Your health is good.... You're richer than you think.

We experienced the pinnacle of our era, but it is now gone. Like what happened to Rome, the corrupt administration will bring this nation to an end. My condolences go out to anyone who is close to retiring and may be worried about whether their pension will be enough to pay the rising cost of living. Insane fiscal policy, poor regulatory policy, poor energy policy, and poor foreign policy

No debt equals FREEDOM.

1. Debt free ❤❤ 2. Low withdrawal rate ❤ 3. Multiple resources ❤ 4. Have emergency fund❤ 5. Don't think much about money ❤ 6. Have inheritance ❤ 7. Contribute to charity ❤ 8. Have CPA do tax❤ 😂😂😂😂😂😂😂😂😂😂

This man knows the game. Listen if you want to retire.

My concern is retiring with just close to 400 grand, Not sure it will not sustain my retirement. The more I withdraw, the harder it will become for it to recover through compounding returns

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement. My question is, do I pay off mortgage as a near-retiree, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?

Schmidt's commentaries are always welcome, mostly because they confirm what I believe. Confirmation bias for sure, but his advice is smart. Had I listened as a younger man, I would be even more richer than I think. But the arrogance of youth is one of those life lessons that has to be experienced sometimes.

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding.

Some expenses never go away: 1: Property taxes 2. Property insurance 3. Umbrella insurance 4. Auto insurance... it never ends.

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and have $40,000 in CDs. Since the goal of getting a job was to save for retirement and NOT up my lifestyle, I was able to do this quickly. If I can do it making $15,000 a year, anyone can.

I think the key to having enough at retirement is to be very moderate in spending any income increases you will have over a working lifetime. Invest at least half of the new money you get, or use the money to pay off debt. And focus expenditures on improving assets, like one's home. Paying off credit cards is a must, or you never catch up. One last thing, learn to do things yourself - rather than pay others. Anyone can learn simple plumbing, home repairs, simple car maintenance, cleaning, cooking, or even mowing their own grass. I see a lot of young people paying for all of these services - and it's a big drain on savings.

Thank you for all you share ,truly. grateful !

"if you are watching this video, you are richer than you think" haha I feel richer already.

Thank you holy Schmidt.

THANK YOU JEFF FOR SOME GOOD INFORMATION.

The truth is that most of us can afford to be rich or live rich, but not both.

Happy Father's Day Geoff Thanks for taking time to do this Great Video!

Awesome video! Happy Father’s Day!

Thank you Schmidt. Great information. Kind regards from Denmark.

Happy Father's Day Jeff!

What great information! Thank you Schmidt!!! Kind regards from Denmark.

Thank you for this video. I learned alot.

I always enjoy this type of video. After listening, I realize I am better off than I'd expected.

Thanks Geoff! ❤

Great video.

Thanks Mr S

I waited until 70 to take social security. Almost doubled my annual payout

Excellent video . . . forwarding to my 3 adult children! Thank you!

Thanks!

It is wild that coin collections appreciate in a predictable fashion. You learn something every time on this podcast.

Another great video, thanks! Also debt free, low withdrawl rate, multiple (small) streams, large emergency fund, safe investments. All thanks to folks like you!

Thx!

thank you

Great video. I am fortunate to be in a good situation, though I am not ready to retire. Another six years or so, as I am targeting 65. Thank you for what you do

Great point about a 3 year emergency fund being an investment fund in reality.

Thanks Jeff - Im retired and trying to get most of the Morgan silver dollars dates in BU Condition together👍

Take a drink every time he says "Let me explain..."

Thumbs up Time !

Numismatics is fun. 😊

I guess I’m richer than I thought. Thanks for the insight.

This is pure gold. Every high school student should watch this. Could you do a video about QCD (Qualified Charitable Deduction) for IRA accounts? Great way to donate RMD's with no tax burden,

I fit almost all of these profiles but I do think about money a lot. I think it keeps you there.

I am doing fairly well for a debt free guy at 74 years of age

ok. Love the content, but what's up with lamp?

My husband invested in annuity’s. 2% interest and fees are horrible. Locked in for 10 years. Stupid

I just watched your light slowly flashing, on the left side of the screen, and when it flashed 27 times ... you were talking about something?..

Someone has zero consumer debt, paid off home, multiple income streams, never worry about money and a net worth higher than when first retired. What does it even mean to say that person is richer than they think? I think they already know.

Loved this insight into personal finance. But, what’s up with that light in the background ? ? Is that his signal to pay his debt to the power company ?

@Jeff, first of all, Happy Fathers Day! I wanted to ask if you could sometimes cover what is referred to as a bond ladder. Both inflation protected and not inflation protected. In our case, in our 70s, we have adequate retirement income and six figure stock portfolio. No debt. So we are doing just fine today. My concern is my spouse who is not financially literate. I would like to consider changing from my diversified dividend portfolio averaging 5% to a bond ladder perhaps 20 years. But I get confused about them even when discussing them with the brokerage person. Can you go over them and suggest what to consider please? Thank you much. Robert P.

One other aspect of student debt is that education allows mental instead of physical labor or changes the type of physical labor.

All and all, I like your entire presentation. You speak calmly and pace the information well. So I gave a like subscribed. 👍🏻

No debt but no house either. Haven't had any debt most of my life, only debt I've had was when I had a mortgage and that was only for ten years.

Lol being child-free is a great financial boost. Had a friend who was thinking of selling his children lol

Why is the lamp light going on and off?

I check off every one of the items on your list in the affirmative. I have to admit I'm shocked. Trust me, this was not by design but because of dumb luck. Kind of scary when you think about it.

The light flashing off and on, waiting for his ship to come in?

Geoff, what is up with your lamp flashing on and off?

Low withdrawals are the goal but how do you manage RMD’s and the taxes when due? It seems that will accelerate the withdrawals thus defeating or at least reducing the goal amount.

Hi Geoff, do you have a video on spending down in retirement? I get to retire this year, 2024, and I don't know what I'm doing. I am a subscriber. I am not on any social media.

I reviewed last years tax return my new wife had a CPA prepare and he deducted depreciation on her rental based on the full purchase price of the rental (land plus improvements). As far as I know you don't depreciate the land. Seems like a sneaky trick to get her a refund to justify the lofty price he charged her.

I have issues with treating a paid off house as an asset. Sure you can sell it for a lot of money, but you need someplace to live. Also, you could take out a loan against the value, but how you have another debt. For my conservative strategy I only consider wealth to be something that does not create debt when exchanged for goods and services. Cash, equities, coins, etc.

What is the avg. debt?

Please let us know what the blinking light on the left side of the video is about. Not sure if it’s motion activated by a pet behind your screen or if it’s Morse code for something. Thanks!

I think there are some signs of that

Raise your hand if you want to know where Geoff got that cool lamp in the background? ✋

Could you please do a video on the amount of income you are limited to earn while taking SS early.

What's the point in retiring unless you can do it in Caligulan splendor?

Assets attach to debts

Would being married be another sign? I seem to have read somewhere that married couples come out ahead financially compared with unmarried couples. Generally.

Geoff, I enjoy watching your videos and appreciate that you speak to often overlooked aspects of retirement planning. I completely disagree with you on one point in this video, namely that notion of structuring an inheritance to control its use by beneficiaries. Sure, you can do that if you want. Personally, I think it is evil. If you make a gift, it is a gift. It is not your money any more. If the beneficiary is stupid and squanders the money, so be it. The beneficiary is no worse off than before. I personally know of cases where a parent put money in trust for children. The children then had a disabled child and were not able to access the money in the trust. Pretty horrible, eh? I know another case where parents put money in a trust for children and one of the children immigrated to another country. What a financial mess, eh?I know a third case where grandparents set up a trust for grandchildren. The in-between generation were the trustees. The money way supposed to be distributed at 30-but the trustees were incompetent and somehow came to the belief that the money was not to be distributed to 40. Is this good? You might think, we can structure the trust better, more flexibly. No you can't. You do not know the future and you cannot know how best to use the money. Only the beneficiary can. I would make an exception for young beneficiaries. I set up a testamentary trust for my children with a partial distribution:, one-third at 21, remainder at 25. Otherwise, good job!

What if you have debt, at zero percent, but you’re paying down debt and living on 2 social security checks, and not withdrawing any of your IRAs yet?

Is there a way to determine the value of a pension when calculating your net worth?

My financial advisor has told me that you never use the value of your home to determine your net worth.

If I may, I have a question. I am retired, I bought a house to renovate 2 1/2 years ago and it is stll not complete, and I have no clue how much longer it will take. I am looking to sell as is. Do you have any advice on how I would do that? Do I get in touch with a realtor or an appraiser? I have no debt, but this house is an albatross. Thank you

Of course very American centric Don't forget that your local authority can, and will, raise property taxes as needs fit

Great video. I am lucky with $900 in checking and $2000 in savings. I am set. Just kidding. I do give money to family in need. I ask them to use the money wisely and to date they have (funds only to their children with education). I appreciate your videos and please let me know if you traveling to Clearwater, FL in the future. You can stay with me on old Tampa Bay where I recently build a dock in memory of my wife. My home is 3 years old which I purchased in 2021 as I retired. Both of us military were on active duty and she died in 2014 and is buried in Arlington National Cemetery with full honors.

With the "you will own nothing and be happy" threats, seems like a good time to pack it all in for a while and invest it in yourself before your pension is forcibly invested in collapsing bonds.

Really, some of you are more worried about the lamp in the background than the info? 🤦🏾‍♂️ However, he can change up his voice reflection because it is very monotone and can put you to sleep. 😂

Had to play it 1.25 to 1.5 speed normal was to slow.

I think the people that should be worried are those of us who are retiring with less than a million. I have only 650k in my Roth and I don't know how to grow it.

My husband likes having a mortgage for the tax deduction. So what are the benefits of having no mortgage compared with the tax deduction benefit?

I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.

Credit card debt? Great way to ruin your life. If you can't afford a new refrigerator, then why would you think you could afford a new refrigerator and 20% interest? Credit card debt is the mirage of a solution to a lack of savings.

Why can't an investment fund be an emergency fund. Cash in a high yield account is a good thing.

Hi, I have coins and want to sell them. Any idea how I can do that?..

I don’t buy it that the average retiree has only 10,000 saved. I mean if it means 10k in the bank then I buy it. Most people have a Roth, 401k, a spouse with a 403b, a military pension or tri mark healthcare for vets. Or, we are not striating between age 25 and age 65.

😀

I can live on nothing! But I am lucky to have a sticks and bricks to back me up and no debt.

Having a 100k in my emergency fund is a goal i am getting close to.

Student load debt was considered ok debt IF, AND ONLY IF, it will allow you to get good paying job. Some of today’s grads are not getting good paying jobs associated with their debt.

A lot of scammers here pretending to have the best financial advisor here.

Paid off mortgage 10 years ago; never had a credit card debt; not retire yet, don’t think we need to withdraw from saving at all, have pensions now, will take SS later, saving, checking, Roth and regular IRAs, 401k; interest and dividends are about $80k a year; have several millions liquid investments DW is a trained tax professional Think we are slightly below average, not rich at all.

I have been investing in index funds for over 30 years my home is paid off in 2 years all this after divorce and 18 years of child support i can retire comfortable in 5 years with 5 streams of income😂

Are you a priest??❤😮 holy man of the ckith. Just kidding, sir. Keep up the good work. FYI My m ain't goals = Maximize Soc Sec payment, being debt free by FRA, Keep physically & mentally Active

YEAH! I’M FIRST!!! (Making me richer than I thought I was!). : )

Sure the home is a decent asset but I’d be sad if it was larger than my 401k.

Never had any yard apes or curtain climbers so i am richer than i think.

I'll try not to feel sorry for myself, no it's unproductive. I'll go down fighting like my VIKING ancestors! NO DEBT yet, just broke.

1) Paid for my brain damaged sisters care for 20yrs. 2) Raised my 3 kids and her 2 with zero support 3) Paid 100K for my children’s healthcare including heart surgery etc 4) Where’s my path?