Great video, Another factor to add is Do folks spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in months and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Vivian Barbara Mui just check her out. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in 2021 April due to the crash.
Ignore the trolls on the internet that recommend specific advisors. They are usually shills. The stock market is volitive. That is how you get the months with $27,000 increases as well as those with $27,000 losses. If you can't afford to take that risk, change your asset allocation. Here is an allocation for someone over 65/retired, whether they have $500K or $1M. I use Vanguard, but you could use Fidelity or Schwab as well. I also recommend ETFs vs. Mutual Funds, because they are more tax efficient. 1. Vanguard US Total Stock Index (VTI) 2. Vanguard Total International Stock Index (VXUS) 3. Total Us Bond. (BND) 4. Total International Bond (BNDX) Depending of your degree of risk taking, you simply allocate your portfolio in the manner that represents your ability and willingness to take risk. If you are more aggressive, you might have: 50% VTI 20% VXUS 20% BND 10% BNDX If you are more conservative: 30% VTI 10% VXUS 50% BND 15% BNDX That's all you need. No advisors, no excessive fees, no BS. One last comment...as Geoff mentioned in this video, it's important to have an Emergency Fund. I recommend a minimum of 18-24 months of your standard living expenses (not including travel, entertainment, etc.) in cash. That way when the market is in a decline, you will not have to withdraw from a declining portfolio. As you use your cash and the market recovers, as it usually does within 18-24 months, IN THE US, you replenish your cash emergency fund. FYI...I spent 54 years in financial services, including the last 15 as a college professor, teaching financial and retirement planning to future CFPs, ChFCs, CLUs and RICPs. My personal portfolio includes VTI/VXUS and a series of income annuities, so that is why I do not hold bonds. The Annuities are my Bonds. I also have 3 years of cash. Happy Retirement.
The car? I gave up my car in 2008 and ride a bicycle most places. I'm 7 67 years old. I live in the center of the city within a 10 minute walk of two grocery stores. I am fortunate to live in a city with an excellent mass transit system and if I really need a car I just use a Loft or Uber. Part of the reason I got rid of my car in 2008 was the amount of money and worry it saved me but also I knew that as I aged my reaction times would gradually slow to the point that I shouldn't be driving. Much better to set my habits before that became a necessity. As far as a set of luggage---for the last 20 years I've never travelled with more than a great backpack. I find that I can pack efficiently even when I'm staying for two weeks in a foreign location. Everywhere I travel has the option of doing laundry. Why haul massive amounts of "things" around? The health club? I used to belong to a gym and realized that the things I used most--tread mill, stationary bike, stair climber---are all things I could duplicate in the real world outside of the gym. Instead of the tread mill, I go for a walk. If the weather is bad, it's pretty easy to find a place inside. I ride a bike daily for everything so don't need a stationary bike. Taking the stairs instead of an elevator replaces the stair climber. I find exercise classes online. I bought a set of 5 and pound weights for strength training. No need for a gym at all.
1. A comfortable home. 2. A comfortable retirement income. 3. Reliable transportation 4. Your health 5. All the free time you ever hoped for. 6. The ability to not have to tolerate people you cannot stand. 7. A good sense of humor.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@JefferyDuns Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Also, buy your plot at a cemetery or make plans on how you would like to be buried. Have a Will ready and a letter to your loved ones on what you would like to tell them Declutter: stop hoarding. Live simple/minimalist. Don’t leave the burden of getting rid of your stuff to your loved ones. They have enough with their own problems.
Easier said than done on the hoarding. My experience with my many older relatives is that most people hoard more and more as we age. I think it has something to do with our yearning for the past, nostalgia, or loneliness. I think we connect "things" with people that we have lost and they become like a security blanket.
@@GrnXnham Well there are those with the sickness called hoarders and then there is most others that just over a period of a long life have a collection of tools, fastening hardware, old clothes, fishing tackle and ammo, and other things that they really won't use much anymore. I am pretty sure that's what SC1234 was referring to.
Excellent advice. Luckily my mother hated clutter so when the time came to clean out her house after she passed away I had very little to get rid of. We gave some to Goodwill and had a couple of garage sales & put the house on the market. So easy. My mother-in-law on the other hand…
1. Vehicle for transportation 2. Home to live in 3. Emergency Fund - 3-6 months expenses 4. Insurance - Health, Life, Long Term Care 5. Good set of luggage for travel - most retirees will do some type of travel 6. Access to health club or work out equipment - stay active and healthy 7. Education - stay engage to keep mind strong through self study or college education ***Note: None of this needs to be expensive…
I got 1 thru 6 covered, but Number 7 is a problem at 89 years of age. I am active on social media and uses Wikipedia often. I wished that I had Wikipedia when I was growing up instead of having to go to the library to look things up in the encyclopedias.
Have you really found a need for good luggage? I have personally never packed using luggage. A few times my wife packed my stuff in her luggage but if I travel in country, I simply take a gym bag or backpack and a duffle bag when I was younger. As for number 7, the objective is to keep you sharp if you make it to your 80s. No need for classes in your 80s. Now is the time for you to share your experiences or write your life story and to be generous with sharing your wealth.
I hear you @prarie. I probably wouldn’t have put this on the list except I was in Hong Kong a few years ago and had luggage failure. It was not pretty. Saran Wrap stuff everywhere. That happened to me a few years earlier - same situation. Admittedly I am known for using every square of space in the luggage
@@HolySchmidt We've been rockin' the same inexpensive ($20 after mail in rebate) 3-piece luggage sets we got from Staples over 20 years ago. We've taken it on over 60 vacations and it's still in perfect condition. We're careful not to over-stuff and we steer clear of airline travel which I'm sure would be the instant death of our luggage sets.
I say keep active by volunteer work. Have your final requirements in place and planned, will, trust, funeral or cremation. Do not leave a mess for the family.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
'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.
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I know it goes against conventional wisdom, but I'm planning on paying off my mortgage pretty aggressively. I think I can do it in the next five years. I'll be 45 years old then with a paid off house, and I think that will go a long way towards easing the stress of having hardly any retirement savings.
It’s great not to have a mortgage. You’re young. If you can earn 8% or more with investments and have a low interest rate on your home, I’d tend to put more money into investments. It’s all a balance
@@tedreid1035 I appreciate the advice. Balance is important, for sure. I'm just betting on not being able to stand working a day job much longer. I was born a musician and teacher, but changed careers to make "real" money. I don't regret it, but I hate it. I'm just searching for some other kind of balance, I guess.
@@loriar1027 Awesome. It’s nice to know I’m not alone. If all my other investments flop, and I lose my mind at my day job, I’ll still have a place to live. Seems like a good idea to me!
Things to own: 1. Car 2. a Home 3. emergency fund - 3-6 months of expenses 4. insurance - life/longterm 5. good set of luggage 6. access to gym or home gym equipment 7. keep taking classes to keep your mind alive. None of this needs to be expensive. Good video!
One of my best purchases in retirement was two E.Bikes. And the related safety equipment. I purchase two folding bikes that fit in the back of my SUV. I purchased two bikes on sale so I can bring a friend with me on my adventures. The total cost was about $3K. They paid for themselves in the first summer. This will be my third summer and they are still in almost new condition. They have 100 mile range and they've helped me to lose weight and improve my health. One of the best purchases I've ever made.
Volunteering gives you a chance to give back and brings with it a sense of joy as well as social interaction. It's easy when you retire to become isolated.
I’m 68 ! I love spending time with myself and being alone . I get to do whatever the hell I want without the criticism from others and without hearing all their complaints, tragic stories and unimportant opinions about their lives. I can fade away into the sunset with nature - the animals, trees, mountains, oceans etc.
As a 58 years old person who’s good with number but bad with money all I want to tell you is THANK YOU for all your videos. The content is always spot on for me and I’m changing my bad habits and taking your suggestions at heart. Awesome word, greatly appreciate your videos and keep it up.
Going back to school in retirement is great. I go to City College San Francisco. Taking classes gets me out of the house so in person classes are best. For chronically lonely people like myself, it gets me among younger people to interact with. It exercised my mind helping me think of new things, new ideas.
Great advice overall, but think twice before purchasing Long Term Care Insurance. A current class action lawsuit against GenWorth illustrates the pitfalls. We signed up over 10 years ago and have endured a steady stream of premium increases that far exceed inflation. Now, just as we are about to enter retirement, we question whether we can afford the monthly premiums that will continue until our death or placement in a nursing home. In retrospect, its hard to make an economic case for such insurance. I am interested in your opinion on these specific policies.
The Genworth class action lawsuit was about their universal life insurance product, not the LTC product. You need to be more careful and accurate when calling out financial institutions.
Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@patrickbrussels4454 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
@@Erikkurilla01 I wouldn't trust Stephanie Kopp Meeks. She obviously can't get much business or she wouldn't need to arrange for AI chatbots to say how great she is on TH-cam comments boards.
As a retired person, I would say this is all spot on. We currently live in our 5th wheel trailer and travel full time, but I am thinking of buying a "tiny home" someplace permanent.
I researched tiny homes, and the Van Life. I do hear travel trailers are fun for awhile, but seems almost everyone tires of it. The country can get small fast. For tiny homes I'd like to suggest an alternative...create a tiny home instead a standard home. That's what I did in a 1660 sq ft central Phoenix single story home. I created a 300 sq ft studio 1 bath apartment for myself. 8" thick separation wall. The rest of the house which is basically a 3/2 house rents for $2400/mo plus they pay utilities including my electric. Apple to apples at today's home value and mortgage rate would completely cover the mortgage payment. Going forward it would likely start paying you. In my case I bought 14 years ago so today I'd be netting about $1600/mo after prop tax and insurance. There are some serious issues with tiny houses. Extremely limited location choices and risk of local governments creating problems. My biggest issue is the concept of being on a trailer. I've been studying tiny homes since before that label was created (see "Not So Big House" by Sarah Susanka). The concept of using a trailer was to try and get around zoning. An actual smale house wouldn't be allowed but parking a mobile trailer was, or not yet not allowed. That's when the "tiny" label started because a trailer in the US can't be wider than 8.5'. That foot print imo is extremely limiting. Most have lofts because up is the only choice. No room for stairs so up and down a ladder or worse. At 65 OK. At 80? Plus loft can create a very hot location. People touted the benefit of being able to move the trailer. I'm sure it happens but I've never personally even heard of anyone actually moving a tiny house other than many from the built location to the first living spot. I think one reason for this is do to all the infrastructure needed. Tiny homes generally aren't being moved into existing mobile home parks where the infrastructure is already in place. Most have electric run, pad, driveway, sidewalks and patio installed. Water and sewer added as most tiny homes don't have water and waste tanks because of space and certain no one wants to drag their home to a pump out station. So people are building a permanent location around a "mobile" home so really no mobile at all. Building on a trailer also adds a lot of expense...a lot. I'm hearing in the $50-100k range...plus land and infrastructure. That's in the range of a decent home in much of the US. You can buy a fixer in many towns losing population for $30k....3/2 house, large lot, full infrastructure. Put $20k into fixing it up and you have a tiny house + rental income for the cost of a low end tiny house. But imo the most important aspect is flexibility in design. No loft is required. Wider than 8.5 external, about 7.5 internal width (about the same as a US prison cell min). That can create much more comfort and greatly reduce cost. Most tiny homes use travel railer type appliances to save every inch. Those are expensive and no pleasure to use. Expand a kitchen area n=by just a foot or two makes a huge difference. Sarah Susanka's homes designed inspired me. Tiny homes don't.
A tiny home is a good idea 👍! You don’t really need much space anymore. I’m thankful I inherited my mom&dad’s home I grew up in. And it’s all paid off.
I would add...own a pet and preferably rescue one from a shelter. Just make sure you can afford pet insurance and the annual funds to keep your pet healthy. Pets are brilliant companions, some help you exercise and they reduce anxiety and stress!
I love dogs. But I have seen many people avoid traveling because of their dog. You have to be honest with yourself about what it is you like to do. Not seeing loved ones because you can't afford to put your dog in a quality kennel facility for a couple of weeks a year is not a good choice for me.
@@jstravelers4094 Yes this is a really important point and so true. It is one of the considerations dog lovers need to factor in if they choose to live and care for a dog in their home. As an experienced dog rescuer, I am lucky enough to have family alongside knowing the owner of a great local doggy day care centre who can care for our dogs,when we travel abroad. My nephew has also stayed in our home and house sat the dogs. There are several options. It doesn't prevent travel but it sure does add to the considerations of travelling. When we holiday in our own country, we take the dogs...of course!!!🐾🐕🦮🐕🦺🐩
Income doesn't have to be fixed in retirement. I retired at 57 after investing in the markets for almost 30 years. Most of investments were in index funds like S&P 500 and income was deferred until I retired. I actually have more money coming in now than when I was working. Wont have to touch 401K or IRA until after 70 and figure to take SS at 67 or thereafter. In fact excess funds just go into my brokerage account. I am and did nothing special. You just need to invest early and keep investing through your work career. Lastly, with respect to a reliable automobile, buy a Toyota or Lexus. I wish everyone the best success on their own journey.
When we were younger and worked on jobs, our income was fixed too, the salary. So, fixed income isn't just for retired people. Fixed income doesn't mean small or inadequate income either. I am far from being rich, but my monthly income from SS and (RMW, required minimum withdrawal) retirement accounts is more than my salary income. On travel, it could be very expensive too depends on where and how you want to travel. A set of nice luggage is the least thing on travel. A $200 set is good for anyone to anywhere for many trips. On engaging, join a church or a community club is the best and least expensive way to building and keep a social circle.
A van you can sleep in comfortably or a small camper van, give you freedom to travel around and stay at normal parking places for no or a small fee.. We have bikes and cayaks with us keeping us fit, enjoying nature. Simple cooking. Simple living and high quality life to a low cost.
I would prioritize a cell phone with internet access and a desktop/laptop with the same. Emergency rations of food, medicine, flashlights, paper products and cleaning products. You can always buy luggage if/when you need it That's very easy to get in a moment's notice.
Good items. When this pandemic started we stockpiled canned goods and non-perishables to carry us through shortages. We shop slow hours to avoid virus spreaders to stay out of the medical system and try to shop once every two weeks. We were hit by a hurricane last year and are still recovering…..extra difficult during a pandemic.
the point of the video is not to buy luggage now; it is that when you buy it, buy quality. any traveler with the least experience will tell you it is so.
Something routinely overlooked in all the “best places to retire” articles is public transportation. Just because you own a car doesn’t mean you will be able to safely/legally drive until you die. Plus, owning and operating a car is expensive. And, walking or riding a bike on shorter trips-most trips are under 5 miles-saves money and works to lessen the impact of aging. Add a set of resistance bands and you can skip the gym membership.
When I used to live overseas, I’d fairly often see women and men and their 80s still riding a bicycle or walking to take public transportation. They were able to do this because I’m guessing they never stopped walking and riding bicycle throughout their decades of life whereas many Americans when they get older, they just drive everywhere.
“I want to invest in real estate but I don’t have enough capital” What if I told you that there is a simple way to access the real estate market, even if your capital is low? I am talking about REITs (Real Estate Investment Trusts).
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
@@johnlennon232 mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 36 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The coach that guides me is "INGRID CECILIA RAAD", it shouldn't be any difficulty finding her seeing that she's actually quite popular, just search her name.
My adviser is in Florida and I am in California don’t let that stop you. This is a zoom, e mail world. Fidelity, Vanguard, and Stock Market all aren’t close but we still use them.
You missed something: A power backup system AKA generator for when the power goes out. You can get a couple of 400 watt solar panels and a power system for under $2000 that will get you through almost everything. You can go under $1000 for minimal things, not including your standard refrigerator and washer/dryer. (There are 12 Volt appliances that pull a lot less power.)There are many TH-cam channels, e.g. Will Prowse - and he has a website providing valuable free info. Forget about AC. (But study that situation more if you really need it. )You'll probably want a secondary power source for heat, either gas or wood. Also, you want a backup food source in case you can't get to the grocery or the grocery is empty. Grow a garden, plant fruit trees, store dried foods, maybe canned. Don't assume that the world will always be the way it is now.
1. Reliable Car. 2. Safe, Clean Comfortable Home, preferably mortgage free. 3. Emergency Fund, 3-6 months in cash/cash equivalent. 4. Health Insurance. Strong Med Sup Policy and LTC Insurance. Life insurance if still needed. 5. A good set of Luggage. 6. Access to exercise equipment. 7. Local College Courses. Where ever your interest lie. Another great video Geoff.
Nice for helping us! Thank you! The YMCA offers memberships based on income, and... many colleges have free classes online that do not give credits, but, keep people engaged in all sorts of classes.
Love that you mentioned continued education-many opportunities out there like the public library. Something that you need to "own" as well is a place where you are valued-by that I mean some activity where you can give back to the community by volunteering. Retirees have a lot of wisdom to share and caring for others brings great meaning to our lives!
As a two-year retiree, I fully agree with all seven points. I would add under 4 (protection), that if you have kids, even grown kids, make sure they have health insurance (if you are in the US). I do not want to encroach on their finances, but it has happened (to someone I know personally) that their adult, uninsured son developed a brain tumor, and the medical expenses quickly wiped out the son's finances, then the parents. All the travel plans, etc went out the door. They held onto their house by refinancing it, so it was once paid off, but then had monthly payments. They had saved their entire lives, and this was terrible for them. Of course the parents' participation was optional: they could have said no, and lost nothing, but that is harsh if you love your kids. Maybe there were legal options for the son to take, but he was in a bad state. So, maybe this is worth another video: how to protect yourself from your adult children (and grandchildren) from their extreme medical costs, while still making sure they get all the care they need. Thank you.
Geoff, Thanks for 5, 6 & 7. A lot of folks needed to hear that. I have been begging my MIL for months to use the community center she pays for. She has a trip planned late Oct & is in no shape to enjoy it. She's overweight and struggles to the supermarket. #6 is the most important of the 3!
I recommend a pickup truck for chores, yard work, recycling, driving in snow, moving furniture, hauling tree limbs, and recreational activities. Come in various grades from utilitarian to luxurious with good resale value and is an excellent reliable backup family vehicle. I recommend the RAM 1500 (DT latest generation). I recommend upgrading to a bigger flat screen TV (depending on room size) as they have better resolution at a lower price, last a long time, are better with aging eye sight, and retirees spend more time watching TV. My small den didn't need a TV size upgrade but my larger master bedroom benefited from the upsize. Got an amazing deal in December when the Best Buy showroom was full of flat screen TV boxes huge selection and buyer's market. I recommend a bicycle and hill repeat training every other day as the most efficient way to get into shape and stay fit. I recommend a Costco membership for groceries but not for things you don't need. I recommend the EGO brand of cordless electric lawn mowers and yard equipment and ditching high maintenance and noisy gas powered equipment. If you like Sirius/XM radio but not the high price, start an online chat to cancel and they will offer you an extremely discounted rate for 6 month to a year to keep you as a customer and you can always cancel or restart at the discount rate once the offer is over. If you have an older home with drafty wood sash windows I highly recommend replacing them for better insulation, solar coatings, low maintenance, energy saving, no painting, and guaranteed replacement. I like the Window World brand. As an avid fisherman, I have never regretted buying fishing tackle and lures as it is a fairly affordable hobby and it is fun to research and test new equipment.
For Point #6 regarding fitness, if you are 65 or older, check to see if your health plan participates in Silver Sneakers. If it does research to see if any of the health clubs in your area participate. I belong to 3 gyms, each with a different aspect I like about their program, and it doesn't cost me a dime.
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
#2. Too many people get sentimental and refuse to downsize their home. Their larger home means higher heating/cooling costs, higher insurance, more maintenance, higher taxes, etc. If money is no object, great. But I have seen too many empty nesters/retirees holding on homes & then complain about high taxes & repairs, etc. Downsizing will save a lot of money + keeps costs down + puts more money in your bank account.....I saw my parents do this. They realized they should have downsized a lot sooner.
We worked hard, paid the mortgage off in 13 years, and bought a down sized retirement home for our golden years. But now, we refi every year, we have great tenants and our retirement home has become a cash cow rental property. We will move into it when we are good and ready.
My mom&dad left me their home I grew up when they passed . It’s all paid off, 1800 sq ft, in a good neighborhood and close to everything ! A perfect retirement home.
1. Tesla 2. Condo in 55+ community 3. $12,000 Emergency fund 4. Diet: low carb/summer, alkaline/spring, GAPS/autumn and paleo/winter, three months each year round with intermittent fasting. 5. Duffle bag and gym bag 6. Yoga, tai chi and walks in park 7. Live, Laugh and Love
Number 5 really surprises me - I've traveled and lived internationally for 35 years and have never bought anything but quality garage sale luggage - airlines will destroy whatever they receive, so turn that luggage over as needed with a nice $20 piece from a second hand source.
I really appreciate your Videos. They are of great common sense, even though common sense is not common. Thank you Geoffrey! Your videos only prove I've been doing the right things all along.
Be creative!!!! That's important for mental health. I'm a recently retired psychotherapist, and everyone at any age needs creative expression of some kind. I've discovered abstract paintiing, and I just LOVE it! Thanks for this nice video along with the one about things to avoid. Very very wise.
Buy a well maintained (1 owner) older Toyota or Lexus. Undeniably the most reliable cars in existence. I’m 57 and five years away from retiring, 5 months ago I sold my 2013 Lexus ES350 and bought an older 2002 Lexus ES300 1 owner. There’s a well documented 2002 ES300 on TH-cam which had 590k mostly highway miles With the original engine and transmission. These are bullet proof and one of the best model years of the ES Models. Great video, thanks for posting !
14 years into my retirement at age 68, I bought a used 2008 Lexus LS460 with 9000 miles on it. It is built like a tank and with all scheduled maintenance done, it should run forever. Before that I had 1998 Lexus LS400 with 270000 miles on it and still run fine. I had a $3000 corrective maintenance done (undercarriage work) and gave it to my niece. I'm 89 years old and still driving my now 13 year old Lexus.
@@howellwong11 what an awesome story ! I love those LS Lexus’s also. They’re also bulletproof. Their air suspension is one of their biggest issues. My 2002 ES300 now has 165k miles, within 2 months after buying it the rear struts starting leaking. Changed out all 4 and attached links. Now it rides like it just came off the dealers lot ! Amazing. Not a creak or rattle, solid like a tank and quiet like a vault. Love it. I’ll be keeping this one for many many years! Will be looking at getting a 2002-2005 C5 Corvette when I get closer to retirement. Need some sporty driving.!
Wow! Good to know! I drive a 2014 ES350. Bought new. Got hit by a drunk driver in 2015. The car sustained over $33K in repairs. I walked away unhurt! The car is a tank, IMO. The local Toyota collision center repaired like new. It's dependable and drives like a dream. Where do you get your Lexus maintenance? At the dealership? I plan on driving this car for many more years. Thanks Stephen! Thanks Holy Schmidt for your valuable content!
really nice to hear practical advice rather than just the save for your retirement. hey I am 65 so these comments were really helpful; and if you have them you can start feeling smug..not x
Yoga is one of the best mind and body activities for seniors. If you have joint injuries it will be as good as or better than physical therapy. Started at age 60 and never looked back.
As a Canadian the health insurance thing is a lot less important since the list of things not covered is much smaller. As for staying wise and engaged there are a large number of ways to do that including having hobbies and activities that require a reasonable amount of mental effort. A gym may be a good idea for many but there are plenty of activities not requiring special physical fitness equipment.
I hate traveling! If anything, I can’t wait so I don’t have to interact with anyone for weeks or months on end! Not having to be around people with be the GREATEST day of my life!
Finally someone who agrees with me on travel. I hate everything about it actually. Airports, security, idiots on planes. I can drive all over the Finger Lakes anytime i want. And I can be in the Adirondacks in 3 hours. That's all I need..
Just retires at 64. Got 1, 2, 3, 4, down. I have a hodgepodge of luggage but it'll do. Definitely could stand to lose some weight and get in better shape. The college thing I may look into. Lots of stuff I'm interested in and it'll get me out and about. Whew! Thanks!!!
Staying healthy is more dietary habits than exercise. I ride my bike most mornings, I'm pro fitness, but you can't work your way out of a high carbohydrate high sugar diet. People eat poorly and they eat too often. My next door neighbor walks daily but he is obese and will not stop eating junk. Fasting and intermittent fasting have put me on the road to living past 100. I have lost 30 pounds and my resting heart rate is down 10 BPM. If my mom had ridden her bike more and laid off so much fruit she might have made it, too. She made it to 93, but was very weak at the end. Thank you Mr. Schmidt for helping us retirees with such sound advice!
About "Vroom" - In cities and suburbs there's advantages to not owning a car. Walking, car-pooling, biking and/or e-biking provides exercise and an opportunity to be social. Cars, car insurance, repairs, gas, maintenance and parking are expensive. But maybe the most important reason is that an older person's ability to drive safely declines. If we adjust to living without a car before it's time to take the keys away, it won't be near as painful.
Number 8: an excellent computer. Take free courses online on just about anything and everything. Keep mentally fit with free online word games. Can buy anything online after comparison shopping online. Or buy used on marketplace. Of course be prepped if the electric goes out.
Luggage - considering what happens to your luggage on a plane - one of my best purchases/acquisitions was my Air Force heavy duty denim luggage (soft, not heavy, hard to destroy)
One thing I would add is to have a good activity. With so much time on your hands, it's dangerous to not have something to do. That's when money is spent, half from boredom. A lack of purpose can also get you down. Think of something you enjoy doing -- or something you always wanted to do -- and find a way to do it regularly. For example, I used to run and bicycle when I was younger but, of course, due to health issues, those are not possible anymore. But I can walk. I keep busy -- and active -- by walking every day. Just as I did when I was younger and running, I give myself goals and aspirations. While I used to participate in racing as a young woman, that fell by the wayside after I married, had a home, had children, etc. And, of course, now I can't run in races at all. Darn it. But... there are all sorts of walks I can take. Just within my rural area, there are over a dozen hiking areas, with trails. There are also some walk-a-thons and walk-jog-run activities. These all keep me busy. But that's just an example. I'm not saying you should walk, necessarily. (Though it is good for you.) But think of something you enjoy but, maybe, never had time to do before. A friend of mine loves animals and has always had dogs and cats. I encouraged him to volunteer at the local shelter, and to foster dogs and cats. Even to participate in rescuing animals. He loves to help, too. And if you enjoy helping and being useful, or being around people, definitely think of volunteering-- if you belong to a church, you can start there for ideas. Or, just google "volunteer work" and you'll find an array of possibilities. Find one that you'd like to do because you should do something you enjoy. Or maybe you always wanted to try something but there was never time. Like woodworking, sculpting, painting, doing crafts. Now is the time to try it. You can still go on vacations and visit people. But you need something on a day-to-day basis. And, the truth is, you can only play so much golf.
With good mass transit even in smaller towns and the easy availability of Lyft, etc., I'm not certain of the necessity of a personal car. NOT having one also keeps one far more connected with their neighborhood, and hopefully get in a good amount of walking! (sitting is the new smoking!) Thanks for all your work, Jeff!
I am a native NYer in NYC, I have my drivers license but have never owned a car. I am 70 years old, have travelled on every habitable continent, built housing with Habitat for Humanity and no car. Don’t need it and don’t want it! And a live a really good life!
I am retired all the above all so you need to put away money for the upkeep of the house just when you think all's well the next thing something else needs repairs like Windows and doors boilers it's so hard to even get trades men after the covet glad it's easing down when you retire take time to adjust do what you want live on day at a time and have a jolly good on above all get out in the fresh air force sounds like I'm your granny I'm old enough God knows have a good laugh
Re-fucking-lax Nothing has changed! There have always been dangerous people in your neighborhood. You just didn't know it. You should continue to lock your doors and not ever leave valuables in plain sight. And if you're working in your back yard, have your front door locked. There was a kid in my neighborhood who would ransack people's homes while they were working in the garden. THIS WAS IN THE SEVENTIES! Guess what......he NEVER got caught! He got thrown in jail later in life ....drug dealer!
I started to think about my retirement and the size of my mortgage. what I did is I went into a shorter term mortgage I paid several hundred dollars more a month but it paid my house off way before I was 65 and having no mortgage and having the roof over your head paid for is a wonderful feeling, especially seeing how rents have gone skyrocketing and how housing prices have skyrocketed, there was no other intelligent choice than to have my house paid for before I retired. I now have just put on a new roof I have solar I have a walk-in therapy tub and I have really good car it's older but it's been so well taken care of it's almost new. And along the way I got lucky and I managed to have a little nest egg to retire on too. Sometimes you have to think about sacrificing when you're a little younger you know don't get that Starbucks coffee every morning that's $7 a pop and in 4 weeks how much have you spent? Some people just aren't willing to be super Frugal when they're young and working in order to be really comfortable when they retire.
Unless your rent can be less than your real estate taxes and or home owners association and repairs. Just left Chicago area after 36 years at 57. Home ownership is very expensive.
I built a duplex out of pocket to supplement retirement. It is nice to have someone around when we are at our other property too. We might get a place down south in a few years. With the craziness going on now we are fine here.
OK, so I own my home on the beach, some investment property at the lake and a 3 hectare farm outright, my 4 year old truck has 20k km and full dealer servicing. I have full government medical nearly free for life (21 USD per month and 1USD per visit). I have a small nestegg (considering I relocated to Thailand 20 years ago). I have good luggage and a few million travel points. Now I just need to get in better shape, as 30 years of a demanding job has not helped me there. I retire July 1st, 24 at 60. I am crossing my fingers!
Two things: 1) I was watching a TED talk and surveys find that people who live in retirement communities are happier - since they have people to do things with and often have community resources too. I think of senior cohousing as being similar. And 2) Seniors in the US spend an average of 6.5 hours watching TV each day. So I've invested in a great TV system (I have magnepan speakers and Marantz amp - about 4k just for great sound that is better than any theater I've ever been to.) Of course, I have a big screen TV and I own about 500 blu-ray movies that I mostly bought used. I use that same system as one way to listen to my hundreds of audiobooks (audible has lots of sales if you are a member.) So the provided list doesn't quite match what I see in my future.
@@HolySchmidt Pre-covid I did a lot of air travel in my work. So I would listen to 2 or 3 books per month on my iPad as I flew from place to place. With the audible sales I would buy other books for $3 to $5 per title. So I've listened to about 150 books - and probably own over 300. I find that I learn a lot from non-fiction books, while I get entertainment from the fiction. Now I'm listening to less than one book a month - but I still enjoy it, even when I am re-listening to one of my books. (And I feel like my IQ is several points higher with all that I've learned from those books.)
I am old enough to live in a senior community and I can't think of a single reason why I would want to do it. I have no desire to slow down or hang out with old people all day. I would rather be around people who will keep me young for as long as possible.
@@patrickmorgan4006 That was the point of the TED talk. When the audience was surveyed everybody thought that living in a senior community would be an unhappy experience. Yet actual surveys told the opposite story. The presenter added that when the community members said "they'll take me out of here when I'm dead" that was usually heard as "I can't get out" by people. But they were really saying that all their friends lived there and that their life was filled with activities. Personally, I've stayed at cohousing and great condo complexes where my friends and activities there became the core of my life. So it might be worth being open to the idea that your pre-judgment of community may not always be accurate.
@@tonyduarte9503 I am sure that living in a senior community with people your age and older would appeal to many. I am not one of them. I have several friends my age but most are younger than I am, some a lot younger. I prefer to stay young and look forward for as long as I can, not slow down and reminisce about how great life was in the 60s and 70s and music was so much better then, etc. It's boring. I would rather do things and go places than watch a lot of TV and listen to audio books.
According to one study that I read about, the greatest factor impacting longevity is a daughter that lives nearby. Luggage is so low on my list I would never have thought about it. Emergency food and shelter and power as well as other basic survival/ shelter in place gear would be much higher. Lack of easy mobility should be offset with assets that allow one to shelter in place for an extended period. I think spiritual community and training is much better than taking pottery classes and other similar things. One comment mentioned a Bible which is a good start but being involved with a church may be much better .... since other members will pray and visit when your needs are more than you can manage alone. Saw these things play out for my parents in a very good way as they reached end of life. Parents also did a good job planning their after death estate so it would benefit people and organizations they valued most, including their church. I would strongly advise stripping away as many possessions as possible, particularly things like boats and motorcycles or similar toys that will break down, require storage space, depreciate in value etc. My personal outlook would be a single level house with a second master suite that can be locked off as a rental .... or simply be a place for visitors......aka kids / grand kids. I think a modest electric or hybrid car will soon be very sensible and not likely to break down.....solar panels that will recharge the car. Otherwise live in a place with cabs, Uber or similar ways to avoid car ownership.... use delivery services extensively. A place to walk .... no need for a gym.
That's interesting about the daughter. Assuming she cares I can see it being a huge benefit just in prompting a visit to a doctor. Men especially tend to put off doctor vists. I never had kids so I'm screwed....well not exactly. I'm moving to SE Asia. Pretty easy to find a great wife there who is much younger than myself, and even younger than a daughter would be...or yes, even younger than a granddaughter. Filipinas are world famous for their kind care giving. So for me I think that will work even better.
If you belong to a church with great people, I am happy for you. My life experience is that both the best and the VERY WORST people are part of a church. Some of the sleaziest people in America are devout church people! Sometimes older lonely widows give way too much to their churches. As a matter of fact, they're the ones who pay the lion's share of expenses in many or most churches. And it is a fact! I know book keepers at several churches. And sadly the middle aged man with the nice car, and well dressed family who acts like he owns the church.....doesn't actually contribute very much money per year to the church. Wolves in sheep's clothing are alive and well in many church communities. Be extra nice to the kind little old widow who should buy herself a new coat. She's the one who made the remodel of the church possible!
I have two motorcycles, a sport bike and a cruiser. I thought I would be riding them a lot in retirement, but actually I don't. One, I am much busier doing other things in retirement than I had planned, which is a good thing. Two, I am considering selling them as even a minor injury would be a big setback in retirement. Three, other drivers on my commute who once gave me plenty of room, now crowd me, box me in, and cut me off. I can now ride when and where I like, but decline of courteous safe driving has taken away from the enjoyment of riding.
I never experienced calm and courteous drivers while on my motorcycle. Hence, I gave up motorcycles a long time ago. I have no plans of buying a bike in retirement. More power to those of you who ride!
I drive as little as possible now days . Too many crazies out there who don’t know how to drive. As for a motorcycle or an electric bike …., no way ! A small accident would be devastating.
Free start to European holiday = Diverbo. It's rewarding, fun and good way to meet interesting people and kick off a Europe jaunt. (You can do multiple ones) Don't book with US airlines - use el cheapo local ones : Easy Jet Ryan Air. Forget rail travel that got expensive fast RIP Eurorail. Though every now and then it's worth it - St Petersburg to Helsinki was great value. You only need 2 pieces when travelling=large handbag and a carry on. I have a large MCM backpack-- it was expensive but had it for 10 years. I can pack enough for 3 months travel, it's good for your posture and you never have to worry about waiting at carousel. Best part of travel is picking up a new t/shirt/jumper. Longer vacations= house-swap.
Nice list and lots to think about when getting ready to retire. I definitely put excellent health a main driver in ones retirement. Poor health can destroy even the best made plans.
@@HolySchmidt some folks don’t realize that neglecting your health while your working creates an even bigger problem when you have a lot of time on your hands in retirement.
Having watched my parents and many others age, health is something that needs to be addressed as a long term thing throughout life - you can't just decide to get healthy once you retire. For sure poor health can ruin retirement and shorten it a lot. Not all, but many aspects of health are in a persons control and people need to be proactive there.
About having a car, an older person should also know when to give it up such as if their vision is not right or they’re taking a medicine that would impair their bill to drive correctly. Please do this to protect yourself other people.
1. Reliable investments 2. Reliable affordable car 3. Home base 4. Emergency fund 5. Good insurance 6. Good electronics (phones, iPad, etc) 7. Travel fund
You should check your state laws before purchasing long term health insurance. Some states, fl, regulates them like group retirement funds. That limits how much you can sue for to the amount of money you pay in and they know that. If they refuse to pay and you win in court you still do not get what you are owed.
I didn't pay to go to college after High School, I'm sure not going to pay for college now that I am retired. It's important to note I never said anything about not learning. My whole life I have made it a habit to learn something new every day. That won't stop anytime soon. Have no use for luggage. Our travel trailer (or our new motor home if I get my way) have closets for the clothes.. That said, I always enjoy your videos.
Long-term care insurance - figure the average spent on long-term care and, if possible, self-insure by making that amount part of your emergency fund. Our financial adviser looked at the cost of LTC insurance (which he could have sold us) and advised that it wasn't a good value. We don't have a health club membership, but we own an energetic dog and walk him. Walking is great exercise.
Thanks Schmidt! an RV addresses items 1, 2 and 5 while (hopefully) lowering your overhead. Sadly it works against item 6 as it is such a relaxed lifestyle. Solution: add a mtn bike or motorcycle to your RV. My advice: get the smallest RV & Cycle that fulfills your needs. Those rolling castles are not a good idea, & hard to handle bikes are dangerous to your health ... generally speaking of course. Thanks Schmidt!!
Thank you for the information. For the poor people that loose alot now with things going on, there is another way. The way I'm choosing is to live in a RV or van. Your only payment is your vehichle and you find "free" land to park on!! Much cheaper living if you don't have the norm alot of people do. Good Luck, Be Free!!
I told my wife that we had saved our whole working life, now it is time to spend, but reasonably. The kids are out of the house, no more mortgage, and the credit card is paid off monthly. Our new motto is- If you want it, get it.
Agree ! You can’t take it with you . I’d like a new Lexus …. but I’d feel badly if someone dinged it or stole it so I’m thinking it may not be such a good idea. I don’t really really need it . I have a 2017 convertible Fiat Spyder with only 15,000 miles that’s good enough. Plus I love throwing and tossing around the $85,000 grand that I have in cash at home! 🤣😂 It makes me feel rich!
The cost of long term care insurance can reduce your investment income that could go towards long term care. Insurance companies price their products to where they cover their payouts, expenses and earn a profit. Life insurance for seniors falls into the same pit.
10 year plus retiree in the Philippines - No car needed in Manila - traffic is crazy/parking hell, and for most retirees one does not need the stress. For retirees that live in condos most essentials are in walking distance in Manila so really no need for a car - I have about 5 malls in walking distance. For times when travel to another city is needed, taxis or buses are very cheap and do the job - or grab. (No expensive car purchase, no massive depreciation, no rego, no insurance, no repair/maintenance, and no parking/speeding fines - plenty of money saved for enjoying life).
Im retired aged 65. I haven't had a car in 2 years but I always have had and use a bicycle. I moved abroad on retirement and rent an apartment, I pay up front 3,000 USD a year. I maintain a 35k emergency fund and have slightly more in an investment fund. I am self insured in that I don't have any insurance. Any. I am strict on myself.I eat a largely animal based diet. I constantly control my weight and do physical exercise. No medications.
As the owner (40 years) of an auto repair shop I can attest to the advice of a good reliable car. Over the years I have seen so many people pour money into a piece of junk because they have an emotional attachment to a car. The car usually is connected to a spouse that has passed away, has a name (Betty) and is seen as a living breathing object. Huge mistakes are made even after I try and talk them into getting rid of it and getting a good low milage car with excellent repair history.
My 1999 Ford Winstar died (tranny, not worth fixing) in 2014 (I bought it in 2001), it had over 350k miles on it (I use to drive 3 hours a day to and from work, before I retired) and other than regular maintenance, I had one repair, an alternator, during that time. I bought a 2012 Ford Fiesta with 35k milage on it in March 2014 for $11k (both vehicles were trade-ins at the original dealer). Everyone laughed at me for buying such a cheap, low-end car, but to me, a car is to get you from point A to point B and isn't a fashion/wealth statement. In March I'll have owned it for 8 years. It now has 75k milage (did a few long trips after I retired) and I've never had a repair, just maintenance. No one's laughing now, since I get about 40 miles to a gallon of gas. I'm 70, and it may be my last car, since I drive less than 3k miles a year now. If it were to start nickel and diming me with repairs, it would be gone in a NY minute.
A home is not expense-free. Even if you own it outright: 1) If something breaks, you pay for it. 2) You still pay various taxes, insurance, and usually HOA dues 3) All of these expenses will only go up over time.
Thanks for sharing these tips. As a supplement to #7, I would like to suggest as a TH-cam: it offers many interesting learning opportunities (including this video!).
A stick shift hatchback for fun and an Outback for hiking and camping (no loan) Own a place free and clear Have 7 figure saved and a good size pension An Osprey backpack; carry on size for stealth traveling Company provided free health insurance (too young for Medicare) My senior park has fitness room and pool Lots of hobbies to occupy time and mind Single, no children, Retired in my fifty’s
Do you want to get married? LOL, you have done great! I did not realize many things until much later in my life, I am 67 now, still working but finally got my mortgage paid off, now taxes every year or I will be out! Thanks for sharing, I hope your abundance and good health continues!
Exactly. No reason for really good/expensive luggage what-so-ever. Friends just took a two week trip to Scotland from the USA for birdwatching group trip. A few people never saw their luggage for the entire trip. Travel lightly, essentials in a light carry on.
1. Owning a car can be downsized to a motorcycle, a bike, Uber, taxis and senior transportation some places have. Owning a car can still be expensive with insurance. I'd rather someone else do the driving and at some point you have to give up your driver's license.. Bicycling will help one keep in shape, but then I know someone mowed down by a car while she was bicycling and has not been herself for a decade. The motorscooter/cycle will help you get to places in a hurry. You can even have a sidecar on it. However, it could be cumbersome and even dangerous. 2. Houses are still expensive even if fully owned. Property taxes where I live are expensive. I'm wondering how much more they can go up. A reverse mortgage may be a have to tho I've heard some negatives about it. Also maintenance pulls out a good chunk of money from me every year. Unexpected repairs and making things look nice can all add up to more money spent than if you rent. There are cheaper ways to live, tho I must say I love my house and don't want to leave it. 3. Having as much money in a fund of some sort is a must. Or handle credit cards cautiously. 4. Insurance. Will Medicare be enough? Usually not. But then to find an insurance company that won't take all your leftover money will be a trick. 5. Good set of luggage. I travel internationally because I have to and I've been using the same old suitcases over and over. I'll use them till they can no longer handle the travel themselves. One is a large nylon bag I bought 20 years ago on a cruise for excess stuff that has no weight at all and I use it for heavy things like books. I can carry almost 50 lb of books in it and it has yet to fall apart. 6. A gym? Use the internet with thousands if not millions of videos worth doing in the time you would spend transporting yourself to the gym and back. There is no expense. Unless you are looking for gym partners, I'd get myself disciplined to work out at home. 7. Classes, yes! There are a lot of subjects that I myself still need work on such as languages for the places I go internationally. And there are those books that need reading, book clubs to discuss books, and many other venues of keeping mentally fit. Classes are just one of them. And I live near Harvard.
You can take an Uber anywhere. Probably much safer. You can rent instead of keeping a huge part of your capital sunk in a house. Other than that, I agree with every point
Nagh, renting is a pain especially once you get older. You can’t control the possible monthly rent increases, or the whim of the rental agency or owner. No one wants to pack up every few years and relocate. Stability is key.
Things to own or do: Have a valid and well-considered will, and an advanced health directive in case of incapacity. Any exercise is better than nothing. Downsize in a more specific way than simply de-cluttering: begin to discard, sell, or donate possessions that the next generation _will not want to inherit_ i.e. books, silverware, bric-a-brac, bulky furniture, souvenirs and ephemera etc. Tell your children something of your life history and the family tree as you know it. Plus _avoid ladders_ -- even step ladders are a hazard. Pay someone younger to get the leaves off the roof. Hang onto stair rails. Some of these tips, I discover, are on a companion video: 10 Things Happy Retirees Do Well | MOST COST $0.
Great video, Another factor to add is Do folks spend a lot of time planning their financial future? The stock market is making me really worried because I've lost over $ 27,000 in months and I'm not making as much money as I used to. This is making me concerned that I might not have enough money saved up for my retirement since I can't add to my savings.
To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Vivian Barbara Mui just check her out. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one after my retirement pension took a hit in 2021 April due to the crash.
Ignore the trolls on the internet that recommend specific advisors. They are usually shills.
The stock market is volitive. That is how you get the months with $27,000 increases as well as those with $27,000 losses. If you can't afford to take that risk, change your asset allocation.
Here is an allocation for someone over 65/retired, whether they have $500K or $1M. I use Vanguard, but you could use Fidelity or Schwab as well. I also recommend ETFs vs. Mutual Funds, because they are more tax efficient.
1. Vanguard US Total Stock Index (VTI)
2. Vanguard Total International Stock Index (VXUS)
3. Total Us Bond. (BND)
4. Total International Bond (BNDX)
Depending of your degree of risk taking, you simply allocate your portfolio in the manner that represents your ability and willingness to take risk.
If you are more aggressive, you might have:
50% VTI
20% VXUS
20% BND
10% BNDX
If you are more conservative:
30% VTI
10% VXUS
50% BND
15% BNDX
That's all you need. No advisors, no excessive fees, no BS.
One last comment...as Geoff mentioned in this video, it's important to have an Emergency Fund. I recommend a minimum of 18-24 months of your standard living expenses (not including travel, entertainment, etc.) in cash. That way when the market is in a decline, you will not have to withdraw from a declining portfolio. As you use your cash and the market recovers, as it usually does within 18-24 months, IN THE US, you replenish your cash emergency fund.
FYI...I spent 54 years in financial services, including the last 15 as a college professor, teaching financial and retirement planning to future CFPs, ChFCs, CLUs and RICPs. My personal portfolio includes VTI/VXUS and a series of income annuities, so that is why I do not hold bonds. The Annuities are my Bonds. I also have 3 years of cash.
Happy Retirement.
The car? I gave up my car in 2008 and ride a bicycle most places. I'm 7
67 years old. I live in the center of the city within a 10 minute walk of two grocery stores. I am fortunate to live in a city with an excellent mass transit system and if I really need a car I just use a Loft or Uber. Part of the reason I got rid of my car in 2008 was the amount of money and worry it saved me but also I knew that as I aged my reaction times would gradually slow to the point that I shouldn't be driving. Much better to set my habits before that became a necessity. As far as a set of luggage---for the last 20 years I've never travelled with more than a great backpack. I find that I can pack efficiently even when I'm staying for two weeks in a foreign location. Everywhere I travel has the option of doing laundry. Why haul massive amounts of "things" around? The health club? I used to belong to a gym and realized that the things I used most--tread mill, stationary bike, stair climber---are all things I could duplicate in the real world outside of the gym. Instead of the tread mill, I go for a walk. If the weather is bad, it's pretty easy to find a place inside. I ride a bike daily for everything so don't need a stationary bike. Taking the stairs instead of an elevator replaces the stair climber. I find exercise classes online. I bought a set of 5 and pound weights for strength training. No need for a gym at all.
1. A comfortable home. 2. A comfortable retirement income. 3. Reliable transportation 4. Your health 5. All the free time you ever hoped for. 6. The ability to not have to tolerate people you cannot stand. 7. A good sense of humor.
Seems more sensible then his.
Great advice
Great list! Exactly how everyone needs to be thinking. 👍 Good health is so important for a good life experience in later years.
You left out luggage
Great list!
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
The answer is, like with most inquiries about investing, it depends. I would advise you to look into advice management.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
@@JefferyDuns Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this advisor?
'Melissa Rose Francks' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Also, buy your plot at a cemetery or make plans on how you would like to be buried.
Have a Will ready and a letter to your loved ones on what you would like to tell them
Declutter: stop hoarding. Live simple/minimalist. Don’t leave the burden of getting rid of your stuff to your loved ones. They have enough with their own problems.
This!!.. Have these things behind you people.
Agreed 100%
Easier said than done on the hoarding. My experience with my many older relatives is that most people hoard more and more as we age. I think it has something to do with our yearning for the past, nostalgia, or loneliness. I think we connect "things" with people that we have lost and they become like a security blanket.
@@GrnXnham Well there are those with the sickness called hoarders and then there is most others that just over a period of a long life have a collection of tools, fastening hardware, old clothes, fishing tackle and ammo, and other things that they really won't use much anymore. I am pretty sure that's what SC1234 was referring to.
Excellent advice. Luckily my mother hated clutter so when the time came to clean out her house after she passed away I had very little to get rid of. We gave some to Goodwill and had a couple of garage sales & put the house on the market. So easy. My mother-in-law on the other hand…
1. Vehicle for transportation
2. Home to live in
3. Emergency Fund - 3-6 months expenses
4. Insurance - Health, Life, Long Term Care
5. Good set of luggage for travel - most retirees will do some type of travel
6. Access to health club or work out equipment - stay active and healthy
7. Education - stay engage to keep mind strong through self study or college education
***Note: None of this needs to be expensive…
I got 1 thru 6 covered, but Number 7 is a problem at 89 years of age. I am active on social media and uses Wikipedia often. I wished that I had Wikipedia when I was growing up instead of having to go to the library to look things up in the encyclopedias.
Have you really found a need for good luggage? I have personally never packed using luggage. A few times my wife packed my stuff in her luggage but if I travel in country, I simply take a gym bag or backpack and a duffle bag when I was younger. As for number 7, the objective is to keep you sharp if you make it to your 80s. No need for classes in your 80s. Now is the time for you to share your experiences or write your life story and to be generous with sharing your wealth.
I hear you @prarie. I probably wouldn’t have put this on the list except I was in Hong Kong a few years ago and had luggage failure. It was not pretty. Saran Wrap stuff everywhere.
That happened to me a few years earlier - same situation. Admittedly I am known for using every square of space in the luggage
@@HolySchmidt We've been rockin' the same inexpensive ($20 after mail in rebate) 3-piece luggage sets we got from Staples over 20 years ago. We've taken it on over 60 vacations and it's still in perfect condition. We're careful not to over-stuff and we steer clear of airline travel which I'm sure would be the instant death of our luggage sets.
I say keep active by volunteer work.
Have your final requirements in place and planned, will, trust, funeral or cremation. Do not leave a mess for the family.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
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.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I currently work with VIVIAN KLAINE MORGAN a financial expert i met in a seminar
I recently watched VIVIAN KLAINE MORGAN on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
I know it goes against conventional wisdom, but I'm planning on paying off my mortgage pretty aggressively. I think I can do it in the next five years. I'll be 45 years old then with a paid off house, and I think that will go a long way towards easing the stress of having hardly any retirement savings.
It’s great not to have a mortgage. You’re young. If you can earn 8% or more with investments and have a low interest rate on your home, I’d tend to put more money into investments. It’s all a balance
@@tedreid1035 I appreciate the advice. Balance is important, for sure. I'm just betting on not being able to stand working a day job much longer. I was born a musician and teacher, but changed careers to make "real" money. I don't regret it, but I hate it. I'm just searching for some other kind of balance, I guess.
Wise choice ! All you have now is taxes , property insurance and utilities .
I agree. That’s what my husband and i did.
@@loriar1027 Awesome. It’s nice to know I’m not alone. If all my other investments flop, and I lose my mind at my day job, I’ll still have a place to live. Seems like a good idea to me!
Things to own: 1. Car 2. a Home 3. emergency fund - 3-6 months of expenses 4. insurance - life/longterm 5. good set of luggage 6. access to gym or home gym equipment 7. keep taking classes to keep your mind alive. None of this needs to be expensive. Good video!
Hi number one on my list is Keeping god in my life. 24 7. 365 ,, following jesus ,, staying super close to my church,,
One of my best purchases in retirement was two E.Bikes. And the related safety equipment. I purchase two folding bikes that fit in the back of my SUV. I purchased two bikes on sale so I can bring a friend with me on my adventures. The total cost was about $3K. They paid for themselves in the first summer. This will be my third summer and they are still in almost new condition. They have 100 mile range and they've helped me to lose weight and improve my health. One of the best purchases I've ever made.
Volunteering gives you a chance to give back and brings with it a sense of joy as well as social interaction. It's easy when you retire to become isolated.
If you have retired to become isolated, why would you want to be with other people by volunteering?
I’m 68 ! I love spending time with myself and being alone . I get to do whatever the hell I want without the criticism from others and without hearing all their complaints, tragic stories and unimportant opinions about their lives. I can fade away into the sunset with nature - the animals, trees, mountains, oceans etc.
As a 58 years old person who’s good with number but bad with money all I want to tell you is THANK YOU for all your videos. The content is always spot on for me and I’m changing my bad habits and taking your suggestions at heart. Awesome word, greatly appreciate your videos and keep it up.
Going back to school in retirement is great. I go to City College San Francisco. Taking classes gets me out of the house so in person classes are best. For chronically lonely people like myself, it gets me among younger people to interact with. It exercised my mind helping me think of new things, new ideas.
GAY
@sandblast5636 Gay, happy and having a good time.
Oh you meant my sexual orientation. I'm hetero with many gay friends. What is your problem?
Great advice overall, but think twice before purchasing Long Term Care Insurance. A current class action lawsuit against GenWorth illustrates the pitfalls. We signed up over 10 years ago and have endured a steady stream of premium increases that far exceed inflation. Now, just as we are about to enter retirement, we question whether we can afford the monthly premiums that will continue until our death or placement in a nursing home. In retrospect, its hard to make an economic case for such insurance. I am interested in your opinion on these specific policies.
The Genworth class action lawsuit was about their universal life insurance product, not the LTC product. You need to be more careful and accurate when calling out financial institutions.
Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@patrickbrussels4454 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
@@Erikkurilla01 I wouldn't trust Stephanie Kopp Meeks. She obviously can't get much business or she wouldn't need to arrange for AI chatbots to say how great she is on TH-cam comments boards.
As a retired person, I would say this is all spot on. We currently live in our 5th wheel trailer and travel full time, but I am thinking of buying a "tiny home" someplace permanent.
I researched tiny homes, and the Van Life. I do hear travel trailers are fun for awhile, but seems almost everyone tires of it. The country can get small fast. For tiny homes I'd like to suggest an alternative...create a tiny home instead a standard home. That's what I did in a 1660 sq ft central Phoenix single story home. I created a 300 sq ft studio 1 bath apartment for myself. 8" thick separation wall. The rest of the house which is basically a 3/2 house rents for $2400/mo plus they pay utilities including my electric. Apple to apples at today's home value and mortgage rate would completely cover the mortgage payment. Going forward it would likely start paying you. In my case I bought 14 years ago so today I'd be netting about $1600/mo after prop tax and insurance.
There are some serious issues with tiny houses. Extremely limited location choices and risk of local governments creating problems. My biggest issue is the concept of being on a trailer. I've been studying tiny homes since before that label was created (see "Not So Big House" by Sarah Susanka). The concept of using a trailer was to try and get around zoning. An actual smale house wouldn't be allowed but parking a mobile trailer was, or not yet not allowed. That's when the "tiny" label started because a trailer in the US can't be wider than 8.5'. That foot print imo is extremely limiting. Most have lofts because up is the only choice. No room for stairs so up and down a ladder or worse. At 65 OK. At 80? Plus loft can create a very hot location. People touted the benefit of being able to move the trailer. I'm sure it happens but I've never personally even heard of anyone actually moving a tiny house other than many from the built location to the first living spot. I think one reason for this is do to all the infrastructure needed. Tiny homes generally aren't being moved into existing mobile home parks where the infrastructure is already in place. Most have electric run, pad, driveway, sidewalks and patio installed. Water and sewer added as most tiny homes don't have water and waste tanks because of space and certain no one wants to drag their home to a pump out station. So people are building a permanent location around a "mobile" home so really no mobile at all.
Building on a trailer also adds a lot of expense...a lot. I'm hearing in the $50-100k range...plus land and infrastructure. That's in the range of a decent home in much of the US. You can buy a fixer in many towns losing population for $30k....3/2 house, large lot, full infrastructure. Put $20k into fixing it up and you have a tiny house + rental income for the cost of a low end tiny house.
But imo the most important aspect is flexibility in design. No loft is required. Wider than 8.5 external, about 7.5 internal width (about the same as a US prison cell min). That can create much more comfort and greatly reduce cost. Most tiny homes use travel railer type appliances to save every inch. Those are expensive and no pleasure to use. Expand a kitchen area n=by just a foot or two makes a huge difference.
Sarah Susanka's homes designed inspired me. Tiny homes don't.
A tiny home is a good idea 👍! You don’t really need much space anymore. I’m thankful I inherited my mom&dad’s home I grew up in. And it’s all paid off.
I would add...own a pet and preferably rescue one from a shelter. Just make sure you can afford pet insurance and the annual funds to keep your pet healthy. Pets are brilliant companions, some help you exercise and they reduce anxiety and stress!
And a plan for your pet's next home if you die before they do!
You forgot about all of the love and companionship!
@@laurievanzon2126 thanks You're right...but being me I took that as a given😃🐾🐾🐾
I love dogs.
But I have seen many people avoid traveling because of their dog.
You have to be honest with yourself about what it is you like to do.
Not seeing loved ones because you can't afford to put your dog in a quality kennel facility for a couple of weeks a year is not a good choice for me.
@@jstravelers4094 Yes this is a really important point and so true. It is one of the considerations dog lovers need to factor in if they choose to live and care for a dog in their home.
As an experienced dog rescuer, I am lucky enough to have family alongside knowing the owner of a great local doggy day care centre who can care for our dogs,when we travel abroad. My nephew has also stayed in our home and house sat the dogs. There are several options. It doesn't prevent travel but it sure does add to the considerations of travelling. When we holiday in our own country, we take the dogs...of course!!!🐾🐕🦮🐕🦺🐩
Income doesn't have to be fixed in retirement. I retired at 57 after investing in the markets for almost 30 years. Most of investments were in index funds like S&P 500 and income was deferred until I retired. I actually have more money coming in now than when I was working. Wont have to touch 401K or IRA until after 70 and figure to take SS at 67 or thereafter. In fact excess funds just go into my brokerage account. I am and did nothing special. You just need to invest early and keep investing through your work career. Lastly, with respect to a reliable automobile, buy a Toyota or Lexus. I wish everyone the best success on their own journey.
Thanks Kevin
Will you do any Roth IRA conversions with your 401/IRA before 72 and paying RMD's...u can save you considerable money in taxes over the long term.
When we were younger and worked on jobs, our income was fixed too, the salary. So, fixed income isn't just for retired people. Fixed income doesn't mean small or inadequate income either. I am far from being rich, but my monthly income from SS and (RMW, required minimum withdrawal) retirement accounts is more than my salary income. On travel, it could be very expensive too depends on where and how you want to travel. A set of nice luggage is the least thing on travel. A $200 set is good for anyone to anywhere for many trips. On engaging, join a church or a community club is the best and least expensive way to building and keep a social circle.
I love that!
A van you can sleep in comfortably or a small camper van, give you freedom to travel around and stay at normal parking places for no or a small fee.. We have bikes and cayaks with us keeping us fit, enjoying nature. Simple cooking. Simple living and high quality life to a low cost.
what is a cayak?
I appreciate videos like this that are relevant, fact-based, and get right to the point. Thank you!
Do what I did. I agree with everything. Except. Buy a farm. Won't need the gym membership. Work sunup to sundown.
Love your videos!!!
I would prioritize a cell phone with internet access and a desktop/laptop with the same. Emergency rations of food, medicine, flashlights, paper products and cleaning products.
You can always buy luggage if/when you need it That's very easy to get in a moment's notice.
Thanks LW
Good items. When this pandemic started we stockpiled canned goods and non-perishables to carry us through shortages. We shop slow hours to avoid virus spreaders to stay out of the medical system and try to shop once every two weeks. We were hit by a hurricane last year and are still recovering…..extra difficult during a pandemic.
the point of the video is not to buy luggage now; it is that when you buy it, buy quality.
any traveler with the least experience will tell you it is so.
Something routinely overlooked in all the “best places to retire” articles is public transportation. Just because you own a car doesn’t mean you will be able to safely/legally drive until you die. Plus, owning and operating a car is expensive.
And, walking or riding a bike on shorter trips-most trips are under 5 miles-saves money and works to lessen the impact of aging. Add a set of resistance bands and you can skip the gym membership.
I agree completely on the public transportation. Another thing to consider is good quality and fast ambulance/EMT service.
If people don't like my driving they should just stay off the side walks.
@@jamesrecknor6752 So noted, James! Ha!
When I used to live overseas, I’d fairly often see women and men and their 80s still riding a bicycle or walking to take public transportation. They were able to do this because I’m guessing they never stopped walking and riding bicycle throughout their decades of life whereas many Americans when they get older, they just drive everywhere.
“I want to invest in real estate but I don’t have enough capital” What if I told you that there is a simple way to access the real estate market, even if your capital is low? I am talking about REITs (Real Estate Investment Trusts).
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
@@johnlennon232 mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 36 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The coach that guides me is "INGRID CECILIA RAAD", it shouldn't be any difficulty finding her seeing that she's actually quite popular, just search her name.
A great list. I'm in my 50s and now thinking about all of these things. Thanks...I wish your offices were closer.
My adviser is in Florida and I am in California don’t let that stop you. This is a zoom, e mail world. Fidelity, Vanguard, and Stock Market all aren’t close but we still use them.
Thanks for the kind words TMacD
You missed something: A power backup system AKA generator for when the power goes out. You can get a couple of 400 watt solar panels and a power system for under $2000 that will get you through almost everything. You can go under $1000 for minimal things, not including your standard refrigerator and washer/dryer. (There are 12 Volt appliances that pull a lot less power.)There are many TH-cam channels, e.g. Will Prowse - and he has a website providing valuable free info. Forget about AC. (But study that situation more if you really need it. )You'll probably want a secondary power source for heat, either gas or wood.
Also, you want a backup food source in case you can't get to the grocery or the grocery is empty. Grow a garden, plant fruit trees, store dried foods, maybe canned.
Don't assume that the world will always be the way it is now.
1. Reliable Car. 2. Safe, Clean Comfortable Home, preferably mortgage free. 3. Emergency Fund, 3-6 months in cash/cash equivalent. 4. Health Insurance. Strong Med Sup Policy and LTC Insurance. Life insurance if still needed. 5. A good set of Luggage. 6. Access to exercise equipment. 7. Local College Courses. Where ever your interest lie.
Another great video Geoff.
Nice for helping us! Thank you! The YMCA offers memberships based on income, and... many colleges have free classes online that do not give credits, but, keep people engaged in all sorts of classes.
Love that you mentioned continued education-many opportunities out there like the public library. Something that you need to "own" as well is a place where you are valued-by that I mean some activity where you can give back to the community by volunteering. Retirees have a lot of wisdom to share and caring for others brings great meaning to our lives!
As a two-year retiree, I fully agree with all seven points. I would add under 4 (protection), that if you have kids, even grown kids, make sure they have health insurance (if you are in the US). I do not want to encroach on their finances, but it has happened (to someone I know personally) that their adult, uninsured son developed a brain tumor, and the medical expenses quickly wiped out the son's finances, then the parents. All the travel plans, etc went out the door. They held onto their house by refinancing it, so it was once paid off, but then had monthly payments. They had saved their entire lives, and this was terrible for them.
Of course the parents' participation was optional: they could have said no, and lost nothing, but that is harsh if you love your kids. Maybe there were legal options for the son to take, but he was in a bad state. So, maybe this is worth another video: how to protect yourself from your adult children (and grandchildren) from their extreme medical costs, while still making sure they get all the care they need. Thank you.
Great point Steve (or Liz?).
@@HolySchmidt Ha ha... it's Steve, mostly. Liz set up a new account, but I'm too lazy to do that. Thanks for your series -- very informative.
Sad state of US healthcare, only wealthy nation people go bankrupt and robbed retirement fund because illness. So glad I am in Canada.
You are not responsible for your childrens debt.
Ultimately, it is their responsibility, not yours.
Geoff, Thanks for 5, 6 & 7. A lot of folks needed to hear that. I have been begging my MIL for months to use the community center she pays for. She has a trip planned late Oct & is in no shape to enjoy it. She's overweight and struggles to the supermarket. #6 is the most important of the 3!
Thanks for your comment Pat. It's good to stay current!
My local community college (in Texas) offers the first two classes free for 65 and older. Fifty-plus year-olds get 50% off tuition costs.
Outstanding!
Many colleges offer free or reduced tuition courses to seniors.
Call all of them in your area!
I recommend a pickup truck for chores, yard work, recycling, driving in snow, moving furniture, hauling tree limbs, and recreational activities. Come in various grades from utilitarian to luxurious with good resale value and is an excellent reliable backup family vehicle. I recommend the RAM 1500 (DT latest generation). I recommend upgrading to a bigger flat screen TV (depending on room size) as they have better resolution at a lower price, last a long time, are better with aging eye sight, and retirees spend more time watching TV. My small den didn't need a TV size upgrade but my larger master bedroom benefited from the upsize. Got an amazing deal in December when the Best Buy showroom was full of flat screen TV boxes huge selection and buyer's market. I recommend a bicycle and hill repeat training every other day as the most efficient way to get into shape and stay fit. I recommend a Costco membership for groceries but not for things you don't need. I recommend the EGO brand of cordless electric lawn mowers and yard equipment and ditching high maintenance and noisy gas powered equipment. If you like Sirius/XM radio but not the high price, start an online chat to cancel and they will offer you an extremely discounted rate for 6 month to a year to keep you as a customer and you can always cancel or restart at the discount rate once the offer is over. If you have an older home with drafty wood sash windows I highly recommend replacing them for better insulation, solar coatings, low maintenance, energy saving, no painting, and guaranteed replacement. I like the Window World brand. As an avid fisherman, I have never regretted buying fishing tackle and lures as it is a fairly affordable hobby and it is fun to research and test new equipment.
Yes, depends on where you live and your hobbies. Some people downsized and moved down south to a condo in FL or AZ and just need a car.
For Point #6 regarding fitness, if you are 65 or older, check to see if your health plan participates in Silver Sneakers. If it does research to see if any of the health clubs in your area participate. I belong to 3 gyms, each with a different aspect I like about their program, and it doesn't cost me a dime.
I bought a like new suede jacket at Good Will a couple of days ago. $6.50. Gotta love the Will.
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
What is your deductible and Max Out of Pocket?
@@deniseyweesy pretty sure it's close to 16k.
We’ll in mass if u make more that $40000 your health insurance could be $1000 a month for 2 people! So ya it depends where u live.
#2. Too many people get sentimental and refuse to downsize their home. Their larger home means higher heating/cooling costs, higher insurance, more maintenance, higher taxes, etc. If money is no object, great. But I have seen too many empty nesters/retirees holding on homes & then complain about high taxes & repairs, etc. Downsizing will save a lot of money + keeps costs down + puts more money in your bank account.....I saw my parents do this. They realized they should have downsized a lot sooner.
Completely agree. Your house should serve you not the other way around.
Too often when people downsize their home they wind up in a smaller home but no cash left over
We worked hard, paid the mortgage off in 13 years, and bought a down sized retirement home for our golden years. But now, we refi every year, we have great tenants and our retirement home has become a cash cow rental property. We will move into it when we are good and ready.
My mom&dad left me their home I grew up when they passed . It’s all paid off, 1800 sq ft, in a good neighborhood and close to everything ! A perfect retirement home.
1. Tesla
2. Condo in 55+ community
3. $12,000 Emergency fund
4. Diet: low carb/summer, alkaline/spring, GAPS/autumn and paleo/winter, three months each year round with intermittent fasting.
5. Duffle bag and gym bag
6. Yoga, tai chi and walks in park
7. Live, Laugh and Love
@@notpublic8961 Really? Why not just list your ideas instead of bashing someone else’s list?
Number 5 really surprises me - I've traveled and lived internationally for 35 years and have never bought anything but quality garage sale luggage - airlines will destroy whatever they receive, so turn that luggage over as needed with a nice $20 piece from a second hand source.
I really appreciate your Videos. They are of great common sense, even though common sense is not common. Thank you Geoffrey! Your videos only prove I've been doing the right things all along.
Be creative!!!! That's important for mental health. I'm a recently retired psychotherapist, and everyone at any age needs creative expression of some kind. I've discovered abstract paintiing, and I just LOVE it! Thanks for this nice video along with the one about things to avoid. Very very wise.
Buy a well maintained (1 owner) older Toyota or Lexus. Undeniably the most reliable cars in existence. I’m 57 and five years away from retiring, 5 months ago I sold my 2013 Lexus ES350 and bought an older 2002 Lexus ES300 1 owner. There’s a well documented 2002 ES300 on TH-cam which had 590k mostly highway miles With the original engine and transmission. These are bullet proof and one of the best model years of the ES Models.
Great video, thanks for posting !
14 years into my retirement at age 68, I bought a used 2008 Lexus LS460 with 9000 miles on it. It is built like a tank and with all scheduled maintenance done, it should run forever. Before that I had 1998 Lexus LS400 with 270000 miles on it and still run fine. I had a $3000 corrective maintenance done (undercarriage work) and gave it to my niece. I'm 89 years old and still driving my now 13 year old Lexus.
@@howellwong11 what an awesome story !
I love those LS Lexus’s also. They’re also bulletproof. Their air suspension is one of their biggest issues.
My 2002 ES300 now has 165k miles, within 2 months after buying it the rear struts starting leaking. Changed out all 4 and attached links. Now it rides like it just came off the dealers lot ! Amazing. Not a creak or rattle, solid like a tank and quiet like a vault. Love it. I’ll be keeping this one for many many years!
Will be looking at getting a 2002-2005 C5 Corvette when I get closer to retirement. Need some sporty driving.!
Great advice Stephen. Thank you!
@@HolySchmidt You’re welcome ! You’re TH-cam channel is great and I always look forward to seeing them !
Wow! Good to know! I drive a 2014 ES350. Bought new. Got hit by a drunk driver in 2015. The car sustained over $33K in repairs. I walked away unhurt! The car is a tank, IMO. The local Toyota collision center repaired like new. It's dependable and drives like a dream. Where do you get your Lexus maintenance? At the dealership? I plan on driving this car for many more years. Thanks Stephen! Thanks Holy Schmidt for your valuable content!
Excellent content. Thank you for helping us with wise choices.
You bet
really nice to hear practical advice rather than just the save for your retirement. hey I am 65 so these comments were really helpful; and if you have them you can start feeling smug..not x
Yoga is one of the best mind and body activities for seniors. If you have joint injuries it will be as good as or better than physical therapy. Started at age 60 and never looked back.
Fantastic
A big thumbs up, groove! Been doing yoga for more than a year now and it has done wonders for my sore back and joints.
As a Canadian the health insurance thing is a lot less important since the list of things not covered is much smaller. As for staying wise and engaged there are a large number of ways to do that including having hobbies and activities that require a reasonable amount of mental effort. A gym may be a good idea for many but there are plenty of activities not requiring special physical fitness equipment.
I do hand stands, pushups and sprinting 2 -3 times a week aged 66.
My neighbor is retired and bored. I work 12 hours a week at age 72. Happy as can be.👍
I hate traveling! If anything, I can’t wait so I don’t have to interact with anyone for weeks or months on end! Not having to be around people with be the GREATEST day of my life!
Finally someone who agrees with me on travel. I hate everything about it actually. Airports, security, idiots on planes. I can drive all over the Finger Lakes anytime i want. And I can be in the Adirondacks in 3 hours. That's all I need..
Hell is other people.
Exactly! Who needs to go on a cruise with 5,000 other people!!???? That’s crazy! Not for me .
Thanks ~ covered all but #5 as I have arrived so no desire to travel.
As far as #6, have my own Eliptical 😉
I'm so glad I have all of this in place, up to and including a functioning treadmill.
You raised the bar, on what it takes to be well prepared for aging. Bravo
Thank you Donna
Just retires at 64. Got 1, 2, 3, 4, down. I have a hodgepodge of luggage but it'll do. Definitely could stand to lose some weight and get in better shape. The college thing I may look into. Lots of stuff I'm interested in and it'll get me out and about. Whew! Thanks!!!
I don't own a car. I do own a house. My house is within biking range of all I need.
Outstanding video Jeff!🇺🇸😊
Staying healthy is more dietary habits than exercise. I ride my bike most mornings, I'm pro fitness, but you can't work your way out of a high carbohydrate high sugar diet. People eat poorly and they eat too often. My next door neighbor walks daily but he is obese and will not stop eating junk. Fasting and intermittent fasting have put me on the road to living past 100. I have lost 30 pounds and my resting heart rate is down 10 BPM. If my mom had ridden her bike more and laid off so much fruit she might have made it, too. She made it to 93, but was very weak at the end. Thank you Mr. Schmidt for helping us retirees with such sound advice!
Just watch out for those Big Macs when you travel. Not the sandwich but the trucks. 😊
I like your approach of including investing your resources in your brain and your body
About "Vroom" - In cities and suburbs there's advantages to not owning a car. Walking, car-pooling, biking and/or e-biking provides exercise and an opportunity to be social. Cars, car insurance, repairs, gas, maintenance and parking are expensive. But maybe the most important reason is that an older person's ability to drive safely declines. If we adjust to living without a car before it's time to take the keys away, it won't be near as painful.
Number 8: an excellent computer. Take free courses online on just about anything and everything. Keep mentally fit with free online word games. Can buy anything online after comparison shopping online. Or buy used on marketplace. Of course be prepped if the electric goes out.
Luggage - considering what happens to your luggage on a plane - one of my best purchases/acquisitions was my Air Force heavy duty denim luggage (soft, not heavy, hard to destroy)
One thing I would add is to have a good activity. With so much time on your hands, it's dangerous to not have something to do. That's when money is spent, half from boredom. A lack of purpose can also get you down. Think of something you enjoy doing -- or something you always wanted to do -- and find a way to do it regularly.
For example, I used to run and bicycle when I was younger but, of course, due to health issues, those are not possible anymore. But I can walk. I keep busy -- and active -- by walking every day. Just as I did when I was younger and running, I give myself goals and aspirations. While I used to participate in racing as a young woman, that fell by the wayside after I married, had a home, had children, etc. And, of course, now I can't run in races at all. Darn it. But... there are all sorts of walks I can take. Just within my rural area, there are over a dozen hiking areas, with trails. There are also some walk-a-thons and walk-jog-run activities. These all keep me busy. But that's just an example. I'm not saying you should walk, necessarily. (Though it is good for you.)
But think of something you enjoy but, maybe, never had time to do before. A friend of mine loves animals and has always had dogs and cats. I encouraged him to volunteer at the local shelter, and to foster dogs and cats. Even to participate in rescuing animals. He loves to help, too. And if you enjoy helping and being useful, or being around people, definitely think of volunteering-- if you belong to a church, you can start there for ideas. Or, just google "volunteer work" and you'll find an array of possibilities. Find one that you'd like to do because you should do something you enjoy.
Or maybe you always wanted to try something but there was never time. Like woodworking, sculpting, painting, doing crafts. Now is the time to try it. You can still go on vacations and visit people. But you need something on a day-to-day basis. And, the truth is, you can only play so much golf.
I spend 100+ nights in hotels. My travel bag is a Delsey. The are durable, light weight and glide with ease.
Good advice. I might try one!
Delsey is good brand. I have one about 20 years old and still working
With good mass transit even in smaller towns and the easy availability of Lyft, etc., I'm not certain of the necessity of a personal car. NOT having one also keeps one far more connected with their neighborhood, and hopefully get in a good amount of walking! (sitting is the new smoking!)
Thanks for all your work, Jeff!
I am a native NYer in NYC, I have my drivers license but have never owned a car. I am 70 years old, have travelled on every habitable continent, built housing with Habitat for Humanity and no car. Don’t need it and don’t want it! And a live a really good life!
I have a friend who has never driven. Public transit, walking or a cab gets her wherever she needs to go.
I am retired all the above all so you need to put away money for the upkeep of the house just when you think all's well the next thing something else needs repairs like Windows and doors boilers it's so hard to even get trades men after the covet glad it's easing down when you retire take time to adjust do what you want live on day at a time and have a jolly good on above all get out in the fresh air force sounds like I'm your granny I'm old enough God knows have a good laugh
When I saw #4 Protection, I thought of our German Shepherd and other means of Protection for us in our home! That is also important these days.
Re-fucking-lax
Nothing has changed!
There have always been dangerous people in your neighborhood.
You just didn't know it.
You should continue to lock your doors and not ever leave valuables in plain sight.
And if you're working in your back yard, have your front door locked.
There was a kid in my neighborhood who would ransack people's homes while they were working in the garden.
THIS WAS IN THE SEVENTIES!
Guess what......he NEVER got caught!
He got thrown in jail later in life ....drug dealer!
I started to think about my retirement and the size of my mortgage. what I did is I went into a shorter term mortgage I paid several hundred dollars more a month but it paid my house off way before I was 65 and having no mortgage and having the roof over your head paid for is a wonderful feeling, especially seeing how rents have gone skyrocketing and how housing prices have skyrocketed, there was no other intelligent choice than to have my house paid for before I retired. I now have just put on a new roof I have solar I have a walk-in therapy tub and I have really good car it's older but it's been so well taken care of it's almost new. And along the way I got lucky and I managed to have a little nest egg to retire on too.
Sometimes you have to think about sacrificing when you're a little younger you know don't get that Starbucks coffee every morning that's $7 a pop and in 4 weeks how much have you spent? Some people just aren't willing to be super Frugal when they're young and working in order to be really comfortable when they retire.
Unless your rent can be less than your real estate taxes and or home owners association and repairs. Just left Chicago area after 36 years at 57. Home ownership is very expensive.
I built a duplex out of pocket to supplement retirement. It is nice to have someone around when we are at our other property too. We might get a place down south in a few years. With the craziness going on now we are fine here.
OK, so I own my home on the beach, some investment property at the lake and a 3 hectare farm outright, my 4 year old truck has 20k km and full dealer servicing. I have full government medical nearly free for life (21 USD per month and 1USD per visit). I have a small nestegg (considering I relocated to Thailand 20 years ago). I have good luggage and a few million travel points. Now I just need to get in better shape, as 30 years of a demanding job has not helped me there. I retire July 1st, 24 at 60. I am crossing my fingers!
You hit 3 of my retirement factors thst I will definetly need. The good luggage is something I planned to invest in for a long time. Great call.
Thank you Cecilia. Have fun traveling!
it is not great to call luggage an investment
Two things: 1) I was watching a TED talk and surveys find that people who live in retirement communities are happier - since they have people to do things with and often have community resources too. I think of senior cohousing as being similar. And 2) Seniors in the US spend an average of 6.5 hours watching TV each day. So I've invested in a great TV system (I have magnepan speakers and Marantz amp - about 4k just for great sound that is better than any theater I've ever been to.) Of course, I have a big screen TV and I own about 500 blu-ray movies that I mostly bought used. I use that same system as one way to listen to my hundreds of audiobooks (audible has lots of sales if you are a member.) So the provided list doesn't quite match what I see in my future.
Good points Tony for sure. How many audio books do you listen to a month?
@@HolySchmidt Pre-covid I did a lot of air travel in my work. So I would listen to 2 or 3 books per month on my iPad as I flew from place to place. With the audible sales I would buy other books for $3 to $5 per title. So I've listened to about 150 books - and probably own over 300. I find that I learn a lot from non-fiction books, while I get entertainment from the fiction. Now I'm listening to less than one book a month - but I still enjoy it, even when I am re-listening to one of my books. (And I feel like my IQ is several points higher with all that I've learned from those books.)
I am old enough to live in a senior community and I can't think of a single reason why I would want to do it. I have no desire to slow down or hang out with old people all day. I would rather be around people who will keep me young for as long as possible.
@@patrickmorgan4006 That was the point of the TED talk. When the audience was surveyed everybody thought that living in a senior community would be an unhappy experience. Yet actual surveys told the opposite story. The presenter added that when the community members said "they'll take me out of here when I'm dead" that was usually heard as "I can't get out" by people. But they were really saying that all their friends lived there and that their life was filled with activities. Personally, I've stayed at cohousing and great condo complexes where my friends and activities there became the core of my life. So it might be worth being open to the idea that your pre-judgment of community may not always be accurate.
@@tonyduarte9503 I am sure that living in a senior community with people your age and older would appeal to many. I am not one of them. I have several friends my age but most are younger than I am, some a lot younger. I prefer to stay young and look forward for as long as I can, not slow down and reminisce about how great life was in the 60s and 70s and music was so much better then, etc. It's boring. I would rather do things and go places than watch a lot of TV and listen to audio books.
According to one study that I read about, the greatest factor impacting longevity is a daughter that lives nearby. Luggage is so low on my list I would never have thought about it. Emergency food and shelter and power as well as other basic survival/ shelter in place gear would be much higher. Lack of easy mobility should be offset with assets that allow one to shelter in place for an extended period. I think spiritual community and training is much better than taking pottery classes and other similar things. One comment mentioned a Bible which is a good start but being involved with a church may be much better .... since other members will pray and visit when your needs are more than you can manage alone. Saw these things play out for my parents in a very good way as they reached end of life.
Parents also did a good job planning their after death estate so it would benefit people and organizations they valued most, including their church. I would strongly advise stripping away as many possessions as possible, particularly things like boats and motorcycles or similar toys that will break down, require storage space, depreciate in value etc. My personal outlook would be a single level house with a second master suite that can be locked off as a rental .... or simply be a place for visitors......aka kids / grand kids. I think a modest electric or hybrid car will soon be very sensible and not likely to break down.....solar panels that will recharge the car. Otherwise live in a place with cabs, Uber or similar ways to avoid car ownership.... use delivery services extensively. A place to walk .... no need for a gym.
That's interesting about the daughter. Assuming she cares I can see it being a huge benefit just in prompting a visit to a doctor. Men especially tend to put off doctor vists.
I never had kids so I'm screwed....well not exactly. I'm moving to SE Asia. Pretty easy to find a great wife there who is much younger than myself, and even younger than a daughter would be...or yes, even younger than a granddaughter. Filipinas are world famous for their kind care giving. So for me I think that will work even better.
Daughter lives 1 block away👍
If you belong to a church with great people, I am happy for you.
My life experience is that both the best and the VERY WORST people are part of a church.
Some of the sleaziest people in America are devout church people!
Sometimes older lonely widows give way too much to their churches.
As a matter of fact, they're the ones who pay the lion's share of expenses in many or most churches.
And it is a fact!
I know book keepers at several churches.
And sadly the middle aged man with the nice car, and well dressed family who acts like he owns the church.....doesn't actually contribute very much money per year to the church.
Wolves in sheep's clothing are alive and well in many church communities.
Be extra nice to the kind little old widow who should buy herself a new coat.
She's the one who made the remodel of the church possible!
I have two motorcycles, a sport bike and a cruiser. I thought I would be riding them a lot in retirement, but actually I don't. One, I am much busier doing other things in retirement than I had planned, which is a good thing. Two, I am considering selling them as even a minor injury would be a big setback in retirement. Three, other drivers on my commute who once gave me plenty of room, now crowd me, box me in, and cut me off. I can now ride when and where I like, but decline of courteous safe driving has taken away from the enjoyment of riding.
I never experienced calm and courteous drivers while on my motorcycle. Hence, I gave up motorcycles a long time ago.
I have no plans of buying a bike in retirement.
More power to those of you who ride!
I drive as little as possible now days . Too many crazies out there who don’t know how to drive. As for a motorcycle or an electric bike …., no way ! A small accident would be devastating.
Free start to European holiday = Diverbo. It's rewarding, fun and good way to meet interesting people and kick off a Europe jaunt. (You can do multiple ones) Don't book with US airlines - use el cheapo local ones : Easy Jet Ryan Air. Forget rail travel that got expensive fast RIP Eurorail. Though every now and then it's worth it - St Petersburg to Helsinki was great value. You only need 2 pieces when travelling=large handbag and a carry on. I have a large MCM backpack-- it was expensive but had it for 10 years. I can pack enough for 3 months travel, it's good for your posture and you never have to worry about waiting at carousel. Best part of travel is picking up a new t/shirt/jumper. Longer vacations= house-swap.
Nice list and lots to think about when getting ready to retire. I definitely put excellent health a main driver in ones retirement. Poor health can destroy even the best made plans.
I totally agree
@@HolySchmidt some folks don’t realize that neglecting your health while your working creates an even bigger problem when you have a lot of time on your hands in retirement.
Having watched my parents and many others age, health is something that needs to be addressed as a long term thing throughout life - you can't just decide to get healthy once you retire. For sure poor health can ruin retirement and shorten it a lot. Not all, but many aspects of health are in a persons control and people need to be proactive there.
@@christopherhaak9824 agree 💯
I've spent decades cultivating good health. I'm pretty healthy and plan to not only retire but collect as many retirement checks as possible. 🎸🎸🎸
About having a car, an older person should also know when to give it up such as if their vision is not right or they’re taking a medicine that would impair their bill to drive correctly. Please do this to protect yourself other people.
1. Reliable investments 2. Reliable affordable car 3. Home base 4. Emergency fund 5. Good insurance 6. Good electronics (phones, iPad, etc) 7. Travel fund
You should check your state laws before purchasing long term health insurance. Some states, fl, regulates them like group retirement funds. That limits how much you can sue for to the amount of money you pay in and they know that. If they refuse to pay and you win in court you still do not get what you are owed.
Thanks Cliff
I didn't pay to go to college after High School, I'm sure not going to pay for college now that I am retired. It's important to note I never said anything about not learning. My whole life I have made it a habit to learn something new every day. That won't stop anytime soon. Have no use for luggage. Our travel trailer (or our new motor home if I get my way) have closets for the clothes.. That said, I always enjoy your videos.
Thanks, great advice. The Jane Fonda note was funny.
Lol!
A lot of people seem to die from boredom when they retire. Make sure you have plans to keep busy.
Long-term care insurance - figure the average spent on long-term care and, if possible, self-insure by making that amount part of your emergency fund. Our financial adviser looked at the cost of LTC insurance (which he could have sold us) and advised that it wasn't a good value. We don't have a health club membership, but we own an energetic dog and walk him. Walking is great exercise.
Excellent, wise, simple information. Thank you so much. Very much appreciated. 😊
Thank you Maria.
Cars in 2022 are unbelievable money-traps! I live in Boston, haven't had one in almost ten years, and do not miss it!
Outstanding advice, thank you for posting!
Thanks Schmidt! an RV addresses items 1, 2 and 5 while (hopefully) lowering your overhead. Sadly it works against item 6 as it is such a relaxed lifestyle. Solution: add a mtn bike or motorcycle to your RV. My advice: get the smallest RV & Cycle that fulfills your needs. Those rolling castles are not a good idea, & hard to handle bikes are dangerous to your health ... generally speaking of course. Thanks Schmidt!!
Thank you for the information. For the poor people that loose alot now with things going on, there is another way. The way I'm choosing is to live in a RV or van. Your only payment is your vehichle and you find "free" land to park on!! Much cheaper living if you don't have the norm alot of people do. Good Luck, Be Free!!
My wife and I love our RV but nothing beats coming home again.
I told my wife that we had saved our whole working life, now it is time to spend, but reasonably. The kids are out of the house, no more mortgage, and the credit card is paid off monthly. Our new motto is- If you want it, get it.
Thumbs up! It sounds like you are doing it in a measured way.
Thumbs up! It sounds like you are doing it in a measured way.
Joe Smoe, you're absolutely right! If you want it, get it!!!
Like my 100 year old friend said to me as he insisted on paying for dinner....."you can't take it with you"
He died last year.
I will always miss him.
Agree ! You can’t take it with you . I’d like a new Lexus …. but I’d feel badly if someone dinged it or stole it so I’m thinking it may not be such a good idea. I don’t really really need it . I have a 2017 convertible Fiat Spyder with only 15,000 miles that’s good enough. Plus I love throwing and tossing around the $85,000 grand that I have in cash at home! 🤣😂 It makes me feel rich!
The cost of long term care insurance can reduce your investment income that could go towards long term care.
Insurance companies price their products to where they cover their payouts, expenses and earn a profit.
Life insurance for seniors falls into the same pit.
10 year plus retiree in the Philippines - No car needed in Manila - traffic is crazy/parking hell, and for most retirees one does not need the stress.
For retirees that live in condos most essentials are in walking distance in Manila so really no need for a car - I have about 5 malls in walking distance. For times when travel to another city is needed, taxis or buses are very cheap and do the job - or grab. (No expensive car purchase, no massive depreciation, no rego, no insurance, no repair/maintenance, and no parking/speeding fines - plenty of money saved for enjoying life).
Im retired aged 65.
I haven't had a car in 2 years but I always have had and use a bicycle.
I moved abroad on retirement and rent an apartment,
I pay up front 3,000 USD a year.
I maintain a 35k emergency fund and have slightly more in an investment fund.
I am self insured in that I don't have any insurance. Any.
I am strict on myself.I eat a largely animal based diet.
I constantly control my weight and do physical exercise. No medications.
As the owner (40 years) of an auto repair shop I can attest to the advice of a good reliable car. Over the years I have seen so many people pour money into a piece of junk because they have an emotional attachment to a car. The car usually is connected to a spouse that has passed away, has a name (Betty) and is seen as a living breathing object. Huge mistakes are made even after I try and talk them into getting rid of it and getting a good low milage car with excellent repair history.
My 1999 Ford Winstar died (tranny, not worth fixing) in 2014 (I bought it in 2001), it had over 350k miles on it (I use to drive 3 hours a day to and from work, before I retired) and other than regular maintenance, I had one repair, an alternator, during that time. I bought a 2012 Ford Fiesta with 35k milage on it in March 2014 for $11k (both vehicles were trade-ins at the original dealer). Everyone laughed at me for buying such a cheap, low-end car, but to me, a car is to get you from point A to point B and isn't a fashion/wealth statement. In March I'll have owned it for 8 years. It now has 75k milage (did a few long trips after I retired) and I've never had a repair, just maintenance. No one's laughing now, since I get about 40 miles to a gallon of gas. I'm 70, and it may be my last car, since I drive less than 3k miles a year now. If it were to start nickel and diming me with repairs, it would be gone in a NY minute.
AAA for emergencies! Plus there are videos for working out at home.
A home is not expense-free. Even if you own it outright:
1) If something breaks, you pay for it.
2) You still pay various taxes, insurance, and usually HOA dues
3) All of these expenses will only go up over time.
Thanks for sharing these tips. As a supplement to #7, I would like to suggest as a TH-cam: it offers many interesting learning opportunities (including this video!).
youtube is a chancy place to learn, use caution
A stick shift hatchback for fun and an Outback for hiking and camping (no loan)
Own a place free and clear
Have 7 figure saved and a good size pension
An Osprey backpack; carry on size for stealth traveling
Company provided free health insurance (too young for Medicare)
My senior park has fitness room and pool
Lots of hobbies to occupy time and mind
Single, no children, Retired in my fifty’s
Nice work
Do you want to get married? LOL, you have done great! I did not realize many things until much later in my life, I am 67 now, still working but finally got my mortgage paid off, now taxes every year or I will be out! Thanks for sharing, I hope your abundance and good health continues!
Exactly. No reason for really good/expensive luggage what-so-ever. Friends just took a two week trip to Scotland from the USA for birdwatching group trip. A few people never saw their luggage for the entire trip. Travel lightly, essentials in a light carry on.
1. Owning a car can be downsized to a motorcycle, a bike, Uber, taxis and senior transportation some places have. Owning a car can still be expensive with insurance. I'd rather someone else do the driving and at some point you have to give up your driver's license.. Bicycling will help one keep in shape, but then I know someone mowed down by a car while she was bicycling and has not been herself for a decade. The motorscooter/cycle will help you get to places in a hurry. You can even have a sidecar on it. However, it could be cumbersome and even dangerous. 2. Houses are still expensive even if fully owned. Property taxes where I live are expensive. I'm wondering how much more they can go up. A reverse mortgage may be a have to tho I've heard some negatives about it. Also maintenance pulls out a good chunk of money from me every year. Unexpected repairs and making things look nice can all add up to more money spent than if you rent. There are cheaper ways to live, tho I must say I love my house and don't want to leave it. 3. Having as much money in a fund of some sort is a must. Or handle credit cards cautiously. 4. Insurance. Will Medicare be enough? Usually not. But then to find an insurance company that won't take all your leftover money will be a trick. 5. Good set of luggage. I travel internationally because I have to and I've been using the same old suitcases over and over. I'll use them till they can no longer handle the travel themselves. One is a large nylon bag I bought 20 years ago on a cruise for excess stuff that has no weight at all and I use it for heavy things like books. I can carry almost 50 lb of books in it and it has yet to fall apart. 6. A gym? Use the internet with thousands if not millions of videos worth doing in the time you would spend transporting yourself to the gym and back. There is no expense. Unless you are looking for gym partners, I'd get myself disciplined to work out at home. 7. Classes, yes! There are a lot of subjects that I myself still need work on such as languages for the places I go internationally. And there are those books that need reading, book clubs to discuss books, and many other venues of keeping mentally fit. Classes are just one of them. And I live near Harvard.
You can take an Uber anywhere. Probably much safer. You can rent instead of keeping a huge part of your capital sunk in a house. Other than that, I agree with every point
Thanks for the comment Keith
Always very informative clips
Nagh, renting is a pain especially once you get older. You can’t control the possible monthly rent increases, or the whim of the rental agency or owner. No one wants to pack up every few years and relocate. Stability is key.
Things to own or do: Have a valid and well-considered will, and an advanced health directive in case of incapacity. Any exercise is better than nothing. Downsize in a more specific way than simply de-cluttering: begin to discard, sell, or donate possessions that the next generation _will not want to inherit_ i.e. books, silverware, bric-a-brac, bulky furniture, souvenirs and ephemera etc. Tell your children something of your life history and the family tree as you know it. Plus _avoid ladders_ -- even step ladders are a hazard. Pay someone younger to get the leaves off the roof. Hang onto stair rails. Some of these tips, I discover, are on a companion video: 10 Things Happy Retirees Do Well | MOST COST $0.