The Five Things That Will Make You Financially Secure In Retirement

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This video, The Five Things That Will Make You Financially Secure In Retirement, talks about the fundamentals of retirement, many of which people get wrong, or worse yet they miss completely! The content of this video should be part of every retirement planning discussion, most importantly the last point! This is particularly true when talking about retirement security and the best strategies around safety in retirement.
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Пікірлер: 583

@knrranch1910 Жыл бұрын

Seems to me the key to financially successful retirement is to let go of any need to impress anyone.

@monarene44 Жыл бұрын

I do like to impress people with the fact that that I have hot and cold running water. There is no bottom.

@danarzechula3769 Жыл бұрын

Just don't need healthcare as you age. You'll be fine😂

@jr.6199 6 ай бұрын

So true, i like that saying, "what others think of me, is none of my business". You'll impress yourself when you retire with cash flow to travel.

@audreyandrea460 2 ай бұрын

@@jr.6199 No one needs to travel. It isn’t a necessity.

@jr.6199 2 ай бұрын

@@audreyandrea460 travel includes on foot, bike or bus too. Everyone needs a change in perspective. Now go impress yourself, get away from this device for a day.

@scottarmstrong11 11 ай бұрын

As a soon-to-be retiree, keeping my 401k on track after a bumpy 2022 is a high goal. I've read about investors generating up to $250k ROI in this present sinking market; any suggestions for increasing my ROI before retirement would be greatly appreciated.

@Johnlarry12 11 ай бұрын

there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

@suzannehenderson5 11 ай бұрын

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

@emiliabucks33 11 ай бұрын

@@suzannehenderson5 Please can you leave the info of your investment advisor here? I’m in dire need for one.

@suzannehenderson5 11 ай бұрын

Christine Jane Mclean. You can easily look her up, she has years of financial market experience.

@emiliabucks33 11 ай бұрын

She appears to be a true authority in her profession. I looked her up online and found her website, which I browsed and went through to learn more about her credentials, academic background, and career. She owes me a fiduciary duty to act in my best interests. I set up an appointment to use her services.

@christopherhennessey8991 Жыл бұрын

Seven years after retiring, I became virtually debt-free. Claimed my RN pension at age 55, as I already had 30 years of service at my employer .At 62 I claimed my Social Security benefits. In the subsequent 9 months,with Social Security benefits as my second income stream,I cleared all my debts. Am replenishing my savings and it feels wonderful.

@r.d.shelton413 7 ай бұрын

I’m smiling with you..Best to you 🤗🇺🇸 enjoy your retirement!

@robertjohnston8876 Жыл бұрын

In 1990 the builders motto was “your house should reflect your success in life. -the bigger the better. I got taken in. Do not get over housed and highly mortgaged Happiness is a comfortable size house and mortgage free. Also buy a two year old car and drive it for ten years Finally no costly toys You never know what lies ahead

@pagosabob10 4 ай бұрын

As now a long retired homebuilder, I had no motto about what people needed to buy. I just provided what they wanted. Simple fact.

@nanniecath528 2 ай бұрын

we operate differently in Australia - start out with and possibly stay with a basic 3 bedroom house - one toilet, one bathroom. 4 children share 2 bedrooms. Plenty of backyard or nearby parklands.

@scottthompson5855 Ай бұрын

Hi Geoff! Thanks for another great video. I retired end of May with oveer 38 years working in insurance. My wife and I are debt free and have been for a couple years. She plans to follow me into retirement in one to two years. I just purchased a used Luxury SUV (2021) with a year of new car warranty and two years of certified warranty. The car was a lease and only had 5600 miles from new. I had put a deposit on a new SUV, but couldn't justify the additional expense of new when this vehicle ($5k less) did "it all" as well. The one thing you missed and is SO IMPORTANT is your health. Maintaining good physical and mental health are critical. NOT doing so is catastrophically expensive. Work on your health as well as these five for ultimate security in retirement. Cheers!

@miketracy9256 3 ай бұрын

I AM STILL WORKING AT 77 AND WE BEGAN SS AT 70 AND HAVE NO DEBT SO WE ARE WELL OFF, DESPITE MANY YEARS OF LOW INCOME AND A STAY-AT-HOME MOM.

@kibblenbits 2 жыл бұрын

I retired at 68, after 52 years in the workforce, in 2019. I had put myself in the position of having no debt and am in good health. All my household bills (utilities, insurance and taxes) total less than 15% of my monthly SS income alone. I still save, have a cash emergency fund and I'm enjoying my retirement to the max!

@bruced.370 2 жыл бұрын

Sorry, no way is that possible unless you are homeless

@lindad6223 2 жыл бұрын

actually, this is possible, in a paid off house, and depending on where you live. A your mileage may vary. I doubt you could do this in New York or New Jersey! my baselines: Mortgage: 0 Electricity: 8.18 - solar. and I leave the lights on. system is paid for. Gas: 35 Water: 30 Though, I need to not over water the garden in the summer. Trash: 15/month (highway robbery!) Insurance: 75/month Property Tax: 180/month. of course, it goes up if I count a specific budget for home improvements or repairs. But baseline taxes, insurance, utilities... the house... it's not brand new, about 30 years old. Updated over the years, 2 year old roof, 10 year old mechanicals, half acre and it's not a single wide.

@howellwong11 2 жыл бұрын

Me too. You are not alone. My expenses is 30K and pension plus SS are 45K. Your 15% is pretty low.

@curtisrandolph1887 2 жыл бұрын

Not possible. 4194 is currently the max. 50328 a year. 7549.20 total annual expenses. Not happening.

@ConnectCommit Жыл бұрын

Social Security only for us as well -- mid-sixties with $5,374 in monthly SS. Zero debt. General fixed expenses: $16,488 Groceries/Entertainment/Dining: $24,000 Travel/Gifts: $24,000

@kristinal-ghoul2680 Жыл бұрын

My husband and I have never carried credit card debt-we always pay off the cards monthly! And one of the best decisions we made was to refinance from a 30 year fixed mortgage to a 15 year fixed. The house has been paid off for several years now and that allowed us to pay for the kids' colleges without hardship!

@jayo6725 2 жыл бұрын

Marginal utility is a great concept. I got into serious road biking at the start of the pandemic. I bought a 12 year old road bike that originally sold for $4500 for $500. Last month I began to think about getting a new road bike. The bikes that are better than the one I own are about $5k. I finally decided to ditch the idea of a new bike because it wouldn’t provide me $4500 of additional enjoyment above what I have now. I can live with the old bike; it provides what I need.

@HolySchmidt 2 жыл бұрын

Sounds like fun though!

@westlofdave7266 2 жыл бұрын

Diversification of Investments is really a great idea for multiple streams of income.

@RebeccaAClark 2 жыл бұрын

@Adnan Khan That's right! Even in retirement, I have lots of investments that I make profits from. I invest in bitcoins and property.

@RebeccaAClark 2 жыл бұрын

@Niklas Gerhard You shouldn't invest in bitcoins without professional guidance. You need a professional to guide you through the process.

@RebeccaAClark 2 жыл бұрын

@Niklas Gerhard *Alicia Seda* is one of the best Professionals on bitcoins I know. She has a way of making huge revenue in just one week. She is my investments manager. Her services assures you interest, daily and weekly.

@CheckThisOut77 Жыл бұрын

Diminishing Return: I really wanted a cool “toy” car. I looked at lots of options. I ended up with a Mustang GT convertible. Other cars were 2-3X in price but not 2-3X in the fun factor (my goal). I bought used and paid cash. I discovered Mustang clubs, I loan it out to friends, and love driving it. Right now, my friend Myron and his wife are having a blast with it up north. That is part of the “fun factor” for me (something that wouldn’t work if it was a “supercar”).

@DrSchor 3 ай бұрын

You are letting everyone know than not even viagra works now.

@user-mz6sh2xr7f 2 ай бұрын

Sounds like a fine choice. Enjoy.

@theunlearnedmind7374 2 жыл бұрын

I paid off all my debt in my 30's. The cash flow is amazing and the reduction of stress shouldn't be understated.

@HolySchmidt 2 жыл бұрын

Totally.

@theunlearnedmind7374 2 жыл бұрын

@@HolySchmidt 😀👍

@richardsteiner8992 Жыл бұрын

So did I. Then I was laid off as an airline employee after 9/11. Boy, did that change things.

@kburkes4245 2 жыл бұрын

40% of retirees have debt. That really surprises me. The only way I'm going to be able to get by in retirement is by having no debt. My house will be paid off in 5 months; retirement in 11 months!

@bookmagicroe9553 2 жыл бұрын

@Kate Burkes: We retired with the house paid off. When housing prices around us went up it caused property taxes to go up. We've been quite surprised at how much property tax we pay now that we've been retired 15 years. Plan for that.

@davidsandy5917 2 жыл бұрын

If I retire it will be in 5 to 10 years. Considering my personal issues, I have not decided on buying or renting. I could buy a new home cash but adding the variable of taxation, it might cost me less to take on a mortgage. Too many financial decisions come down to taxes.

@JoeGiz64 2 жыл бұрын

I would have expected the % with no debt to be much more.

@yarnchickenkim 2 жыл бұрын

If your debt is in a mortgage on a rental property that brings you more than the mortgage is, that’s not bad debt. That’s a good investment. There are probably lots of retirees who bring in rental income like this.

@jml9550 2 жыл бұрын

Me too. I am on pace to pay off my primary resident $328K mortgage in 25 months, this December will be my last payment and I will hit 50YO in Oct. with 3 other rentals, 401K and healthy saving, I hope to retire by 60. These houses are all in the SF Bay Area.

@Erikkurilla01 Жыл бұрын

Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.

@Lemariecooper Жыл бұрын

you should consider financial planning.

@jessicasquire Жыл бұрын

It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.

@patrickbrussels4454 Жыл бұрын

@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.

@Erikkurilla01 Жыл бұрын

@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.

@patrickbrussels4454 Жыл бұрын

@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.

@Kevin-hy8ok 2 жыл бұрын

The price of anything is the amount of life you exchange for it. Henry David Thoreau

@anjou6497 6 ай бұрын

Such a nice picture of you looking happy with the sunflowers, and nice green shirt Geoff. 🌱🌻

@ktube2020 11 ай бұрын

This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k outside funds in my IRA to invest in stocks. Pls how do I take advantage of the market turnaround?

@kkybaggy 11 ай бұрын

now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.

@stillrising1999 11 ай бұрын

A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

@c.t.u.o 11 ай бұрын

This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advisor.

@stillrising1999 11 ай бұрын

I started out with an FA named Nicole Desiree Simon Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.

@c.t.u.o 11 ай бұрын

I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.

@javelinaflips-annie5000 2 жыл бұрын

62 and 8 months. Will begin receiving Surviving Spouse SS payments in August. My husband passed away 1 month ago. Retired CFO. He took good care of my stepchildren’s and my financial future. He was very physically active but cancer took his life. RIP

@Robw1960 2 жыл бұрын

Sorry for your loss.

@aljano1976 2 жыл бұрын

I’m sorry you lost your husband. Please carry on in his honor and out of respect for him - you know that’s what he would want you to do. Sounds like a good guy……..and I’ll bet he loved you and your children very much. Damn cancer. 🇺🇸

@speak2theresafox 2 жыл бұрын

Please accept my condolences for the loss of your husband. Very difficult time. I am sorry.

@CarlosRodriguez-ox3bg 2 жыл бұрын

Sorry to hear about your husband. My biggest fear. I am physically active nearing 60 and thank God for every day I awake

@danklein8587 Жыл бұрын

I am amazed that most people need to ask their financial planner if they have enough money to retire or if they have enough money to purchase something. I have been my own financial planner for over 30 years and I am kicking azz-:) And I managed a warehouse. I am not some college educated person. I went to the school of hard knocks and won-:)

@allenbmooresharinginformation 2 жыл бұрын

There is a peace that defies understanding being debt free.

@JohnnyBfromPeoria Жыл бұрын

Absolutely. It has been very liberating for me. My last thing was the house. It even made going to work easier.

@rhondavigil795 Жыл бұрын

Agreed.

@KathleenMcNe 2 ай бұрын

Yes!

@peterbedford2610 2 жыл бұрын

Invest in taking care of your health. As we age, it gets less reliable and not a "given". ...and without it, all this talk of financial issues wont mean squat if your health is shot.

@davidsandy5917 2 жыл бұрын

I agree with you, just don't depend on anyone else doing it for you.

@deeanndickson6195 2 жыл бұрын

Health is wealth

@jml9550 2 жыл бұрын

Can’t agree more. I will be debt free by this December and 50 years old. With no debt, 3 paid off rentals, 401K and cash and $200k 9to5. hopefully I can retire by 60 and start collecting ss by 62. 10 more years to go and This is all in the SF Bay Area.

@nygardenguru 2 жыл бұрын

Garden helps

@davidsandy5917 2 жыл бұрын

When I eliminated debt some years back, it was like getting a raise. Never carry debt that isn't earning more than you cost of capital.

@ralphreed7342 2 жыл бұрын

I have watched several of you straight forward videos. Thank You!

@timothyernest6429 Жыл бұрын

Very honest, sober, informative , and educational financial presentation regarding this specific topic . Thank you sir.

@tedfisk1211 Жыл бұрын

We retired in 2020 and had paid off the mortgage a year earlier. I manage the money and let my wife know what is going on with bills and investments and retirement income and we regularly talk about them. I know the credit card balances and pay dates as well as the checking account balance. I know when the various insurances and property taxes are due. I know the monthly utility bills and vehicle registrations as well. I have set up the bank to auto pay most of our bills. The key is to know all this information so that there are no surprises. Another thing that will help a lot is to lose weight and eat better. Managing all of this takes time, but in retirement, you have a lot of time and therefore, life should be fairly easy.

@rightwingprofessor1356 Жыл бұрын

TED...some thing to consider...while you are able to do all these things today, what plan do you have for the onset of dementia or cognitive decline? I am 72. I have more financial education that 99% of Americans, as I am a college professor who has taught financial planning and retirement planning for the past 14 years. Prior to becoming an academic, I was a financial services professional for 12 years. Prior to those two careers, I spent 28 years in banking and finance. It is great that you have your financial dates and amounts and a plan in place...today. But if you passed tonight, would your spouse be able to replicate your capabilities? Continued success in your retirement.

@cathies8655 Жыл бұрын

Love love love your videos…..you are a great teacher!

@terrywalker8857 6 ай бұрын

I really like your straightforward approach in your videos. Thank you!

@drrami757 2 жыл бұрын

My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

@zoeysdad4662 2 жыл бұрын

that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.

@laurenlondon848 2 жыл бұрын

I just looked up Diana Claire Lougen online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-markett goals

@loustoneberger8921 2 жыл бұрын

Some people,maybe lots of people,don’t seem to ever understand simple math. I don’t think there’s any advice that will help most of these people. Almost all people who are solid in retirement were that way thru the years. Pay your self first..live with in your means..always know your limits…. Usually a life time of foolish decisions it’s not turned around in one year…. Best channel on KZfaq thanks

@davidsandy5917 2 жыл бұрын

I could have retired years ago. The problem is I do know what the future might be like. I lived through the 1970's and see it happening again. I am fully employer and collect two different pensions. I could quit today but tomorrow is always in question. As long at inflation is a question, and as long as taxation is a question, I am staying employed, it is my best alternative. If people want to understand their position, the need to understand the time value of money. A simple google search would tell them that. The other thing that would help would be a search on NPV. That would help in making good decisions about what they should be investing in for the future.

@vincentharris7909 2 жыл бұрын

Straight up solid comment. It did not start the day of retirement, they always lived that way.

@janebutz5375 Жыл бұрын

I am a new viewer and I appreciate your explanations. I’m no dummy, but finance always made my eyes glaze. You make this topic so much more understandable. I was particularly impressed when you mentioned tracking spending. I’ve been a member of several support groups for years, one of which deals with money. “Keeping my numbers”, by writing down what comes in and what goes out was life-changing. Thank you so much for your work.

@polksie Жыл бұрын

You provide more info fro retirees than anyone I’ve listened to. Thank you.

@torchy187 2 жыл бұрын

Sound is great. Thank you!

@lindadorman2869 2 жыл бұрын

Here are my 5 tips: 1. No debt of any kind, even if it’s zero interest. 2. Don’t stop saving - resolve to put away 10-30% of your monthly income. 3. Don’t spend more than 30% on any one thing in your monthly budget. 4. Keep a 6-month emergency fund in cash. 5. Reduce stress and stay healthy - rest, eat, sleep, move around, keep learning and avoid injury.

@russellharris9503 2 жыл бұрын

Great advice 👍

@RichardinNC1 2 жыл бұрын

Good advice but that prevents many from living for now either by avoiding nice purchases, vacations, etc or by working forever to pay things off. They save all this money, only to die 6 months after retirement, never having truly enjoyed life at any time!

@travisadams4470 2 жыл бұрын

@@RichardinNC1 It's a fine line. I've known that too happen. A man worked in the refinery in Texas for over 30yrs. He retired and died a few years later from pancreatic cancer. I remember him being so mad! But his wife and kids were set. A better way it to always ask... Do I need this or do I want this?

@henram36 2 жыл бұрын

If you're under 65, health insurance could possibly eat up 30% or more of a modest monthly income. $4000 income (fairly common retired person's monthly income) would be over $1300/month for health insurance which is not uncommon. The affordable care act ("Obama-care") may be able to save you from this fate though depending on the state you live in and what you qualify for.

@markellinghaus5925 Жыл бұрын

@@henram36 Especially true since qualification for subsidies is based on income, not assets or cash on hand.

@waynestultz8954 2 жыл бұрын

Great video as always. Thanks.

@elbarto9458 2 жыл бұрын

The info is great as always, but with the clock in the background I can see how much effort goes into just capturing the points you are communicating. I’m sure there is much more time in the editing and the preparation of content. Thanks for all your hard work preparing us for retirement!

@leisure057blank3 2 жыл бұрын

Now I have to go back and look at the. Click, lol

@rickbrodston1800 Жыл бұрын

I like your tongue-in -cheek list at the beginning, and can tell you enjoy making these. All the ones I watched are excellent. Newly subscribed, close to retirement (5years or so) would be great to hear you speak on passive incomes in retirement- rental property ect. Once again Thank You for your service!

@richardmanhire9320 2 жыл бұрын

Having our home paid off and our car also, is a blessing. Also, we no longer drive two cars---we need one only.

@amyclea Жыл бұрын

Always sound advice, thanks.

@jboughtin7522 2 жыл бұрын

I see it has been said, but I will mention also. I have always lived below my means and I gain a sense of security from that as I see money saved and invested consistently growing as I approach retirement.

@jimmyamico4713 Жыл бұрын

Geoff! Your videos are truly inspiring to do the right thing and to keep doing the right thing for the rest of one’s life… Thank you for all your hard work. I look forward to watching every video you have done. Respectfully, JimmyUSAF 🇺🇸✈️✝️💜🙏🎄👍😇🇮🇹🌎

@dixiebrick 2 жыл бұрын

I would add that get major appliances, water heaters, roofing, plumbing, ac/heating all replaced if needed before retiring.

@davidsandy5917 2 жыл бұрын

A good thought. I am currently getting medical issues addressed before potential retirement, while insured.

@dixiebrick 2 жыл бұрын

I totally replaced my ac/heating a couple yrs back by a 1st rate company and living in the south it has been a great investment.

@reneeboutwell8048 2 жыл бұрын

I agreed to that. I recently replaced washer, dryer and freezer. A/C and stove will be next before I retired at 66 and a half Appliances are expensive these days and being in debit with these is like asking bankrupcty. Car needs to be paid as well

@1958Jay1 2 жыл бұрын

Don't forget a retirement plan for your oral health. I recommend to my patients that they get their teeth fully fixed prior to retirement. That way all they have to is maintenance visits during retirement.

@conureron3792 2 жыл бұрын

Good advice!

@ShamileII 2 жыл бұрын

Great video! I'm 55 as of yesterday and financially retired. I work in my own business for the enjoyment and my dividend portfolio pays more than my monthly expenses.....and 0 debt period. I mention this because I love learning from your videos on what people have done wrong at the doorstep of retirement... when it's already too late. Your advice to them allows me to make possible corrections before I get there. Thanks for all the valuable information! One thing I would mention to people is to create an income statement and a balance sheet. I adjust it monthly and when I add to my stock positions to calculate the increase in monthly income from the dividends.

@beautyRest1 2 жыл бұрын

My company made us a good offer when covid hit. I decided to retire. Since it came unexpected I had not much money in my 401 K. My husband passed away shortly after and from the little life insurance I paid my condo off. Thank goodness I have no debt. I don’t have a lot, but I can make it. My association fee is 400$ a month and then utilities, which is about $50. Thanks for your video!

@ontheotherhand7627 2 жыл бұрын

Condolences on your loss, and wishing you peace on the road ahead.

@beautyRest1 2 жыл бұрын

@@ontheotherhand7627 thank you for your kind words.

@davidfolts5893 2 жыл бұрын

I always build in a margin of error for any plan I create. Great video, thank you very kindly.

@thomaswiegmann4184 2 жыл бұрын

I think you should put more emphasis on health and health maintenance

@davidbolain3907 Жыл бұрын

I agree with most of your opinions regarding retirement. We have no debt. Two new vehicles last year. Now doing some minor home improvements over the next couple years. Plenty of SS and Ira Income. But I listen to your vids when they come out. Thank you!

@HolySchmidt Жыл бұрын

Thanks David

@williammccaslin8527 2 жыл бұрын

We track every penny that come's in an go's out for everything, always have an always will, all done on our pc weekly, an monthly an yearly. But we're frugal an watch our pennies, lessons learned from my grandparents who lived thru the depression. I always ask myself, do I need it, or do I just want it, before I make any purchase, an I always do my homework before I buy anything, an I always take at least 24 hrs before I make a purchase for anything, kinda puts a stop to impulse purchases. Thx for the vid Geoff

@dwightdopilka5419 2 жыл бұрын

Being debt free with financial margin makes me secure and free!

@alexsteven.m6414 Жыл бұрын

Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.

@user-mz6sh2xr7f 2 ай бұрын

The stock market is very strong. The labor market is very strong. I suggest you rest easy. 😊

@carefulconsumer8682 Жыл бұрын

Excellent advice.

@Brutaga Жыл бұрын

Truly enjoy your channel. As a New Zealander our retirement/pension automatically commences at age 65 and continues for the rest of your life. So I was somewhat surprised that in the USA, superannuation employs an expiration date. That aside thank you for your clarity in regards to making retirement issues simpler.

@MrDuncl Жыл бұрын

Here in the U.K. a colleague got a 24% uplift in his state pension by not taking it until he was 67. Unfortunately they changed the rules a couple of years later and I won't get any state pension until I'm 67. The current big debate is the "Triple Lock". Due to the Bank of England's inability to control inflation the state pension is going up 11% this year. Meanwhile they are wondering why nurses are complaining about a 4% pay increase offer.

@ytalchemy Жыл бұрын

No, the federal retirement system in the US (Social Security) lasts for the entire lifespan of the retiree. There is no "expiration date" except death.

@FRANKLIN-nu6wo 2 жыл бұрын

I always enjoy hearing what you have to say!

@albertprazolam4341 2 жыл бұрын

Concise, straight to the point, no frills and spot on as always. One thing I'd add that my Dad used to say is that if you are 55 years old you should have your house (updated and remodeled as needed) and vehicles paid for. I understand that the recently low but now increasing Fed Funds Rate might have lead to rebuttal on the house point. But this was not only a thing based on financial reasons but also on peace of mind going into your retirement. I worked hard and was blessed/lucky enough to have achieved both house and new 4Runner paid off (bought 4Runner with cash). As you age past 60 debt is not only a drain on your $$$ it's also a burden on your mental well being. It's a rough go these days and will only get rougher IMO. Best of luck to all.

@jml9550 2 жыл бұрын

Your dad was a wise man. I will hit 50 by this October, with no debt. 3 rentals and 1 primary home all paid offin the SF Bay Area. Family of 4, my rentals will more than cash flow my 2 kids’ college. Start saving when you are young, don’t overspend like most of us Americans.

@michaeld5770 Жыл бұрын

Best way to enjoy retirement is to have no debt. Solves a lot of problems.😉

@maryzuccaro3838 Жыл бұрын

13:28. To track spending, I recently started using my bank's website. It makes it easy to designate transactions for various categories, and gives me a cumulatuve pie chart. I can compare with previous months. When I started this, my expenses went down significantly. It also allowed me to more accurately predict weekly expenses like food, gas, and a little mad money. This allows me to withdraw cash for those items to control spending while robbing Peter to pay Paul for extras without falling into debt. It's a fun game that works for me. This often reminds me of what you said in one of your other videos: "Every dollar has a job." Thank you so much for sharing your wisdom -- helps me every day. -- a single retired RN and grandmother.

@dipaknadkarni62 2 жыл бұрын

Thank you as always. God bless.

@TheLRider Жыл бұрын

I worked for both Jaguar and Aston Martin. Also love Alfas too. Love the concept of Marginal Utility. Happily retired with a FS pension from both.

@colemant6845 Жыл бұрын

Great Logic and thought. Continuous Cash Flow in retirement is the key. Wish you would of said more about how to minimize the IRS taking that cash flow while trying to hold on to Principle. Thanks

@roseother8306 Жыл бұрын

One friend was from an italian family that pitched in and bought her and husband a house when they married. What a great idea to reduce debt and support the new family! Then you pitch on for the next couple. I love this!

@kentjgshelton Жыл бұрын

Love your knowledge base and advice on finances. After learning from one of your videos, that you were a black belt in karate, I’d also love to see some old videos of you doing some old martial arts moves. Your motto could be “Im always fighting to save you money “ haha.

@tomknoff3012 2 жыл бұрын

Turn 63.5 in October, need to retire from a mentally exhausting job I've done for 28 years....I plan on working part time, I have a mortgage 3.2% no credit card debt, my wife provides full time care of her 92 yr old disabled mother who lives with us. I'd love to sell our home in our great market and could make about $200k, but can't.

@stananderson4524 Жыл бұрын

Retired 6 monthes ago. Excellent points.

@OB928 2 жыл бұрын

Not paying off mortgage may make financial sense, but having $0 mortgage payment eliminates *any* financial risk, regardless of interest rate.

@dirtymoney8378 2 жыл бұрын

As always, very enlightening.

@HolySchmidt 2 жыл бұрын

Thanks DM

@stephenlupi4547 Жыл бұрын

Retired at 59. Purchased retirement home in 2019...sold primary home 2022 and paid off mortgage for retirement home. No brainer....no debt...I take one hour per month to go over budget and cash flow.

@davidabbott1951 2 жыл бұрын

I am new to your videos, and am enjoying them. A subject worth discussing, if you have not, is managing the drawdown of one's IRA(s) and other nest eggs in retirement year by year, especially during major market downturns. Liquidating depressed holdings to take a chunk of my money out of a market that will rise again without the future participation of that money makes me cringe a bit. Surely there must be some strategies to optimize the drawdown. Have you covered this? And if not, could you?

@transcend3145 2 жыл бұрын

Great video! Thanks for sharing your insights!

@brookemiller7230 2 жыл бұрын

One of the commenters said you’d better have good health, cause without it, well, you’re in deep doodoo. On that line of thought, I’d like to add that getting the best Medicare supplement policy there is, Plan G, is the absolute best bang for your buck, and in our older years you’ll be needing it. I feel secure, both emotionally and financially with my Medicare Plan G that pays for just about everything that Medicare doesn’t.

@sct4040 2 жыл бұрын

I will too sign up for Plan G in 1-1/2 year from now, I will turn 65, thanks for the reminder.

@kathywalcott290 2 жыл бұрын

I’m retiring next week and applying for Medicare. Thanks for the tip plan G. I’ll check it out. Brokers are swarming to get me to work with them

@pebble100c 2 жыл бұрын

I have used Christopher Westfall's KZfaq channel to avoid a lot of Medicare traps. You should check it out.

@tobirates916 Жыл бұрын

We’re looking at Medicare right now. It was really important for us to check out some videos about the pitfalls of going with the Medicare Advantage plans (often free) compared to the Medigap or Supplemental Plans (like Plan G). The big concern is being able to qualify medically in the future as we age and develop health issues.

@daniellecooper1302 2 жыл бұрын

It's my third month being retired now. And life hasn't been so difficult as I thought basically because I put my head down and made ways for other source of Income. I'm a huge fan of earning more money, and I think everyone should have a side hustle. Side hustling can allow you to earn that little bit of extra money that can help you achieve your financial goals faster - whether it's paying off student loans or saving for retirement.

@daniellecooper1302 2 жыл бұрын

@Michael Kalon You can buy dividend ETFs if you don't want to get into individual stocks. My favorite is SCHD. you can use a coach as well.

@daniellecooper1302 2 жыл бұрын

@Brendan Walsh Nearly impossible however names like KAREN MARIE EMMA is exceptional. Look the name up if you need help.

@SammifromMiami Жыл бұрын

@Michael Kalon just do it. In 20 years or more you will be glad!

@Don.Kiwitas Жыл бұрын

Of course, morally and ethically, as long as your side hustle does not depend on stripping other people of their assets and income sources by scamming them into poverty while you continue smiling. Always consider: "Would your mother/father be proud of what you did today." There is that legacy and reputation beside you everyday, does that have any intrinsic value to your decision making or is a selfish nature sufficient for a quality life.

@joes2514 2 жыл бұрын

When the standard fed tax deduction became higher than itemizing, I paid off my mortgage.

@davidsandy5917 2 жыл бұрын

Something that works for me is that I create once a quarter a balance sheet and income statement. I create these using GAAP and use them for planning. You can do anything if you have a plan. Even if do not understand accounting principles, knowing where you stand will help you plan ahead. The income statement is very illuminating. It tells me what I am spending my money on and helps me understand what I need to adjust in the future. It simply put list your revenues and expenses categorized. You would be very surprised as to how you are using your money.

@jml9550 2 жыл бұрын

I do a monthly spreadsheet for the whole year. You will be surprise if you overspend or underspend.

@placesonthelist 2 жыл бұрын

A trip to Antarctica is not that expensive. I just booked one, they had a 2 for 1 special.

@thomasg5968 2 жыл бұрын

Every month we sit down and review our budget. Not hard to do. This gives us peace of mind & I suggest it be a routine. Knowing your monthly cash flow relieves a tremendous amount of anxiety. That’s a “biggy!” And do not spend above your means! Yes! Enjoy retirement but remember that keeping up with the Jones is senseless and frankly, no one gives a “Schmidt!” lol

@michaeld5770 Жыл бұрын

20 years ago I stopped carrying a balance on my credit card. Pay it off monthly. Always ask myself, " do I really need this purchase?" Drive a 10 year old paid off vehicle. Only debt is my house payment which I make extra principle payments months. Its all about living frugal.

@DiamondLil 2 жыл бұрын

Getting completely out of debt before you retire makes it sooooo much easier to wait until 70 to file for your Social Security. Of course the most important part is taking very, very good care of your health so that you actually get to 70! Investing in your health, strength, and flexibility throughout your lifetime translates to $$$ in your pocket that would otherwise go to health care costs in later life. And floss! And, maybe, get off my lawn!

@jml9550 2 жыл бұрын

Me and my wife plan to retire at 60 and start collecting SS at 62. And yes, there is nothing more important than health, those millions mean absolutely nothing if you can’t spend it.

@millerforester6237 Жыл бұрын

Your health is numero uno!

@Arinya671 2 жыл бұрын

To achieve financial independence and become successful in life, Start investing. Really spent my 30’s and 40’s working for a company which was a waste of my youthful days. Recently started investing in stocks and life feels much more easier... Invest and stay rich always!!

@Erdogan432 2 жыл бұрын

I wish I could like this comment a million times. I have my interests set on investing to better my life, it’s quite difficult to start up without proper guides. My question is, how best can I achieve a productive investment? Any good tips or recommendations will help a lot.

@Arinya671 2 жыл бұрын

@@Erdogan432 Generally, attaining a productive investment requires experience and a higher knowledge. That’s why it’s important to have a financial consultant that would be a solid support structure while investing. I operate with (Eula Roswell digital) a professional consultant who partner with a wealth management firm. Working with her has been a promising experience so far with so much returns acquired

@Arinya671 2 жыл бұрын

You can do a quick internet research with her full names mentioned above and get in touch with her.

@Erdogan432 2 жыл бұрын

@@Arinya671 Just checked out her page on the internet. Her work experience and qualifications are pretty impressive, I dropped a message and waiting on her reply. Thanks so much

@lailacraig1545 2 жыл бұрын

Eula is the best in this space and I’m happy to come across these recommendations. I’ve worked with her and I can attest to her great skills and experience in financial planning and wealth creation. My biggest flex is having an expert like her guide me through making great investments, I will highly recommend her to anyone who wants to be a successful investor

@floridashawn7317 Жыл бұрын

I know exactly how much me and my wife spend on essentials. I also break up CC expenses into 15 categories that I track each month. You have to know where your money is going. Yes I’m a number geek.

@darlenefarmer5921 Жыл бұрын

Can you pls address single, never married, no children retirement! Rarely is this subj approached/discussed! I'm sure that I am not the only person who fits into this category! 😂 Thank you. LOVE YOUR INFORMATION!

@seventhson27 Жыл бұрын

ONE WAY TO PAY OFF the mortgage faster is to DOUBLE UP on the PRINCIPLE of the payment. If you look at the statement, a pretty low percentage of that payment went to principal. If you double that amount in your next payment, AND specify that "overage goes to principal" (otherwise they may just funnel it into the "escrow") that will cut down an ENTIRE payment. You won't see it until the end of the payments, but when I was able to pay off the balance of my mortgage, I had cut the final payment almost in half. ($10Ks)

@dmarcog Жыл бұрын

It is great advice. I did just that for 5 years and saw the balance of the mortgage falling down very quickly. Highly recommend doing it.

@DrSchor 3 ай бұрын

Don't be an idiot. Tying up money in equity that could be invested is how the house rich stay poor. Learn to use the bank's money.

@seventhson27 3 ай бұрын

@@DrSchor Only provided that you can make that money make more than what you are paying in the interest.

@andrewgolden7543 Жыл бұрын

Hello. At 7:44 into the video, you said that you would have a video on money management at some point in the future. I was reviewing your more recent videos in the past 8 months. Did you ever make a video about this topic? Your videos are very informative. Thank you for sharing your knowledge and experience with this community.

@mattoliver2688 Жыл бұрын

Hello sir, i recently ran across you channel by accident and i absolutely love the content of it. You seem so knowledgeable and i generally can't wait to see what you will talk about next. Thank you so much for sharing your endless knowledge with us. I do have a question to ask if you don't mind? I don't believe I've heard you bring up this topic yet (in the videos I've watched) so far. Here goes.... If I'm at my full retirement age and drawing my full benefits but my wife is still working full time and not close to retirement herself, will that have any effect my on me receiving monthly benefits? I really hope you or one of your smart viewers have the chance to read this and have the time to reply back with an answer. Thank you for your time :-)

@rightwingprofessor1356 Жыл бұрын

Once you reach YOUR FRA, your benefits are NOT subject to reduction because of YOUR earnings OR your spouses. I am sure you know that by waiting to age 70, your benefits will be 24% more.

@KatieLibby1315 Жыл бұрын

Retired at 59, spouse younger and has a good job $50k, I took SS at 63, got $15,000 annual income from passive side gigs that let us write off a lot, rental property brings in $7,000 annually. Debt is $40,000 @ 2.3% (I consider that good debt). Our cash flow is great. Best advice, live below your means, max out retirement and HSA savings, and create a budget.

@thegregmillerband 2 жыл бұрын

Rule number 1 should be ZERO DEBT! That means no car payment, house payment, credit card drbt....

@joelalm3645 Жыл бұрын

When your taking social security you go over the caps set up on earnings you go into the local office fill out the paperwork. They can take out a small amount. Over a year or so it can be paid back. You don't loose the whole payment Once it's paid back you return to get 100,%. Other options do your taxes then flie the extension. Have some time to get up what you have gone over pay them back if you can.

@martyi398 2 жыл бұрын

Thanks great info, we held large credit card balances for years, we paid them off with a HELOC multiple times, it was a vicious cycle that we finally broke 10 years ago, we started gaining financial traction exponentially and never looked back, needless to say we pay everything possible with our credit cards now although we pay the balances off every month religiously no exceptions

@jml9550 2 жыл бұрын

Smart move, gotta be careful with those cc swipes, they creep up on you real fast.

@davidknoke692 2 жыл бұрын

I always enjoy these presentations. Even if to put something’s in your life into perspective. Cash flow projections into an unknown retirement are difficult. Be sure to put a very large budget for miscellaneous. I have been retired for two years. My “lifestyle” expenditures are much greater as I intend to live life. But, still within a plan. One last comment I would make. For me, I have no problem with a budgeted reduction in investment corpus. Trying to retire and never drawing on your saved funds may be doable, but may also reduce your enjoyment factor. Don’t really concern myself with what I do or do not leave to my children in my estate. Here again-in balance.

@HolySchmidt 2 жыл бұрын

Well said my friend.

@lindaripp5902 Жыл бұрын

Thanks

@theresadoll5374 2 жыл бұрын

CPI used to be an actual “basket of goods”. Now they throw in a bunch of items I NEVER buy. Cost of living should measure only the things you need to live: rent prices, house values, gas, electricity, food, clothing, and medical expenses. Just those!

@briaf3370 2 жыл бұрын

It’s the way the CPI is completely RIGGED

@twolfe4295 11 ай бұрын

This was good easy advice to follow. One way to invest is to buy the S&P 500, open a Roth IRA, save money. Work till you have maximized your social security. If you buy stocks, you could buy ETF's like energy, health care, technology. Just a couple of ideas.

@imtherapycat Жыл бұрын

I've watched many of your videos and respect your knowledge and advice. I'm looking for guidance on some financial decisions. I'm not asking you for free advice but rather can you recommend the type of advisor I should speak with about whether to sell/refinance/or downsize? Without going into details, I'm a person of very limited resources so I don't have many assets to work with and have limited knowledge so I know I need help. Who should I consult with? Thank you so much!

@phmiii Жыл бұрын

Inflation is my greatest fear in retirement! First, I cannot convince my wife that inflation exist. And I planed for 6% annual inflation during retirement not for 11+%.

@millerforester6237 Жыл бұрын

Thus, fixed annuities are worthless. My mother's lifetime of accumulating a big stash of cash is now being destroyed by inflation. She is unwilling to make any changes. She won't even buy an out-of-state CD @4.85%, but buys locally @3%. Mini Corporate bonds @5-10%? Nope.

@robertcampbell9992 2 жыл бұрын

65, single low mortgage at 2 percent , two retirements and social security no other debt. Life is good.

@jml9550 2 жыл бұрын

50, Married, no mortgage, 3 rentals, no debt whatsoever. Love the SF Bay Area here, not the politics though. Life ain’t bad.

@Davek111 2 жыл бұрын

@@jml9550 Who are you kidding! You have 3 rentals.... you absolutely have debt.

@jml9550 2 жыл бұрын

@@Davek111 3 rentals all paid off as well, last one was in Dec. 2020. Bought these over the last 20 years span. Absolutely positively no debt.

@KP-kp5ul 28 күн бұрын

I’m glad to see another retired person who still has a mortgage. My husband was in the military for 20 years and then took a job that caused him to transfer a lot. We only bought our house a year before retiring; 2.5% interest and a house payment that is less than half what rent is going for here. If we had to have our house paid off before retiring we would never be able to. Life is definitely good!

@alisonwang3446 2 жыл бұрын

wonderful...as always

@davidelliott9609 Жыл бұрын

Hi Jeff. I always learn something from you. I am curious however, have you ever addressed HECM’s? I am 70 years old and recently retired here in Southern California with a reverse mortgage. Ideally, my home would be paid off. Anyway, your thoughts?

@lynnhensley4326 2 ай бұрын

We took SS at 62 each and I have not regretted it. His job went away at 61. Due to health reasons he took SS early and went with a part time job. We were raising our grandson at that time. I was teaching. But after cancer I retired at 52 and have a pension. For the last 20 years I have worked in education part time and am retiring fron it. We still had a 16 year old. Due to a small inheritance we sent him and my daughter to college. My parents died in their 60s and didn't collect much SS. My spouse still has a small part time job 5 hours weekly he enjoys. I hope to have the same. No debt but a small Home Equity loan. That helps. We don't live a high life but do go on vacation and do things we enjoy and volunteering. Living on a budget, saving into sinking funds and tracking spending keeps us out of debt.

@dewservices 2 жыл бұрын

Great video as usual but I heard a "tsk" when you mentioned REVERSE MORTGAGE. May be a good idea for a video as to why you don't like these. Also, maybe do a video on ways for retirees can generate income after retirrement.

@davidsandy5917 2 жыл бұрын

When it comes to things like artwork, or in my case historical documents, I know the value of what I have collected but am not considering the future worth. Having a Picasso hanging on my wall, or a letter carried by the Hindenburg, is of more value to me than what I could sell it for. It is important to know the value if you ever needed to sell but don't forget the value you get from the enjoyment of owning. My recommendation in these cases is buy what you enjoy not what will make you money.

@jdollar5852 2 жыл бұрын

I too have items that I enjoy that are basically collecting dust. They have monetary value if I ever need to sell them but I don't count them in my net worth. Guns. I had a friend who recently passed and I am executor of his estate. He collected a lot of different things with the thought that they would help fund his retirement. He died at 70, pretty much broke, and owed the IRS more than he was worth. Owning a collection should be, as you said,for our personal enjoyment, not as a way to fund retirement.

@millerforester6237 Жыл бұрын

Your heirs need to know what to do with collectibles.

@kenpumford754 Жыл бұрын

The realistic comments on rental real estate are on target. The properties that we bought over the last 10 years are finally spitting out enough cash flow to provide for my retirement. But it took a lot of work and time to get to this point.

@aleleeinnaleleeinn9110 Жыл бұрын

I took SS at age 70. I am still working full time. I was laid off at abot 2000. When I got a new job, I put eliminating DEBT as my number 1 priority. I carry no CC balances. My mortgage is paid off. I put the maximum into 401k. My children have sond financial footing and are not extravagant. I'm looking at eliminating things I don't need and don't really want.

@scottrichardson3961 2 жыл бұрын

Staying single is #1 on my list....I was able to retire at 59 last year, only having to finance myself in retirement....my life is much more manageable this way I will tell u!

@vincentharris7909 2 жыл бұрын

Very wise.

@bruced.370 2 жыл бұрын

Sad and lonely end of life

@scottrichardson3961 2 жыл бұрын

@@bruced.370 if u went thru the bs

@scottrichardson3961 2 жыл бұрын

That I did u would change your tune...insanity is repeating things over expecting different results! Lost half my stuff thru divorce.... once is enough!

@vincentharris7909 2 жыл бұрын

@@bruced.370 no one’s stopping you sir go right ahead and all the best to you and her

@kennethmcdonald4807 2 жыл бұрын

Social Security is the best inflation-protected annuity out there. I have another 25 months before I turn 70, by deferring benefits my monthly number goes up by around 17% this year. A 9 percent COLA is extreme, but even at 2 or 3 percent you're still getting over 10% on an inflation-adjusted monthly payout for the rest of your life. It's an insane return for zero risk, just sayin'.

@ageisonlyanumber8334 2 жыл бұрын

I am going to wait until 70 also, no choice really since the house will not be paid off by then anyway, but making my husband keep working and drawing social security at 67 since he smokes and is a spender, so we will pay off the house, any outstanding medical debt and then save it for travel. That is the plan anyways.

@lockman004 2 жыл бұрын

Forty months until I turn 70. I hope to defer taking social security or my pension until I turn 70. My 401Ks and other investments are down by 15% from the all time market high but I can scrape by because I'm debt free and own my home outright. Once I turn 70 my income will be more than twice my cost of living but now I need to bite the bullet and avoid stupid purchases like a new RV, and most importantly not dying of this damn virus. It almost killed me twice already.

@briaf3370 2 жыл бұрын

It’s the greatest and cheapest longevity insurance

@jamesfarmer876 2 жыл бұрын

I will be taking my SS at my full retirement age since my wife will be collecting half my SS payment. Her payment is capped at half my full retirement payment so waiting longer doesn't make as much sense.

@skiptsu914 2 жыл бұрын

@@jamesfarmer876 I think you can file and suspend which allows your wife to take 1/2 of your FRA SS while you can wait until you are 70 to take yours at a higher rate than your FRA. I am not a tax or social security professional or married but you can search UTube for spousal social security to verify this and to get spousal strategies to maximize this benefit. I took mine at 70 and enjoying it. Good luck with whatever you do.