Great video. I hope your channel grows. I retired when Covid hit at 59 and have no way near $1 million dollars, but there is nothing I need or want at this point, either. My wife and I planned for this when we were 30. The key things is to have no debt, own your home, cars, etc. Once you are there, you are pretty much good to go. The biggest issue in retirement IMHO is boredom. LOL On a side note, a good friend of mine worked until he was 65 to get more money, but dired around 30 days after retirement. SMH

Good video. Kind of preaching to the choir with me, but great advice. I stumbled on your channel recently and really like it. I’m 61 and will probably work maybe one more year. Keep up the good work. Thanks again.

Thank you for another great video. I'm in the USA and just turned 50. I didn't start saving until I was 32. Started out with 10% contribution to my 401k (not including the dollar for dollar 6% employer match) Then when I was about 42, I bumped up my contribution to 15%. Then when Covid hit, I saw it as a great opportunity since markets were way down, and started maxing out my 401k and opened up a Roth IRA. So basically since mid 2020 I have been maxing out my 401k and Roth IRA. Now that I'm 50 i'm also taking advantage of the catch-up contribution. Looking forward to contributing $38.500 in total this year (again not including the 6% employer match) Current balance (including all accounts) is $715k and absolutely no debt! House is paid off (current value $633k). I plan to retire at 59.5 🙂

Good video, and maybe it is just my phone but the volume on the video is kinda low

I agree that $1M is a myth, it's more like $2M.

You are so correct, my friend experiencing early dementia lacked purpose after retirement. I believe that was the beginning of her decline after she retired. Great information to share with anyone who is planning to retire or retired. 💜💜💜

The way to have a secure retirement is to have a dependable source of income. Stating the obvious. Your retirement nest egg is for all the extras.

Love this video! Debunking retirement myths is so important, and it's great to see a more personalized approach being promoted. If you're looking for another way to mix up your retirement strategy, you might want to check out My Digital Money. It's a platform that lets you securely trade cryptocurrency in a tax-advantaged IRA. Just putting it out there!

I took my current salary (minus the amount I'm saving/investing) and extrapolated that with a 3% increase annually until retirement, in my case 20-23 years from now, to figure out my likely expenses just before retirement. Using the 4% rule as a rough guideline, I then figured out what my total balance would need to be to replace that salary. That is what allowed me to set my contribution percentage with a little less guesswork.

For me, a successful retirement was attributed to my TSP (401K) inveestment growing to the point where it made more money than i could ever make with my time. And the key phylosiphy was best explained by Patrick Bet David (PBD) - it's a doubles game. I invest across the entire stock market, stayed invested through trials and tribunes, and rode it out - now this more easily said than done, but it's important to have the big picture in mind through black swan events and stay invested. And it helps to know the "Rule of 72".

So true. You must know your expenses now and adjust them for retirement based on what costs go away and what new costs you may have ( insurance, travel, clothing, food, etc.) My parents retired with less than 100K to their name. They receive their SS and have a little invested. fast forward 27 years later and their net worth is now 3 times what it was when they retired. They did some travel in the early years but then do not do any now. So their money is just growing. Compare that to our family living in a more expensive area and taking several trips a year and our numbers/needs are much more than my parents. But when we get into the numbers, we have lots of margin. because most of our retirement spend will be entertainment/travel until we slow down at some point. So in any given bad few years of returns, we can just take fewer trips or less expensive ones and have a nice chunk we could cut out of our spending. But you gotta know that by tracking and doing a budget.

I watched an “expert” recently say $5 million was necessary to retire. Thank you for being more realistic.

It all starts with creating an annual budget. It takes the guesswork out of planning. If you won't do that, you are not serious about retirement planning

"you have to estimate the inflation"... How? Economists can't do that, let alone somebody who has never budgeted. I call bs!

all of this is true, but if you want to live in Toronto and be retired with less than a million, you aren't going to be traveling, taking cruises or having much money to spend.

Good. Thanks for sharing

Be prepared, get to hell OUT OF DEBT.

New subscriber. Whoever started the “you need $1M to retire” idea needs to be tarred and feathered! 😂 It’s all about your expenses in retirement. Good video!

I retired at 60 on March. My brother and husband passed away at 59. Time is something I could never take back

The experts I watch don't say you need $1M. They say you can retire on less. I've seen them model as little as $300K, and even Social Security alone. But they often model $1M-plus portfolios because they cater to high net worth clientele.

Thank you. Now I'm realizing I need more like 2 million to retire. I'm glad you mentioned these calculations. Thank you

MY dad always told me "Retirement is only a number..it's up to you to make it happen"

Chiang Mai yesss

Good stuff. Keep them coming!

All good points!

Thank you so much for this video bringing some truth to retirement savings! There's such a large disconnect especially considering the average American has well UNDER $200k saved for retirement yet they believe they need well over $1 million.

Swirling is a great word. This video has given me the encouragement I needed to get out of 'stuckville'. Thank you.

Great content and I appreciate that you provide Canadian stats.

I love that, having the widest gap between what’s coming in and what’s going out. That’s a word❤ Twenty year retirement…sign me up👍🏾

I retired at 35 years old last year 2023.

These are all good points. I am not a fan of the million-dollar retirement plan, it gives me anxiety. It is comforting knowing that by working with you I can plan for retirement sooner than I thought.

Solid content. Retirement is personal and we all need to find our ways there.

Great perspectives presented here...thank you.

Thank you for sharing these tips. I resonated with finding what truly brings you joy and not the distractions. I think that is where we all get caught the distractions from our day to day grind. I am ready to retire. Love your content and can't wait to see more.

So many great ideas Karen x