8 Ways to Increase Your Retirement Income WITHOUT Work or Saving More
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Ай бұрынThis video discusses 8 ways to increase your spendable cash in retirement without getting a part time job or saving more.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
@Aaronduckstein49 16 күн бұрын
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.
@richardhudson1243 16 күн бұрын
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!
@maiadazz 16 күн бұрын
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@ChadRoberts-x6i 16 күн бұрын
Mind if I ask you to recommend this particular coach you using their service?
@maiadazz 16 күн бұрын
Annette Marie Holt is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
@oliviaHill-w4e 16 күн бұрын
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 email shortly.
@matturner8 Ай 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.
@LukeMcfarlane5 Ай 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.
@ScottArmstrong12 Ай 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
@KevinClarke9 Ай 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
@ScottArmstrong12 Ай бұрын
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Carol Vivian Constable turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
@KevinClarke9 Ай бұрын
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
@rightwingprofessor1356 Ай бұрын
Geoff's 8 Recommendations: 1. Wait to take you Social Security 2. Use a tool, not a rule... for taking your available assets. 3. Get free money from your employer...with matching funds for your 401k. 4. Hire a Tax Planner...not a tax preparer just to do your taxes. 5. Spending like a Pro...not like a budgeter. Remove emotions...maximize your spending. 6. Wait one extra year to retire...you will have fewer years to refund in retirement. Guaranteed increase of 5%. 7. Downsize your home....or sell your home and rent. 8. Reverse mortgage. Understand the benefits of a reverse mortgage. Great Video, as usual.
@eddiebrugal8660 Ай бұрын
Thanks
@vernshird711 Ай бұрын
Geoff needs a number 9 - Make absolutely sure that you are debt-free when you retire.
@peterbedford2610 Ай бұрын
Thanks.
@bamahama707 Ай бұрын
What if you are forced in retire, before you reach full retirement age?
@johnurban7333 Ай бұрын
@@vernshird711exactly right
@IrwinFranke Ай бұрын
Making good money before you retire is super important. It can boost your social security benefits and give you a stronger retirement portfolio. Basically, the more you earn now, the better off you'll be later.
@martyi398 Ай бұрын
We downsized our home 10 years ago in preparation for retirement we didn’t need the extra space once the kids were gone, it has enabled us to save time and money, I would never sign up for a reverse mortgage, you might as well just sell the house at least you know how much money you’re dealing with and not paying the exorbitant fees!
@roseother8306 Ай бұрын
Sure, a reverse mortgage sounds sketchy until you consider selling and renting moving forward - have you seen what currents rents are??? Finding a rental you like, a landlord who is agreeable, who won't increase your rent and have you searching again next year. One who won't make you pay for maintenance on HIS property, good neighbors. But examine carefully. Good luck.
@herb7877 Ай бұрын
I had employee's who would not participate in our 401k program even with a 3% match. Even with my encouragement + a financial advisor giving the presentation every year. Foolish not to at least put 3% in and get 100% return. It's a marathon; not a sprint. Statistically you're better off in 20 years. And some wonder why they can't afford to retire!
@tomf9292 Ай бұрын
Great content Geoff..we are selling our main house and moving to our vacation home, which is 1/2 the size and expenses. No more big taxes, maintenance, etc. We planned this 20 yrs ago and can’t believe it’s happening…time flys folks
@debeilts9326 Ай бұрын
We did this and are loving it - hope you have just as fabulous results.
@jamesthompson6086 Ай бұрын
Thanks Mr. S. I have been retired since the first day of 2007. I am a retired professor and have enjoyed all your videos. Thanks again and keep up the great work.
@lawrence809 29 күн бұрын
Fat pension, can't beat it.
@JP0702 Ай бұрын
You make a lot of sense. Always want to hear your advice. I took retirement at 62, and thank goodness I did. My husband left me for someone else, (after 35+ years, so I am pretty much old) and, really, I lost 3/4 of my income. I needed it and still do. Of course, there's more, but it's too much! Appreciate you!
@susanb1394 Ай бұрын
I always love your videos! Thanks for posting!
@keekeefries6298 25 күн бұрын
One of the most informative videos I’ve seen on this channel yet! Thank You!
@The-Armed-Pacifist Ай бұрын
Always informative. Thank you.
@maha77 Ай бұрын
Brilliant suggestions, thanks so much, love your channel!
@loribreitenbruck2599 Ай бұрын
Always interesting content and something of importance to take away from watching your videos!! Thank you!! 💗
@wildfoodietours Ай бұрын
Love these options to optimize income relatively effortlessly.
@Sweetpea12591 Ай бұрын
Great video with useful information. Particularly like your description of spending your money.
@harryl7946 Ай бұрын
4:03 I keep hearing “investing in your 401k” and not ‘saving’. That’s mainly due to a 401k is ‘invested’ in the stock market via mutual funds. It’s THAT that builds better and faster than just saving. A huge difference! I like the words you chose here so keep preaching brother!🎉
@wordysmithsonism8767 Ай бұрын
Not "less" - "fewer" - I do learn from and enjoy your lessons.
@sbayles5593 Ай бұрын
Great information. Thx
@annhysell6064 Ай бұрын
As always, great information. This definitely will be a difficult year. Appreciate the "spending is a business proposition" Thank you.
@barbiec4312 Ай бұрын
Thank you.
@thomasbissette1572 Ай бұрын
Great reports today, thank you. They just built an entire neighborhood across the street from us and the entire neighborhood is rental homes.
@tjava2338 Ай бұрын
Thanks
@user-ql1hu3fr4f Ай бұрын
You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires..
@Janise-pg8yr Ай бұрын
the idea is to Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
@Daniel-ss7ri Ай бұрын
Well said, with the help of the an investment advi-sor, I diversified my 62K portfolio across many markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
@Valentine-sd2fb Ай бұрын
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@Daniel-ss7ri Ай бұрын
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
@Valentine-sd2fb Ай бұрын
Just research the name Angela Lynn Schilling. You’d find necessary details to work with a correspondence to set up an appointment.
@richardc488 Ай бұрын
First! Thanks Mr Schmidt. I took it at 62 to lock in my SS payment, who knows what will happen in the future.
@whysoserious8666 Ай бұрын
That’s exactly why I have to wait. In short to increase the survivor benefit for my spouse. I might get hit by a bus tomorrow.
@ItsEverythingElse Ай бұрын
There are plenty of good reasons to start at 62 but doing so out of fear isn't one of them.
@DrSchor Ай бұрын
you know exactly what will happen in the future. you will receive the lowest check possible forever. try not to think about it
@DrSchor Ай бұрын
@@whysoserious8666 the odds of getting hit by a bus are less than 1 in 500,000. and even then , you might not die. rethink this
@whatsup3270 Ай бұрын
@@DrSchor And yet his chances of collecting more (total) is near 50%.
@bonniegaither3994 Ай бұрын
My dad was an assisted-living for close to five years. Luckily he had long-term care available and he spent it all the way down and it was like $1 million I don’t have long-term care so that’s what terrifies me is if I end up in assisted-living, I’ll have no way to pay for it. That’s why I’m not spending my money.
@ronaldcambridge3126 Ай бұрын
Very please to hear your objective views regarding a Reverse Mortgage. Unlike D. Ramsey, you expressed a perspective without excessive bias (in spite of admitting that you're not a fan of this financial product). There are folks who do not have heirs and could greatly benefit or enjoy the proceeds from a substantial asset involving equity in their home while they are living as opposed to leaving the fruit(s) of their labor for some one else. As you stated, it's all about being well informed.
@PassivePortfolios Ай бұрын
Tom Selleck offers good advice on reverse mortgages, LOL !
@ronaldcambridge3126 Ай бұрын
@@PassivePortfolios Making uncalled for comments about Tom Selleck doesn't address being informed. Perhaps you should keep your "LOL" remarks to yourself. As the saying goes: if you can't say something beneficial, don't say anything.
@PassivePortfolios Ай бұрын
@@ronaldcambridge3126 you must be the life of the parties you attend and fun to sit next to on long flights.
@mike-uw6wt Ай бұрын
Do the opposite of Ramsey, lol.
@deborahcaldwell9775 Ай бұрын
The benefits of reverse mortgages as you have kindly pointed out here are dependent upon upon how long you are going to live into the future. It’s astonishing how long we’re all living when we didn’t think we would or should. We just don’t know how long… it can be forever and ever and ever.
@ktburger659 Ай бұрын
I like the wording of of spending like a pro instead of a kid in a candy shop. I’ve been working on this but it’s good to have a succinct conceptualization like that. I’ll remember it when I’m out shopping - what is the real value of each item?
@MAMAGGray 21 күн бұрын
Social Security office was Hell! People do not communicate with people any more.
@e-spy 12 күн бұрын
my house is paid off. Covid cut my career short. I can no longer take care of said house, though I love it. But even a small condo now costs more than my house is worth??? This will only get worse for people as time goes on unless we do something about it.
@jenb1973 Ай бұрын
Great tips! Also, get expensive dental work done before you retire & then drop dental insurance.
@johnurban7333 Ай бұрын
What if dental problems happen after you retire? Do you just get expensive dental work done if your teeth are healthy because you’re ready to retire soon? How can you predict what your teeth are going to do in your retirement?
@roseother8306 Ай бұрын
@@johnurban7333No one gets unnecessary dental work, what are you talking about? Surely he means not to delay it. But, as a retiree, I can tell you that you still want to care for any of the teeth you want to keep - as needed. Good luck.
@johnurban7333 Ай бұрын
@@roseother8306 I was just pointing out that you just can’t get expensive dental work done before you retire if you don’t need it.
@MrSteeDoo Ай бұрын
@@johnurban7333 Then you go to Baja Mexico and get it done there on the cheap.
@richdouglas2311 Ай бұрын
My strategy: I enlisted in the military when I turned 18. I retired as a run-of-the-mill captain, but I've collected retirement pay since I was 36. I repeated it later on with the federal government, serving 13 years as a GS-15, and getting another retirement pension from it. These two pensions pay me about $55K per year, and they both come with health benefits. Plus, my high income for most of my working life boosts my Social Security near the maximum. Because I'm still killing it in private practice, I've deferred taking this (and will likely do so until age 70). These factors, plus a million in retirement investments, means I'm doing ok.
@ButcherBird-FW190D Ай бұрын
You retired from the military at age 36 ? It takes a minimum of 20 years to retire; so you would have had to join at age 16. You indicated age 18; so you would have been enlisted. Yet, you retired as an O-3 ? Something is just not making sense here. As an aside, I retired as a CU-15 (same as GS, basically) at age 56, with 32 years of service. My retirement gig is CFO at a large credit union.
@richdouglas2311 Ай бұрын
@@ButcherBird-FW190D No, it does not take 20 years. Yes, I enlisted as an E-1 at 18 and retired as an O-3 at 36. I'm sorry this does not comport with your limited knowledge, but it is a fact. It doesn't have to make sense to you. Another fact: I entered government service as a GS-15, Step 10. I hope that's okay with you. A "retirement gig" in a job is not a retirement gig. It's a job. You sound happy with it, and that's great.
@mike-uw6wt Ай бұрын
If you don’t mind me asking, what was your GS-15 type of job? Not asking for personal information just in general.
@ButcherBird-FW190D Ай бұрын
@@mike-uw6wt If your question is directed to me, I was a pension specialist with the Credit Union equivalent of the FDIC.
@richdouglas2311 Ай бұрын
@@mike-uw6wt I was a talent developer. I came in as a GS-15, Step 10 and stayed there.
@bethiciaprasek1008 Ай бұрын
Thanks for your input! For a while a company I worked at would match a portion of up to 15% of 401K depending on how well the company did that year. I think the few years this match existed, it averaged 25% of what I put in. Guess who borrowed from 401K to allow enough money to invest the 15%. Even though I had to pay government fees/taxes to pull it out, it allowed me to put 25% down on a house. That being said, I spend like a kid in a candy store currently. At least at my favorite Pizza/Pasta place. It is my Cheers (where everybody knows your name), and it is my place to study when I am in study mode. Walking distance from my home though I often drive due to weather or time constraints. Do not plan to retire until 72, then move to consulting, but we don't always have control of the future.
@cathyblasco4497 Ай бұрын
FRA in November (66+8 months based on my birth date). Plans are to keep working for a few years. BANKING -pre tax- all funds received from SS into my 401k. With SS, my income will double. House and car paid off. $100K in 401k. I feel good about my plan right now.
@whatsup3270 Ай бұрын
Has she looked at deferring (catch up 401k/IRA) $1 for $1 with her social security, there maybe a tax advantage.
@johnurban7333 Ай бұрын
Saw that the Dow dropped 2000 points in the last couple of weeks. Also S&P 500 and NASDAQ dropped. That SS money going into 401k just disappeared
@danamarie8718 Ай бұрын
If you’re still working and don’t need social security yet, wait to draw until age 70.
@Sweetpea12591 Ай бұрын
@@johnurban7333the other side is she bought low.
@user-zy1us3js2m Ай бұрын
Just taking the required RMD is a safe way of never running out of money for at least 99.9% of retired people. (The tables go to 120 years) The percentage you withdraw is adjusted up each year and in good and bad years it is self adjusted.
@Lolatyou332 Ай бұрын
The only problem is if you have too much in the 401k you really need to plan it out to make sure the taxes are being spread out evenly throughout the years.
@firehorsewoman414 Ай бұрын
And for those who planned well enough, if the RMD amount is more than one needs, there is no rule that says one has to spend it. It could be reinvested.
@tedjohnson4451 Ай бұрын
41 Work/ +21 Vacation/ 89 Calendar Days to Retirement at just after Age 62: I have a 70% State Pension coordinated with Social Security... Taking a Roth Distribution this year to Retire Credit Cards. In 2025 & 2026: I'll take 403b Distributions while my Taxable Income is lower. 2027: Early: Roth Conversions. Midyear: File for Social Security & Medicare.
@renemccormick6137 Ай бұрын
Reversed mortgage is a big no!
@danamarie8718 Ай бұрын
Why?
@StevenCovey-ct3sx 3 күн бұрын
A reverse mortgage is fine if it is less than 25% of the value of the house and you live in a city that is a desirable place to live. I plan to take a 200k reverse mortgage to pay the rest of mortgage off and live mortgage free. But the house is worth 1.5 million. A property value increase even at 3% a year will insure my equity doesn’t decline.
@firehorsewoman414 Ай бұрын
Mr. S do you have a video on whether you think SSA will run out of funds, etc. and what would actually happen. I have seen reports of them only being able to fund 70+% by late 2030s. What are your houghTs on This?
@uf1978 Ай бұрын
I'm 59 and will definitely take at 62! You can save more money but what good is it if your health goes south? Get out as quick as you can!
@sailingsvkalon1656 Ай бұрын
If I have spousal SSI benefits does that grow the longer I wait to collect?
@newzwaresupport 10 күн бұрын
Do you have a segment on Roth conversions? Specifically, I am now 60 and plan on working full time until age 70 and now can convert a portion of my SEP without penalty. What are the tax thresholds that make a conversion a Go or No-Go decision?
@briankowald6465 Ай бұрын
Go with a Roth 401K or Ira. Avoid reverse mortgages. It would be better to sell and rent
@danamarie8718 Ай бұрын
Why sell and rent? Put a low LTV mortgage on your house instead. You can always sell it later if you need to go into a nursing home.
@cr-iv1el 28 күн бұрын
Home insurance disallows renting a room.
@alexcarol6218 Ай бұрын
Hi Geoff, you seem to have 16 $1USD bills in a frame behind your right shoulder. Is that your emergency fund? What’s that about?
@katonk9401 Ай бұрын
Is it better to take social security early rather than taking money from our retirement funds?
@budphillips8235 Ай бұрын
I'm curious, Should I purchase my retirement home overseas now, or wait, it would save me using Air BnB and hotels
@marysvara5017 Ай бұрын
The research for the 4% rule was based on a 30% retirement. You should know that.
@HolySchmidt Ай бұрын
If you mean a 30 year retirement, the 4% rule is a heuristic, not a strict rule, and other factors can affect the safe withdrawal rate, such as tax rates, risk tolerance, and the tax status of your portfolio. For example, some say that the 4% rule may not account for unexpected events like market crashes or prolonged inflation
@kb1759 Ай бұрын
@@HolySchmidt Is the 4% rule for 40 years and not 30???
@EstherRoss-gm8qv Ай бұрын
By age 50, it's recommended to have about six times your annual salary saved as your net worth. This ensures a comfortable retirement.
@bssam2143 Ай бұрын
I retire in 3 years have a Roth, 401k and CDs and a savings account. I hope to be okay and actually don’t want to use my funds except for emergencies
@bruceeigsti5274 Ай бұрын
well taking it later may not get any no one knows when i will die..
@AUstinnesc Ай бұрын
I have two pensions. I would much rather have had a Roth 401k throughout my working lifetime in America. $500/month invested from 25 - 65 at 9% is 2.3mil. I hate my job but can't leave because of I won't get my state pension. What do you think about doing a 70/30 stocks bond ratio?
@McElvinn Ай бұрын
I would avoid the index funds, mutual funds, or specific stocks for the time being. 5% fixed incomes are the safest bet for now. Save your cash for when the market actually shows signs of recovery
@karllewis735 Ай бұрын
TBF: I spend like a *PRO* in a candy store.
@JefferyDube Ай бұрын
I'm thinking of putting some cash in stocks, I was at Salt Shack and I overheard some friends saying it's ripe enough, but Is this a good time to buy stocks? I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
@HolySchmidt Ай бұрын
Kindly do not advertise here.
@JefferyDube Ай бұрын
@genesisduma4500 Please who is guiding you and how?
@JefferyDube Ай бұрын
@genesisduma4500 I will give this a look, thanks a bunch for sharing.
@livingworkingoutsidebox Ай бұрын
@@HolySchmidtthese are bots
@dwalker5175 Ай бұрын
The taking social security timing is really interesting. Those who really need the income may take it at 62 or at their full retirement age of 65 to 67. Those that don’t need it can wait and get the largest benefit by waiting till they turn 70. I’m a “one percenter” who has assets in excess of $20 million. I don’t need social security but at age 74 receive the maximum benefit.
@terryh1811 Ай бұрын
at 70
@Lolatyou332 Ай бұрын
It really depends, sometimes it can be better to take SS early even if you have enough assets, cause your portfolio can continue earn gains. Though I think personally I would just use a 401k / brokerage until max benefits unless the market crashes. If the market crashes I'd probably consider taking SS even if it was a few years early
@penelope5500 Ай бұрын
65 hasn't been anyone's FRA for a very long time...
@larryTX415 Ай бұрын
@@Lolatyou332 This is what I'm doing as well. I've got a few years of cash saved up in case of a market crash. But if my choice is to take SS early, or start selling stocks at crash levels, I'll take SS early.
@Steve-gx9ot Ай бұрын
Not 74! 70
@sburger1685 22 күн бұрын
I hate reverse mortgage idea. Will have to be desperate
@jonnelson9760 Ай бұрын
I’m sorry but investing in your 401k or working longer both involve either working or saving more. Delaying social security might for some people also mean working more.
@HolySchmidt Ай бұрын
The video explains the circumstances where those aren’t the case about mid way through.
@rachelcrossen8136 Ай бұрын
Can someone explain the 4% rule to me? If the S&P 500 averages 8-10% each year why can’t we take 8% and still not touch the principle?
@jalatlaco9827 Ай бұрын
It actually doesn't avg 8-10% each year. It averages 8-10% over many years, with some years in the negative. The 4% rule is based on research (not really a rule) that determined that a portfolio of 50-70% equities would not deplete over 30 years if you take 4% each year and increase each year by inflation. Before this research advisors were telling clients to take 8-10% and many ran out of money....hence the need for research. Many who follow the 4% rule will have more money at the end than they started with. But some will have a much smaller portfolio at the end. This mostly depends on sequence of returns (and maybe inflation-I'm not sure). So what the 4% rule does is tell you that in every possible scenario (of good years and bad years) you will not deplete your portfolio-because no one wants to run out of money at 90.
@damondiehl5637 Ай бұрын
Because if you have one foot in a bucket of ice water and the other foot in a bucket of lava, ON AVERAGE, you feel fine. If you withdraw 4% and inflation eats 5% and the market only returns 6%, your principal is going down.
@SniperLogic Ай бұрын
Reverse mortgage looks like a synonym for Russian roulette to me. 🤷♂️
@bssam2143 Ай бұрын
My fear is could I lose it because of how our government has been handling the money. Giving it all away
@kingroyal5480 19 күн бұрын
Exactly
@georgeford6439 Ай бұрын
I can not fathom a state income tax.....
@Lolatyou332 Ай бұрын
My state is just a few percentage points. A high or progressive state tax would be awful.. I can't imagine paying 10%+ like I believe they do in California
@TT-fq7pl Ай бұрын
@@Lolatyou332 Why? Don't those taxes go to public services?
@user-pp5do8rm3w Ай бұрын
Hah, try the taxes in Portland,Oregon. Disgusting!
@TT-fq7pl Ай бұрын
@@user-pp5do8rm3w Why? What's wrong with paying taxes for public services? It's cheaper than being ripped off by private companies.
@carolynford6461 Ай бұрын
You either pay in state tax or property tax, either way the State has to have funds to operate.
@EPFForsyth Ай бұрын
Lmao so 4% plus 7% inflation or 11% ahahahahah...And if any of you think it is actually 3.38% your not being honest with yourself.
@tonioyendis4464 Ай бұрын
Take SS at 62 if you're not working; even if you don't need the money. You can invest it and make much more than waiting on 67 or 70!
@johnurban7333 Ай бұрын
Invest in what that makes more than 8%. Stock market can’t be trusted.
@danamarie8718 Ай бұрын
Bad advice. You aren’t taking risk into account. And you’re ignoring sequencing.
@Survivor00001 Ай бұрын
Ok, move to FL ; no income tax , but HOA, TAXES, Insurance, all a nightmare. Property expensive cost of living expenses, crowded, FL not like it was , appliances & vehicles need repair or replacement. Max SS , Ok , Look before U leap . U can retire to early. & the other side of the coin U can out live your $ . Health cost also come into play Retirement needs planning & things can still go wrong . Enjoying inflation ? Reverse Mortgage, they steal your equity. Rent ya live with renter losers & their cockroach’s & noise & drugs . Go head LOL .
@stephenparsons6011 Ай бұрын
Reverse mortgage? Really?
@roseother8306 Ай бұрын
Maybe. Examine it. I don't have children, or anyone else who needs to benefit from my passing. RENTS ARE RIDICULOUS! Landlords are not always great, rental choices, ??? Neighbors?? Staying in your own home, being comfortable, but spending all the money from it before you die - how else would you work that out? I had planned to be a renter beyond 72, to spend my money and not have concerns about home maintenance, etc - but I already can't afford today's rental market. There have been dramatic financial changes in the last 4 years. Time and circumstances change everything...
@danamarie8718 Ай бұрын
I am definitely going to put a reverse mortgage on my house, and I am a person who hasn’t had any debt not even a mortgage for many years. I am 65, retired, will wait to draw SS until I am 70. At some point after that (maybe 75 or 80) I will probably get a reverse mortgage for about 50% LTV or less. Why not? I have no idea what I will spend the money on, but why not treat myself? Maybe a really nice vacation every year until I am no longer able.
@glenn9057 Ай бұрын
i recommend US workers go on a national strike to get back pensions. corporations have been earning record profits. the rich keep getting richer. workers deserve to get their pension back
@danamarie8718 Ай бұрын
If they give you a pension they will just lower wages. I would rather have control of my money.
@vinyl1Earthlink Ай бұрын
Your statements about Florida vs New York do not reflect reality. New York is very tough - you need to leave New York completely, and not spend any days there.
@Lolatyou332 Ай бұрын
Having a vacant house in NY half the year for tax purposes sounds like a great way to catch some squatters.
@kevinfestner6126 Ай бұрын
There is always Nevada
@2Rugrats9597 Ай бұрын
WRONG!! As long as you live 6mos. And 1day you can become a florida resident and you save a ton in taxes as far as SS, income tax,state tax, no inheritance tax, estate tax,etc. Tuen you use your home as a vacation home. Easy Peasy
@jalatlaco9827 Ай бұрын
Have you ever lived in NY? It's a very big state. There is nothing "tough" about where I live.
@rochester3 Ай бұрын
pension is a scam
@ppartin1103 Ай бұрын
Thanks
Scary Teacher 3D Gaming
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