RETIREMENT EXPERT: Signs You're Doing Well Financially (Even if it doesn’t feel like it)
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Күн бұрын✅ FREE RETIREMENT ASSESSMENT ✅ www.foundryfinancial.org/reti...
In this episode, Kevin discusses a trend he’s noticed: many people are better off than they realize. He outlines five key indicators that suggest you might be richer than you think and explains how recognizing these signs can significantly improve your retirement plan. Join Kevin as he delves into these indicators and provides actionable advice to help you make the most of your wealth during retirement.
0:00 - Introduction
2:10 - Why Baby Boomers Aren’t Spending Their Wealth
3:20 - Key Indicators of Being Better Off Than You Realize
3:48 - Indicator 1
4:07 - Indicator 2
4:53 - Indicator 3
5:27 - Indicator 4
6:10 - Indicator 5
7:00 - Impact on Your Retirement Plan
7:50 - Spending More in Retirement
8:50 - Giving Money a Purpose
9:40 - Conclusion
Free Retirement Assessment // foundryfinancial.org/get-started
Private Facebook Group // / retirementforum
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
@TheJackCain-84 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.
@Jamessmith-12 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!
@JacquelinePerrira 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!
@kevinmarten Күн бұрын
Mind if I ask you to recommend this particular coach you using their service?
@JacquelinePerrira Күн бұрын
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
@kevinmarten Күн бұрын
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.
@katonk9401 28 күн бұрын
The problem is the fear of running out of money is greater than the fear of not using it to its fullest potential.
@foundryfinancial 28 күн бұрын
Often a solid financial plan with a strong contingency plan will help with that.
@joes295 27 күн бұрын
A former colleague said he was afraid of running out of money at 85. I am fairly positive he is financially sound, so I told him that if that occurs, either the world went totally to hell, or he had a great time getting there.
@tudvalstone 23 күн бұрын
If you have equity in your house, you can't run out of money, you have that as a last resort. If I should be so lucky to run out of money when I'm 90, I will accept that.
@JB-fq9dp 22 күн бұрын
perfect post....
@morrylauder7534 4 күн бұрын
@@tudvalstone But what if you live past 90? I guess Medicaid will be around, but your inheritance will not.
@herculesrockefeller8969 22 күн бұрын
Both my parents grew up during the Depression, and I grew up with their frugal habits. Even though I am a multimillionaire with no debt, I still wash out and re-use plastic bags, and try to reuse aluminum foil🥴
@train_xc 17 күн бұрын
Even though I am a deca billionaire , I replied to your comment. I agree to what you said. I even cut my toothpaste tube into half to get the last ounces.
@michaelwalz4521 13 күн бұрын
Same situation with my parents. I learned to live within my means and enjoy life with this strategy.
@josephandreuccetti3706 13 күн бұрын
Same here,but not rich😀
@melvano4014 10 күн бұрын
Same
@DevHazy 8 күн бұрын
My dad
@user-qi3vu3lu8x 22 күн бұрын
Great Video! Indicators you are better off than you think 1. No interest in status 2. Live below your means 3. House is paid off or nearly paid off 4. Have an emergency savings & a non-retirement nest egg 5. Sizeable amount of Social Security (delayed)
@arthurshingler2025 18 күн бұрын
Good breakdown!
@christopherbradley5575 17 күн бұрын
Wah there! That sounds a lot like common sense. Be careful, pal. I'm pretty sure that's illegal in America.
@thirstingknowledge 9 күн бұрын
I am already taking my deceased spouses SS since last year turning 60.I have saved money in CDs 275k. I have a modest little townhome in an University town which will be paid off by May. No car debt. Other than SS, have an income with a part time job, my renter of one bedroom, some small amount less than 1k, coming from overseas and so I guess in my modest way, I am not as much in dire straits as I thought I was for not planning my retirement before 2020. I also save 20 percent monthly in a IRA and Mutual Funds.
@armandoweckmann5699 5 күн бұрын
Millennial here. I paid off all my debts, including my mortgage back when the pandemic started. I landed a 6-figure job right after paying off my debts. I saved up several years worth of emergency fund. I literally quit my job a month ago to start my own business. Living my best life. 😊
@stevev3142 27 күн бұрын
It's too hard to earn to spend it down rapidly. It took us 50 years to build a 2 million dollar portfolio and it is a great relief to know you can have anything you want but have the discipline not to waste it on things that only cause you more grief when they require maintenance and up keep. We bought a new Tesla last year and it has been great, we prefer to leave what we don't spend to our kids. It's nice to know you don't have any more deadlines or are required to fight the traffic to get to work everyday. A steady income that grows every year is worth a lot more than collecting junk that no one wants when you die. Our parents collected a lot of things that I am sure meant a lot to them for semimetal reasons. However we had very little use for all of the cut glass, silverware, dinner china or antiques that they collected. We did keep some items but in the end it was only a small part of what they collected. We can travel and do what we want to do now and have money to repair anything that could go wrong with our 17 year old home. We sleep well at night knowing we are secure and happy with the time we have left.
@CarlWithACamera 25 күн бұрын
I’m often chided for not spending my wealth. I just tell those folks that I do spend my wealth. I spend every single dollar every day. What do I buy with it? A good night’s sleep.
@arthurshingler2025 18 күн бұрын
Some might also say that you're throwing away a lot of money! But you earned it! Stay healthy!
@bopierce7275 18 күн бұрын
Retired at 58. No debt. Easy formula. 1: Save 15% of your income. If you make $100k, pretend you only make $85k. 2: Make your own coffee and pack you lunch. Run the numbers. It is truly staggering
@shadowfox2120 15 күн бұрын
I think living below your means is totally key. My wife and i live like we make 2/3 of what we actually do and that cushion for unexpected expenses helps us sleep at night
@WangOChon 13 күн бұрын
In my last 5 years of working, I was saving almost all my income and living on my wife’s modest teacher salary.
@apnira10 7 күн бұрын
Retired at 55 no debt. Saved 10% or more pa throughout my career. Invested plenty. Didn’t splash on cars or nonsense. Life is good.
@jerrylundegaard2592 6 күн бұрын
@@apnira10 Life is too short to go through it on the cheap. The key is a balance between spending to enjoy life and saving a bit for the future. For many, a nice car is not a "splash."
@clicgear100 4 күн бұрын
@@WangOChonUs too, lived on one salary last eight years. Truly life changing for the better now.
@anthonyc8499 16 күн бұрын
I applaud anyone who can delay taking SSA until 70, but if you have health issues it may behoove you to claim early. My dad had 3 heart attacks by the time he was 60. He stopped working at 62 to claim SSA and was dead at 72. He had no regrets of stopping early to enjoy life while he still could.
@bobby350z 10 күн бұрын
It depends on the situation. My case, wife doesn't work. So if I claim early and die, she gets very little. If I delay to 70, she will get the max.
@carpediem6431 7 күн бұрын
Parent a lived to 71, parent b to 73, and only sibling to 50 (cancer). I’m taking mine as soon as possible. 1) longevity is a long shot …. Lol 2) remember go go, slow go and no go. I’ll take it when I can spend it with a healthy body and mind.
@icedteamama176 7 күн бұрын
Next day is not guaranteed for anyone! Claiming as soon as I can!
@sidkaskey 4 күн бұрын
If...IF someone retires at 62 and does not have enough put away to make it to 70 living on their savings or living on their savings supplemented with a part-time job...they don't have enough saved to retire..
@madhatter9001 26 күн бұрын
Here is the deal, when we Boomers reach our retirement years we almost always have everything we need, and we no longer need to buy stuff. What many of us will spend on is traveling.
@COOLARUL 21 күн бұрын
and in the USA overpriced medical expenses.
@zuhalterei4090 20 күн бұрын
@@COOLARULgo to Canada or the UK and sit in an emergency room
@lisa408t 20 күн бұрын
@@zuhalterei4090my 8yr old niece tripped on a step & broke her nose while we were traveling in Germany. Cost was 40 euros, even saw a plastic surgeon
@COOLARUL 19 күн бұрын
@@zuhalterei4090 If you are a member of the working poor. the UK and Canadian system is better than the USA
@RhymesWithPorridge 17 күн бұрын
@@zuhalterei4090 absolutely -- much, much better than here in the US. The NHS, badly underfunded though it is, is an absolute godsend.
@BlackMan614 24 күн бұрын
Any of us who have had to clean out our deceased parent's homes and all the "stuff" that went straight to the dumpster KNOW we don't need more STUFF because we know where it will inevitably end up!!
@herculesrockefeller8969 22 күн бұрын
I always wondered if it was just me that got rid of 99% of my parents stuff - into the dumpster. I just didn’t have a need or want for but a few things.
@gatewayz75 16 күн бұрын
It’s so true, I just dealt with my mother’s stuff ( so much of it was donated or to the dumpster) very emotional though , I have a small apartment so could only keep a few key things unfortunately. Big lesson: use the fancy dinner plates and flatware everyday and put it in the dishwasher otherwise we know where it’ll end up
@JareBear-vx8nn 10 күн бұрын
It’s a good reminder, too-almost nothing you buy retains significant value, and that which does generally takes a fair amount of effort to turn into money. Clothes, kitchenwares, and housewares are basically scrap the second they leave the store. You might spend weeks trying to sell a 5-year old TV or a 10-year old car for peanuts.
@lindahughes9207 10 күн бұрын
We had a weekend to clear out my parents apartment after they both passed, just me & my sis, the majority of the stuff got taken, we knocked on everyones door in the building and asked them if they would like to do a walk through and take stuff, couch, coffee table, kitchen table, all the rooms got cleared out within 2 days! Clothes we donated and only thing we took was the food in the cabinets, whatever the neighbors didn't want. Felt good that zero went in the landfill and got reused.
@JareBear-vx8nn 10 күн бұрын
@@lindahughes9207 Great work! I’ve had to clean out SFHs so resorted to a professional estate sale. The end effect would have been the exact same as if I had opened the door and asked people to take what they want.
@pensacola321 26 күн бұрын
Very well stated. I am retired and have done pretty well. Just living frugally we have amassed quite a bit of money. It took us some time, but we have learned to spend. We have a $50,000 annual travel budget, and we enjoy our cruises..
@globalfamily8172 22 күн бұрын
Good for you! I'm trying to figure out what I need to retire. We are saving because of confidence as he said. Should I expect a 3% or 6% ROI on my savings (401k, etc)?
@SimoniousB 21 күн бұрын
@@globalfamily81724.5%?
@kinggeek1960 17 күн бұрын
$50k !! wow - we're were thinking $20k for our international travel budget. Based on your travel experiences are we shooting too low? I was thinking 4 main trips a year (just the 2 of us)
@Mooneypilot101 17 күн бұрын
Only spend what is left after saving. I spend less than 25% of my income. 3/4 goes into savings and investments
@WangOChon 13 күн бұрын
@@kinggeek1960I’ve been spending $25-30K a year on travel and it is more than enough travel!
@bdcochran01 23 күн бұрын
You ae describing me. This am, I paid off the one credit card as is done every morning - $7.46. The new house on the corner is listed for $4 million. My parents were raised in the depression. I wore hand me down clothes/shoes until I was in junior high. I went through the economic downturns raising a small child, being widowed and had to have the life style of living below my means. I don't need to spend big bucks to enjoy life. I have 13 fruit trees on a conventional city lot and fresh tomatoes for salad every day.
@foundryfinancial 23 күн бұрын
Can I come over for lunch? I love fresh tomatoes! 🍅 Thanks for sharing!
@chislands 27 күн бұрын
Simple. Don't try to keep up with your neighbors with their fancy lifestyles and most importantly live bellow your means. In our society, we are unfortunately judged by the car we drive. At the end of the day most of those folks won't be able to retire and are saving nothing (I'm always blown away at how little my neighbors and friends are saving/investing.....if at all). I feel good knowing that I'll be able to close up show in my mid 50's, simply because I put together a plan in my 20's.
@IamGroot786 18 күн бұрын
I agree with you 100%. Especially on the car thing. It blows my mind to see this idiotic behavior of trading in a car every few years to continue having this NEVER ENDING monthly payment just because you want to impress folks.
@WangOChon 13 күн бұрын
I am beyond caring what my neighbors drive. I love my 21 years old Toyota SUV that I maintain (bought it new, so I know its state)
@IamGroot786 12 күн бұрын
@@WangOChon You're wise.
@davidwilliams4865 26 күн бұрын
Baby Boomers have been SAVING since we cut grass and had lemonade stands to raise money, when we were young kids!!
@idiocracyishere4531 22 күн бұрын
No, you boomers have used your political leverage to run up asset prices.
@sweetcello3358 22 күн бұрын
Amen! And selling crocheted ugly nylon potholders to rich neighbors!! At age 11!
@SimoniousB 21 күн бұрын
Wow, you were so lucky. Lawnmowers, lemons and a nice neighbourhood
@lances4803 16 күн бұрын
@@SimoniousB Everyone has a reason for not succeeding.
@Singlesix6 13 күн бұрын
HA!!! Since I was 5 and my parents took me to the bank to open a passbook savings account. If I got a dollar for my birthday I would save half of it. A $5 bill from my grandparents at Christmas? Save half of it. (For the youngsters in the audience, $5 in 1956 had the purchasing power of $57.44 today.) And compound interest is one of the wonders of the world.
@BillDyszel 27 күн бұрын
One missed detail: Concern about unexpected health costs or long term care needs.
@elainebradley8213 26 күн бұрын
Our patents lived through the depression and we saw the effect on them. But we, in Ontario anyway, lived through 20% interest. So, we are leary of the future financial liabilities. We may have had cheaper home prices but the interest rates would have rotted your socks off! Plus, many homes were single earners, managing one's money was an important term.
@elainebradley8213 26 күн бұрын
Parents not patents!
@LenP-oj1mz 25 күн бұрын
If you make smart choices with the Medicare and your supplement, it limits the annual amount that you will spend on deductible and maximum out of pocket. IOW, don't sweat the health care costs. LTC is costly. However, I saw my mother not enjoy her money only to have it all go to the nursing home, then she went on Medicaid (welfare). The difference in care between self pay and Medicaid is minimal unless a person is a millionaire. Enjoy your money, and let your kids earn their own.
@mlhundt2064 24 күн бұрын
The cost of a medical crisis and or long term care is the number one reason for our age groups bankruptcies.
@idiocracyishere4531 22 күн бұрын
Because boomers are bad at caring for your health.
@Beadgcfb 26 күн бұрын
While I don't have a goal to leave a lot money to anyone, I'll happily do so before spending for its own sake. We know our values by now, so it's not a fear of spending but rather an immunity to romantic consumption.
@enigmathegrayman2953 24 күн бұрын
After accumulating wealth for so many years you become conditioned to saving, investing and frugality, then decumulation is hard and it can even bring about sadness…
@Alan-lv9rw 24 күн бұрын
I just retired a month ago. My pension and Social Security equal $78K per year. I have zero debt and live in Arkansas (low cost of living). I think I’ll be ok.
@stevenk195 21 күн бұрын
We didn't wait and retired at 53 and 51. The money still grows because we don't need anything, are debt free, and really only spend extra to travel....especially South during the Winter.
@parmijo 27 күн бұрын
Another sign you're doing pretty well is you watch Kevin Lum's videos. I doubt many spenders do.
@AdamWright8fool 8 күн бұрын
The interest rate has increased eight times since March of last year, to 5% now. My retirement fund has suffered greatly over the past few years due to inflation at 7% and mortgage rates at over 7.5%, so I'm wondering how older people retire and survive in such an unsteady economy. Obviously, now is not the time for me to play the long term game.
@agentjacob4099 8 күн бұрын
I completely agree. As someone who recently retired, I had very little in retirement funds compared to my portfolio balance over the previous three years, no debt, and approximately 1.2 million in outside retirement accounts. Actually, one can only neglect rather than deny the importance of the invt-advisor. just need to conduct research to identify a reliable one.
@AdamWright8fool 8 күн бұрын
That's really interesting. I have a shrinking portfolio; how can I get in touch with the invt-advisor that is helping you?
@LouisMorganxb3 8 күн бұрын
The important thing is to manage your money, not how much you save. It still comes down to income vs. expenses whether you work for a living or invest, so sure, you might check into financial consultants for a plan that works for you.
@agentjacob4099 8 күн бұрын
"Leah Foster Alderman."
@agentjacob4099 8 күн бұрын
for information on investing, insurance, ensuring retirement is adequately funded, and exploring strategies to provide a volatility buffer for investment risk, you'll probably get more information if you do an internet search for her
@betz6507 27 күн бұрын
Later Boomer here. I plan to wait until 70 to take social security. In 3 years my house will be paid off. I may work until early 70s (my family lives into late 80s and 90s -- my 91 year Aunt still drives and travels), I enjoy my work and am in good health. I'll make the decision when I hit 70s. With my house paid off and no debt, I an easily cover basic expenses with social security, so I would have more than enough saved at 70 to retire then. Freedom is when you can make choices!
@zoukchata 10 күн бұрын
nothing in life is guaranteed.. spend now… do what you want to do now.
@masteryap3169 25 күн бұрын
Really excellent advice. "Have a purpose for your Money cause you can't take it with you. "
@evelyne7071 3 күн бұрын
Somewhere there’s a saying: the purpose of having money is that it allows you to think about other things.
@lisac.6722 14 күн бұрын
Amazing channel. I’m so glad I found it. It’s the first channel that talks about enjoying life. Thank you. ❤
@kevinbrewer1399 24 күн бұрын
I'm afraid to retire, currently 60 with 800k in savings, mortgage free home, 18 monthe emergency fund and working 50 plus hours weekly. Soon to slow down to 40 long term then more slowdown to 30, I drive commercially so my job is extremely secure, hard to back away from a 35 year career. Blessed and thankful.
@Lookup2Wakeup 23 күн бұрын
Get out while you have time & health on your side. You will be 70 in the blink of an eye.
@globalfamily8172 22 күн бұрын
@@Lookup2Wakeup My husband is much younger than me and we constantly argue about what constitutes a vacation - not only that, but his company of 25 years did mass layoffs. So what do we do? I don't want to wait til 70 because longevity isn't in my family.
@Singlesix6 13 күн бұрын
I worked a career job, indoors, from age 24 to 62. By then I had enough to delay SSA retirement until I was 66. You will know when it's time to give them your notice.
@thedoor5442 7 күн бұрын
You have nothing to fear, start putting your ducks in a row.
@user-yj3ob9kd3l 28 күн бұрын
That's exactly it--switching from accumulation to spending is a difficult transition. It's especially true when financially comfortable due to many years of living below one's means. I've always enjoyed traveling, but I now do so at a higher level. Good info and makes sense. 👍 Haha, just continued watching, "yep, that's me". 😊
@foundryfinancial 28 күн бұрын
Thanks!
@user-yj3ob9kd3l 28 күн бұрын
@foundryfinancial I've watched a lot of videos about retirement financial strategies, but this one is spot on!! Thanks for pointing this out.
@Stupot2024 25 күн бұрын
4 years ago my friend and I had 25k to put towards a replacement car. He went into BMW dealership intending to buy a nearly new but instead got a high spec brand new M3 on lease and paying £500/ month. I put off for two years because of COVID and continued to use my old 2009 Insignia until mechanical issues (head gasket gone) and water hoses perishing meant I needed to replace. I bought a top of the range 3yr old 10k miles Volvo S90 Inscription with a load of additional extras for 25k. Friend is on second BMW but has now spent all his deposit equity in the vehicle and will need to get either another deposit or a loan for his next car. Me I'm happy to run my car for as long as I can. No debts, no mortgage in receipt of a company pension. Working again after 3mth break and also paying 15% into Company pension which they contribute 30% will be going half time in 2025 and earning about what I was on pre retirement full time. Investing fully each year too maxing the ISA. Wife is currently working part time already 2 days a week. I'd say save early in life and make that saving a pain to access as you learn to live within your means and don't keep up with the Jone's as too many of them live on the never never and credit cards. Just one missed salary payment from ruin.
@yuckyool 7 күн бұрын
Yeah, that's us. Just starting to upgrade to the "Club Level" on certain cruises and fly Business Class if/when it's "only a little more" (NOT when it's 75% more). Tough to teach a moderate- spending dog new tricks.
@tz55lj 26 күн бұрын
Very well thought out and delivered message. Thank you for your content.
@tombkk1322 27 күн бұрын
Great video, thanks. So many points that apply to me.
@kws5354 11 күн бұрын
I'm a baby boomer that was raised by depression era parents. Their lessons took root. Excluding home equity our household net worth has increased 50% since retiring. We are not big spenders as a result we save about 35% of our retirement income.
@mikeskaggs3763 28 күн бұрын
Great video and really spot on...thanks!
@foundryfinancial 28 күн бұрын
Thanks, Mike!
@liveandretireusa 13 күн бұрын
Great information thank you for sharing it
@davida4771 24 күн бұрын
Kevin, THANK YOU for your videos. We've learned a lot from you. As much as anything, your information has helped ease our minds about having enough money.
@foundryfinancial 24 күн бұрын
Glad to hear it! Thanks for taking time to leave a comment. I appreciate it.
@IamGroot786 18 күн бұрын
He's right. Time is the one rsource you can never get back, it doesn't matter how much money you have.
@adm58 26 күн бұрын
I find that the big question, spend on what? I am by nature a minimalist and have never wanted things or travel etc. I'm basically quite content. I can see the likelihood of dying rich (which I don't want) but how to avoid it? Even buying a nicer home isn't really spending the money, it's just locking it up in real estate as opposed to stocks etc., it's still not gone.
@vincentyeo88 26 күн бұрын
Excellent!
@redonionsyummy 25 күн бұрын
Kids? Spouse? Pets? Random acts of kindness? What a gift to find a cause and be a philanthropist..
@adm58 25 күн бұрын
@@redonionsyummy no kids, no spouse, no pets, but, yes, gifting would be a good use.
@calabazasbike8863 8 минут бұрын
"You should get busy spending your money..." - that's fun to hear.
@cashflow68 27 күн бұрын
I have plenty of money but find it difficult to spend it. Thats where my wife comes in and she will spend it wisely and always looking for value. Im always looking at the crab legs that Costco has for 10.99l.b but I find it hard to pull the trigger. Im your typical millionaire next door.
@Singlesix6 13 күн бұрын
HA !!! I remarried 6 yeara after I retired and now her son has two boys, 5 and 8. Grandma plus grandsons = SHOPPING.
@bobby350z 10 күн бұрын
Now a days I don't think too much when spending on food. It not going to make any diff in my life style and I am savings quite a bit by cooking at home than eating out.
@wildfoodietours6702 25 күн бұрын
It's really gratifying knowing that I can fully live off my modest projected social security amount easily. This gives me more freedom to start spending down my nest egg in early retirement.
@MelissaHobbs-qm8wi 26 күн бұрын
Retirement planning can be quite overwhelming, especially when it comes to choosing the right investment options.
@user-ur2hh4hr1j 4 күн бұрын
So true in so many ways!
@steves3234 2 күн бұрын
Haha you described me. No debt, paid off house and my financial advisor keeps telling me I need to spend 40K more a year then I told him I will busdget for. I also have a full brokerage account outside my retirement funds. I feel great with my position.
@jeffk4449 26 күн бұрын
This video made me smile with excitement. 😊
@foundryfinancial 26 күн бұрын
Thanks, Jeff! I’m excited to help you spend some money. :)
@hump1953 Күн бұрын
I’m 71, own my home, have pension, social security and a hefty brokerage account after saving and investing 20 % of my gross income since I was 25 years old…I have a $30,000 year international travel budget… health is good too!
@michellebowers8652 28 күн бұрын
This is helpful. There is a lot of fear mongering out there, and overly simplistic rules of thumb like the 4% rule can create a lot of unnecessary anxiety.
@BeatlesBowieKrimson 17 күн бұрын
Interesting video ... I've always wondered how I'm doing ... I guess I'm doing pretty good because I checked all 5 boxes.
@LisaSimplified 28 күн бұрын
TBH I was nervous to hear the list. It boils down to self discipline. I'm still working on #4, but I feel a lot better about retiring. Thanks Kevin!
@DiniD 21 күн бұрын
Excellent, useful advice and relatable video! Thanks, a boomer here and set to retire 🎉
@foundryfinancial 21 күн бұрын
Thank you!
@michaelwoods4495 23 күн бұрын
I know exactly "where I stand." I have detailed records of every cent for over thirty years, pretty much ever since PCs were invented. You can too. Just start now.
@anne9358 22 күн бұрын
Love your encouragement. Thank you. I will start today. ❤
@jerrylundegaard2592 6 күн бұрын
Personally, I do not care how many cents I spent in 1994.
@benitabussell5053 5 күн бұрын
My $2M retirement account has only grown by 2% in the past year due to rebalancing out of fear, uncertainty, and doubt. What are the best strategies to secure a financially stable retirement and achieve peace of mind? I can’t afford to fail after 22 years of hard work.
@A_francis 5 күн бұрын
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
@christopherbradley5575 17 күн бұрын
There's a mental side to this that no one talks about. Have you ever sat down and tried to explain financial management and retirement planning to a millennial? As soon as you start talking about it, their eyes glaze over, they start to get nervous and Mumble something about anxiety. I don't know what happened but I'm pretty sure America stopped making real men back when they stopped making real trucks. Financial management is about making tough decisions. Weak people don't do that.
@Nisa-gm5wg 17 сағат бұрын
I’ve got you beat. I’m trying my best to talk to my Gen Z children about retirement planning (25,22 and 15). The best thing that they see is that we are leading by example. They saw how we became completely debt free ( mortgage included) in 2020, how we garden, converted a dining room into a fully stocked pantry, sit down and budget together, make a grocery list, plan and prep our meals. 2 have graduated college and are working, live by themselves and have no debt. I just need them start investing for their future because I’m going to enjoy mine
@suerawley3141 4 күн бұрын
I'm an Xer (albeit on the older side of GenX!), but this totally describes me! Every one of those markers.
@tomiasthexder7673 7 күн бұрын
A good sign someone is NOT wealthy is they drive a flash car (financed), they wear designer labe clothes (credit card) and they eat out a lot or get home delivery food (credit card) and post lots of pictures on social media about how “happy” they are.
@johnurban7333 27 күн бұрын
Was with you until the end when you mentioned having to be a millionaire so now back to living below my means and not spending any money
@kathypeterman2886 27 күн бұрын
Great tips!! Thanks so much for sharing. 💗 Die with Zero is a great book to help balance out making wealth along with enjoying it!
@sarahcasey7172 24 күн бұрын
Our parents lived through the Great Depression. My mom would freak out if we spent our 25 cent allowance money. We had frugality drilled early!
@chrisnegele6875 13 сағат бұрын
I waited until about 49 to get serious about saving and have managed to save 1.2 million at age 66 still working but want to call it quits at 67 in 10 months. I have lived on less than what my SS will be for many years now in fact some years saved over 70% of my income. I have no children to leave anything too so I could just spend I guess but being frugal is so ingrained in me now it will be difficult! Deciding where I want to live on planet earth for retirement is my big problem now.
@BrianGay57 16 күн бұрын
I maxed out on my 401K because republicans have been trying to get rid of social security my whole life and I assumed they would eventually succeed. I also knew that I would be getting no inheritance. I have lived my whole life assuming that my SS would be stolen, and they still want to kill it, so my concerns were valid.
@JT_70 6 күн бұрын
Wife and I married in college 50 yrs ago. We started with zero, living paycheck to paycheck. Oftentimes, we had nothing left between paychecks after paying rent and bills. Once I got a job after graduation, we tried to save what we could and later funded our 401(k) the max each year. We did all our own home and vehicle repairs and used grocery coupons. We took very modest vacations with our kids perhaps every 3rd year. We never smoked, drank coffee or bought alcohol and rarely ate in restaurants. Wife did not work outside our home. We also made significant (for us) charitable and church donations each year. We retired with a 7 figure IRA, substantial savings, zero debt, 3 nice vehicles, 2 power boats and a large home. We are enjoying traveling and spending time with family and friends. We never expected to retire in such good financial shape. It can be done. It takes planning, discipline, buying what you need and not everything you want, shopping for deals, not trying to keep up with the neighbors and not throwing away your earnings at Starbucks, bars, restaurants and expensive vacations. Spend less than your net income.
@iwan2bninja 27 күн бұрын
Yeah I'm too young at 52 to spend more. It's saving and investing for me so I can leave as much as I can to my children while teaching them how to do much of the same and give them the assurance that they can enjoy life more than me. Inheritence is possibly there for me but i like to consider it as a "distant uncertainty". Not worth the gamble when planning retirement.
@turdferguson3475 14 күн бұрын
When we downsized last year, we could have paid for the house without taking a mortgage, but that would have in essence tied up most of our wealth, just to leave it to our children. So we took out a $100,000 mortgage, and are now able to splurge on some of the small things.
@easternacademy 6 күн бұрын
So, you recorded a video about me. I have never lived beyond my means and I won't start now. I've tried, but I just can't do it. I have a sizable investment portfolio, a healthy IRA with RMD's, Social Security, and I'm holding paper on real estate that I sold. I pay estimated taxes from the RMD's and I live on Social Security with at least a few hundred bucks left at the end of the month. I only buy meats that are on sale, or better yet "reduced for quick sale". I shop for clothes at Good Will and the Salvation Army, yet I dress well. I refuse to use the clothes dryer and watch the weather to make sure the weather is right to hang out clothes. I always turn off lights when I leave the room. I have lunch out once a week. I have a garden, orchard, and a few laying hens. I eat a lot of eggs and vegetables. My spouse's parents lived well into their 90's and went through more than $700K for around-the-clock care in their final years. When my mother-in-law finally died, she had less than $100 left. I don't plan to go out as my in-laws did, but if I do there .will be enough to last a few years. As a boomer, i benefited greatly from the aftermath of Sputnik and my college education didn't leave me in debt. It wouldn't happen like that today. When I'm gone, any money that is left will go into a trust to fund college for my heirs.
@yuckyool 7 күн бұрын
Yupp, that's me/us . . . . All you said and all your recommendations with one caveat: Many of us have less than 100% surety that SS will pay out in the future as it has paid out in the past e.g. - "means testing" or higher taxation of Meanwhile, I am converting IRA => Roth IRA to the top of the 24% bracket.
@timalan7406 15 күн бұрын
I'm not a Boomer (1966) but I am retired and I took a 20% pay raise in retirement. I maxed out my contribution to 401K and HSA and I was used to living on about half of my income after tax.
@donnag7288 18 күн бұрын
We paid off two houses. The one we live in and the one my office is in. I had to retire due to fibromyalgia and I plan to ( and learn to ) spend my money that we accumulated over the last 40 years. Plan to collect social in two years. Getting 3900 a month. He is right in that when you learn to live below your means all these years you tend to live below your means in retirement.
@mariasand6415 26 күн бұрын
Yes life is too short.
@transitengineer 27 күн бұрын
Thank you, for sharing this information. Think there are two groups of people here, the first group does not have a pension large enough to pay their current and projected in retirement monthly bills. The only way, they earn money is through their investments and nobody knows what will happen in the future. The second group is like myself, we have a pension to cover our monthly bills but, we just do not want to spend more than we bring in each month. Sorry financial planner, no investment commissions for you (smile...smile).
@joetruth7823 27 күн бұрын
You are fortunate you had a career with a pension. Most people don’t have that option any longer.
@transitengineer 26 күн бұрын
@@joetruth7823 I keep hearing that most people today, even working in office jobs no longer have a pension plan. However, whenever I ask on You Tube. So, please tell me the type of plans that are being offered in detail, I get no replies. In my 30's, I worked for a private firm that provided all employees a pension along with a 401(k) with a 2 percent match. From the age of 43 to 63 (20-years), I worked for a City where, you had to pay a portion of each paycheck into the pension plan and, they also offered a 457 plan with a 3 percent match. Please let me know, what type of retirement is being provided or offered in 2024, for newly hired office workers.
@lummoxx8586 26 күн бұрын
@@joetruth7823 My neighbor is a teacher, he was shocked when I told hin no one at our company had a pension. He literally did not know what a 401k was.
@GeraldWalls 9 күн бұрын
The 20% population of Baby Boomers owning 52% of the wealth doesn't surprise me at all. WE'RE OLD OR GETTING THERE. You wouldn't _expect_ young people in their 20s or 30s to have had the time to build wealth. It doesn't happen quickly (without excessive risks).
@michaelhancock9098 24 күн бұрын
Yes
@mccoyji 27 күн бұрын
Good idea 💡 Take the whole family to Hawaii. 🤔😉
@mrslcom 27 күн бұрын
The main reason for people not spending more money is worrying about the future. Whether its their own future or the future of their next generation.
@jimlittle5769 19 күн бұрын
So after taxes and medical covered (I'm fully medically covered by VA, my wife by Tricare). Our first year of retirement at age 62 (for me), we will take home just over 100k. I won't take Social Security till sometime between 65 and 67 years old. 100k is roughly 80% of what we take home now and we will still be able add to our savings. I feel this will be a decent amount for us, and not having to pull from our savings or her TSP (401k) will be nice too.
@arnoldjohnson3317 27 күн бұрын
What difference does it make? In the end you’re dead and won’t care. You’ve already done what you want to do and you know you can afford to go on that trip but do you really want to? You may do tax planning or you may not but you still have plenty of money to be comfortable. Worrying about any of that is just not worth it if you don’t have to.
@JeromeKJones 7 күн бұрын
All these vids are either too vague to be safe, or NOT wrong, or they don't go in to any real details that many may have. I just find them ALL the same. Would love one with actual numbers instead of definitions that might produce good numbers. Also, what if you have goals other than just reaching death with a dollar in the bank? I have only found one that does "real" situations. It was pretty good but still very generic. I guess that appeases most.
@CarlWithACamera 25 күн бұрын
I’m 61, will turn 62 in August. I left America for The Philippines eight years ago, at 54, with $1,557,000, all invested in a small list of high-quality stocks, Apple being the largest holding. I’ll be returning to America next year to buy a home in North Carolina and then split my time between there and overseas travel. I currently have, through growth in my investments, $4.7m. I’m budgeting $700k as the upper limit for a home, and another $100k for furnishing and vehicles (Mazda CX-50, a couple motorcycles, bicycles) and then I’ll be set. My remaining capital can continue to remain invested, throwing off $80k in annual dividends.. social security will add $30k+, depending upon when I take it. $30k is if I take it at 63 when I initially get back to America next year. So this single, youthful and fit boomer intends to continue to grow his wealth while also enjoying travel and a comfortable luxury home.
@EastWood2004 24 күн бұрын
Wow. So you retired with 1.7 Mil but has it grown to 4.7 Mil even after retired?
@Suds. 8 күн бұрын
I have no interest in spending more. Traveling greatly annoys me and I have a house full of stuff that feels suffocating. What I really want is a quiet space to enjoy in peace, which I've already built. Nothing is more satisfying to me than spending an entire day in my fruit tree orchard either relaxing or maintaining/improving that space. To heck with spending more.
@rvator7291 3 күн бұрын
30yrs ago my wife and I started having $ 100 mth taken out of savings automatically and put in 4 mutual funds with a well known mutual fund family. It alternates and goes into 2 funds per mth.($50 each)Over the yrs I have switched funds acouple times but basically let it ride and have not paid a lot of attention to it. This has nothing to do with our retirement accounts and we have never touched it although it was there just in case. As we speak it has $115,000 in it and we have never missed that $100 mth. True testiment to dollar cost averaging. Now, could a more savy investor turned that $36,000 into much more. No doubt , but for us it is like found money since we just let it ride.
@JennyJean. 26 күн бұрын
I appreciate what your saying but really the cause of this problem is the government and banks. Nobody wants to spend their retirement on the leash of the gov, banks or utility bills.
@tinad8561 5 күн бұрын
GenX. Boomers are worried for the same reasons we are: because 1) they can’t estimate longevity-do they have to cover 10 years after 67 or 30? 2) Long term care is astronomically expensive-like, my kids can’t afford it if I fall ill-and nearly everybody has some niggling chronic illness that could bite them in the ass later. 3) We’ve heard for 30 years that Social Security is going bankrupt any minute, and it’s not like government has gotten more frugal over that time. So, yeah,they’re not wrong to be cautious.
@easterlake 15 күн бұрын
My wife and I drove used cars while our friends upgraded their automobiles every 3-4 years. Now, we're both retired, 😊and they're still working.
@jerrylundegaard2592 6 күн бұрын
Perhaps they enjoy working. I found when I reached the point where I did not have to work, work actually became enjoyable.
@Heyamanda-Cooper 2 күн бұрын
I’d be retiring or working less in a few years, and considering soaring inflation, I’m curious to know how best people split their pay, how much of it goes into savings, spending or investments, I earn around $185K per year but nothing to show for it yet.
@ralphparker 20 күн бұрын
Spending too much vs too little is a fine line. I don't want to spend money just to be spending money. And we have LTC risk, market risk, etc. so don't blame us too much for holding on to it a little too tightly. However, I'm trying to find that boundary, that fine line and make sure I'm doing what I want to do and not wasting the gift that God has given me (us). It is not a pick a spending rate and forget it. When you are trying to ride that line, how much you spend has to be watched and managed.
@beezneez2056 6 күн бұрын
I’m among the youngest boomers….. still working full time and saving like crazy, as I’m at my highest earning years. I was taught to work hard and be frugal. (And yes, I grew up with parents and grandparents who remembered the Great Depression). I have zero debt, but live simply. I have a very small home and economy car. I plan on doing home improvements and traveling when I retire. I’m waiting until 70 to get SS. I seem to fit right into your statistics! Oh, and yes, I have zero interest in status! I don’t own a single thing with a famous name on it. People laugh at my car. (2010 Toyota Corolla). I laugh at them with their crazy car payments!
@logicae4096 28 күн бұрын
Sorry to say but this video doesn't sound like great financial advice. With the US debt continuing to climb, de-dollarization, inflation - it is not safe to spend without a significant reserve to keep up with the poor monetary and excess spending by the government.
@chuck_in_socal 20 күн бұрын
The uncertainty about what the government will do about social security and the growing government debt don't help.
@chessdad182 27 күн бұрын
#1 sign of doing well financially is having a KZfaq financial advisor... ;-)
@CrabbyOldLady 6 күн бұрын
And being able to absorb the financial hit resulting from getting your financial advice on KZfaq. 😉
@amigatommy7 26 күн бұрын
I spend the required distribution of my 1.4 mil IRA. 74 and I still do not want the tax hit.
@spookietowne7932 27 күн бұрын
I will reach my FRA (66 & 8) this fall and I'm delaying taking my SS benefits until 70. My spouse is 3.5 yrs younger than I am and is receiving SSDI. Can I collect from her SSDI while I'm delaying and then switch to my benefit, which will be considerably higher, without reducing my benefit when I switch to mine 3.5 yrs from now?
@EhtizanVideoEditor007 27 күн бұрын
Hey Kevin, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
@kinggeek1960 17 күн бұрын
the fear is running out of money and Sequence of Returns Risk impacting retirement in the first 5 years - perhaps those people would be better served with income annuity?
@jillharling 5 күн бұрын
I’m frugal either way gift giving, it’s from my heart not my bank account. I find very nice 10$ gifts for bdays…. $20 Christmas gifts. I will not apologize or feel bad about it. I do not have children however I am expected to buy everyone’s children gifts, my brothers kids and grandkids. Nobody has to buy my kids and grandkids a damn thing. I have none. So therefore, I am very frugal when I come to buying gifts. 😊
@growsinhouseherbiculturali1100 28 күн бұрын
2.8% 🎉
@bsmith5404 27 күн бұрын
Will be interesting to see what happens when this boomer generation, who are said to be amassing all this money, has passed on having left their wealth to their kids and grandkids. There’ll be a name for that process and those spenders 🤔.
@lummoxx8586 26 күн бұрын
It will all be wasted on video games.
@thedoor5442 7 күн бұрын
I'm already dumping it in my grandkids 529 accounts!
@bsmith5404 7 күн бұрын
@@thedoor5442 I don’t know what that means. But, just being curious, what will they spend it on?
@tudvalstone 23 күн бұрын
It's silly to spend less than you take in during retirement. If you have a pensions that covers basic needs , you need to plan to spend most of the equity in your house. A HELOC for the first 10 years to finance your small luxury spending, then either a reverse mortgage or downsizing will provide the cash for the next 10-15 years and that's it.
@CrabbyOldLady 6 күн бұрын
Keep in mind that the law changed about 15 years ago. If your pension fund fails/goes bankrupt, the federal government only insures your pension up to $1,000 per month, if you're younger than 80.
@billyrock8305 5 күн бұрын
We no longer have a need to buy expensive stuff. 😊
@jimpchip 28 күн бұрын
This is a great video. Sitting along side my fear of not having enough in retirement is the fear of being overly focused on savings and building wealth and missing out of living while I was young enough to live. My wife and I have enjoyed our trips and though we took them without taking on debt, the expenses did stunt the growth in retirement assets. I don't regret them especially since my wife has already started pulling back on some of here hobbies because of health. Won't get those times back. There's got to be a balance.
@daryld.johnsonartist2179 27 күн бұрын
I agree. We are both 70 now, took an amazing trip to Iceland this year and afterwards I convinced my husband that "we're not getting any younger" and to take A LOT more trips while we have our health. Going on our first cruise in a few months.
@jimpchip 27 күн бұрын
@@daryld.johnsonartist2179 Iceland is on my bucket list. Would encourage checking out the desert southwest, AZ UT, NW. All were a blast.
@Lookup2Wakeup 23 күн бұрын
Baby Boomer here from 🇬🇧 This is so true & is 99% me. I revamped my Will recently & found out that my nett worth was £1.1M....😳
@David-rn1eb 12 күн бұрын
It sounds like you spoke to my folks ...LOL! My folks retired 5 years ago with about $500K in savings. Their monthly income is about $5K (SS and a small pension). They take 2-3 nice vacations every year, drive a nice car, etc. They have never taken a penny from their savings! So essentially their savings is a BIG emergency fund that will keep growing every year. How do they do it! Simple, they have ZERO DEBT! With no mortgage, no car payment, no credit cards, etc. they have an amazing retirement! Who needs $1M to retire? Their savings continue to grow every year WITHOUT additional contributions and it generates about $25k/yr in dividends which they re-invest. Also, since their joint taxable income is less than $80k/yr. they can take cash dividends any time they want TAX FREE! Yes, they are better off than the know!
@alphamale2641 25 күн бұрын
I have to admit, I hate those people who at the end of life give away all of their money to charities. Let’s put thought into it. How horrible of a person were they in life that at the end of their life they have no family and no friends or no human beings that they like enough to gift their money to other than giving it all to charities. Some charities do great work. But I do find it horrible that a billionaire will give away all their money to charities in the end.
@TeenerSpencer 23 күн бұрын
I’m no billionaire but I have no kids by choice and most of my friends will likely die at the same time as I will. Giving to charity is a way to reward the cause that gives you joy or would help the most people. I plan on doing that, as I don’t want what’s left of my estate to go to the state’s unclaimed property roles. Of course, I also plan to give to needy friends while I’m alive. It’s a balancing act.
@CrabbyOldLady 6 күн бұрын
Welcome to 2024, where giving to charitable causes that you believe will make for a better world, makes you a horrible person.🤣🤣🤣🤣🤣
@donnafarmer111 26 күн бұрын
There are more people over 65 living in their cars than ever before.
@vincentyeo88 26 күн бұрын
Good observation!
@USViper 16 күн бұрын
I started saving 20-25% of my income when I was 23 yrs old. I retired from the military after 20 years. I continued to invest and keep debts to zero besides home. I retired at 46 yrs old and have been retired for 4 years. 2.3 million net wealth.. with $6,700 a month income streams monthly. My wife's income is 55k a year. We live a great life...
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