💰 TRUTH! Average Retiree Income: How Do You Compare?

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Жыл бұрын

Do I have enough to retire? Does my retirement plan look solid? How do I compare, in net worth? Am I going to be able to live comfortably, from my retirement income? This question usually happens, when people get closer to retirement and this is exactly what this video is all about!
Every single day, I work with a lot of folks who are preparing to retire, or have retired. Many are thinking about making the same move. I want to share some numbers with you and I want to share a conversation with you. So let's go for a walk on the beach. Now, I'm not talking about the Hollywood rich and famous. I'm just talking about just normal, average, everyday people. You might have thought about this already but if you have not just watch what others have done who have retired. They all seem to ask the same questions.
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Brought to you by:
Jerry Pinkas Real Estate Experts
604 N 27th Ave Myrtle Beach, SC 29577
843-839-9870
Provides actionable advice and true stories from real estate investors, and people moving and retiring every week.
🟢Ready to Buy a House & You Don't Know Where to Start? Start Here! - www.HomeGuideMyrtleBeach.com
Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your research, nor to provide legal, investment, or financial advice. For legal advice consult a lawyer.

Пікірлер: 2 500

@JerryPinkas Жыл бұрын

💰Alternative Places BEFORE Retireing, Buying or Relocating to Florida! - kzfaq.info/get/bejne/jLiEnbGXrMvdko0.html

@billyjoejimbob56 Жыл бұрын

I have no desire to live in Florida. I don't like the politics, and most of the "senior" age residents are there to get away from the world they used to live in. I want to remain engaged in that world!

@davidcattin7006 Жыл бұрын

It would take a WHOLE LOT of money to get me to move to that sh*thole.

@dorothrawalker1389 Жыл бұрын

@@billyjoejimbob56 worse place to live in fact they put a lady 90 plus year old in jail cause care home up price so high she couldn't pay. And the cost of everything and the new race laws makes it another Hitler Germany.

@samquinn6427 10 ай бұрын

@@billyjoejimbob56 I retired at 55 from Chicago to Florida and paid $145,000 for a 2000 SF home in a gated golf community. Inside our guard gate there is almost zero crime so best move I ever made. I live close to the beach, world class entertainment and dining. Also, some of the best hospitals in the country. My home is now worth $360,000 due to almost 1000 people moving into FL everyday. I can go out at midnight and walk my dog 2 miles without any worries about being mugged or assaulted. Sadly could not do the same in Chicago or most North East Cities.

@billyjoejimbob56 10 ай бұрын

If that is the retirement you want, you are free to pursue it. I would rather volunteer at at a community center helping troubled youths... I am am a lousy golfer but a pretty good listener and coach.@@samquinn6427

@TheJackCain-84 12 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.

@JacquelinePerrira 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!

@Jamessmith-12 12 күн бұрын

Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.

@kevinmarten 12 күн бұрын

how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??

@Jamessmith-12 12 күн бұрын

Credits to 'Carol Vivian Constable' she has a web presence, so you can simply

@kevinmarten 12 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.

@RuthEvelyn-rc3bg Ай бұрын

Most people don’t realize it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than $10k returns from his investment monthly and it was completely passive.

@CrystalJoy-32 Ай бұрын

This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?

@jshepard152 14 күн бұрын

@@CrystalJoy-32 Most "market enthusiasts" end up under performing the S&P500 index.

@ChristopherAbelman 2 ай бұрын

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

@PennyBergeron-os4ch 2 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.

@FinnBraylon 2 ай бұрын

It's recommended to save at least 20% of your income in a 401k. Sonya Lee Mitchell taught me to use online calculators to estimate how much you should save based on your age and income. I've been with her for years now and her decades of experience in the markets translate to chunks of value in so may ways! She has upscaled my portffolio and even got me reading self help books haha

@HildaBennet 2 ай бұрын

That's fascinating. How can I contact your Asset manager?

@FinnBraylon 2 ай бұрын

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

@HildaBennet 2 ай бұрын

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

@danklein8587 10 ай бұрын

I sleep very well being debt free. Not a care in the world. Every day is beautiful.

@docholliday6285 7 ай бұрын

Are you prepared for eternity?

@danklein8587 7 ай бұрын

@@docholliday6285 Yes, I thank God for providing for me every day of my life.

@snwbm 6 ай бұрын

@@xlgneponot everyone pays property taxes. And if they do it can be utterly insignificant if they have enough savings and income.

@barrywallace4415 6 ай бұрын

WELL bless your heart

@Vermillion73 6 ай бұрын

God bless you!

@charlesbartlett2569 Жыл бұрын

My mother taught me that it’s not what you make, it’s what you spend. She became a millionaire on $15/hour.

@JerryPinkas Жыл бұрын

Thanks for sharing your story. Some people are able to accumulate great wealth by investing and saving and being civil. Thanks for watching.

@ianlloyd4301 Жыл бұрын

I look at it the other way around . Most people have an earning problem not a spending problem . If you make a lot more money then the little things you have to cut out of life will become marginal compared to what you bring in . You can’t save your way to wealth these days you have to make more money

@charlesbartlett2569 Жыл бұрын

@@ianlloyd4301 Interesting. I guess Wayne Newton and Mike Tyson didn’t make enough. There is always a balance to maintain.

@williamgullett5911 Жыл бұрын

My mom when I was 7 or 8 held up a one dollar coupon in a grocery store and asked me what it was. I said a coupon. She said “it’s worth the same as a dollar bill…saving a dollar is the same thing as earning a dollar”

@charlesbartlett2569 Жыл бұрын

@@williamgullett5911 My mom was the same way. She always used her coupons. Plus she shopped on double coupon Tuesday so she got twice the value.

@sdleasia Жыл бұрын

Retiring next year at 61. Already had 2 cousins die in their 50's, but poor health. I'm healthy and plan on living my best life. I got this.

@joniangelsrreal6262 Жыл бұрын

You do… (got this) congratulations

@1515cando Жыл бұрын

Health insurance? You can't get Medicare until 65🤷

@joniangelsrreal6262 Жыл бұрын

@@1515cando Hopefully one doesn’t rely on Medicare alone … no free ride there, after you pay for the upgrades (?) lol ….like prescriptions, eye care, teeth care, etc. etc. etc. yr monthly payments can and will cost out of yr SS payments…

@sdleasia Жыл бұрын

@@1515cando I have Marketplace insurance priced into my retirement. I'll be moving to another country where I can use their insurance or self-insure.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story with others so they can make smart decisions

@ernie7065 Жыл бұрын

I retired at 58. 85 in 3 weeks. Put 142,000 miles on my Class A diesel pusher. One of the best decision I made. Debt free for years. Own a home in MI & FL. Wife & I have 3 cars: 99 Taurus, 2004 Explorer & 2005 Silverado. All work well. Agree real estate a great part of our situation. Also, building a small business. Also, the stock market. HOW: Don't have kids before marriage; get at least a high school diploma; Don't get divorced; Don't do drugs at all & alcohol only a little. Work hard. Relax.

@JerryPinkas Жыл бұрын

Cheers to your success in your travels. Thanks for taking the time to watch and comment here. See you in the next video.

@Snoopysnoopy255 7 ай бұрын

Add to the list do not get addicted to gambling. I tell my nieces do not make a wrong step I. The big things on life. Ordering a wrong dish for $20 is ok but not getting pregnant young or hook on drugs

@gonnahavemesomefun 7 ай бұрын

I am going to print your post out and put it on my wall 💓💓

@JimRedland 6 ай бұрын

Sound advice….

@ADadSupreme 6 ай бұрын

Nice setup. I'm 58 as well. Retired early in 2009 (civil servant). Agree with much of your advice but alcohol is a drug too. So if you say "Don't do drugs at all" then say "alcohol only a little" is contradictory. Hard drugs- no, but marijuana is far less damaging than alcohol to the human body so I'd actually advise people to use that "only a little" instead of the serious health complications alcohol can lead to.

@garykinard7553 Жыл бұрын

At 55 I was completely debt free. Now 70 I still drive the same pickup and still spend below my income. Got to change that mind set. I live a stress free life for the last 15 years. I have forgotten what it is like to have a debt.

@JerryPinkas Жыл бұрын

Cheers! Thanks for watching in sharing your story with others

@JerryPinkas Жыл бұрын

Thanks for watching in sharing

@bukboefidun9096 Жыл бұрын

Yes, me as well. Paid off my mortgage at 59... no debt. And now I spend only 50% of my income. I have spent $110k on home improvements the past 5 years.. and 2 new card net outlay for then $40k... and I have the same money banked as 5 years ago.

@katherinespencer2073 Жыл бұрын

I drive a 40 yr old car. Am same age as you. Never earned the numbers he mentions in his spiel nor even close to the gov't pension I get in Canada. Being debt free for several years, people said I should by a car...instead, this month, bought another property to landscape & develop. Not dead yet & love my life. My motto: Aspire for better!

@dgyoutube2405 Жыл бұрын

I’m guessing you are not a liberal

@miamivicefanatic9736 Жыл бұрын

One of the best things to ever happen to me was to get laid off at 62. Otherwise, I would have kept working. Downsizing my home, severance pay and extended unemployment during the pandemic allowed me to retire early. At the time, I was panicking, having a hard time finding another job. But I spent that down time doing spreadsheets and figured out I had enough to retire.

@CBBC435 Жыл бұрын

I love Excel for that reason.

@goodenoughgirl8102 Жыл бұрын

This is how I want to do it also. I want to live small and simple ASAP and set myself up for a less difficult and stressful future. I’m still in my 50s now.

@MrCPPG Жыл бұрын

We underwent a merger in 2020 and I was hoping to be laid off. Hasn't happened yet.

@BD-cu4cq Жыл бұрын

Everything you Said happened to my mother. She worked all her life, saved, built a house of her dreams to retire comfortably, the Alzheimer moved in and she died a horrible death. I plan to simplify my life as much as possible. I am paying off debts, paid off my mortgage, and plan to enjoy life as much as possible. Excellent advice, and my God bless you.

@r.c.salyer3652 Жыл бұрын

To all of you below. You have great plans that will work. Make sure you add in Inflation Protection as Hyper Inflation IS coming. Each family needs to have at least 100, (1) oz. Silver Coins for that. Now is the bottom of the market for Silver, so start buying 4 to 5 coins a month, you do not have to buy them all at once.

@BullBarry-ee1fy 7 ай бұрын

Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.

@CraigMarsh-hu7pf 7 ай бұрын

building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach Lisa Ann Moberly that helped me grew my reserve from $160k to almost $600k during this Red season.

@HondoSauce 6 ай бұрын

No you didn’t.

@InBrz 5 ай бұрын

GREAT EXCUSE NOT TO RETIRE, you will never make it if you think like that, stay home and don't even think of moving overseas I left FL in debt, now have purchased a condo in Brasil, living on $600 a month, have a nice car, food is very cheap and plentiful, people are wonderful, healthcare is free. My 700sf condo cost me $21,000 usd, try to do that anywhere else ? Is 4 years old 2/1 SO please stay there with your pitiful excuses and be miserable, other countries don't want people like you

@Smooshes786 5 ай бұрын

@@CraigMarsh-hu7pf red season? Republican? So you were given money from family and now you’ve made all this money yourself?

@InBrz 3 ай бұрын

You will fail because you think it's all about MONEY, IT ISN'T You are insecure and think money will solve all your problems, money is the LEAST of your problem I moved overseas in debt of $3000 bringing in $2100 a month SS. Now I have bought a nice 2/2 near the beach 750 sq ft for $21,000 and now have saved up $24,000 cash to buy another one

@wallacegeller2111 9 ай бұрын

I retired May of 1999 after serving 28 years on the Phoenix Police Department. Retirement is great. I'm 75 now and still hanging in there.

@Midwest10 9 ай бұрын

My 26 years Police only got me $8000 a month pension and 2100 Soc Sec. It’s tough

@mrhawkeye293 9 ай бұрын

Thats pretty sweet. I just retired at 51 after 27 years LE in Oregon. Only got me 5k a month (net). But I can live on it (less as well now, thanks to inflation) but still have 13 years to go to SS, which is projected to be 2500. Should be fine. Cant be arsed to get another job at this point. If you don't need to its hard to make yourself go get a 9-5. @@Midwest10

@wallacegeller2111 8 ай бұрын

That great. That's a little better than me but not by much. My wife Ann also has a pension from Maricopa County. We do alright. 9 grandkids keep us hopping.

@m.f.m.67 8 ай бұрын

Only? I hope for your sake that city's pension fund is fully funded!@@Midwest10

@gregh.9056 8 ай бұрын

10,100 per month is tough?@@Midwest10

@charlesbartlett2569 Жыл бұрын

I left my job 7 years ago after turning 50. We moved to a surf town near Puerto Vallarta. We live comfortably on $2,000/mo. We averaged over $6,000 (and rising) living in Florida. The stress of running operations of a construction company was ruining my health. We don’t miss living in the US at all.

@JerryPinkas Жыл бұрын

Thanks for watching and commenting

@johnbauer5298 Жыл бұрын

Just curious: did you have to give up your U.S. citizenship when you became a resident of Mexico? If the answer is yes I’m assuming no social security checks from Uncle Sam?

@charlesbartlett2569 Жыл бұрын

@@johnbauer5298 No, I am still a citizen of the USA. I have a permanent resident (green) card of Mexico. I will eventually become a dual citizen. While the US makes its immigrants give up their home country citizenship, Mexico does not. I will collect SS when I am eligible.

@tigerstorm2248 Жыл бұрын

⁠@@charlesbartlett2569the US does not make immigrants give up their other citizenships. They have a don’t ask, don’t tell rule.

@fctryoffetsh39 Жыл бұрын

I'd love to get some social security at 50,even if it's 25% you'll never get it all and could pay, all your bills. The government wants us to wait until a older age so we get sick and the medical system scoops it all up, I'd rather have it now while I can enjoy it

@markkeller9378 7 ай бұрын

The feeling you get when paying off your mortgage is incredible. You feel true “freedom”…the heavy weight is lifted from your shoulders. It’s absolutely amazing.

@shawn5170 7 ай бұрын

Agreed! Just paid off my house last week!

@youngtimer964 7 ай бұрын

I actually didn’t have any feelings at that point. But about 3 months later I saw my savings start to grow exponentially. That is a good feeling.

@markgoodwin183 7 ай бұрын

Not such a feeling of freedom when you still pay 1,000 dollars a month to the damned town.

@bobbear4437 7 ай бұрын

@@markgoodwin183 If your paying $1000 a month for taxes, in retirement, you need to move, we pay $1300 a YEAR in Florida

@bjbhehir 6 ай бұрын

Agree, but it's even a better feeling when you go to a closing with a cashier check and pay the house off on the day you get the keys!

@FlatFifties 6 ай бұрын

My wife and I retired five years ago. It was a great surprise to find that our disposable income in retirement is higher than it was when we were working. The benefit of working to my full retirement age and both of us contributing to our 401k's consistently over the years.

@jeffsullivan1633 4 ай бұрын

My wife and I did the same, throwing in 10% of our salaries into the company's 401k where we each worked. We did full throttle investment approach - evenly spread (33 1/3%) of salary into the top 3 mutual funds with the highest ROI between 3 to 5 years prior. Look at it quarterly, adjust bi-yearly, and NEVER sell. We've averaged 15% ROI over 30 years. I give this advice to anyone 35 years and younger because it works. And even better, if someone one day decides to yank social security, we are fine. We did it correctly and followed the advice of financial shows on PBS and NPR in the 1990s (which was, honestly, the only place to get unbiased financial advice for free).

@elbroverlander Жыл бұрын

Heck yeah bro! I’m retiring from federal service in 634 days with 30 years of service. I’ll only be 58 and can’t wait. No one should work longer than they have to.

@JerryPinkas Жыл бұрын

I am cheering you on! Thanks for taking your time to watch this video

@stefonthemove 3 ай бұрын

My hubs is Fed too and we are not too far out from retiring. I don't want to get older but man I can't wait to retire :)

@user-ms3ko5gn8e 2 ай бұрын

Nice fed jobs seem to get the luxury of retiring way earlier than most people.

@sherrieivanov5481 2 ай бұрын

I retired 3 years ago from Federal service with 31 years and at age 56 4 months. I saved between 10 and 20% of my salary each and every year. My stress levels were such that I couldn’t imagine working even one more day. It took me 2 years to fully decompress. My husband is still working at age 62, is a Type 1 diabetic for 46 years, and isn’t yet ready to retire as he loves his job. He has saved a similar % of his salary and he has more than I do. I’m hopeful our savings will see us through rough patches as we have pushed the numbers.

@user-ms3ko5gn8e 2 ай бұрын

@@sherrieivanov5481 Congratulations, enjoy your retirement. You made good decisions with saving a good portion of your income along the way 👏

@lucasanderson8993 Жыл бұрын

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.

@oliviataylor4672 Жыл бұрын

This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha. I personally work with “CHRISTINE ANN PODGORNY”, and she's really good.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story

@JerryPinkas Жыл бұрын

Thanks for watching and sharing

@josephlinville Жыл бұрын

So true, managing wealth is a special skill.

@geretyl Жыл бұрын

His video was a good one if all the stars are in alignment. Everyone's scenario is different. Two people working towards retirement is the best. I was married 30 years and my spouse divorced me. I worked for 40 years but now my income was cut by 50%. I'm retired, and yes, I do have a mortgage at 68 years old but I knew better to do that than pay rent the rest of my life. I would not have a mortgage if I was still married for sure. But I am strong and have a small nest egg on the side. It's not the way Jerry Pinkas says, but I will survive.

@tomphillips2608 Жыл бұрын

Had the good fortune to marry my wonderful wife in 1978. She's been the anchor of this family. Siblings divorced/ separated and paid the price in more than monetary sense. Retired during covid , never been so happy, both of u!

@bukboefidun9096 Жыл бұрын

Me as well...married in 80

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story

@JerryPinkas Жыл бұрын

Good point thanks for taking the time to watch and comment

@JerryPinkas Жыл бұрын

Thanks for taking the time to watch and to comment

@JerryPinkas Жыл бұрын

Thanks for sharing

@tedthesailor172 Жыл бұрын

Retirement was the best (if only, good) decision I ever made. The more money you can have in retirement the better, but like the man said - time is not something renewable. You cannot stockpile time. And unlike money, you never know how much time you have. I got all my adventurism out of the way when I was younger. I have limited assets, just like my time, so I take a pleasure in the modest expenditure of each. I don't have to get up when I don't want, I don't have to go out in the wet and cold, I don't have to face the commuting rat-race or punch a clock or take crap from bosses. These are the small but real benefits of retirement. Ocean cruises you can keep; they're like being trapped in a hotel you can't check out of. Flying? Who needs all that wandering around cavernous airports, customs & immigration palaver, anonymous crowds and rude inconsiderate passengers and hunting for suitcases..? Take it easy, avoid hassle, keep yourself fit, watch your diet, and take pleasure in the small things of life. "The trivial round, the common task; should furnish all we ought to ask". That's it - I'm off for a pub lunch - cheers...!

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story

@bryanfews5295 Жыл бұрын

Great advice!

@Naomi-pd9ps Жыл бұрын

this is exactly the mindset that provides a good life!

@joetoyota7903 Жыл бұрын

Amen, brother.

@googleuser868 11 ай бұрын

Enjoying a low cost retirement myself. Play with the grandkids regularly and don't need the hassle of the planes and passport stuff. Plenty to see here in the lower 48 if I feel the need. Most generally travel within the surrounding states of Indiana give me enough pleasure I need go no further. Don't even know what day it is sometimes and don't really care. Lol

@robinsonbaker1963 6 ай бұрын

Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Emily Lois Parker who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!

@Lorre386 6 ай бұрын

smart, You've done well for yourself. It’s all about accumulating wealth through compound interest investmen

@ericwilde4583 6 ай бұрын

hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply

@robinsonbaker1963 6 ай бұрын

I admire your hard work and i must say you're well on your way to retiring early. Look her up, she's not hard to find. Goodluck

@meredithelbert6608 6 ай бұрын

out of curiosity i did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply. Thanks for the tip

@ericwilde4583 6 ай бұрын

Thanks for saving me hours of research, copied Emily Lois Parker on my browser, i'll reach out to her really soon. great share!

@03pn11 Жыл бұрын

Very well presented. One overlooked factor though. The loss of a spouse. Not only emotionally devastating but it can seriously reduce the household income while the expenses remain largely the same. You suddenly find yourself having to do all the things your loved one used to do, at a time when you are least equipped to do so. The impact on your well being can't be overstated. I speak from experience.

@lorirogers9304 Жыл бұрын

Or being a divorced woman. Feel like we’re re overlooked in so many ways.

@JerryPinkas Жыл бұрын

Thank you glad you enjoyed this helpful video. So true the loss of a spouse can be devastating on many levels.

@JerryPinkas Жыл бұрын

Thanks for sharing your story and thank you so much for watchin

@graceweber2822 Жыл бұрын

I can totally relate.

@debiwillis9045 9 ай бұрын

Total lack of planning

@samtatge8299 Жыл бұрын

You can always get money. When time is spent it’s gone forever. More people need to hear this. Atta boy, Pink.

@JerryPinkas Жыл бұрын

Thank you so much. I’m glad that you enjoyed the message and I truly appreciate you taking the time to watch and to comment.

@cpataxpro 4 ай бұрын

False. You can't get money after a severe stroke or entry into a nursing home or assisted living facility. When your health is gone your ability to get money is gone, and when your money is gone it may well be gone forever. Get a financial plan.

@JamesSimmons-gv4ow 11 ай бұрын

I am 81 now. I own my own typical value home in a major city. It's paid for. My pickup has been paid for for more than 15 years. It is low mileage and runs perfectly. I do my own maintenance and light repairs. I have zero debt. That was not by chance. I planned it. I have two incomes, social security and a military pension. Together they are just over $4000 a month. Next January I'm expecting an 8% COLA increase. My monthly expenses here at the house are just under $1200 a month including food, city property taxes, car insurance and homeowner's insurance. I am a retired union worker. My past employer gave me the option of a third pension or paid healthcare. I took the healthcare available because of union negotiations. Now my health care premiums are paid for in full and the Department of Defense pays all of my deductibles. One could say I have it made in the shade. Well I say "I planned it and now I am living the result". I live frugally. I have no need of a new car for instance. Each month I have about $3000 disposable income. I keep some in my credit union and some in cash here in the house. Once a year I do a cruise ship excursion. I like to ride Amtrak. I go to Oktoberfest. Next year I'm visiting friends in India. In my view a good retirement is about high equity and low debt. The lower the debt the better. At about age 50 quit buying stuff. Need a last new car? OK be smart about it. AWL costs less in insurance than 4WD and they are safer in winter driving. Check Consumer Reports to find out which cars are most cost effective. A guy in a doubewide that is paid for and who has no debt can be more secure in retirement than someone else who rolling in cash but owes it all to the company store. I don't believe that just because a man is well of that he is also smart with money. That's not a given. I don't expect any real troubles but life is never 100% for sure. The best anyone can do is the best they can do. Those who plan early will have something. Those that do not will be on the street. Happy retirement folks...

@bashirmusah4840 5 ай бұрын

GOOD JOB CHAMP. YOU NAILED IT

@minfilipino 2 ай бұрын

Did you have any savings or 401K?

@InBrz 2 ай бұрын

100% CORRECT, JUST because someone has a lot of cash DOES NOT MEAN he is smart with money, he prob had a good investment manager. Once he is cut free, he will prob waste and blow most of it off and end up poor Just look at all the idiots who ran to Florida with pockets of cash, they impulse bought at the top and add in HUGE increases in insurance and home owner taxes, they are screwed and have NEGATIVE EQUITY, NOW need to sell, PRETTY DUMB

@user-tr6pc8nh6j Ай бұрын

It’s good you took the health care. I had a 354,000 operation and didn’t have to pay a penny.

@metalmike570 29 күн бұрын

Do you have children? Who will inherit your estate?

@farab4391 7 ай бұрын

I've heard it before and I'm glad you said it as well. It's the single statement that convinced me to retire early. "You can always make more money, but you can't make more time"

@stevethomas760 6 ай бұрын

A few years ago my daughter "dad it looks like you are trying to do everything right now, I am".

@bruiser6479 7 ай бұрын

A very good video. The principles you describe are just as relevant here in Australia. Our retirement income system is different, but the advice to buy your own home, plan to be debt free, and save for retirement is universal. I particularly like your statement that you can find ways to make more money but you can’t make more time.

@racheldebasitis8184 Жыл бұрын

I retired at age 62. Waiting for the higher SS payment to take effect when I would be 66 and 10 months just wasn't worth it to me. I told my manager that if I were to die before having time to enjoy retirement, I'd be so angry that even though I'd be dead, I'd STILL know I was angry. :) My life is pretty simple, my condo isn't anything special, but it's mine and I'm debt-free and I love it.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story. Glad you enjoyed this helpful video.

@brettsurrett4596 Жыл бұрын

If you own a condo you are not dept free. You will always have the fees from the condo group that will have to be paid and they will go up yearly

@cjhoward409 Жыл бұрын

And you can still work part time doing what YOU like to do AND collect ss money 👍🏻

@cjhoward409 Жыл бұрын

Now, my dad loved what he did and he retired at age 67. He also based that on the fact that he has been healthy his whole life. And he just turned 90. So he’s glad he waited till67

@racheldebasitis8184 Жыл бұрын

@@brettsurrett4596 I said I'm debt-free, not bill-free. There's a difference. But if I owned a house instead, I'd be paying for plowing, trash removal, and a bunch of other home-maintenance expenses that are currently part of my condo fee. So it's a similar outlay.

@andymackie8283 Жыл бұрын

Thanks so much. You're realistic, pragmatic and a clear communicator.

@JerryPinkas Жыл бұрын

Thank you so much. I truly appreciate your comment you made my day! I appreciate you taking the time to watch. I’ll see you in the next video.

@BillySantiago-us7zn Жыл бұрын

Thanks for the insight...Been retired now for a year and a half with no regrets...Living Life on My Terms is so liberating...Make that Move into retirement if you are ready financially...Tomorrow is never promised👍😎👌

@JerryPinkas Жыл бұрын

You are welcome! And thank you for taking the time to watch this helpful video and to comment

@invisipics 6 ай бұрын

I'm pleased that you underline the importance of time in this video ostensibly about money. Good health and time are far more important than money, which, as you rightly point out, you can always make more of.

@rickhanrahan2957 Жыл бұрын

Thanks Jerry, Remember Here Today Gone Tomorrow.. I have a friend almost 66 waiting for 67 and passed away. No social security for him... I retired at 62. All I can say is when you retire owe no one. Except food electric bill, etc. Also own your house. Good Luck.

@joniangelsrreal6262 Жыл бұрын

Great advise… key here live within yr means…

@JerryPinkas Жыл бұрын

You’re welcome! Thanks for taking the time to watch and to comment

@JerryPinkas Жыл бұрын

100%. Thanks again thanks for taking the time to watch and to comment.

@gamano7905 Ай бұрын

I retired at 54 and was scared to do it but realized I could have done it 2 years prior and all I gained by putting it off was 2 additional years of aggravation staying at work. I am very fortunate, every day is a blessing. If you work an extra 3 years you won’t live an extra 3 years. Do it while you have your health.

@robertspencer6085 Жыл бұрын

I retired at 50. Moved out of the US to Eastern Europe, cost of living is lower, people are more civil, crime is lower. I will draw SS at 62 (in 2 yrs) to use as savings/fun money, not wealthy, but comfortable and I don’t stress grocery shopping. Do I have any desire to return to the USA…no. BTW, my monthly expenses are $1600 USD, and my electricity bill is $32.00 USD. Yeah like I want to move back…NO.

@rvdareyet7201 4 ай бұрын

We did the same thing, but our destination was Ecuador. Our expenses are 1/3 what they were in the States.

@lawrence809 3 ай бұрын

What part of eastern US? Do you have kids grandkids? I've thought about it but would miss the family.

@user-ms3ko5gn8e 2 ай бұрын

I'm 38 and this sounds appealing to leave the US. I don't have the funds saved like a retiree.

@rvdareyet7201 2 ай бұрын

@@user-ms3ko5gn8e a lot of younger people here do remote work. It’s not all retirees.

@user-ms3ko5gn8e 2 ай бұрын

@@rvdareyet7201 I watch kids. I can't do that remotely 😄

@jimhaxton1982 8 ай бұрын

Good stuff. Thanks Jerry. Even though I am still working, I've been practicing retirement for 20 years. I look at what Solomon says in ecclesiastes. Enjoy the fruits of your labor, for it is a gift of God.

@EASTERBUNNY7772 Жыл бұрын

At age 71 I haven't worked in ten years. I pay $229.00 a month for my property taxes. No mortgage or debt. Don't need much money as I have everything I need. People get destroyed by greed. Health is the greatest wealth and I have never been sick. Have savings that I don't need. No sense leaving millions behind for someone else to spend.

@robskully3539 Жыл бұрын

$229 … Damm I wish … mine right now is $625 a month up here in MA and that is on a house appraised at $500k

@lapuamies8718 Жыл бұрын

@@robskully3539 New Hampshire property taxes are even worse than Massachusetts.

@robskully3539 Жыл бұрын

@@lapuamies8718 yes, sadly I know. We live right on the border and 4 years ago we were looking to move just West of Nashua. Once we saw the tax rate and that all the towns we looked in had home owner well water, we ended up just staying out and remodeled our house.

@clubmike2910 Жыл бұрын

I pay 300 bucks a year and I was complaining. Holy cow rural Missouri is not so bad after all.

@JerryPinkas Жыл бұрын

Cheers to your success! Thanks for sharing your story and thank you so much for taking the time to watch this video

@reginaadair5168 8 ай бұрын

I’m 64 1/2. Still very active full time nurse with benefits. When i stay home I’m bored and depressed. I have no debt and a little savings, and will have a nice SS payment when I’m ready. THIS IS MY LIFE AND IM LIVING IT. I don’t know what anyone means when they say retirement is when you start to enjoy your life!

@edgregory1 2 ай бұрын

I quit my RN career at 51 and don't miss it, but grateful for the upward mobility.

@steverichard2786 Ай бұрын

A plan is required for retirement. I'm living my best life retired.

@boblatkey7160 8 күн бұрын

I stay home and I'm happy and feel completely alive!

@ellaaysun6181 Жыл бұрын

It is gone, we lived through the zenith of our time. These bourgeoisie individuals in tandem with the corrupt govt. will take down this country like what happened to Rome. My condolences to anyone approaching retirement, you may have concerns over whether your pension pot will stretch to cover the rising cost of living, bad regulatory policies, bad energy policies and insane fiscal policies

@general_zizi1156 Жыл бұрын

Government policy has thrown the future under the bus for decades. The day of judgment is near.

@magicmiamirealtor Жыл бұрын

that is a doom and gloom scenario. people have been preaching your exact sentiment since i was a child and it never materialized. Life is better now but you don't see it. It was horrible in the 1970's it is NOT even close to that right now. What this narrative does is scare people. However, if you spend your early life getting out of debt, getting out of slavery that banks put you in, then you can get rich. Save cash, wait for a crash, then buy real estate and blue chip stocks (microsoft, etc.) You will be a millionaire, like me, within a decade.

@griffrc Жыл бұрын

@@magicmiamirealtor I agree 100%. People who blame the government for their own poor choices or inability to manage their own situation have existed for ages. You don't have to be rich to live within your means and plan adequately for retirement. Many people just don't want to do it and then want the government (which really means the rest of us who ARE responsible for ourselves) to bail them out. Most people deserve whatever situation they find themselves in at age 65 (barring most health issues).

@JerryPinkas Жыл бұрын

Thanks for watching and commenting

@malcomreynolds4103 Жыл бұрын

worried about retirement? think about gens X, Y an Z who had their entire lives and futures destroyed by the shut downs. at least you have already have lived a fairly full life and have more than enough momentum to continue living well likely for at least another decade

@pamcornelius9122 Жыл бұрын

Why do people always talk about SS running out of money but never say the same thing about other federal programs (like Food Stamps) going bankrupt?

@kq2799 Жыл бұрын

32 trillion reasons why if SS goes away there will be a lot more pressing issues to worry about!

@Farmerbrown1653 Жыл бұрын

They just use it as a political football to keep people in fear , if they stopped SSA payments this country would collapse so don’t worry be happy and don’t watch the fake news

@user-dj9sf4xz1e Жыл бұрын

They also never run out of money for Ukraine.

@gregparrott Жыл бұрын

Social Secutiy is an obligation in the a portion of this taxes were EXPLICITLY allocated to cover people in retirement. In contrast, food stamps are a social service, as is medicaid and infrastructure maintenance. But none are obligations.

@gregparrott Жыл бұрын

@@user-dj9sf4xz1e What has been spent in Ukraine in 2022 was ~3% of our ~$800+ billion annual defense budget. It may amount to 4% of the 2023 defense budget. The purpose of that budget became quite apparent when Russia invaded Ukraine. We didn't start this invasion, or Hitler's invasion, or Japan's Pearl Harbor attack. But all posed a threat to democracies worldwide. Being ill prepared to respond and passively accepting losses leads to more of the same. So the general consensus is to allocate for a national defense. It's valid to question how much we spend on defense. But, if we were to dramatically cut it, say by half, the U.S. would lose its stature, lose being the world's reserve currency (which confers a LOT of perks, and risk being dominated by Russia or China. All nations spend for their national defense, and all of them could easily find alternate priorities if defense was not necessary.

@gary795 Жыл бұрын

Just retired at 56 1/2 with US Govt pension and >34 years. My entry into that path was to go in to the US Army after college. Lots of miserable nights freezing and wet in the woods and mountains, and the sad reality that not everyone survives their deployments. But it was the path to independence for me until transition to civil service my family and I left a relatively high cost of living area (Anchorage) - crossed off places we loved, but had grown too expensive for affordable living ( Sea-tac, WA), ( Henderson, NV), Palm Springs, Reno, NV, Austin, TX. We wound up living in the high desert (4,220 ft. Elevation) in the Western tip of Texas that’s almost closer to LA than Dallas. It’s a great springboard for road trips, it’s tied into power grids of NM and TX, no tornados or hurricanes. Housing is very affordable for now. The only downside is the extreme daytime heat from June -August; however we’d have that reality in many other places as well. The people here in El Paso are super friendly and the pace of living is so much more relaxed than many other places I’ve lived and worked. I learned that moving to a new place upon retirement makes for a lonely existence initially, but I’ve become the person who says hello snd initiates conversations with others now.

@cliffmolz8719 Жыл бұрын

Wife and I are in kind of similar circumstances. After working for the US Government for 31 years and having them move us all over the US I retired at 54 1/2. That was five years ago. Wife retired from the VA as well. We lived in Seattle, WA at the time and I worked at SEATAC. We could not afford the high cost of living in Seattle once retired, but wanted to stay close to our grown children and grandchildren in the Pacific Northwest. We ended up moving to the high desert in Central Oregon. However, we moved on some acreage outside a little small town. I like to call our place "a little house in the middle of nowhere." I got enough of the big city life throughout my career and now enjoy traveling in our Airstream, fly fishing, riding on my tractor, raising chickens and working in my greenhouse that I built. Our neighbors are all at least five acres away, but we all know each other and are happy to help if needed.

@armynurseboy 9 ай бұрын

Same. I'm retired from Army and have VA disability. That alone is about the same as my current salary working.

@timothy7497 8 ай бұрын

This might turn out to be a regular thing. Same with me . 4 years navy (warm bunk, awesome food) , afterwards drifted into a city job and a good retirement. I started buying a house as soon as possible. Improved and moved times 4. now at 76 I've been retired and an outright owner In a area that I love for eleven years.

@xxyyzzplants131 7 ай бұрын

Good on you G.I. you earned it, been considering the Pass myself.

@ltcajh 5 ай бұрын

Same here, but also a small VA employee pension too. I was ANC too.@@armynurseboy

@AethosPallisades 9 ай бұрын

I am 65 and still working. I am a cyclist 50 miles a week Weight lift 3 times a week. Walk 10-15 miles a week. I have been cycling and working out since 14 years old. If you watch football every weekend and do what society tells you do you will be getting sick. I run a part of a large company and very active.

@toastedtarantula1701 Ай бұрын

Agree with you 100%, you stay active and are not a slave to spectator sports. I would add to deprogram oneself (just look at the media & commercials) telling you what you should do. Avoid the television (I have since 2008), work out and keep moving, avoid eating out make your own quality food at home, get your sleep to support your hormone levels and allow your body to rebuild itself. Lift weights and get your cardio in. Find the community support of like minded individuals and be true to your family.

@rustykatt3870 8 ай бұрын

Thanks! Well presented, not drawn out and not complicated. Well done!!😃

@godsforces1776 11 ай бұрын

As an immigrant , I have to learn the English language and get my education first . And I know that I have to work twice , 3 times or 4 times as harder to bring myself up to the working calss level . Thus , I've served 20 years of law enforcement in New York ... I made it through and happily retired at the age of 50 . 6 years went by , I love my retirement life . Traveling , vacationing , food tasting , and more are my norm ... 3-week time share in Smoky Mountain every year , 5-week time share in Cancun every year , and Silver member of Cruiseline ... Life is good if you are willing to work hard and contribute in USA ... Thank God 🙏🇺🇸💙🇺🇸🙏 Don't tell me that you can't find a job especially since you were born here ..

@metalmike570 10 ай бұрын

Good job and accomplishment. You set an excellent example for millions of people.

@kirnpu Жыл бұрын

Thank you for all the information Jerry! I retired 3 years ago. The house is paid off and I have no debt. I'm living in FL on $2300/month. So far so good. To me the crucial thing is no debt. If I can't afford it I can't have it.

@doorguru168888 Жыл бұрын

Do you have homeowners insurance here in Florida?

@kirnpu Жыл бұрын

@@doorguru168888 I have it through USAA.

@chickengod9184 Жыл бұрын

My property tax and homeowners insurance alone in Florida, come to $1,100 per month. Good for you.

@kirnpu Жыл бұрын

@@chickengod9184 I just checked those two numbers and I guess I AM lucky. They run $460/month.

@NuNugirl Жыл бұрын

I retired last November and also live in Florida. $2,500/month. I own without a mortgage and own my vehicle. I downsized and pay $415 a month for a HOA. I have a 2/3 Condo and don’t have to lift a finger taking care of a house……I’m so happy I’m done with all that headache. I very rarely eat anything out, not even coffee. No pets( need to stay mobile) and try to eat as healthy as I can. I walk for exercise or workout in the pool. The debt I am paying off ( furnishings for my new apartment) is at 0% interest. I’ll see how it goes. Thank you, your comment is very encouraging. After I pay off the debt, I’ll start saving to help my youngest son with his upcoming wedding( honeymoon). He moved to Florida 8 years ago.

@shanvadi1464 11 ай бұрын

You summarized excellently well what retirement is going to be and how to prepare and don't lose the precious time. Thanks.

@irisheyes7175 10 ай бұрын

Thanks for the info. Appreciate the data and insight. This has been a valuable discussion.

@tomkarnes69 10 ай бұрын

I'm not retired, I was kicked to the curb in late 2020, sat on the sidelines in 2021 watching with amazement, while former coworkers reached out to me asking how to avoid the Corporate mandates. I don't care how much money you saved for retirement, it won't help if your dead, and THAT was the entire point all along

@360VRStudios 9 ай бұрын

wrong your there to make money and levae that place as soon as possible. Dont cut corporate off until you get what you want then leave.

@tomkarnes69 9 ай бұрын

I never made money at "Corporate", worked a lifetime, and all of it was spent on rent, insurance, taxes, fines, fees, and penalties

@360VRStudios 9 ай бұрын

@@tomkarnes69 then you were taught wrong. Work , pay yourself first, by investing along with your bills. Then have fun with the rest.

@tomkarnes69 9 ай бұрын

Easy 4 U 2 say $zillionair

@juliamundt101 Жыл бұрын

Retired in our 50s (53 & 56), two modest pensions, money in 401k, 403b, and investments, & way too much liquid in bank. No car or home debt. Former employer provided group health insurance until Medicare age. We didn’t plan, we got lucky with jobs early career and stayed with one employer >25yrs.

@jamesbecker3420 Жыл бұрын

I pretty much followed the same path as you retiring at 44 y/o and just live a modest life in the country, one day at a time...

@dking1362 Жыл бұрын

I would say that's not ALL luck....you were clearly solid, valued employees; you secured good jobs, knew it, and stayed there; you saved....Good for you!

@JerryPinkas Жыл бұрын

Cheers to your success. Thank you so much for sharing your story and thank you for watching.

@JerryPinkas Жыл бұрын

Thank you so much for commenting

@JerryPinkas Жыл бұрын

Thank you so much for commenting

@RobertTumpane 13 күн бұрын

64 & 7 months as of now. Just began thinking about the last chapter after a health scare. Thanks for putting this type of information out. Gets one to start thinking in "real terms".

@whitneyranchproductions4637 4 ай бұрын

Good video Jerry....I hope the young folks are listening! BTW, as an 'old-timer', I completely agree with you.

@nonawolf7495 Жыл бұрын

3 years ago, Hubby and I came to Florida to fulfil his retirement dream. In that short span, property taxes and homeowners insurance have skyrocketed! Hubby had to go back to work part time to make ends meet...I still work full time. Bottom line: Be flexible, because anything can happen.

@willowdreams1786 Жыл бұрын

Have you considered moving? Unless you love ur job or place & can't give it up try Mexico or the Philippines.

@lalegend1 Жыл бұрын

Even Panama would be a good alternative choice, a short plan ride from the Florida Keys and their govt is offering alluring retirement plans to attrack expats with many great retirement benefits, great medical care - better than the States and they use the American dollar as their currency!

@r.c.salyer3652 Жыл бұрын

@@willowdreams1786 Yea, Mexico as long as you stay out of very expensive cities like Mexico City, and Gringo Gulches, you can live on 50% of what it costs in Florida easily. I know we luckily sold out condo in WPB in 2003, right before another set of Hurricanes and rise in HOA Special Assessments. Let me put it this way to make it real simple for you. You outlined why it is making it difficult to retire in Florida right now. Well I will flip that coin. Own a home in Mexico, and Property Taxes are less than 10% of what you pay in Florida. Buy a home not a condo and do not get hit with ridiculously high HOA fees. BUT, one huge pitfall. NEVER buy any property in Mexico without putting someone you want in your family to have the house after your demise! Why. 50% Profit Tax from estate, after you home is evaluated and resold. But if that person is on the Title, they just keep on owning the home and no Property Profit Tax. This started in 2019!

@carlosmiro4932 Жыл бұрын

@@r.c.salyer3652 The problem with MEX 🇲🇽 is that a failed, or almost failed, narco state.

@user-er1on9yi9e Жыл бұрын

Don't Buy in retirement . Sell and Rent affordably in as walkable community as you can . Best wishes

@micheleblue9804 10 ай бұрын

Ty4 all this info. Lots to think about. I'm getting where i think I'm have much less time & better start doing what i have left on my bucket list.

@adammcnichol1549 11 ай бұрын

Thank you for these great tips. My wife and I are grappling with the focused retirement picture a little these days. Your advice has helped.

@josephkelleher8820 10 ай бұрын

There are a lot of variables on how much money a retiree needs in retirement. I believe number 1 is the area where you live. If you live in a low cost area like I do and own your own home that's half the battle. Number 2 is staying out of car debt. If you have a paid off home in retirement and stay out of car debt you pretty much have it made.

@RetiredLovingIt 7 ай бұрын

We agree! It depends on so many factors and a huge one is where you live!

@RetireandGo 7 ай бұрын

Very good points Asia has saved me so much in cost of living while retired

@bobbear4437 7 ай бұрын

Agree, that's us, we have no mort, have a 12 yr old car with 55,000 miles on it, and our monthly spending is less than $1500. in Florida!

@user-zr6nl5fl8p Жыл бұрын

We purchased a lakeside home in Tampa for cash in '13. We had put all our saved up retirement funds into this house and various multiple improvements. A year later my employer moved north, offering me a position with a substantial salary increase. We felt we had to decline. I retired at age fifty nine and a half for a substantial reduction in social security retirement benefits. The investment loss on our home would have taken years to recoup. So now we're watching our pennies, but still take joy from a relaxed life, not quite stress free, but comfortable. Our only regret is not having opened a retirement account years earlier.

@JerryPinkas Жыл бұрын

Thank you so much for taking the time to watch this video and share your story

@path4061 9 ай бұрын

If you worked until 59.5, how was your social security significantly reduced? They take your 35 highest earning years after applying an inflation calculation, unless you are talking about taking your benefits right at 62.

@kayallen7603 2 ай бұрын

Debt free at age 65 = 56%, $275K = average wealth, mortgage debt-free at age 65 = 12%, median income at 65 = "$47.5K/yr, DO IT NOW, Sell your BIG house to buy a "smaller and sweeter" house.

@noodengr3three825 Жыл бұрын

I was debt free by 49 1/2 yrs old with 2 paid for homes. I left full time work at age 55. Worked part time the past 7 years and now am drawing social security. Travel about 1/4 of year internationally

@cyclepath55555 11 ай бұрын

Great video, thank you. I am 68 and retired at 58, started collecting SS at 63, and i'm debt free which is what i highly recommend if possible.

@JerryPinkas 11 ай бұрын

So glad you enjoyed this helpful video. Thanks for commenting here. I’ll see you in the next one.

@Lauragraceabels Жыл бұрын

if you own your home free and clear you don't face rent increases.

@Lauragraceabels Жыл бұрын

@@adamweah8037 Yes i am

@Lauragraceabels Жыл бұрын

@@adamweah8037 you could read up by searching my name on google

@floydchusset3143 Жыл бұрын

Economists and business leaders were voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy/short now or put on a watchlist.

@Jake-go8pz Жыл бұрын

Yes, however, Property Taxes, aka "Indefinite Home Rent from the Government" will never decrease. Neither will the Homeowner's insurance on your house. It is not "free and clear".

@JerryPinkas Жыл бұрын

This is true thanks for watching and commenting

@joeo7257 Жыл бұрын

Getting out of debt is imperative as soon as possible. Having to work past 65 is a sad situation. (If you love your job, do it forever.) My driving force to retire early was seeing people who have to work until they get sick and die. Don't dedicate your life to living somebody else's plan for you.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing. So glad you enjoyed this helpful video.

@glennsmith3303 11 ай бұрын

Outstanding. You inject reality throughout.

@leopritam 7 ай бұрын

Hi Jerry , This is great effort by you and it helps a 50 year old ( ME) to see what is next - Heartfelt thanks

@occoastline Жыл бұрын

Really enjoy your videos. As a 63 year old broker in Laguna Beach CA the thought of South Carolina coastal areas for retirement is more than a passing thought.

@49cohibas53 Жыл бұрын

Come on down. South Carolina is great. I live in Chapin on lake murray. Chapin is the suburbs of Columbia. Low crime. Low cost of living. Charleston beaches are two hours away. I love it

@JerryPinkas Жыл бұрын

So glad you’re enjoying these helpful videos. Thanks for taking the time to watch and to comment. See you in the next video.

@JerryPinkas Жыл бұрын

Thanks for sharing your story about living in South Carolina

@KabobHope Жыл бұрын

Housing is the biggest challenge for most.

@JerryPinkas Жыл бұрын

Affordable housing is a Crisis in the United States. Thanks for taking the time to watch this video and thank you so much for commenting.

@nancysiegel6951 26 күн бұрын

You are the first person that I’ve heard that makes total sense.

@scott5770 Жыл бұрын

Great content. Thanks for keeping it simple!!!

@33RPMVinyl Жыл бұрын

The trick to retiring debt free with money in the bank is to not marry that trophy wife/husband.

@JerryPinkas Жыл бұрын

Lol good tip! Thanks for taking the time to watch and to comment

@jb_makesgames2264 Жыл бұрын

Good video - Fortunatly I was able to pay off my home before I retired. Retiring without debt is a must but it is becoming increasing difficult to do this.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story with others. Glad you enjoyed this helpful video.

@kimmiele6011 11 ай бұрын

Thanks for your advice 👍, you've pointed out some angles that I didn't get before, best

@LTP2563 11 ай бұрын

Very well said. I’ve been retired for 1 year now and everything you said is 100% correct especially “time”.

@JerryPinkas 11 ай бұрын

So glad you appreciate this video. I truly appreciate you taking the time to watch it and to come out here on this channel. I’ll see you in the next video.

@MaPrajna1 11 ай бұрын

How about a video on moving to retirement as a renter? Not having the home ownership as part of one's net worth. What's the cost/benefit of trying to buy something close to retirement or what to consider? Thanks

@michaelcampbell781 9 ай бұрын

Excellent question! Rents have skyrocketed 🚀 here in NJ. Now $3,000 a month for two bedroom apartment. However no maintenance costs.

@edgrock1 10 ай бұрын

you are spot on!!!! thank you for putting my mind at rest. it's reasuring to know we are on the right track!!!

@JerryPinkas 10 ай бұрын

You’re welcome! Truly appreciate you taking the time to watch this video and comment here on this channel. I’ll see you in the next one.

@chrispitchford6045 Жыл бұрын

I found his 7 questions to be very relevant and spot on! Thanks!

@JerryPinkas Жыл бұрын

Glad it was helpful! Thank you so much for taking the time to watch. I’m glad you enjoyed it. See you in the next video.

@iamvindell 8 ай бұрын

Thank you for all the wonderful information. I am 56, and plan on retiring at 65. I make 70k a year, and because of good planning with my 401k, I will have 800+k for retirement. I love your videos, they are so helpful to me!! Thank you!!

@jerrylin3649 Жыл бұрын

I am learning something from this channel all the time !

@JerryPinkas Жыл бұрын

Glad to hear it! So glad you’re enjoying this information. Just trying to be helpful and help others avoid the pitfalls that are costly. See you in the next video.

@mar-un8sf 11 ай бұрын

I retired four months ago at age 66. I haven't started collecting social security yet, rather choosing to defer it for six months to let it grow a little. I am living conservatively. I own my single family home and am debt-free. I chose to take on a quarter-time little job that is totally unrelated to my field of expertise. It gets me out of the house and provides a little structure and opportunity to meet people. I count't be happier to have left healthcare!

@trowerhead56 9 ай бұрын

Hi friend, I too am 66...I started drawing SS at my full retirement age, waiting because I am still working..so no penalty. Look at the " break even " point ( Google it...there's a calculator...) You got an 8% bump in January, COLA...so that's like waiting a whole year... If I had waited another year, it would take 14 years to make up for the money I didn't collect...so...maybe you thought it through, but if not...could be a big deal.😊

@RichardGozinya1369 Жыл бұрын

Good video for us Boomers. I retired at 63 when I looked around one morning and said " What the hell am I doing?" We all have traded time off our life for money, but I prefer to give that time to my kids and grand-kids. If you like working, by all means do it, I just like doing it for my self and when I want. Happy trails Jerry!

@JerryPinkas Жыл бұрын

Cheers! Thank you so much for taking the time to watch this helpful video. I’m glad you enjoyed it and thank you for commenting

@johnmokas1478 9 ай бұрын

Very good advice video….simple, straight & applicable to the masses. Thank you.

@user-ii3ci8xl9m 9 ай бұрын

Working buying third home in OBA. Retire at age 64,love your podcasts

@RonMac08 Жыл бұрын

Retired from my job in Florida, sold my home, and was able to pay cash for a house in NC. No mortgage, car payments, or worries.

@JerryPinkas Жыл бұрын

Hi five! Congratulations thanks for taking the time to share your story with others to let them know that it can be done

@donnabremerman1423 Жыл бұрын

Really great advice, Jerry. I have been struggling with whether or not to retire next year or going 3 more years. I think you convinced me to go out next year!!

@JerryPinkas Жыл бұрын

So glad you enjoyed this helpful video. Thanks for taking the time to watch and to comment.

@JKinLVN Жыл бұрын

I agree. Jerry gives some good advice on retirement. I did some googling and found that more people regret retiring too late, rather than too early. I struggle with this as well. I will probably keep working because I am only working about 24 hours per week taking my massive surplus of vacation the other 16 hours per week. But there are weeks where I get too lazy to want to come into the office even 3 days a week. I'm getting too spoiled....and I start to think that I should just quit. Lol.

@dking1362 Жыл бұрын

If you can, I recommend DO IT! If your finances are in order, you will not regret it. I retired 2 years ago at age 58 and love it!

@roypublic3269 Жыл бұрын

Nice presentation. I retire in 30 days, very excited. Several years ago I changed my position in the Stock Market to an 80/20 portfolio. Put half a mil in Treasuries and left the rest in the S&P index. My idea was ~5 years before retiring I removed much of the risk in the market and secured it for the future. Did that just before the "ahem" last election (2019). I own three homes and raw land, all paid for. No CC debt, no loans... Completely debt free. I'm about to finish this second retirement income, and will take SS at 64 (2 years). My wife has the same in her 403b, and retirements, but still works (RN). Looking forward to vacating the 9 to 5 life after working since I was 15...

@JerryPinkas Жыл бұрын

I’m cheering you on to the countdown! Congratulations thank you so much for taking the time to watch this video and to comment

@HenryBrooks-zm3bl 2 ай бұрын

Understanding average retiree income is crucial for financial planning. This video provides valuable insights for comparison and informed decision-making. Thanks for sharing this helpful resource!

@KPCienega Жыл бұрын

I'm 40 and figure to be debt free in 1.5 years with paid off house, vehicles and all loans. Been working 50, 60, and 70 hours a week for the past 4 years to get to this point.

@JerryPinkas Жыл бұрын

Cheers to your success. Thanks for taking the time to watch and to comment. I’m glad you enjoyed this helpful video.

@impala6464 Жыл бұрын

I'm 47 and listening in! Can't touch my retirement accounts yet so im working on building cash flow to leave my job early in 2 to 3 years. Already had a small stroke last year and that was my light bulb moment.

@JerryPinkas Жыл бұрын

Thanks for sharing your story with others. They know what it’s really all about. And thanks for watching.

@JerryPinkas Жыл бұрын

Thanks so much for sharing your story with others so they know that life is fragile. And thanks for taking the time to watch.

@dave1956 5 ай бұрын

I’m very sorry to hear this. I hope that you find the strength to go on. I nearly lost my wife this year and prior to it happening I always thought I knew how I would react. Boy was I wrong when it actually came down to it. We got married a little later in life and never had children which was what we wanted at the time, but now I find myself questioning our decision.

@patriciaoverby9012 11 ай бұрын

Love the wealth of information provided in this video. Thank you so much!

@JerryPinkas 11 ай бұрын

You’re welcome. I truly appreciate you commenting here on this channel and I’m glad you’re enjoying this information. Thank you so much for taking the time and I’ll see you in the next video.

@bman6502 9 ай бұрын

It really depends on the type of job you currently have and your level of stress on that job.. I’m 62, and plan to work at least until 65.. I have buddies that are retired, but they don’t do anything different than what I do and they won’t do big vacations because of the cost… just sitting around the house all day does not seem exciting…. And let’s be honest, that’s what most retired folks do..

@stevethomas760 6 ай бұрын

Just because you can sit around the house doesn't mean you need too. I just turned 74, find something you enjoy and keep moving. Rust will set in

@Jake-fe4uf Жыл бұрын

Great video. I think social security will be around for a long time but the bigger deal is what purchasing power does it have now a days vs 20-30 years from now. Making it my goal to retire at 62 with social security, small 401k, few bedroom/bathroom house paid off and a govt pension.

@JerryPinkas Жыл бұрын

Good point because this runaway inflation is affecting everyone in the nation. Thanks for taking the time to watch and to comment.

@360VRStudios 9 ай бұрын

@@JerryPinkas lower your means....sloved.

@artrosario2239 7 ай бұрын

It will be around, but my financial planner warned us that more than likely in the future how much of it you are able to collect will be tiered according to your income. I guess these ideas are being discussed within the government because SS is short on money. He told us to only count on receiving 75% of it to be safe (we are 49 yrs old now, so getting more serious on our retirement planning). I wonder if our kids will even see any of what they paid in?

@gregoryburows2585 4 ай бұрын

Jerry great show. I pretty much have followed the path you are describing, including the $ income. Turned 56 Sold the house and everything i owned bought a hightop Sprinter van and never looked back, except to see the adult versions of my wondefrul children. I am seeing the continent in slow motion- new spot, stay a year and feel the seasons change and then head Back out to where the wild winds howl. The seasonal changes are different everywhere I've been. Every beach has its own voice. I bury a little root here, a little root there. Staying ahead of the weather. I am coming through your town this spring

@kenp6893 Жыл бұрын

Moved to Myrtle Beach in 2020, and retired in 2023 at age 55. Spot on Jerry! Tell Bob Natale I said Hello!

@JerryPinkas Жыл бұрын

Hi five! Thanks for taking the time to share your story with others so they know that it can be done. Bob says hello.

@Mgrant8163 6 ай бұрын

Great vid Jerry. I'm retiring in 90 days. My biggest worries, after spending hours putting together the numbers, is taxes and health care costs. I'm almost debt free with great balances in my 401(k) and my savings accounts, plus my home is paid off. My goal is to live on just the interest from savings and the investment income on my 401(k) without touching the principal. I'm super close to doing that but again, taxes and health care are the wild cards.

@user-nd6so7yg2y 6 ай бұрын

Congratulations your alive and hopefully healthy. The wife and I checked out in 2019 with lots of debt and no pension for another 18 months. No problem we will be $ 2,600. extra by 2028. BUT, remember to make a glide scope Jerry so that you don't save or spend too much without having great adventures. I met Alice Copper and he gave me two things a while ago. One thing was a necklace for my wife and then he sun schools out for my retirement. Here he is the lyrics are for your retirement party. kzfaq.info/get/bejne/o6ihnKZm1N6ccqs.html

@Westcoastguy 5 ай бұрын

How old are you if I can ask? Cause if you're 65 I believe you can get medicare for free. Maybe you can get that if eligible. I have the same worries as you. Healthcare being the main one.

@Mgrant8163 5 ай бұрын

@@Westcoastguy I'm 65 but my wife is 55 and my youngest, who is a full time college student is 18. I'm going to go the Medicare Supplemental route but the big expense will be my wife.

@paulsmith6592 8 ай бұрын

Very good advise Jerry! Especially the part about the value of time. I’m in year 8 of retirement and they have been the most enjoyable years of my life (and I’m still married to the same woman!). The day I retired I told my coworkers “I don’t need another dollar I need another day”. I retired just after I turned 60. I like it a lot!

@nmjazz09 7 ай бұрын

Thanks for the advice and for keeping the video moving.

@bartholomewnyc3503 9 ай бұрын

Good advice, thanks for the reminder bc you're preaching to the choir on this one. I've always lived large during most of my life, and I have the biggest CC bills to prove it. But since I'm selling off some real estate I no longer use, I'll pay all the bad debt off, finish paying off the kids college debt, still have a healthy 401k balance, a good company pension and close to top numbers when I call it a day in a few years. I grew up in not the best part of the city, in a single parent household, so I have to thank my dad and the Lord above for my blessings and pretty good situation that I find myself in. Thirty five years ago I was in a coma with numbers across my chest. They were waiting for me to die from the bad accident that I had was in, and I was young and healthy with fresh parts that they probably had already auctioned off. While I was in the coma, I seen the door with the light shining around it, but it was still closed for me. The Lord's way of telling me that it wasn't my time yet, and that I better try better next time! Everyone make friends with Jesus, because we're all going to be knocking on that door sooner or later.

@glenncoon6639 Жыл бұрын

That is solid advice, I planned on moving south at retirement but the wife is fixed in the area because of family. I have enough in savings for a decent retirement and am 69 I am worried that life is passing me by because we don’t do things to enjoy life .

@JerryPinkas Жыл бұрын

Best of luck! Don’t let life pass you by! Thanks so much for taking the time to comment and I’m so glad that you enjoyed this video here on this channel

@gieb6428 Жыл бұрын

Well you could go to Disney World for a couple of days and spend $3,000 . How about traveling by air and paying big bucks to wait in lines get searched and squishing your cloths in a micro bag to save more big bucks. Maybe you could spend $150,000 for an RV and travel that way, of course it may cost you $150/night to park it and also it's not much fun driving on the road these days and remember to load your gun for expected occurrences. Ask the neighbors to come over to play cards and eat some snacks.

@leeshepherd8486 Жыл бұрын

Just got home from a FL vacation. Been there and SC countless times. Im 44 years old and have been planning for the future. Our dream has always been to take early retirement and move to the coast. However as we are not 25 anymore and have matured over the past years we've decided to look elsewhere for a hear after home lol. Don't get me wrong. We love the beach but it gets old. The hot weather,the traffic,the crime rates. I've personally know 3 retired couples in VA that have sold out,moved to the coast and have moved back within 3 years.

@JerryPinkas Жыл бұрын

Thanks for watching and sharing your story with others

@user-wt5oe4mc6h Ай бұрын

First time viewer. Very good information on various "averages" related to retirees. I plan on looking for some more of your video's. Thanks. God Bless! John

@josephjalbert3642 4 ай бұрын

God Bless. Excellent advise. Time is critical if you are healthy enough to pursue your dreams. We always avoided dept, paid off the house first, budget expenses, etc., put our daughter through college, no loans. Thanks for sharing wise advice and knowing where we are according to the norm.

@tomd5178 Жыл бұрын

Good info. Due to some poor financial decisions in my early 60s, I wasn't able to retire until I hit 75, about 2 years ago. Very happy I realized I could easily make it happen then. No debt and my expenses rarely exceed 60% of my income. Most of us wonder if we have enough. But if you track income and expenses and perhaps eliminate some frivolous stuff you'll be ok whether you wanna be living at the beach or anywhere else

@JerryPinkas Жыл бұрын

Great job! Thanks for sharing your story with the others so they know they can do it too! And thank you for taking the time to watch and comment on this video. I’m glad you found it helpful.

@pamcornelius9122 Жыл бұрын

Great video! My husband retired with a federal pension at age 56. He died unexpectedly at age 61. I receive 50% of his pension and started taking SS survivor’s benefits as soon as I was eligible at age 60. My house is paid off and I have a basement apartment that I rent out. My main problem is finding a purpose in life after suddenly finding myself widowed after 41 years of marriage.

@christineboydstrongtower Жыл бұрын

I don’t believe anyone anymore…75? Come on

@tomd5178 Жыл бұрын

@@christineboydstrongtower you can be skeptical but it's true. I wish you well

@selenaphillips6971 Жыл бұрын

@@christineboydstrongtower On my job, there were two in their 70s. One just retired last year. The other one I believe will work until either by illness or death. I will retire in 10 years but I won't be in my 70s.

@farcloud3701 Жыл бұрын

A good age-based guideline often cited (and one I follow): 30 years old/1xsalary; 40/3xsalary; 50/6xsalary; 60/8xsalary; 67/10xsalary. Conversion of home equity (downsizing) counts to this goal if you need to do that. Thank you for referencing "median" not "average" values when describing saved amounts, those are hugely different. Love the comment "its not how much you make, its how much you save". So true.

@JerryPinkas Жыл бұрын

Glad you enjoyed this helpful video. Thanks for taking the time to watch and to comment.

@gregkloe Жыл бұрын

These kind of stats often have me scratching my head. Are these calculations designed so you can maintain your current lifestyle? 10x a $50k salary is a lot different than 10x a $150k salary. This guy is a bit of a breath of fresh air. So many advisors use that magical $1 million minimum needed in order to retire. How many retirees have that much in their portfolio?

@farcloud3701 Жыл бұрын

@@gregkloe The retirement calculations are "relative to the expense level you're used to", there is no absolute number. I think that relativity is important.

@gregkloe Жыл бұрын

@@farcloud3701 So if I'm making XX money, raising kids, having a mortgage, car payments, etc and then in retirement, I have no house or car payments, no kids to support I can probably use a lower multiplier or use a lower income number x the 10?