Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I'm about to turn 72, and have been retired for a little over 11 years. Shortly before retiring, I asked my father why coworkers all have new cars but I'm driving a 20 y/o Oldsmobile. He answered "It's because THEY have debt but YOU have wealth!".
Yea, related, I hated Wells Fargo, thought they were a bunch of arrogant pricks. I paid off my mortage two years early. They annoyed me, I sent the check. Done.
Im putting money in an interest bearing savings account so I can buy a newer truck with cash in 12 years when I retire, that way no debt, no driving a 25 year old truck. Just plan ahead.
WOW…….my wife and I will be married 40 years in October. I can’t imagine my life without her in it. Don’t really know how else to respond to these comments…I feel sorry for both your wives. Especially your dead wife sir. ❤
My husband, with these traits, left me for a younger woman just after I made us debt-free and was about to pay cash for a home. Now I'm getting richer and richer and he's $70,000 in credit card debt at 30% interest. The creditors just called me looking for him. It was the worst financial decision he ever made for himself and the best financial decision he could have made for me.
I went into retirement with no mortgage and no credit card debt. I used the final 18 months prior to clear what little debt I still had, to skew my financial holdings towards less risky investments & to divest myself of unnecessary material possessions. Then I moved to a beautiful, far less expensive country to retire.
My neighbor always made above 6 figures, even 15 yrs ago but always traded up into a new monster size SUV every 4 years. He's 53 and recently asked me for help about starting an IRA. I asked him about his 401K and he said he had quit making contributions years ago because of his mortgage. It's that easy not to save.
I am never going to retire because I don't have any interest in retirement. My grandfather was forced to retire at 65. He went right to the competition and hired on as an engineer and retired from that job at 85. He stayed active with his church and community up until the end. I like working!!!
Everybody gets to choose, that's the beauty of it. And even just the idea of "I could retire if I wanted to!" might make working just a little bit easier.
@@bob_frazier This is so true! I wish that I was able to continue working full time at my current job, but my body is worn down. My employers are into hiring people who are 20 to 25 years old now and they are basically pushing the older people out the door! I don't like the idea of starting over again, just to be at the bottom.
Most people simply aren't able to work until age 85, even if they want to. It's crazy not to save/invest money with the idea that you won't be forced to retire at some point. Most people think they're going to work until age 67. Most of them don't make it. The typical retirement age is 62.
I'm 42, I had the same mindset with endless credit card debt in my 30s. I made money, didn't care about the debt only paid the minimum, until I made a decision to finally pay all debts out, working to pay off debt rather than spend. I feel much better now that I have no debt owing to anyone!
Between the liberalization of drugs and endless gambling promotions we are doing our youth a terrible disservice. We should be promoting financial courses in middle and high schools . The country's priorities are counterproductive
Disagree. Our whole economy based upon consumer spending. It keeps inventory low, people working, and rich people richer. Spend spend spend! Wall street will love you!
@amyyates8273 you are an awesome parent. i hate to be morbid, but you never know what day youre gonna pass. so some wisdom must be passed down before the day its actually needed. and statically speaking, I'm not too sure how likely it is a parent will be alive while their child is entering retirement. essentially how many parents would even be alive when their kids are in their 50s and 60s. (i generally say a parent is 20 years older, so thats a 70-80 year old. thats a high risk, but COULD be possible)
@@amyyates8273 my dad passed like 5 years after he retired. and he wont get to see my kids. neither did my grandfather get to see me. so I'm kinda baised towards early death. so I'm like 30 years until my retirement age, and while i may not have LOTS of money going into it. i dont want to be OBLIGATED to work if possible so I'm glad my dad taught me about a roth, and saving up. Im still factoring all the costs that can hamper or help my retirment process.
I was in the railroad industry for over 37 years. With railroad retirement you can retire with your full pension at age 60 with at least 360 months (30 years) service. I indeed retired at age 60. Also, I was one to always live within my means, so I was debt free upon retirement. One other thing, I never-ever made a time payment on a credit card. I always pay off my credit card bills at the end of the month and consequently my credit card companies pay me to use their cards with the rewards they provide (yes, I know, I'm known as a "dead beat" in the credit card industry).
I love his screen presence. It's calm, wise and very matter of fact. We knew our expenses almost to the dollar. And they have proved so accurate in retirement!
Why? I just met a 77 year old lady who works 6 days a week because she loves staying busy. As a new, fully retired 60 year old, I can't wrap my head around that. Forty two years of full time work was enough for me. To each their own.
I think that is a great idea because I expect I could retire soon but will not. My work is fun...so lower cost for entertainment. Extra retirement and living expenses money. Due to the extra money I can not only go to a pizza/pasta restaurant on an almost daily basis (my CHEERS...where "everybody knows my name") plus I have interesting things to talk about due to work, but I also am more in contact with coworkers and the coworkers I had previously due to participating in industry work groups. I can occasionally help family members or visit them more often. I act like I won the lottery at work when I have to make difficult decisions (though I haven't won the lottery), so that makes work even more rewarding...just due to having marketable skills. If I want time off to play (or just work from home) then I can. Why would I retire to volunteering to do that for free?😃
i can retire and ''have''. i can afford to sit on the sidelines, ''ala travis mcgee'' and wait till 70 to collect. ''the government soaked me, i want to return the favor''.
@@gpdoyoni am with you. Retired almost 2 yrs ago. Just turned 60 last october. 40 yrs at UPS plenty for me. I do not understand WORK being a persons only option for staying “busy”.. i have Zero shortage of activities to keep me busy
@@MemphisMike901 Work isn't the only option for staying busy, but many other options can cost $$$, for example golf or travel. Many people choose work because it's a net inflow of cash rather than an increase in their expenses. And work is less stressful when you have the ability to retire, as you have more leverage to resist BS from management.
I retired last year. I have been shocked by how many people, many of whom I respect deeply, have asked questions about it that reveal they are basically financially illiterate. This is a huge problem in the US!
See this all the time. I’m 64 and still working but only bc I have a great boss. Living below one’s means is essential to not having any debt and saving each paycheck
What amazes me is that we have access to more information than at any time in human history . And it’s EASY!! Just click and read or watch videos like this one . I’ve improved my future financial situation just by doing this
My father passed away in 2000 and my mother in 2005. When my mother passed, I received a bit of inheritance. Nothing extravagant, but enough it help me out and have some left over. I went to an investment advisor, saying I wanted to pay off my house and invest the rest. No, no, no, he said. Invest it all. The interest I’ll earn will be greater than the interest I’ll pay. I left and got myself another investment advisor.
My wife and I are military retirees. We moved around a lot. As a result, we don't have a mortgage that is near being paid off. Currently, our mortgage (from 2021) is at 2.25%, but we'll never pay it off (we're in our 60s). We overcome this limitation by having accumulated good Social Security payouts (which we have not yet taken), my two federal pensions--military and civilian, both being paid now--and a reasonably robust retirement savings (nearly a million). We'll never have a paid-off mortgage, but we're trying to make that point moot.
Why pay it off when you can earn 5% in a money market? If your guaranteed income pays the bills and cash flow isn’t an issue you are fine. Most people don’t have sufficient pension income to do that (I am a fellow Military retiree).
good vid Geoffrey. the main concern for retirement is NOT how much money you have, it is how much money you spend. in fact, spending should be the main concern during your working life also. "spending" is the one activity most people can control but have the most problem with😊
We paid off our house before retiring. It was the *BEST* thing we did before retirement. It is a huge weight off my shoulders, even with a low interest rate loan and only a few years left to pay it off. We had the money, why not pay it off and not have to worry about it anymore. Again, the *BEST* *BEST* *BEST* feeling! Do it!
Dear Geoff, Have not had a "budget" for the last 40 years! As a small farmer i never know what my gross income or expenses will be year to year. (However, i have not had any debt for thirty years either: that is, no mortgages, loans, leases; I always pay my monthly visa bill in full). My father told me at age 18 when i left home: "if you can't afford to pay cash, then don't buy it". My bank said i didn't make enough money to qualify for a mortgage. I told her i would build a small house anyways, "one board at a time using cash". (took me 30 years). Am 76 and still working.
You went away on vacation with that situation tells me that you are a tough man. You are so awesome my friend I have been encouraged to become financially literate
At 56, with health issues it meant early retirement with little savings, turning to investing became my lifeline. Now I'm retired at 58, with over $3M saved, It's been a journey from uncertainty to security and peace.
to be realistic, Luck plays a significant role more-so than the resources to thrive with investing. without it, it's very challenging to succeed, I've been there
When its consistent, its not considered luck. I attribute this to research which was the challenging part before it led me to Emily Ava Milligan, a top fund manager, in turn she made 310k into this and counting
I pasted her name into my browser, and her website popped right up. It became clear to me she is in high demand. Your example is rare, I wish i had it earlier. Thanks for the share
You really nailed it. Poor money management and discipline is one of the biggest failures too many people live to regret. You didn't skip any of the factors that need attention. Good info.
I would like to see a video on people who don't retire or retire later (say 70+) by choice. These are people who find work rewarding and/or switch to a second (third, ...) career later in life. I know doctors in their 70s who still do complex surgeries, sometimes for free, in 3rd world countries.
Jeff is correct about whether a contract was in place. In most contract law, an oral contract is binding and enforceable. If you have an officer, acceptance, consideration from each side, legal capacity, and a legal objective, you have a contract. But real estate law is different, where the only things binding are what is in writing. Once the buyer changed the conditions, they killed the contract and made a new offer, which the seller was free to reject.
excellent video. i had many years of carrying CC debt until early last year. i’m about 4 1/2 years away from retirement and goal is to retire debt free except my mortgage.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since early 2021, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm 65 and retired 3 years ago. Between grandchildren, church, travel, outdoor sporting activities, home repair projects, and hobbies, my days and weeks are quite full. I'm so glad that my previous employer began requiring the Government's COVID injections in late 2021. That was the catalyst for my retiring. No jab, no job. Okay. A Dios...
So true, never once failed to pay off the entire balance on my credit cards every month. Paid off the house early. Paid cash for used or new cars every time. Retired at 60 with no debt. Loving retirement because I followed the same advice you give.
Thanks for the great video, and story. I started a physical budget in 2017. And in months that I slacked off, I always overspent. People do not realize how much they 'overspend' on a daily/weekly basis without a budget. I have not had a car payment or CC balance in 5 years.
I could have retired 6 years ago. I just don't want to. I like having things to do every day, usually to help others. I go on mission trips, and I run my own company.
We just replaced our 2002 minivan with a new minivan. We spent a long time figuring out which of the 2-3 vehicles that still had spare tires, had the fewest annoyances. Not sure buying a few years older would have worked, it certainly wouldn’t have been calming!
knowing your monthly bills as well as annual bills such as insurance and taxes is a very good thing and lets us sleep without issue. paid off house and cars is wonderful.
I agree with everything....except about carrying a mortgage into retirement. We bought this home right as we were ready to retire (12 years ) with an interest rate of 2.89%. Once we purchased and remodeled the new home we sold our existing home and netted enough to pay off the new mortgage but decided not to.With safe investments I have been earning slightly less than 6% in recent years and never below 5% and would have had more "stress" knowing that I had "left money on the table". I do have an extensive financial background so that might give me an advantage.
I'm now 70. People always told me to do without so I'd be comfortable now. At my age, I COULDN'T do the things I did then. And I've had a wonderful life. So, I work. Life goes on.
We managed to get our wants so much in line with our budget that I can’t tell you how much we will spend this month, but I can guarantee, we won’t be overspending. Last month we overspent by the cost of a car, that we’d planned and search for for about 3 years!
I’ve done a lot of traveling since my high school days and I’m 66 years old now and still love to travel but I recently received a diagnosis of early dementia. So, I need to get busy and do what I can now. I live in Charlotte North Carolina, and I’m having the urge to hop on plane from Charlotte to Paris.
A recession is currently the "most likely consequence for the economy," and I cannot fathom becoming a victim of circumstances, with inflation at a four-decade high. In two years, I plan to retire, and my target retirement fund is $967,000. How can I assure this? What steps can I take?
My money was almost wiped out entirely in 2008. I took out my money and invested it with my wife's wealth manager. I haven't caught up to her profits over the years, but I do earn more. Haha
This is great. I started investing with a wealth manager in 2020, too. I hated myself for a long time because I didn't know I could do that. Funny how I have quit my day job, because my profits cover for every living expense.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I'm a 50 year old doctor feeling burnt out from long hours and stress. Never invested before, cos the stock market seems to eventually crash, however I'm curious, I have $ 250k to invest over 4-5 yrs before retirement, what would be my safest picks to grow a $ 1m portfolio?
ambitious! mind sharing info of this person guiding you please? truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor
You better get in touch with a wealth advisor because your goal is to grow your $250k by 4X in 4-5 years, and that to me doesn't seem possible with some sort of safe ETF to invest in. You'll be lucky to grow it to $500k in 4 years, assuming an 18% return.
@@dzl8596 People over 65 do pay property tax in Florida. There are exemptions, but they are not automatic and they are certainly not blanket exemptions.
Focus on gaining income (dividends) to generate cash flow from your self directed IRA. There are plenty of decent options including treasuries right now. Leave your principal alone and just tap into the dividends when you need cash beyond your social security, any pensions or annuities. It’s very important to have a budget. Monitor every $ spent. It’s not as difficult as it sounds. Tune out the commercial advisors. Get a good CFP if you don’t understand investing or get educated and do it yourself. Make wise choices regarding Medicare and live within your means.
My credit card company sent a letter stating they were to "audit" my account because I was not using the entire credit limit and wishing to reduce it. I had to phone to "opt out" of the audit keeping my limit. I have a suspicion my CC company does not like me as I pay off what is owed every month AND take advantage of the cash back to reduce the payment required. I guess in a sense I am not their "most wanted" customer because they lose money with me. Oh well, my only long term debt is my mortgage and I intend to keep it that way.
When they start playing games like that, I recommend shopping for a new card. You will be canceled soon, not that it matters. Plenty of options out there!
As a real estate investor, I have sold many properties. I never had a realtor that didn't encourage me to take the first offer I got on any property no matter how low that offer was.
We can afford to retire in 3 to 6 years with our house paid off. As long as we are careful, we will be comfortable. I know many people who've made a lot more than we have over the past 35 years, but spent every dollar and more on useless items. While I can empathize a a small amount for their current crisis facing retirement, I don't have genuine sympathy. None of the people I am considering have a lack of financial literacy, the have a lack of positive financial action.
I'm sure going through that house sale issue with your neighbor was annoying! I was getting annoyed for you during that story 😆 Thanks for the great tips 👍
From hassle-free to hardball almost overnight - so glad this blew up in your neighbors' faces. I'm sure they watched some YT videos on how to negotiate and figured they had the upper hand. Jeff is a soft-spoken guy so sometimes that's interpreted as weakness - but clearly that's not the case. 😆
I got $2000 off the purchase price of my car by agreeing to take a car loan with a ridiculously high interest rate (I was planning to pay cash). The dealer told me to take the loan and pay it off immediately. That was very good advice as I got the money off and still got the $2000 of the purchase price.
We went camping the first week our home was listed. So we did not respond to the first offer we quickly got. It allowed us time to get some other offers in before responding. Works!
I just read an article on the 15 things retired people miss at work. My answers: No, not so much, No way, nope, never, very little, not so much and 8 no ways. Life is good Never waste a day having a bad day
I'm not intuitive about money so something that has helped me with debt is to divide out the principle and the interest on any debt I don't pay in full. It makes me pay attention to the interest. Owe a $1000? I'll pay $200 principle and then add the interest.
It was a weird one since the buyer is the one who puts the deposit in escrow. My guess is they thought that we were out of options so would capitulate.
I dunno... I haven't retired because I LIKE what I do for a living. I work in tech and I'm always learning new things and staying relatively up-to-date with new tools. I did start working part-time when I turned 60, but I don't see completely letting go for a while, yet. And with inflation like it is, I think I made a GREAT move.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I paid off my house mortgage and credit card debt 14 years ago. I've been putting into a 401k above the 6% match. I have enough in savings to be comfortable, but diversified into anything. Now I come from a family that knows only about penion benefits. Who should I consult with to make the money I have in savings work for me,that'll create growth until and into my retirement when I get ready to do that.
I'm 65. Sold my home a few years ago. I have no debt. Now I live in an area where houses sell for 400k. No way do I want to pay that. Rent is higher than a mortgage. I have savings but not 200k yet. Want to work to 70. What shoukd I invest in? Should i just buy a mobile home but not in a community with lot rent. I live in Florida and don't want to leave my family.
Sometimes, it's not an option to keep driving when you are retired. It's cheaper to take mass transit in the city. And the OATS bus in Rural America . Of course, car pooling is also an option .
I always have a budget laid out for the month. I had a friend who didn't. He just whipped out some plastic to buy whatever frivolous item he just had to have that month. He bought boats and exercise machines for a bundle and then sold them 6 months later at a 60% loss. He and his wife had 7 credit cards between them, all maxed out. Needless to say he went into bankruptcy. Never did change his ways though.
I know that there are some individuals and couples that have enough retirement income to begin their retirement with consumer debt and a mortgage. But I don't understand the thinking that just because your income is enough to pay your expenses and debt payments that it is a good idea to retire before all that debt is gone. For the average Joe I don't see how they can enjoy themselves with the stress of debt. In speaking with a friend, we touched on the issue of how much is needed in retirement investments to have enough money not to worry. When I mentioned that if you use the popular 4% rule and have one million dollars saved, that will allow you an annual withdraw of $40K. That is not rich. So, then the discussion moves to "well I cannot ever have one million in savings so I might as well be broke and have fun while I can." There seems to be no shame in being broke in our old age.
To be fair, many advisors advocate not looking at your investments so you're not tempted to make short term decisions. I also don't like budgets, they're miserable and are nothing more that a rough plan as you can't predict exactly what may come up. I prefer just spending as little as possible by finding better alternatives as it creates the maximum savings and it's a lot of fun too. For instances, someone was complaining to me recently about how they wanted to buy a 1.55oz Hershey bar at a convenience store but it was $4, although they still bought it. I know that the best price at the grocery store is $1.29 which is quite a savings. However, I buy semi-sweet chocolate chips when they're on sale for $1.99 and a 1.5oz serving is only 25 cents. Lately I prefer having 1oz which is just 17 cents and still enough to satisfy since they have almost 4 times the cacao of a Hershey bar and taste far better. The really funny part is that the cost of the 1oz chocolate chips is actually less than the sales tax alone on the $4 convenience store candy bar. The bonus is that I can enjoy chocolate while saving money, calories, carbs and with the chocolate chips and Dutch processed cocoa powder I can make anything chocolate. Now imagine doing this with everything.
Some of the semi sweet baking chocolate tastes better to me and seems of higher quality than the common brands candy bar chocolate. Not sure but I don't know if the famous brand chocolate bar is still made at Hershey Pennsylvania.
At first I thought this video was going to be about the personality traits of people who love their job so much they can never bring themselves to retire.
I can retire and not have to worry about money, however I am actually involved in another kind of work that I enjoy and very lucrative. I am having the time of my life, active and good health. When you love what you do it's not work. I enjoy the stimulation. It's the high taxes that I have to worry about. I am looking to move to a low or no income tax state.
I will be 59 June 11th and I am disabled with a low I.Q 67 and congestive heart failure with an injection fraction rate of 35 to 40% and I take 6 heart Meds Entresto and a Bata block being two of them and I could have afforded to have debt 20 years ago but I could see my future and I knew that would be my end if I did
Me and my husband are retiring in ten years he has a two pensions coming to him one is a state pension 😊 I too have a pension coming so with our three pensions NO credit card debt no car payments no children we will retire relaxed freedom no worries 😌 I can’t wait 😊
@@DrSchor Living in extreme poverty gave me the opportunity for quiet thinking without distraction. Working for a wage is the equivalent to giving your life away, regardless of how much you earn. Your life is finite but money is endless therefore your time is the most precious thing you possess. Spending more money than necessary for survival is giving away the moments of your life you worked to earn your money. I vowed two things, never give the IRS a dime more than required, and design my own life. There's much more but this was the foundation from which I made decisions that allowed me to fulfill my dreams and goals. Thank you for giving me the opportunity to share.
I never expected to live to retirement, as all my friends had passed away before then. All of asudden, I'm 55 years old ! YIKES!! What to do? I found a financial advisor who told me to get rid of ALL my debt, BEFORE I would retire. I had enough time to do that and I paid off all debts. I lost my job at 62 years old, do to the economy.. There aren't many jobs available to senior citizens. Then, my apartment rent went up and other expenses as well. I wanted some security in this retirement time, and the Veterans Admin offered me a 2.6 % home loan!! Minimum down and a few closing costs. ($1500) I'm now 76 years old, living in my own home, and paying the few bills I have with my Social Security and VA checks.!😄
I keep a keen eye on our finances. We have over a million investable, but our pensions and SS covers our expenses and entertainment and also allows us to continue to build savings. However, I can’t stand the idea of retirement, So I started a business. I never intend to quit working at something.
One Banker asked us, when financing to a lower Mortgage and 15 years, How do you do it?, being in financially okay... which told me something, what's going on in the World... we didn't really answer, how to you say, No eating out, no Jewely, no vacation that cost money, buy things when there cheap or on sale... No acting like were Rich... more thinking like were Poor
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can i reach this adviser?
Sharon Ann Meny is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I'm about to turn 72, and have been retired for a little over 11 years. Shortly before retiring, I asked my father why coworkers all have new cars but I'm driving a 20 y/o Oldsmobile. He answered "It's because THEY have debt but YOU have wealth!".
the answer is obviously the other way around. those with debt can't afford new cars; the wealthy can.
Smart. Me 63 retired no debt no car. I just ride a bicycle
@@PInk77W1nice
Yea, related, I hated Wells Fargo, thought they were a bunch of arrogant pricks. I paid off my mortage two years early. They annoyed me, I sent the check. Done.
Im putting money in an interest bearing savings account so I can buy a newer truck with cash in 12 years when I retire, that way no debt, no driving a 25 year old truck. Just plan ahead.
I knew someone who had all these traits. I divorced her. There was no way I could retire with her. That was 8 years ago. Smartest move I've ever made.
Thanks for the comment WB
mine died in her sleep 6 years ago. wake up EVERY morning
with a giggle in my heart and a smile on my face. even the dog is happier...
WOW…….my wife and I will be married 40 years in October. I can’t imagine my life without her in it. Don’t really know how else to respond to these comments…I feel sorry for both your wives. Especially your dead wife sir. ❤
@@john-o1g9p she probably died to get away from you!
My husband, with these traits, left me for a younger woman just after I made us debt-free and was about to pay cash for a home. Now I'm getting richer and richer and he's $70,000 in credit card debt at 30% interest. The creditors just called me looking for him. It was the worst financial decision he ever made for himself and the best financial decision he could have made for me.
I went into retirement with no mortgage and no credit card debt. I used the final 18 months prior to clear what little debt I still had, to skew my financial holdings towards less risky investments & to divest myself of unnecessary material possessions. Then I moved to a beautiful, far less expensive country to retire.
what country please
how is Zimbabwe
Americans dont understand
Where'd ya go?
Philippines joins the retire on the cheap chat
My neighbor always made above 6 figures, even 15 yrs ago but always traded up into a new monster size SUV every 4 years. He's 53 and recently asked me for help about starting an IRA. I asked him about his 401K and he said he had quit making contributions years ago because of his mortgage. It's that easy not to save.
Hard to contribute if the mortgage takes everything.
@thebigpicture2032 Especially when you keep buying new big trucks every few years 😅
@@derwinmitchell9947 That’s a Boomer thing. Mortgages are too big these days for young people to buy big trucks.
I couldn't sleep at night if I lived like that.
@@thebigpicture2032 start seeing the smaller picture
I am never going to retire because I don't have any interest in retirement. My grandfather was forced to retire at 65. He went right to the competition and hired on as an engineer and retired from that job at 85. He stayed active with his church and community up until the end. I like working!!!
Everybody gets to choose, that's the beauty of it. And even just the idea of "I could retire if I wanted to!" might make working just a little bit easier.
@@bob_frazier This exactly, I'm 65 and still working but it is a lot of pressure off that if I couldn't got to work tomorrow we would be okay.
Once you go, you lose your identity you had for years and many of your contacts.
@@bob_frazier This is so true! I wish that I was able to continue working full time at my current job, but my body is worn down. My employers are into hiring people who are 20 to 25 years old now and they are basically pushing the older people out the door! I don't like the idea of starting over again, just to be at the bottom.
Most people simply aren't able to work until age 85, even if they want to. It's crazy not to save/invest money with the idea that you won't be forced to retire at some point. Most people think they're going to work until age 67. Most of them don't make it. The typical retirement age is 62.
I'm 42, I had the same mindset with endless credit card debt in my 30s. I made money, didn't care about the debt only paid the minimum, until I made a decision to finally pay all debts out, working to pay off debt rather than spend. I feel much better now that I have no debt owing to anyone!
Your neighbor was a piece of work. I'm at a loss for words. Nice job staying calm and being polite.
Agreed, lol
Also, he was firm. Most people would have caved I think.
Between the liberalization of drugs and endless gambling promotions we are doing our youth a terrible disservice. We should be promoting financial courses in middle and high schools . The country's priorities are counterproductive
Totally true
Disagree. Our whole economy based upon consumer spending. It keeps inventory low, people working, and rich people richer. Spend spend spend! Wall street will love you!
I make my kids watch these with me! 😊
@amyyates8273
you are an awesome parent.
i hate to be morbid, but you never know what day youre gonna pass. so some wisdom must be passed down before the day its actually needed. and statically speaking, I'm not too sure how likely it is a parent will be alive while their child is entering retirement.
essentially how many parents would even be alive when their kids are in their 50s and 60s. (i generally say a parent is 20 years older, so thats a 70-80 year old. thats a high risk, but COULD be possible)
@@amyyates8273
my dad passed like 5 years after he retired. and he wont get to see my kids. neither did my grandfather get to see me. so I'm kinda baised towards early death.
so I'm like 30 years until my retirement age, and while i may not have LOTS of money going into it. i dont want to be OBLIGATED to work if possible so I'm glad my dad taught me about a roth, and saving up. Im still factoring all the costs that can hamper or help my retirment process.
I was in the railroad industry for over 37 years. With railroad retirement you can retire with your full pension at age 60 with at least 360 months (30 years) service. I indeed retired at age 60. Also, I was one to always live within my means, so I was debt free upon retirement. One other thing, I never-ever made a time payment on a credit card. I always pay off my credit card bills at the end of the month and consequently my credit card companies pay me to use their cards with the rewards they provide (yes, I know, I'm known as a "dead beat" in the credit card industry).
That’s what we do w our credit card. We charge, write one check at end of month and, get points
Don’t worry they still make money off you.
@@jameswitte5676 I'm not worried as I know there are sometimes convenience charges.
That's me in 8 yrs and 6 months then railroad retirement
@@mctd3693 "May all your signals be green" leading up to your RR retirement!
I love his screen presence. It's calm, wise and very matter of fact. We knew our expenses almost to the dollar. And they have proved so accurate in retirement!
You need to do a video on people that can retire, but don't.
Why? I just met a 77 year old lady who works 6 days a week because she loves staying busy. As a new, fully retired 60 year old, I can't wrap my head around that. Forty two years of full time work was enough for me. To each their own.
I think that is a great idea because I expect I could retire soon but will not. My work is fun...so lower cost for entertainment. Extra retirement and living expenses money. Due to the extra money I can not only go to a pizza/pasta restaurant on an almost daily basis (my CHEERS...where "everybody knows my name") plus I have interesting things to talk about due to work, but I also am more in contact with coworkers and the coworkers I had previously due to participating in industry work groups.
I can occasionally help family members or visit them more often. I act like I won the lottery at work when I have to make difficult decisions (though I haven't won the lottery), so that makes work even more rewarding...just due to having marketable skills.
If I want time off to play (or just work from home) then I can. Why would I retire to volunteering to do that for free?😃
i can retire and ''have''.
i can afford to sit on the sidelines, ''ala travis mcgee'' and wait till 70 to collect.
''the government soaked me, i want to return the favor''.
@@gpdoyoni am with you. Retired almost 2 yrs ago. Just turned 60 last october. 40 yrs at UPS plenty for me. I do not understand WORK being a persons only option for staying “busy”.. i have Zero shortage of activities to keep me busy
@@MemphisMike901 Work isn't the only option for staying busy, but many other options can cost $$$, for example golf or travel. Many people choose work because it's a net inflow of cash rather than an increase in their expenses. And work is less stressful when you have the ability to retire, as you have more leverage to resist BS from management.
I retired last year. I have been shocked by how many people, many of whom I respect deeply, have asked questions about it that reveal they are basically financially illiterate. This is a huge problem in the US!
See this all the time. I’m 64 and still working but only bc I have a great boss. Living below one’s means is essential to not having any debt and saving each paycheck
What amazes me is that we have access to more information than at any time in human history . And it’s EASY!! Just click and read or watch videos like this one . I’ve improved my future financial situation just by doing this
You're life stories and advice / analogies are priceless!
Thank-you Geoff!
-Curt
Thanks Curt
I much prefer earning interest through stock investments vs paying interest through credit card debt!
No truer words were ever spoken.
same sentiments here.
i want POSITIVE interest not negative interest, especially in a world with an ever decreasing purchase power of the dollar.
Pay for the banker’s vacations or pay for mine? Easy choice.
My father passed away in 2000 and my mother in 2005. When my mother passed, I received a bit of inheritance. Nothing extravagant, but enough it help me out and have some left over. I went to an investment advisor, saying I wanted to pay off my house and invest the rest. No, no, no, he said. Invest it all. The interest I’ll earn will be greater than the interest I’ll pay. I left and got myself another investment advisor.
Definitely, that is why this whole getting out of the stock market in retirement to reduce risk is very questionable.
My wife and I are military retirees. We moved around a lot. As a result, we don't have a mortgage that is near being paid off. Currently, our mortgage (from 2021) is at 2.25%, but we'll never pay it off (we're in our 60s). We overcome this limitation by having accumulated good Social Security payouts (which we have not yet taken), my two federal pensions--military and civilian, both being paid now--and a reasonably robust retirement savings (nearly a million).
We'll never have a paid-off mortgage, but we're trying to make that point moot.
Why pay it off when you can earn 5% in a money market? If your guaranteed income pays the bills and cash flow isn’t an issue you are fine. Most people don’t have sufficient pension income to do that (I am a fellow Military retiree).
good vid Geoffrey. the main concern for retirement is NOT how much money you have, it is how much money you spend. in fact, spending should be the main concern during your working life also. "spending" is the one activity most people can control but have the most problem with😊
We paid off our house before retiring. It was the *BEST* thing we did before retirement. It is a huge weight off my shoulders, even with a low interest rate loan and only a few years left to pay it off. We had the money, why not pay it off and not have to worry about it anymore. Again, the *BEST* *BEST* *BEST* feeling! Do it!
It was an emotional high when we paid off our house. Our loan had been 3 percent. Peace of mind is something you can’t place a value on
Never carry cc debt. It’s the poison of any debt.
Dear Geoff, Have not had a "budget" for the last 40 years! As a small farmer i never know what my gross income or expenses will be year to year. (However, i have not had any debt for thirty years either: that is, no mortgages, loans, leases; I always pay my monthly visa bill in full). My father told me at age 18 when i left home: "if you can't afford to pay cash, then don't buy it".
My bank said i didn't make enough money to qualify for a mortgage. I told her i would build a small house anyways, "one board at a time using cash". (took me 30 years). Am 76 and still working.
You went away on vacation with that situation tells me that you are a tough man. You are so awesome my friend I have been encouraged to become financially literate
Great house selling story and a valuable lesson. I'm glad that it all worked out so well for you! Great video!
At 56, with health issues it meant early retirement with little savings, turning to investing became my lifeline. Now I'm retired at 58, with over $3M saved, It's been a journey from uncertainty to security and peace.
to be realistic, Luck plays a significant role more-so than the resources to thrive with investing. without it, it's very challenging to succeed, I've been there
When its consistent, its not considered luck. I attribute this to research which was the challenging part before it led me to Emily Ava Milligan, a top fund manager, in turn she made 310k into this and counting
I pasted her name into my browser, and her website popped right up. It became clear to me she is in high demand. Your example is rare, I wish i had it earlier. Thanks for the share
Watch out for internet scams that start out just like this!
You go @MarjorieRyanJoy! You go, cause you're awesome!
You really nailed it. Poor money management and discipline is one of the biggest failures too many people live to regret. You didn't skip any of the factors that need attention. Good info.
I would like to see a video on people who don't retire or retire later (say 70+) by choice. These are people who find work rewarding and/or switch to a second (third, ...) career later in life. I know doctors in their 70s who still do complex surgeries, sometimes for free, in 3rd world countries.
“Freedom’s just another word for nothing left to lose”
Written by Lightfoot and sung by someone who burned out early in life
@@hanksta34wrong - was written by Kris Kristofferson
🤘🤘🤘
Amazing😢
@@arthurbishop3173
Right, Kristofferson. If it was by Lightfoot, it would have been 3 times longer and boring. (OK, I’m not a Lightfoot fan.)
Jeff is correct about whether a contract was in place. In most contract law, an oral contract is binding and enforceable. If you have an officer, acceptance, consideration from each side, legal capacity, and a legal objective, you have a contract. But real estate law is different, where the only things binding are what is in writing. Once the buyer changed the conditions, they killed the contract and made a new offer, which the seller was free to reject.
But look up Statute of Frauds -
I want to thank you for your videos,they have made a huge differencei in my life
A good option is to move to Thailand-gyms/pools/younger women-healthy food-$400 month condo and walk to the 🏖️-no need for a car-calm/stress free
excellent video. i had many years of carrying CC debt until early last year. i’m about 4 1/2 years away from retirement and goal is to retire debt free except my mortgage.
Sounds good.
People who are able to retire early are lucky . I have 15 months till 65 and need to look at calling it quits, my only fear is running out of funds much later, thus keen on investing. What could be the safest possible ways to invest for cashflow, in order to afford lifestyle after retirement?
consider investment planning, learning from a well experienced advisor is invaluable
That's right. I am a wife, mother of four and new grandmother, 28 years in Corporate America, retired recently at 57 after discovering the freedom investing could provide, been contributing to my portfolio since early 2021, and have grown a $250,000 savings account to almost 1 million, credits to my investment advisor.
@@mariaguerrero08who is your advisor please, if you don't mind me asking?
*Izella Annette Anderson* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
I STOPPED alcohol and limit to 1 escort once a week! saved $3k a week!
Good job! I limit myself to one bimonthly. The 8 ball lasts longer
There is another aspect. The fear of running out of money, coupled with, "I don't to know what I'm going to do when I retire."
Thanks Paul
I'm 65 and retired 3 years ago. Between grandchildren, church, travel, outdoor sporting activities, home repair projects, and hobbies, my days and weeks are quite full. I'm so glad that my previous employer began requiring the Government's COVID injections in late 2021. That was the catalyst for my retiring. No jab, no job. Okay. A Dios...
@@Steve-gx9ot I plan to do the same as long as I am able to work and find a job.
@@philgretz
"No jab, no job. Okay. A Dios..."
Kudos!!! 👏👏👏👏💪🗽
Right, answering that question is REAL retirement planning. More than just money.
I was never interested in retiring. Quit working but still make money was the goal.
Love it
Useful video. Inspirational advice. Thank you.
So true, never once failed to pay off the entire balance on my credit cards every month. Paid off the house early. Paid cash for used or new cars every time. Retired at 60 with no debt. Loving retirement because I followed the same advice you give.
Thanks for the great video, and story. I started a physical budget in 2017. And in months that I slacked off, I always overspent. People do not realize how much they 'overspend' on a daily/weekly basis without a budget. I have not had a car payment or CC balance in 5 years.
I could have retired 6 years ago. I just don't want to. I like having things to do every day, usually to help others. I go on mission trips, and I run my own company.
Mission trips? I hope you don't mean travelling to other countries to impose your religious views on them. That's so nineteenth century.
Outstanding Art.
YT deleted my comment because I'm critical of religion? What a world.
TT - “critical” or intolerant of people of faith?
@@hanksta34
If you’re critical of Tarantino films, does that make you intolerant of Tarantino?
We just replaced our 2002 minivan with a new minivan. We spent a long time figuring out which of the 2-3 vehicles that still had spare tires, had the fewest annoyances. Not sure buying a few years older would have worked, it certainly wouldn’t have been calming!
knowing your monthly bills as well as annual bills such as insurance and taxes is a very good thing and lets us sleep without issue. paid off house and cars is wonderful.
Wow! I’m so glad I workout. I want to maintain my good health for as long as I can.
I retired in November 2023…life is great. No debt and receiving military and corporate pensions.
Nice😊
I agree with everything....except about carrying a mortgage into retirement. We bought this home right as we were ready to retire (12 years ) with an interest rate of 2.89%. Once we purchased and remodeled the new home we sold our existing home and netted enough to pay off the new mortgage but decided not to.With safe investments I have been earning slightly less than 6% in recent years and never below 5% and would have had more "stress" knowing that I had "left money on the table". I do have an extensive financial background so that might give me an advantage.
I'm now 70. People always told me to do without so I'd be comfortable now. At my age, I COULDN'T do the things I did then. And I've had a wonderful life. So, I work. Life goes on.
We managed to get our wants so much in line with our budget that I can’t tell you how much we will spend this month, but I can guarantee, we won’t be overspending. Last month we overspent by the cost of a car, that we’d planned and search for for about 3 years!
I’ve done a lot of traveling since my high school days and I’m 66 years old now and still love to travel but I recently received a diagnosis of early dementia. So, I need to get busy and do what I can now. I live in Charlotte North Carolina, and I’m having the urge to hop on plane from Charlotte to Paris.
Excellent vid, I'm months away from retiring no mortgage and only a small payment on a small car which I intend to pay off asap.
So Wise , Thank You . Remember to conster ALL of the costs.
A recession is currently the "most likely consequence for the economy," and I cannot fathom becoming a victim of circumstances, with inflation at a four-decade high. In two years, I plan to retire, and my target retirement fund is $967,000. How can I assure this? What steps can I take?
My money was almost wiped out entirely in 2008. I took out my money and invested it with my wife's wealth manager. I haven't caught up to her profits over the years, but I do earn more. Haha
This is great. I started investing with a wealth manager in 2020, too. I hated myself for a long time because I didn't know I could do that. Funny how I have quit my day job, because my profits cover for every living expense.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
6:00 AMEN BROTHER!
I'm a 50 year old doctor feeling burnt out from long hours and stress. Never invested before, cos the stock market seems to eventually crash, however I'm curious, I have $ 250k to invest over 4-5 yrs before retirement, what would be my safest picks to grow a $ 1m portfolio?
ambitious! mind sharing info of this person guiding you please? truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor
nothing much you can do with that little money and that short of a timeline. keep working till you are 65.
Physical Gold and silver at least 20%, that will cushion any market downturn, hold in your hand no counter party risk
Good example of the truism:
Doctors are terrible with money.
You better get in touch with a wealth advisor because your goal is to grow your $250k by 4X in 4-5 years, and that to me doesn't seem possible with some sort of safe ETF to invest in. You'll be lucky to grow it to $500k in 4 years, assuming an 18% return.
Property taxes. Never go away and never go down.
Never say Never. When you reach 65 in Florida- no more property tax!
I just got a letter from my county that property tax is going down. Idk why.
@@dzl8596 property insurance in Florida is the property tax everywhere else.
Agreed! I call my quarterly property taxes my "rent". :( Oh, well. All things considered, it's far less than what my mortgage was.
@@dzl8596 People over 65 do pay property tax in Florida. There are exemptions, but they are not automatic and they are certainly not blanket exemptions.
Riveting story. It will aid in our upcoming sale-offer of our home. Thank you {HS} for reasonable information. A solid show for sure.
Simple straightforward finances vs. Nickel and diming (is that the right American expression) has a lot to be said for it, retired or not.
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
Focus on gaining income (dividends) to generate cash flow from your self directed IRA. There are plenty of decent options including treasuries right now. Leave your principal alone and just tap into the dividends when you need cash beyond your social security, any pensions or annuities. It’s very important to have a budget. Monitor every $ spent. It’s not as difficult as it sounds. Tune out the commercial advisors. Get a good CFP if you don’t understand investing or get educated and do it yourself. Make wise choices regarding Medicare and live within your means.
Great video. Totally important to watch those numbers on a regular basis. I couldn’t imagine not tracking my retirement funds!
I only check my TSP account when the market is up and I am never disappointed.
I'm still working at part time. Friendly people at work and I get paid. Rewarding work in a hospital and it's interesting too.
My credit card company sent a letter stating they were to "audit" my account because I was not using the entire credit limit and wishing to reduce it. I had to phone to "opt out" of the audit keeping my limit. I have a suspicion my CC company does not like me as I pay off what is owed every month AND take advantage of the cash back to reduce the payment required. I guess in a sense I am not their "most wanted" customer because they lose money with me. Oh well, my only long term debt is my mortgage and I intend to keep it that way.
When they start playing games like that, I recommend shopping for a new card. You will be canceled soon, not that it matters. Plenty of options out there!
As a real estate investor, I have sold many properties. I never had a realtor that didn't encourage me to take the first offer I got on any property no matter how low that offer was.
We can afford to retire in 3 to 6 years with our house paid off. As long as we are careful, we will be comfortable. I know many people who've made a lot more than we have over the past 35 years, but spent every dollar and more on useless items. While I can empathize a a small amount for their current crisis facing retirement, I don't have genuine sympathy.
None of the people I am considering have a lack of financial literacy, the have a lack of positive financial action.
I'm sure going through that house sale issue with your neighbor was annoying! I was getting annoyed for you during that story 😆 Thanks for the great tips 👍
The good thing was that they were not going to be neighbors for long.
From hassle-free to hardball almost overnight - so glad this blew up in your neighbors' faces. I'm sure they watched some YT videos on how to negotiate and figured they had the upper hand. Jeff is a soft-spoken guy so sometimes that's interpreted as weakness - but clearly that's not the case. 😆
My biggest concern is healthcare and/or extended care.
I congratulate you on your ethical standards 🙂👍.
I plan to never retire because I love working. If I die with extra money left over, it goes to my wife and kids, no problem.
First, I love your @name! Next sounds like a good place to be
I got $2000 off the purchase price of my car by agreeing to take a car loan with a ridiculously high interest rate (I was planning to pay cash). The dealer told me to take the loan and pay it off immediately. That was very good advice as I got the money off and still got the $2000 of the purchase price.
We went camping the first week our home was listed. So we did not respond to the first offer we quickly got. It allowed us time to get some other offers in before responding. Works!
Outstanding
I just read an article on the 15 things retired people miss at work. My answers: No, not so much, No way, nope, never, very little, not so much and 8 no ways. Life is good Never waste a day having a bad day
I'm not intuitive about money so something that has helped me with debt is to divide out the principle and the interest on any debt I don't pay in full. It makes me pay attention to the interest. Owe a $1000? I'll pay $200 principle and then add the interest.
Your work is appreciated. Thank you
I started investing in many areas and got life insurance on my job always checking my Roth and 401k
Great video Geoff
Did you ever find out why they asked so much for the reserve on the septic system?
It was a weird one since the buyer is the one who puts the deposit in escrow. My guess is they thought that we were out of options so would capitulate.
I dunno... I haven't retired because I LIKE what I do for a living. I work in tech and I'm always learning new things and staying relatively up-to-date with new tools. I did start working part-time when I turned 60, but I don't see completely letting go for a while, yet. And with inflation like it is, I think I made a GREAT move.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I paid off my house mortgage and credit card debt 14 years ago. I've been putting into a 401k above the 6% match. I have enough in savings to be comfortable, but diversified into anything. Now I come from a family that knows only about penion benefits. Who should I consult with to make the money I have in savings work for me,that'll create growth until and into my retirement when I get ready to do that.
I'm 65. Sold my home a few years ago. I have no debt. Now I live in an area where houses sell for 400k. No way do I want to pay that. Rent is higher than a mortgage. I have savings but not 200k yet. Want to work to 70. What shoukd I invest in? Should i just buy a mobile home but not in a community with lot rent. I live in Florida and don't want to leave my family.
Sometimes, it's not an option to keep driving when you are retired. It's cheaper to take mass transit in the city. And the OATS bus in Rural America . Of course, car pooling is also an option .
Thanks Joyce
I always have a budget laid out for the month. I had a friend who didn't. He just whipped out some plastic to buy whatever frivolous item he just had to have that month. He bought boats and exercise machines for a bundle and then sold them 6 months later at a 60% loss. He and his wife had 7 credit cards between them, all maxed out. Needless to say he went into bankruptcy. Never did change his ways though.
I know that there are some individuals and couples that have enough retirement income to begin their retirement with consumer debt and a mortgage. But I don't understand the thinking that just because your income is enough to pay your expenses and debt payments that it is a good idea to retire before all that debt is gone. For the average Joe I don't see how they can enjoy themselves with the stress of debt. In speaking with a friend, we touched on the issue of how much is needed in retirement investments to have enough money not to worry. When I mentioned that if you use the popular 4% rule and have one million dollars saved, that will allow you an annual withdraw of $40K. That is not rich. So, then the discussion moves to "well I cannot ever have one million in savings so I might as well be broke and have fun while I can." There seems to be no shame in being broke in our old age.
My uncle died in poverty in a Medicaid nursing home covered in his own filth. I wouldn't wish his last years of life on my worst enemy.
To be fair, many advisors advocate not looking at your investments so you're not tempted to make short term decisions. I also don't like budgets, they're miserable and are nothing more that a rough plan as you can't predict exactly what may come up. I prefer just spending as little as possible by finding better alternatives as it creates the maximum savings and it's a lot of fun too. For instances, someone was complaining to me recently about how they wanted to buy a 1.55oz Hershey bar at a convenience store but it was $4, although they still bought it. I know that the best price at the grocery store is $1.29 which is quite a savings. However, I buy semi-sweet chocolate chips when they're on sale for $1.99 and a 1.5oz serving is only 25 cents. Lately I prefer having 1oz which is just 17 cents and still enough to satisfy since they have almost 4 times the cacao of a Hershey bar and taste far better. The really funny part is that the cost of the 1oz chocolate chips is actually less than the sales tax alone on the $4 convenience store candy bar. The bonus is that I can enjoy chocolate while saving money, calories, carbs and with the chocolate chips and Dutch processed cocoa powder I can make anything chocolate. Now imagine doing this with everything.
Some of the semi sweet baking chocolate tastes better to me and seems of higher quality than the common brands candy bar chocolate. Not sure but I don't know if the famous brand chocolate bar is still made at Hershey Pennsylvania.
@@davidpowell3347 As I recall a Hershey bar has 11% cacao and semi-sweet chocolate chips have 40% cacao, so quite a bit higher in quality.
"Wouldn't you like to be...my neighbor". Mr. Rogers. 😂😂
Excellent video Geoff ❤
Thanks Jimmy
Very interesting 🤔
Thanks Jeff !!!
That neighbor and I have very different ideas of 'hassle free'.
Me too!
WOW that’s was a lot of content for one video….i can’t even comment until I soak this all in. 🌵❤️
At first I thought this video was going to be about the personality traits of people who love their job so much they can never bring themselves to retire.
and what do you think now
I can retire and not have to worry about money, however I am actually involved in another kind of work that I enjoy and very lucrative. I am having the time of my life, active and good health. When you love what you do it's not work. I enjoy the stimulation. It's the high taxes that I have to worry about. I am looking to move to a low or no income tax state.
Thank you for video you and Dave both are a big help.
I will be 59 June 11th and I am disabled with a low I.Q 67 and congestive heart failure with an injection fraction rate of 35 to 40% and I take 6 heart Meds Entresto and a Bata block being two of them and I could have afforded to have debt 20 years ago but I could see my future and I knew that would be my end if I did
what we really need to know is your ejection fraction.
Me and my husband are retiring in ten years he has a two pensions coming to him one is a state pension 😊 I too have a pension coming so with our three pensions NO credit card debt no car payments no children we will retire relaxed freedom no worries 😌 I can’t wait 😊
Nice job
I'm pushing 80 and I figured all this out at 18 years of age! Carelessness is one example of stupidity.
you figured it ALL out? impressive. what is the rest of what you figured?
@@DrSchor Living in extreme poverty gave me the opportunity for quiet thinking without distraction. Working for a wage is the equivalent to giving your life away, regardless of how much you earn. Your life is finite but money is endless therefore your time is the most precious thing you possess. Spending more money than necessary for survival is giving away the moments of your life you worked to earn your money. I vowed two things, never give the IRS a dime more than required, and design my own life. There's much more but this was the foundation from which I made decisions that allowed me to fulfill my dreams and goals. Thank you for giving me the opportunity to share.
@@KarenBradford-rl2ooyes
Good reminders Geoff!
Thanks Bob
Interesting video, was more about your life story than title.
I never expected to live to retirement, as all my friends had passed away before then. All of asudden, I'm 55 years old ! YIKES!! What to do? I found a financial advisor who told me to get rid of ALL my debt, BEFORE I would retire. I had enough time to do that and I paid off all debts. I lost my job at 62 years old, do to the economy.. There aren't many jobs available to senior citizens. Then, my apartment rent went up and other expenses as well. I wanted some security in this retirement time, and the Veterans Admin offered me a 2.6 % home loan!! Minimum down and a few closing costs. ($1500) I'm now 76 years old, living in my own home, and paying the few bills I have with my Social Security and VA checks.!😄
Am I obsessed if I keep a personal balance sheet?
Youve perfectly described my 75 year old mom
I keep a keen eye on our finances. We have over a million investable, but our pensions and SS covers our expenses and entertainment and also allows us to continue to build savings. However, I can’t stand the idea of retirement, So I started a business. I never intend to quit working at something.
One Banker asked us, when financing to a lower Mortgage and 15 years, How do you do it?, being in financially okay... which told me something, what's going on in the World... we didn't really answer, how to you say, No eating out, no Jewely, no vacation that cost money, buy things when there cheap or on sale... No acting like were Rich... more thinking like were Poor
Good presentation. 👍
Thank you Dave
That neighbor was an a hole.
Lucky you don’t have that neighbor any more.