I am very happy with very little. I am a minimalist. I love being content and grateful for what I have. I come from nothing so I am grateful for everything
Julie, thanks for the mention and great video. It resonated with me because I worked longer than I needed to out of fear of not having enough in retirement. The irony is that I found "work" that I love after I retired.
You are very welcome! I'm fangirling here a little bit. 🤭 I bought all 3 of my adult kids your book "Retire Before Mom and Dad" for Christmas last year. ☺LOVE your channel!!
@@rroumelido you guys know about that captions you can turn on? They’re automatic by computer, so quality depends on how clearly the person talks. You can turn them on for most TH-cam videos. Not for singing.
Fortunately we are making it on my wife and my SS. Trying to live on one check is a lot tougher and every married couple should have a plan when a spouse passes and part of the SS income disappears. Thank you for highlighting my experiment. Buzz
I think it's amazing that you guys are doing this!! It would definitely not be ideal to retire in SS alone. I'm glad you also have savings! You're welcome. ☺
Hi! I'm new to your channel and LOVE the name! I am 59 and will be retiring in 70 days 47 minutes 29 seconds. 😂 Yes! I'm counting! I'm looking forward to Sunday nights with a new outlook about Monday mornings. ❤
Julie, you are the most bada** societal disruptor without even knowing it. I hope you live for decades beyond your 100th birthday with passive income to support you. If only more people realized how much happier they would be with more time to spend on themselves (even just sleeping more rather than trying to be on all the time), we would have a less consumerism driven society and a more exploitation resistant workforce that oligarchs could not rely on to fund their extravagant lifestyles. We would all be better off if we all cared less about consuming material goods and more about spending time with people we love. Keep up the fabulous work. I am "only" 47 right now and hoping to follow in your footsteps. I don't have a husband to be divorced from, so it's all on me, but hopefully by 50 I'll have my condo almost entirely paid off and my retirement savings close to what you had when you were 50. Then I'll have the confidence that I can "get out" by 59/60 and spend my days volunteering at dog shelters, exercising, building a community, etc.
Thank you, thank you, thank you! I happened upon your channel and you literally changed my life. I am 57 and thought I would have to work many years before I could retire. After watching your videos I discovered that I can retire now. I am over the moon! I live in Canada so things are a little different (we pay way more taxes) but it is still doable on a modest income. Thanks Julie for all your informative videos. I am excited to retire at the end of the year and take back my life and I owe it to you!
Julie, I like the opening of your video. At 57 I have bought all the "stuff" I ever wanted. I am content with the simpler things in life, less clutter of stuff is such a relief. I use the word "modest" instead of "frugal". Most people equates "frugal" with "cheap". You spoke about that in your video. Thanks.
Hello Julie. I really enjoy listening to you. Listening to your videos AND speaking with a financial advisor helped me take that retirement jump. I just turned 59 and have been retired since April ‘24. Losing my wife of 32 years was also a determining factor in moving on into retirement. Life is short. Now, I still get up most days at 4:30 and try to get out the door by 5 to walk my four miles. After that walk I start my new job, it doesn’t pay anything, but it’s fun. I babysit one of my granddaughters twice a week. The rest of the week I do my own things. I’m picking up photography again after having lost my wife. And I’m traveling as much as I can - this messes up babysitting every once in a while. We saved and lived frugally for many years. At least one of us will get to enjoy what we worked so hard for.
Thank you so much for sharing! I'm so sorry you lost your wife. 😟 And you're right! Life is short and you never know how much time you have left. I'm glad you get to be with your granddaughters! ☺
👍Julie your channel stands out Love the text written and pictures Educational and informative I love things money cannot buy When I was younger I lived my life Now in retirement I want to enjoy the fruits of my labor in peace! We worked hard and long Earned our freedom on our OWN time! I love my simple retire life Less is more Material things do not define me Still catching up on your content Thank you for your service😊
It’s interesting to me how much emotion is involved in what really boils down to relatively simple math. It doesn’t matter if it’s early retirement, withdrawal rate, nest egg size or social security in general. People have super strong opinions. There’s nothing wrong with that per se, but from the outside looking in it seems emotions might prevent people from seeing the forrest for the trees. That’s my philosophical thought for the day. 🤣 Anyway, great video! I’m glad you’re enjoying early retirement. I hope to be there soon.
I retired/took a mini retirement 6 months ago AT 56, with 530K. My portfolio increased enough this year to pay my expenses for another 3 years, I know the market can drop anytime but I have 3 more years of not needing to work or maybe another 6 years with working an easy PT job. I am so grateful I stumbled across the FIRE community in my late 40's. Life is so much better when you don't HAVE to work a full time job, a no time for yourself health destroying job.
You’re so right! I don’t need anything else either, my kitchen is jammed with everything, I can browse Amazon and not find anything I need apart from the odd book occasionally , unless something breaks or wears out, I don’t need to buy anything really. A lot of the things I like to do are free too, the cultural precinct in my city is all free with galleries, libraries, museum etc and only $1 round trip on a door to door bus
I really appreciate videos like this for people with modest income. To me less expenses = more freedom and I definitely value having more freedom vs having more money because I may not be rich, but I have enough.
I appreciate your videos *so much* , they speak directly to my own situation. I also appreciate so much you list specific numbers and amounts in your own situation, it makes it so easy to understand. when I hit 65 Social Security will cover all my expenses, I am debt free, and will have a decent savings, so according to my calculations I will be fine. But sometimes I see friends that have millions saved for retirement and I start feeling like I messed up or won't have enough. Then I ask myself: _'If I had '$X' amount more right now in my bank, would this moment feel different? Would this sunset look different? Would this espresso taste different?'_ and I realize having enough, is enough. I love what you said *_'Once your basic needs are met, stuff will not make you happier'_* free time is worth more than any possession or object any amount of money could buy.
I'm so glad to hear that! I LOVE the "Would this sunset look different? Would this espresso taste different?" concept. I actually think coffee tastes better now that I'm retired and I live very frugally! 😁
I value my time as well. I am purchasing a few items now to have at home so once I retire I don't have to be concerned about purchasing. I'm a introvert so prefer to be at home anyway.
Hi, Julie! Great video. Like you, I've simplified things in my life to the degree that I have very little to worry about, clean, maintain, or stress out about, heh! Less is way better 😊
I like that you said there's nothing that you really want/stuff. I too feel that I have everything. Age 64 and think I'm ready but it's hard emotionally to go from an accumulator to a spender of my portfolio.
I retired at 60 with a little more than half of what you have. I taught myself options trading and between that and my dividend investments make more than I did at my job. I live very frugal, and consider trading as my job now. I still want to save more for retirement, so will continue to be super frugal until I can collect social security. I keep 2 years cash to bridge to social security but won't take it early if I don't need to. 67 to 70 is my target for social security. The only thing I couldn't accomplish was home ownership, lifelong renter. So rent increases are a concern, but they were a concern when I worked too. I honestly don't think being retired is any less secure than working. Any worker is vulnerable to layoffs and the older you get the more likely you will be let go. Finding and keeping a job is more difficult the older you get. Plus needing to have a job usually means having to live in a higher cost of living area. I plan to move to a cheaper area of the country to cut my living expenses even more.
I need: food, clothing, shelter. As far as wants, I have everything that I want. I have lots of nice hobby stuff. I want to travel some, but just in the USA. I don't have a burning desire for Europe or Australia or any exotic place. I don't need a fancy car, I am fine with a junker that goes. So I guess I am a simple person who likes simple things.
@dannacorbit3623 You sound like me! No fancy car (my car is 22 years old) and I have no desire to travel abroad (unless I decide to relocate abroad!) I will add one more to the I need list - my pets because they bring me so much joy. 🙂
I would be very unhappy and miserable if I had to struggle financially. It’s due to past experiences. My financial advisor says I can retire now at 60, but for my own peace of mind, I’m going to wait until 62. I’ve got a great job where I feel well supported by management so I feel I can make it. I’m really glad that you figured out how you can retire at 58 though! Teaching is stressful and hard. I support teachers retiring a bit earlier. I enjoy watching your videos and learning from your experiences. Thank you.
This is so nice 🙂. A simple quiet life in retirement is all I need too. You and Ronnie Christian (another you tuber ) give such great positive advice/information. I agree Rob Berger has excellent information too. Again Thank you from all us modest income folks 😊!!!
In current day USA...My having very little, but enough. Makes me in the top 1% of all humanity throughout time. Crazy when you realize that having enough is living extremely well compared to our ancestors.
Love your channel! I'm in my early 50s and would love to retire by 60. I didn't think it would be possible, but you're giving me hope! 😊Your life in retirement sounds perfect to me! Thank you for using real numbers, and I love the inspirational quotes. ❤
Julie! Back again listening to your soothing voice. I’m so looking forward to my retirement. At that point, I’ll have finished [paying for primary things for] my children. I’ll be still contributing 30% of my income to my savings plan- I’m gonna check out the video on the 4% rule. I too like things simple and free. Most things I do are similar to what you describe. 52 now- about 4 years to go!
Continue to love your channel. You are so well spoken and I love the graphics to emphasize your points(As a teacher . I appreciate both). I literally enjoy and value the same things as you...hiking, reading, spending time with friends and immediate family(who live 500 miles away so we turn those meetings into mini vacations somewhere half-way)...as well as travel, walks on the beach and boating with a friend that has boat. I am 57 and will retire after 18 years as a first grade teacher at the end of this year with similar savings as you. I know you have traveled in the past a lot, what have you budgeted for annual travel and where is your next big trip? Mine is hiking Ireland as my retirement gift to myself.
Thank you!! I just got back from Mexico. I'm planning a Vegas trip with friends. In my personal retirement budget, I have $3,600/year allocated for travel. Some years that may just be driving to destinations in the U.S. to see sights and visit family. Other years I may do a big trip or two to another country. I hiked Ireland in 2018 - it was fantastic!! 😁
@@HappyonMonday Yes, I am hoping to hike about 75 miles total in Ireland. Hope you enjoyed Mexico..Iv'e been 4x and loved every area. I feel like I heard you mention you are in Washington State.....I plan on visiting next summer the Seattle area(never been) and want to hike a lot in the area. Any suggestions?
@@rhondaharris3291 Well I don't live very close to Seattle, so I'm not familiar with the hikes there. If you happen to pass through Lincoln City, Oregon, God's Thumb is one of the coolest hikes I've ever been on! ☺
Your videos make me think I can retire sooner than i think i can. I am reaching the point where i think I will have too much left when i pass. I dont mine leaving some to my heirs, but I think I may have worked too long.
It's very common for people to have lots of money left when they die. I'd rather give my kids and grandkids my time than leave them with a huge inheritance! ☺
I'm with you in that there are so many things I enjoy that don't cost much. I've already gotten rid of most of the fat in my budget so my expenses aren't much. I think the only major ones I'll have in retirement are some big trips I'm planning along with house/car maintenance.
I hope to retire at 58 when my youngest finishes high school. I love your message of contentment. I hope to accomplish the same. I’ll probably keep my per diem job at first because it offers such flexibility since the commitment is only 8 shifts every 3 months, but I can work more if I want. I want to just spend my time with family, in nature and with my pets.
My fixed costs are low, and my pension is pretty good. I'm with you 3-3.5% is enough to meet all my needs and most times the 3% with draw is not needed. The virtual of not having any debt. Ill pull SS at 66 or 67 which is 7-8 years away.
My daughter has always called me cheap. I like to think of myself as a smart shopper. I don’t just grab the first thing off the shelf. I do the math, look over the ingredients and make decisions I am comfortable with. This goes for anything and everything I purchase. If you plan on retiring on a budget then this is a skill you should learn to master. I know way too many people who have less than I do because they just don’t take the time to pay attention to where their money goes. Julie is a great example of the proper way to think about your finances and budgeting and this is why I love this channel. 🌹👍🏻
I have been amazed at how little my life in Mexico is costing. Part of it, of course, is that things actually do cost less here. The other part, however, is that because I have mostly stopped working now, I no longer spend money due to being too tired or stressed to cook for myself. The amount I save by not having a car, paying less for rent, etc., more than pays for travel- usually once/month, either in Mexico or to the US. And the weather is much better here than in my old home in Portland 😅
I wondered if anyone else felt like there is nothing left to buy, or just didn't have a desire to buy anything? That is how I feel... we did just move and have a few pieces of furniture that we need... but beyond that, I want nothing (except books, will always want books!) lol
I earned a reasonable wage here in the UK but have been totally unhappy and miserable for the past 18 months. I'll be retiring on approximately 60% of my income, and though I am worried, leaving work to preserve my sanity and health is far more important. Like you, I'm debt free and realise I need to stop buying things for the sake of it.
Hi, I came across your channel searching for retirement early info but simplified. I am still not sure about the income part (4% rule, portfolios, etc 😞). What if you have only a monthly pension from working (rest of your life) and some savings. Would this be enough for retiring??
This was a good presentation. It touches on many important elements. For me saving and investing is about freedom and making time my own. Not spending on things like person trying to get a purchase high. Over spending is a trap in a society that needs us to purchase stuff, puts in out heads. Find your own outlet for entertainment. One that empowers you and not just the economy. The the more you buy the more you have to work for others. If your buying to impress people, you don’t need those type of people around you anyhow. Your time is worth more than gold. 😊 This video nails idea and philosophy.
So true…if you are not one that is impressed by fancy or expensive life.materialistic life… and if you cook at home often buying better Quality ingredients and save much more than Restaurants … Again the uncontrollable devil is cost of health care for most unless you have at or less than what would qualify for ACA
there are several facts about the 4% rule that put it in perspective as to how safe it is ... the main one to me is that you are more likely to end up with SIX TIMES what you started with after 30 years than you are to run out of money ... SIX TIMES ... and thats after you pulled 4% out each year for 30 years ... thats pretty safe
Some people have no savings and do just fine. I hope to have around 200k anything more is just extra. I think 2-3% withdrawal is smart. I also plan to work part time and my first 2 years I'll leave on SS alone.
At 52, even though I'm well above the median regarding investments and cash, I still have to support my adult children with good health insurance. Work is a bit shakey as of today w/ potential layoffs coming, so finding affordable options for healthcare is important. I think I'll be ok at work, but it's definitely a wake up call.
@@aeneaslime2968 I have heard that taking a lump sum is a good option, but it depends on all the rules. I would talk to someone or research your options. ☺
Yes, there's a shortfall. The Social Security Board of Trustees projects that the program will be unable to pay full benefits by 2035 without legislative action. If no action is taken, future retirees may receive just 75% to 83% of their benefits.
@@HappyonMonday is there a specific link that you can post. Of course, everyone knows that SS is flawed but I have never heard the numbers or predicated actions that you state here.
@@ericlee2931 Here's one. It's also on the SS website somewhere. I think I linked the SS article in comments before. www.cbpp.org/research/social-security/what-the-2024-trustees-report-shows-about-social-security#:~:text=The%20trustees%20estimate%20that%20if,projected%20in%20last%20year's%20report.
@@HappyonMonday The link is from a private think tank call called Center on Budget and Policy Priorities, the group is widely regarded as being aligned with progressive and liberal positions. And of course, nothing wrong with progressive and liberal positions. They (Congress) will not cut any SS payments that they are already paying, if they did do that it would start for the folks that would begin drawing in 2035, not those already taking it today or prior to 2035 I do not believe the 75% reduction will ever happen and I don't think you believe that will happen.
your video talks about whether you can afford to live off of "social security" but some people get $3400/month and others get $1200/month so it would be helpful if you are talking about living off of "social security" to give some numbers on exactly how much money you are tallkng about
My small pension has a COLA. SS will too when I start that. We can only think in terms of today’s money. I’m hoping to average 7% returns from my retirement portfolio. If I pull a SWR of 3.5% each year, I’ll have 3.5% to cover inflation without touching the principal. I know inflation can be higher and returns can be lower. That’s why I use the bucket strategy.
I'm going to be VERY salty if SS is reduced to 75% because rich people don't want to pay their fair share. I've been paying into SS for more than 40 years already! And I'm still several years away from full retirement age. Mind you, they already pushed out the retirement age.
Folks, 17500+9500= 27k. How many of you will have a pension? To pull 27k at a "safe" 4% withdrawal rate, one would need almost 700k. Add to that a house (let's say 150k, can you find one for 150k?), and you are pretty close to 1 million. Or you could rent for $500 a month, which would add 150k to the required capital for the 4% rule. Good for Julie if she can live on 27k a year, but that's almost poverty line for a family of 2.
But I want to be able to travel to all 3 of my kids. All over the world. And when I get there I will need to rent a car and maybe get an Airbnb. This all will cost
Corrrrect! EVERYTHING flows from knowing your annual expenses. Seems most financial advisors say: you need x amount or, you need y amount, without even knowing the expenses. You can’t know the answer to the problem until you pose the proper question. Enjoy!
I THINK YOU ARE DOING GREAT WITH 500K BECAUSE THOSE FUNDS ARE ONLY FOR ONE PERSON, YOU. FOR COUPLES I THINK YOU NEED A BIT MORE (HEALTH CARE ALONE FOR TWO PEOPLE CAN BE QUITE A BIT OF MONEY). MAYBE NOT MILLIONS, AS YOU MENTIONED. IT REALLY DEPENDS ON WHAT A PERSON OR COUPLE WANTS TO BE ABLE TO DO DURING THEIR RETIREMENT. SOME ARE MORE MINIMALIST LIVING & OTHERS A BIT MORE EXTRAVAGANT.
the secret is to have enough to genererate sufficient income so that you wont need social security. So when its availalbe its viewed as a bonus and not as a necessity.
I like your channel because you had normal income and give normal advice.
Thank you! There are so many people with modest incomes! ☺
I am very happy with very little. I am a minimalist. I love being content and grateful for what I have. I come from nothing so I am grateful for everything
That is the best way to be in my opinion!! ☺
Contentment and gratitude 👍🏻❤️
Julie, thanks for the mention and great video. It resonated with me because I worked longer than I needed to out of fear of not having enough in retirement. The irony is that I found "work" that I love after I retired.
You are very welcome! I'm fangirling here a little bit. 🤭 I bought all 3 of my adult kids your book "Retire Before Mom and Dad" for Christmas last year. ☺LOVE your channel!!
What's unique about this channel is that you talk with text written . It would help people with disabilities to understand you well 🙏.
That's awesome! ☺
It works well for me. With my hearing loss I don’t catch every word so the text reinforces and backs up what I think I heard!
@@rroumeli I'm so glad! 🙂
@@rroumelido you guys know about that captions you can turn on? They’re automatic by computer, so quality depends on how clearly the person talks. You can turn them on for most TH-cam videos. Not for singing.
That's the teacher in her. She differentiates for her audience.
Fortunately we are making it on my wife and my SS. Trying to live on one check is a lot tougher and every married couple should have a plan when a spouse passes and part of the SS income disappears. Thank you for highlighting my experiment. Buzz
I think it's amazing that you guys are doing this!! It would definitely not be ideal to retire in SS alone. I'm glad you also have savings! You're welcome. ☺
Hi! I'm new to your channel and LOVE the name!
I am 59 and will be retiring in 70 days 47 minutes 29 seconds. 😂 Yes! I'm counting!
I'm looking forward to Sunday nights with a new outlook about Monday mornings. ❤
Thank you! 70 days 47 minutes 29 seconds - I love it!! 😄
Very exciting 👍🏻 congratulations! Enjoy 🌻
Wonderful! Please let us know how you’re doing after 71 days! 😅😂❤
Julie, you are the most bada** societal disruptor without even knowing it. I hope you live for decades beyond your 100th birthday with passive income to support you. If only more people realized how much happier they would be with more time to spend on themselves (even just sleeping more rather than trying to be on all the time), we would have a less consumerism driven society and a more exploitation resistant workforce that oligarchs could not rely on to fund their extravagant lifestyles. We would all be better off if we all cared less about consuming material goods and more about spending time with people we love. Keep up the fabulous work. I am "only" 47 right now and hoping to follow in your footsteps. I don't have a husband to be divorced from, so it's all on me, but hopefully by 50 I'll have my condo almost entirely paid off and my retirement savings close to what you had when you were 50. Then I'll have the confidence that I can "get out" by 59/60 and spend my days volunteering at dog shelters, exercising, building a community, etc.
Thank you!! That's a great compliment! Sounds like you are on the right path to retire early! 😀
Thank you, thank you, thank you! I happened upon your channel and you literally changed my life. I am 57 and thought I would have to work many years before I could retire. After watching your videos I discovered that I can retire now. I am over the moon! I live in Canada so things are a little different (we pay way more taxes) but it is still doable on a modest income. Thanks Julie for all your informative videos. I am excited to retire at the end of the year and take back my life and I owe it to you!
You are so welcome!! I LOVE hearing that! Yay that you get to retire soon - congrats!! 😃🎉
Julie, I like the opening of your video. At 57 I have bought all the "stuff" I ever wanted. I am content with the simpler things in life, less clutter of stuff is such a relief. I use the word "modest" instead of "frugal". Most people equates "frugal" with "cheap". You spoke about that in your video. Thanks.
Thanks! Yes, that word has a negative connotation. Less clutter is so freeing! 😀
Hello Julie. I really enjoy listening to you. Listening to your videos AND speaking with a financial advisor helped me take that retirement jump. I just turned 59 and have been retired since April ‘24. Losing my wife of 32 years was also a determining factor in moving on into retirement. Life is short.
Now, I still get up most days at 4:30 and try to get out the door by 5 to walk my four miles. After that walk I start my new job, it doesn’t pay anything, but it’s fun. I babysit one of my granddaughters twice a week. The rest of the week I do my own things. I’m picking up photography again after having lost my wife. And I’m traveling as much as I can - this messes up babysitting every once in a while. We saved and lived frugally for many years. At least one of us will get to enjoy what we worked so hard for.
Thank you so much for sharing! I'm so sorry you lost your wife. 😟 And you're right! Life is short and you never know how much time you have left. I'm glad you get to be with your granddaughters! ☺
Sitting around watching TV is amazing! I only get to do that once a week.
It is but it would get old if you did it all the time! 😁
👍Julie your channel stands out Love the text written and pictures Educational and informative I love things money cannot buy When I was younger I lived my life Now in retirement I want to enjoy the fruits of my labor in peace!
We worked hard and long Earned our freedom on our OWN time! I love my simple retire life Less is more Material things do not define me Still catching up on your content Thank you for your service😊
Thank you!! I agree 100%! 😀
It’s interesting to me how much emotion is involved in what really boils down to relatively simple math. It doesn’t matter if it’s early retirement, withdrawal rate, nest egg size or social security in general. People have super strong opinions. There’s nothing wrong with that per se, but from the outside looking in it seems emotions might prevent people from seeing the forrest for the trees. That’s my philosophical thought for the day. 🤣 Anyway, great video! I’m glad you’re enjoying early retirement. I hope to be there soon.
Absolutely! People can be emotional and have strong feelings about how and when you should retire. Thank you!! ☺
I retired/took a mini retirement 6 months ago AT 56, with 530K. My portfolio increased enough this year to pay my expenses for another 3 years, I know the market can drop anytime but I have 3 more years of not needing to work or maybe another 6 years with working an easy PT job. I am so grateful I stumbled across the FIRE community in my late 40's. Life is so much better when you don't HAVE to work a full time job, a no time for yourself health destroying job.
That is amazing!! I'm so glad for you! And I agree life is so much better when you don't HAVE to work full time! ☺
You’re so right! I don’t need anything else either, my kitchen is jammed with everything, I can browse Amazon and not find anything I need apart from the odd book occasionally , unless something breaks or wears out, I don’t need to buy anything really. A lot of the things I like to do are free too, the cultural precinct in my city is all free with galleries, libraries, museum etc and only $1 round trip on a door to door bus
That's really cool! $1 round trip on a door to door bus! ☺
I really appreciate videos like this for people with modest income. To me less expenses = more freedom and I definitely value having more freedom vs having more money because I may not be rich, but I have enough.
I totally agree!! ☺
Hello, I am 61 and eleven months and a few more days to be 62! Dec08th. Counting down for retirement phase.
Hello! Yay for the countdown! 😁
You are inspiring many, keep up the great work and enjoy life. You have a new subscriber from 🇨🇦.
Thank you and welcome!! ☺
I appreciate your videos *so much* , they speak directly to my own situation. I also appreciate so much you list specific numbers and amounts in your own situation, it makes it so easy to understand. when I hit 65 Social Security will cover all my expenses, I am debt free, and will have a decent savings, so according to my calculations I will be fine. But sometimes I see friends that have millions saved for retirement and I start feeling like I messed up or won't have enough. Then I ask myself: _'If I had '$X' amount more right now in my bank, would this moment feel different? Would this sunset look different? Would this espresso taste different?'_ and I realize having enough, is enough. I love what you said *_'Once your basic needs are met, stuff will not make you happier'_*
free time is worth more than any possession or object any amount of money could buy.
I'm so glad to hear that! I LOVE the "Would this sunset look different? Would this espresso taste different?" concept. I actually think coffee tastes better now that I'm retired and I live very frugally! 😁
I also enjoy Buzz's channel and Rob Berger too!
There are so may great channels out there!! ☺
I value my time as well. I am purchasing a few items now to have at home so once I retire I don't have to be concerned about purchasing. I'm a introvert so prefer to be at home anyway.
Nice! Good plan too! ☺
Hi, Julie! Great video. Like you, I've simplified things in my life to the degree that I have very little to worry about, clean, maintain, or stress out about, heh! Less is way better 😊
Thank you! Yes, less is more!! 😀
I also love the quotes at the end. ❤
My biggest concern is medical expenses going forward. My dad is 76 and he and my mom would be struggling if it wanted to for the VA.
Yes, medical expenses can be a huge issue! 👍
I am so inspired to retire soon. Sooner than everyone thinks 😊
That's awesome!! 😁
Just did Dec 31, 2024
@@FlavorsandTextures Yay - congrats!! 😀
I like that you said there's nothing that you really want/stuff. I too feel that I have everything. Age 64 and think I'm ready but it's hard emotionally to go from an accumulator to a spender of my portfolio.
It is hard! But I've been pleasantly surprised that I'm spending less than I had budgeted and my portfolio has increased more than I expected also! 😁
I retired at 60 with a little more than half of what you have. I taught myself options trading and between that and my dividend investments make more than I did at my job. I live very frugal, and consider trading as my job now. I still want to save more for retirement, so will continue to be super frugal until I can collect social security. I keep 2 years cash to bridge to social security but won't take it early if I don't need to. 67 to 70 is my target for social security. The only thing I couldn't accomplish was home ownership, lifelong renter. So rent increases are a concern, but they were a concern when I worked too. I honestly don't think being retired is any less secure than working. Any worker is vulnerable to layoffs and the older you get the more likely you will be let go. Finding and keeping a job is more difficult the older you get. Plus needing to have a job usually means having to live in a higher cost of living area. I plan to move to a cheaper area of the country to cut my living expenses even more.
That's fantastic - good for you!! That's a great plan. 😃
I need: food, clothing, shelter. As far as wants, I have everything that I want. I have lots of nice hobby stuff. I want to travel some, but just in the USA. I don't have a burning desire for Europe or Australia or any exotic place. I don't need a fancy car, I am fine with a junker that goes. So I guess I am a simple person who likes simple things.
I am also a simple person who likes simple things! ☺
Simple is the best! It's enjoyable to have projects at home, with local activities nearby (my husband and I find travel somewhat stressful).
@dannacorbit3623 You sound like me! No fancy car (my car is 22 years old) and I have no desire to travel abroad (unless I decide to relocate abroad!) I will add one more to the I need list - my pets because they bring me so much joy. 🙂
@@Mightyluna ☺
I would be very unhappy and miserable if I had to struggle financially. It’s due to past experiences. My financial advisor says I can retire now at 60, but for my own peace of mind, I’m going to wait until 62. I’ve got a great job where I feel well supported by management so I feel I can make it. I’m really glad that you figured out how you can retire at 58 though! Teaching is stressful and hard. I support teachers retiring a bit earlier. I enjoy watching your videos and learning from your experiences. Thank you.
@@JacqueScherrer That's great! You know what's right for you! Thank you! 😊
This is so nice 🙂. A simple quiet life in retirement is all I need too. You and Ronnie Christian (another you tuber ) give such great positive advice/information. I agree Rob Berger has excellent information too. Again Thank you from all us modest income folks 😊!!!
You're welcome!! Many of us just want a quiet, simple life! ☺
Julie, You do a great job explaining so it is easy to understand. Have a good weekend.
Thank you! You too!! 🙂
You always give me hope ❤
I'm so glad! ☺
In current day USA...My having very little, but enough. Makes me in the top 1% of all humanity throughout time.
Crazy when you realize that having enough is living extremely well compared to our ancestors.
It is crazy!! I agree! 👍
Love your channel! I'm in my early 50s and would love to retire by 60. I didn't think it would be possible, but you're giving me hope! 😊Your life in retirement sounds perfect to me! Thank you for using real numbers, and I love the inspirational quotes. ❤
Thank you! And you are very welcome! ☺
Love that quote and need to apply that to my life.
@@leisure057blank3 Me too! 😊
Julie! Back again listening to your soothing voice. I’m so looking forward to my retirement. At that point, I’ll have finished [paying for primary things for] my children. I’ll be still contributing 30% of my income to my savings plan- I’m gonna check out the video on the 4% rule. I too like things simple and free. Most things I do are similar to what you describe. 52 now- about 4 years to go!
Thank you that's awesome!! 56 will be a GREAT age to retire!! 😀
Continue to love your channel. You are so well spoken and I love the graphics to emphasize your points(As a teacher . I appreciate both). I literally enjoy and value the same things as you...hiking, reading, spending time with friends and immediate family(who live 500 miles away so we turn those meetings into mini vacations somewhere half-way)...as well as travel, walks on the beach and boating with a friend that has boat. I am 57 and will retire after 18 years as a first grade teacher at the end of this year with similar savings as you. I know you have traveled in the past a lot, what have you budgeted for annual travel and where is your next big trip? Mine is hiking Ireland as my retirement gift to myself.
Thank you!! I just got back from Mexico. I'm planning a Vegas trip with friends. In my personal retirement budget, I have $3,600/year allocated for travel. Some years that may just be driving to destinations in the U.S. to see sights and visit family. Other years I may do a big trip or two to another country. I hiked Ireland in 2018 - it was fantastic!! 😁
@@HappyonMonday Yes, I am hoping to hike about 75 miles total in Ireland. Hope you enjoyed Mexico..Iv'e been 4x and loved every area. I feel like I heard you mention you are in Washington State.....I plan on visiting next summer the Seattle area(never been) and want to hike a lot in the area. Any suggestions?
@@rhondaharris3291 Well I don't live very close to Seattle, so I'm not familiar with the hikes there. If you happen to pass through Lincoln City, Oregon, God's Thumb is one of the coolest hikes I've ever been on! ☺
Love your videos.
Thank you!! ☺
Another great video! Thank you
You are welcome! 🙂
yep, loving the free things really helps!
😁
Great retirement planning tips
Thanks! 😁
Your videos make me think I can retire sooner than i think i can. I am reaching the point where i think I will have too much left when i pass. I dont mine leaving some to my heirs, but I think I may have worked too long.
It's very common for people to have lots of money left when they die. I'd rather give my kids and grandkids my time than leave them with a huge inheritance! ☺
I'm with you in that there are so many things I enjoy that don't cost much. I've already gotten rid of most of the fat in my budget so my expenses aren't much. I think the only major ones I'll have in retirement are some big trips I'm planning along with house/car maintenance.
The best things in life are free! Yes, it's good to budget for the big ticket items! 😁
I hope to retire at 58 when my youngest finishes high school. I love your message of contentment. I hope to accomplish the same. I’ll probably keep my per diem job at first because it offers such flexibility since the commitment is only 8 shifts every 3 months, but I can work more if I want. I want to just spend my time with family, in nature and with my pets.
That's great! A per diem job sounds perfect for retirement!! 😀
My fixed costs are low, and my pension is pretty good. I'm with you 3-3.5% is enough to meet all my needs and most times the 3% with draw is not needed. The virtual of not having any debt. Ill pull SS at 66 or 67 which is 7-8 years away.
Awesome! 😁
I really love your show. I'm so glad I found it. :) ang
Thank you! I'm glad too! ☺
My daughter has always called me cheap. I like to think of myself as a smart shopper. I don’t just grab the first thing off the shelf. I do the math, look over the ingredients and make decisions I am comfortable with. This goes for anything and everything I purchase. If you plan on retiring on a budget then this is a skill you should learn to master. I know way too many people who have less than I do because they just don’t take the time to pay attention to where their money goes. Julie is a great example of the proper way to think about your finances and budgeting and this is why I love this channel. 🌹👍🏻
That's frugal - not cheap!! 😁And I agree it's a good skill to have! Thank you! ☺
more stuff = more worries. more stuff = more needed insurance to protect. more stuff = more required mental band width to track it all.
I agree 100%!! 😁
Love your channel 😊
Thank you! 😀
I have been amazed at how little my life in Mexico is costing. Part of it, of course, is that things actually do cost less here. The other part, however, is that because I have mostly stopped working now, I no longer spend money due to being too tired or stressed to cook for myself. The amount I save by not having a car, paying less for rent, etc., more than pays for travel- usually once/month, either in Mexico or to the US. And the weather is much better here than in my old home in Portland 😅
That's amazing!! It's beautiful there!! ☺
I’d like to hear about your projects and hiking etc
I talk about them in lots of my videos!! I will keep talking about them - thanks! 😁
I wondered if anyone else felt like there is nothing left to buy, or just didn't have a desire to buy anything? That is how I feel... we did just move and have a few pieces of furniture that we need... but beyond that, I want nothing (except books, will always want books!) lol
@sassysusie9243 Oh I'm with you on the books! 😀
Depends on debt.
Absolutely!
I earned a reasonable wage here in the UK but have been totally unhappy and miserable for the past 18 months. I'll be retiring on approximately 60% of my income, and though I am worried, leaving work to preserve my sanity and health is far more important. Like you, I'm debt free and realise I need to stop buying things for the sake of it.
Work can suck the life right out of you! I know I am MUCH happier being retired an living on less! ☺
@HappyonMonday that's what I need to get my head around - living on less
@@wildnfrantic1015 It takes a minute, but it's so worth it! ☺
Hi, I came across your channel searching for retirement early info but simplified. I am still not sure about the income part (4% rule, portfolios, etc 😞). What if you have only a monthly pension from working (rest of your life) and some savings. Would this be enough for retiring??
That depends on several things! It very well could be enough. It depends on your living expenses and how much yoyr pension is. ☺
I’m with you Julie. Time worth more than money. But what about when the spouse values possessions more? She has me, what more does she need? lol
That can be an issue if one spouse feels differently about finances than the other. She has you! Love it. 😁
This was a good presentation. It touches on many important elements.
For me saving and investing is about freedom and making time my own. Not spending on things like person trying to get a purchase high. Over spending is a trap in a society that needs us to purchase stuff, puts in out heads. Find your own outlet for entertainment. One that empowers you and not just the economy. The the more you buy the more you have to work for others. If your buying to impress people, you don’t need those type of people around you anyhow. Your time is worth more than gold. 😊
This video nails idea and philosophy.
Thank you! I so agree that my time is worth more than gold!! ☺
I'd agree that it's your expenses but also how well the stock market is doing and sequence of returns. Also, don't forget about inflation.
For sure!! 👍
I never paid attention, until now. But I've noticed a lot of senior citizens, still working. I wonder if its out of need, or boredom.
It could be either or both! 🙂
Just curious on how you have budgeted or saved for major home repairs or if you need a new car every so often?
I have money in bucket #1 for that. ☺
a) Buzz is amazing.
b) I want to travel. I no longer believe the 1980s mantra of "he who dies with the most toys, wins."
I agree - Buzz is great! I also love to travel, but am not interested in having lots of toys! ☺
So true…if you are not one that is impressed by fancy or expensive life.materialistic life…
and if you cook at home often buying better Quality ingredients and save much more than Restaurants …
Again the uncontrollable devil is cost of health care for most unless you have at or less than what would qualify for ACA
100%!! ☺
there are several facts about the 4% rule that put it in perspective as to how safe it is ... the main one to me is that you are more likely to end up with SIX TIMES what you started with after 30 years than you are to run out of money ... SIX TIMES ... and thats after you pulled 4% out each year for 30 years ... thats pretty safe
That's awesome! 😀
Some people have no savings and do just fine. I hope to have around 200k anything more is just extra. I think 2-3% withdrawal is smart. I also plan to work part time and my first 2 years I'll leave on SS alone.
Good planning!! ☺
Never would have guessed you were almost 60!! 😮
Hopefully you thought I was younger! 😆
@@HappyonMonday I’m 45 and thought you were my age or a few years younger!
@@jadexplores2100 Thank you ☺
At 52, even though I'm well above the median regarding investments and cash, I still have to support my adult children with good health insurance. Work is a bit shakey as of today w/ potential layoffs coming, so finding affordable options for healthcare is important. I think I'll be ok at work, but it's definitely a wake up call.
I totally get that. One of my kids was on my insurance until age 26. My kids are all older than that now. 🙂
Facts!
😁
Hi. How come u p nsion is so low? Is it bc u rolled over a lum
I have a choice of lump and still get a pension. I have no other money. Should I roll over a lump into what that grows?
No, we did not have the option for a lump sum. My pension is low because I worked half time when my kids were little and I retired early. ☺
@@aeneaslime2968 I have heard that taking a lump sum is a good option, but it depends on all the rules. I would talk to someone or research your options. ☺
Where does the possible reduction of SS to 75 percent come from? Government cuts?
Yes, there's a shortfall. The Social Security Board of Trustees projects that the program will be unable to pay full benefits by 2035 without legislative action. If no action is taken, future retirees may receive just 75% to 83% of their benefits.
@@HappyonMonday is there a specific link that you can post. Of course, everyone knows that SS is flawed but I have never heard the numbers or predicated actions that you state here.
Social security is always reduced if you take it before your full retirement age also. Your full age depends on when you were born (it’s 67 for me).
@@ericlee2931 Here's one. It's also on the SS website somewhere. I think I linked the SS article in comments before. www.cbpp.org/research/social-security/what-the-2024-trustees-report-shows-about-social-security#:~:text=The%20trustees%20estimate%20that%20if,projected%20in%20last%20year's%20report.
@@HappyonMonday The link is from a private think tank call called Center on Budget and Policy Priorities, the group is widely regarded as being aligned with progressive and liberal positions. And of course, nothing wrong with progressive and liberal positions. They (Congress) will not cut any SS payments that they are already paying, if they did do that it would start for the folks that would begin drawing in 2035, not those already taking it today or prior to 2035 I do not believe the 75% reduction will ever happen and I don't think you believe that will happen.
your video talks about whether you can afford to live off of "social security" but some people get $3400/month and others get $1200/month so it would be helpful if you are talking about living off of "social security" to give some numbers on exactly how much money you are tallkng about
Yes there is a huge difference! I share what my SS will be. But everyone will get different amounts.
You are still a baby. You have so many years ahead of you. You next husband will be blessed to have you 😊❤
😄I don't know about a baby or a next husband. LOL. But thank you. ☺
58 is Middle age.😂
What about inflation? In 15 years your expenses will be much higher than now
My small pension has a COLA. SS will too when I start that. We can only think in terms of today’s money. I’m hoping to average 7% returns from my retirement portfolio. If I pull a SWR of 3.5% each year, I’ll have 3.5% to cover inflation without touching the principal. I know inflation can be higher and returns can be lower. That’s why I use the bucket strategy.
What about when you need a new car?
I will use money from bucket 1. 🙂
I'm going to be VERY salty if SS is reduced to 75% because rich people don't want to pay their fair share. I've been paying into SS for more than 40 years already! And I'm still several years away from full retirement age. Mind you, they already pushed out the retirement age.
I'm right there with you!! 👍
Folks, 17500+9500= 27k. How many of you will have a pension? To pull 27k at a "safe" 4% withdrawal rate, one would need almost 700k. Add to that a house (let's say 150k, can you find one for 150k?), and you are pretty close to 1 million. Or you could rent for $500 a month, which would add 150k to the required capital for the 4% rule. Good for Julie if she can live on 27k a year, but that's almost poverty line for a family of 2.
Yes my income is just for one person. It would obviously take more for 2 people. Many people don't have pensions, but most have SS!
But I want to be able to travel to all 3 of my kids. All over the world. And when I get there I will need to rent a car and maybe get an Airbnb. This all will cost
For sure! Know your expenses and budget for them! 👍
People who are struggling are not happy!!!!!
Some are not, but I know several people who are very low income and are the happiest people I know!
Corrrrect! EVERYTHING flows from knowing your annual expenses. Seems most financial advisors say: you need x amount or, you need y amount, without even knowing the expenses. You can’t know the answer to the problem until you pose the proper question. Enjoy!
Hey Ted from Heritage Wealth channel. 😊
Thanks! Yes you're right. Most advisors give you some random amount! 🙂
❤
Where do you live?
I live in Washington state. ☺
This one rapper on Instagram has over 200 cars! Yes, 200! 🤦🏾♂️
Oh my word! I bet he's not any happier than when he just had one. 🙂
@ Why does a person need 200 cars?? Has to be some kind of mental thing. 🤔
I THINK YOU ARE DOING GREAT WITH 500K BECAUSE THOSE FUNDS ARE ONLY FOR ONE PERSON, YOU. FOR COUPLES I THINK YOU NEED A BIT MORE (HEALTH CARE ALONE FOR TWO PEOPLE CAN BE QUITE A BIT OF MONEY). MAYBE NOT MILLIONS, AS YOU MENTIONED. IT REALLY DEPENDS ON WHAT A PERSON OR COUPLE WANTS TO BE ABLE TO DO DURING THEIR RETIREMENT. SOME ARE MORE MINIMALIST LIVING & OTHERS A BIT MORE EXTRAVAGANT.
For sure!! Two people would need more than one. And it toatlly depends on lifestyle! 😁
the secret is to have enough to genererate sufficient income so that you wont need social security. So when its availalbe its viewed as a bonus and not as a necessity.
That would be ideal! 👍