they are both doing very well on their own, vis hard work. The goal is to enjoy my life while I'm still here
Any thought on this? To offset risk of sequence of returns and running out of money over a 30 year retirement your nest egg needs to be about 30% more than your expenses over that time period if invested in 100% stock. (ETF type say) without any other tactical moves (2 or 3 buckets or decreasing your spending) anyone have thoughts on this theory?
Never seen that modeled. Try that out in a package. Free ones like FICalc or Fidelity’s. If you have Boldin even better
thanks for this list, Joe. my transportation budget may not go down much. will have more time for upgraded intercooler, upgraded turbo, track tires... 😉
No kids in competitive sports. That’s going to save me a ton!
Blasting out clogs can be catastrophic.
Thank you Joe for your video. Where are you able to buy your steaks for such a cheap price?
IGA
In summary, Travel is fun,
Crater Lake is very blue,
Joe's got bucket 1,
topped off by growing bucket 2.
A poet
Great stuff Joe! Regarding expenses, and you mentioned you're only spending 80% of the original budget you created 6 years ago... Do you go into Boldin on a regular basis and update your expenses to reflect actual numbers when you do your quarterly or annual reviews? I was just thinking about that and wondering how Boldin knows your "actual" expenses so your plan is more accurate. BTW, Crater Lake is BEAUTIFUL!
Yes. Once a quarter
$170/month on ACA? Wow. I looked up what the premiums would be for my wife and me in NYS for 2025 and we’d be looking at $3000/month or $2300 after subsidies.
Wow.
I appreciate you.
Hey Joe, I’m also working towards retiring early at the age of 55. I’ve heard mixed responses in financial land about how Social Security income can be impacted by retiring early since you won’t be contributing due to leaving your job. I believe it’s called Bend Points. How much can this actually impact future SS income? What are your thoughts?
Go on SS.gov. Enter 0 on later years and get actual numbers
Hey Joe, good stuff as always! Where you get those ribeyes?
IGA on Morgan Ave
If you were planning on $20k/year for healthcare and realize it will only cost $10k/year and think "I could have retired a year earlier" ... then you are cutting it too close to retire.
Would you make a video on how you use the plumbing bladder ?
It’s super easy. th-cam.com/video/CWQC2giE-vQ/w-d-xo.htmlsi=GsSOhfWmLbx2h-qX
Grogu has a buddy!
First to notice
St. Cloud, Minnesota
So how/where do you factor in if you have to go into a nursing home?
I believe Boldin puts in the last 2 years of life. You have options to self fund, use insurance or use your home’s value.
Joe's the best!
What are your thoughts on revocable and irrevocable trusts?
I’m looking into them now.
My financial guy doesn’t think irrevocable trusts are hugely necessary as as long as you designate beneficiaries those assets are already protected by doing that so no need. This applies to retirement accts. Not sure as far as physical assets like real estate etc. just fyi do your due diligence also would like to hear what you find in your research. :)
JOE...... What month were you at Crater Lake? I see snow on the ground. We want to visit out there someday too...
October 15ish. Lodge closes Oct 1. Very pretty with snow but I’d suggest September. Warmer and no crowds
Rim at Crater Lake is 7-8k feet. Can be snow there almost any time of year.
Joe, Might seem to be a silly question…but I’m just curious bone in or boneless whole rib eye. Why? Ribeye is my favorite meal.
Boneless