The 7 MOST IMPORTANT Things to Own in Retirement
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- เผยแพร่เมื่อ 2 มิ.ย. 2024
- This video discusses seven of the most important things needed for retirement. Specifically what you need to own to retire. This list is based on comments and polls run on HolySchmidt.com and here on TH-cam.
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When we enter retirement, we're told that we need to save. We need to moderate our spending. We need to be really cautious because the amount of income coming in is fixed and the world and the expenses in the world are not. All really good advice, of course, but there are things that you need to own to navigate retirement successfully. This video will cover off what those are and why they're important. So let's get into it. But before we do, please make sure you click subscribe and notifications so that you get alerted the next time I post a video. I post about twice a week.
Point number one is owning a reliable car. A car is not optional for most retirees. You need to be able to get to and from places in retirement and oftentimes family not around or they're just busy. A car represents freedom, doing what you want to do when you want to do it. Particularly as you get older, oftentimes freedom feels like something that is not necessarily available like it used to be. Most importantly, a car represents safety, something as basic as a doctor's appointment or something as urgent as an emergency requires you to get in the car and go sometimes. And if you don't have a car to get in and go, you'll be in trouble.
Point number two is a home. In fact, you don't need to own a big home, but a safe, clean, comfortable home is important. It represents an element of safety for most retirees. Now having said that, I have published videos on why rent and retirement versus why own, particularly if you're going to do a lot of traveling. But for the majority of people, what they really want from their home and retirement is an element of safety. A place that's paid off, a place that where you don't have to worry about expenses, a place that'll be there in 5, 7, 10, 15 years, in fact, for most people.
Point number three is an emergency fund. Bad things happen, and they seem to happen more frequently to people in retirement, unfortunately, than they do to people in their 30s, 40s, and 50s. So having an emergency fund is of paramount importance. I generally recommend what most financial planners recommend and that's having three to six months of expenses set aside in a fund that is easily accessible in case something goes wrong. Point number four is insurance, specifically health insurance, good health insurance. So strong Medicare supplements for example, and life insurance if you need to protect someone in case of your early departure. Also, long term care insurance provides a lot of comfort to many retirees, knowing that they'll have the funds in case they have long term care needs.
Point five is a good set of luggage. Let's face it. One of the things you have a lot of in retirement is time and what better way to fill your time than travel. In fact, it's the number one activity for retirees by a country mile, but having a mediocre set of luggage creates problems. Sometimes they fall apart. Sometimes they just are expensive because you have to buy twice instead of buying nice. Owning a good set of luggage will allow you to take advantage of the environment you're in. At the same time, keep everything where it needs to be as you're going from place to place. Point six is access to a health club or at least exercise equipment....
Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
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.
wow that’s stirring! Do you mind connecting me to your advisor please.
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.
Vivian really seems to know her stuff. I found her online-page, read through her resume, qualifications and it was really impressive. I have booked a session with her.
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!
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.
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.
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…
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.
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.
A lot of people seem to die from boredom when they retire. Make sure you have plans to keep busy.
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.
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
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.
“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.
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.
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!!!🐾🐕🦮🐕🦺🐩
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.
@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@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.
@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.
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?
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.
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.
Outstanding advice, thank you for posting!
My neighbor is retired and bored. I work 12 hours a week at age 72. Happy as can be.👍
Very sound advise. Thank you!
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.
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.
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.
I appreciate videos like this that are relevant, fact-based, and get right to the point. Thank you!
Great video, man
Thanks
Excellent content. Thank you for helping us with wise choices.
You bet
Outstanding video Jeff!🇺🇸😊
Excellent episode, thank you
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!
Thanks, Geoff! Another helpful video!
Thanks again Esther
Thanks for posting!!!! I really appreciate your videos!
Thanks for the kind words M.
Excellent and attainable advice! Thanks soooool much!! ☆
Good list. Thanks.
great advice, very true
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.
Great videos.....thank you.
Great to the point information. Thank You!
Thanks Barbara
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!!!
Great List! You’re the Best!!! 😁👍
Thanks Connie!
Good advice. Many Thanks
Thanks Steve
Excellent, wise, simple information. Thank you so much. Very much appreciated. 😊
Thank you Maria.
Thank Jeff good suggestions.
Thanks Wdeemar x 2
Your videos are stellar. So much appreciated and so necessary. Thank you for all that you do, and all that you recommend. It is appreciated. Thank you.
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.
Great advice. Thank you
You bet!
I don't own a car. I do own a house. My house is within biking range of all I need.
Very informative and reasonable!!
I like your approach of including investing your resources in your brain and your body
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
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.
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
thanks , schmidt!
Great advice 🤩
All excellent points.
I have totally agree. Let’s go!
Very, very helpful, thank you
You bet
I like all these suggestions!
Thanks Shawna
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!
Great advise, sir. I'm coming up on retirement in a few years and see the wisdom in having all these things.
Thanks for your thoughts Steve
Geoff
Thanks for being a good teachers man; Cheers !
You bet.
Thank you schmidty!
You’ve got it RC!
Glad to see some content on post retirement …
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!
The great courses has a lot of great classes
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
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.
Volunteering also provides engagement and mental stimulation.
Great tips. Thanks.
You bet
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.
Very useful, thank you
You bet
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!
Thanks, great advice. The Jane Fonda note was funny.
Lol!
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.
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?
Great video man .
Thanks Bob!
Thank you! 🙏
Thank you!
My pleasure
Thank you 🙏🏻
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
Great ideas!
Thank you T!
Good planning
Indeed
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!
Thank you.
I love these videos🥰
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.
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.
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
Thanks ~ covered all but #5 as I have arrived so no desire to travel.
As far as #6, have my own Eliptical 😉
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)
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.
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!
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!
Good list - would add having a will etc helps your loved ones.
The list is about purchases
Very good point
Excellent video! Great advice to have all of these before retirement as well.
@@notpublic8961 i think he was encouraging viewers to travel and see those things on their bucket list. Just don’t stay home and wait to die.
Getting out and traveling / enjoying yourself in retirement is important. Thanks for your comment Jeff
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!!
I bought a like new suede jacket at Good Will a couple of days ago. $6.50. Gotta love the Will.
These are all great
Thanks Mark
1. a reliable car 2. a home 3. emergency fund 4. health/life/ltc insurances 5. luggage 6. staying current.