*I am retiring at the end of July. My wife's health was actually the catalyst for that decision. You are so right about time vs $. We won't be getting the same kind of income we did when we both worked but that is not the # 1 priority for us any longer. We won't be broke and we need to focus on the time we have left and trying to improve the quality of that time for as long as we can. We worked all our lives to build for this day. It's definitely time! :)*
You are 100% correct! I just retired at age 55. I did so for the reason you mentioned. After Covid I was exhausted and extremely exhausted both physically and emotionally. During Covid I felt like I was going to possibly die from the stress with both work anf family. I am now working on recovering from all of that trauma including the issues that were already taking place. I thank God so much for allowing me this opportunity.I encourage anyone that can make eraly retirement happen to do so. Its the best thing you can do for yourself, your quality of life on you senior years.
I loved my work, was respected by my superiors, subordinates and piers. Retired at 68.5, well off, but definitely a judgement call. Still miss the challenges but we all have a “use by” date , life is short and it was time to find new challenges and enjoy the grandchildren.
I'm in the "work to live" camp, I don't care if my work accomplishments are mentioned in my obit or not. I'd like it to be said that I was helpful and made my coworkers lives easier, but that's about it. And for me my perfect retirement age came up kind of sudden. For decades I've loved what I've done but the profession is changing, the company changed, and I don't care to start over somewhere else. In two years I went from loving what I do to just wanting to be done. We checked the investment account balances, and what do you know I'm good to retire.
I agree...my industry has changed...TV and modeling industry...I loved what I did but now after having to get a new job...previous company closed due the strikes...I took a job paying less..so I work part time ...I am grateful that I am completely debt free so I had the option of taking this job and have health Insurance I need....but at 57 1/2 I am looking to leave the work force...I agree I don't know if I would like to start over I would if I felt I was making a difference..I was thinking 62 1/2 of scaling back to part time till 65..but now I am seeing if I can semi-retire at 59 1/2! 🙏🙏🙏
I had a manager almost 20 years ago, who, in our very first meeting, said I need to set career and life goals and I should create those goals from the perspective of what I would want people to say at my retirement party and my funeral. It was one of the best pieces of advice I ever received, even though otherwise, he was the absolute worst manager I had in my 35-year career.
I'm 54 and retiring this summer with a pension and paid Healthcare. I went through breast cancer during the pandemic and just need a break. At some point I plan to go back to work and try and earn a 2nd pension somewhere. But I cant wait.
speaking of obituary... when I was in the Navy, an admiral was speaking to a bunch of us. He touched on work-life balance, pointed out that it's your family - not the Navy - that remembers you when you die, and then said ... "so if you're averaging longer than 14-hour days, cut back a little." 🤦🏻♂
My company kicked me out at age 61. But they still offered Cobra at the same price the employees paid for 18 months, and then rather expensive but still affordable retiree health insurance. That was the only thing that really stopped me, I had planned on retiring soon anyway.
Ditto. I got laid-off last year at 54 years old after a 35-year career in my field with the last 32 years at the same employer. I was 2 years and 9 months from my planned retirement date and I was at 98% of my retirement savings goal. My severance package included one year's salary and one year's free COBRA, which made it more like being only 1 year and 9 months from retirement, and I also qualified for the IRS "rule of 55" for my 401(k). I decided to permanently retire. I don't know if it was the "perfect age", but it seems like it was pretty close. My former employer's retiree health plan is far from affordable at $30K/year for retiree+spouse, but I had planned to use it, anyway. So, I just had to stretch our pre-Medicare expenses for 1.75 years more than I had planned. It's now been just over 13 months since retirement and I'm at 115% of my retirement savings goal. Those $2500 health insurance withdrawals do sting, but so far I'm still well ahead of my plan. More importantly, my wife and I have had a blast in our earlier-than-planned early-retirement.
I took vacation so I could retire a month earlier and I used it to attend my son's national competition. Its good to have something to do better than work.
WSJ just had an article about this. Most interesting was the age range from 60-64 thought they would keep working past age 65. Majority ended up retiring at 65. You need to decide what is most important to you. Your money or your life.
Thank you as always. I retired at 55, moved to Europe and travel a lot. I put aside cash annually as well as 401k and investments. I felt a more diverse financial approach was best for my peace of mind. It's been five years and I am loving this life!! My pension starts this year as well at 60, and I timed it all...SS will come much later.
@@commonsenseisntcommon1776 well, yes, true, and thank goodness I am not relying on it although I paid the max in annually for decades...so I would be genuinely pissed as I could have made more on my own with it!!
My plan was always subject to change based on health and income prior to retirement, but my plan was to hold off retirement until I reached FRA. As it turned out, I retired from full-time work a few months after I turned 65, took a few months off, then worked part-time since. My first Social Security check will come this summer, and I’ll stay on at my part-time job until the end of the year.
I'm 45 and still working toward "FIRE" at around 53 but when 53 comes I may still want to work to feel productive, if even at a lesser effort. I was a SAHD for 8 years and it was great but once my son went to school I lost sense of my position in this world. I had a bit of an emotional breakdown and had to get back out into the workforce. So not sure if I'll ever quit completely. I am just racing toward the ability to do so. 4 more years and I'll vest in a pension that pays 30k/year. Also I'll have SS and my wife's teacher pension will be 50k/year. We also are saving 70k/year right now in things like IRAs, 401k, 403b, HSAs, ESA. So we'll have a bunch of sources of money.
I have seen too many people wait way too long. They are going to do one more year. 3 months before the end of the year. They get the DOOMSDAY diagnosis. Now they are working till the end. (Insurance.) Worse case. Plop over dead.
Mr. Schmidt, I’ve learned a lot from you. Topics have become less scary. I wonder if you think about how absurdly difficult our “systems” here in the US are for regular people to navigate. The complexity is astonishing and seems purposefully inefficient and anti-human well-being. Why do Scandinavian countries do this so much better than we do?
Health insurance is number 1. 65. If under 65, either you or your spouse need a job that has health insurance. My heart attack at age 58 ran $300,000. Spouse had that covered at 90%. We paid for years on the remaining 10% or $30,000. Very hard to get covered without employer coverage until Medicare kicks in.
@@DrSchorCOBRA would cost me $1300 a month just for me, not for my spouse. That is a lot of $$$. My insurance now costs me just $150 a month for both me and my spouse plus the company gives me $1000 for my HSA annually. That is a big difference and so I continue to work even though we can afford to retire and retire well. I have 7 more years and my husband has 2 more to go to 65. I don’t mind my job so I plan to work to full retirement to avoid medicare as long as possible.
I am 64 and earning a very good income. I like what I do. My wife worked only for 10 years in the local school system and now volunteers her time. So, when I claim my SS, my wife will be able to claim 50% of my SS. My SS full retirement age is 67. It is my understanding that I will be able to claim my full SS and continue to work without any penalty in month of January following my turning 67 in April of that year. Is this correct? If this is correct, my plan is to possibly take my full SS in the Jan following my turning 67 and continue to work fulltime with no penalty towards my SS benefits. My wife will then claim 50% of my SS. I currently have medical, dental and vision benefits paid 100% by my employer for me and my wife. Please advise? Thank you!
I turn 65 next month. For the past 15 years I've been covered with two insurance plans provided by the federal government: TRICARE and Federal BC/BC. My wife is retired at 62 and is covered by both of these plans. Normally, I wouldn't bother with Medicare Part B because of the premium and that I don't need the coverage. But once I turn 65, TRICARE requires me to have Medicate A and B to retain TRICARE (which is almost free). So, my insurance costs have gone up by almost $200 to carry coverage (Medicare B) I have no use for.
Great video as usual Geoff. Regarding medical coverage via your spouse, if you retire and they don't. There are conditions aside from 'open enrollment' that allow for changes in medical plan coverage choices known as 'qualifying life events', ie. marriage, death, birth of a child AND loss of medical coverage due to retirement. All of these 'qualifying life events' allow for you to gain coverage the next calendar month through your spouse's plan meaning you don't have to wait until open enrollment.
If you asked the majority of the people who retired and asked them if you could do it all over again, data shows they said they would have retired earlier Atleast a few years earlier.
Retiring sooner rather than later requires better planning and execution of the investment plan. Retiring early without properly preparing for it financially is foolish.
Always great information…. 10 years ago… my wife too it at 62 and I claimed spousal benefits… then took it at 70… What a great system spousal benefits were to double dip….
"No mortgage" is a tough concept for us. We moved around a lot (especially when both of us served in the military) and never wanted to keep and rent out the houses we've owned. (We're also guilty of upgrading several times as we moved and our incomes supported it.) Thus, we're only a few years into amortizing our current mortgage and we're in our 60s. We'll always have to pay for a roof over our heads. But..... We rationalize by saying that those travels enabled us to do quite well in our careers and in preparing for retirement. We both come from lower-middle-class backgrounds, and neither of us has any inherited wealth. But we expect to retire on about #13-15K per month (including pensions and Social Security), where we hope our past hard work will make up for the fact that we don't have a paid-off house. In essence my military pension pays for the house and my federal government pension pays for other required living expenses, while Social Security and our retirement investments will fund our "go go" and "slow slow" years. That's the plan, anyway. Nice work, Geoff!
@@whatsup3270 Not quite. Retirees can stay on Tricare until age 65, when they transition to Medicare and Tricare for Life. The VA will automatically see a retiree who has a service-connected disability, but if a retiree or veteran does not have one, the VA care then becomes income-based, and if the veteran makes too much money, the VA will decline to provide care. (It’s hard to imagine a military retiree who does not have some kind of service-connected disability, but it does happen.)
As someone outside America, I find value in all your presentations save for the those pertaining purely to American law (i.e social security), but I have found this one the most useful at this point in my investigations and thinking about retirement. Thank you.
$1,892 when I retire at age 64. I'll have a home paid for in my country, and the cost of living is, well, with that amount I'll live like a king for the rest of my life. Here in the U.S.? I'd die of hunger, stress, not being able to pay for medicine, and so on......so, it's not about age, but where!????
I retired 2 months ago & the house repairs haven't stopped..costly too....but....it will work out..worst case senario Or maybe best. Ill sell the house. Live simply & have fun...
My mortgage will be paid off soon, as I am working 6 days a week to do it. Once that is done, I am looking real hard at cutting back significantly when I turn 62. BUT the problem for me is that I enjoy my work, although fewer days a week would be less stressful. Number one issue is Health insurance. I could live on the measly SS, but I could NOT afford any insurance or healthcare crisis at all. So I would be working ONLY to pay for insurance.. Isn't that a sad state to be in the richest country in the world? More than likely I will keep working, whether fulltime or whatever until I get on Medicare. And at that time it might be necessary to keep working in order to PAY for the supplement. And insurance on my house. and Taxes. And all the other things that continue to go up without any increases in the benefits of having to pay more. Can you tell that I am sick of the state of things in our country?
I hate hearing friends and family talking about having to work to a particular age. Seem wrong to me. I have a 2 factor retirement goal, enough net worth to replace my needed income and when I become disinterested in my work. If I've planned correctly and my projections are on target, I should be looking for 2 consecutive bad days at work around 62. There I put an age to it.
I become eligible to retire in 9.5 months at the age of 49 and to be honest I am not sure what I want to do. Fortunately it’ll be a pension with medical insurance at no extra cost. I don’t have any debt and my monthly expenses are between $900 - $1,300. Pension will cover current monthly expenses easily but still not sure what I want to do. I do enjoy my job fortunately but do think about living abroad and getting to know other places, cultures, foods, music, etc. Also, do have an emergency fund that can cover about 2-3 years of monthly expenses and also have a little bit of $$ in 457 plan. I guess once I become eligible, I’ll see how I feel about retiring. It’s a big decision for sure. Good luck to everyone and God bless you all.
Same here, went ahead and took my 100% SS a few months ago, and still working 40+ hours a week....and church on Sunday also. No meds, eat right, no tobacco, alcohol or other drugs, moderate exercise (usually just a 5 mile walk, or 10 mile bicycle. ride daily). No soda! ...mainly water or unsweetened tea. Always remember, your health is your responsibility.
@@louhmx1136 I do write software on the side. ..my work is in the IT sector, so I write gaming software as a hobby. ...sometimes it sells, most of the time it doesn't
That's what we have and our BCBS is 9.00 a month for my spouse and me. I am 60 and my husband is 58. I work only 1 day a week as an RN and my husband still works full time till 60 then part time. We went into ACA and got this insurance. It is affordable you just have to dig and find it.
@@mommaskitchenisopen9179 where/how did you find such a great deal? That is the biggest concern we have right now in going ahead and retiring is trying to find Affordable Health Care
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
I took a loan from my 401k paid off all of my debts 3 years ago retiring in 3 years loan paid back to me with interest have already made a profit and then some I pay rent to my daughter for the last 8 years. I like my job for the last 30+years always they would have to carry me out to a Hurst but you have given me some hope of what's on the other side
I have 18 months to go. God forbid Trump loses. If he does...I'm putting my papers in immediately and getting to Florida asap. The Blue State I live in will be more dangerous.
It’s just the opposite. Trump is proposing tariffs that will increase the cost of living substantially, not to mention that he wants to roll back the ACA, exit NATO, lay waste to the administrative state, these and many other things will likely generate general instability, which is always bad for stock markets and the economy.
My plan-marry young, get on her health insurance, move in with my gay son, and follow the 80% rule. After all, 80% of 0 is still 0.😂 What do you think of my plan?
*I am retiring at the end of July. My wife's health was actually the catalyst for that decision. You are so right about time vs $. We won't be getting the same kind of income we did when we both worked but that is not the # 1 priority for us any longer. We won't be broke and we need to focus on the time we have left and trying to improve the quality of that time for as long as we can. We worked all our lives to build for this day. It's definitely time! :)*
You are 100% correct! I just retired at age 55. I did so for the reason you mentioned. After Covid I was exhausted and extremely exhausted both physically and emotionally. During Covid I felt like I was going to possibly die from the stress with both work anf family. I am now working on recovering from all of that trauma including the issues that were already taking place. I thank God so much for allowing me this opportunity.I encourage anyone that can make eraly retirement happen to do so. Its the best thing you can do for yourself, your quality of life on you senior years.
Will Rogers was reading a man's obituary and it said the man died penny-less. All the people were saying how sad, but Will Rogers said Good Timing.
I loved my work, was respected by my superiors, subordinates and piers. Retired at 68.5, well off, but definitely a judgement call. Still miss the challenges but we all have a “use by” date , life is short and it was time to find new challenges and enjoy the grandchildren.
Well said, well done. Bless you on your journey.
All about getting out as young as possible. I'm glad I retired before the Hodgkins lymphoma I had in my 20s reoccurred. Life is short.
That’s why there’s no “one size fits all” plan for retirement. Your case is definitely an example of how medical issues can impact retirement plans.
I'm in the "work to live" camp, I don't care if my work accomplishments are mentioned in my obit or not. I'd like it to be said that I was helpful and made my coworkers lives easier, but that's about it. And for me my perfect retirement age came up kind of sudden. For decades I've loved what I've done but the profession is changing, the company changed, and I don't care to start over somewhere else. In two years I went from loving what I do to just wanting to be done. We checked the investment account balances, and what do you know I'm good to retire.
I agree...my industry has changed...TV and modeling industry...I loved what I did but now after having to get a new job...previous company closed due the strikes...I took a job paying less..so I work part time ...I am grateful that I am completely debt free so I had the option of taking this job and have health Insurance I need....but at 57 1/2 I am looking to leave the work force...I agree I don't know if I would like to start over I would if I felt I was making a difference..I was thinking 62 1/2 of scaling back to part time till 65..but now I am seeing if I can semi-retire at 59 1/2! 🙏🙏🙏
I had a manager almost 20 years ago, who, in our very first meeting, said I need to set career and life goals and I should create those goals from the perspective of what I would want people to say at my retirement party and my funeral. It was one of the best pieces of advice I ever received, even though otherwise, he was the absolute worst manager I had in my 35-year career.
The last few words were quite the plot twist lol
@@laenvirolatina4763LOL. Thought the same !!
Jeff, this may be your best video. These are exactly the questions I have been thinking about at age 62...
Thanks very much!
I'm 54 and retiring this summer with a pension and paid Healthcare. I went through breast cancer during the pandemic and just need a break. At some point I plan to go back to work and try and earn a 2nd pension somewhere. But I cant wait.
speaking of obituary...
when I was in the Navy, an admiral was speaking to a bunch of us. He touched on work-life balance, pointed out that it's your family - not the Navy - that remembers you when you die, and then said ... "so if you're averaging longer than 14-hour days, cut back a little." 🤦🏻♂
Funny!
“With all due respect, Sir, tell that to my department chief.” 😁
My company kicked me out at age 61. But they still offered Cobra at the same price the employees paid for 18 months, and then rather expensive but still affordable retiree health insurance. That was the only thing that really stopped me, I had planned on retiring soon anyway.
In the same boat
Ditto. I got laid-off last year at 54 years old after a 35-year career in my field with the last 32 years at the same employer. I was 2 years and 9 months from my planned retirement date and I was at 98% of my retirement savings goal. My severance package included one year's salary and one year's free COBRA, which made it more like being only 1 year and 9 months from retirement, and I also qualified for the IRS "rule of 55" for my 401(k). I decided to permanently retire. I don't know if it was the "perfect age", but it seems like it was pretty close. My former employer's retiree health plan is far from affordable at $30K/year for retiree+spouse, but I had planned to use it, anyway. So, I just had to stretch our pre-Medicare expenses for 1.75 years more than I had planned. It's now been just over 13 months since retirement and I'm at 115% of my retirement savings goal. Those $2500 health insurance withdrawals do sting, but so far I'm still well ahead of my plan. More importantly, my wife and I have had a blast in our earlier-than-planned early-retirement.
I took vacation so I could retire a month earlier and I used it to attend my son's national competition. Its good to have something to do better than work.
WSJ just had an article about this. Most interesting was the age range from 60-64 thought they would keep working past age 65. Majority ended up retiring at 65.
You need to decide what is most important to you. Your money or your life.
Thank you as always. I retired at 55, moved to Europe and travel a lot. I put aside cash annually as well as 401k and investments. I felt a more diverse financial approach was best for my peace of mind. It's been five years and I am loving this life!! My pension starts this year as well at 60, and I timed it all...SS will come much later.
If its still solvent.
@@commonsenseisntcommon1776 well, yes, true, and thank goodness I am not relying on it although I paid the max in annually for decades...so I would be genuinely pissed as I could have made more on my own with it!!
My plan was always subject to change based on health and income prior to retirement, but my plan was to hold off retirement until I reached FRA. As it turned out, I retired from full-time work a few months after I turned 65, took a few months off, then worked part-time since. My first Social Security check will come this summer, and I’ll stay on at my part-time job until the end of the year.
im living in Wales (UK) but actually still find your videos very informative and interesting, keep up the good work
How does retirement work in your country? With universal Healthcare you should have more options.
I'm 45 and still working toward "FIRE" at around 53 but when 53 comes I may still want to work to feel productive, if even at a lesser effort. I was a SAHD for 8 years and it was great but once my son went to school I lost sense of my position in this world. I had a bit of an emotional breakdown and had to get back out into the workforce. So not sure if I'll ever quit completely. I am just racing toward the ability to do so. 4 more years and I'll vest in a pension that pays 30k/year. Also I'll have SS and my wife's teacher pension will be 50k/year. We also are saving 70k/year right now in things like IRAs, 401k, 403b, HSAs, ESA. So we'll have a bunch of sources of money.
I have seen too many people wait way too long. They are going to do one more year. 3 months before the end of the year. They get the DOOMSDAY diagnosis. Now they are working till the end. (Insurance.) Worse case. Plop over dead.
Love your tongue in cheek comedy!
Mr. Schmidt, I’ve learned a lot from you. Topics have become less scary. I wonder if you think about how absurdly difficult our “systems” here in the US are for regular people to navigate. The complexity is astonishing and seems purposefully inefficient and anti-human well-being. Why do Scandinavian countries do this so much better than we do?
They pay taxes...and I have a feeling that the wealthy don't have a ridiculously low income cap as the US does.
Health insurance is number 1. 65. If under 65, either you or your spouse need a job that has health insurance. My heart attack at age 58 ran $300,000. Spouse had that covered at 90%. We paid for years on the remaining 10% or $30,000. Very hard to get covered without employer coverage until Medicare kicks in.
cobra
@@DrSchorCOBRA would cost me $1300 a month just for me, not for my spouse. That is a lot of $$$. My insurance now costs me just $150 a month for both me and my spouse plus the company gives me $1000 for my HSA annually. That is a big difference and so I continue to work even though we can afford to retire and retire well. I have 7 more years and my husband has 2 more to go to 65. I don’t mind my job so I plan to work to full retirement to avoid medicare as long as possible.
@@DrSchor COBRA is 18 months not 7 years. And 18 months of COBRA can easily be $18,000.
ACA? It’s easy, but potentially expensive based on your income. Guessing that’s what you meant when you said “hard”?
Expensive high deductible insurance has max out of pocket of $14000
Loved the impromptu ad lib
This is a very helpful video. Thank you.
Always fun and informative! Thanks Jeff!!!!
I am 64 and earning a very good income. I like what I do. My wife worked only for 10 years in the local school system and now volunteers her time. So, when I claim my SS, my wife will be able to claim 50% of my SS. My SS full retirement age is 67. It is my understanding that I will be able to claim my full SS and continue to work without any penalty in month of January following my turning 67 in April of that year. Is this correct? If this is correct, my plan is to possibly take my full SS in the Jan following my turning 67 and continue to work fulltime with no penalty towards my SS benefits. My wife will then claim 50% of my SS. I currently have medical, dental and vision benefits paid 100% by my employer for me and my wife. Please advise? Thank you!
I turn 65 next month. For the past 15 years I've been covered with two insurance plans provided by the federal government: TRICARE and Federal BC/BC. My wife is retired at 62 and is covered by both of these plans. Normally, I wouldn't bother with Medicare Part B because of the premium and that I don't need the coverage. But once I turn 65, TRICARE requires me to have Medicate A and B to retain TRICARE (which is almost free). So, my insurance costs have gone up by almost $200 to carry coverage (Medicare B) I have no use for.
Great video as usual Geoff. Regarding medical coverage via your spouse, if you retire and they don't. There are conditions aside from 'open enrollment' that allow for changes in medical plan coverage choices known as 'qualifying life events', ie. marriage, death, birth of a child AND loss of medical coverage due to retirement. All of these 'qualifying life events' allow for you to gain coverage the next calendar month through your spouse's plan meaning you don't have to wait until open enrollment.
If you asked the majority of the people who retired and asked them if you could do it all over again, data shows they said they would have retired earlier Atleast a few years earlier.
Retiring sooner rather than later requires better planning and execution of the investment plan. Retiring early without properly preparing for it financially is foolish.
where is the data?
Always great information…. 10 years ago… my wife too it at 62 and I claimed spousal benefits… then took it at 70…
What a great system spousal benefits were to double dip….
"No mortgage" is a tough concept for us. We moved around a lot (especially when both of us served in the military) and never wanted to keep and rent out the houses we've owned. (We're also guilty of upgrading several times as we moved and our incomes supported it.) Thus, we're only a few years into amortizing our current mortgage and we're in our 60s. We'll always have to pay for a roof over our heads. But.....
We rationalize by saying that those travels enabled us to do quite well in our careers and in preparing for retirement. We both come from lower-middle-class backgrounds, and neither of us has any inherited wealth. But we expect to retire on about #13-15K per month (including pensions and Social Security), where we hope our past hard work will make up for the fact that we don't have a paid-off house. In essence my military pension pays for the house and my federal government pension pays for other required living expenses, while Social Security and our retirement investments will fund our "go go" and "slow slow" years. That's the plan, anyway.
Nice work, Geoff!
Thanks Rich
Military retirement (VA) used to fund full medical for life, which is itself a huge financial windfall.
@@whatsup3270 Not quite. Retirees can stay on Tricare until age 65, when they transition to Medicare and Tricare for Life. The VA will automatically see a retiree who has a service-connected disability, but if a retiree or veteran does not have one, the VA care then becomes income-based, and if the veteran makes too much money, the VA will decline to provide care. (It’s hard to imagine a military retiree who does not have some kind of service-connected disability, but it does happen.)
As someone outside America, I find value in all your presentations save for the those pertaining purely to American law (i.e social security), but I have found this one the most useful at this point in my investigations and thinking about retirement. Thank you.
Very nice insights. Thank you Sir.
Great show BTW
25x annual expenses, simple and pretty easily attainable.
$1,892 when I retire at age 64. I'll have a home paid for in my country, and the cost of living is, well, with that amount I'll live like a king for the rest of my life. Here in the U.S.? I'd die of hunger, stress, not being able to pay for medicine, and so on......so, it's not about age, but where!????
Exactly! I am moving abroad. There are so many other options for the ones who take changes and explore the world. There is life beyond USA.
Mortgages are not forever but taxes, insurance, additional utilities, and maintenance definitely are.
Didn’t the ACA do away with pre-existing condition insurance restrictions?
Yes.
Great video! 👏👏🙏🙏
I retired 2 months ago & the house repairs haven't stopped..costly too....but....it will work out..worst case senario Or maybe best. Ill sell the house. Live simply & have fun...
My mortgage will be paid off soon, as I am working 6 days a week to do it. Once that is done, I am looking real hard at cutting back significantly when I turn 62. BUT the problem for me is that I enjoy my work, although fewer days a week would be less stressful. Number one issue is Health insurance. I could live on the measly SS, but I could NOT afford any insurance or healthcare crisis at all. So I would be working ONLY to pay for insurance.. Isn't that a sad state to be in the richest country in the world? More than likely I will keep working, whether fulltime or whatever until I get on Medicare. And at that time it might be necessary to keep working in order to PAY for the supplement. And insurance on my house. and Taxes. And all the other things that continue to go up without any increases in the benefits of having to pay more. Can you tell that I am sick of the state of things in our country?
I hate hearing friends and family talking about having to work to a particular age. Seem wrong to me. I have a 2 factor retirement goal, enough net worth to replace my needed income and when I become disinterested in my work. If I've planned correctly and my projections are on target, I should be looking for 2 consecutive bad days at work around 62. There I put an age to it.
I prefer no obituary 😂😂
I want mine to say .. she did the damn thing... LOL 😂
I become eligible to retire in 9.5 months at the age of 49 and to be honest I am not sure what I want to do. Fortunately it’ll be a pension with medical insurance at no extra cost. I don’t have any debt and my monthly expenses are between $900 - $1,300. Pension will cover current monthly expenses easily but still not sure what I want to do. I do enjoy my job fortunately but do think about living abroad and getting to know other places, cultures, foods, music, etc. Also, do have an emergency fund that can cover about 2-3 years of monthly expenses and also have a little bit of $$ in 457 plan. I guess once I become eligible, I’ll see how I feel about retiring. It’s a big decision for sure. Good luck to everyone and God bless you all.
It's all about medical insurance/ care!. So expensive, Is so unpredictable. Otherwise I think many would be fine in planning.
That is what is delaying my retirement.
Sometimes other people's health determine your retirement date. Many people over 50 are caregiving their parents, in-law, spouse.
Always thought living in Manhattan was expensive, then a few years ago we move to Taxes, whoops, I mean Texas. Property and sales taxes NEVER go away.
I love working. Work during the week, church on the weekends. I can't imagine wanting to live any other way.
Same here, went ahead and took my 100% SS a few months ago, and still working 40+ hours a week....and church on Sunday also. No meds, eat right, no tobacco, alcohol or other drugs, moderate exercise (usually just a 5 mile walk, or 10 mile bicycle. ride daily). No soda! ...mainly water or unsweetened tea. Always remember, your health is your responsibility.
You need hobbies. Work sucks
@@louhmx1136 I do write software on the side. ..my work is in the IT sector, so I write gaming software as a hobby. ...sometimes it sells, most of the time it doesn't
I don't think you have a very vivid imagination, but blessings to you!
Don’t listen to naysayers here. If you love what you do for your job, good for you.
The ACA forbids rejecting people for pre-existing conditions.
Did i miss discussion on the Affordable Care Act for health insurance?
That's what we have and our BCBS is 9.00 a month for my spouse and me. I am 60 and my husband is 58. I work only 1 day a week as an RN and my husband still works full time till 60 then part time. We went into ACA and got this insurance. It is affordable you just have to dig and find it.
@@mommaskitchenisopen9179 where/how did you find such a great deal? That is the biggest concern we have right now in going ahead and retiring is trying to find Affordable Health Care
Hi Geoff,
What is up with 24 lines? Is that all you get in an obit?
It’s a standard size - 24 or 48.
I work for a Major US airline. My fellow colleagues are working passing over 70s . I do not wanna be one of them.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.
YES!!! That's exactly her name (Annie Brooks) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
She communicates on instagram..
In these last few years of working, I feel that the Phillip Morris cigarette company needs to step up their damn production.
62, thats my perfect age
I took a loan from my 401k paid off all of my debts 3 years ago retiring in 3 years loan paid back to me with interest have already made a profit and then some I pay rent to my daughter for the last 8 years. I like my job for the last 30+years always they would have to carry me out to a Hurst but you have given me some hope of what's on the other side
hurst?
Answer: never cuz inflation will keep me working! 😡
Whenever you feel comfortable to retire is the right time. ❤
❤
Ah yes.......we 'evolved'. Riiiight. 😮
I have 18 months to go. God forbid Trump loses. If he does...I'm putting my papers in immediately and getting to Florida asap. The Blue State I live in will be more dangerous.
Trumps 2025 plan says to cut SS. Bidens plan is to keep the program intact.
It’s just the opposite. Trump is proposing tariffs that will increase the cost of living substantially, not to mention that he wants to roll back the ACA, exit NATO, lay waste to the administrative state, these and many other things will likely generate general instability, which is always bad for stock markets and the economy.
@@tpiety enjoy your TDS... FJB
@@stephenharper6638 you've got a case of TDS FJB
@@christinekellyrose9435 No. These are just facts. Trump will lose. And he should lose because he is dangerously unstable.
My plan-marry young, get on her health insurance, move in with my gay son, and follow the 80% rule. After all, 80% of 0 is still 0.😂
What do you think of my plan?
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Kathy lien
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
Same, I met Kathy lien last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Kathy lien
Thank you for great content. Love how clear you speak. 🫡🫡🫡