I am a boomer, retired at 56 after 35 years with FEDEX as a driver, it wore me out and I didn't know it at the time. I contribute by doing the things I like to do, keeping house, growing a garden, yard work, canning and cooking, riding my bike and walking, oh and also coffee break whenever I want! I will not be going out to work hopefully ever again. We lived frugally and saved a bunch of $$ and have several pensions as a result of our hard work. Paid for kids first cars, college and gave them a down payment on a house so we have done all we can for now thank you very much!
Agree wholeheartedly on having something to do that keeps you engaged in your interests, hobbies, maybe a "job" that you do for enjoyment of what the "job" is, is not only fulfilling but necessary. Sitting around doing nothing is the worst thing you can do in pretty much every way - physically, emotionally, etc.
Not if you love your job! Although I think I will eventually work less hours, as long as I'm healthy I will always be working a little. But then again, I'm my own boss.
I invest around 60-70%, sometimes a bit less but never less than 50%. I live in a terrible gloomy unsafe place, I don’t spend a penny if it’s not a necessity, and I’m miserable, but just a few months more 😅 I prefer to suffer now than when I’m old and this short term sacrifice will set me up for life.
landlording is not retiring..it is collecting rent, handing expenses by doing repairs. The other day I installed a sink. This was quite the experience since I never did this before. 100$ at Home Depot and a morning blown removing old sink, and installing new sink was WELL worth the time put in. Think about becomng a landlord fellow boomers..If you are like me I think you will like it
But wait!! What happened to the Ramsey 8-10% withdrawal rate?! Is the Ramsey team finally looking at the data and now recommending an appropriate withdrawal rate?
I just say... when living on investment income, spend less than the income. A multimillion dollar investment program should have some stocks that pay monthly dividends even if the stock value goes up and down. Traditionally this has been utility company and similar stocks. The boring stocks.
Age 61/59 and dropped an embarrassing amount on a NY dinner cruise for thirty friends for our 30th anniversary. Best stupid money we ever spent (better than our annual property taxes, thanks Texas). Worth every cent. Beautiful night, wonderful skyline that we still miss, and friends enjoying themselves. Sure if we left in investments it could have added up, but if you have enough, enjoy a bit - we're dead a long time.
Being able to relax at home because you invested and no longer have to work is an accomplishment. Doing one cleaning task per day, doing one repair task from a list, cooking proper meals, cleaning up, and exercising takes the whole day. Living, instead of just existing.
@@genxx2724 Doing one cleaning task per day, doing one repair task from a list, cooking proper meals, cleaning up, and exercising does not take the whole day.
It is possible to forget to enjoy the wealth you accumulated. While it's nice to leave a legacy to your kids, that is not your purpose in life. You earned that money you set aside. You are allowed to use it for your own enjoyment... at a responsible level. Go ahead and spend all of the interest/dividend income and quit your job if that income level is your comfortable standard of living. (Your commute and some other expenses go down when you quit work. But entertainment tends to replace that.) Better if you let it keep growing some, but you can even plan to slowly bleed it down to $0 by age 120 (because most don't live that long) Still budget. It's possible to spen $50 million in 6 months if you go nuts.
in Canada there is a limit of how much you're able to contribute into retirement saving. if you contribute more than the limit there are tax penalties. the limit is base on the income calculated before tax. so the amount is different for everyone.
Invest in the roth accounts. And regular brokerage. Give your self the possibly of retiring before 65. Many people can retire in their mid 50s if they do it right. Goal should be financial independence
I’ve never really worked. I have college degrees but had kids first and my mom made me a trust fund kid, she was one too. I save more than I spend but eventually need to get back to work and stash those paychecks .
Retirement must be very subjective as I have a way different point of view at it then Ken does. I cannot imagine continuing to still work for financial gain when I'm retired, would rather earn cashflow from things completely passive or from investments at that point.
I have not heard of the Trinity Study but I have heard of the Rule of 300, which sounds like pretty much the same thing. I'll have to look more into the Trinity Study, much appreciated!
Everyone does need to "work" and that is what ken was alluding to when he mentioned how active retirees have longer and healthier lives. Work could be defined as a part time job, caretaking your grandchildren, volunteering in your community, working in your garden, actively pursuing engaging hobbies, or really anything else that gives you drive and purpose. What that looks like is up to you. Wasting your retirement watching TV, like ken said, is kind of a waste and actively shortens your life as studies have shown.
@@treyhall9138 No, you don't need to work. If you've established a solid plan on how to occupy your time, you can live your life without working. That's the standard US way of thinking. Yes, I'm from there and still say that. I've lived all over the globe, so I've seen how each stops working and enjoys retirement!
Some people have had enough work over 40 years and want to relax and take it easy after 60. Disagree with ken here. Being active doesn’t need to involve continuing to contribute to society. Extreme capitalist
Lmao I'd rather be miserable now while investing way more. Than me reaching retirement age and i have to beg anyone for me to live and survive on their terms and family will avoid you like the plague coz they know that you just call them when you need or want money from them.
Nope. You can never have enough money. Greed is good. Cash is king. 💰 Speaking of tons of money, where’s Dave anyway? Not interested in second bananas. This show has kinda went downhill and far too many shows. 🤔
Some of you fanboys are going to have to realize Dave is a mortal man like the rest of us and can't do this show forever. After 30 years, he's probably sick and tired of fighting an uphill battle against American consumeristic stupidity. Get used to the "second bananas", for they're the future. 🍌♴🍌
I love how these people look down on you if you don't give give give. All they want to do is take take take from you. If all I want to do is sit on the couch and watch Netflix then that is what I will do. You don't get to decide what happiness is.
I think the thing I disagreed with is that when you are older you may not want to travel as much. It just might not be as comfortable. "Giving" of yourself is a good idea - but if you don't want to - well, it's your life. But sitting on the couch watching Netflix sounds like a quick way to die. They say you need a reason to get up in the morning. But you can do what you want to do as it's your money, your time, your life.
@@beckypetersen2680 Try not to elongate your sentences with unnecessary words. "I think the thing I disagreed with". It needs to be TIGHT. "The thing I disagree with is...."
@@beckypetersen2680 There's only one thing you are required to do in life and that is to die. Life is the evidence and proof that God is failure and true happiness is a myth. Much like trying to grab running water from the faucet with one hand and thinking that through the struggle of it all that you will be rewarded at the end when the water stops running. Come to find out, there was no big prize at the end and the whole time you were trying to grasp water in your hand you were just staying busy. Life is nothing but just little things we all do to stay busy that we all pretend to mean something. God loves when we die early. How else is God going to have children in heaven singing his songs?
I am a boomer, retired at 56 after 35 years with FEDEX as a driver, it wore me out and I didn't know it at the time. I contribute by doing the things I like to do, keeping house, growing a garden, yard work, canning and cooking, riding my bike and walking, oh and also coffee break whenever I want! I will not be going out to work hopefully ever again. We lived frugally and saved a bunch of $$ and have several pensions as a result of our hard work. Paid for kids first cars, college and gave them a down payment on a house so we have done all we can for now thank you very much!
Have you considered cashing our the pensions and investing it yourself?
Once you and you partner die. The monthly income dies with you.
Nice work!
Man, I wish my parent had had just hint of this in their lives. So heartbreaking where they are now in their late 70s/80s.
I’m grateful that my parents, and even my grandma, knew about investing.
Good point Kelli
my parents too.. they're both workaholics but have no nest eggs.... nothing to show for it.
So sorry
Ken is spot on....work in some capacity forever. It's good for the mind and learning.
This is the first time I’ve heard of anyone from Ramsey mentioning the trinity study. Well done!
That’s because they’re not qualified. Ramsey gives terrible investing advice.
@@genxx2724 says the negative nelly about a bunch of wealthy advisors
Agree wholeheartedly on having something to do that keeps you engaged in your interests, hobbies, maybe a "job" that you do for enjoyment of what the "job" is, is not only fulfilling but necessary. Sitting around doing nothing is the worst thing you can do in pretty much every way - physically, emotionally, etc.
At a certain point time becomes way more valuable than money. Work till you dies is a absolute waste of a life.
Not if youdo work you truly find meaningful (which is probably for yourself)
Not if you love your job! Although I think I will eventually work less hours, as long as I'm healthy I will always be working a little. But then again, I'm my own boss.
Time is always more valuable than money.
And yeah, working yntil you drop dead doesn't sound fun, but neither does waking up without a purpose.
Absolutely, life time and money is a balance.
I invest around 60-70%, sometimes a bit less but never less than 50%. I live in a terrible gloomy unsafe place, I don’t spend a penny if it’s not a necessity, and I’m miserable, but just a few months more 😅 I prefer to suffer now than when I’m old and this short term sacrifice will set me up for life.
I don’t believe you
@@HEC892 I hope so, I do my best so no one suspects this.
Is your income low?
@@rainacherienne1010 how much real estate do you own ?
@@HEC892 I don’t own any yet but I’m looking to buy. I have above average income, not very high, but it counts what you save not what you make.
landlording is not retiring..it is collecting rent, handing expenses by doing repairs. The other day I installed a sink. This was quite the experience since I never did this before. 100$ at Home Depot and a morning blown removing old sink, and installing new sink was WELL worth the time put in.
Think about becomng a landlord fellow boomers..If you are like me I think you will like it
My step does that but he lives in a different state so I think he hires people? Seems smart though
But wait!! What happened to the Ramsey 8-10% withdrawal rate?! Is the Ramsey team finally looking at the data and now recommending an appropriate withdrawal rate?
I still liked Dave’s approach though
I just say... when living on investment income, spend less than the income. A multimillion dollar investment program should have some stocks that pay monthly dividends even if the stock value goes up and down. Traditionally this has been utility company and similar stocks. The boring stocks.
Age 61/59 and dropped an embarrassing amount on a NY dinner cruise for thirty friends for our 30th anniversary. Best stupid money we ever spent (better than our annual property taxes, thanks Texas). Worth every cent. Beautiful night, wonderful skyline that we still miss, and friends enjoying themselves. Sure if we left in investments it could have added up, but if you have enough, enjoy a bit - we're dead a long time.
agree. i am 40 have invested a lot. was recently diagnosed with a pretty serious health issue. i am questioning everything now.
Invest at 40 then take your Greece trip at 45
Ken, some people enjoy napping and watching TV.
Being able to relax at home because you invested and no longer have to work is an accomplishment. Doing one cleaning task per day, doing one repair task from a list, cooking proper meals, cleaning up, and exercising takes the whole day. Living, instead of just existing.
You cannot do both. Do not BS me or yourself!
@@wewhoareabouttodiesaluteyo9303 😂
@@genxx2724 Doing one cleaning task per day, doing one repair task from a list, cooking proper meals, cleaning up, and exercising does not take the whole day.
It is possible to forget to enjoy the wealth you accumulated.
While it's nice to leave a legacy to your kids, that is not your purpose in life.
You earned that money you set aside.
You are allowed to use it for your own enjoyment... at a responsible level.
Go ahead and spend all of the interest/dividend income and quit your job if that income level is your comfortable standard of living. (Your commute and some other expenses go down when you quit work. But entertainment tends to replace that.)
Better if you let it keep growing some, but you can even plan to slowly bleed it down to $0 by age 120 (because most don't live that long)
Still budget. It's possible to spen $50 million in 6 months if you go nuts.
in Canada there is a limit of how much you're able to contribute into retirement saving. if you contribute more than the limit there are tax penalties. the limit is base on the income calculated before tax. so the amount is different for everyone.
You can volunteer. I happen to think that all people should volunteer their time and their money to good causes if they can.
Invest in the roth accounts. And regular brokerage. Give your self the possibly of retiring before 65. Many people can retire in their mid 50s if they do it right. Goal should be financial independence
You better have a pile of money for the medical insurance between the ages of 50 something and 65.
I was investing/saving right at 42% before I retired at 57.
The only way that you can invest too much is if you're cutting into money you need for essential expenses to do it.
I’ve never really worked. I have college degrees but had kids first and my mom made me a trust fund kid, she was one too. I save more than I spend but eventually need to get back to work and stash those paychecks .
No, no such this as too much.
But you should not just invest, to invest.
You should have some fun with it.
I disagree with the 15% Ramsey rule. Do more when you are young.
Retirement must be very subjective as I have a way different point of view at it then Ken does. I cannot imagine continuing to still work for financial gain when I'm retired, would rather earn cashflow from things completely passive or from investments at that point.
Great answer George
I have not heard of the Trinity Study but I have heard of the Rule of 300, which sounds like pretty much the same thing. I'll have to look more into the Trinity Study, much appreciated!
Whats the 300 rule??
The Netflix part caught me off guard 😅🫣😳
What about a person who has debt but a million net worth? They have rental property but they also have mortgage on their primary residence
As he said “this is a great problem to have” 😀
So Ken's new idea of retirement is now redefined as not retirement. No I think people want to work a lifetime and then actually relax. sorry Ken
I do love when people that aren't retired tell those who are how to do it!! You don't need to work, Ken.
Ken is a motivational speaker. They bank off making money on people who think what they are selling is true. They have nothing to show for it.
Everyone does need to "work" and that is what ken was alluding to when he mentioned how active retirees have longer and healthier lives. Work could be defined as a part time job, caretaking your grandchildren, volunteering in your community, working in your garden, actively pursuing engaging hobbies, or really anything else that gives you drive and purpose. What that looks like is up to you. Wasting your retirement watching TV, like ken said, is kind of a waste and actively shortens your life as studies have shown.
@@treyhall9138 No, you don't need to work. If you've established a solid plan on how to occupy your time, you can live your life without working. That's the standard US way of thinking. Yes, I'm from there and still say that. I've lived all over the globe, so I've seen how each stops working and enjoys retirement!
@@roburb73 You clearly did not understand my very broad definition of work.
So, live off $40k w/o depleting the principle. Got it.
Totally agree with you Ken!
Successful self-development will bring a lot of meaning.
Saving 64 percent myself, no mortgage
I think this question depends on your age. If you are close to retirement and have nothing then I would dump as much as I could to catch up
Anything over a dollar is too much.
Some people have had enough work over 40 years and want to relax and take it easy after 60. Disagree with ken here. Being active doesn’t need to involve continuing to contribute to society. Extreme capitalist
Short answer: no, but show some balance in your investments.
Did He just said a million dollars not enough to live off after retirement???
It's not
Especially if only half of that mil is liquid.
Lmao I'd rather be miserable now while investing way more.
Than me reaching retirement age and i have to beg anyone for me to live and survive on their terms and family will avoid you like the plague coz they know that you just call them when you need or want money from them.
👋
Congrats on being first!
Only invest up to the amount you can lose.
If you're investing with the thought that you could lose it, you're doing it wrong.
Nope. You can never have enough money.
Greed is good. Cash is king. 💰
Speaking of tons of money, where’s Dave anyway? Not interested in second bananas. This show has kinda went downhill and far too many shows. 🤔
He is done with this mess. He is living and giving like no one else.
Only what you can afford to lose.
@@wewhoareabouttodiesaluteyo9303 Took the money an ran!
He's kicking people out of his rental properties.
Some of you fanboys are going to have to realize Dave is a mortal man like the rest of us and can't do this show forever. After 30 years, he's probably sick and tired of fighting an uphill battle against American consumeristic stupidity. Get used to the "second bananas", for they're the future. 🍌♴🍌
I love how these people look down on you if you don't give give give. All they want to do is take take take from you. If all I want to do is sit on the couch and watch Netflix then that is what I will do. You don't get to decide what happiness is.
I think the thing I disagreed with is that when you are older you may not want to travel as much. It just might not be as comfortable. "Giving" of yourself is a good idea - but if you don't want to - well, it's your life. But sitting on the couch watching Netflix sounds like a quick way to die. They say you need a reason to get up in the morning. But you can do what you want to do as it's your money, your time, your life.
@@beckypetersen2680 Try not to elongate your sentences with unnecessary words. "I think the thing I disagreed with". It needs to be TIGHT. "The thing I disagree with is...."
@@beckypetersen2680 There's only one thing you are required to do in life and that is to die. Life is the evidence and proof that God is failure and true happiness is a myth. Much like trying to grab running water from the faucet with one hand and thinking that through the struggle of it all that you will be rewarded at the end when the water stops running. Come to find out, there was no big prize at the end and the whole time you were trying to grasp water in your hand you were just staying busy. Life is nothing but just little things we all do to stay busy that we all pretend to mean something. God loves when we die early. How else is God going to have children in heaven singing his songs?
@@beckypetersen2680
If people are dying from sitting on a couch watching Netflix there is more going on with them health wise.
But you aren't being a good person if you aren't giving while you're alive! Never mind you will give 100% of your estate away when you die.
First 😮
Nope
First to get downvoted
Second by newest. Sorry my dude. I have to congratulate the person who was really first.