PS I am also retired. I am living alone & I worked until I was 70 for the highest monthly amount. I pd off all my bills, replaced any household items in the home during the 2 yrs before I stopped working. Frig. Washer, etc that were getting too old & I was able to buy them on sales during the 2 yrs and get very good deals because I had the time to shop around during seasonal sales because I was in no hurry.
I agree with being socially and physically active. My sister is only one year older than me, yet she walks and looks like she’s 10 years older. I’m 73 and was forced to retire in my early 60s when my company moved out of town. From the first day of retirement I began going to the county run community center where they have all kinds of activities and classes. I met new people and there is always something to do. I’m now a widow and in a few years I’ll be moving out of state with my only child and the first thing I’ll do in my new home is find a community center ‼️ If there isn’t one near me I’ll find a church and volunteer. Anything to meet people and stay active and alert
i am a happy hermit. ''community'' is overrated. mom lived in her house for 50 years and neighbors were all about their kids and families and never gave her the time of day. she just had people work for her. from yard work to house sitting, etc.and ignored the neighbors.
Sorry, but I am retired and still paying a mortgage BUT if I sold my home now, even with a great profit, any RENT I would have to pay in todays market would far outweigh my current mortgage payment. I’m staying put.
Mortgage payment includes lost money for retirement including interest, insurance, property tax, loads of maintenance like cost of yard maintenance (gas mower, labour, for raking leaves, shovelling snow, mowing, garden maintenance, if applicable) new roof, furnace, water heater, other fixtures that wear or go out of style like flooring, cabinetry. Labour to do jobs like cleaning or maintenance you can no longer do - fix plumbing, cleaning eaves troughs, cleaning windows) of course is offset by increase in value of property. But we did the math for our parents and it was absolutely worth renting. Plus they could travel on a moment’s notice, turnkey.
@lparky2441 I got a great electric self propelled mower for $350 3 yrs ago when I bought the house. It has paid for itself already. Where I live (wasn't retired then, didn't want to drive 2 hrs/day for work), rent for a 2 bedroom is at minimum 2400. Mortgage for a 20 year old basic 2 bedroom house: 1700, all included.
I was fortunate enough to have very frugal parents growing up. Now that I am retired, I am just as frugal. We are out of debt now, stopped going on vacations, and shop at discount grocery stores. Now for fun we have people over and visit others,, work in the garden, play with the dog and spend time together talking more.
I retired with full Soc Sec (waited until 67) and my full retirement from my job. And after some years, went back to work full time in a different field. I enjoy it. Truly! So I have 3 streams of income. I travel when I want, live and enjoy 😊.
My husband was forced to retire because of health problems so was on disability for a short time and now Medicare. We recently learned About healthcare as the broker explained it all to us. I am only working a small part time job. His health continues to deteriorate so circumstances keep changing. All the plans we had years ago went out the window. Priorities change and you realize that you need to be thankful more than ever for what you have and be grateful for God, each other and family. We did not plan this. You never know how life can change. Focus on the things that really count.
Prayers and blessings to you and your husband! Life definitely can bring unexpected surprises. Hope you are getting the support from your family and community.
Along with downsizing is: move to an environment with a lower cost of living. Because you are no longer working you don’t have to be concerned about the ‘jobs availability’ in the area you move to. This opens up smaller towns and small cities as great places to retire.
Totally Agree! I live in Northeastern Brazil in my Brazilian wife's three-house Assisted Living Compound, debt-free, in a small town with a very positive $1USD = $4 of the local currency. The glass-enclosed State of the Art You Tube Studio I created also helps. 😎
@@adrianadarnell Thanx for asking. For the sake of privacy, I will only say that we are 6 hours from Fortaleza, but our small village of bulls, cows, horses, roosters, lots of dogs and pigs is only about 20-25 minutes from JERICOACOARA - What the Washington Post once called one of the best beaches in the world. Just a few tips from someone who knows. 1). Obviously make a decision on where you want to spend your golden years, but if it involves building or buying a new place to live. Make sure a Caretaker does the once over first. As someone who is old enough to have been on the team when me and my uncle checked properties when the ADA (American with Disabilities) regulations came out, there are things and measurements to check in a new to property. 2). We are completely debt-free. Everything, home, car, furniture is paid for. I live off my monthly social security, even though I have a substantial large next egg. 3). Your Mindset is the most important vital thing you have going for you. When my Brazilian Mother came into our family after my natural mother passed, i was so taken with her home country that even as a teenager I determined that when I retired it would be to Brazil. That was 50 years ago, and no matter times were good or bad I always had the same mindset. I always knew ahead of time what my Retirement would look like. When my late father passed away his one wish was that we take care of his wife. I ended up moving to Brazil, to live with my wife, beagle mix and of course my mother. 😎
Here's the rule about earning income while on social security: if you retire before your full retirement age (FRA), social security will take back part of your monthly check if you earn more than 22,320 annually (2024). Once you reach the year of your full retirement age, there is no longer any limit on earnings. I know this because I just retired and I'm still working part time.
Partially true, it's ~ $55K the year you reach FRA. BUT the months AFTER your FRA you could make a zillion. But, then there's the IRMAA huge extra you pay on Medicare IF you are a high earner while on Medicare. * definitely sign up for Medicare 3 months b4, or at 65 and get/ buy a plan N supplement medigap plan.
Forget side hustles. Go bowling, play pickleball, get into archery, read more, exercise, volunteer if you really want to do some work; you lose nothing if you quit volunteering. Be free, don't chain yourself to another job.
I was one of the people who fell under the law of getting to collect Social Security after my Ex husband passed away and I could still work my job. I got very sick and had to retire before I planned at 68 , but I didn’t have to collect my own until I was 70 and then the amount had increased a lot. So I feel blessed that I have everything paid off and now can live comfortably, although not lavishly.
I love your channel. You are a blessing. I am a high school principal and I have a pension. My husband has always been self-employed and a cancer survivor. He just started drawing his social security this month at 62. I am still working until 65. The only debt we will have is a house payment but it will be very manageable. I am obsessed with retirement planning.
The hairdresser charged you so little for the haircut, I'd give her 20% for sure. It's a wonderful cut and she is just getting started, so I'd choose to be generous. (I'm retired too, so on a more modest income, but still prefer to tip well. I just choose to eat out or get haircuts less often instead.) P. S. I'd also spread the word about her. That would help her greatly.
Congratulations, well done!! My 63 year old husband and downsized 7 years ago then paid off the mortgage 2 years ago-we are happy and relieved to have no debt!
You did an excellent job informing about retirement. Well said. Everything you said is so true. The most challenging part to add is if you are taking care of an elderly. It consumes your time and you are not able to leave them and travel far away. Also your responsibility is focused on them.
I just Retired in may I sold my house and bought a motor home . Going to travel around Australia, just wanted to get the hang around and see how the motor home works, getting new dentures and other medical issues sorted before I head off
Because so many boomers are retiring and travelling in their caravan or motor homes, things are changing in Australia. Caravan and camping parks are now placing stricter limits on stay times, often only 7 - 14 days especially in peak times, so that can mean a lot of uprooting. Park fees are also becoming more expensive. Many free campsites are now charging fees so there are less free options. It's important to do your research as it's not always a cheap option.
@@trudyberry3267 being self sufficient is paramount I have two days a week in town I hope do laundry power up have a really good hot long shower sometimes I go longer off grid
I retired at 62 mainly because my chronic back pain became too much for me to sit or stand at a computer, not to mention my job in print production was disappearing. Thank you for your tips. Great reminder that ordering out and daily coffee visits aren’t good in the long run!🙏🏽😃☕️
I have been with my stylist since she came out of school and have followed her to many salons. I also kept her employed during Covid by having her come to my home when her salon was shut down. . She now owns her own 2 chair salon. She just raised her services by 30% which I don’t begrudge her but our fixed income has not gone up by 30%. I also have referred many people to her. I no longer tip her when she raised her services this past year. She was totally ok with it and understood . She’s not struggling , she just bought a home and works 4 days a week in an expensive state. I think it all depends on the situation in regard to tipping, it should not be automatic.
Before you retire, when you’re preparing to retire, come up with a Hobbies Plan. Write down all your hobbies, interests and write down low cost ways that you can enjoy them. Writing, drawing are inexpensive hobbies. Write down family stories. That is a nice legacy to leave your kids. It can go along with genealogy. Some stories, descriptions of the people, families in your genealogy gives life to them. Also, before you retire come up with a ‘Stay Healthy’ or ‘Become more Healthy’ plan. And implement it. Staying healthy in retirement is as important, maybe more so, than having lots of money.
@@Nwladylaura369 Taking care of those things should be in your health plan. I have cardiac and kidney issues and measures to cope with those are in my Health Plan. Some of my measures for those are: low salt diet. Take my meds. Don’t miss Doctor visits. Keep copies of my labs and understand what they mean. Increase vegetables and fruit in my diet and lower meat consumption. If I do eat a meat always eat vegetables with it to neautrilize the bad effect on my kidneys. Having a Health Plan does not mean you’re in tip top shape. It just means you’re consciously taking care of issues you have and trying to prevent further issues/damage.
At 62 and completely debt free, I work part time and will continue to as long as I can…it is a physically demanding job so we’ll see…. I’m planning to sell my place next Spring and purchase a home where I used to live (and loved!) because it is less expensive than New England. I have no intention of taking a mortgage and will continue living responsibly . I also plan to volunteer as well as continuing to work in some capacity.
Very good advice! I have been widowed for 10 years. We lived in a 5000sq ft home. I began immediately looking for a smaller house. It took me a year to find it. I was also a Realtor at the time. Priced the house right and sold it to another agent in my office without having to put it on the market. Here in Southern Illinois the property taxes were $15,000. Now I have a home that suits me perfectly. Has wheelchair access doors etc. plenty of room to have to kids and their families come for holidays and birthdays. Also have room for gardening as well.
I have a home in Mérida Mexico that is mortgage free. That is where I will retire. Love your content! Wise and intentional!!! No sport shopping. I call it fritter spending and I ask myself when I am faced with a "thing" I want to buy and ask myself if it is a fritter purchase.
I think working part time is a great way to enjoy your time yet keep your foot in the door at a job.. I LOVE TO SHOP , Im also a few years away from retirement . I have found that I enjoy “just looking “ without buying just as enjoyable as spending. I will buy a couple small inexpensive things while I’m out like , a candle or room spray , guest napkins some little thing and it totally satisfies my shopping urge..
My husband and I socked away 15% of our earnings into our 401(k)s. He retired at 59 after being laid off and I retired days before turning 60. We live debt free and live off savings and his SS. We don’t live large, but take a few trips a year, never feel stretched and can totally relax. We planned and thankfully it has paid off for us.
Your new haircut looks great on you. The short style brings the eye upward and lifts your features, making you look alert and beautiful. The updated style is very becoming and very "in". Keep going to the new stylist...she obviously knows what she's doing.
I recently started my TH-cam channel and I suck, but I will keep posting until I get as good as you. I am financially free and retired so I have time to improve as I do not need TH-cam income.
@@SimplyKatieWalks I have to check out your channel. I am sure that yours is better than mine. I am not looking for job in retirement, so mine will stay low budget 🙂🙂🙂 Best of luck.
Hi Sarah, I had a 401K from an old job. I changed it over to an IRA. I am not considering that as part of my monthly retirement income when the time comes. I am leaving that as my 10,000.00 emergency fund. It is also my hedge against inflation.
Also, when your mortgage interest rate is 2.6% (as mine is) it doesn't make sense to pull $$ out to pay it off when that $$ is making way more than that in investments!!
@@cheryllilley5115and not mention that my house has increased in value since I built it 6 years ago. So my money is growing faster and my investment too. WIN-WIN!
I was widowed at the age of 56. My husband and I had no savings and no pension at all plus a mortgage. Thankfully we were insured. The house was insured , so that was paid off, and his life insurance gave me a nice little nest egg. I kept the house for another 15 years, then I sold it to my daughter . I felt I couldn’t keep up with the taxes and repairs , and I moved into the basement apartment of my home, and she took over the main floor. She got the house at a VERY reasonable price, and now I live rent free, no insurance, no repairs, no cable bills, and my car is paid for. All I pay for are my groceries, car insurance, gas and cell phone. I still have a little nest egg to fall back on.
I was living paycheck to paycheck, but inherited some money. I sold my home, paid off all my debts, and moved to another state. Paid my new house off and am living debt free. Have a lower SS check since I stopped working early and invested my savings into a interest bearing cd. I am very fortunate, but also frugal. I have always stretched a nickel to make a dime. Not much has changed that way, except I won’t go down in flames if a reasonable emergency comes up. My sister is the total opposite. I think she will be ok since she lives at her boyfriend’s house. 🤞
I think it's better to have an enjoyable life your entire life! Not just your retirement. We should be doing things that are fulfilling God's purpose for us. That being said we do need to plan ahead and be prudent with our savings. 😊
No.....its different in some cases. I got MEDICARE at 39. Due in part to receiving my ssdi cuz of serious med conditions. Im 55 currently... The judge also had awarded me Medicaid for one year. She also DIDNT rule on Social Security's medical report findings....she went by my medical records at the Veteran's hospital, cuz thats where my docs are. SSI folks receive MEDICAID. Im on SSDI....which is based on the years of work u put into the system. Just thought some ppl should know that. Every case can be different...😌
as a stylist of 46 yrs w/a hair studio here at my house for last 22 yrs ( we converted 1/2 the garage ) i keep my prices low…mainly because i don’t pay chair rent at a large salon💕 ( 22 yrs ago it was $170 a week booth rent ) about 1/2 of my clients tip….it’s all very appreciated 🎉😇
We are not retired yet but health care is a big question since we will both. Retire before we are eligible for Medicare ( you may want to change your wording in the video since Medicaid is different from Medicare.) We are planning on having enough cash saved for several years to live on prior to retirement and then sell one of our houses so that our “income” is not too high to effect the cost of healthcare. my husband also has a lot of sick leave built up with his employer, we hope we can purchase insurance from his employer with that for a couple years. But that really only helps us a couple years and who knows what will happen. Your hair is very cute, tip her the 20%! I usually tip20% but only get my hair done a couple times a year.
Consider getting ACA insurance, it's so worth it. Medicare will cost more than I currently pay for my ACA monthly premium. At least consider a catastrophic plan for emergencies and surgeries. If you are eligible for Medicaid, that is also a very good medical system.
@@sandiellett1786so ACA is different than getting Medicaid? Is it one of those Medicare Advantage plans? I’ve heard the Advantage plans don’t always pay and for some much needed health procedures, your health care providers have a hard time or even get turned down on getting those things paid for. Does anyone have any suggestions on how to find an affordable supplement that don’t break the bank? My husband is going to sign up in November for Medicare.
When my husband and I were still working, we put as much into our 401 and 451 as we could afford. We did a yearly vacation and maybe a trip to Vegas to see a show. We didn’t fund our kids’ college education except for the first year. Then we told them that they would have to get student loans because they were now adults and needed to appreciate paying for their education.
Love the hair! I'm always amazed at the number of people who take on large amounts of debt when they are approaching retirement age when they don't have to.
Love your new haircut! I think the length is perfect🙂 And I tip based on service, not on ownership… If I had received that awesome cut and great service, I would have tipped 20% regardless of the fact that she owned the business.
My husband and I are 60 and have been retired 5 years. He was in finance. His advice has always been the same as yours, to figure out how much income you will have in retirement and live on that amount for a minimum of 2 years before you plan to retire. Bank the difference (and/or use it to pay off mortgage). If you are unable to live on your retirement income while you are occupying 40 hours a week with work, you will be doubly unable to live on that amount when you have an extra 40 hours a week of leisure time. Many, when faced with that advice say “there’s no way I can live on that!” He tells them, “then you can’t retire.”
You can make up to $22,320 till your full retirement age of 67 for me in July, 2024. After your full retirement age, you can make as much as you like while on social security.
My husband and I saved money for travel in retirement, separate from our retirement accounts. He retired at 65, me at 66, in May. We started to travel right away. We noticed that the travel was not as easy as when we were younger. My advice would be to save money if you plan to travel, and hit the road as soon as possible, especially if you want to do active travel.
A little surprised at the first recommedation to tighten up your spending for a while after you retire until you have a good idea of how much you will actally have to spend. In my opinion, you should have that clear in your head a couple of years before you retire.
Awesome video and so informative! Love your new haircut! My hairstylist works out of her home, too. She charges $42 for a wash & cut (no styling). I give her an $8.00 tip so I know it’s always an even $50.00.
My hair dresser works out if her home ...she literally charges $10 for a haircut and styling...I give her a $10 tip to make it an even $20...and yes she dies an excellent job.. She is a hidden gem
I'm retiring in a couple months and I currently have my hair professionally colored. $$ It looks glorious, but I'm seriously considering going gray to eliminate that expense. And my haircuts are NOT $30, that's an amazing find! Looks great!
Best thing I did was to let my hair go natural. Various ways to go about it, I looked at You Tube. So nice to not have that hassle anymore (I dyed it myself). Now I have shoulder length gorgeous gray hair.
I love my gray hair! You might want to consider having it toned, which is essentially the same stuff men use to "even out" the color. My stylist uses T9 from Redkin. Takes 15 minutes total, much cheaper than color and foil.
I color my own hair, but would love it if it was all gray! Guess it will take some more time. My stylist cost about $55. I only go a few times per year.
Instead of “letting my gray grow out” I had highlights and lowlights every few months and slowly transitioned the lowlights out and then the highlights also. It was so natural and I got so many compliments on my hair. People still ask me who colors my hair and I tell them it’s heavenly highlights. I always leave a generous tip. It costs me very little, but can make a big difference in someone else’s life.
I love your haircut. I think it looks great for summer. It looks lighter by weight, not color. You may miss your longer hair. It will grow back quickly! You really liked the woman and are very happy with her work. I would tip her. I googled this. It is now standard to tip the hairstylist even if she is the owner. I always waited quite a few weeks before getting my next haircut.
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Personally, I don't intend to stop working until 75/80 years old. I knew that more or less in my 20s. I choose to live the life I wanted knowing perfectly that in exchange I would have to work well past the retirement age, even more knowing that age limit was going to be push back.
After 28 years of marriage, I got a divorce. I moved 45 minutes from where I lived into a less expensive market I used some of the money of the sale of the house is a down payment and reserved money to build an accessory dwelling unit in my garage. I basically built a 712 square-foot apartment that I rent out to traveling professionals, the rent from that pay my mortgage. Consider this strategy before you decide to downsize. Use cash or tap into your equity to build a rental. I did it with permits so that I can run it as a business and get tax write off and also show it on my tax returns as income in case I want to purchase something else in the future.
Yes TIP and I actually tip more.....People have no idea how many costs are involved in running a business. She probably makes very little profit after all her bills are paid! I support as many small local businesses as I can!!
I used to play pokies on a regular basis I went cold turkey it's been over two years plus yes I got tempted as stress relief time paper then now I practice frugual life style and saved $$
Don’t look for another job after retirement. Remember, you can’t buy time. Go for walks, read those books that you never had time to read, experiment with new hobbies, visit friends.
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.
We are not moving bc every time you move to even a smaller home, they are more expensive per square foot, and you pay tax on the higher, more up to date value (your purchase price) of new home, which might be more than current taxes!. Depending on the size, staying put could make more sense. Close the vents in those rooms you don’t use to save heat. Or fill them with a phenomenal exercise room! Where you can watch tv or follow a Zumba or yoga class online! Or make a room for hobby (art studio, quiet reading room) guest room, spectacular playroom for the grandkids and you, haha!
Exactly. The idea everyone should downsize and cram into a smaller home just because someone says every retiree should is bad advice. Especially in today's market.
Thank you for all of this advice! I totally agree with the health issue. I’m having a lot of health problems right now. Fortunately we live in Texas and my husband is still working. I’m being diligent about proving my health.
I enjoyed your information. A year before I retired I lived off my proposed retirement budget while I was still working. I wanted to see if I felt comfortable doing it. I did have to pay health care for 5 years before I was eligible for Medicare. I stashed more money into my HSA account those last two working years. That money lasted me till I got on Medicare.
As a hairstylist and tipping I would always tip no matter if they are an owner or an employee especially if they are doing out of their home or don’t have employees. She was giving you a much better price and she is paying her own overhead and supplies so she isn’t making more then if she was in a salon in fact she may be taking a pay cut. Remember you are getting a discount but at what cost to her. I hope this helps. Thank you for asking 😊
If you’re still working when you turn 65 and are on your company’s health insurance plan consider going on Medicare. It might save both you and your company thousands of $$. On the other hand you might end up having to pay Income-Related Monthly Adjustment Amount (IRMAA). But it’s worth checking into.
My neighbour retired and died next year. Sometimes it pays to seize the day. But of course you should do a budget based on past expenditures, and future projections, based on health, parents and grandparents’ life expectancy to get the best date for you.
I always tip salon owners. It is appreciated and results in better service and a favor when I might need it. Most importantly, it acknowledges that the challenges they face with their business.
Your hair is adorable! My hair stylist owns the salon and I tip 20%. This may differ depending on the area; I live in Northern VA and it is customary to tip 20% regardless.
Your hair is adorable!!! I really like the length a lot. It used to be that you didn't have to tip the owner. However, if she's rather on the younger side and has just started out, I would give her a tip if I was happy with the service. Maybe not 20% more like 15-18% but if I liked her and wanted to use her again, I would give her something. Good video Sara! Lots of great advice and thoughts in this one.
Retired at 68 but did not draw social security until I was 70. Between 66 and 70 my social security payment increased 8 percent a year. Not to be too political but read project 2525. Social Security will be changed. You can never predict how things will change.
@@Nwladylaura369I didn't watch 2025 yet, but Blue has opened the border to a tune of 7 million undocumented immigrants who we the tax payer are paying for in schools (property tax and school tax) medical costing us more, a draw on our resources. Never forget the tyranny of Covid and the control and death camp nursing homes. On and on. Before there was no record on the speaches. Now there is a record and I am not going to buy it due to the record. The goal is Universal Healthcare, higher taxes on top of inflation it will go bankrupt sooner than later. Check the facts, not the fabricated lies on either side and individual politicians. Vote smart.
2025 is truly scary. A "Christian" organization that is eliminating Head Start, school lunches for poor kids, straight medicare to the Advantage Plan that is oftentimes DIS Advantage, de-funding public schools in favor of private schools (consisting mostly of white rich kids) etc
@@johnkelly9451 Nope. Please do your research. One of Project 25's mandates is: "Push more of the 33 million people enrolled in Medicare towards Medicare Advantage and other worse, private options," which would create a financial nightmare for people in retirement. #voteblue
I wouldn’t be having any appliances with warranties. I think you’re right about a message sending to people that that there is a bunch of retirees. It’s so sad.
Love your new hair cut! And yes, I had a friend that had worked several jobs in addition on her full-time job to make ends meet and ended up having to pay in $3K for her insurance at the end of the year.
I went 10 months without getting my hair cut and colored because the person who only charged me 100$ retired. I couldn’t believe it was 225$ at a local salon so I waited just as long(I don’t have grey hair yet at 60.). It was 325 so I need a new stylist!
Oh this is for the US folks. I live in Canada and i cannot afford to retire... much more to buy expensive things after I retire. Rent is so ridiculous and it's best you hold on to your property.
I normally tip 15%, more to show my appreciation. I find it appropriate to support our local business owners, especially small ones since they really don't have all the tax credits afforded to really big companies/ 1% group in USA. Thank you for the great tips. Still have another 13-15 more years before retirement, never hurts to be proactive though & have a road map for retirement phase.
I am 69 and retirement is not a financial option. Grateful to be physically and mentally capable of working a job I enjoy. I live frugally but do buy healthy groceries which can be expensive. Started Soc Sec at 66 and glad I waited.
Just found you this morning so I don't know what your hair style was previously but....I like this cut on you and hope it's easy to "blow & go" in the morning! 😊💐 P.S. lots of great tips - thank you!
I always tip generously, even shop owners. I appreciate anyone who is willing to work in a service business and enjoy giving them a 'bonus' over and above the cost of the service itself. The only time I don't tip generously is when the service was poor and then, even then, I leave a small amount so it's clear that I didn't forget to tip but I wasn't happy. And, sometimes, I even tell them why I was unhappy (at restaurants). When it's a personal service, like hair cut, I'd tell them why I'm unhappy so they know why in this example of personal service.
Generally hairstylists I tip $10. No matter what the cost of the cut. Your stylist did a great job! Part of your ‘tip’ to her can be sending other customers to her, and your repeat business. Since she’s a small business you might want to bring her some cookies, etc.. next time and tell her that people that saw you on You Tube loved the cut.
If you are close to retiring and have insurance get any kind of surgery/procedure while you still have the good insurance because you don’t know how much it will be in the future
Great video! My all inclusive hair cut is $35 and I tip $5. Your hair is darling! This month I started medicare and chose an advantage plan. Already I'm disgusted. A new prescription was to cost $390. I sent a chat to the insurer as to why the price. I got the expected response. So, I canceled the prescription. The pharmacy asked why? Duh! Too pricey. After I meet my $4,400 deductable, I may order the prescription. This plan was to be the best because of a med I take to stay alive. I refuse to go into debt for any reason. I'll give it a couple months, then I'll start writing my congress reps. Continued blessings!
I pay over $400 plus 20% tip every time I get color, cut & style. That will have to change soon if I’m ever going to retire! At 63yrs. and 37-yrs with very large company I only have my 401k (no pension), so I’m terrified of letting go my day job :-(
Deb here. Wow! Where do you live that you pay $400 plus an $80 tip at the stylist? My husband dyes my hair using store bought products that are less than $10. It looks fine. I will get a haircut every so often at a salon that charges $15 plus tip for a haircut.
I wish my much younger self had really understood the importance of starting to save as early as possible EVEN IF it was only a small amount every payday. My husband retired last year. We don't have anywhere near the amount of money we thought we'd have for retirement because of having to help my mom for her last 6 years of life and medical issues for our then 20-year-old sons. We're doing okay now, but because of inflation my husband may have to pick up a part time job this Fall. I love your hairstyle and the length.
Yes, you tip them unless they have other booth renters working for them, then it’s optional. I can personally tell you when you work alone you have a lot of expenses that you have to bear alone.
My 65 year old husband bought a new car recently. He didn't discuss it with me. One credit card company lowered his cc because they said he has too much debt. I'm not old enough to retire, but I am debt free.
I didn’t quite understand what you meant when you said you had to pay money back to your insurance because you made more than expected. Where can I read up on this?
They were receiving a government subsidy (currently available to a single person making less than $58k, not sure what the limits for couples or families are. Check the Health Care Exchange). Because it’s a subsidy, if you make more money than you expect, you might not qualify for the subsidy and might owe some $ back. However, if you’re fairly certain of your income (or if you understand that you are receiving a subsidy, and that increased income could affect that), you can plan for it. I don’t agree with Sara’s statement that one should pay more just in case. If you sign up through the exchange, as I did, they are Very clear about the fact that you are getting a subsidy (in my case worth $500/mo) based on your income-one you won’t be eligible for if you make over the limits.
Such a good video and so well done with lots of wise advice. Here are a few additional thoughts. It's good to have at least a bit of an emergency fund and it can be beneficial if your employer will allow you to transition into retirement, for example, going from 5 days a week to 3 days a week before becoming fully retired. And finally, very nice hair!
PS I am also retired. I am living alone & I worked until I was 70 for the highest monthly amount. I pd off all my bills, replaced any household items in the home during the 2 yrs before I stopped working. Frig. Washer, etc that were getting too old & I was able to buy them on sales during the 2 yrs and get very good deals because I had the time to shop around during seasonal sales because I was in no hurry.
I agree with being socially and physically active. My sister is only one year older than me, yet she walks and looks like she’s 10 years older. I’m 73 and was forced to retire in my early 60s when my company moved out of town. From the first day of retirement I began going to the county run community center where they have all kinds of activities and classes. I met new people and there is always something to do.
I’m now a widow and in a few years I’ll be moving out of state with my only child and the first thing I’ll do in my new home is find a community center ‼️ If there isn’t one near me I’ll find a church and volunteer. Anything to meet people and stay active and alert
i am a happy hermit. ''community'' is overrated. mom lived in her house for 50 years
and neighbors were all about their kids and families and never gave her the time of day.
she just had people work for her. from yard work to house sitting, etc.and ignored the
neighbors.
Thanks for sharing. I will retire in 2 more years. Thanks to your comments, now I know what to do next.
Sorry, but I am retired and still paying a mortgage BUT if I sold my home now, even with a great profit, any RENT I would have to pay in todays market would far outweigh my current mortgage payment. I’m staying put.
consider selling, moving to cheap land and having an off grid cabin built.
that is what i am doing. lo expenses across the board.
Mortgage payment includes lost money for retirement including interest, insurance, property tax, loads of maintenance like cost of yard maintenance (gas mower, labour, for raking leaves, shovelling snow, mowing, garden maintenance, if applicable) new roof, furnace, water heater, other fixtures that wear or go out of style like flooring, cabinetry. Labour to do jobs like cleaning or maintenance you can no longer do - fix plumbing, cleaning eaves troughs, cleaning windows) of course is offset by increase in value of property. But we did the math for our parents and it was absolutely worth renting. Plus they could travel on a moment’s notice, turnkey.
@clovergirl7934. Stop
apologizing !
@lparky2441 I got a great electric self propelled mower for $350 3 yrs ago when I bought the house. It has paid for itself already.
Where I live (wasn't retired then, didn't want to drive 2 hrs/day for work), rent for a 2 bedroom is at minimum 2400. Mortgage for a 20 year old basic 2 bedroom house: 1700, all included.
I’m considering selling and using the equity in my home to purchase a property, outright.
I was fortunate enough to have very frugal parents growing up. Now that I am retired, I am just as frugal. We are out of debt now, stopped going on vacations, and shop at discount grocery stores. Now for fun we have people over and visit others,, work in the garden, play with the dog and spend time together talking more.
I retired with full Soc Sec (waited until 67) and my full retirement from my job. And after some years, went back to work full time in a different field. I enjoy it. Truly! So I have 3 streams of income. I travel when I want, live and enjoy 😊.
Good you deserve that.
I hope SS is around when I am old enough. The government has used that fund as a piggy bank.
I wish I had retired
I wish I had retired in good health. I would have gone for another job😂😂
3 streams of income? The SS income limit is around 21K in 2024.
@@ABab-jf2jbThere are no earned income restrictions for SS at full retirement age.
My husband was forced to retire because of health problems so was on disability for a short time and now Medicare. We recently learned About healthcare as the broker explained it all to us. I am only working a small part time job. His health continues to deteriorate so circumstances keep changing. All the plans we had years ago went out the window. Priorities change and you realize that you need to be thankful more than ever for what you have and be grateful for God, each other and family. We did not plan this. You never know how life can change. Focus on the things that really count.
Prayers and blessings to you and your husband! Life definitely can bring unexpected surprises. Hope you are getting the support from your family and community.
So sorry about your husband. You are right, we all need to appreciate what we have. Sending prayers to you and your family 😊
Along with downsizing is: move to an environment with a lower cost of living. Because you are no longer working you don’t have to be concerned about the ‘jobs availability’ in the area you move to. This opens up smaller towns and small cities as great places to retire.
Totally Agree! I live in Northeastern Brazil in my Brazilian wife's three-house Assisted Living Compound, debt-free, in a small town with a very positive $1USD = $4 of the local currency. The glass-enclosed State of the Art You Tube Studio I created also helps. 😎
@@roddiesimmons8773jeaulous here! You live in paradise! Love the Northeast! 🇧🇷🫶🏻
@@roddiesimmons8773what’s the name of the city that you live in?
@@adrianadarnell Thanx for asking. For the sake of privacy, I will only say that we are 6 hours from Fortaleza, but our small village of bulls, cows, horses, roosters, lots of dogs and pigs is only about 20-25 minutes from JERICOACOARA - What the Washington Post once called one of the best beaches in the world. Just a few tips from someone who knows.
1). Obviously make a decision on where you want to spend your golden years, but if it involves building or buying a new place to live. Make sure a Caretaker does the once over first. As someone who is old enough to have been on the team when me and my uncle checked properties when the ADA (American with Disabilities) regulations came out, there are things and measurements to check in a new to property.
2). We are completely debt-free. Everything, home, car, furniture is paid for. I live off my monthly social security, even though I have a substantial large next egg.
3). Your Mindset is the most important vital thing you have going for you. When my Brazilian Mother came into our family after my natural mother passed, i was so taken with her home country that even as a teenager I determined that when I retired it would be to Brazil. That was 50 years ago, and no matter times were good or bad I always had the same mindset. I always knew ahead of time what my Retirement would look like. When my late father passed away his one wish was that we take care of his wife. I ended up moving to Brazil, to live with my wife, beagle mix and of course my mother.
😎
Here's the rule about earning income while on social security: if you retire before your full retirement age (FRA), social security will take back part of your monthly check if you earn more than 22,320 annually (2024). Once you reach the year of your full retirement age, there is no longer any limit on earnings. I know this because I just retired and I'm still working part time.
Ohhhh excellent point!! I’m working until at least 67 as long as my health and energy holds
Partially true, it's
~ $55K the year you reach FRA. BUT the months AFTER your FRA you could make a zillion. But, then there's the IRMAA huge extra you pay on Medicare IF you are a high earner while on Medicare. * definitely sign up for Medicare 3 months b4, or at 65 and get/ buy a plan N supplement medigap plan.
Thank you this is very helpful.
work under the table if you can. the more you pay
in taxes the more it goes to projects not supporting
the country or its citizens.
@@john-o1g9p
Then leave it to the honest people to carry you. Great advice.
Forget side hustles. Go bowling, play pickleball, get into archery, read more, exercise, volunteer if you really want to do some work; you lose nothing if you quit volunteering. Be free, don't chain yourself to another job.
Some folks find more gratification in producing. Each to their own.
@@CruisingwithLocstarYou're spot on. I am one of those people.
Yeah but sometimes ppl have to because of fiancal reasons.
I'm a worker bee. I love what I do and I'm almost mortgage free. I plan to work past 67 but cut back when I feel like it.
WOW, really?
I was one of the people who fell under the law of getting to collect Social Security after my Ex husband passed away and I could still work my job. I got very sick and had to retire before I planned at 68 , but I didn’t have to collect my own until I was 70 and then the amount had increased a lot. So I feel blessed that I have everything paid off and now can live comfortably, although not lavishly.
I love your channel. You are a blessing. I am a high school principal and I have a pension. My husband has always been self-employed and a cancer survivor. He just started drawing his social security this month at 62. I am still working until 65. The only debt we will have is a house payment but it will be very manageable. I am obsessed with retirement planning.
The hairdresser charged you so little for the haircut, I'd give her 20% for sure. It's a wonderful cut and she is just getting started, so I'd choose to be generous. (I'm retired too, so on a more modest income, but still prefer to tip well. I just choose to eat out or get haircuts less often instead.) P. S. I'd also spread the word about her. That would help her greatly.
just paid off my mortgage ( in 9 years) feels AMAZING to be completely debt free.
Congratulations!!! It is the best feeling to be completely debt free. We’ve been free since March 2020 then the pandemic happened the very next week.
Congrats!🎉
Congratulations! God willing, I will be paying off mine in 2026.
Congratulations! What freedom!
Congratulations, well done!! My 63 year old husband and downsized 7 years ago then paid off the mortgage 2 years ago-we are happy and relieved to have no debt!
You did an excellent job informing about retirement. Well said. Everything you said is so true. The most challenging part to add is if you are taking care of an elderly. It consumes your time and you are not able to leave them and travel far away. Also your responsibility is focused on them.
As a mama of a severely special needs adult child, I understand the challenge of caring for family. Your words are a legitimate concern.
I just Retired in may I sold my house and bought a motor home . Going to travel around Australia, just wanted to get the hang around and see how the motor home works, getting new dentures and other medical issues sorted before I head off
Having a house is better than motor home. Especially with climatic changes
@@LR-sy6wy I don’t agree
I don’t have to mow my lawns I can go wherever I like when I like
No shire rates
Because so many boomers are retiring and travelling in their caravan or motor homes, things are changing in Australia. Caravan and camping parks are now placing stricter limits on stay times, often only 7 - 14 days especially in peak times, so that can mean a lot of uprooting. Park fees are also becoming more expensive. Many free campsites are now charging fees so there are less free options. It's important to do your research as it's not always a cheap option.
@@trudyberry3267 being self sufficient is paramount I have two days a week in town
I hope do laundry power up have a really good hot long shower sometimes I go longer off grid
I retired at 62 mainly because my chronic back pain became too much for me to sit or stand at a computer, not to mention my job in print production was disappearing. Thank you for your tips. Great reminder that ordering out and daily coffee visits aren’t good in the long run!🙏🏽😃☕️
I have been with my stylist since she came out of school and have followed her to many salons. I also kept her employed during Covid by having her come to my home when her salon was shut down. . She now owns her own 2 chair salon. She just raised her services by 30% which I don’t begrudge her but our fixed income has not gone up by 30%. I also have referred many people to her. I no longer tip her when she raised her services this past year. She was totally ok with it and understood . She’s not struggling , she just bought a home and works 4 days a week in an expensive state. I think it all depends on the situation in regard to tipping, it should not be automatic.
Before you retire, when you’re preparing to retire, come up with a Hobbies Plan. Write down all your hobbies, interests and write down low cost ways that you can enjoy them. Writing, drawing are inexpensive hobbies. Write down family stories. That is a nice legacy to leave your kids. It can go along with genealogy. Some stories, descriptions of the people, families in your genealogy gives life to them. Also, before you retire come up with a ‘Stay Healthy’ or ‘Become more Healthy’ plan. And implement it. Staying healthy in retirement is as important, maybe more so, than having lots of money.
Wonderful advice, thanks!
Would love to be healthy, but some things can’t be changed. Autoimmune and back issues make for less than a strong body! So I’m much less active.
@@Nwladylaura369 Taking care of those things should be in your health plan. I have cardiac and kidney issues and measures to cope with those are in my Health Plan. Some of my measures for those are: low salt diet. Take my meds. Don’t miss Doctor visits. Keep copies of my labs and understand what they mean. Increase vegetables and fruit in my diet and lower meat consumption. If I do eat a meat always eat vegetables with it to neautrilize the bad effect on my kidneys. Having a Health Plan does not mean you’re in tip top shape. It just means you’re consciously taking care of issues you have and trying to prevent further issues/damage.
At 62 and completely debt free, I work part time and will continue to as long as I can…it is a physically demanding job so we’ll see…. I’m planning to sell my place next Spring and purchase a home where I used to live (and loved!) because it is less expensive than New England. I have no intention of taking a mortgage and will continue living responsibly . I also plan to volunteer as well as continuing to work in some capacity.
Very good advice! I have been widowed for 10 years. We lived in a 5000sq ft home. I began immediately looking for a smaller house. It took me a year to find it. I was also a Realtor at the time. Priced the house right and sold it to another agent in my office without having to put it on the market. Here in Southern Illinois the property taxes were $15,000. Now I have a home that suits me perfectly. Has wheelchair access doors etc. plenty of room to have to kids and their families come for holidays and birthdays. Also have room for gardening as well.
I have a home in Mérida Mexico that is mortgage free. That is where I will retire. Love your content! Wise and intentional!!! No sport shopping. I call it fritter spending and I ask myself when I am faced with a "thing" I want to buy and ask myself if it is a fritter purchase.
Can I own a place in Mexico or do I have to rent?
I think working part time is a great way to enjoy your time yet keep your foot in the door at a job.. I LOVE TO SHOP , Im also a few years away from retirement . I have found that I enjoy “just looking “ without buying just as enjoyable as spending. I will buy a couple small inexpensive things while I’m out like , a candle or room spray , guest napkins some little thing and it totally satisfies my shopping urge..
My husband and I socked away 15% of our earnings into our 401(k)s. He retired at 59 after being laid off and I retired days before turning 60. We live debt free and live off savings and his SS. We don’t live large, but take a few trips a year, never feel stretched and can totally relax. We planned and thankfully it has paid off for us.
Your new haircut looks great on you.
The short style brings the eye upward and lifts your features, making you look alert and beautiful. The updated style is very becoming and very "in". Keep going to the new stylist...she obviously knows what she's doing.
I recently started my TH-cam channel and I suck, but I will keep posting until I get as good as you. I am financially free and retired so I have time to improve as I do not need TH-cam income.
Oh, we ALL suck when we first start! Don't give up. You got this!
I'm retired as well. I started my channel on May 15th! Best of luck to us🎉
@@SimplyKatieWalks I have to check out your channel. I am sure that yours is better than mine. I am not looking for job in retirement, so mine will stay low budget 🙂🙂🙂 Best of luck.
@@SimplyKatieWalks I have emailed you
Actually, I’ve watched a couple of your videos and you definitely don’t suck😁
Hi Sarah, I had a 401K from an old job. I changed it over to an IRA. I am not considering that as part of my monthly retirement income when the time comes. I am leaving that as my 10,000.00 emergency fund. It is also my hedge against inflation.
I went into retirement with a mortgage. Its case dependent. I have a pension as well. Yes it be great without it. But im ok.
Also, when your mortgage interest rate is 2.6% (as mine is) it doesn't make sense to pull $$ out to pay it off when that $$ is making way more than that in investments!!
@@cheryllilley5115and not mention that my house has increased in value since I built it 6 years ago. So my money is growing faster and my investment too. WIN-WIN!
I was widowed at the age of 56. My husband and I had no savings and no pension at all plus a mortgage. Thankfully we were insured. The house was insured , so that was paid off, and his life insurance gave me a nice little nest egg. I kept the house for another 15 years, then I sold it to my daughter . I felt I couldn’t keep up with the taxes and repairs , and I moved into the basement apartment of my home, and she took over the main floor. She got the house at a VERY reasonable price, and now I live rent free, no insurance, no repairs, no cable bills, and my car is paid for. All I pay for are my groceries, car insurance, gas and cell phone. I still have a little nest egg to fall back on.
I was living paycheck to paycheck, but inherited some money. I sold my home, paid off all my debts, and moved to another state. Paid my new house off and am living debt free. Have a lower SS check since I stopped working early and invested my savings into a interest bearing cd. I am very fortunate, but also frugal. I have always stretched a nickel to make a dime. Not much has changed that way, except I won’t go down in flames if a reasonable emergency comes up. My sister is the total opposite. I think she will be ok since she lives at her boyfriend’s house. 🤞
I think it's better to have an enjoyable life your entire life! Not just your retirement. We should be doing things that are fulfilling God's purpose for us. That being said we do need to plan ahead and be prudent with our savings. 😊
Smell the roses along the way, but prepare for tomorrow if you’re lucky enough to get there.
What if you are atheist, what should you do then?
Well said.
Great tips! I love your hair style, it is so flattering and beautiful on you. ❤
Medicare is what you get at 65, not medicaid. Medicaid is for low income. You can qualify for both if you are very low income.
No.....its different in some cases. I got MEDICARE at 39. Due in part to receiving my ssdi cuz of serious med conditions. Im 55 currently...
The judge also had awarded me Medicaid for one year. She also DIDNT rule on Social Security's medical report findings....she went by my medical records at the Veteran's hospital, cuz thats where my docs are.
SSI folks receive MEDICAID. Im on SSDI....which is based on the years of work u put into the system. Just thought some ppl should know that. Every case can be different...😌
as a stylist of 46 yrs w/a hair studio here at my house for last 22 yrs ( we converted 1/2 the garage ) i keep my prices low…mainly because i don’t pay chair rent at a large salon💕 ( 22 yrs ago it was $170 a week booth rent ) about 1/2 of my clients tip….it’s all very appreciated 🎉😇
We are not retired yet but health care is a big question since we will both. Retire before we are eligible for Medicare ( you may want to change your wording in the video since Medicaid is different from Medicare.) We are planning on having enough cash saved for several years to live on prior to retirement and then sell one of our houses so that our “income” is not too high to effect the cost of healthcare. my husband also has a lot of sick leave built up with his employer, we hope we can purchase insurance from his employer with that for a couple years. But that really only helps us a couple years and who knows what will happen. Your hair is very cute, tip her the 20%! I usually tip20% but only get my hair done a couple times a year.
Consider getting ACA insurance, it's so worth it. Medicare will cost more than I currently pay for my ACA monthly premium. At least consider a catastrophic plan for emergencies and surgeries. If you are eligible for Medicaid, that is also a very good medical system.
@@sandiellett1786so ACA is different than getting Medicaid? Is it one of those Medicare Advantage plans? I’ve heard the Advantage plans don’t always pay and for some much needed health procedures, your health care providers have a hard time or even get turned down on getting those things paid for. Does anyone have any suggestions on how to find an affordable supplement that don’t break the bank? My husband is going to sign up in November for Medicare.
I LOVE your haircut! That style is adorable on you!
I also really love your shorthair ..it looks super cute on you .
She's adorable anyway
I retired after 28 years of teaching English. Starting a new adventure working as a part-time professor soon.
When my husband and I were still working, we put as much into our 401 and 451 as we could afford.
We did a yearly vacation and maybe a trip to Vegas to see a show.
We didn’t fund our kids’ college education except for the first year. Then we told them that they would have to get student loans because they were now adults and needed to appreciate paying for their education.
Love the hair! I'm always amazed at the number of people who take on large amounts of debt when they are approaching retirement age when they don't have to.
Your hairstyle is amazing. I would not change a thing. You have a great hairdresser; do not hesitate to overtip.
Love your new haircut! I think the length is perfect🙂 And I tip based on service, not on ownership… If I had received that awesome cut and great service, I would have tipped 20% regardless of the fact that she owned the business.
My husband and I are 60 and have been retired 5 years. He was in finance. His advice has always been the same as yours, to figure out how much income you will have in retirement and live on that amount for a minimum of 2 years before you plan to retire. Bank the difference (and/or use it to pay off mortgage). If you are unable to live on your retirement income while you are occupying 40 hours a week with work, you will be doubly unable to live on that amount when you have an extra 40 hours a week of leisure time. Many, when faced with that advice say “there’s no way I can live on that!” He tells them, “then you can’t retire.”
You can make up to $22,320 till your full retirement age of 67 for me in July, 2024. After your full retirement age, you can make as much as you like while on social security.
My husband and I saved money for travel in retirement, separate from our retirement accounts. He retired at 65, me at 66, in May. We started to travel right away. We noticed that the travel was not as easy as when we were younger. My advice would be to save money if you plan to travel, and hit the road as soon as possible, especially if you want to do active travel.
A little surprised at the first recommedation to tighten up your spending for a while after you retire until you have a good idea of how much you will actally have to spend. In my opinion, you should have that clear in your head a couple of years before you retire.
Awesome video and so informative! Love your new haircut! My hairstylist works out of her home, too. She charges $42 for a wash & cut (no styling). I give her an $8.00 tip so I know it’s always an even $50.00.
My hair dresser works out if her home ...she literally charges $10 for a haircut and styling...I give her a $10 tip to make it an even $20...and yes she dies an excellent job..
She is a hidden gem
I'm retiring in a couple months and I currently have my hair professionally colored. $$ It looks glorious, but I'm seriously considering going gray to eliminate that expense. And my haircuts are NOT $30, that's an amazing find! Looks great!
Best thing I did was to let my hair go natural. Various ways to go about it, I looked at You Tube. So nice to not have that hassle anymore (I dyed it myself). Now I have shoulder length gorgeous gray hair.
I love my gray hair! You might want to consider having it toned, which is essentially the same stuff men use to "even out" the color. My stylist uses T9 from Redkin. Takes 15 minutes total, much cheaper than color and foil.
I color my own hair, but would love it if it was all gray! Guess it will take some more time. My stylist cost about $55. I only go a few times per year.
Instead of “letting my gray grow out” I had highlights and lowlights every few months and slowly transitioned the lowlights out and then the highlights also. It was so natural and I got so many compliments on my hair. People still ask me who colors my hair and I tell them it’s heavenly highlights.
I always leave a generous tip. It costs me very little, but can make a big difference in someone else’s life.
@@kathysnell6469 Heavenly highlights! Brilliant!
I love your haircut. I think it looks great for summer. It looks lighter by weight, not color. You may miss your longer hair. It will grow back quickly! You really liked the woman and are very happy with her work. I would tip her. I googled this. It is now standard to tip the hairstylist even if she is the owner. I always waited quite a few weeks before getting my next haircut.
Personally, I don't intend to stop working until 75/80 years old. I knew that more or less in my 20s. I choose to live the life I wanted knowing perfectly that in exchange I would have to work well past the retirement age, even more knowing that age limit was going to be push back.
After you reach full retirement age (FRA), you can work as much as you want without penalty. For anyone born after 1960, that's age 67.
Each person needs to check their full retirement age. I was born before 1960 and my age was 66 1/2
Not in Australia unfortunately. You can only earn $150 a fortnight without penalty
@@jettyd69 Sorry about that.
Yes but I was told I would have to pay taxes on 85% of my SS income if I continued to work FT.
@@Greatgranny5 Taxes are inevitable. I also think you'd have to pay FICA still, too.
After 28 years of marriage, I got a divorce. I moved 45 minutes from where I lived into a less expensive market I used some of the money of the sale of the house is a down payment and reserved money to build an accessory dwelling unit in my garage. I basically built a 712 square-foot apartment that I rent out to traveling professionals, the rent from that pay my mortgage. Consider this strategy before you decide to downsize. Use cash or tap into your equity to build a rental. I did it with permits so that I can run it as a business and get tax write off and also show it on my tax returns as income in case I want to purchase something else in the future.
Yes TIP and I actually tip more.....People have no idea how many costs are involved in running a business. She probably makes very little profit after all her bills are paid! I support as many small local businesses as I can!!
I used to play pokies on a regular basis I went cold turkey it's been over two years plus yes I got tempted as stress relief time paper then now I practice frugual life style and saved $$
And it really does take practice!!!
This is very helpful!
Hopefully some of the audience is in their 50s or late 40’s so they will LISTEN AND ACT!!!
This is my first
Time here. I like the name of your channel. I’m 5+ years away from retirement but this channel will surely help me to prepare.
Don’t look for another job after retirement. Remember, you can’t buy time. Go for walks, read those books that you never had time to read, experiment with new hobbies, visit friends.
I am so thankful that I have good insurance, especially since I had heart surgery in February!
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.
We are not moving bc every time you move to even a smaller home, they are more expensive per square foot, and you pay tax on the higher, more up to date value (your purchase price) of new home, which might be more than current taxes!. Depending on the size, staying put could make more sense. Close the vents in those rooms you don’t use to save heat. Or fill them with a phenomenal exercise room! Where you can watch tv or follow a Zumba or yoga class online! Or make a room for hobby (art studio, quiet reading room) guest room, spectacular playroom for the grandkids and you, haha!
Exactly. The idea everyone should downsize and cram into a smaller home just because someone says every retiree should is bad advice. Especially in today's market.
Thank you for all of this advice! I totally agree with the health issue. I’m having a lot of health problems right now. Fortunately we live in Texas and my husband is still working. I’m being diligent about proving my health.
Love your new Hair Cut!!❤
I enjoyed your information. A year before I retired I lived off my proposed retirement budget while I was still working. I wanted to see if I felt comfortable doing it. I did have to pay health care for 5 years before I was eligible for Medicare. I stashed more money into my HSA account those last two working years. That money lasted me till I got on Medicare.
As a hairstylist and tipping I would always tip no matter if they are an owner or an employee especially if they are doing out of their home or don’t have employees. She was giving you a much better price and she is paying her own overhead and supplies so she isn’t making more then if she was in a salon in fact she may be taking a pay cut. Remember you are getting a discount but at what cost to her. I hope this helps. Thank you for asking 😊
Yes, tip her well! Owning a salon has a lot of overhead and is hard work! I tip for good service no matter who I tip. She did a great job!
If you’re still working when you turn 65 and are on your company’s health insurance plan consider going on Medicare. It might save both you and your company thousands of $$. On the other hand you might end up having to pay Income-Related Monthly Adjustment Amount (IRMAA). But it’s worth checking into.
My neighbour retired and died next year. Sometimes it pays to seize the day. But of course you should do a budget based on past expenditures, and future projections, based on health, parents and grandparents’ life expectancy to get the best date for you.
I always tip salon owners. It is appreciated and results in better service and a favor when I might need it. Most importantly, it acknowledges that the challenges they face with their business.
Your hair is adorable! My hair stylist owns the salon and I tip 20%. This may differ depending on the area; I live in Northern VA and it is customary to tip 20% regardless.
Thanks for the video and love the new hair style. Looks very professional!
Your hair is adorable!!! I really like the length a lot. It used to be that you didn't have to tip the owner. However, if she's rather on the younger side and has just started out, I would give her a tip if I was happy with the service. Maybe not 20% more like 15-18% but if I liked her and wanted to use her again, I would give her something. Good video Sara! Lots of great advice and thoughts in this one.
Retired at 68 but did not draw social security until I was 70. Between 66 and 70 my social security payment increased 8 percent a year. Not to be too political but read project 2525. Social Security will be changed. You can never predict how things will change.
Screw Project 2025. Vote Blue!
@@Nwladylaura369I didn't watch 2025 yet, but Blue has opened the border to a tune of 7 million undocumented immigrants who we the tax payer are paying for in schools (property tax and school tax) medical costing us more, a draw on our resources. Never forget the tyranny of Covid and the control and death camp nursing homes. On and on. Before there was no record on the speaches. Now there is a record and I am not going to buy it due to the record. The goal is Universal Healthcare, higher taxes on top of inflation it will go bankrupt sooner than later. Check the facts, not the fabricated lies on either side and individual politicians. Vote smart.
@@Nwladylaura369It's because of blue we are in this mess.
2025 is truly scary. A "Christian" organization that is eliminating Head Start, school lunches for poor kids, straight medicare to the Advantage Plan that is oftentimes DIS Advantage, de-funding public schools in favor of private schools (consisting mostly of white rich kids) etc
@@johnkelly9451 Nope. Please do your research. One of Project 25's mandates is: "Push more of the 33 million people enrolled in Medicare towards Medicare Advantage and other worse, private options," which would create a financial nightmare for people in retirement. #voteblue
Sugar, I just saw older posts… your new haircut is adorable, such a wonderful improvement. You look younger too.
I wouldn’t be having any appliances with warranties. I think you’re right about a message sending to people that that there is a bunch of retirees. It’s so sad.
Love your new hair cut! And yes, I had a friend that had worked several jobs in addition on her full-time job to make ends meet and ended up having to pay in $3K for her insurance at the end of the year.
❤❤❤ I just happened upon this video! I had to subscribe!! THANKS!
I tip my hairdresser. She owns her own business but a cut and style only costs $25. I tip $10 cause it is still cheaper than anyone else around here.
I went 10 months without getting my hair cut and colored because the person who only charged me 100$ retired. I couldn’t believe it was 225$ at a local salon so I waited just as long(I don’t have grey hair yet at 60.). It was 325 so I need a new stylist!
Oh this is for the US folks.
I live in Canada and i cannot afford to retire... much more to buy expensive things after I retire.
Rent is so ridiculous and it's best you hold on to your property.
Love the your haircut! You look great! Your advice is always great! Thank you for all your hard work.
LOVE your new hair style! And yes... 20%!!
I normally tip 15%, more to show my appreciation. I find it appropriate to support our local business owners, especially small ones since they really don't have all the tax credits afforded to really big companies/ 1% group in USA.
Thank you for the great tips. Still have another 13-15 more years before retirement, never hurts to be proactive though & have a road map for retirement phase.
I am 69 and retirement is not a financial option. Grateful to be physically and mentally capable of working a job I enjoy. I live frugally but do buy healthy groceries which can be expensive. Started Soc Sec at 66 and glad I waited.
Just found you this morning so I don't know what your hair style was previously but....I like this cut on you and hope it's easy to "blow & go" in the morning! 😊💐
P.S. lots of great tips - thank you!
I appreciate the information you presented in this video. I forwarded it to my family members of 20s and above.
Love the new hair cut, knocks years off you, hard to believe you have grandchildren😊
I always tip generously, even shop owners. I appreciate anyone who is willing to work in a service business and enjoy giving them a 'bonus' over and above the cost of the service itself. The only time I don't tip generously is when the service was poor and then, even then, I leave a small amount so it's clear that I didn't forget to tip but I wasn't happy. And, sometimes, I even tell them why I was unhappy (at restaurants). When it's a personal service, like hair cut, I'd tell them why I'm unhappy so they know why in this example of personal service.
The first thing I noticed was the hairstyle 🙂🙂❤❤❤
LOL! Kind of hard to miss that one, huh? 🙂
Generally hairstylists I tip $10. No matter what the cost of the cut. Your stylist did a great job! Part of your ‘tip’ to her can be sending other customers to her, and your repeat business. Since she’s a small business you might want to bring her some cookies, etc.. next time and tell her that people that saw you on You Tube loved the cut.
If you are close to retiring and have insurance get any kind of surgery/procedure while you still have the good insurance because you don’t know how much it will be in the future
Great video! My all inclusive hair cut is $35 and I tip $5. Your hair is darling! This month I started medicare and chose an advantage plan. Already I'm disgusted. A new prescription was to cost $390. I sent a chat to the insurer as to why the price. I got the expected response. So, I canceled the prescription. The pharmacy asked why? Duh! Too pricey. After I meet my $4,400 deductable, I may order the prescription. This plan was to be the best because of a med I take to stay alive. I refuse to go into debt for any reason. I'll give it a couple months, then I'll start writing my congress reps. Continued blessings!
Try using a free Rx card!
@@Nwladylaura369 hmm. I didn't think that the cards could be used with medicare. I will check on that. Thanks!
I pay over $400 plus 20% tip every time I get color, cut & style. That will have to change soon if I’m ever going to retire! At 63yrs. and 37-yrs with very large company I only have my 401k (no pension), so I’m terrified of letting go my day job :-(
Deb here. Wow! Where do you live that you pay $400 plus an $80 tip at the stylist? My husband dyes my hair using store bought products that are less than $10. It looks fine. I will get a haircut every so often at a salon that charges $15 plus tip for a haircut.
10:28 I was shopping when you said this….shopping for sport😏
I wish my much younger self had really understood the importance of starting to save as early as possible EVEN IF it was only a small amount every payday. My husband retired last year. We don't have anywhere near the amount of money we thought we'd have for retirement because of having to help my mom for her last 6 years of life and medical issues for our then 20-year-old sons. We're doing okay now, but because of inflation my husband may have to pick up a part time job this Fall. I love your hairstyle and the length.
Thank you so much. It was so informative. Your hair looks beautiful
Yes, you tip them unless they have other booth renters working for them, then it’s optional. I can personally tell you when you work alone you have a lot of expenses that you have to bear alone.
Newly retired…these are wonderful nuggets.
HAPPY RETIREMENT 😊😊😊😊
100% always tip (if you have good service) and where possible, pay in cash (for service and tip).
My 65 year old husband bought a new car recently. He didn't discuss it with me. One credit card company lowered his cc because they said he has too much debt. I'm not old enough to retire, but I am debt free.
I didn’t quite understand what you meant when you said you had to pay money back to your insurance because you made more than expected. Where can I read up on this?
They were receiving a government subsidy (currently available to a single person making less than $58k, not sure what the limits for couples or families are. Check the Health Care Exchange). Because it’s a subsidy, if you make more money than you expect, you might not qualify for the subsidy and might owe some $ back. However, if you’re fairly certain of your income (or if you understand that you are receiving a subsidy, and that increased income could affect that), you can plan for it. I don’t agree with Sara’s statement that one should pay more just in case. If you sign up through the exchange, as I did, they are Very clear about the fact that you are getting a subsidy (in my case worth $500/mo) based on your income-one you won’t be eligible for if you make over the limits.
Well done, just retired last week and your tips are super helpful and appreciated.
I did breakeven analysis, realized I would collect more total over lifetime if I collected less per month at 62 instead of more per mo at 70.
This was all amazing advice. Thank you 🙏🏽🥰
Such a good video and so well done with lots of wise advice. Here are a few additional thoughts. It's good to have at least a bit of an emergency fund and it can be beneficial if your employer will allow you to transition into retirement, for example, going from 5 days a week to 3 days a week before becoming fully retired. And finally, very nice hair!
I’m doing that now.im now working four days a week.