💰 TRUTH! Average Retiree Income: How Do You Compare?
ฝัง
- เผยแพร่เมื่อ 28 ก.ย. 2024
- Do I have enough to retire? Does my retirement plan look solid? How do I compare, in net worth? Am I going to be able to live comfortably, from my retirement income? This question usually happens, when people get closer to retirement and this is exactly what this video is all about!
Every single day, I work with a lot of folks who are preparing to retire, or have retired. Many are thinking about making the same move. I want to share some numbers with you and I want to share a conversation with you. So let's go for a walk on the beach. Now, I'm not talking about the Hollywood rich and famous. I'm just talking about just normal, average, everyday people. You might have thought about this already but if you have not just watch what others have done who have retired. They all seem to ask the same questions.
✳️ Alternative Places BEFORE Buying, Relocating or Retiring to Florida! - • Moving To Florida? Alt...
✳️ INSIDE 3 NEW AFFORDABLE HOUSE TOUR IN SOUTH CAROLINA UNDER $300,000 - • INSIDE 3 NEW AFFORDABL...
✳️ AVOID MOVING TO SOUTH CAROLINA - Unless You Can Deal With These 10 Facts | Living in South Carolina - • AVOID MOVING TO SOUTH ...
✳️ REVEALED: Living In SOUTH CAROLINA vs NORTH CAROLINA - • REVEALED: Living In SO...
✳️ SOUTH CAROLINA'S Top 3 BEST PLACES To Move To In SC in 2023! - • SOUTH CAROLINA'S Top 3...
✳️ 10 Benefits of Retiring in South Carolina - • 10 Benefits of Retirin...
✳️ SC Beach Towns You Can Actually Afford To Live In - • SC Beach Towns You Can...
✳️ 7 Things You MUST DO Before Moving To Myrtle Beach - • 🔵 7 Things You MUST DO...
✳️ The TRUE Cost Of Living In Myrtle Beach SC - • The TRUE Cost Of Livin...
✳️ 13 Affordable Home Lies!…NEVER Buy A Cheap House Without Knowing This! - • 13 Affordable Home Lie...
✳️ Absolutely NEVER Buy This Type Of Home - • Absolutely NEVER Buy T...
Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave Myrtle Beach, SC 29577
843-839-9870
Provides actionable advice and true stories from real estate investors, and people moving and retiring every week.
🟢Ready to Buy a House & You Don't Know Where to Start? Start Here! - www.HomeGuideM...
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.
💰Alternative Places BEFORE Retireing, Buying or Relocating to Florida! - th-cam.com/video/VRTjNfGeybY/w-d-xo.html
I have no desire to live in Florida. I don't like the politics, and most of the "senior" age residents are there to get away from the world they used to live in. I want to remain engaged in that world!
It would take a WHOLE LOT of money to get me to move to that sh*thole.
@@billyjoejimbob56 worse place to live in fact they put a lady 90 plus year old in jail cause care home up price so high she couldn't pay. And the cost of everything and the new race laws makes it another Hitler Germany.
@@billyjoejimbob56 I retired at 55 from Chicago to Florida and paid $145,000 for a 2000 SF home in a gated golf community. Inside our guard gate there is almost zero crime so best move I ever made. I live close to the beach, world class entertainment and dining. Also, some of the best hospitals in the country. My home is now worth $360,000 due to almost 1000 people moving into FL everyday. I can go out at midnight and walk my dog 2 miles without any worries about being mugged or assaulted. Sadly could not do the same in Chicago or most North East Cities.
If that is the retirement you want, you are free to pursue it. I would rather volunteer at at a community center helping troubled youths... I am am a lousy golfer but a pretty good listener and coach.@@samquinn6427
Most people don’t realize it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than $10k returns from his investment monthly and it was completely passive.
This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?
@@CrystalJoy-32 Most "market enthusiasts" end up under performing the S&P500 index.
Health is so important. Health is time
Not typical as that likely represents ~2 million invested. Would take most people 30 years and some good luck with stock and real estate bubbles to build that.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
People are facing a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to use online calculators to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha
That's fascinating. How can I contact your Asset manager?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an adviser, as this allows you make smarter investing decisions.
Mind if I ask you to recommend this particular coach you using their service?
Annette Marie Holt is the licensed adviser I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My mother taught me that it’s not what you make, it’s what you spend. She became a millionaire on $15/hour.
Thanks for sharing your story. Some people are able to accumulate great wealth by investing and saving and being civil. Thanks for watching.
I look at it the other way around . Most people have an earning problem not a spending problem . If you make a lot more money then the little things you have to cut out of life will become marginal compared to what you bring in . You can’t save your way to wealth these days you have to make more money
@@ianlloyd4301 Interesting. I guess Wayne Newton and Mike Tyson didn’t make enough. There is always a balance to maintain.
My mom when I was 7 or 8 held up a one dollar coupon in a grocery store and asked me what it was. I said a coupon. She said “it’s worth the same as a dollar bill…saving a dollar is the same thing as earning a dollar”
@@williamgullett5911 My mom was the same way. She always used her coupons. Plus she shopped on double coupon Tuesday so she got twice the value.
Retiring next year at 61. Already had 2 cousins die in their 50's, but poor health. I'm healthy and plan on living my best life. I got this.
You do… (got this) congratulations
Health insurance? You can't get Medicare until 65🤷
@@1515cando
Hopefully one doesn’t rely on Medicare alone … no free ride there, after you pay for the upgrades (?) lol ….like prescriptions, eye care, teeth care, etc. etc. etc. yr monthly payments can and will cost out of yr SS payments…
@@1515cando I have Marketplace insurance priced into my retirement. I'll be moving to another country where I can use their insurance or self-insure.
Thanks for watching and sharing your story with others so they can make smart decisions
Heck yeah bro! I’m retiring from federal service in 634 days with 30 years of service. I’ll only be 58 and can’t wait.
No one should work longer than they have to.
I am cheering you on! Thanks for taking your time to watch this video
My hubs is Fed too and we are not too far out from retiring. I don't want to get older but man I can't wait to retire :)
Nice fed jobs seem to get the luxury of retiring way earlier than most people.
I retired 3 years ago from Federal service with 31 years and at age 56 4 months. I saved between 10 and 20% of my salary each and every year. My stress levels were such that I couldn’t imagine working even one more day. It took me 2 years to fully decompress.
My husband is still working at age 62, is a Type 1 diabetic for 46 years, and isn’t yet ready to retire as he loves his job. He has saved a similar % of his salary and he has more than I do. I’m hopeful our savings will see us through rough patches as we have pushed the numbers.
@@sherrieivanov5481 Congratulations, enjoy your retirement. You made good decisions with saving a good portion of your income along the way 👏
At 55 I was completely debt free. Now 70 I still drive the same pickup and still spend below my income. Got to change that mind set. I live a stress free life for the last 15 years. I have forgotten what it is like to have a debt.
Cheers! Thanks for watching in sharing your story with others
Thanks for watching in sharing
Yes, me as well. Paid off my mortgage at 59... no debt.
And now I spend only 50% of my income. I have spent $110k on home improvements the past 5 years.. and 2 new card net outlay for then $40k... and I have the same money banked as 5 years ago.
I drive a 40 yr old car. Am same age as you. Never earned the numbers he mentions in his spiel nor even close to the gov't pension I get in Canada. Being debt free for several years, people said I should by a car...instead, this month, bought another property to landscape & develop. Not dead yet & love my life. My motto: Aspire for better!
I’m guessing you are not a liberal
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach Lisa Ann Moberly that helped me grew my reserve from $160k to almost $600k during this Red season.
No you didn’t.
GREAT EXCUSE NOT TO RETIRE, you will never make it if you think like that, stay home and don't even think of moving overseas
I left FL in debt, now have purchased a condo in Brasil, living on $600 a month, have a nice car, food is very cheap and plentiful, people are wonderful, healthcare is free. My 700sf condo cost me $21,000 usd, try to do that anywhere else ? Is 4 years old 2/1
SO please stay there with your pitiful excuses and be miserable, other countries don't want people like you
@@CraigMarsh-hu7pf red season? Republican? So you were given money from family and now you’ve made all this money yourself?
You will fail because you think it's all about MONEY, IT ISN'T
You are insecure and think money will solve all your problems, money is the LEAST of your problem
I moved overseas in debt of $3000 bringing in $2100 a month SS. Now I have bought a nice 2/2 near the beach 750 sq ft for $21,000 and now have saved up $24,000 cash to buy another one
My wife and I retired five years ago. It was a great surprise to find that our disposable income in retirement is higher than it was when we were working. The benefit of working to my full retirement age and both of us contributing to our 401k's consistently over the years.
My wife and I did the same, throwing in 10% of our salaries into the company's 401k where we each worked. We did full throttle investment approach - evenly spread (33 1/3%) of salary into the top 3 mutual funds with the highest ROI between 3 to 5 years prior. Look at it quarterly, adjust bi-yearly, and NEVER sell. We've averaged 15% ROI over 30 years.
I give this advice to anyone 35 years and younger because it works. And even better, if someone one day decides to yank social security, we are fine.
We did it correctly and followed the advice of financial shows on PBS and NPR in the 1990s (which was, honestly, the only place to get unbiased financial advice for free).
One of the best things to ever happen to me was to get laid off at 62. Otherwise, I would have kept working. Downsizing my home, severance pay and extended unemployment during the pandemic allowed me to retire early. At the time, I was panicking, having a hard time finding another job. But I spent that down time doing spreadsheets and figured out I had enough to retire.
I love Excel for that reason.
This is how I want to do it also. I want to live small and simple ASAP and set myself up for a less difficult and stressful future. I’m still in my 50s now.
We underwent a merger in 2020 and I was hoping to be laid off. Hasn't happened yet.
Everything you Said happened to my mother. She worked all her life, saved, built a house of her dreams to retire comfortably, the Alzheimer moved in and she died a horrible death. I plan to simplify my life as much as possible. I am paying off debts, paid off my mortgage, and plan to enjoy life as much as possible. Excellent advice, and my God bless you.
To all of you below. You have great plans that will work. Make sure you add in Inflation Protection as Hyper Inflation IS coming. Each family needs to have at least 100, (1) oz. Silver Coins for that. Now is the bottom of the market for Silver, so start buying 4 to 5 coins a month, you do not have to buy them all at once.
Very well presented. One overlooked factor though. The loss of a spouse. Not only emotionally devastating but it can seriously reduce the household income while the expenses remain largely the same. You suddenly find yourself having to do all the things your loved one used to do, at a time when you are least equipped to do so. The impact on your well being can't be overstated. I speak from experience.
Or being a divorced woman. Feel like we’re re overlooked in so many ways.
Thank you glad you enjoyed this helpful video. So true the loss of a spouse can be devastating on many levels.
Thanks for sharing your story and thank you so much for watchin
I can totally relate.
Total lack of planning
You can always get money. When time is spent it’s gone forever. More people need to hear this. Atta boy, Pink.
Thank you so much. I’m glad that you enjoyed the message and I truly appreciate you taking the time to watch and to comment.
False. You can't get money after a severe stroke or entry into a nursing home or assisted living facility. When your health is gone your ability to get money is gone, and when your money is gone it may well be gone forever. Get a financial plan.
Thanks for the insight...Been retired now for a year and a half with no regrets...Living Life on My Terms is so liberating...Make that Move into retirement if you are ready financially...Tomorrow is never promised👍😎👌
You are welcome! And thank you for taking the time to watch this helpful video and to comment
Just retired at 56 1/2 with US Govt pension and >34 years. My entry into that path was to go in to the US Army after college. Lots of miserable nights freezing and wet in the woods and mountains, and the sad reality that not everyone survives their deployments. But it was the path to independence for me until transition to civil service my family and I left a relatively high cost of living area (Anchorage) - crossed off places we loved, but had grown too expensive for affordable living ( Sea-tac, WA), ( Henderson, NV), Palm Springs, Reno, NV, Austin, TX. We wound up living in the high desert (4,220 ft. Elevation) in the Western tip of Texas that’s almost closer to LA than Dallas. It’s a great springboard for road trips, it’s tied into power grids of NM and TX, no tornados or hurricanes. Housing is very affordable for now. The only downside is the extreme daytime heat from June -August; however we’d have that reality in many other places as well. The people here in El Paso are super friendly and the pace of living is so much more relaxed than many other places I’ve lived and worked. I learned that moving to a new place upon retirement makes for a lonely existence initially, but I’ve become the person who says hello snd initiates conversations with others now.
Wife and I are in kind of similar circumstances. After working for the US Government for 31 years and having them move us all over the US I retired at 54 1/2. That was five years ago. Wife retired from the VA as well. We lived in Seattle, WA at the time and I worked at SEATAC. We could not afford the high cost of living in Seattle once retired, but wanted to stay close to our grown children and grandchildren in the Pacific Northwest. We ended up moving to the high desert in Central Oregon. However, we moved on some acreage outside a little small town. I like to call our place "a little house in the middle of nowhere." I got enough of the big city life throughout my career and now enjoy traveling in our Airstream, fly fishing, riding on my tractor, raising chickens and working in my greenhouse that I built. Our neighbors are all at least five acres away, but we all know each other and are happy to help if needed.
Same. I'm retired from Army and have VA disability. That alone is about the same as my current salary working.
This might turn out to be a regular thing. Same with me . 4 years navy (warm bunk, awesome food) , afterwards drifted into a city job and a good retirement. I started buying a house as soon as possible. Improved and moved times 4. now at 76 I've been retired and an outright owner In a area that I love for eleven years.
Good on you G.I. you earned it, been considering the Pass myself.
Same here, but also a small VA employee pension too. I was ANC too.@@armynurseboy
Retirement was the best (if only, good) decision I ever made. The more money you can have in retirement the better, but like the man said - time is not something renewable. You cannot stockpile time. And unlike money, you never know how much time you have. I got all my adventurism out of the way when I was younger. I have limited assets, just like my time, so I take a pleasure in the modest expenditure of each. I don't have to get up when I don't want, I don't have to go out in the wet and cold, I don't have to face the commuting rat-race or punch a clock or take crap from bosses. These are the small but real benefits of retirement. Ocean cruises you can keep; they're like being trapped in a hotel you can't check out of. Flying? Who needs all that wandering around cavernous airports, customs & immigration palaver, anonymous crowds and rude inconsiderate passengers and hunting for suitcases..? Take it easy, avoid hassle, keep yourself fit, watch your diet, and take pleasure in the small things of life. "The trivial round, the common task; should furnish all we ought to ask". That's it - I'm off for a pub lunch - cheers...!
Thanks for watching and sharing your story
Great advice!
this is exactly the mindset that provides a good life!
Amen, brother.
Enjoying a low cost retirement myself. Play with the grandkids regularly and don't need the hassle of the planes and passport stuff. Plenty to see here in the lower 48 if I feel the need. Most generally travel within the surrounding states of Indiana give me enough pleasure I need go no further. Don't even know what day it is sometimes and don't really care. Lol
Thanks Jerry, Remember Here Today Gone Tomorrow.. I have a friend almost 66 waiting for 67 and passed away. No social security for him... I retired at 62. All I can say is when you retire owe no one. Except food electric bill, etc. Also own your house. Good Luck.
Great advise… key here live within yr means…
You’re welcome! Thanks for taking the time to watch and to comment
100%. Thanks again thanks for taking the time to watch and to comment.
I’m 64 1/2. Still very active full time nurse with benefits. When i stay home I’m bored and depressed. I have no debt and a little savings, and will have a nice SS payment when I’m ready. THIS IS MY LIFE AND IM LIVING IT. I don’t know what anyone means when they say retirement is when you start to enjoy your life!
I quit my RN career at 51 and don't miss it, but grateful for the upward mobility.
A plan is required for retirement. I'm living my best life retired.
I stay home and I'm happy and feel completely alive!
Nurse for 44 years here working full time too! Fortunate to have nonclinical position that I love!
How about a video on moving to retirement as a renter? Not having the home ownership as part of one's net worth. What's the cost/benefit of trying to buy something close to retirement or what to consider? Thanks
Excellent question! Rents have skyrocketed 🚀 here in NJ. Now $3,000 a month for two bedroom apartment. However no maintenance costs.
There are a lot of variables on how much money a retiree needs in retirement. I believe number 1 is the area where you live. If you live in a low cost area like I do and own your own home that's half the battle. Number 2 is staying out of car debt. If you have a paid off home in retirement and stay out of car debt you pretty much have it made.
We agree! It depends on so many factors and a huge one is where you live!
Very good points
Asia has saved me so much in cost of living while retired
Agree, that's us, we have no mort, have a 12 yr old car with 55,000 miles on it,
and our monthly spending is less than $1500. in Florida!
I am 81 now. I own my own typical value home in a major city. It's paid for. My pickup has been paid for for more than 15 years. It is low mileage and runs perfectly. I do my own maintenance and light repairs. I have zero debt. That was not by chance. I planned it. I have two incomes, social security and a military pension. Together they are just over $4000 a month. Next January I'm expecting an 8% COLA increase. My monthly expenses here at the house are just under $1200 a month including food, city property taxes, car insurance and homeowner's insurance. I am a retired union worker. My past employer gave me the option of a third pension or paid healthcare. I took the healthcare available because of union negotiations. Now my health care premiums are paid for in full and the Department of Defense pays all of my deductibles.
One could say I have it made in the shade. Well I say "I planned it and now I am living the result". I live frugally. I have no need of a new car for instance. Each month I have about $3000 disposable income. I keep some in my credit union and some in cash here in the house. Once a year I do a cruise ship excursion. I like to ride Amtrak. I go to Oktoberfest. Next year I'm visiting friends in India.
In my view a good retirement is about high equity and low debt. The lower the debt the better. At about age 50 quit buying stuff. Need a last new car? OK be smart about it. AWL costs less in insurance than 4WD and they are safer in winter driving. Check Consumer Reports to find out which cars are most cost effective.
A guy in a doubewide that is paid for and who has no debt can be more secure in retirement than someone else who rolling in cash but owes it all to the company store. I don't believe that just because a man is well of that he is also smart with money. That's not a given.
I don't expect any real troubles but life is never 100% for sure. The best anyone can do is the best they can do. Those who plan early will have something. Those that do not will be on the street.
Happy retirement folks...
GOOD JOB CHAMP. YOU NAILED IT
Did you have any savings or 401K?
100% CORRECT, JUST because someone has a lot of cash DOES NOT MEAN he is smart with money, he prob had a good investment manager. Once he is cut free, he will prob waste and blow most of it off and end up poor
Just look at all the idiots who ran to Florida with pockets of cash, they impulse bought at the top and add in HUGE increases in insurance and home owner taxes, they are screwed and have NEGATIVE EQUITY, NOW need to sell, PRETTY DUMB
It’s good you took the health care. I had a 354,000 operation and didn’t have to pay a penny.
Do you have children? Who will inherit your estate?
At age 71 I haven't worked in ten years. I pay $229.00 a month for my property taxes. No mortgage or debt. Don't need much money as I have everything I need. People get destroyed by greed. Health is the greatest wealth and I have never been sick. Have savings that I don't need. No sense leaving millions behind for someone else to spend.
$229 … Damm I wish … mine right now is $625 a month up here in MA and that is on a house appraised at $500k
@@robskully3539 New Hampshire property taxes are even worse than Massachusetts.
@@lapuamies8718 yes, sadly I know. We live right on the border and 4 years ago we were looking to move just West of Nashua. Once we saw the tax rate and that all the towns we looked in had home owner well water, we ended up just staying out and remodeled our house.
I pay 300 bucks a year and I was complaining. Holy cow rural Missouri is not so bad after all.
Cheers to your success! Thanks for sharing your story and thank you so much for taking the time to watch this video
I retired at age 62. Waiting for the higher SS payment to take effect when I would be 66 and 10 months just wasn't worth it to me. I told my manager that if I were to die before having time to enjoy retirement, I'd be so angry that even though I'd be dead, I'd STILL know I was angry. :) My life is pretty simple, my condo isn't anything special, but it's mine and I'm debt-free and I love it.
Thanks for watching and sharing your story. Glad you enjoyed this helpful video.
If you own a condo you are not dept free. You will always have the fees from the condo group that will have to be paid and they will go up yearly
And you can still work part time doing what YOU like to do AND collect ss money 👍🏻
Now, my dad loved what he did and he retired at age 67. He also based that on the fact that he has been healthy his whole life. And he just turned 90. So he’s glad he waited till67
@@brettsurrett4596 I said I'm debt-free, not bill-free. There's a difference. But if I owned a house instead, I'd be paying for plowing, trash removal, and a bunch of other home-maintenance expenses that are currently part of my condo fee. So it's a similar outlay.
I'm pleased that you underline the importance of time in this video ostensibly about money. Good health and time are far more important than money, which, as you rightly point out, you can always make more of.
As an immigrant , I have to learn the English language and get my education first . And I know that I have to work twice , 3 times or 4 times as harder to bring myself up to the working calss level .
Thus , I've served 20 years of law enforcement in New York ... I made it through and happily retired at the age of 50 . 6 years went by , I love my retirement life . Traveling , vacationing , food tasting , and more are my norm ...
3-week time share in Smoky Mountain every year , 5-week time share in Cancun every year , and Silver member of Cruiseline ... Life is good if you are willing to work hard and contribute in USA ... Thank God 🙏🇺🇸💙🇺🇸🙏
Don't tell me that you can't find a job especially since you were born here ..
Good job and accomplishment. You set an excellent example for millions of people.
We purchased a lakeside home in Tampa for cash in '13. We had put all our saved up retirement funds into this house and various multiple improvements. A year later my employer moved north, offering me a position with a substantial salary increase. We felt we had to decline. I retired at age fifty nine and a half for a substantial reduction in social security retirement benefits. The investment loss on our home would have taken years to recoup. So now we're watching our pennies, but still take joy from a relaxed life, not quite stress free, but comfortable. Our only regret is not having opened a retirement account years earlier.
Thank you so much for taking the time to watch this video and share your story
Great vid Jerry. I'm retiring in 90 days. My biggest worries, after spending hours putting together the numbers, is taxes and health care costs. I'm almost debt free with great balances in my 401(k) and my savings accounts, plus my home is paid off. My goal is to live on just the interest from savings and the investment income on my 401(k) without touching the principal. I'm super close to doing that but again, taxes and health care are the wild cards.
Congratulations your alive and hopefully healthy. The wife and I checked out in 2019 with lots of debt and no pension for another 18 months. No problem we will be $ 2,600. extra by 2028. BUT, remember to make a glide scope Jerry so that you don't save or spend too much without having great adventures. I met Alice Copper and he gave me two things a while ago. One thing was a necklace for my wife and then he sun schools out for my retirement. Here he is the lyrics are for your retirement party. th-cam.com/video/mBqiC5ox8Bw/w-d-xo.html
How old are you if I can ask? Cause if you're 65 I believe you can get medicare for free. Maybe you can get that if eligible. I have the same worries as you. Healthcare being the main one.
@@Westcoastguy I'm 65 but my wife is 55 and my youngest, who is a full time college student is 18. I'm going to go the Medicare Supplemental route but the big expense will be my wife.
64 & 7 months as of now. Just began thinking about the last chapter after a health scare. Thanks for putting this type of information out. Gets one to start thinking in "real terms".
One of the advantages I had in my job before I retired, was that I lived in several different areas of the county throughout my career. Doing so, allowed me to see some the almost unbelievable differences in the cost of living in different places. When I retired, I moved to the most low cost place I ever lived, the Mississippi Gulf Coast. We live great on our retirement income, here but if I had retired in one of the more costlier places I had lived and worked, our buying power would have been greatly reduced. It allowed me to retire at 52.
Cheers to your success thanks for taking the time to watch and share that your story with others
I kind of took the similar approach, after having lived in Boston, Southern California, Dallas, and now Pittsburgh (as well as overseas in two different countries). Pittsburgh was my landing pad at age 49 because it gave enough time to get reestablished while preparing for retirement. The investment and entrepreneurship potential here is terrific, kind of where Miami was in 2003. Now I am 60, and looking forward to officially retiring between 62 and 67 while taking time to establish some start-up companies to keep me young.
Because of the Steel Belt turning into the Rust Belt, Pittsburgh has a cost of living equal to about Dallas, e.g. very affordable. Yet it has also been voted one of the most livable cities, with a high concentration of folks at retirement age. My trick through life has been living very much the minimalist, while accumulating job skills, life skills, and wisdom. Most of my travelling was done by age 25, so now the last third of my life can be spent as a philanthropist, but giving away time not money to help other folks.
I looked at the Mississippi Gulf Coast & was shocked to see its not recommended to swim in the Gulf there because of pollution / the Gulf wildlife. The weather though is pretty good.
@@ag4allgood , that's usually only after a lot of rain, which is true about most beaches. A lot of sewage systems get flooded in heavy rains and will end up ejecting non completely treated sewage.
@@ralphholiman7401 No , I saw swimming in the ocean Gulf Port area basically that whole Mississippi Gulf Coast was not recommended at ANY time. Even though the long white sandy beaches are great there. Some of the best beach area in the US.
I retired four months ago at age 66. I haven't started collecting social security yet, rather choosing to defer it for six months to let it grow a little. I am living conservatively. I own my single family home and am debt-free. I chose to take on a quarter-time little job that is totally unrelated to my field of expertise. It gets me out of the house and provides a little structure and opportunity to meet people. I count't be happier to have left healthcare!
Hi friend, I too am 66...I started drawing SS at my full retirement age, waiting because I am still working..so no penalty. Look at the " break even " point ( Google it...there's a calculator...)
You got an 8% bump in January, COLA...so that's like waiting a whole year...
If I had waited another year, it would take 14 years to make up for the money I didn't collect...so...maybe you thought it through, but if not...could be a big deal.😊
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Emily Lois Parker who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
smart, You've done well for yourself. It’s all about accumulating wealth through compound interest investmen
hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
I admire your hard work and i must say you're well on your way to retiring early. Look her up, she's not hard to find. Goodluck
out of curiosity i did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply. Thanks for the tip
Thanks for saving me hours of research, copied Emily Lois Parker on my browser, i'll reach out to her really soon. great share!
I'm 40 and figure to be debt free in 1.5 years with paid off house, vehicles and all loans. Been working 50, 60, and 70 hours a week for the past 4 years to get to this point.
Cheers to your success. Thanks for taking the time to watch and to comment. I’m glad you enjoyed this helpful video.
Very good advise Jerry! Especially the part about the value of time. I’m in year 8 of retirement and they have been the most enjoyable years of my life (and I’m still married to the same woman!). The day I retired I told my coworkers “I don’t need another dollar I need another day”. I retired just after I turned 60. I like it a lot!
It really depends on the type of job you currently have and your level of stress on that job.. I’m 62, and plan to work at least until 65.. I have buddies that are retired, but they don’t do anything different than what I do and they won’t do big vacations because of the cost… just sitting around the house all day does not seem exciting…. And let’s be honest, that’s what most retired folks do..
Just because you can sit around the house doesn't mean you need too. I just turned 74, find something you enjoy and keep moving. Rust will set in
if you own your home free and clear you don't face rent increases.
@@adamweah8037 Yes i am
@@adamweah8037 you could read up by searching my name on google
Economists and business leaders were voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.
Yes, however, Property Taxes, aka "Indefinite Home Rent from the Government" will never decrease. Neither will the Homeowner's insurance on your house. It is not "free and clear".
This is true thanks for watching and commenting
That is solid advice, I planned on moving south at retirement but the wife is fixed in the area because of family. I have enough in savings for a decent retirement and am 69 I am worried that life is passing me by because we don’t do things to enjoy life .
Best of luck! Don’t let life pass you by! Thanks so much for taking the time to comment and I’m so glad that you enjoyed this video here on this channel
Well you could go to Disney World for a couple of days and spend $3,000 . How about traveling by air and paying big bucks to wait in lines get searched and squishing your cloths in a micro bag to save more big bucks. Maybe you could spend $150,000 for an RV and travel that way, of course it may cost you $150/night to park it and also it's not much fun driving on the road these days and remember to load your gun for expected occurrences.
Ask the neighbors to come over to play cards and eat some snacks.
This is so helpful - thank you so much. I was a multimillionaire. COVID wiped me out in the stock market - which I was depending on for my income. Now we are stuck with a house (that has appreciated to $1m) that is way too big for us. When to sell; when to buy. Ugh. I'm only 65. Nobody will hire me for the income that I depended on with my cash which has evaporated. This is just so scary! Thank you for helping.
😅
😊😅😊😊😅
😮😮
😮
😊😮
I was debt free by 49 1/2 yrs old with 2 paid for homes. I left full time work at age 55. Worked part time the past 7 years and now am drawing social security. Travel about 1/4 of year internationally
Thank you for all the wonderful information. I am 56, and plan on retiring at 65. I make 70k a year, and because of good planning with my 401k, I will have 800+k for retirement. I love your videos, they are so helpful to me!! Thank you!!
With $800,000 per year in savings. Without a pension or any other investments. Will generate $32,000 per year at a withdrawal rate of 4%.
I’m very sorry to hear this. I hope that you find the strength to go on. I nearly lost my wife this year and prior to it happening I always thought I knew how I would react. Boy was I wrong when it actually came down to it. We got married a little later in life and never had children which was what we wanted at the time, but now I find myself questioning our decision.
I took an early retirment from Boeings at 58 after working there for 35 years. I turn 62 in 6 months, still have plenty of 401k savings, my homes vaule has pretty much doubled in the last 5 years.
I spent years and years worring about how I would manage if I retired then I got tired of working. It`s been great, I have no stress, kid moved out and I`m ready to sell my house and explore the world once I start collecting SS which I will take at 62. with my SS and pension I will be making the same as I did while working.
Sounds like your plan worked out. Thanks for taking the time to share with others so they know that it is possible and thanks for watching.
SS and my Military retirement income is the same as when I retired. I have saved for years, have 2 autos. live on my own land. I have great Medical/Dental insurance for pennies what others pay. Basically the only debt I have is what do I want. Not what do I need. 80/20 ratio Save/ Bills. I sleep good at night and get woken up by the Roosters.
@@lawrenceleverton7426 right on!
Great advice. I just retired at age 53. I live in Charleston SC, all my debt is paid off, condo mortgage paid. Being single with a fixed pension is extremely helpful until you’re reach age of 591/2 to draw my 401k and then social security at age 62. I believe everyone’s situation is different. I’m single, have no debt, net worth is about 400k and have a pension that may not be the national avg for a retiree income, but it is enough to pay all expenses and hopefully enough to cover some travel costs as well. You’re so correct in stating you can always make money but can’t buy back time.
Thanks for sharing your story with others here on this channel. Truly appreciate you doing so. Thanks for watching this video and I’ll see you in the next one.
In 9 years then you could draw social security (age 62) at the lower rate. Else you could get more each year that you wait up until age 67 (100%). What do you think you'll do?
I'm in almost the same situation as you. My pension will be about $4800 a month. About 3 times more in my 401k. 55 years old and want to retire in 2 years. Debt free. So unsure if I can retire and move to South Carolina like we want to?
@@metalmike570 sorry for late response! Yeah- great point re social security. My plan is to draw at age 62 - as long as inflation doesn’t keep rising!
@@briantodd4887 Log In / make your account at I think SSA. gov.
Look at the printout and all that. It even shows projected amounts for those
years 62 to 70 on a chart. Good luck in the future.
I appreciate the great stats on retirement. Makes me feel good that I've made mostly good financial decisions during my active years.
I am 68 and still have a mortgage for 2.5 years more. It rattles me that I still owe but my Investments pull in 10% a year and I only pay 1.59% on a fixed rate. Just makes no sense to pay it off. Healthy, and I intend to live to 200. (Or die trying)!
I was offered an early retirement package at age 65 and never looked back. I originally planned to be working until age 67 or 68. Instead, I do volunteer work doing what I love. The key is to eliminate debt and having a plan included all your expenses.
Cheers to your success. Thank you so much for sharing your story here and I’ll see you in the next video.
Good video! Thanks for the info! I don't mean to be critical, but I believe the average Social Security payment is a little lower. I didn't look it up but have heard from other retirement gurus that it's closer to 1800 bucks a month.
I believe that we should take one of the more important points you brought up, retire earlier than later. You can't get time back. Thanks and take care!
Thanks for watching. Glad you enjoyed it and thanks for taking the time to comment. According to Yahoo finance “That's based on the agency's estimate that the average annual benefit was $29,806 for Social Security recipients who are age 65. The average yearly benefit for 65-year-olds in 2023 has risen to $30,708, or $2,559 a month.May 26, 2023”
Mine is $2459@@JerryPinkas
Good advice, thanks for the reminder bc you're preaching to the choir on this one. I've always lived large during most of my life, and I have the biggest CC bills to prove it. But since I'm selling off some real estate I no longer use, I'll pay all the bad debt off, finish paying off the kids college debt, still have a healthy 401k balance, a good company pension and close to top numbers when I call it a day in a few years.
I grew up in not the best part of the city, in a single parent household, so I have to thank my dad and the Lord above for my blessings and pretty good situation that I find myself in. Thirty five years ago I was in a coma with numbers across my chest. They were waiting for me to die from the bad accident that I had was in, and I was young and healthy with fresh parts that they probably had already auctioned off. While I was in the coma, I seen the door with the light shining around it, but it was still closed for me. The Lord's way of telling me that it wasn't my time yet, and that I better try better next time! Everyone make friends with Jesus, because we're all going to be knocking on that door sooner or later.
Jerry great show. I pretty much have followed the path you are describing, including the $ income. Turned 56 Sold the house and everything i owned bought a hightop Sprinter van and never looked back, except to see the adult versions of my wondefrul children. I am seeing the continent in slow motion- new spot, stay a year and feel the seasons change and then head
Back out to where the wild winds howl. The seasonal changes are different everywhere I've been. Every beach has its own voice. I bury a little root here, a little root there. Staying ahead of the weather. I am coming through your town this spring
I learned the doctrine of it's not how much you make, it's how much you keep, several years ago. I am of vast means, and moved to Central America. I can live very comfortably off 1/10th of my monthly cash flow.
Where in Central America
Thanks for watching this video and thank you so much for sharing your story
Thanks for watching
The best decision I made was to join the PD. Retired at 43 with 12k a month pension and COLA increases each year. My advice is to go work for a local government that still has a pension.
Wow...Where did you work?
Cheers to your success. And thank you so much for sharing your story. I’m glad you enjoyed this helpful video.
Thanks for watching
And Im sure you cried poverty every year and thought you were underpaid, like all cops.
12K a month is a crazy high pension. I don't believe it for one second.
Having your home paid for is a great stress reliever, however, you still have insurance, property tax and maintenance costs. It’s not cheap to replace a roof, RE-do the landscaping, replace a rotting fence. Renting is uncertain too because landlords sell the property and force you to move, or raise the rent to market prices. There’s the frying pan, there’s the fire.
Thanks for sharing your story right having a Home paid for is a great stress reliever. Glad you enjoyed yourself a video and thanks for taking the time to watch and to comment.
Thanks, Jerry. This was a very good summary of what we need to focus on!
45yrs old, 500k in Roth/401k combined. I live in Fort Lauderdale and owe 50k on my condo and I’m worried I may not be able to retire here with rising hoa/insurance fees. What will these fees be in 17 years when (hopefully) I can retire?! Lol. Love your videos. This one is one of my fave. Thank you.
Just start shopping in the "Villages" when the time comes; 3 widows to every angry man...💕
Well money doubles in 7.2 years at ten% and so will your HOA monthly fees (bad deal IMO) and many insurance companies currently have stopped insuring homes on both coasts of Florida and some the entire state.
At 45 your not doing bad at all, don’t worry you will be fine, trust me.I was down and out at your age, recovered and at 56, if I want, I never have to work again.
Thanks for taking the time to watch this video and to share your story
Thanks for watching in commenting
The trick to retiring debt free with money in the bank is to not marry that trophy wife/husband.
Lol good tip! Thanks for taking the time to watch and to comment
My wife and I are 77 and 76 respectively, we both retired at 45 and 44 respectively back in 1991. We paid off our mortgage in 1986. We currently have a net worth of 2.5 million mostly in real estate, cash and gold and silver. During the past 32 years, we have had a wonderful life filled with travel with over 50 trips to Europe where we owned property.
Dad!!!
Sounds exhausting, but good for you if thats what you like.
Sounds like Ron here has a need to advertise and boast about how much money he's accumulated. Probably makes him feel better about himself than people who are much less well off. I generally find people like him to be pretentious, insecure, assholes and I'm fairly sure I'm not the only one.
Cheers to your success! Thank you so much for watching and taking the time to comment on this video
Thanks for watching
God Bless. Excellent advise. Time is critical if you are healthy enough to pursue your dreams. We always avoided dept, paid off the house first, budget expenses, etc., put our daughter through college, no loans. Thanks for sharing wise advice and knowing where we are according to the norm.
If you own a home free and clear you need to remember that you have to pay agent fees and other sales costs when you sell and possibly in some cases capital gains.
Enjoyed your video, Jerry - you touched on all the most important points, in my opinion. One thing I did not do - and I'm glad I didn't - was pay off my mortgage. Instead of paying it off, my wife and I used that money to add to our retirement accounts. 32 years later, those accounts appreciated handsomely (more than tripled). In the same 32 years, our house in Connecticut did not appreciate one penny (that's not a typo)!! In 2021 our home value increased about 50%, at which point we sold it to downsize. Had we instead used our money to pay off the mortgage, we would have lost hundreds of thousands of dollars in retirement account principal and appreciation. Our home equity is a much smaller part of our net worth than the situations you discussed. It's largely because of this that we will be able to comfortably retire in the near future.
Thanks for watching. I’m so glad you enjoyed this video. And thank you for so much for sharing your story. Truly appreciate you taking the time. See you in the next video.
What's sad is whoever bought your house will be in worse financial shape when they reach retirement due to more of their money will go towards paying that mortgage. The stars are aligning, the math isn't adding up and a financial crisis is looming. A lot of people are about to feel financial pain.
I’m kind of fortunate in that I actually like my work. If I wasn’t getting paid to do it, I would probably still do it as a hobby. The only thing I don’t like about work is the feeling that I’m being forced to do it. It’s kind of like how athletes start hating their sport because they are forced to do it instead of doing it for fun. I probably have enough money to retire right now. By instead of doing that, I just decided to keep working on my own terms. I make my own hours, don’t stress about deadlines, and don’t worry about getting laid off. It’s amazing how enjoyable your job gets when you don’t actually need to do it. I guess I’m “quiet retiring”.
One thing you need to clarify in your numbers: Individual income, debt, living expenses, SS benefits etc... OR Household data which is most often a couple. Overall... good advice.
So glad you enjoyed this helpful video. Thanks so much for taking the time to watch and it to Carman. The number was for household income.
Based on your video I’m decent at 65. Kids colleges all paid for. Young wife with a professional job helps al lot!
We love SC coastal areas. I’m looking you up
I like your points #1 and #3 the most. Putting off retirement too long is definitely a trap I don't want to fall in to.
So true! Thank you so much for taking the time to watch and comment. I’ll see you in the next video.
I've retired in my 50's to Mexico. Loving it. Always hated corporate life and now I'm out for good.
Thanks for watching and sharing
Corporate life sucks. Finally got out of it and hope to never return.
More Americans need to do this is they can. 500k or 1m goes a lot further in Mexico or s America
Jerry Thank you for your insight on financial retirement. I'm 55 and all I do is worry about the future and how much does one need to comfortably retire.
So glad you enjoyed this helpful information. Thank you so much for taking the time to watch.
The key is to have a plan.
Also, mortgage payments tend to become less significant over time. What was once thought to be a huge mortgage to,us now seems rather small in the context of current home prices. And we also have a 3% loan.
Thx for the insights, I’m a little younger (50) and highly inspired- new subscriber here.
Great advice, I’m a 74 yr old widow that had perfect timing on money matters. Paid myself out of debt 10 yrs after my husband passed. He loved to spend on big money items so I don’t have that worry anymore. It’s difficult to keep a budget when hubby goes to town for a beer and comes home with a motorcycle. Loved him and miss him but now I actually have a Christmas club and savings account.
Good job! Thanks for sharing your story with others and thanks for taking the time to watch and comment
Debt free at age 65 = 56%, $275K = average wealth, mortgage debt-free at age 65 = 12%, median income at 65 = "$47.5K/yr, DO IT NOW, Sell your BIG house to buy a "smaller and sweeter" house.
I am 41, and last Friday, I paid off my mortgage! I am still processing this achievement. I have zero debt while having the net worth of 4mil. I am planning to work for another 10-15 years and then do an early retirement.
Jerry: You may be interested to know that the latest figures for a 'comfortable' (ie, not basic and not 'luxurious') retirement here in UK is, net of income tax and excluding renting or mortgage payments, £21,000/$26,800 for a singleton and £29,000/$37,000 for couples.
The cost of living in US is 15-20% higher than UK.
I tend to use the 'median' (for readers unfamiliar, the 50th percentile) for the 'average', as the mean skews upwards by the very rich. Median retirement (ie, post-65) income from all sources, gross, for a single male here is c £25,000/$32,000. 75% of retired householders here own their home completely, with the remainder renting or still mortgaged.
Thanks for sharing your story with others and I truly appreciate you taking the time to watch and comment
Im thinking about moving to Mexico as a single person who is disabled and have moblity issues have a disability scooter and Electric wheelchair but can maybe two stairs i want to rent a one bedroom apartment furnished or not bringing my cat have 15.000 a month income plus 30.000 cash what do i need to do i would like to have a small pool moving from Canada been to Mexico many times pkease help hiw do i get a doctor and pain medication do i need a lawyer to set every up thinking about moving in. 60 days
Thanks for watching and sharing your story here on this channel. Truly appreciate your doing so see you in the next video.
A few comments:
- when you calculate net worth, you looked at the home asset as home value minus mortgage. You also have to subtract out the cost of selling your home (5%-6% plus staging).
- Debt free is great but if investments are making 5%+ and your mortgage is 2.5%, a mortgage makes you money.
- Don't forget if your assets are in tax deferred accounts like IRAs, their value is actual 10%-34% less based on your tax bracket because when you withdraw the funds they incur a tax penalty.
On the downside you skipped health cost you need to point out health care the cost in your area vs. the national average
On the upside you skipped pensions, retired military benefits and stock dividends. Of course, some city and state pensions could meltdown and the stock market can tumble.
Pretty oversimplified, and you should urge your viewers to get some real financial advice for retirement. You don’t address IRA/401k role in retirement planning. Wife and I retired in 2001, in our late 50s, built a home in a coastal golf community and took out a mortgage because it made more sense than pulling out taxable 401 k money. We were lucky to have a good nest egg, a pension, and when we turned 62 started collecting Social Security. It’s 22 years later and we’re slowing down but have checked off pretty much all the things on our bucket lists. International travel, support for grandkids' education, etc. And still driving 2 cars that are over 10 yr old. Decide your priorities, and go for it.
This was keeping it simple so that everyone can understand. I’m glad you can appreciate that. Thanks for taking the time to watch and to comment.
Great information! Alleviates alot of my concerns about whether I can live comfortably in retirement
Moved to Myrtle Beach in 2020, and retired in 2023 at age 55. Spot on Jerry! Tell Bob Natale I said Hello!
Hi five! Thanks for taking the time to share your story with others so they know that it can be done. Bob says hello.
Good video Jerry....I hope the young folks are listening! BTW, as an 'old-timer', I completely agree with you.
I retired 10yrs ago at 55yrs old and I was debt free. I sold my paid off primary home in 2015 and sold my paid off rental property last year. I moved to S.E.Asian and living on $3,000 a month lifetime pension.
Thanks for watching
Great job. You are the man.
Buy real estate before the fancy car even the worst house and fix it as you go the best move you can make to financial freedom
Actually, if you have a home worth $400,000 your real networth is about $360,000 with realtor, closing cost, property tax and misc selling fees. I retired from my IT job of 27 years in 2019 at 53 and love not being chained to a desk. We are in Illinois and our preference is Colorado or Wyoming when my wife retires in a year.
Living Debt free gives us a huge advantage and peace of mind and I highly recommend making that a goal by middle age.
Thanks so much for the very useful common sense advice !
I feel better after watching your video. According to your numbers, I'm above the median net worth for 65+, above median income for 65+, and debt free. Yay Me! And with this cold weather we've been having, I'm ready to sell my debt-free home and move to sunny and warm Myrtle Beach South Carolina.
I'm in the 12% club still carrying a mortgage at 65, okay 2 mortgages (MD and AL)! I'm retired and the wife is going to retire this December but will still work part time for the next 3 years.
We are hoping to have all the houses fixed the way we want them before the next 3 years pass. We have no CC debt. Our annual retirement income will be in the low 6 figure by then... but we'll still have our mortgages for another 10 years or so. The mortgages look like a shadow following us around.
Our fingers are crossed.
It is all about the transfer of wealth and capital from the "working class" to the "ruling power elite." That is the story of history - the little people vs. the royalty.
Exactly. Many still can't grasp the reason.
Thanks for taking the time to watch and comment
Thanks for watching
I retired at 56. My company was laying off and I put all the cash into my pension and went. I take a holiday or trip every few weeks on a budget airline to visit another town or use it as a base to visit the area. You must get debt free and KEEP TO YOUR BUDGET.
Jerry, a couple points, one you used SS as part of your monthly balance sheet, but then questioned if you can depend on whether SS will be there. For boomers, who paid in a fortune, to get little or none I'd say that would create a revolution if they eliminated it. Second, you have to live somewhere, so net worth at retirement is old house value less downsize house value or the rental cost. That's a much smaller number than you presented. Third, cash flow vs. net worth - to make up the supplement from SS you mentioned, you need cash flow from investments, or you are diminishing your savings to net zero, and if you live longer, are toast. I think you should present a realistic sustainable retirement. Your thoughts on time are very valid, that's so true....
Recent subscriber. Enjoy content Cheers
Spot on. I retired at 58, comfortably. My monthly expenses are about $4k a month. Living on savings and rental income right now. Waiting for SS to kick in at about 67 years old.
Four thousand?? My monthly expenses were four thousand in California. My monthly expenses are now about one thousand in Oklahoma.
Working buying third home in OBA. Retire at age 64,love your podcasts
Enjoyed the video clip. How about doing something similar for higher income individuals? There are many about the median income population.
The average retirement income is $47k a year? So the average couple retires with a income close to $100k a year? That's nonsense.
Income statistics are almost always reported as household income rather than individual income.
The video also says the average social security payment is $2,484/month. The SSA reported in February 2023 that the current average retirement benefit is $1,830/month. That number excludes spousal benefits, survivor benefits, and disability benefits. That probably means the $2,484 value is also for a household rather than an individual.
@@BrianW211 Retiree needs to make 17,192 extra above his social security to reach the average retirement income. I wonder what the average expenses are for the average retiree.
Averages are always skewed. Need to look at median income.
@@BrianW211 I may invest into a immediate return annuity at the age of 70. My total net income would then be about 52k a year. I'm a Bachler and live cheap. I consider myself as doing quite well.
@@BrianW211 Maybe it's the combined SS benefit for a married couple?
I built a second home in my dream area with an accessory apt that I rent out to help pay the 3% mortgage. My plan was to sell my primary and pay off the second one when I retire. So it's kind of a diversification of investment. In the meantime we still have to worry about layoffs in this terrible economic climate, so I might sell earlier.
Thanks! Well presented, not drawn out and not complicated. Well done!!😃
If I retire (stop working) at 65 but don't collect SS until 67, will my SS be less ?
If you sign into the sss.gov you can create an account and it will show you what your benefit will be taking it at different ages. You can change your expected income for the next two years and it will show how it effects your benefit.
Around my late thirties it dawned on me obligated by a mortgage was a major barrier for the good life. So I greatly sacrificed and paid off the mortgage. I also believed in inflation for ever. So I bought a second home and rented it out. In 3 years the second home appreciated significantly! So I sold both and bought a beautiful home in a very good place free and clear. That was 48 years ago. My point dear reader nothing has changed. Do the best you can to protect and profit from inflation. Even if you have to sacrifice now.
A good 30 years service CALPERS pension-75k-150 k USD annually with COLA for life-especially if you are single-move to Thailand-live a long stress free life with a younger gf who keeps you in good shape
I paid my mortgage off 4 years before retiring and no car payments either, retired at 65 and my expense are food, electric, and internet. Have to start drawing my 401k at 72 now so guess that will go into my savings.
Truth is, dollars and cents don't matter. Personal expectations matter. Prior planning to fund personal expectations is the nitty gritty. If the dollars and cents cover the personal expectations, then get on with it and enjoy your retirement. 👍
Thanks for taking the time to watch and comment on this video