I am actually leaving Colorado in about a year and a half when I retire. Because I can buy a house outright on the East Coast and live comfortably with what I have.
We would be working till the day we die if we needed a million dollars. Living in Alabama the cost of living is low and we lead a very simple lifestyle. Have a great week!
I am single male 62, no kids, with 1.1 million saved in retirement and plan to retire next summer when I turn 63. I am debt free also! Can I ask what state you live in?
So many variables, but yes depending on your age, your debt, utility expenses... you don't need a million dollars. It's crazy when you hear financial advisors saying you need 3-4$ million dollars to retire!
This is a great discussion, but it misses a key point. The key is not what is one's nest egg, but what is the income. If someone is not yet drawing social security, or has no sort of pension, the value of the nest egg is critical. Even if drawing SS, it may be that drawing from the nest egg will be part of the equation. You are absolutely correct that the cost of living and being debt free is very helpful! Thank you for your content, it is encouraging and practical!
The biggest millstone indeed is debt. Try to minimise that and keep an eye on what your set income will be once retired and plan accordingly. We downside our home- that helped keep our expenses and maintenance down now.. One car more than sufficient once retired. Everyone has their own vision of what's needed, so plan to achieve that. Happy retirement to everyone. Enjoy your week both of you. 👌🇳🇱🙋♀🥝
I think a lot of people only count their 401ks towards that million dollars. When it's actually your social security, plus what you have in your retirement accounts.
Well, I certainly hope so! I'll be certainly below a million...way below a million! I'll see come January how everything shakes out as I'll be taking a year to track everything that comes in and goes out and see how it all looks.
It doesn’t matter, that’s what I’m going to have to do. I’m 65 right now and have about $200,000 and probably can work another five years. I had a lot more, but unfortunately, I lost it in a divorce. So it looks like it will be rented trailer time for me once I retire.
Good morning ☀️ Keith & Terri! ☕️Acquiring wealth, building wealth for retirement has become daunting in the past few years. I see inflation numbers for food, gas, electricity, and insurance at 20%. Wait, what? Are economists living in the real world? Our basic costs doubled and in some cases tripled. Try not to delay retirement. Life has no guarantees. We live well but are not wasteful. Have a great day!
My wife and I DO have a nice egg..and haven't touched it for years. Our direct pension cash, per month, is over nine thousand dollars. We're fine. Pensions are a beautiful thing.
@@RetiredLovingIt - I am retired from the Air Force, and my wife is a retired teacher, in a state with the second highest teacher pensions in the country. Both of us have social security..hers is small, mine is not. We didn't really plan this when we were first married..it just worked out that way. (48th anniversary soon)
@dennissvitak5475 sounds like you guys have made some good decisions and wise choices to get where you are. Thank you for your service to our great country! Also congratulations on your upcoming anniversary! We just celebrated 49 years 🎊
I am actually leaving Colorado in about a year and a half when I retire. Because I can buy a house outright on the East Coast and live comfortably with what I have.
@@ColoradoMartini great plan!
We would be working till the day we die if we needed a million dollars. Living in Alabama the cost of living is low and we lead a very simple lifestyle. Have a great week!
Same for us! 😊
We won't be millionaires and we are semi-retired. Work when we want. Great talk!
Thanks guys! Stay safe from Milton!
I am single male 62, no kids, with 1.1 million saved in retirement and plan to retire next summer when I turn 63. I am debt free also! Can I ask what state you live in?
We live on the Southern tip of Indiana
So many variables, but yes depending on your age, your debt, utility expenses... you don't need a million dollars. It's crazy when you hear financial advisors saying you need 3-4$ million dollars to retire!
It’s very misleading when they tell everyone that when it depends on so many different factors
This is a great discussion, but it misses a key point. The key is not what is one's nest egg, but what is the income. If someone is not yet drawing social security, or has no sort of pension, the value of the nest egg is critical. Even if drawing SS, it may be that drawing from the nest egg will be part of the equation. You are absolutely correct that the cost of living and being debt free is very helpful! Thank you for your content, it is encouraging and practical!
Thanks for bringing up this important point and for your kind words 😊
The biggest millstone indeed is debt. Try to minimise that and keep an eye on what your set income will be once retired and plan accordingly. We downside our home- that helped keep our expenses and maintenance down now.. One car more than sufficient once retired. Everyone has their own vision of what's needed, so plan to achieve that. Happy retirement to everyone. Enjoy your week both of you. 👌🇳🇱🙋♀🥝
Thanks! You always have such good advice & comments 😊
@@RetiredLovingIt thank you 💖
Great visit...natural presentation ..!.. thank you both...! Real info and relatable to the majority of us who are not in top 1% ...lol
Yes, we are the majority! We appreciate you watching! 😊
I think a lot of people only count their 401ks towards that million dollars. When it's actually your social security, plus what you have in your retirement accounts.
@@ColoradoMartini you’re right
Well, I certainly hope so! I'll be certainly below a million...way below a million! I'll see come January how everything shakes out as I'll be taking a year to track everything that comes in and goes out and see how it all looks.
Exciting times preparing for retirement! You’ll love it!
If I had to have a million dollars, I would be dead and still not there 😂
Same 😅
As always a great video and wheeeew I’m glad I don’t have to have a million dollars I’d be 85 before I could retire 😂
We’re thankful we live where we do or we could never retire 😅
Thank goodness we don't live in Cali either or we would not be retired either lol
It’s crazy how much the cost of living is there!
Can I ask what state you live in?
Indiana- we live in the Southern tip of Indiana in a small town
@@RetiredLovingIt OK, the midwest. Thanks for telling us.
It doesn’t matter, that’s what I’m going to have to do. I’m 65 right now and have about $200,000 and probably can work another five years. I had a lot more, but unfortunately, I lost it in a divorce. So it looks like it will be rented trailer time for me once I retire.
We’re sorry 😢 going through divorce is hard 🙏
@@RetiredLovingIt And very expensive!
Divorce is very hard in every aspect 😢
Good morning ☀️ Keith & Terri! ☕️Acquiring wealth, building wealth for retirement has become daunting in the past few years. I see inflation numbers for food, gas, electricity, and insurance at 20%. Wait, what? Are economists living in the real world? Our basic costs doubled and in some cases tripled. Try not to delay retirement. Life has no guarantees. We live well but are not wasteful. Have a great day!
We are the same! We live well but still frugal and try to be wise with what we have. Have a blessed Sunday!
My wife and I DO have a nice egg..and haven't touched it for years. Our direct pension cash, per month, is over nine thousand dollars. We're fine. Pensions are a beautiful thing.
You are blessed 😊 pensions are few & far between these days
@@RetiredLovingIt - I am retired from the Air Force, and my wife is a retired teacher, in a state with the second highest teacher pensions in the country. Both of us have social security..hers is small, mine is not. We didn't really plan this when we were first married..it just worked out that way. (48th anniversary soon)
@dennissvitak5475 sounds like you guys have made some good decisions and wise choices to get where you are. Thank you for your service to our great country! Also congratulations on your upcoming anniversary! We just celebrated 49 years 🎊
No. You cannot retire on a million, if you have a house and car payment. If you don't have either, then you're fine.
That’s why it’s important to be debt free before retirement. We appreciate you watching & commenting 😊
Ya'll are cute!
😃😅 Thanks for watching
You seem like nice people, but you are repeating your words over and over again, change it up and you might get more subs.
Appreciate the input 👍