Countdown to Retirement Checklist | 10, 5, 3, 1 Year(s)
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- เผยแพร่เมื่อ 28 มิ.ย. 2024
- This video lists many of the key decisions and actions that need to happen 10, five, three and in the final year before retirement.
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I'm 56 and the oldest one left at work. Everyone older than me either passed during the pandemic, or got scared of the same and quit / retired. Some died shortly after leaving. I really had planned to work ten more years but due to all this the work load and stress level has gone up exponentially, I'm getting worn out and my health is suffering. I'm considering calling it quits before I croak too.
The thought of retirement makes me cry. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my portfolio this red season. I’ve made over $250k since then.
@@lowcostfresh2266I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@@TomD226 Laurel Dell Sroufe is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I informed my employer of my plans four months in advance to given them time to hire and train a replacement. BIG mistake. The atmosphere instantly turned hostile (after 30+ years). I’d set pension and health care in motion for that date so had to tough it out for four months. Doing it over I’d give two weeks notice. Employers are not friends. Protect your back. On the plus side it made me realize that I didn’t want to waste another minute of my life there. Retirement is heaven.
I have heard that many times. I asked for reduced hours, as I was within the 5 years, so I decided it was time to cut back. That didn't go over well. they did not want me to cut back my hours. So I gave them a two month notice to find a replacement. I guess they didn't think I was serious because they didn't hire anyone, but I sort of became out of the loop. It took them 8 months to find my replacement, and they ended up having to hire 2 people. So now I got something part time for the years before my 'official' retirement. I call it Unretirement.
I've been thinking about this when it's my time to tell my employer in about a year. I was going to give 2 months notice originally but I am starting to think against it for the reason you stated. I will be with my company for 25 years next year and I can see them possibly not doing the right thing, I was thinking of giving them a month but maybe 2 weeks is a better alternative.
It depends on your position and your relationship with your employer. For my position it is 6 months and I have no concerns. There are no guarantees. You might look at how did they treat others at your company in the same situation.
So much depends on where you work. When I owned a biz I would have loved and respected a long exit by an employee.
Why would they do that? Sorry I'm not meaning to be naive but why? That would be really frustrating. Sorry to hear that.
HR is not your friend... they are there to protect the company. Treat them as an adversary, since anything you tell them will be eventually used against you. They only help you because there are lots of employment laws which they don't want to get sued or fined.
I work in HR for a fortune 100 company. HR can be a friend to employee’s but you are correct, the first priority is to protect the company against undue risk while upholding labor laws (federal & state). We do help employees in understanding their benefits but we typically don’t take on fiduciary role as we have to guard against giving poor advice as we seldom can rely on the employees discretion to relay pertinent & important personal financial information or financial goals. On the flip side, we often have to intervene when mgmt do things or take actions that run counter to federal/state labor laws &/or corporate policies. It’s often a dance. Yes we protect the employer but by doing so we are also ensure the ongoing business concern which keeps folks employed.
Although my wife has an MBA in finance and is a licensed CPA and auditor and I have a business degree with a minor in accounting, we still met with several financial advisors before we retired a few years ago. They seemed interested only in selling high commission insurance and annuity products or taking bizarrely high fees for managing our assets - fees as high as 4% annually. It was difficult to keep from laughing during their presentations. It was quite fun to see their reactions when we disclosed our credentials after their presentations. I have to wonder if anyone who calls himself a financial advisor can be trusted to act in your interest instead of his.
Yep
Exactly. I signed up for an audit with an advisor who was going to tell me whether I was ready. All he did was offer annuities
Knowledge is power. Also, don't let them put in "special" funds that only they can sell you. If it is not listed, don't invest in it.
I watched people become invisible the moment they announced retirement. They got minimal salary increases, were dropped from meetings and projects, left out of decisions, gradually locked out of systems and email, sometimes with months to go. In some cases, the environment turned hostile. I gave 2 weeks notice. I saw this in multiple orgs. I told HR first and boss after. The organization survived just fine. Another employee got an opportunity to do the higher level job as interim.
This happened to me after I joked about retiring in 6 years.
I would add that 10 years out begin to explore what you will DO at retirement. A relative of mine is closing in on retirement (1-2 years at most) and has no real interests, hobbies, etc. This may seem hard to believe but its pretty common. I’m in my late 50’s and I’ve discovered a real love for native planting and gardening. I never knew you can be very busy on this activity thru the year.
Anyway, Netflix and sitting on the beach is not my idea of retirement. I want to “slow down” but not completely.
Disagree with the long notice. I'm planning to leave in less than 3 months and my employer has a use or loose PTO policy. Also can't take PTO once notice is given. Plan to take 3 weeks PTO then give 2 week notice on return. Since I''ll have to make arrangements for the extended PTO I figure they are already set up to function without me. Everyone is replaceable!
🌹Every family have that one person who break the family’s financial struggle, I hope you become the one
I’m looking for something I can venture into on a short term basis, I have about $15k sitting in my savings
Make sure you have something you are retiring TO and that you are not merely retiring FROM your job. We all need a purpose in life and for most of us it is our career during our working years. You need to find something in retirement whether it is volunteering, a part time job that you truly enjoy, spending time with the grandkids, hobbies, etc...
Good point. My hobbies: music and golf, will occupy some of my time. I'm sure my wife will occupy more of it with fixing up the house. LOL. If I get bored, I will take a part time job at a motorcycle store or a golf course for 10-12 hours a week. That should keep my brain active.
Cannot overestimate the importance of purpose😊
My purpose in life has been to avoid work.🙂
@@ManchurianCounterweight Reminds me of Office Space: "What would I do if I had a million dollars? Nothing."
"Well, hell you don't need a million dollars to do nothing. Look at my cousin. He's broke and don't do sh!t."
@@dzl8596 I love that line. I quote that all the time.
Good video. I created a notebook with different categories prior to my retirement. My retirement was planned. Only change I made was my dream was to downsize but after talking with my wife, her desire was to stay in the house. Easy change. House paid off check. Emergency funds check. Cars paid off check. No consumer debt check. Still investing (non-IRA accounts) check. Enjoying retirement yepper! I also created a "death" book. Got to have a plan for the next stage.
Geoff, Great points. One piece of advice I would table to avoid the timeshare effect if relocating to a new US state or new country is just to rent for the first 6 months or a year where you think you might like to call home. Easiest way to exit if you do not like new area/just do not renew the lease and strategy gives you enough time to explore best locations to buy in the new area before lease expires --if you do like the area-(think time to learn avoiding buying on busy rush hour roads, bad block in neighborhoods, flood zones, next to church bells or bust fire department). Rich
Great advice toe first not a full dive
this is just a general comment, but I see lots of people talking about what they will do. I have already given my notice, last day is now 72 days away. My wife and I are going to serve a service mission for our church. Just a thought for others, you might find out by looking around your community that you and your spouse can be make great contributions to reviving parts of your town, or assisting people with volunteer work in libraries, hospitals, or other pursuits. Did you know that there are people who visit and counsel people in jail? And there is even need for things like Schmidt does here, offering good advice to people to help them with things like improving their resumes, learning English, dealing with learning disabilities like not reading. So much you can do.
Congratulations!
This is so true. I serve on the board of one charitable secular organization and volunteer on another (helping the homeless) while working full-time. I look forward to contributing even more time when I retire.
I’ve created a balance sheet (for ever year that includes inflation) to help me forecast what my expenses will be in 6.5yrs when I reach full retirement. One thing folks need to realize when your spouse passes away their SS checks end so you need to plan with that in mind.
Extremely important!! Wish more people talked about this! I volunteered in nursing homes and saw too many people priced out of homes and forced into nasty nursing home situations. Should be criminal to force old people (who built this country!) out of the homes they earned by their own hard work😢
This is the best straight forward easy to understand chronological advice I’ve ever received…even from an ex-paid advisor!
Anytime
Thank you so much for all of your VERY informative videos! I love them all and share them frequently with my loved ones! I retired 8 months ago, and there was one item I overlooked before leaving my organization. Before retirement I spent most of my awake hours at my job and on my computer, but when at home I preferred to relax and not be tied to electronics. So for me it was convenient to use my company e-mail as the default e-mail for several services because I was frequently logged in to my company account and rarely checked my personal e-mails. Before retirement I changed over many of those default e-mails to my personal e-mails but missed a few. It's not the end of the world, but it was a huge inconvenience when I couldn't remember a password and the access codes or links to reset the passwords went to the default e-mail on file, my old and now useless company e-mail. If you're like me, make sure you update all of those default e-mails and phone numbers to your personal accounts. Thanks again!
I work for the government. My advice is if you use a CAC card to access personal pay accounts or services that you remember to establish private password access from your home computer. Once you retire you will surrender your CAC card and you lose the convenience it provides accessing all your accounts with one password.🤔
This is an excellent video and I saved it in my YT folder. Retirement date will be end of December 2029 and I’ll have about 37 1/2 years with DOD. After many many years of carrying CC debt, just 2 months ago I wiped it all out. $65k. Which included 2 personal loans which I used to pay off old CC debt. it’s a vicious cycle, quicksand and a behavioral problem. Similar to an addiction. Now I track everything and if I can’t pay it off within 30-90 days I don’t buy it.
Nice work!
@@HolySchmidt thanks ! My plan is too not have any CC debt going into retirement except my mortgage
This is a great advisory video. Thank you Geoff for some fantastic information.
This is one of the best videos I've seen on TH-cam...thank you very much!
It took my sister 1 full year to get rid of stuff, down to 5 trunks, that’s it. She rented her condo (with the agreement to store her 5 trunks), and moved to Europe with 3 suitcases and is loving it. She feels free and light, and has no stress. I plan to do the same, but I am starting to get rid of stuff at 3 years out. No more buying things! It’s a different perspective and I’m diving in, starting with the biggest items in my garage. Thanks for the great advice, from you and the commenters.
I’m giving a two week notice and that’s it.
I will schedule a 2 week vacation & then 2 or 4 days before it begins announce my retirement & last day to correspond with my last day of vacation.
Even though my Career can be very challenging at times I am very lucky. With 34 years in I do still Love what I do and could have Retired 6 years ago. I'll be debt free (besides Mortgage) in a few months and I'm looking to buy an additional "Retirement Home" within 6 months of my departure. I don't forsee any issues with my employer even though folks are leaving in droves. Even though I think they can't pay me enough for what I do, the pay is pretty good. Hopefully I will Retire with 6 figures. At this stage of the game I'm going to do what is best for me and I suggest everyone else does the same. Go with your instincts and push forward with that. Good Luck!
Yet another great video! Thanks for all you do for us!
It looms before me. Thanks Geoff!
Great info Geoff! We were doing the things you suggested by dumb luck! 🤣 I'm a little over 1 year out from retirement and my wife has already retired, planning on going out when I hit 65. I guess we went into a "retirement budget" when my wife left her job 4 years ago, we are living on my paycheck and quite honestly I didn't think of it like that. Other than not paying off our mortgage it seems we are on track. Thanks for the countdown and the advice you give!!!
I regret telling my employer 3 months in advance because I'm about 99% certain that I would have been laid off anyway on my last day. Coworkers on my team in analogous were laid off and received packages. I saved my employer money by leaving on my own. Loyalty to a company can work against the worker. Companies have no loyalty to us so why do we feel indebted to return the favor?
excellent advice like always!
Thank you so much for your channel, rewatching your videos as I am preparing for 62 retirement. I did your checklist and that bluprintincome my life longevity is at 97. Again thanks Geoff.
I'll turn 62 soon. I had planned to retire at 65 when I could start Medicare at the same time. I think there are many others who share this plan. But, after 45-years of the grind, I'm not sure I'll make it. I've worked with a lot of people who were a bit older than me, and many of them passed away in their late 60's and early 70's. They saved and planned for retirements they never had the chance to live.
I agree. I have worked with folks that the same thing has happened to them. One friend worked until age 70, retired and drew the maximum SSA, had a massive 401k, personal savings of over $500k. Then less than 30 days after starting retirement, this person received news from the doctor that they had a terminal untreatable brain cancer. VERY sad story.
I DO NOT want to go out without enjoying my retirement years. I have saved for my entire work career and feel I am ready, but I do want to get my home paid off before the retirement day.
My brother died 3 months before turning the coveted 65 ao you are so correct on that
Many people live into their nineties. You need to prepare for that possibility.
Jeff: You can't base your planning on anyone else's experience. Your health has nothing to do with the health of those other people. Unless you are in poor health, plan to at least living to an average age based on actuarial tables. I planned my financials based on living until 90. I retired at 65 last year and will start SS benefits at age 70.
Do not let the bias of seeing others die before they retire rule your decision. Make the best choice using facts. Your health, your goals and factual statistics
Your advice is well appreciated.
Thanks v much!
13:05 I kept repeating this one throughout my 5 hour shift cause I remember that day when I left my second job.
When my company sold the properties I worked on I put out feelers that I might be available to work on contract in tte future. After being laid off and returning my computer equipment they asked me to do this (audits were coming in although wells were sold). I ended up with part time work for several years and it tapered down so that by agec70 when I applied for SS I wasn’t really working. Very fortunate situation. Always keep your options open.
Your last comment made me smile. I only have 45 days to retirement 🙂
I told my manager over 6 months ago that I would be retiring around May. Last week, I gave a 7 week notice. I am itching to go. Thanks for the good advice. I feel so ready!
Good luck Jane!
Thank you!
My pleasure
One thing that needs to be addressed is what to do with all those hours that you won't be working anymore!! No matter what your situation is, once you are retired, you have to fill the time!! I about went nuts without anything to do when I 'retired' early in 2021. So I went back to work 3 months later. I have since changed things around and I work part time, but still feel the need to have something to fill my days... because if you don't have hobbies you can develop some undesireable ones!!!
Well, it sounds like you didn't do your research before pulling the cord the first time.
Yes! Day drinking is an unattractive habit whether one is working or retired.
That's why it's recommend to retire to something not from something.
@@johngill2853 I've read this before. Good point!
@@FIRED13 it does no good to get snarky. Aren't we all here to help each other??
Thank you for all your videos! My wife and i worked for the same corporation, she retired after 38 years in 2019. I will have 43 years in May and plan on retiring at 66-1/2 next January!
Thank you so much!
You are most welcome
I like the warts and all discussion. Already had that. Never moving to Florida or Arizona. Too hot and humidy in Florida. Just plain too hot much of the year in Arizona.
Thanks for the 3 month reminder for Medicare. I’m 64 and needed that,
Geoff, you make an important point about it being rare that a financial advisor that also fully understands SS is rare. I take it a step further: certifications including CFP and more, do not guarantee competence at all. Remember even the bottom of the class at Medical School gets the title "Doctor". Practice along with training, education, and life long professional learning makes the financial professional. My 3 rules: 1. Money doesn't grow on Fees. 2. Money in Motion cost money. 3. Trust by verify. Thanks.
Thanks for the comment
trust but proofread.
Great video...
I left corporate industry after 25 yrs, so happy I did. The rat race was getting tougher. Took a year off and got a job close to home, making a little less but, no stress. Planned on SS at 62, but at 65 another small retirement pension and Medicare. We'll refigure in 3 yrs. The plan is to travel, we'll see. Staying put in family PHX home that will be paid off in 7 yrs. ** I like the idea of extra mortgage payments** Thanks Geoff!
If you plan to be an expat in retirement, you need to research the cost of medical plans on other countries and if they change or drop after a certain age. Medical insurance for expats isn't the same everywhere.
My tribe. Blessings Greg Gutierrez author of Zen and the Art of Surfing San Diego. Thanks coach Geoff!
Three months and counting... 🎉
I'm retiring in 4 months on my 64th birthday. Chronic migraine has drained me. I'd planned to hold on to
65 but it just is not working out. I'm so grateful for the cash cushion because - even with Covered California - health insurance carries serious sticker shock!
Good video.
If you work for a company you feel may be hostile to you leaving, something to think about. You can draw your SS benefit and still work. Say you make 48K a year. You could work Jan-May and make 20K without crossing the earnings limit ($21,240) and draw SS. That way if they give you crap, you can walk without having to worry about getting your SS started. If you make 36K, you could work Jan-Jul, etc. Of course if you are at FRA, you can earn all you want.
There is no need to worry about starting your social security. Two months before your ready apply. It's simple and DONE every day
@@johngill2853 You missed his point. He's saying that if you are worried they may do something adverse then having your social security just gives you a bit of a buffer. Also, if you have reached your Full Retirement Age you can take social security while working without any reduction in benefits. Why turn down the money especially as they will evaluate and increase it every year while you are still working. I hit my FRA at 66 years and 2 months. For the last year I'm working full time and pulling in my social security. It's great. I plan to work two more years and during that time frame I will live just on my social security and bank all my paychecks.
@@jainthorne4136 he is talking about earnings limit and that is not applicable before you retire. There are rules in place to not penalize you the first year of retirement because of earnings
As far as your plan,yes it's an option. I don't plan on working that long and my problem is spending down traditional, so I'll delay to 70 (everybody situation is different).
I need those low tax years and I want the longevity insurance social security provides
I’m 8 months, 2 weeks and a couple days away from my end date. I’m debating when to tell them I’m leaving as I have no interest in training my replacement. One thing I have in my back pocket is 10 weeks of leave, and still accruing, so I can take some near the end, or cash it out or roll it into my differed comp account. I am in good shape financially, but need to hit the 25 year date to get my full pension.
What do you think of Irrevocable Trusts as a container for wealth? Capital gains in a Trust are capped at 20% vs my usual 24% bracket - and the brackets are about to jump back up. I have one I'm the Trustee for because I was the Trustee for moms trust and she had "shall" provisions to establish a trust for each of her children including myself. Kind of weird but I followed the letter of her Trust provisions to avoid giving ammunition to anybody who would challenge the trust.
I agree I would tell anyone make sure you have health insurance before you get Medicare! You just never know what can happen!
This was a useful video. As a teacher, I’m undecided about retiring at the end of this school year or next. I may pull the trigger very late this year, but have done planning for that. I wish I could be more decisive!
I am in the same situation. If I stay one more year. I get full payment and can collect my pension at the same time. The extra money is a great incentive, but the stress of 150 kids a day has taken its toll. Good luck with you decision… it is a hard choice.
@@mikeodonnell6312 Same to you!
Take your pera’s move to a small town school and double dip for a few years. And enjoy life in a small town!
Write down pros and cons of each decision might help
Great video Jeff. Comment regarding the 4 month social security rule. It's longer than that. File for an April retirement, and along with the standard delay, you won't see a check until the following month. SSI is paid in arrears.
Thanks Jim
If that is an issue you are not ready to retire IMHO
4.5 months!
Great video. Lots of food for thought. Would like your thoughts on long term care insurance along that timeline/ countdown to retirement. Of course, the health of each individual/couple will be different, but I think it advisable to start looking into long term care insurance at age 55 before you are uninsurable or the premium become unaffordable.
I am self insuring, house is paid off. If I ever do need assisted living care I won't need the house anymore. A third to half of people never need long term care and even though it is expensive (my Dad is in assisted living right now) it is definitely not so scary with the cash from a house sale. My Dad's house is selling for less than $300k and will keep him going for over 10 years (assisted living is costing about $2k more than his current income).
I noticed in some of the comments that people delay retirement until 65 because of health insurance. If you are somewhat adventurous and don't mind living with people not exactly like yourself, then consider living overseas until you hit 65. Health insurance in any part of the world outside the US is a small fraction of the cost in the US. And it's usually better healthcare than you receive in the US. Just look up any research on medical outcomes and you'll see that the US is dead last among developed countries and behind even some developing countries.
Again, not for everyone, because there are certainly people afraid to leave their home state. But it's an option to consider.
Thank you for the check list. In case anyone wants a refresher, here are the markers
10 yrs 2:38
5 yrs 5:35
3 yrs 9:11
1 yr 10:34
I have 2 issues to take care of before I retire. I'm not sure where I want to live and I have nothing to retire to. I'm originally from the northeast and I hate the cold weather. The southern states are too hot. I thought of being a FL snowbird but the cost of a decent condo has gone up so high its ridiculous. Plus I have no hobby except watching YT videos. I need something to do! I had planned on retiring last year but after the crunch I took in the market, I figured I'd give it another year and save about 70% of my income and add it to my emergency fund. Now it's 6 months before retirement and I still haven't figured it out.
I've actually been thinking about this in terms of days. About 3650 days for me
I have never owned one, but everyone that I know that has/had a timeshare describes like you did. It becomes a burden very quickly and most dump it.
I will be 66 in a few weeks and my financial advisor says I can retire as long as I have a job making about $60K (gross) a year which is a fraction of what I have now. I won't be taking social security until I am 70 to max out my social security benefit. I have been doing some small project management work but not sure where I am going to get a job making that kind of money. One thing is for sure - staying where I am until 70 would not be beneficial for my mental health as I am very burned out, so I have to get out as soon as I can.
Sir, I am looking for a way to track and evaluate my stock/bonds while in my retirement. Would you have any suggestions on any Excel template that would allow me to actually track all of my stock portfollio and a stock evaluation template to assist in actually evaluating all key investment statistics? Really apprecaite you videos and look forward to your suggestion on any templates that can assist.
Excellent checklist. I would add the need to reduce transportation total costs. They can be a real drain on retirement.
Good point
This is a concern for me too. Is it better to lease a vehicle or buy one? Currently, car loans are $150 to $200 a month higher than a lease payment. Thoughts on this?
@@cindyhenry1410 Lease v Buy is the question. We lease for two reasons. We like the newer safety features that come out each year. And we want the manufacturer warranty for the three year cycle. Interest rates vary hugely by manufacturer. Nissan wants around 8% and Toyota 4% on leases. They call it money factor. Just multiply that factor by 2400 to generate Apr. The best idea in my mind if you want to buy is three year old car coming off lease. That is because the maintenance was likely done as scheduled.
@@2023Red so you would opt in to purchase the car after the lease is completed?
@@cindyhenry1410 Yes, that is what we did.
I wish that I had started putting aside more cash or short term reserves a couple of years ago, but lets face it when most of those investments were paying around 1% it's really hard to do! And if you kept some in slightly longer paying bonds as many have thinking of them as relatively safe investments, how do they look now? Hopefully things will change in a much better way in a couple of years when there should be some big changes regardless of which party is in Washington! Unless China is running things! 😒
I love working but I would like to try a different position for my retirement
Really great video. Very nice high level discussion of what to do when. I'm 10 Years out as of right now, unless something changes. I want to retire early at 62 April but will turn 63 a few months later. I'll have enough in my 401K to more than cover healthcare expenses and just living. I have a pension that I plan to start at 65, and then am thinking Social Security(if it's still there) at 67. My questions are what best thing to do to bridge healthcare insurance till Medicare and should I try to begin a Roth Ira at 52? I've been fortunate enough (and worked hard enough) to not be eligible till now for a Roth. But at this point I'm wondering if it's worth the trouble to schism my retirement into a taxable and non-taxable portion? Thanks again for the great video.
If you have significant assets, I would definitely think about a Roth contribution or Roth conversion strategy, in order to avoid a huge tax burden in your older age--especially if you are married and will at some point go from a MFJ filing status to a single fining status.
Never mind. Found the link to the questions to ask a financial advisor.
With the help of Joseph Sullivan Anderson, an investment advisor, I've been investing since last summer and have so far made about 630k. I have to admit that using the appropriate strategy when investing yields fantastic results.
There isn't a lot of digestible quantitative analysis content out there and it takes some getting used to that's why I rather leverage aid and so far it has been a great ride. Just had my 8th profitable month Investing with the help and analysis of a regulated professional Investor/Trader. Got into the investment market with $100k and I just hit $630k today!
The psychological effect of Investing is real. I ventured into the market as an extra source of income but the truth is all I've done is incur minor losses. So I feel you should be grateful that you have someone who assists, advises and helps you achieve positive results off the Investment markets
Do you mind sharing info on the adviser who assisted you? I'm 39 now I'm seeking for a more effective investment approach on my savings? plan my retirement
The advisor I'm in touch with is Joseph Sullivan Anderson, he was interviewed on CNBC mid last year. You can use something else. for me his strategy works hence my result. he provides entry and exit point for the securities I focus on.
Joseph Sullivan Anderson is extremely skilled at what he does. He rebuilt my portfolio, and over the following several months, I've made over $110k from an originally $20K.
@6:05. So Why would i be staying at a five star hotel before retirement and not during?
one thing that everyone that is planning on retiring before 65 is how to maximize Obama care. I found myself retired at 60. I had plenty in my 401K to have a nice life. Unfortunately the money I draw from my tax deferred accounts is classified as income for Obama care. It looks like I could have benefited from invested in non-deferred as it would have not should as income when I used it to bridge to 65. Can you do a video as to confirm this or let everyone know the best way to handle this for ones in this position.
Yep, that's one reason to fund a gap retirement bucket in the years leading to retirement such that you can show as little or zero income between retirement and 65.
@@erichearduga not zero for the affordable healthcare act. You have to be above poverty level (at least in my state)
@@erichearduga That is exactly what I did. Assets don't count including cash when figuring the Obamacare subsidy so I just had SSecurity income while on Obamacare for 22 months before 65 and Medicare. It worked like a charm. Huge subsidy.
Think about doing Roth conversions.
Very informative video. I would like to retire in 8 years at age 62. My biggest concern is health care between 62 and when Medicare kicks in.
no concen at all; just pay premiums; simple
I'd love a video like this but with the scenario that you and your spouse are not retiring at exactly the same time. My wife is 14 years younger and plans to work at least six more years than I do. We'll be living on her income during that time doing our best to avoid dipping into any of our savings or my social security.
On track to retire in 40 below climate with just 2 seasons, winter & July 4th.
North Pole?
@@danskdna8550 Close, Pinedale Wyoming.
Nice general list but not everyone falls into the boxes you map out. Like people who have minor children when they are already retired
True. If you have advice for that group please put it in the comment section below
Where (or which) is the link to the video on Questions we should ask a Financial Advisor?
I've seen lots of people go thru retirement, the one who just bails out seems more happier. Vs the one who says farewell to everyone. lol not sure why.
Thanks for your videos! Might put with your 1 year out to double check your SS earnings record - especially if you have had identity theft - It never crossed my mind to check mine. Last year, for some unknown reason, mine had 4 years of earnings not recorded - as in '$0' recorded for "earnings taxed for SS" - this a) lowered my earnings record and b) has taken me over 6 months to get straightened out (they still have one year showing '$0'). I planned to file for my SS next month but want to wait until this gets straightened out to avoid any future issues.
That’s a very good point
I thought the rule of to check every year because past something like 18 months, it takes a huge effort to make any corrections (if even possible)
Where or how do you check your SS account
@@Holyheart1 SS sends a statement out every year - but it would be faster to created an account with them and look at it there.
@@FIRED13 Yes, in hindsight I should have checked it every time I got a statement (but I was like SS? that's so far away.. I'll look later) The ones I am having corrected is from 4+ years ago .... when I was finally told by IRS I had had id theft .... as I said, I didn't think to look at SS statement!
Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
95F in summer in fl or az? Hell we got that here in PA.
That explains Fetterman……..
If somebody claims to be a fiduciary, how do you know (or run a test to see) if they actually are a fiduciary?
Good question!! I’d like to know too!
Do you really want to retire?
You will be going from having your life all structured for you to not knowing what to do with your self. Oh yeah you hear all of the wonderful stories of the people who retired. What they don't tell you about is the months after months of doing nothing and the shear boredom as they don't have the money to go on one vacation after another. You will be going from not spending much money because you have to go to your job to spending money day after day just to relive your daily boredom. Having some job of some sort will give you something to do between the vacation trips.
The right time to retire is when you no longer wish to work for a living AND you are sure you can afford it. If you stop working without having enough money you are not retired, you are unemployed...
You can always go back to work, at least on a part-time basis.
Ahh… 95F in July? That would be amazing. How about 105F for all of July. Let’s do this!
you must live in Arizona!
@@dryheatjenn23 Could be Arizona, Nevada, California, Utah, etc. But hey, it's a dry heat....
🤘
No reason to call management or HR. This information is widely available on websites etc.
I want my time back no more going to work
What are your thoughts on lining up a heloc while still employed so that you would have a w2 to show to qualify, so that it would be available in case of sn emergency.
First, explain in what emergency you would need to show a W2.
@@DrSchor usually a bank requires proof of income before giving you a HELOC. Usually they're good for a set period of time say 5 to 10 years. And that should get you to your full retirement age therefore you would have the ability to take out against your house pre-approved in case things really went South
I'd like thoughts on this as well. Thanks for asking. Hoping we get answers/experiences.
I'd feel hesitant to do that. If I anticipate needing to borrow from my home while retired I'd rather put more money away or lower my expenses now while still employed.
Why would you want to put up your home as collateral just in case of an emergency?
What if you are single and 10 years out
how about 2 years out?
I will retire in 6 years, and I told my boss on my birthday, that will be my last day. They already know.
That is risky.
@@howardfriedman7077 Risky yes, depends on your employer. I am 5 years out and already told mine too. In my work environment it’s good to know well ahead who is retiring when so we can plan our future staffing in regards to knowledge transfer. It takes years to replace the knowledge lost by a 30 year employee, so we plan well ahead on our staffing levels and training. Works for us but I do understand where this advance notice would be detrimental to others.
@@howardfriedman7077 Not really, we've worked together for 15 years, and we're friends outside of work.
@@jazziered142 Time will tell.
I have tried several times to download your checklist, I have signed up on your website and your message says I will receive an email with the list in a few minutes and the email never shows up! I tried instant access but that sends me back into the same loop of waiting for an email????? Very frustrating.....
I’d check your spam filter.
@@HolySchmidt No spam filter and junk/spam/clutter all are clear
Recently, I've been thinking of investing in dividend stocks for retirement, and I've set aside $350,000 to do so. However, I'm getting cold feet, maybe because I'm a beginner with no understanding what I'm doing; please advise.
SCHD. Dividend Growth Index.
Can some one help me on this please.
My FRA would be this year( 2023) in JULY but I will begin receiving my SS in March of this year (four months early of FRA). I also want to continue working until Sept. of this year. By the end of Sept I will have made 50,000. Will I have to pay any penalties?
I think you are good. Research online says that for 2023 if you reach FRA during the year the limit on your earnings in the months of the year BEFORE reaching FRA is $56,520. Starting with the month you reach FRA - no limit.
If you defer until you are ready, your monthly payment will increase and you won't have to worry about penalties.
One area of retirement thats truly miserable is the lack of friends. Men don’t make friends like women, we get too focused on our families, our jobs, etc. Then when retirement comes it’s hugely unsatisfying. Add in the political bull crap & there goes 1/2 the possible friends because people cannot agree to disagree & be friends anymore. Retirement isn’t enjoyable.
Here is where my confusion comes in. In what order and when should I begin withdrawing funds. I am married and we both will have social security plus he has 401k and I have a pension. We also have money in an HSA and I have a 457b. I am thinking I will need to ask a financial advisor but i hate to pay someone to figure it out for le
You would probably be well served to hire a financial advisor. Taxes can be very complicated. If the 401k isn't Roth (after-tax), and it's considerable money, you might want to do back-door conversions. I don't know anything about HSAs or 457bs. Social security is taxed differently depending upon what State you reside in. My State doesn't tax social security or pensions. Federal taxes consider all sources of income, then they circle back and figure out what actual percentage of your social security benefit will be taxed. It's pretty convoluted. Problem with pension is, it's usually regular income so you can't get taxes reduced on it (my problem also). Good luck.
@@dougb8207 Thank you for the advice
You can invest money accumulated in an HSA account but same cautions apply with any other investment accounts. You can contribute to an HSA as long as you are working and have a high deductible health insurance plan. The money is taken from your paycheck pre-tax and when you spend it (on QUALIFIED MEDICAL EXPENSES) it is not taxed. It’s a pretty nice account to have!
@@cindyhenry1410At age 65, HSA funds can be withdrawn without penalty for ANYTHING. You just pay income tax. Basically, an HSA turns into a 401(k) at age 65, with the benefit still of tax-free withdrawals for qualified expenses. HSA is the GOAT (after 401k match).
I’m 50 and only have 100 thousand in my 401k well I’ll be able to retire at 60?
no
Going to do a hours cleaning May even put the wife out in the yard to lol😊
Take care of all the pension, ssa, insurances, friiends emails, etc, but be coy about your last day. The more notice you give your boss the more you will be marginalized or harassed, or terminated.
Another Home Run Incoming …
Thanks very much!