I retired at 60 with $750K in my 401K and IRA's. My wife and I did just fine in expensive Bergen County, NJ by living within our means. Home was paid off. No car loans. By withdrawing bare minimum, our health insurance costs were almost non-existant due to Affordable Care Act subsidy. SS kicked in at 62. Medicare at 65. Six years later, my IRA balances have grown to $850K and now my wife is turning 60 and her IRA's are now available. Anything is possible if you live within your means. .
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $80k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
Annette Christine Conte has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
All those expenses are absolutely, absolutely negligible compared to things like property taxes, health insurance, and more recently, property insurance.
Totally agree. I would add: uncovered medical expenses (such as denied claims), high-cost repairs for your home, and long-term care insurance premiums.
@@purpledaisy0865finally had to quit paying on the LTC insurance when premiums increased by 15% year after year. I now have a locked-in reduced benefit that I can call on if/when I need it.
Yes and no. Adding monthly car wash, cable two out of four streaming services and $600 a year of gym membership can save thousands a year. If you live on $40k-$50k a year (like us, a semi retired couple), those are thousands saved. But, with all the real heartbreak of losing two beautiful friendly cats within a year (and we still miss them like crazy), we calculated we are saving about $6k a year not having pets. We decided not to have pets anymore or at least not until we are home bound and too old to travel (may God grant us a long life). But we miss them a lot Cheers and Happy New Year!
Timing the bottom of the market is notoriously difficult, even for seasoned investors but consulting with a financial advisor can also provide personalized guidance tailored to your specific financial situation and goals.
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in stocks, which is pretty simple. On my portfolio, which has grown over 90% in a little over a year, my advisr chooses entry and exit orders
I have a disability that didnt allow me to work a high dollar job.. no retirement no savings.. I'm 72 living on 10,000 a year.. but I managed to buy a tiny farm that needed a lot of work..CASH from selling a HUD condo I got in 2009.. sold in 2014 . 2015 bought the tiny farm w help of my son.. we do all the work ourselves.. i have everything i need
@@Smokey_da_Bear I know it's hard to wrap your head around it so I understand why you wrote this comment. At present and in the future I have health problems that prevent me from working a job. The reason is that I'm in pain all of the time. I have no resilience so I'm not dependable. I've seen close to 20 specialists and all but one said I can't do paid work anymore. That doesn't mean that I can't do anything. On my 'good' days I can get a lot done around the house and even go out with friends...you would think there's nothing wrong with me. But on my bad days I can barely move from the bed or couch as I'm in so much pain. And there's many more bad days than good. I don't know what this person's disability is but I can understand that they can work on their farm without having been able to work a higher level job.
Owning an enormous home in retirement and a swimming pool to "attract" your grandchildren to come and visit you is not necessary. By the time your grandchildren are teens, they are interested in their own friends and NOT their grandparents, even if you have a huge home and enormous pool. In the meantime, you are paying huge taxes and upkeep on an enormous home you don't need. Don't be "hurt" by the fact that your grandchildren are no longer interested in you. This is normal teen behavior. You were the same way at their age. Sanjosemike (no longer in CA)
@@carolwilliams8281 Self-obsessed children are also part of the schematic of childhood. I am so sorry you have been hurt. If it gives you any solace, she is still very young and there is a lot of time for her to learn. In the meantime, Carol, I thank you for writing. I am thinking about you now. And wishing you well. Today is my wife and my 57th Wedding Anniversary. Love, Sanjosemike (no longer in CA)
Totally agree! You have to do for yourself. It’s a sad part of their growing. I spent as much time as I could up to age 13.. then things changed drastically. But I have wonderful memories-and I hope she does too. Her social life, sports and friends take up her time now, as it should. I say get a pet. It’s something to shower with the affection you have-and it brings you joy and company.
Hey Mike, this Nana owns a second home in the White Mountains of NH. My kids come from CA, from MA & NH as often as they can to swim, to boat, to ski in the winter. A pool has no view, and I wouldn’t go visit anyone with a pool.
Just moved last week to a town of 32,000 from a city of 1.3 million. We're now in a smaller home. We're downsized for retirement next year and gave up over 1000 sq ft. I'm fine with that as our son moved out a few months ago. No point in paying to heat a huge house anymore. All of our bills are down including vehicle insurance and homeownwer's insurance which went down by $1000/year.
Agreed! I'm 75 and know that I am silly still buying "stuff"much of which is totally unnecessary. It is a bad habit which sometimes feels like an addiction. Maybe it is?
That is the biggest one for me! That is the one my husband worries most about as I approach retirement. For the last eight years, we have lived on my husband‘s salary, and all of my take-home pay, went to the children’s education and supporting them while they were students. They are now working full-time and debt free! I have no regrets. However, they still live at home so that they can save up some money and we don’t mind that. It costs us little to have them here and it saves them each $2500 per month to start their own nest eggs. But, we find ourselves frequently subsidizing them by purchasing all of the groceries and paying their deductibles and co-pays for healthcare Expenses and occasionally helping with this and that. We took them on a family vacation this year and it was really wonderful for all of us. I gave them one year notice that as of my retirement date in February, we will no longer be able to subsidize anything except a family trip every couple of years.
Retired from Costco, 37 years, so I have a free lifetime executive membership. Agreed on the gym membership, I've dropped almost 40 pounds since retiring, this past July, walking and hiking and doing 6 days a week at the gym, 3 days a week upper body, 3 days a week legs and abs.
When we retired we had 2 cars. Every time I said I was going to go somewhere, my bored hubby said he’d drive. After a year I realized my car had hardly been used so we sold it with the idea that if we needed a second car for a a few days we’d rent one. I retired in 2006 and since then we rented a car twice for less than a week each time. The amount I we’ve saved on insurance, maintenance, licensing fees etc over the years has really added up.
That's fine for y'all but what if one spouse just wants to be without the other for at least a few hours. I'm a widow but have friends who would kill for that 2nd car. 😅😅
@ yes there are lots of couples who need to have independence from each other lol. We are a couple who like each others company more often than not and we’ve rarely regretted selling my car. It certainly wouldn’t work for everyone…
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Planning to retire in 20 years? With rising inflation, the cost to maintain your current lifestyle could reach $2.6 million or more. The combination of high inflation, lower projected stock market returns, and stagnant wages makes securing an early retirement more challenging than ever
A good way to invest during a recession is by buying stocks in sectors like consumer staples, utilities, and healthcare, which usually stay strong. But it's important to consult a financial advisor before making these decisions.
These factors definitely play a part when I think about whether to invest in a stock. But I never make a purchase based solely on that. I always consult my financial advisor, who has helped me build a well-diversified portfolio worth $985k, which has seen tremendous growth.
I really don’t get why guys will pay someone else to mow their lawn and then pay someone else to shovel their snow and then pay for a gym membership to “get some exercise”. Do your own yard work and your own home repair and you’ll get your exercise organically.
You are using a different set of muscles mowing and shoveling. But you sound like a fit old dude. In a widow who is tiny so lunging the gas can and handling the mower is too much for me but give me a bow saw and point me towards the trees and I'll work a 18 year old in the dirt. 😊😊
What you need to do is remain active as you have been, so either go to the gym or have some equipment at home or else find some exercise routines that keep your heart rate at a consistent level, toning muscles you need to target that your daily activity doesn’t do for you. My Mom always says she walks around the house, that’s enough….Not! LOL! Exercise activity is different from her activity which is not constant nor consistent for a period of time each day or every other day, but do keep active!
I agree that memories are important. The problem, especially in America, is the belief that they are necessary even when you can’t afford them and use them and use credit to pay for them. Also this need to have expensive vacations when really the money can be used for better reason (paying a bill, reducing your mortgage) and a lower priced vacation as well. The amount of debt that people rack up is incredible, especially when it sometimes takes months or years to pay off a week or two long vacation.
I think this is a good way to help out your adult children and spend time with grandchildren too. I had everyone meet me at a beach hotel for 10 days last summer and I feel it was money well spent. (I agree, though, only if you can afford it.)
I live in a location that I can walk to the grocery stores, restaurants, dentist snd doctor. I sold my car. In the past year I have used the bus and uber a few times. I rented a car twice for out of town trips.
I lived in a city like that as a renter for two years. My rent included all the utilities. I did not have a car. I walked to work and back which was a pleasant walk of a mile. Occasionally, I took the bus. In an area with long commutes and bad weather, I had the most predictable commute of anyone in my department. It was so freeing to not have unpredictable expenses. I would love to move back, but the rents are very high and I can’t afford to buy.
Agree with stuff. A touch of minimalism frees the soul. My wife and I take time to keep the house organized and dispense with stuff from the past that serves no purpose. Any subscription that brings no joy is a great thing to dispense with. I also think it is good to learn to spend on services. I used to think I had to do every little task around my home. I'm learning that with money in the bank it is a real treat to just call the plumber or electrician or a handyman to get stuff done and focus my time on the stuff I enjoy.
I hear you brother. As a couple that were frugal, not tight or Scrooge, but careful with our money we are now in a position to “get the man in” when we need, or just want to. It is a very nice feeling to have that option. Cheers mate, Stuart 🍻
I cut the cord on cable/satellite TV over 10 years ago and don't miss it. I did do one sports streaming service (EuroSports) since then but they recently shut down and I find I can access all that content for free now. I set up a really nice over the air TV system at home (video: Over The Air TV System Overview) and get upwards of 160 channels and only pay $40/yr. for an electronic program guide service. Biggest advantage of that is I've not had to contact the cable company once for assistance and then wait around all day for the tech to show up.
Grocery delivery is essential when you are no longer able to drive for your safety and the safety of others. Kroger delivery is easy and hugh quality. A MUST at this stage of life!
As a 75-year-old who lives very comfortably on his social security check, I basically say do what you can afford to do that makes your life better. I buy a lot of stuff from Amazon as it happens because I will buy something if I think it will make my life easier or simpler. Every now and then I go back and review the things I bought and I hardly have any second thoughts about it I use those things. And the convenience is a big deal it saves me from driving which saves me money as well. But of course affordability and your particular circumstances May dictate against something. I am frugal I have Amazon prime obviously and I hate TH-cam commercials so I paid to have them removed otherwise I get 90% of my content for free on TH-cam. If you use the gym pay for the gym if you like the magazines and you really get value out of them subscribe to them. I think the real key is to be thoughtful about how you spend your money. Get value in exchange. Yes as you get older you realize that stuff and things do not provide happiness, and you should look to other things. But again if something gives you real pleasure, by all means...
Good post. I agree; it's not about having a million bucks in savings; it's about contentment and experiences. Once in a while, I'll spend bucks on an experience that's hard to beat, but I wait until I can pay cash. Also, carry zero debt. Use your credit cards only when absolutely necessary and carry a zero balance. Across the board. Zero. If you can't afford to pay cash for an item, wait until you can. Save like a maniac, even in retirement. If you have a major expense or unexpected event, you won't be faced with extra stress. Contentment, living within your means, and being happy with the simpler things in life, and keeping fit are high on my personal list.
I have AAA+ for both my wife and I and it gives me peace of mind that we can get assistance and towing and importantly if she is by herself someone will come and assist anywhere in the country. Most of the cuts they mentioned I also tend to side with you on.
I cook every day and love my cloth kitchen towels. They help me keep the kitchen a lot cleaner than I could with paper. I use cloth towels from Walmart -18 pack $6 - and keep a neat stack of 80 on a kitchen counter with a dedicated basket in the kitchen for used towels. There's always a clean towel available to wipe down a knife, or cutting board or counter.
If you live in cold, snowy country, regularly washing your car with an underbody wash, will make it last many, many years longer without rusting away. Not an option if you plan to keep the car long term. Premium fuel is higher octane. The higher the octane, the higher the flash point. High compression engines require higher octane. Preignition caused by low octane fuel in high compression engines will destroy them.
Investing in a good underbody wash wand and doing it yourself saves a LOT of money! Plus, it counts as low impact exercise. Pretty good feeling of accomplishment, too, when finished. The simple pleasures.
Good one! This one is huge. Storage fees are extremely ridiculous around here. And most people pay to store stuff that they don't use anymore but for some reason can't seem to get rid of it. We recently cleaned out my mother's storage cubicle that she was paying $200/month for. She didn't even know what was in there when we asked her. We found nothing but junk in there and we threw it all away and saved $200/month.
I don't work for AAA but I cannot recommend them enough. It's not expensive for the security you get of getting back home. The cost of getting back home is covered and you also get a ride with him. Have been with AAA for over 40 years using them multiple times including a 200-mile trip getting us home at no cost on a holiday weekend. Extremely fast service and they will get you quickly out of a bad part of town.
My problem with AAA is that my car got stuck in the yard with the recent snowfall, and they refused to help me pull it out a couple of feet to my driveway. Another time, I had a legitimate need, and they didn't do that either. Why are we paying for this?
I'm 77 years old and living on Social Security in northern Minnesota. I heat with a wood stove and save money by rarely leaving home except for groceries.
I think your final point (experiences over stuff) and "what brings you joy" simplifies this list wonderfully. If something brings you joy (like a streaming service or a regular car wash etc) then go for it but certainly drop anything/everything that doesn't bring you recurrent joy!
In bramton canada transit is free for seniors so I give up my car and save on car expenses. At the community centre I get free membership fees for gym and swimming.Some stores give senior discount. I think we are OK in canada.
Magazines are also free at the library, available through Libby, Hulu, and physical copies. Plus, if your library doesn't have the one you want, they can often obtain it from another library. Ask! We love to locat materials for our patrons!
Sometimes Amazon is very convenient. For example, I use them to automate pet supplies which keeps me out of stores and thereby reduces the amount of impulse buying I do.
agree. if i have a specific item in mind why would i waste my time plus gas to drive to the store and discover it is out of stock. i have a running list and only order once i meet the free shipping limit. if something needs returned - again its free and i am only driving under 4 miles at which time I will merge this trip with other needed destinations.
@@kathyw7303 Agree. I am a fan of Amazon, but I rarely use the “buy now” feature. Instead, I leave items in my Amazon cart for a week or two which gives me time to think about it. Also, I am an avid returner. If I decide I don’t need it afterall or it’s not what I expected, then back it goes. It’s less than two miles to The UPS Store. I also return clothes to Macy’s and Nordstrom’s, both of which have good return policies. I call it “reverse shopping.”😄
Regarding auto club memberships… More and more vehicles are being sold without spare tires. At my age, I’m not changing a tire. And, if you don’t have a spare, you need to be towed to a shop. It happened twice in 2024 where I received a flat tire.
Buy a tire plug repair kit. Easy to fix a leak and repair a tire while the wheel still on the vehicle. Unless of course the side wall has been torn open, but that’s more rare.
Bottled water is necessary to use if you have to flush out your sinuses with water. I suppose you can pre-boil it too, but water out of the spigot may have some chemicals or other contaminants that are best not used on your sinuses. Sanjosemike (no longer in CA)
Great content. I would like to add something about keeping the Costco and AAA membership as they both pay for themselves. I use AAA all the time when traveling as it gets you discounts at most hotels, amusement parks, the zoo and many other venues. Costco not only saves you discounts on everyday items but not many people are aware of the Costco Auto Program that gives you 15% off on all vehicle services/repairs, oil changes and also a discount on new car purchases. You just log in and put in your zip code and it will list all dealers and or service providers in your are. Thanks again.
Just for starters: I'm exceptionally fortunate. I will never have a money worry for the rest of my life. My wife and I were both software developers, and well paid. I get it that many people were not so fortunate, and managing a budget can get to be a pretty big deal. That being said, a lot of the 21 things are mostly plain stupid. Of course, you should stop smoking. Not to save your budget, but to save your own life. Costco membership can be a net positive that actually saves you money. How much are you going to save by not buying cleaning products? A couple bucks a month? Will that really matter? And on and on. I do agree with the idea to avoid accumulating stuff. As I get older, the goal is to get rid of stuff.
Use one streaming service at a time, and pause the others. My mother used to re-I miss wrapping paper. I use brown paper and ribbons. Most magazines can be read at the library.
You can also get them either free or cheap at thrift stores. Can use pages to wrap presents. Use some natural element like leaves or flowers to decorate.
At 7:07 "Do we really need a cel phone anymore.....Probably not." I am sure you meant we don't really need a landline. To add: My husband 68 yrs has a landline for his home business fax for legal and sensitive documents. Very handy when dealing with insurance companies or my FSA from work too.
I came across your video about spending money. It came at the right time in my retirement. Thanks for giving me another way to look at the money I have.
Boston born and raised - learned to drive there in the 1970s. I would not recommend that a visitor rent a car for use in the city. Take the T, Lyft, or a cab, or Uber - it is a great walking city!
That sounds pretty selfish. People 60 and over have enjoyed the benefits of everyone paying the same property. Sounds like now you are 60, you want the younger generation to pay your share.
@@jimclarence5441 Well after retirement most people are living on a fixed income. You must not live in California to remember Pre Prop 13 when increasing home values came with increased PT so extreme that many lost homes that were paid in full. In addition Property tax in my area also pays for schools and most retired folks have no children for these services. In fact I worked multiple jobs to put mine in Private School and Realized no benefits from my tax dollars. I have paid taxes for 35 years and even with a 20% deduction it would still be more than I paid when I purchased the house.
You talked about canceling gym memberships with my Medicare supplement it includes free memberships to gyms called silver Sneakers I have actually signed up at a couple different gyms in different towns for convenience and they include the big chains like 24 hour fitness and planet fitness. It may not cover some of the smaller high-end boutique type gyms. Thanks for your videos. Great information..
Hey Azul, I agree to cut out stuff. That said, I love my Amazon because I’ve always hated shopping. If there is something I need, I can find it much easier on Amazon without having to run all over town through the stores which I dislike. It’s such a time waster. I do open my packages because the things within are things that I need.
This is a decent expense checklist for retired people to work through. Some are patently ridiculous such as paper towels… However, these particular judgments are by Azul, for Azul. Your mileage may vary, as they say. “It depends on you,” he said at one point. Well, yes. Free country. When you retire, if you’ve been prudent in saving for retirement, you can afford certain things you could not before. Many retirees who were always frugal simply can’t get out of that ingrained habit and needlessly limit themselves. In my view, the most important thing for retirees to watch carefully are automatic charges (e.g., electronic subscriptions), things on Apple (very easy to hide) or a plethora of other services that are automatically renewed and can just run in the background whether you use them or not. These “money viper” items can be silently debiting your accounts without producing value. Bank accounts can do this (if you don’t check carefully every month), streaming services you canceled but magically renew (ask me how I know!) and others. Just my two cents! 🇺🇸
Oh! I so agree and it seems that many services only have an “automatically renew” option, especially for annual subscriptions. Do I really need to purchase virus protection for a computer that I no longer own?
Most auto policies don't include long distance towing . generally it's under 10 miles (or to the nearest repair shop) with a milage charge after that which adds up fast. . Long distance tow insurance for people who travel in rural areas or have very long commutes are a nice "peace of mind" type of insurance.
We always get the rental car insurance from the rental car company because there is one thing they do people don't know about and that is loss of use where the rental car company can charge you the daily rate of the car being repaired and it is out of your control. So if they say it took a month or more to repair you pay for that. It is worth your time to get educated about loss of use in the rental car industry.
Buying premium gas for a car that only requires regular, thinking it will give you extra power, is foolish. However many, if not most modern turbocharged gas engines require higher octane because of the higher compression ratio. If you use Regular, at best your engine management will pull the timing (to prevent knocking) and reduce the power of the engine, at worst you may damage your engine.
AAA membership is totally worth it. When my otherwise rock-solid Honda CRV refused to start even with a jump, I had it towed to a shop with a loaner car. It was pretty painless. It would have cost a ton to pay for the tow out of pocket. Premium gas is an absolute must if your car is designed for it. If your engine is designed to run on 87 octane you're wasting your money. If your car is turbocharged, premium is probably a good idea. Detonation kills engines.
Here’s another saving. Don’t buy into webinars. They give you a “good deal” and then ply you with additions you should also purchase. I’ve bought enough of these to finally learn my lesson and I never even look at what I bought tho I think they are so important when I buy them.
I love my gym, pickleball, and Costco memberships and use them weekly if not multiple times per week. I have been eliminating magazine subscriptions as many magazines now do not offer the same value they did in the past. My 17-year-old Lexus RX400h requires premium gas. I tried lower octane gas, but it eventually caused knocking, so I went back to premium. Considering how long the car has lasted, babying it with premium gas seems a reasonable cost.
Costco membership is worth every penny. Their tire prices are excellent, and I recently saved a bunch of money when I replaced our air conditioner and furnace. Costco gas is not just inexpensive. It is also top-tier rated. That means it has a much better detergent package, which is important.
Bought a BMW through Costco in 2004, and my home through them as well shortly thereafter. Gas, tires. Now with an electric car, gas no longer brings me to Costco, but the organic ground turkey does as this is what I use to make dog food for my spoiled babies. Their mama eats rice and beans, lol.
@@heidikamrath1951 Totally off the topic of this video, but what’s your recipe for dog food? What kind of dogs and ages are they? I have a 8-year-old small Sheltie and a 5.5 pound Yorkie mix. They are pretty spoiled, too.
@@CruisingSoloI used to get super fancy and pressure cook two of the Costco organic chickens, add in zucchini and carrots and peas and broccoli near the end. Also some Power Greens. Cook quinoa alongside it on the stove and then when the chicken falls off the bone and I can crush the bone between two fingers, I mix and in the quinoa and partition it all out into 1-lb freezer containers. Now, however, I hydrate The Honest Kitchen base mix with warm water (they have several; I do the one with fruit and veggie in the morning and the veggie, nut and seed at night) and add in the ground turkey. I go through a 3-lb package of the turkey every 3 days(?). Brown all 3 lbs at once and keep it in the fridge to add in to their food as I make it “fresh” at each meal. I keep a bag of salmon Macanna from Grandma Lucy’s around for times when I am out of turkey and can’t make the meal. That has the meat already in it. My dogs are Field Spaniels. 12-yr old male is ~42lbs and 5 1/2 year-old female is ~30lbs. Works for us 😉
Some stuff absolutely makes me happy and is worth the money. I think if you're just hoarding all kinds of crap and it's piling up in your house, you need to be more purposeful with your buying habits.
I have found that cutting down on buying ‘stuff’ has happened naturally for me. If one wants a home that is lovely and clutter-free, there comes a point where more ‘ 0:03 stuff’ is not needed. Stuff doesn’t increase happiness whereas a well functioning home does.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
IMO the best thing anyone can do (after the fact info for many ) is to start saving any amount when you're young from every paycheck when you first start working. Put it away where you won't look at it when your expenses get tight. Also when you purchase a house be sure it's below your means so you always have extra money. Best to tell our children.
I really enjoyed your video ! I agree we shouldn't waste money on "stuff " and need to spend time with loved ones. I preferred your list to the longer list you went through. I love using the library, an old habit that I can't shake.
Booze choice can expensive, look for cheaper wine or beer on sale if you must have, take out coffee from. Starbucks or other places, haircuts, look for deals, I mean, who notices a bed cut when your older anyways, last, combine your auto trips if you can put off!
My gym membership is vital in my life. At 57 I am not yet ready to retire but staying fit and active is my number one priority. Without that nothing else on the list matters.😊
Good message! I stopped most of these long ago, but still pay for Costco and pedicures. And yes, I stopped buying bottled water around the same time I stopped buying bottled air.
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I have cut down on girlfriends and mistresses😂 a very expensive habit.😂
Good advice. Only ones that I had slightly different opinion are car was and premium gas. While I’m able and the weather is nice I like to wash my own car. Will absolutely use a car wash in the winter. It is better for the car longevity and it can be cheap as you say. Premium gas is only if it is required by your car. Some cars are tuned for premium gas and you cannot avoid it. Some people use premium gas because they think they are helping their car when it is not required.
5. Gift wrap: paying the Salvation Army wrappers to wrap your gifts is one way of doing something so wasteful and useless and making it slightly less useless. Make your own out of paint, potato stamps and butchers paper - makes for a great bonding experience with grandkids. 😊 There are also digital birthday/Christmas/ etc cards you can send instead of the paper ones.
6:39 NO, do not give up your landline phone. Have extension phones in every room in your house. During an emergency, you would not want to be looking for your mobile phone, and after finding it, you realize the battery is dead. PLEASE. DO NOT GIVE UP YOUR LANDLINE PHONE. I am talking from experience.
I could honestly cut out my Costco membership since most discounted items are available at Walmart for almost the same price. However when I consider the the gas savings, I probably break even, but I do consume more. 🥴
I didn’t have children and resent having to pay for fabulous new schools buildings. I think childless people should be exempt from the schools portion of property taxes after 25 years. I’ve more than paid the system back for my own education.
100% agree. There should be legislation along the lines of: if you own your home ( primary residence)and have lived there for 20 years or more. You should be exempt from property tax until you die or sell the property. With property taxes NO ONE Ever truly owns the property. If you don’t pay taxes on it, they will take it from you. That is immoral.
Costco club membership fee is dwarfed by the savings in what I normally purchase. And their gas is said (by a Volvo dealer) to have outstanding quality.
I didn’t like the taste of my water either, but when I replaced the fridge, I bought one with an external ice and water dispenser that got high ratings for their water filters. I had to have a plumber run water to the fridge, since the old one didn’t have any of that. I feel good about using less plastic and not having to pay for and have a 5-gallon water dispenser in my very small kitchen.
2. Use a free app on your phone to keep track of grocery prices so you know when something is actually on special. Buy specials and buy generic. (And for goodness sakes keep away from carbohydrates. Meat is healthier.)
Several days can go by that the only voice is hear is from cable shows. I don't watch one movie after another but do like to keep up with current events on cable along with multiple you=tube sites. My dog listens to me but doesn't offer much of an opinion on current events.
Yeah long distance towing like AAA is if anything "peace of mind" , I just broke down at 4AM in a whiteout 50 miles from home at the start of a 300 mile trip to get to a medical specialist appointment across the state, limped to an exit , called AAA and if I wanted I could have had the car towed all the way back home no issue, (but my town doesn't have car rentals available) instead I decided to tow it to a shop about 10 miles away from the exit I was on, have them repair it while I rented a "We'll pick you up" car from "E" and headed off into the whiteout now 9:30AM to make the 3 PM appointment (got there with 15 minutes to spare),. So yeah, AAA like programs work well especially if you are driving an older paid off type car that's maybe more likely to have a mechanical issue
Don't make a car payment or house payment after you have retired. Have your home paid for before retirement. And have a great reliable automobile before retirement and avoid auto payment after you have retired. And certainly avoid buying things you will never use. Spend every dollar you spend wisely
If you lived in a town that is a population of 12k and had six EPA superfund sites in it and they used well water, you would want bottled water for sure. You don't need Desani but I buy Aldi's in home brand and know from the label where it is sourced. It is processed by reverse osmosis and ozonation. And it is about three dollars a week. Worth it to me. The city once sent me a letter on how they had tried for a year to clean up my well, but the state determined it was not safe so they were going to switch me to another well. Just a heads up in case I noticed a difference in the water. That told me they spent a year trying using me as a guinnea pig while they poisoned me. Thankfully I had known and used bottled for drinking and cooking. Still I used that chemically poisoned water for showers and laundry and dishes for that whole year and how much before we will never know. There are cases where bottled water makes total sense.
I live in Ontario. Here and I believe the rest of Canada, most nursing home are regulated in price. My wife is in a nursing home and it cost under $ 3000 a month. And the maximum price for modern building with a private room and private bathroom. 100 dollars a day for everything including cable and internet. Jokingly I might say it's almost cheaper than her driving and living at home.
Things that I no longer spend money on now that I'm retired is decor or new furniture unless it's absolutely needed, weekly restaurant trips, frequent coffee shop trips, spa treatments, and bars.
I have CAA and it save me a huge bill for a 300km tow !!! When I needed a new car battery CAA was cheaper and had a longer warranty ... worth it for us 🥰
I totally agree with "stuff". How much "stuff" do you need? The reality is you only want to "de-clutter" as you get older. With regards to getting rental insurance in Boston....yep! I live 30 miles north of Boston and even I hate to drive into the City. It's a free-for-all. Drivers that know where they are going have NO patience for the drivers that are not familiar with the roads and traffic patterns. Great advice, as usual. 👍
I retired at 60 with $750K in my 401K and IRA's. My wife and I did just fine in expensive Bergen County, NJ by living within our means. Home was paid off. No car loans. By withdrawing bare minimum, our health insurance costs were almost non-existant due to Affordable Care Act subsidy. SS kicked in at 62. Medicare at 65. Six years later, my IRA balances have grown to $850K and now my wife is turning 60 and her IRA's are now available. Anything is possible if you live within your means. .
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $80k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
Mind if I ask you to recommend this particular coach to whom you have used their services?
Annette Christine Conte has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
All those expenses are absolutely, absolutely negligible compared to things like property taxes, health insurance, and more recently, property insurance.
Totally agree. I would add: uncovered medical expenses (such as denied claims), high-cost repairs for your home, and long-term care insurance premiums.
@@purpledaisy0865finally had to quit paying on the LTC insurance when premiums increased by 15% year after year. I now have a locked-in reduced benefit that I can call on if/when I need it.
Yes and no. Adding monthly car wash, cable two out of four streaming services and $600 a year of gym membership can save thousands a year. If you live on $40k-$50k a year (like us, a semi retired couple), those are thousands saved.
But, with all the real heartbreak of losing two beautiful friendly cats within a year (and we still miss them like crazy), we calculated we are saving about $6k a year not having pets.
We decided not to have pets anymore or at least not until we are home bound and too old to travel (may God grant us a long life). But we miss them a lot
Cheers and Happy New Year!
One of my biggest financial mistakes was not being born in 1930 and dropping $100 into the S&P 500.
Timing the bottom of the market is notoriously difficult, even for seasoned investors but consulting with a financial advisor can also provide personalized guidance tailored to your specific financial situation and goals.
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture The challenge is knowing when to purchase or sell when investing in stocks, which is pretty simple. On my portfolio, which has grown over 90% in a little over a year, my advisr chooses entry and exit orders
Sounds interesting! Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
JULIANNE IWERSEN NIEMAN
My advisor is JULIANNE IWERSEN NIEMANN
I have a disability that didnt allow me to work a high dollar job.. no retirement no savings.. I'm 72 living on 10,000 a year.. but I managed to buy a tiny farm that needed a lot of work..CASH from selling a HUD condo I got in 2009.. sold in 2014 . 2015 bought the tiny farm w help of my son.. we do all the work ourselves.. i have everything i need
You are blessed to have been able to do this. May you stay blessed!
Just how does one work a farm when so "disabled" as to not work a "high dollar" job, one wonders?
@@Smokey_da_Bear I know it's hard to wrap your head around it so I understand why you wrote this comment.
At present and in the future I have health problems that prevent me from working a job.
The reason is that I'm in pain all of the time. I have no resilience so I'm not dependable. I've seen close to 20 specialists and all but one said I can't do paid work anymore.
That doesn't mean that I can't do anything. On my 'good' days I can get a lot done around the house and even go out with friends...you would think there's nothing wrong with me. But on my bad days I can barely move from the bed or couch as I'm in so much pain. And there's many more bad days than good.
I don't know what this person's disability is but I can understand that they can work on their farm without having been able to work a higher level job.
@@jennym007 Are you eligible for SSI?
@@Smokey_da_Beardid you miss the part “with help from my son”?
Owning an enormous home in retirement and a swimming pool to "attract" your grandchildren to come and visit you is not necessary. By the time your grandchildren are teens, they are interested in their own friends and NOT their grandparents, even if you have a huge home and enormous pool. In the meantime, you are paying huge taxes and upkeep on an enormous home you don't need.
Don't be "hurt" by the fact that your grandchildren are no longer interested in you. This is normal teen behavior. You were the same way at their age.
Sanjosemike (no longer in CA)
My granddaughter became uninterested in gramma when she turned 7. We were so close, it shattered my heart.
@@carolwilliams8281 Self-obsessed children are also part of the schematic of childhood. I am so sorry you have been hurt. If it gives you any solace, she is still very young and there is a lot of time for her to learn. In the meantime, Carol, I thank you for writing. I am thinking about you now. And wishing you well.
Today is my wife and my 57th Wedding Anniversary.
Love,
Sanjosemike (no longer in CA)
Totally agree! You have to do for yourself. It’s a sad part of their growing. I spent as much time as I could up to age 13.. then things changed drastically. But I have wonderful memories-and I hope she does too. Her social life, sports and friends take up her time now, as it should.
I say get a pet. It’s something to shower with the affection you have-and it brings you joy and company.
Hey Mike, this Nana owns a second home in the White Mountains of NH. My kids come from CA, from MA & NH as often as they can to swim, to boat, to ski in the winter. A pool has no view, and I wouldn’t go visit anyone with a pool.
Just moved last week to a town of 32,000 from a city of 1.3 million. We're now in a smaller home. We're downsized for retirement next year and gave up over 1000 sq ft. I'm fine with that as our son moved out a few months ago. No point in paying to heat a huge house anymore. All of our bills are down including vehicle insurance and homeownwer's insurance which went down by $1000/year.
These tips are not only for retirement. It’s just general great advice for all ages. Nice vid
Agreed! I'm 75 and know that I am silly still buying "stuff"much of which is totally unnecessary. It is a bad habit which sometimes feels like an addiction. Maybe it is?
Funding adult children is a big one
Guilty as charged
I could have retired years ago.
So true!
Ugh…sadly true
That is the biggest one for me! That is the one my husband worries most about as I approach retirement. For the last eight years, we have lived on my husband‘s salary, and all of my take-home pay, went to the children’s education and supporting them while they were students. They are now working full-time and debt free! I have no regrets. However, they still live at home so that they can save up some money and we don’t mind that. It costs us little to have them here and it saves them each $2500 per month to start their own nest eggs. But, we find ourselves frequently subsidizing them by purchasing all of the groceries and paying their deductibles and co-pays for healthcare Expenses and occasionally helping with this and that. We took them on a family vacation this year and it was really wonderful for all of us. I gave them one year notice that as of my retirement date in February, we will no longer be able to subsidize anything except a family trip every couple of years.
Retired from Costco, 37 years, so I have a free lifetime executive membership. Agreed on the gym membership, I've dropped almost 40 pounds since retiring, this past July, walking and hiking and doing 6 days a week at the gym, 3 days a week upper body, 3 days a week legs and abs.
Good for you!!
Congrats on the weight loss!
When we retired we had 2 cars. Every time I said I was going to go somewhere, my bored hubby said he’d drive. After a year I realized my car had hardly been used so we sold it with the idea that if we needed a second car for a a few days we’d rent one.
I retired in 2006 and since then we rented a car twice for less than a week each time.
The amount I we’ve saved on insurance, maintenance, licensing fees etc over the years has really added up.
That's fine for y'all but what if one spouse just wants to be without the other for at least a few hours. I'm a widow but have friends who would kill for that 2nd car. 😅😅
@ yes there are lots of couples who need to have independence from each other lol. We are a couple who like each others company more often than not and we’ve rarely regretted selling my car. It certainly wouldn’t work for everyone…
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve financial goals.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
You are absolutely correct about premium fuel. Use the type of fuel that your vehicle is designed for!
Planning to retire in 20 years? With rising inflation, the cost to maintain your current lifestyle could reach $2.6 million or more. The combination of high inflation, lower projected stock market returns, and stagnant wages makes securing an early retirement more challenging than ever
A good way to invest during a recession is by buying stocks in sectors like consumer staples, utilities, and healthcare, which usually stay strong. But it's important to consult a financial advisor before making these decisions.
These factors definitely play a part when I think about whether to invest in a stock. But I never make a purchase based solely on that. I always consult my financial advisor, who has helped me build a well-diversified portfolio worth $985k, which has seen tremendous growth.
Do you mind if I ask how you found this coach and used their service? I'm having trouble figuring out when to buy or sell.
Her name is “Diana Casteel Lynch” Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much, this is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon.
I really don’t get why guys will pay someone else to mow their lawn and then pay someone else to shovel their snow and then pay for a gym membership to “get some exercise”. Do your own yard work and your own home repair and you’ll get your exercise organically.
Heck yeah. 74.
I chop wood,haul,heat .
No gym,yuck,
fluorescent lights other peoples sweat…
You are using a different set of muscles mowing and shoveling. But you sound like a fit old dude. In a widow who is tiny so lunging the gas can and handling the mower is too much for me but give me a bow saw and point me towards the trees and I'll work a 18 year old in the dirt. 😊😊
I pay someone to mow grass because I am a mosquito magnet and have intense allergic reaction to the bites. Not as easy as it seems to you.
Try living in Florida and get back to me.
What you need to do is remain active as you have been, so either go to the gym or have some equipment at home or else find some exercise routines that keep your heart rate at a consistent level, toning muscles you need to target that your daily activity doesn’t do for you. My Mom always says she walks around the house, that’s enough….Not! LOL! Exercise activity is different from her activity which is not constant nor consistent for a period of time each day or every other day, but do keep active!
spend money on a family vacation, if you can, memories will last a lifetime....PRICELESS !!!!🎉
Kids remember experiences more than a bunch of toys
I agree that memories are important. The problem, especially in America, is the belief that they are necessary even when you can’t afford them and use them and use credit to pay for them. Also this need to have expensive vacations when really the money can be used for better reason (paying a bill, reducing your mortgage) and a lower priced vacation as well. The amount of debt that people rack up is incredible, especially when it sometimes takes months or years to pay off a week or two long vacation.
Life isn't guaranteed. Enjoy the vacations and experiences with family while you can.
I think this is a good way to help out your adult children and spend time with grandchildren too. I had everyone meet me at a beach hotel for 10 days last summer and I feel it was money well spent. (I agree, though, only if you can afford it.)
Yes getting together with friends over coffee is priceless.
Agree
And it’s the least expensive way to connect with friends.
I live in a location that I can walk to the grocery stores, restaurants, dentist snd doctor. I sold my car. In the past year I have used the bus and uber a few times. I rented a car twice for out of town trips.
That is a huge advantage! It's great when you can live in an area that has a high "walk score". You can stay physically fit and save money!
I lived in a city like that as a renter for two years. My rent included all the utilities. I did not have a car. I walked to work and back which was a pleasant walk of a mile. Occasionally, I took the bus. In an area with long commutes and bad weather, I had the most predictable commute of anyone in my department. It was so freeing to not have unpredictable expenses. I would love to move back, but the rents are very high and I can’t afford to buy.
Agree with stuff. A touch of minimalism frees the soul. My wife and I take time to keep the house organized and dispense with stuff from the past that serves no purpose.
Any subscription that brings no joy is a great thing to dispense with.
I also think it is good to learn to spend on services. I used to think I had to do every little task around my home. I'm learning that with money in the bank it is a real treat to just call the plumber or electrician or a handyman to get stuff done and focus my time on the stuff I enjoy.
I hear you brother. As a couple that were frugal, not tight or Scrooge, but careful with our money we are now in a position to “get the man in” when we need, or just want to. It is a very nice feeling to have that option. Cheers mate, Stuart 🍻
I cut the cord on cable/satellite TV over 10 years ago and don't miss it. I did do one sports streaming service (EuroSports) since then but they recently shut down and I find I can access all that content for free now. I set up a really nice over the air TV system at home (video: Over The Air TV System Overview) and get upwards of 160 channels and only pay $40/yr. for an electronic program guide service. Biggest advantage of that is I've not had to contact the cable company once for assistance and then wait around all day for the tech to show up.
Grocery delivery is essential when you are no longer able to drive for your safety and the safety of others. Kroger delivery is easy and hugh quality. A MUST at this stage of life!
As a 75-year-old who lives very comfortably on his social security check, I basically say do what you can afford to do that makes your life better. I buy a lot of stuff from Amazon as it happens because I will buy something if I think it will make my life easier or simpler. Every now and then I go back and review the things I bought and I hardly have any second thoughts about it I use those things. And the convenience is a big deal it saves me from driving which saves me money as well. But of course affordability and your particular circumstances May dictate against something. I am frugal I have Amazon prime obviously and I hate TH-cam commercials so I paid to have them removed otherwise I get 90% of my content for free on TH-cam. If you use the gym pay for the gym if you like the magazines and you really get value out of them subscribe to them. I think the real key is to be thoughtful about how you spend your money. Get value in exchange. Yes as you get older you realize that stuff and things do not provide happiness, and you should look to other things. But again if something gives you real pleasure, by all means...
Good post. I agree; it's not about having a million bucks in savings; it's about contentment and experiences. Once in a while, I'll spend bucks on an experience that's hard to beat, but I wait until I can pay cash. Also, carry zero debt. Use your credit cards only when absolutely necessary and carry a zero balance. Across the board. Zero. If you can't afford to pay cash for an item, wait until you can. Save like a maniac, even in retirement. If you have a major expense or unexpected event, you won't be faced with extra stress. Contentment, living within your means, and being happy with the simpler things in life, and keeping fit are high on my personal list.
I love Libby! Such a great app. I haven’t paid for any books since using it and I’m an avid reader.
Do you have to read the books on your device (laptop, phone)?
I have AAA+ for both my wife and I and it gives me peace of mind that we can get assistance and towing and importantly if she is by herself someone will come and assist anywhere in the country. Most of the cuts they mentioned I also tend to side with you on.
I cook every day and love my cloth kitchen towels. They help me keep the kitchen a lot cleaner than I could with paper. I use cloth towels from Walmart -18 pack $6 - and keep a neat stack of 80 on a kitchen counter with a dedicated basket in the kitchen for used towels.
There's always a clean towel available to wipe down a knife, or cutting board or counter.
If you live in cold, snowy country, regularly washing your car with an underbody wash, will make it last many, many years longer without rusting away. Not an option if you plan to keep the car long term. Premium fuel is higher octane. The higher the octane, the higher the flash point. High compression engines require higher octane. Preignition caused by low octane fuel in high compression engines will destroy them.
Investing in a good underbody wash wand and doing it yourself saves a LOT of money! Plus, it counts as low impact exercise. Pretty good feeling of accomplishment, too, when finished. The simple pleasures.
I'd say, storage fees, if it's in storage ditch it!
Yes!
Good thinking on eliminating storage fees! Paying storage long-time is like buying your stuff its own apartment.
Good one! This one is huge. Storage fees are extremely ridiculous around here. And most people pay to store stuff that they don't use anymore but for some reason can't seem to get rid of it. We recently cleaned out my mother's storage cubicle that she was paying $200/month for. She didn't even know what was in there when we asked her. We found nothing but junk in there and we threw it all away and saved $200/month.
Don't toss it. Garage sale it ir donate it outright. Others can probably use whatever it is.
I am 65 and I have never, ever been in a Costco. I do not like going into big stores. I find them overwhelming.
I don't work for AAA but I cannot recommend them enough. It's not expensive for the security you get of getting back home. The cost of getting back home is covered and you also get a ride with him. Have been with AAA for over 40 years using them multiple times including a 200-mile trip getting us home at no cost on a holiday weekend. Extremely fast service and they will get you quickly out of a bad part of town.
My nephew once waited fourteen hours for AAA to show up for a tow.
My problem with AAA is that my car got stuck in the yard with the recent snowfall, and they refused to help me pull it out a couple of feet to my driveway. Another time, I had a legitimate need, and they didn't do that either. Why are we paying for this?
@@ReneAdkissonI rarely have to use them but last time waited 5 hours for someone to arrive!!!😮
I'm 77 years old and living on Social Security in northern Minnesota. I heat with a wood stove and save money by rarely leaving home except for groceries.
I think your final point (experiences over stuff) and "what brings you joy" simplifies this list wonderfully. If something brings you joy (like a streaming service or a regular car wash etc) then go for it but certainly drop anything/everything that doesn't bring you recurrent joy!
In bramton canada transit is free for seniors so I give up my car and save on car expenses. At the community centre I get free membership fees for gym and swimming.Some stores give senior discount. I think we are OK in canada.
Magazines are also free at the library, available through Libby, Hulu, and physical copies. Plus, if your library doesn't have the one you want, they can often obtain it from another library. Ask! We love to locat materials for our patrons!
Sometimes Amazon is very convenient. For example, I use them to automate pet supplies which keeps me out of stores and thereby reduces the amount of impulse buying I do.
You should try Chewy.
agree. if i have a specific item in mind why would i waste my time plus gas to drive to the store and discover it is out of stock. i have a running list and only order once i meet the free shipping limit. if something needs returned - again its free and i am only driving under 4 miles at which time I will merge this trip with other needed destinations.
@@kathyw7303 Agree. I am a fan of Amazon, but I rarely use the “buy now” feature. Instead, I leave items in my Amazon cart for a week or two which gives me time to think about it. Also, I am an avid returner. If I decide I don’t need it afterall or it’s not what I expected, then back it goes. It’s less than two miles to The UPS Store. I also return clothes to Macy’s and Nordstrom’s, both of which have good return policies. I call it “reverse shopping.”😄
Regarding auto club memberships… More and more vehicles are being sold without spare tires. At my age, I’m not changing a tire. And, if you don’t have a spare, you need to be towed to a shop. It happened twice in 2024 where I received a flat tire.
Buy a tire plug repair kit. Easy to fix a leak and repair a tire while the wheel still on the vehicle. Unless of course the side wall has been torn open, but that’s more rare.
Never understood bottled water.
Always understood bottled beer.
Bottled water is necessary to use if you have to flush out your sinuses with water. I suppose you can pre-boil it too, but water out of the spigot may have some chemicals or other contaminants that are best not used on your sinuses.
Sanjosemike (no longer in CA)
Just cut out caring about others
I concur.
None of you live in Flint Mi.
Bottles of Lagavulin are taller, just saying.
Great content. I would like to add something about keeping the Costco and AAA membership as they both pay for themselves. I use AAA all the time when traveling as it gets you discounts at most hotels, amusement parks, the zoo and many other venues. Costco not only saves you discounts on everyday items but not many people are aware of the Costco Auto Program that gives you 15% off on all vehicle services/repairs, oil changes and also a discount on new car purchases. You just log in and put in your zip code and it will list all dealers and or service providers in your are. Thanks again.
Just for starters: I'm exceptionally fortunate. I will never have a money worry for the rest of my life. My wife and I were both software developers, and well paid. I get it that many people were not so fortunate, and managing a budget can get to be a pretty big deal. That being said, a lot of the 21 things are mostly plain stupid. Of course, you should stop smoking. Not to save your budget, but to save your own life. Costco membership can be a net positive that actually saves you money. How much are you going to save by not buying cleaning products? A couple bucks a month? Will that really matter? And on and on. I do agree with the idea to avoid accumulating stuff. As I get older, the goal is to get rid of stuff.
Use one streaming service at a time, and pause the others. My mother used to re-I miss wrapping paper. I use brown paper and ribbons. Most magazines can be read at the library.
You can also get them either free or cheap at thrift stores. Can use pages to wrap presents. Use some natural element like leaves or flowers to decorate.
At 7:07 "Do we really need a cel phone anymore.....Probably not." I am sure you meant we don't really need a landline. To add: My husband 68 yrs has a landline for his home business fax for legal and sensitive documents. Very handy when dealing with insurance companies or my FSA from work too.
Gym membership is at the top of an expense I'll keep in retirement. Totally agree with "stuff"!
My Medicare plan includes Silver Sneakers which gets me free access to most clubs in town.
I came across your video about spending money. It came at the right time in my retirement. Thanks for giving me another way to look at the money I have.
Boston born and raised - learned to drive there in the 1970s. I would not recommend that a visitor rent a car for use in the city. Take the T, Lyft, or a cab, or Uber - it is a great walking city!
I agree my gym membership and my Costco membership is not going anywhere.
Property tax should at age 60 should be reduced by 20% and frozen from future increases.
I like that idea. Now we just need our states to agree ... 😎 Azul
Calfornia has a seniors’ reduced rate. You have to apply at the county level
That sounds pretty selfish. People 60 and over have enjoyed the benefits of everyone paying the same property. Sounds like now you are 60, you want the younger generation to pay your share.
@@jimclarence5441 Well after retirement most people are living on a fixed income. You must not live in California to remember Pre Prop 13 when increasing home values came with increased PT so extreme that many lost homes that were paid in full. In addition Property tax in my area also pays for schools and most retired folks have no children for these services. In fact I worked multiple jobs to put mine in Private School and
Realized no benefits from my tax dollars. I have paid taxes for 35 years and even with a 20% deduction it would still be more than I paid when I purchased the house.
Get that started!!
You talked about canceling gym memberships with my Medicare supplement it includes free memberships to gyms called silver Sneakers I have actually signed up at a couple different gyms in different towns for convenience and they include the big chains like 24 hour fitness and planet fitness. It may not cover some of the smaller high-end boutique type gyms. Thanks for your videos. Great information..
May of the diy recipes for cleaning are better than what you can buy!
various combinations of vinegar, baking soda, and regular Dawn takes care of almost everything.
Hey Azul, I agree to cut out stuff. That said, I love my Amazon because I’ve always hated shopping. If there is something I need, I can find it much easier on Amazon without having to run all over town through the stores which I dislike. It’s such a time waster. I do open my packages because the things within are things that I need.
This is a decent expense checklist for retired people to work through. Some are patently ridiculous such as paper towels… However, these particular judgments are by Azul, for Azul. Your mileage may vary, as they say. “It depends on you,” he said at one point. Well, yes. Free country. When you retire, if you’ve been prudent in saving for retirement, you can afford certain things you could not before. Many retirees who were always frugal simply can’t get out of that ingrained habit and needlessly limit themselves. In my view, the most important thing for retirees to watch carefully are automatic charges (e.g., electronic subscriptions), things on Apple (very easy to hide) or a plethora of other services that are automatically renewed and can just run in the background whether you use them or not. These “money viper” items can be silently debiting your accounts without producing value. Bank accounts can do this (if you don’t check carefully every month), streaming services you canceled but magically renew (ask me how I know!) and others. Just my two cents! 🇺🇸
Oh! I so agree and it seems that many services only have an “automatically renew” option, especially for annual subscriptions. Do I really need to purchase virus protection for a computer that I no longer own?
Auto club membership- i have roadside assistance added to our car insurance, it's really cheap and includes towing etc.
Me too. Amica. It’s cheap!
Most auto policies don't include long distance towing . generally it's under 10 miles (or to the nearest repair shop) with a milage charge after that which adds up fast. . Long distance tow insurance for people who travel in rural areas or have very long commutes are a nice "peace of mind" type of insurance.
We always get the rental car insurance from the rental car company because there is one thing they do people don't know about and that is loss of use where the rental car company can charge you the daily rate of the car being repaired and it is out of your control. So if they say it took a month or more to repair you pay for that. It is worth your time to get educated about loss of use in the rental car industry.
Good point
The comment about Boston drivers really hit home with me. The one time I had to drive in Boston, I thought I was going to die.
I was sure of it! No lane markers, and red lights run so much that periodically red was go and green was stop.
Airlines keep downsizing the carry-on size, and many have imposed weight limits, so just when you think you have packing down, it all changes.
Incentive to hit the gym. 😮
@ I already wear extra small.
Buying premium gas for a car that only requires regular, thinking it will give you extra power, is foolish. However many, if not most modern turbocharged gas engines require higher octane because of the higher compression ratio. If you use Regular, at best your engine management will pull the timing (to prevent knocking) and reduce the power of the engine, at worst you may damage your engine.
AAA membership is totally worth it. When my otherwise rock-solid Honda CRV refused to start even with a jump, I had it towed to a shop with a loaner car. It was pretty painless. It would have cost a ton to pay for the tow out of pocket.
Premium gas is an absolute must if your car is designed for it. If your engine is designed to run on 87 octane you're wasting your money. If your car is turbocharged, premium is probably a good idea. Detonation kills engines.
Get rid of the turbo charged car…..
Wow!!!!!!did that hit home.......Thank you😀
Here’s another saving. Don’t buy into webinars. They give you a “good deal” and then ply you with additions you should also purchase. I’ve bought enough of these to finally learn my lesson and I never even look at what I bought tho I think they are so important when I buy them.
I love my gym, pickleball, and Costco memberships and use them weekly if not multiple times per week. I have been eliminating magazine subscriptions as many magazines now do not offer the same value they did in the past. My 17-year-old Lexus RX400h requires premium gas. I tried lower octane gas, but it eventually caused knocking, so I went back to premium. Considering how long the car has lasted, babying it with premium gas seems a reasonable cost.
I'm not cutting out anything I enjoy.
Cigarettes?
You will if you need more money for essentials
I agree. That’s what retirement is all about. Paying for all things you enjoy. Cut nothing you enjoy. Time is running out.
👍
If you can afford it, you shouldn't cut it; whatever it is.
Costco saves not just for groceries and clothes but also the best gas prices here in Northern California
Costco membership is worth every penny. Their tire prices are excellent, and I recently saved a bunch of money when I replaced our air conditioner and furnace. Costco gas is not just inexpensive. It is also top-tier rated. That means it has a much better detergent package, which is important.
Bought a BMW through Costco in 2004, and my home through them as well shortly thereafter. Gas, tires.
Now with an electric car, gas no longer brings me to Costco, but the organic ground turkey does as this is what I use to make dog food for my spoiled babies. Their mama eats rice and beans, lol.
@@heidikamrath1951 Totally off the topic of this video, but what’s your recipe for dog food? What kind of dogs and ages are they? I have a 8-year-old small Sheltie and a 5.5 pound Yorkie mix. They are pretty spoiled, too.
@@CruisingSoloI used to get super fancy and pressure cook two of the Costco organic chickens, add in zucchini and carrots and peas and broccoli near the end. Also some Power Greens. Cook quinoa alongside it on the stove and then when the chicken falls off the bone and I can crush the bone between two fingers, I mix and in the quinoa and partition it all out into 1-lb freezer containers.
Now, however, I hydrate The Honest Kitchen base mix with warm water (they have several; I do the one with fruit and veggie in the morning and the veggie, nut and seed at night) and add in the ground turkey. I go through a 3-lb package of the turkey every 3 days(?). Brown all 3 lbs at once and keep it in the fridge to add in to their food as I make it “fresh” at each meal.
I keep a bag of salmon Macanna from Grandma Lucy’s around for times when I am out of turkey and can’t make the meal. That has the meat already in it.
My dogs are Field Spaniels. 12-yr old male is ~42lbs and 5 1/2 year-old female is ~30lbs.
Works for us 😉
Some stuff absolutely makes me happy and is worth the money. I think if you're just hoarding all kinds of crap and it's piling up in your house, you need to be more purposeful with your buying habits.
I have found that cutting down on buying ‘stuff’ has happened naturally for me. If one wants a home that is lovely and clutter-free, there comes a point where more ‘ 0:03 stuff’ is not needed. Stuff doesn’t increase happiness whereas a well functioning home does.
Now that I'm a member of the, "Sixties Club," 😂 your tips make sense and will help me better manage my road to retirement... 👍 Thanks
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I go to the gym 4 days a week, not just for fitness but to see friends. Definitely keeping it!
IMO the best thing anyone can do (after the fact info for many ) is to start saving any amount when you're young from every paycheck when you first start working. Put it away where you won't look at it when your expenses get tight. Also when you purchase a house be sure it's below your means so you always have extra money. Best to tell our children.
Absolutely 💯. We are so screwed because we are now 67 and 70, and haven't saved near enough.
You should make your cleaning products at home.
You nailed it.
I really enjoyed your video ! I agree we shouldn't waste money on "stuff " and need to spend time with loved ones. I preferred your list to the longer list you went through. I love using the library, an old habit that I can't shake.
Booze choice can expensive, look for cheaper wine or beer on sale if you must have, take out coffee from. Starbucks or other places, haircuts, look for deals, I mean, who notices a bed cut when your older anyways, last, combine your auto trips if you can put off!
My gym membership is vital in my life. At 57 I am not yet ready to retire but staying fit and active is my number one priority. Without that nothing else on the list matters.😊
I use the library for newspaper and books
Love Azul! Great people.
Good message! I stopped most of these long ago, but still pay for Costco and pedicures. And yes, I stopped buying bottled water around the same time I stopped buying bottled air.
I have cut down on girlfriends and mistresses😂 a very expensive habit.😂
Good advice. Only ones that I had slightly different opinion are car was and premium gas. While I’m able and the weather is nice I like to wash my own car. Will absolutely use a car wash in the winter. It is better for the car longevity and it can be cheap as you say.
Premium gas is only if it is required by your car. Some cars are tuned for premium gas and you cannot avoid it. Some people use premium gas because they think they are helping their car when it is not required.
Paying for long-term storage of stuff you no longer need or have room for. Waste of good money.
5. Gift wrap: paying the Salvation Army wrappers to wrap your gifts is one way of doing something so wasteful and useless and making it slightly less useless. Make your own out of paint, potato stamps and butchers paper - makes for a great bonding experience with grandkids. 😊 There are also digital birthday/Christmas/ etc cards you can send instead of the paper ones.
6:39 NO, do not give up your landline phone. Have extension phones in every room in your house. During an emergency, you would not want to be looking for your mobile phone, and after finding it, you realize the battery is dead. PLEASE. DO NOT GIVE UP YOUR LANDLINE PHONE. I am talking from experience.
Geez - the need for many of the items listed doesn’t go away in retirement. After all, the plan is to “live” once you’re no longer working.
I could honestly cut out my Costco membership since most discounted items are available at Walmart for almost the same price. However when I consider the the gas savings, I probably break even, but I do consume more. 🥴
It's a sin they make seniors pay property tax until they are 6 feet under!
I didn’t have children and resent having to pay for fabulous new schools buildings. I think childless people should be exempt from the schools portion of property taxes after 25 years. I’ve more than paid the system back for my own education.
@@jaindeau772Good point! As a childless person and homeowner since 2000, I approve this message.
It's called a longevity tax
no, you still pay even then. (:
100% agree. There should be legislation along the lines of: if you own your home ( primary residence)and have lived there for 20 years or more. You should be exempt from property tax until you die or sell the property. With property taxes NO ONE Ever truly owns the property. If you don’t pay taxes on it, they will take it from you. That is immoral.
Costco club membership fee is dwarfed by the savings in what I normally purchase. And their gas is said (by a Volvo dealer) to have outstanding quality.
it's worth it for the gas alone.
You would understand bottled water if you lived in Southern California. The water from the taps is nasty and has caused kidney stones.
An under the sink filtration system makes the water better than bottled water.
How about filters?😊
I didn’t like the taste of my water either, but when I replaced the fridge, I bought one with an external ice and water dispenser that got high ratings for their water filters. I had to have a plumber run water to the fridge, since the old one didn’t have any of that. I feel good about using less plastic and not having to pay for and have a 5-gallon water dispenser in my very small kitchen.
Credit card interest? Pay off monthly.
2. Use a free app on your phone to keep track of grocery prices so you know when something is actually on special. Buy specials and buy generic. (And for goodness sakes keep away from carbohydrates. Meat is healthier.)
Several days can go by that the only voice is hear is from cable shows. I don't watch one movie after another but do like to keep up with current events on cable along with multiple you=tube sites. My dog listens to me but doesn't offer much of an opinion on current events.
For books, Thrift Stores are also a good place to look for cheap books.
Yeah long distance towing like AAA is if anything "peace of mind" , I just broke down at 4AM in a whiteout 50 miles from home at the start of a 300 mile trip to get to a medical specialist appointment across the state, limped to an exit , called AAA and if I wanted I could have had the car towed all the way back home no issue, (but my town doesn't have car rentals available) instead I decided to tow it to a shop about 10 miles away from the exit I was on, have them repair it while I rented a "We'll pick you up" car from "E" and headed off into the whiteout now 9:30AM to make the 3 PM appointment (got there with 15 minutes to spare),. So yeah, AAA like programs work well especially if you are driving an older paid off type car that's maybe more likely to have a mechanical issue
Wow! Were you stressing by the time you got to your appointment?
Don't make a car payment or house payment after you have retired. Have your home paid for before retirement. And have a great reliable automobile before retirement and avoid auto payment after you have retired. And certainly avoid buying things you will never use. Spend every dollar you spend wisely
I agree. Love my gym.
Food delivery is a necessity in 120 degree temps.😮
If you lived in a town that is a population of 12k and had six EPA superfund sites in it and they used well water, you would want bottled water for sure. You don't need Desani but I buy Aldi's in home brand and know from the label where it is sourced. It is processed by reverse osmosis and ozonation. And it is about three dollars a week. Worth it to me. The city once sent me a letter on how they had tried for a year to clean up my well, but the state determined it was not safe so they were going to switch me to another well. Just a heads up in case I noticed a difference in the water. That told me they spent a year trying using me as a guinnea pig while they poisoned me. Thankfully I had known and used bottled for drinking and cooking. Still I used that chemically poisoned water for showers and laundry and dishes for that whole year and how much before we will never know. There are cases where bottled water makes total sense.
The biggest expense recently hit me when my husband entered a nursing home.
I live in Ontario. Here and I believe the rest of Canada, most nursing home are regulated in price. My wife is in a nursing home and it cost under $ 3000 a month. And the maximum price for modern building with a private room and private bathroom. 100 dollars a day for everything including cable and internet. Jokingly I might say it's almost cheaper than her driving and living at home.
Things that I no longer spend money on now that I'm retired is decor or new furniture unless it's absolutely needed, weekly restaurant trips, frequent coffee shop trips, spa treatments, and bars.
I live in California and Costco is the lowest priced gasoline and I make up the cost of the membership in gas savings alone.
Yeah, when you are 4’11, petite and over 60, you need to check your bag
Plus the started limiting what you carry on because of people NOT checking their bags.
If you you don't own a car, food and grocery delivery is a God send.
Dr. Bronner Sal Suds...Diluted the concentrated amount and it is amazing. Use it for everything and I love the spruce/Fir scent.
I have CAA and it save me a huge bill for a 300km tow !!!
When I needed a new car battery CAA was cheaper and had a longer warranty ... worth it for us 🥰
I think I would much rather work hard, save and invest well so that when I retire I can buy paper towels and books and not worry about it.
I totally agree with "stuff". How much "stuff" do you need? The reality is you only want to "de-clutter" as you get older. With regards to getting rental insurance in Boston....yep! I live 30 miles north of Boston and even I hate to drive into the City. It's a free-for-all. Drivers that know where they are going have NO patience for the drivers that are not familiar with the roads and traffic patterns. Great advice, as usual. 👍