5 Hidden Costs Retirees NEVER Think About

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5 күн бұрын

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The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
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067: 1of10: {Thumb?) [No Edit] 5 Hidden Costs Retirees NEVER Think About

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@sct4040 18 сағат бұрын

1) healthcare cost 2) taxes 3) home maintenance, 4) property taxes, 5) home insurance

@njBadger 7 сағат бұрын

hey buddy thanks for doing the Cliff notes I appreciate it!

@WilliamFluery 3 күн бұрын

OMG!!! I am so thankful you made it through this vlog. I was terrified the sniper was going to take you out.

@PianoRevisited 4 күн бұрын

Hi Azul, As a retired homeowner in NJ, I just wanted to mention a few specific expenses that can cost a homeowner very large amounts of money and really could eat up a lot of savings very quickly. If you don't budget for them it could lead to some very bad surprises. A new roof could easily cost $20,000 New HVAC system could cost over $10,000 If you have a septic system and it needs to be repaired or replaced, that could cost tens of thousands. If you or your wife need new cars, that can easily cost $40k each. Just having trees removed on your property can cost thousands.

@Travlinmo 3 күн бұрын

Those prices seem low. 30k for a clay single story roof and 15k for HVAC (AZ)

@Growing-Our-Retirement 3 күн бұрын

Also from NJ, have spent over $10k having dead ash trees removed. Cut many down ourselves but many required the Pro’s and a crane. Home ownership can be very expensive! Doing as much as possible yourself helps.

@stevelopez372 3 күн бұрын

@@Travlinmo Just a tip on your tile roof, you should never have to replace it. Even if your roof develops some leaks. The underlayment is the only thing that needs changing because it will not last the life of your tiles. I paid for underlayment replacement after 35 yrs. It was dried up like potato chips. Just after I retired. It was mostly labor cost for installing underlayment and putting tiles back in place. No where near the cost of tile replacement which is not necessary. Hope this helps. HVAC. That’s a different story. Lol.

@willkent4759 3 күн бұрын

If I had invested the money I spent for tree removal and pruning in my life time, I would have over $100k now. Recently spent 5k on removing a large maple, locust and elm tree. Want to replace my roof before retiring.

@bmiles4131 3 күн бұрын

Just had a oak fall and hit a cedar elm which the previous homeowner attached to another cedar elm with a pole and chain (for a large two person swing). Now having to get pricing on tree removal x3 or 6. Don’t buy a house with tall trees near it.

@martinsmith7833 4 күн бұрын

Also factors that might bite you are siblings who haven’t planned well and who don’t have children who will step up and take care of their parents.

@movdqa 4 күн бұрын

Retired at 61 so we had a lot of practice on expenses. Just started collecting Social Security, and paying for Medicare. We were paying for living expenses and health insurance out of pocket for 4 years so getting $5k from Social Security makes things a bit easier. Dealing with inflation has been exciting but we've been debt-free since 2000.

@nicolasbenson009 3 күн бұрын

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

@berniceburgos- 3 күн бұрын

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.

@tatianastarcic 3 күн бұрын

More reason I enjoy my day to day market decisions is that i'm being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive information/analysis, it's quite impossible not to

@Michaelparker12 3 күн бұрын

talking about coaching, do u consider anyone worthy for recommendations? I have about 80k to taste the waters now that large cap stocks are at a discount... thanks

@tatianastarcic 3 күн бұрын

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@BridgetMiller- 3 күн бұрын

I just checked her out on google and I have sent her an email. I hope she gets back to me soon.

@joshraphaelbatusin933 4 күн бұрын

Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.

@codecreateurroku6764 4 күн бұрын

People don't understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments don't match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

@mikeyreacts5839 4 күн бұрын

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

@RalphBischoff 4 күн бұрын

Having an investment advisor is the best way to go about the stock market right now. I was going solo, but it wasn't working. I've been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.

@mihaiduta4236 4 күн бұрын

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

@scrumpy615 4 күн бұрын

Jeff demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit

@steveburke7675 2 күн бұрын

I owned homes for 35 years. When I retired I got out of the home ownership biz with it's never ending costs. Moved to a foreign country and currently rent a lovely property overlooking a huge lake.

@hmack1234 3 күн бұрын

You are such an inspiration, Azul! I'm 6 years out from retiring (at 60) have 1.5 right now, so I know we're in great shape, but all of your advice is still sound and priceless. thanks so much!

@vinyl1Earthlink 4 күн бұрын

Azul, you misinterpret the Fidelity number. The bulk of the $150K is Medicare and Medigap premiums over a 30 year retirement. If you are paying $172 for Medicare and $228 for Medigap a month, and you are retired for 30 years, there's $144K right there - without any cost increases.

@mkeller8114 3 күн бұрын

No need for meditation premiums that high.. Get a good advantage plan that cost 25-35$ a month.

@rickarmstrong3944 3 күн бұрын

@@mkeller8114 I guess that is an option if you can afford the 5 to 10 thousand out of pocket if you have a bad year.

@user-wx9qv8zn2m 2 күн бұрын

In other news, a couple wanting to eat at $750 budgeted per month over 30 years can expect to pay north of $250k over that time 😢

@RichardTouchfaith 4 күн бұрын

My home and cars are all paid off. Though there is no escaping home property tax, home insurance, and car insurance is still really annoying - especially since I have always been claim free.

@miketheyunggod2534 4 күн бұрын

I got rid of home insurance years ago.

@karmasutra4774 4 күн бұрын

Same here.. I have no debts no claims and it still goes up.. I have to dwindle coverage down every so often I am still paying for insurance because being in Florida it is too risky not to have it, but I chose central Florida so it is way better for premiums and the actual damage is almost nothing when the hurricanes 🌀 come through

@karmasutra4774 4 күн бұрын

⁠They say to only do that if you can afford to pay for the house twice

@mkeller8114 3 күн бұрын

@@miketheyunggod2534 Risky business with inflation for building materials as high as they are. Average house could cost 300-400 thousand to rebuild from scratch. Now if you have several million well I guess you could take the chance.

@sw6118 3 күн бұрын

There’s also no escaping hone maintenance.

@dogzillamonster 3 күн бұрын

Retired two years ago at 60, my too-big but beloved lakeside home of 25 yrs where I feed all kinds of critters is a luxury I may have to give up down the line here soon. $200K owed, maybe $1M in equity, I have paid for a few upgrades since retiring since it has become my comfort zone but yes, taxes ($12K/yr) do add up.. The 40-yr old slate roof needs replacing, will run probably $60K+. Maybe a little beach condo somewhere for me and my GF partner of 20 yrs. Trad IRA is at $1,2M, 60/40, managed by Wells Fargo but I'm pulling $6K/mo. The FA somehow thinks I am okay, and to not pull SS until 67.

@sct4040 18 сағат бұрын

Just not a condo in Florida. A money pit.

@user-ys1jr3et9i Күн бұрын

This week I reached a record low spending since I retired,,,, love it love it love the less you spend more freedom you have the lower your over head the more independent you are

@jaywbaker 2 күн бұрын

Great video as always. I have a suggestion to consider Azul. Chapters would be great in videos that have a more or less list format. I enjoy your videos and find them helpful and informative.

@joycegonzales4994 4 күн бұрын

I’m 76, I’ve had good success with Medicare advantage plans. They’re all different, and I research them every year. My medical I pay so far hasn’t been much.

@kwilliams2239 4 күн бұрын

I'm 71, and I'm also happy with mine, but they're not all the same. Mine is subsidized by my former employer. While the cost certainly isn't zero (where people get hung out to dry, I think), it has about the same coverage as a Medicare supplement plan (any doctor, any facility, low out-of-pocket max, etc.). I was nervous switching from the supplement to the advantage but so far, it's worked out well. I know that I'm not the usual case because my advantage plan is subsidized, it is possible to have a good plan. The downfall is subscribing to a "cheap" one advertised on TV. It's a "Not Available in Stores" sort of thing. Where I got sticker shock was on drugs. I had three patented drugs (two since gone generic). For one, I was paying $30 for 90-days. With the drug plan, it's $180 until I get into the donut hole, then a bit more than $400. With private insurance, the manufacturer had discount coupons to get it for $10/mo, no matter how good the insurance. They insurance pays whatever, and the manufacturer brought it down to $10. These things are illegal when Medicare is involved. My wife is now on two of these drugs, in the donut hole they're $600 and $800 for 90 days. These put her in the donut hole the first time they're filled. Next year things are supposed to change but it's not apparent how, yet.

@767bob 3 күн бұрын

Don't get sick and advantage will work out nicely. Get sick, then it is a different story. Most of the doctors in my area will not accept Medicare Advantage. Do your research before selecting your coverage, in this case it is worth paying the extra cost.

@joycegonzales4994 3 күн бұрын

@@767bob it must be different here in New Mexico cause we’ve had absolutely no trouble. I’ve had two rotator cuff surgeries and knee replacement hysterectomy, all kinds of things and absolutely no problems.

@767bob 3 күн бұрын

@@joycegonzales4994 my mom's tenant has to switch back to Medicare because while they were under the advantage plans a lot of their medical cost did not get covered. They are both retired in their late 70's. Plus a lot of our local doctors refused their coverage because they will not get paid. My Aetna medical insurance has done the same to me too. For some reason getting approved for scans seams to be a big issue with them ...glad your coverage worked and I hope for you to have a speedy recovery.

@kwilliams2239 3 күн бұрын

@@767bob I haven't found one who won't. Mine is a PPO, so there aren't tight restrictions. Like a supplement, as long as a doctor/facility takes Medicare at all, I'm covered. There is an "in-plan" and "out-of-plan", but there is no difference, other than I may have to pay, then get it refunded from my insurance company. I collect -ologists and have never had an issue. My co-pay is $30 for specialists, and it was $100 for an endoscopy, but that's not terrible. Advantage plans are not like supplements, in that the government doesn't tell them what they can offer. They're free to put different plans together so customers can decide. This does make choosing insurance more complicated, and it does allow shady dealers to advertise crap on the TeeVee. Ronco health insurance should be scary enough for everyone to take a pass. Supplemental plans have the problem of future rates. Each of the plans (for each company) has its own insurance pool. As rates increase, the healthier can move to another plan or company, leaving those with more health issues. The pool gets smaller, the payouts get larger, and the pool goes into a death-spiral. The "better" plans (e.g. Plan-G) is more susceptible to this, because it attracts more people with more health issues from the get-go. Supplemental plans aren't worry-free either. As always, choose wisely.

@davida4771 4 күн бұрын

True, Medicare doesn't pay for everything. But with our supplemental insurance through BCBS, we are saving money on healthcare insurance now. (by the way, that's no commercial for BCBS!)

@mkeller8114 3 күн бұрын

Advantage plans cost a fraction of supplemental plans and cover you for extra expenses over and above almost equally. Researched it heavily. $27 a month for a Highmark advantage plan that has been fantastic. Hopefully you are not over paying for that supplemental plan.

@767bob 3 күн бұрын

@@mkeller8114 good luck having your scans, test or other needs denied, delayed or refused for coverage.....most of the doctors in my area refused Medicare Advantage because they will not accept what the Doctors need done for their patients, Medicare Advantage tells the doctors what they feel the patient needs and that is to provide nothing for the patients!

@767bob 3 күн бұрын

@evelyne7071 3 күн бұрын

Thank you.

@tedlaurvik3765 4 күн бұрын

Skiing and traveling are two of my jones

@scoutandscooter 3 күн бұрын

Property taxes and property insurance only increase. Co-op maintenance and HOA fees only go up. Our co-op board sent the same form letter every year "we have worked hard but your maintenance will increase 3% next year, or 4% or 5% and, oh yes, an assessment for new widgets.

@leisure057blank3 3 күн бұрын

I believe the $150,000 includes the monthly costs of Medicare and supplemental policies. I will pay more in taxes as a retiree than when I was working. Wished I had worked on Roths earlier.

@WelseyWalker 3 күн бұрын

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life .

@Richardson238 3 күн бұрын

Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?

@FranklyHunt 3 күн бұрын

As a beginner, it's essential for you to have a mentor that is verified by finra and SEC to keep you accountable. I'm guided by a widely known financial consultant Stacey Macken

@domenez 3 күн бұрын

Stacey doesn't just see trading as a way to make money for herself. She's been actively teaching others her strategies and helping them achieve financial independence too

@arktom7335 3 күн бұрын

she's mostly active on Facebook

@arktom7335 3 күн бұрын

Stacey Macken That's her Handle

@meibing4912 2 күн бұрын

Have a long-term strategy to postpone as many taxes as long as possible. Takes a lot of flexibility and buffer room, but if available and you can swing it taking property loans is a tax free "income" you can draw on while letting your investments grow and enjoy the differential.

@okaydamian 3 күн бұрын

I've got $100k to invest. I want to build a nest egg for when I'm older. I want to know if it's a good idea to add all my savings into a long term ETF, set and forget, come back in 20-30 years, instead of $250- $300 DCA every month. Which ETF would you recommend?

@arlenehill4ril 3 күн бұрын

you should consider financial advisory

@Hendrick_Live 3 күн бұрын

Agreed, accurate asset allocation is ideal using expertise assistance. I'm 55 with about 850k in equity. Asides that, I have 520k in my 401k, 120k cash account, 80k in car assets ( paid off cars) Gold and silver bars. My advisor helps me achieve my money goals.

@LupeBaptista 3 күн бұрын

@@Hendrick_Live bravo! truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a financial advisor... mind sharing info of this professional guiding you please?

@Hendrick_Live 3 күн бұрын

Karen Lynne Chess is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.

@bukki07 3 күн бұрын

excellent share, curiously inputted Karen Lynne Chess on the internet, spotted her consulting page ranked top and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal

@clementdan9417 14 сағат бұрын

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

@patrickjones1392 14 сағат бұрын

Think about actions you’re taking that might be harming you such as carrying over credit card debt each month.

@rosalopez5574 10 сағат бұрын

I agree with the reply above. I also think you should think about steps you can take to start. Start somewhere. Anything is better than being frozen even.

@richarddamien4654 10 сағат бұрын

In my opinion, create a budget including income and expenses, do this with a financial advisor.

@richarddamien4654 10 сағат бұрын

Plan with a pro advsor for a successful retirement.i work with an advsor and generated over 1 5 0 %

@richarddamien4654 10 сағат бұрын

In 11 mnths with guidance.

@alainmichaud6747 3 күн бұрын

Agreed Go-go year are more expensive but fun, I ride my 3 Wheel bike , Travel and golf ...... we need to have our adventures before we cant .......Alain

@karmasutra4774 4 күн бұрын

Have a relative on social security and Medicare and that is all she has and they covered everything for her care - she has cancer and she has it all paid for. She gets by with that and no other savings or retirement and seems to do pretty well in Florida. Not everyone is down and out being low income

@maaloufgeorge2926 3 күн бұрын

If your only income in retirement is social security then all medical expenses will be covered at 100% and your medications will also be free. However, if you have a retirement saving then you will have to pay a large amount of your saving to cover your medical expenses. It is unfortunate that you will be penalized for working hard and saving for your retirement.

@mkeller8114 3 күн бұрын

@@maaloufgeorge2926 not true.

@barbiec4312 3 күн бұрын

I’ve worked for a Medicare advantage plan (retired now) and they are a good option. You know what your costs are so you can plan AND they have a cap on out of pocket costs you would pay in any given year. They are closely monitored by Medicare and are required to cover all that Medicare does. Plus, they often have a zero monthly premium because Medicare pays the plan each month for you. Don’t be afraid of a Medicare advantage plan. It is a smart choice.

@miked5357 3 күн бұрын

Not to alarm you Azul, but somebody had a lazer pointer pointing at you for the majority of this video!😮😮😮

@karens6053 3 күн бұрын

The rest of the usa pays for all those house problems in california and florida, insurance companies jack up the rates for everyone to cover those state

@LenP-oj1mz 3 күн бұрын

Generally like your videos, but I disagree with the $150k+ number for health care costs not including long term care. This might be true if a person chooses to forego Part B and/or a supplement. Declining Part B is just plain dumb, and not having a supplement is almost as stupid. If funds are tight, go with a Medicare Advantage plan - you give up some choice in exchange for a low or $0 premium. The premiums come out of your SS check, so it's not something that you need to have in your retirement savings. IMO, this number is just a scare tactic.

@thomasedwards629 3 күн бұрын

Add chapters please.

@KJFC388 3 күн бұрын

Azul , great stuff but too long

@neatstuff1988 Күн бұрын

Pay 50 per month and they write you off eventually.😊

@stephenholcomb9278 3 күн бұрын

Sorry. All these things are imminently understandable to anyone who actually lives and works and pays their bills. How is paying taxes a surprise?

@Bandaid17 3 күн бұрын

Some people are used to the bank collecting and paying the school, property taxes, and insurance with their mortgage payment. When the house is paid off you need to organize these things on your own. It’s not so much a surprise as a readjustment in your budget.

@johnbrown1851 4 күн бұрын

Scam alert 😮

@bleedingonthehomestead6643 3 күн бұрын

I have a 3 legs stool that is only good to milk goat.

@paulc1352 3 күн бұрын

I just paid $10,000 to the dentist !

@sct4040 18 сағат бұрын

Right? Dental care is extremely expensive.

@WilliamFluery 3 күн бұрын

I want a huge amount still in my retirement when I die to give my boys and grand children a leg up. I worry where the US is headed and it will much harder for them than it has been for me.

@Steve-gx9ot 3 күн бұрын

Way too much generalization

@AyarrQuin 3 күн бұрын

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

@BarsaraMiala 3 күн бұрын

Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Andrew Stella 🙌

@MercedesJordan-cd9hj 3 күн бұрын

Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?

@JoshRegan-ru8vn 3 күн бұрын

Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.

@Haliyaiowa 3 күн бұрын

Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down 🤦‍♀️of myself because of low finance but I still believe in God

@fulougeeMaxwell 3 күн бұрын

I'm favoured, $90K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to Ms Louis Stella 😊🎉

@miketheyunggod2534 4 күн бұрын

The biggest cost retirees can avoid is the cost of a financial advisor. They drain your account. They’re thieves.

@guachamaron123 4 күн бұрын

True. I used ChatGPT and create my own retirement plan with all the details need it.

@karmasutra4774 4 күн бұрын

@@guachamaron123how did you ask it because I have used it too and it tries to point me to a financial advisor and therapy all the time lol.

@guachamaron123 4 күн бұрын

@@karmasutra4774 I asked it to act as a expert FA and formulate all possible questions I need it create a financial plan. After that I use them for ChatGPT to create the spreadsheet. I had to do several iterations..

@Growing-Our-Retirement 3 күн бұрын

Mike, you post over and over. Give it a rest. Some people are far better off with an advisor.

@sct4040 18 сағат бұрын

Just invest in index funds on your own.

@jivefive99 3 күн бұрын

STOP MOVING!

@wh8597 4 күн бұрын

The tone of Azul’s videos have changed. Repetitive and negative. I think he jumped the shark around the time he started adding music to his videos. Prior to that he had great stuff

@MidlifeCrisisManagement 4 күн бұрын

didn't find the tone of this video to be negative at all. can't please all the people all the time.

@bigbanknewyork3655 4 күн бұрын

These are important warnings

@TheMurrblake 3 күн бұрын

3 videos per day. Wolves at the door

@2Rugrats9597 3 күн бұрын

I don’t see any difference in him at all. He is here to help and educate us. To make us aware. But your more into his voice and music?😂😂😂😂

@BuziDJ 3 күн бұрын

Over a 150K not covered by insurance... so confusing! it should be stated this is a insurance premium ? for a life time after 65, or health care cost that's not covered by insurance that must come out of pocket over life time. For the next 30 years, if it's 150K, that means 5K/year, which is not that scary when hearing 150K without telling a time span.