We are 50 and have NOTHING SAVED for RETIREMENT! How Will We Survive?
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- เผยแพร่เมื่อ 21 มี.ค. 2021
- Mike and I have $0 saved for retirement. How are we going to live when we retire? We tell you how you can get ready for retirement late in life.
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@mizzmolly That 12% return is not realistic.
I agree to let the children pay for their college education. They will more than likely out live their parents and will have more time to save for it or pay off an educational loan.
You're in good shape. I didn't have anything saved at 40 and decided to start and 13 years later I have about the same as you if you kept your cash from the house sale, plus my home will be paid for in less than 5 years. I'm hoping to double my assets by 62 and I'm out.
How much cash do you have saved? ( That's savings....). And how much is your business worth? You say you could retire now if you sold your business? How would that work? Would your retirement be austere? 😳
Retirement is no guarantee and some ppl dont take that chance working many years for it. Some ppl just build different streams of income instead. Everyone is different on what path they want to take. Times are changing with this inflation.
I live in n.y.c and my house is paid off and I drive a 1999 Toyota Corolla with 75k miles completely debt free and I'm 36yrs old. . I've been listening to my elders for years!!
Wow 1999 with 75k miles, thats amazing
yaaaaassss!
@@pinkheartz97 it belonged to my mother in law.. it only had 20k miles when I got it, she starting having memory lost 😔 so I decided to give up my 2019 car and drive hers.. Now I'm selling my house to move off grid.
@@l.gibson6422 yes goddess you can be debt free..
my corolla is 2012 and it has 85K, I think. LOL
I bought a farmhouse and 10 acres in north Alabama this year for $150k and my property tax is only $350 per year. It is glorious.
WOW!
God is good.
Wowie! May I ask if it is off grid? That is just wonderful.
@@pinkiesue849 it's not off grid, it's just on a quiet country road with pastures next door and woodlands behind. It's 10 minutes from grocery shopping and 40 minutes to theaters, malls, etc.
@@deb5392 sincerely happy for you! Hope you can plant a garden and maybe some fruit trees. God bless.
I couldn’t afford to fund my children through university. They both worked during vacations and one of them worked through term time too. One went to Oxford university (equivalent of Yale /Harvard) and earns a salary well into 6 figures, the other is a solicitor (attorney). The point of me telling you this is that they both have told me that the best life lesson they have ever learned was working their way through college! They appreciate the value of money and hard work that ultimately gave them the drive to do well.... and yes , I am a proud mum 🤗
I paid for two years each - they got scholarship & work credit for the rest. One had a small student loan. They all have Roth IRA’s ( retirement accounts) already. You should be very proud - your children have done well!👏🏻🇺🇸❤️🇬🇧
I worked my whole way through college (32 hours a week at a bakery) and my dad paid the rest of my tuition. But I come from a collective culture and we take care of our parents. I believe it’s better to rise as a family versus individuals
@@Mom_of_the_Chickies Worked well for you. But if the culture is different or you are not a family person.... Then it's important lesson to learn to pay for your own life and living.
Universites in Europe are very affordable compared to those in the U.S. unfortunately. Even for mid level colleges, tuition is about $50,000 PER YEAR.
My grand parents had nothing saved for retirement BUT, they had no mortgage (grandpa built the house in 1950 when he was in his late 30’s) They had 1 car and drove it for 10 years. During that 10 years they would put aside a little money to buy a newer one and so on and so on. Grandma gardened and preserved a lot of that food. Grandpa fished and helped in the garden as well. They died both at age 91, 6 years apart. Lived in their house till they passed. Lived a full life, had what they needed and not extravagant !
Just sold my house in New York that had a mortgage packed up my family and moved to Georgia bought another home cash now I am mortgage free at 40 years old. My next move is retirement😀
Isn't the quality of life much better in the Northeast than it is in the South?
@@travelseatsyellowlab I lived in Northeast for 15 years , we moved to Fla,no different we just have no mtg or anything and no credit, life is good, and we can garden most all year in South, great for the ever rising prices of food..
@@travelseatsyellowlab The Northeast sucks, lived here most of my life. Cold most of the year, outrageous taxes, blah, blah, blah. Don't move to the NE, everyone is leaving!
@@travelseatsyellowlab kinda confused....elaborate “quality of life”.
@@MegaBpop Better entertainment, top educational opportunities in the country, better pay, higher property values, etc., etc.
Ugh..there is some not so good advice here. Invest in your 401k and take the matching money. Dont pass up free money! If you dump money into a house and the market goes belly up, you have a roof over your head but it's worth less than you paid for it. Invest in 401k AND pay off your mortgage. Even with the dips in the economy, most 401ks earn over the long run. Dont wait until youre 50 to invest!!
Lol poverty is my way of life. I worked my way up from making 2.85 an hour in my teens to ultimately 18.75 at the age of 62. I was a single mom for several of those years. No retirement now at 62. NO house but NO debt either. I'm living off of social security. I used to be so worried about HOW I was going to make it through retirement. But how much does a person REALLY NEED? Of course I would LOVE land and a house and an acreage and a huge garden and trips, etc but some of us were not given that in life, and it's OK. We can't take ANYTHING with us when we leave this world. I have all that I truly NEED and even have SOME of my WANTS. Life is good.
You are exactly right! We didn't really get started on retirement until 51 when we started the Dave Ramsey baby steps - a very late start! But, after paying of our debt and then getting the house paid off a couple years later, we really started gaining traction. We put the old house payment into Roth IRA's for the next 14 years and were amazed at how quickly it grew with NO DEBT! My husband just retired yesterday at age 64. We are so glad now that we followed that plan, became debt free and saved for retirement!
When the video first started I thought you two seemed pretty happy for people that are totally screwed. But as your story was told I saw that you are far wealthier than most, since you are debt-free.
We are 62 and 64. House is paid for, vehicles paid for! We have debt for our business, but our assets far outweigh it. If we lost our business and everything with it, we could live off our savings and retirement easily. Such peace of mind. 🥰 The downside to not investing when you’re younger is you don’t get that compounded interest, but 50 isn’t too late to start!
Idk... Just $20 a month into 401k in your 20s is worth $2000/mo into your 401k in your 50s. Compound interest is the 8th wonder of the world. Once your 401k earns it, it's yours. Our 401k that we no longer contribute to (we have a different one now) made $30k just sitting there in 2020. 🤷♀️ We haven't contributed to that account in 7 years and it's grown by 25% during that time.
I have to agree with you. My hubby and I are 55 so we will retire in 10 years. We started saving in our 401k's in our mid 20's. It certainly was never to the yearly max and was usually just to what our companies matched on our low salaries. Fast forward 30 years and we are almost at the 1M mark. We are working now to have the house paid off by retirement and don't have any other debt. Each has a different path but I think the key to retirement is zero debt and for us save a little early and regularly.
They seem to have a fear of 401k plans, stocks, and investing. If the market takes a downturn and you have money in an S&P 500 fund or ETF, it will likely make a comeback and you will not lose anything. Since they have not invested any money yet (and are 50), and have a fear of taking risk, I doubt if they will be able to do it now. Time in the market is a great benefit to all investments, and they have let many moments pass where they could have been making profitable investments.
We went through 2 stock market crashes. the stock market goes up and down. $2,000 in 2008 grew to over $16,000 today. If you take the average of the ups and downs over the years, it averages out to about 10% per year. You can't get that in a bank account. I'm 70 and still working. Since we are both on Social Security, I put about 53% of my pay in the 401K. the remainder of my pay goes for Health Insurance and tithes. We tithe my gross pay, our social security, and my husband's small pension. When my husband first went on disability, he got Medicare part B. Tax Time, rude awaking.. We were taxed on after taxed on what they took out for Medicare. At my work, our medical insurance is taxed pretax and I have a Flexible spending account. Our work plan is better and pays more than Medicare. Also, putting more in my 401K shelters my social security from income tax - not completely - but a lot more than if I would not do this.
College is nice,but learning a trade like carpentry, plumbing, electrical, makes you highly valuable in the job market. There will always be a need for these skills.
I think that will be the future,especially after COVID
Good luck
Trades and Tech (AI and Cyber Security) are the only jobs that will be available in the future. We are in for a rough future. Especially for my kids by the time they get to college.
Very true...my daughter is deeply in debt from her student loans...all for a degree that is worthless, and she hasn't been able to use. The loan amount/interest keeps building--she will never pay it off.
I agree 100% learning a trade can be very lucrative, college isn't the only way.
Omg 😱 best explanation for tax rights off.... we are so bombarded with being ok with debt.
DEBT IS BEING A SLAVE PERIOD.
Thank you 🙏 great info.
I don't own anything.....no bill's...no nothing....but saved a lot of dough...living a stress free life
Great video! I’m 37yrs old with a mortgage. Paying this off ASAP!
You say you want to move to have acreage. Keep the house and buy a plot somewhere that you can tent or trailer camp on and do what you want, easier to sell it later when life happens. Had lived on a nickel for many years so downsized from 1/2 acre and 4 bed mobile home to old house in town bought for cash, got disabled by 2 rare neuromuscular diseases 6yrs later. Have a friend who spends every bit of her $90k salary and has medical conditions that could disable her tomorrow.
Yeah I totally agree that it’s not our responsibility to pay for our kid’s college. I did a whole video on it this past summer:) If I happen to have the money, then I will happily contribute but I don’t feel obligated. ❤️
Kentucky would probably be a really cheap place to live, my husband and I both work at Amazon my son lives with us we live in a little under $1,000 square ft home, my mortgage is $271 the property taxes for the year is like 1, 200 and something my homeowners insurance is like 70.I owe like 44,000 left on this house I'm going to tighten everything I have literally quit going to the mall I have quit shopping at all everything is going to my mortgage to pay this off.
100% agree with the college sentiment. I went to college the first time on scholarship and basically squandered my time there. Second time around (because my undergrad took me nowhere), I did my research, paid my own way, took it seriously (bc I had "skin in the game"), graduated top of my class, and have an amazing career that I love.
I agree too, but the legal system doesn't always. My stepfather had children from a previous marriage. One of his daughters was going for a masters degree and the judge said he had to pay until she was 25. Sad thing is he died young from cancer. On the other hand, my mom could not get child support for 5 children let alone help with college for any of us.
@@donnalutheran6335 In life, things are not fair. But sometimes, a right push when needed - takes one a long way....
My dad always said, you want something, work for it, don't make enough money for it, get a second job,
I've always lived with a debt free mentality. I paid my student loans within a few years. After I graduated college, I bought a condo and put everything into it to pay it off in 2-3 years. Now recently, I purchased a 275k house in cash.
I did not invest; everything I saved over the years was through living below my means. So it's all about money management. Yes, I'm 37 and single so it would be more difficult for someone with a family to do this, but I have a number of bachelor friends that are my age and older who make decent money, yet don't own any property and are broke. While I have a good salary now, most of my life it was less than average, so anyone can do it if they play it smart.
I am not sure i would be so happy. The thing is you have lost the long time frame to make your investments grow. So, hope this strategy works out for you?
The problem with your logic is the 10% return on investment. The only thing doing that are certain stocks and it’s difficult to find which ones will give that return. Please share what type of investment does that.
Vanguard ETF Index funds: Symbol VUG does more than a 10% return. It's been averaging over 13% since it's inception back in 2004 and that includes the 2008 financial crisis, when it lost almost 40% and came right back up to almost 40% in 2009. It's very reliable and only a MER of 0.04% - Next to Nothing.
Ck out ETF’s. Ck schd and or SPYG u have to look at the 8 to 10 yr run. Long term is the key. Buy on the way down and in the way back up. There r lots of ETF’s. Or index funds. I happened to like ETFs
Wonderful video. I am about to be 60. I lost most of my eyesight 6 years ago and had to take a medical retirement. I was so glad that my home was paid off. I went from making 43,000 to just over 25,000. My bills are paid on time and I put 100. a month into an ira for later. I don’t have much but I do live in comfort.
Many people don’t retire because of health care cost. But everything you are saying I agree ✅
Its a big trap smh.
Pay cash for heath care. When was the last time you went to the Dr. Heath insurance is NOT what it used to be. Expect to pay half of your bill even with heath Insurance.
@@jennifergarfield9613 haha no. Pay cash?? Hilarious. The Affordable Care Act in California is helping millions.
Marketplace is only good if your income is low. Otherwise, you get shocked at tax time when you own a business and realize your income was higher than expected and you have to pay thousands back. Health care is a disaster in this country and why it is hard to get ahead for the self employed.
Hope and I are in complete agreement with you - on kids paying for their own college. We offer them $2,000 in their first year and then the rest is on them. They work as soon as they are able to (lawn mowing, babysitting) and then get a part-time job at 16. They save, save, save that money for their future. We're on our third son doing this now. It teaches them responsibility and gives them a sense of accomplishment. Great advice! Debt free is the only way to go. Hope and I have been living that way since the 1990s. We pay cash for all our cars and paid cash for our 2nd house.
Hope and Larry, I love your channel. Thank you for all the great advice.
I retired debt free, had savings & 401k money. Inflation, the unknown ( COVID) house repairs have taken a lot of savings. You can’t wor at75 like when you’re younger so you better start saving!
I agree, also fifty May not be old, but it's an age where things can still happen health or work wise. Also a mom who goes back to work at fifty usually doesn't just make 60,000 a year after being out of the work force for the last 20 years. I'm sure there are exceptions, such as working part time to keep skills up, going back to school, or having a in at a decent paying work place, but it is not the norm. I realize the principal (save all of the other pay check) It's not too late to start at 50 but it's a dangerous game that has little room for error or Murphy to come visit. However, they have a great debt free foundation if everything works out.
Hi Tawra, I needed your encouragement. My husband is military and has the potential to retire with a pension in 6 years. If our house was paid off he has the opportunity to retire at that time and we could be together as a family permanently. A lot of people think I'm crazy for not investing all that money instead of paying off the house. You can't put a price on the family unit. I also graduated college in 2009 and saw the heartbreak of numerous foreclosures. Your video is exactly what I needed to hear. Thanks for sharing!!
Hello I’m 50 and going through a divorce at the moment. It really hit me hard because I own a cleaning business and have no 401k or retirement savings or plan. About 5 months ago a good friend calls me and let’s me know about this incredible program that her and her husband have been a part of for 2 years. I am now heading in the right direction now, in 6 years I’ll have enough to retire and live on 3 times over and it was a complete godsend. There are programs out here that has the solution. Thank you guys for your story and tips!
I was debt-free and set for early retirement--but after a thirty-year marriage ended in divorce, I had to get a small mortgage. I pay cash for my cars though, do have some savings and retirement. My parents didn't save for retirement until their fifties then aggressively saved--for fifteen years and retired comfortably including taking overseas trips.
I'll have to work and save aggressively for the next ten years in order to retire.
I have my teen working, plus our teen has a pre-paid 4-year university plan we took out when they were a baby, and is saving all paychecks for college (or a down payment after on a house). I feel really good about where I'm at but that's because we lived frugally while married and I still do now.
I've never heard of a pre-paid college plan. Could you give me the name of the company or type of plan? I have a 21 month old daughter, at 32 and my husband is 45, we def won't be taking out debt to pay for her school, neither of our parents did, and we won't either. Any help is appreciated. Thanks.
If you put all of your extra money toward your mortgage and then lose your jobs, you don't have any cushion money to keep paying your mortgage until you find new jobs. It's wise to put some extra money into an emergency fund (for situations like that), some into long term investments for which you will get higher returns than your mortgage rate, and some into paying your mortgage down early. But if you do only one of the three, then all your eggs are in one basket, making you more exposed to risk.
That's why one should keep 6-12 months of expenses in an emergency fund. They said they didn't start investing, but didn't say to not have an emergency fund. In my opinion 20-25 years is quite a long time to pay off a house. They should have tried to increase their income in the early years and start to invest some, even to learn how the financial markets work.
401k example is flawed. They didn't need to take their money out of the 401k because of the depression, most of those people are millionaires now
It's all about financial minimalism...less bills, less stress - so debt free is the way to be! Mortgage free is a thing of beauty, but just be aware the buck doesn't stop there...even if you own your property free and clear, you'll still have ownership bills!! ie: prop taxes, insurance, maintenance, repairs, utilities, etc.
Absolutely! And the odds of your property taxes doubling overnight can happen in this climate. Paying for stimulus and migrants comes from taxes.
Yes..with that is stressful life...
Right even with a paid-off mortgage you do have those bills but it is still far cheaper been renting
@@tarey05 vote blue
Even if your mortgage free there are taxes insurances maintenance and utilities so
Me and my husband have been taking about living off his income and putting mine up for savings! Learning to live with just one income. Do you think that's a good plan?
It is definately doable just lower your expenses and live beliw your means to be debt free and you will be ok
Probably not
I've owned five houses in the past 24 years and I've never been able to take a deduction on my taxes because of them. I never had enough deductions including my mortgage deduction for them to be greater than the standard deduction. So, I've always taken the standard deduction which means I got the same deduction whether I had a house payment or not.
I just retired last July at 64. I get social security and a pension from my teaching job. By working 2 years past 62 I ended up with more money after taxes each month than when I was working. So depending on your situation it can be good to work a few years past 62. I am almost debt free - will have house paid off in 1 or 2 years. I love your videos!!
We did that too ..stayed in past 30 years to get 75 percent pension instead of 50.
I needed to hear this! It's exactly what we're needing to work on now!🥰Blessings from South Australia💕🐨
Thank you for being so kind in sharing your ldeas in your future retirement , there are so many methods, and getting creative that could help many people that want to retire early , and the best to you both on your retirement, God Bless .
Paying off your house is a magical freeing feeling. Im one year burden free. No credit cards. No school loans.
👏🏼👏🏼👏🏼👏🏼I totally agree w/ kids paying for their own college! I paid for mine, our 1 son who wanted to go…worked full time and paid for community college to get his engineering Associates, then paid for his Bachelors at a great 4 yr university as he worked full time. He totally worked for and earned every bit of his degrees! College is not for everyone too!
Hi from England 🇬🇧.. . No dept here , and it's a good feeling 😊
I dont even have any credit cards. Im living off survivors pension from SS from the death of my husband because Im disabled. But eventually I fear SS will bust me down to retirement, which means Ill have about 600 or so bucks a month to live on. So Ive started saving NOW. Im 62 years old. I have no house, I rent. My car is paid off and I have nothing but a few doctor bills. I have savings so far I have 6 thousand dollars.
In your case a small semi detached 1 bedroom house in the cheaper part of the US would probably be better. There aren't a lot of services there, but at least the living costs next to nothing. I don't know if you'd be able to get a mortgage. Probably not since you are on SS. You could keep saving in the next few years and be on the lookout for a house that has been foreclosed. Those are usually very cheap.
When I first started watching the intro to your video, I thought, well you might be eating cat or dog food in your retirement years then. lol But then as I watched further it all made sense. I also agree with you that your retirement comes ahead of your children's college. Children can work and pay as they go if that is the best thing to do for the parents being able to support themselves during retirement.
Wow! I absolutely love this video! Thanks for your loving honesty.
Amen! You guys are so right about putting retirement or getting out of debt before paying for kids college.
The stock market will never go to nothing. The 2001 and 2008 crashes were perfect for buying into the market at low prices. I didn't have investments in 2001, but I did in 2008 and I didn't sell but kept buying through it, and my 10-year rolling average has been 8%. I have a 3% mortgage and enough money outside of my 401k to pay off my mortgage, but I don't do it because in the long term my investments will return more than 3%. There is a psychological benefit to paying off a mortgage early, but the return for keeping money in long-term investments is higher. A person who pays off low-interest student or mortgage loans before investing in higher return, broad market index funds will have significantly less money after thirty, forty and fifty year periods. Hundreds of thousands of dollars less.
I agree Tim. Cash is king. Owning a home, even paid off, is expensive with property taxes, maintenance costs ( think roofs that need replacing-20K and up, and other assorted repair/replacement costs ). Living in a single family home as an aging senior isn't really feasible for most people and the idea of doing so didn't start to occur in the US until the 1950's. With most mortgages at at 3% interest rate, inflation is eating up your money faster than your house payment is. Better to bulk up your savings, invest in dividend producing stocks, and give yourself options/breathing room.
Thank you for saying parents aren't responsible for their kids' education! My husband and I payed for our own educations, my oldest graduated and paid for hers and has her loans almost half paid 2 years later. It can be done! Our middle one didn't get the best grades and is taking a break but guess what? We aren't pressuring her or worrying about grades because it's her money, her life, and her responsibility. Our youngest is moving out of state for college while the other 2 stayed in state and at home. We will be helping our youngest with some living expenses, but her college classes will be financed by her. It really does give them skin in the game as you said.
For the youngest who did not get the best grades, she can explore other jobs, trades, that are very marketable. It will force her to search and find options she never thought possible or available to her.
my god! debt.
@@spicyspinach9899 it's ok to provide for your kid's education, as long as you will also invest for your retirement at the same time.
I'm 54 and 14 months completely out of debt. On a 2 acre homestead with a 2 bedroom bath and a half small home. STOCKED up on everything from tires to food.Time to save for sure now!!! No retirement here Ethier...FREEDOM IS BEING OUT OF DEBT... GREAT VIDEO TY🙏💯👍🏕
where did you purchase a 2 acre homestead? just wondering. i live in CA.
Love how you simplify things in a logical way. I just subscribed. Debt free equals stress free.
We had a large family and I stayed home and took care of the children. We did not have extra money to put into a retirement account and lived on a low income. When the children grew up and left home, I worked a job outside of the home. Our income was still not very large, however we paid all of our debts, bought newer cars, made major improvements on our home and paid everything off. We each retired at 62 and have a small pension and social security. Our health insurance comes out of my pension. We did not have any retirement savings. Because we are debt free, we are able to live on 50% of our income. The other 50% we save. We live comfortably and actually spend more money now than when we were working.
In ten years you will regret getting a bigger house. More land is just more taxes and up keep. You can always visit local parks or national parks.
Agree. We paid off the house in our 50s and stayed here. As we're entering our 60s, with health issues coming on, I am so thankful we didn't jump into a larger house, with a mortgage, and more upkeep and taxes. It's so nice to not have a mortgage to pay on now. Can I also say getting a larger house as your kids are starting to leave is practically an open invitation for them to stay, or at least come for extended visits - which is very expensive - especially for those who haven't saved a dime for retirement. In fact, if the kids are told to leave and they can't live there, why buy the larger home?
Thanks for sharing your story! Definitely helping me out 😍
You guys are awfully excited for not having any savings...😀😄😅
They did say they have money in savings.
Don’t take financial advice from people who brag they don’t have any money for retirement...
Or from people who talk out of both sides of their mouth...they don’t have retirement savings but they have savings to live off of if they retire now??
Their smirks at the beginning may tell me deep down, they're shitting their pants. They may forget that "Life Happens" too.
Thank you so much for your video, it totally makes sense. . I have been paying extra amount on mortgage to speed up paying off my house. But recently since interest rate is low, I have been thinking about buying investment instead of paying extra on my house mortgage. Now I know what is the right thing to do. 👍 thank you and God blesses you. 🙏🏻
I say amen to every point you guys made. The only debt I have right now is my home!!! Praying to have it gone in less than 5 years!!!! My son is 9 and I talking to him constantly about plumbing, heating, cooling. Skills that are needed no matter what!!!
Great video! I am 64 years old and retired. I have no debt and no retirement IRA or anything...i need to save more now. Thanks!
Almost 58 years old and close to the same situation here. Savings is critical for me too.
Thank you ! I agree with you two. My husband & I are retired & still paying on our house. I feel like a stone is around my neck! We will have it paid off in about 5 years. I wish I listened to your program years earlier. Keep your wisdom coming!!
My oldest son put himself through tech school. My husband and I are 75/81. No retirement. We downsized today a small duplex,in MO. I do my hair and nails. We eat at home 99% of the time. We are debt free except for medical bills. (Just recently.) We still have a ways to go, but in much better shape than when we got married 28 years ago.
Absolutely DO NOT PAY FOR YOUR CHILDREN'S COLLEGE. My husband and I both paid for our own secondary educations, no debt for school.
I totally agree with paying off the house. That's my last big debt and I should have mine paid off in 2-3 yrs. I will not retire with a mortgage..no way.
New sub here. I agree SO much with many of these topics.
I'm 51 on Disability $1400 & I rent. I just started putting $$ away, any little extra I can. I'm overall frugal & live minimally. I hope I'll be ok; good video.
😉🇨🇦
Same situation here on SSDI in USA. I get $950, and on housing assistance. But TIRED of just existing. Any extra side income makes my portion of the rent go up. I've always wanted to travel country, so I'm saving up for used RV and hit the road! Freedom to do what I want with earning and investing and seeing nature.
I am 46. I plan to retire at 62. My house will be paid off and my wife and I will have minimum 401k and social security. Why? I have seen at least 16 people save every penny for retirement and die 1 year later or have health problems. You are better off traveling when you are younger and able too. My wife and I see many older friends brag they had kids early and will go places and buy things. But then their parents start dying and they need to use their money to take care of them. Or their kids needs help. It rarely pans out. I would rather look back at 60 and say I did fun things and took my kids on fun vacations etc and be low income at retirement age. My last coworker saved up 1.2m for retirement. He was one year away from retirement at 67. He had a heart attack in front of his dream retirement home. It was almost completed.
Great video. Excellent advice.
Thank you soooo much for making this video!!! New subscriber here. ❤️
I appreciate your advice, but some of us are older and still limited to disability income and unmarried and renting. Your earlier years and your mom are wonderful incentives. God has always met my needs but life was easier when I was rich. That money and my health was stolen from me. I believe He will restore all things.
Am credit card debt free. Should be mortgage debt free by the end of this year. Am fortunate that I’m receiving both
my pension and Social Security.
I am 55 years old. My house and vehicles are paid off. My kids are grown. I only have 197k saved in Individual stocks, 401k, HSA and IRA. I also paid into social security for my whole life as a nurse. We have some small amount of 5k in debt. My husband runs a small business. I am still working part time but do travel nursing. I can do travel nursing six month a year. I am not ready to stop working. I am looking to do something else that is less stressful. I am worried about getting sick. We are working on staying healthy. We thought of living in an RV and sell the house. I did help pay for my kids college with Florida Prepaid. My youngest worked and got grants to help pay his college. It is scary to think I might have 20 or less years left to live. You just don't know.
I can vouch for that 10 to 15 years comment you made. I had nothing at age 43 (not even any equity in a home) but now, at age 58, I have $1.3 million in index funds. I started investing as much as I could in low cost index funds when I was 43, and that has made a huge difference for me.
Tim what fund gives you the best returns?
Tim , what funds do you advise to have?
@@MM-qq9ox How old are you? That will have a lot to do with what you should hold.
Not sure why you aren't worried! We are completely debt free and have a million dollars cash and we're worried as all get out!
we are Christians and know that God will take care of us no matter what. If you are worried and have that much you need to get some counseling.
@@LivingOnADime LOL, if God will take care of you why are so many people homeless in the streets? I don't need counseling, you need a reality check!
@@linmurray436 You know, many (not all) of those people on the streets either have some type of mental illness, or they have some type of addiction that brought them to that place in life. I'm not saying that all homeless people have either of those 2 circumstances, but a lot of them do though. Believing that God will help us is always a good thing in my opinion. In my life, He sure has helped me many, many times in various ways. All a person (homeless or not) has to do is have faith in Him. But that's too hard for some people apparently.
@@linmurray436 do you have children? You did everything for them as babies, as they grew you gave them more responsibilities. They made mistakes, learned discipline, gained skills, critical thinking, eventually self responsible. Your Creator did that and much more for you. So spend less, but enjoy your prosperity or what the heck is all the work for. And if you like worrying enjoy that too. That same Creator cares for the homeless, even if they lived way above their means. Some will recover all becoming millionaires, and billionaires.
@@linmurray436 God helps those who help themselves...
Thank you so much for making a realistic and relatable video about another option as to how to retire
I want to retire and work a part time job . I can not afford health insurance without my job .
Real estate does Not always have value. I know many people who bought homes for cash and ended up having to sell for less.
Yep, happened to us TWICE! :-(
Oh Man , you two are doing great! Here is to being debt free. Exactly - about not going into debt for kids education. I broke up with a guy who was a lot of fun but had nothing. 50++ years old - No retirement, no property, & a big ass truck payment. He LOVED, loved That truck. Arg!
June Bug wow. : ) You are an angel to me and you don't even know it. (Well, you know it now). I was dating someone who was alot of fun, but had nothing as well. He really didn't focus on the important things in life like retirement, etc...He is 57 years old. He has a house, but he has a roommate. And he still struggles to come up with his half of his mortgage, even with a roommate. He borrowed money from his sister 3 months ago to pay his mortgage and she helped him out with that. He has also borrowed money from his roommate. He has no retirement and really doesn't focus on that. He just got a used truck because his old car broke down, but his truck is a 2010 with no payments. Really fun guy, but I had to get rid of him. I am by no means looking for someone to take care of me at all, but ughhh. (you know what I am getting to.) I have been feeling guilty about it though, wondering if I was wrong for doing that (???). But now, you come along (lol) with your comment and it just confirms everything. In my mind as far as he goes, it's definatelynow a "no thank you." Thank you for your comment. : )
@@girlygirl1890 So glad to help !:) Integrity is another thing. Do they do what they say they are going to do? Mine said he will take classes so he can get his bosses job in 2 years. That was a year and half ago. No classes, no basic math. A Dreamer
Sounds like you gals made good decisions ♥
At age 63 I see age 50 as being young. Luckily myself and husband get social security about 2900.00 a month we do have some credit card debt. No hair high elites or vacations ha ha ha no new purses or shoes well a pair for 9.00. We put 2200 on a card for a water heater. Paying a little off each month.
We just found your channel! We are your newest subscribers 🤗 looking forward to following your channel 😎
You're Right.. you need to look out for yourselves now that you're getting older. Kids won't appreciate what they don't work for . Life is not easy and they need to know that and experience it. God bless 🙏
Great videos!
No, no no! I lived a great life and did I wanted. I retired with no money at 64. I moved to Medellin Colombia when you don't need a car, rent is $300 and medical is under $100. You live too complicated of a life , it's an insane way to live.....oh yes the american dream,. Sad.
New subbie ❤ glad I found your channel. Love anything budgeting
Only problem with your system is if you die young, better to start saving when your young, so you can travel and enjoy life before you get to old
Two quick comments. You can enjoy things just as much when you’re old as when your young, maybe more as you’ve learned how to better appreciate what life has to offer. Second, the hardest thing to do in life is reduce your standard of living. Living large in your youth as a trade-off for an austere retirement may make for many regrets, remember most people are “old” for many many years.
I love your videos! Helps keep me motivated to achieve a debt free life that my husband and I have been working toward. We are debt free except our house and hopefully will have it paid off in a year!
We had our house fully paid at your age. No way I would buy another we extended the one we had and refurbished it.
Wise words! Thank you!
Excellent well made video !
Great information
Home and vehicle repairs are always coming. So set aside money and make a list of what repairs need to be done by priority. Nothing is getting cheaper .
Good plan! Way to go! I have to keep working for a long time. I'm 56, single. Debt free but I don't own a home. I still want to and have a great God! His will be done.
When considering financial aid for college, usually the value of your house is considered fair game for colleges to take before giving any aid.
Great advice!
I don't think it's a requirement, but we are funding an account specifically for our child's education. Be it college, trade school, etc. I do think it's a gift worth giving IF YOU CAN. Definitely not helping anyone if retirement is sacrificed to pay for a kid's college. I would rather my parents be financially sound than have them pay for my education. Which I know some well-meaning parents do. I agree that working to pitch in some part of the cost is good for building life skills and a sense of responsibility. Plus, working can really give a person a sense of self-esteem and confidence. I LOVE how you clearly explain interest and write-offs. 🙌 Great video. Wish you all the best.
400k home in texas is 7000k in property taxes. Just because you pay off mortgage doesn't mean you're debt free
Time to downsize. WOW!!
God bless you - on marriage #3 & my husband on marriage #2, we’re in a similar boat due to past experiences. We’re working on a business - or several of them - in order to pay for our lives in retirement.
Time to start a small business. Good luck to you guys!
Where do you find a safe investment that makes 10%?
Trcbx mutual fund and QQQ index fund
Bitcoin
@@bryantmadren4470 more like 6-8%.
@@kendatappen9786 They said safe.
@@jessicas7482 I disagree, pull up a 5 year chart and take a look.....its doing well for me.....been investing for 23 years now
Just found your channel and enjoying it very much. I have never had much in life and have on the most part always bought with cash only. I have lived and learned the hard way. I have always wondered one thing. Why do people past the age of 50 with no kids living at home think they need a big house? I live in a small house but still would like a smaller house. I mean only two people. A bigger house to me just means more money to pay heating and cooler more room. More cost in upkeep. And you said your not responsible for your kids collage. I have heard that before and I agree to a point. Our kids did not ask to be born into a world that is so hard and getting harder each day. Sadness, crime, meanness, so many things that we our self have faced in our life. They did not ask to be put here and struggle to live. I am not saying pay their way to the point we raise them that they can't think on their own and they don't get up and work and make their own way. I brought my kids into this world. And they lost their father at a very very young age and I have struggled to raise them on my own but I also raised them to know what work is. They work to get what they want with out little help from me. I see way too many kids go to collage and get themselves in dept for the biggest part of their lives. So I think since I was responsible for bringing them into this world it is my responsibility to set down with them and help them plan this big move out. Many times they go into this dept and end up not finishing the classes and then they are left paying for nothing. There are MUCH cheaper ways of getting an education in a trade without putting your life in dept.
You're an angel
Try Nebraska. It's much cheaper and nicer. I was born and raised in CO, but now call NE home. Love it there!
Great advice
Real estate values are cyclical. Hopefully, if you need money, your house value will still be enough. It's hard to rely solely on real estate because home values could go down in the future. Especially, if we end up going through another "depression" or "super inflation" scenario where people can't afford to buy homes. But, being out of credit card debt and car payment debt is a huge win win! Best Wishes to you both!