10 "LITTLE KNOWN" Retirement Facts that are REALLY IMPORTANT

[@richardc488]

Thanks Mr Schmidt, First. Mr S, since I retired I have MORE money between SS and pension then when I worked! I placed all pay raises in 401K for the last 25 years of working career in. My 401K is my play money and my wife and I have been traveling the world with it! So if people only put money away when they are working they are ok when they retire. Live below your means in you working life.

[@JHA6100]

Jeff, I have been watching many of your videos over the past few years and haven’t taken the time to thank you for your thoughtful, informative, helpful and funny videos. You are a true blessing to many of us as you provide invaluable information. Thank you so much.

[@kevinh5349]

Oh brother.

[@HolySchmidt]

Wow, thanks

[@robertthomson1587]

Interesting points. Since my retirement my health has improved immensely, simply because I'm far more physically active. As for paying for travel - I'm finding that the reduction in my day-to-day expenses has more than offset the costs of airfares, accommodation etc.

[@graywilliams_77.]

The failure of SVB and everything happening has left the markets in shreds. I'm at a crossroads right now, deciding if to liquidate 200k portfolio down by 10%, and it's uneasy for me to not panic after my recent awful divorce. I just need investing ideas to afford my retiremen.................................................................................................................

[@graywilliams_77.]

sorry for your divorce, there are actually ideas that could be put in place for solid gains during a crash, but such strategies are carried out by distinguished advisors.....

[@graywilliams_77.]

great share, just copied and pasted her full name on my browser, thankfully her site appeared top search! she seems first-rate, her creds speak for itself Thanks, probably for the best.................................................................................

[@dixiebrick]

You are the ONLY one who does NOT do a doom and gloom social security video. I see a pattern on the other channels that makes it seem they are being paid to do it. Shame on them. May God bless you and yours.

[@HolySchmidt]

Thanks v much Dixie!

[@tedfisk1211]

This was a good top ten facts about retirement. Typically, major news organizations or some click bait links tell you that they have a list of top 10 secrets about retirement and those top ten are the same regurgitated facts that everyone spews. I have viewed them and find them quite lacking. Good stuff, Geoff.

[@HolySchmidt]

Thanks Ted. I appreciate the acknowledgement!

[@robertfrank886]

I think this is all good advice- I have been mortgage free for the past 7 years, have no car payments (drive old cars that are well maintained) and have a decent portfolio to carry me through my older years - I’m 58 now- I still work but part time (~ 24 hrs per week) and it provides enough income to continue contributing to my job’s 401K and pay the bills- discretionary spending is still possible but I am careful. I can be at part time for years if needed, but at FT, it was draining on me. A shiny new car is nice but the novelty wears off after a while, then you’re stuck with the payments. Same with jewelry, etc. Part time status has been great for health as well as I’ve dropped ~ 40 lbs and exercise near daily now. I could not / did not do that when I was full time.

[@Bob-yh7ir]

We do our projected retirement budget allocating 20K to travel a year. We do long stays, usually monthly. Doing that, we can rent a place, rent a car, buy groceries and go out a few times a week for food, entertainment. Travel insurance, admissions to some sites and all that we do on 5 to 6 K a month. So we can spend 2 to 3 months away with a single round trip flight for under our budget. In places where you don't need a car, our spending will be 3 to 4 K a month. Thus allowing us 1 to 2 more months away somewhere if we want. We know our baseline numbers and expenses without travel. If we had a really bad year or 2 in down markets, we just cut the travel a little bit and recover in up markets our cash bucket.

[@tammiepulley7167]

Love your channel and your vibe. You are always trying to share new info and I’m here for it. Thanks Jeff.

[@s1234pro]

I own a business that I started 10 years ago that is very successful. My 33 year old son now manages the store full time and I love not working. However, Mr. Schmidt is right about doing something, anything to keep your mind active. I got an easy online job that I work when I want to and it's really fun. The extra money is nice too.

[@DaveM-FFB]

If I may ask, what is your fun online job?

[@gingerkilkus]

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 52, hubby is 55. 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 $820k.

[@fadhshf]

you should consider financial planning.

[@lowcostfresh2266]

I totally agree, I'm 60 and newly retired with about $860k 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 an advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.

[@TomD226]

@@lowcostfresh2266 Do you mind sharing info on the adviser who assisted you?

[@lowcostfresh2266]

@@TomD226 The advisor that guides me is Laurel Dell Sroufe, most likely the internet is where to find her basic info, just search her name. She's established.

[@l.a.rivasesq.8841]

Thank you for producing another informative video! I’ve been trying to learn French since I retired in July 2020 at age 50. I also continue to prepare my taxes without any assistance other than IRS publications. I keep busy enough to keep my mind agile.

[@HolySchmidt]

Sound like you are doing the right things!

[@bethiciaprasek1008]

I love working and focus more on developing and maintaining the skills to be marketable than just working.

[@oldtymer9106]

Great advise GS! I just started and I don't even call it "retirement" I call it "semi-retired" and the jobs I'm looking at getting are for fun, social interaction (a work family) and to keep me moving. Keep up the great work, Sir!

[@HolySchmidt]

Thanks OT!

[@darnellcapriccioso]

I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

[@maiadazz]

@@richardhudson1243 I couldn't agree more, having an invt-coach is the best way to go about investing now, especially for near retirees, and folks like me that lack the expertise to deal with high volatility. My portfolio used to be up and down like a see-saw, until I employed the use of an advisor last two summers. As of today, I've realized nearly $800k after subsequent investments, cos I know enough to seek expert counsel before giving up.

[@maiadazz]

@@tatianastarcic I've shuffled through a few advisors but “Laurel Dell Sroufe” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself..

[@jeromesand]

@@maiadazz just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!

[@ricgunn1439]

​@@maiadazz tout💩😡

[@ricgunn1439]

​@@jeromesand 💩tout😡

[@jimleithliter716]

Jess, I’ve been listening to you for almost 2 years and I just wanted to take the time to let you know how much I appreciate your videos. Your explanation are excellent. I’ve learned more from listening to you than I have from reading several books on retirement planning thank you so much for what you do.

[@pamp212]

Thanks Geoff! Feeling even more inspired to retire early at 64!

[@barbiec4312]

Go for it!

[@azhardav]

that's early?

[@pamp212]

@@azhardav lol Yes! Fear of the health care piece, like many.

[@noahzimmerman-yg6qt]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[@ralfbrown-kl1gp]

Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast.

[@marcellasilva4015]

To ensure a comfortable retirement, it's advised to save a minimum of 20% of your income in a 401(k). By allocating at least 20% of your income to a 401(k), you increase the likelihood of retiring with sufficient funds. Moreover, this strategy enables you to leverage the stock market's potential and expand your retirement savings as time progresses.

[@patrickbrussels4454]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[@jessicasquire]

Thank you for your inquiry. Could you provide guidance on the current optimal investment options? I am contemplating investing in either stocks or cryptocurrencies.

[@patrickbrussels4454]

One crucial aspect of earning profits from stocks is to avoid being frightened and selling them prematurely. It is vital to understand that stocks should not be treated as mere lottery tickets. Consider acquiring the assistance of a financial advisor to navigate your investments.

[@Lemariecooper]

@@patrickbrussels4454 In my opinion, now is an opportune moment to consider investing in private equity and cryptocurrencies. Could you provide some guidance or advice on these investment options?

[@patrickbrussels4454]

@@Lemariecooper At present, I am collaborating with *STEPHANIE KOPP MEEKS* , a financial specialist whom I had the opportunity to meet during a seminar

[@Erikkurilla01]

@@patrickbrussels4454 I recently had the pleasure of watching *STEPHANIE KOPP MEEKS* on television, and I must say she is an exceptional speaker. However, I'm curious to know if you have experienced any financial gains while working with her?

[@teesong6801]

The biggest thing to remember when you retire is to not spend more than when you were working! Although we make about the same in retirement, we made the mistake of going on more vacations and eating out. Whoever said that retirement is boring hasn’t really retired! We love being retired! Blessed to be retired at 56 & 55 yrs old.

[@HolySchmidt]

Well done!

[@earlgreco8636]

Thanks Geoff. Your information is always useful and relative.

[@anniesshenanigans3815]

I quit working in 2021 for a few months. I could not STAND being idle!! nothing to do!! I was planning on living off my savings but I did not think about what I would do with my time. My budget did not allow for 'extras'. So I am back at work. I have learned that I am not an idle person, and sitting at home with nothing to do makes me fat and brain dead.

[@Retired-jr3qs]

Instead of going back to work I focus on getting healthy. Good Health is true Wealth.

[@ricgunn1439]

Enjoy your work. I work to 65 as retiring would make my enemies happy. Retirement is great let the young folks work. 😂😂😂

[@outdoorguy845]

If you want to stay mentally stimulated how about just doing work around the house that you never had time for cuz you're too busy working. I do landscape projects

[@j.m.7056]

That's what I do! More fun to complete these projects when you have the time!

[@albertdowrn]

Your last point has also a lot to do with our environment and specifically our diets. The last 50 years has demonstrated a phenomenal growth in dementia, type 2 diabetes, cancer and heart disease. Much of which can be attributed to diet. Yes, stay busy but also go back to what your grandparents ate as well!

[@gearhead366]

I know many retirees say that they'd never play golf, but believe it not, golf has been shown to be effective in delaying the onset of dementia. It gets you active, and it works the brain.

[@nd1irish901]

It would be helpful if you could time stamp each point in the show notes section, for reference for finding a specific topic....

[@jimwolfe4286]

Thank you, Geoff...Great Video !

[@HolySchmidt]

Thanks Jim

[@MrWaterbugdesign]

10:30 Living in poverty is kind of a weird concept in the US. I've lived in abject poverty for 21 years since retiring at 45. I live on savings and income excluded from income tax (cap gain on slow flipping house). So my reported income has be near $0 for 21 year. Poverty in the US is determined by income, not wealth. No mortgage, no car loan, no credit card debit, able to self-insure my house, eating healthy so never eating out, etc... also means my my monthly total spend is $600/mo which super makes me appear impoverished. Buying all my clothes at thrift stores because it's faster than roaming malls and trying to evaluate 37 different styles of jeans by Levi's and wearing clothes in disrepair even makes me appear in poverty...which is fine with me.

[@whatsup3270]

Many current retirees are seeing $1,000/month for federal income tax and Medicare advantage. When they planned their retirement that was about $50/month. Many of them targeted $3,000/month as their plan.

[@martyi398]

Thanks for sharing, My wife retired 18 months ago and stays busy doing things around the house she's never had time to do, along with caring for grand children and working a little off/on from previous employer, I plan working for 3 more years low to no stress job, already planning for a part time gig once i throw the towel in for good so to speak! Not about the money at this point in our lives, just keeping busy with the things we like/love to do!

[@saintsandsin3885]

I am in my late 40s and I was eligible to retire over a year ago. My employer is offering major monetary incentives to me to keep working. I have overcome some major health issues over the last few years that are probably related to my stressful job. The hard thing for me is figuring out when I have earned enough and it's time to retire and enjoy my life and probably live a healthier happier life.

[@sct4040]

All I can say is that I realized after retirement that we don’t need a million dollars, which was recommended. We are both on SS and retirement accounts, and don’t see the accounts going down by much. Hubby has retired for 9 years and I for 1-1/2 years.

[@KC-dr3cg]

Buy a modest home...under $30,000.. So that when taxes skyrocket you don't lose your property to taxes and insurance

[@KC-dr3cg]

And have a couple friends choose to buy a house in the same town and join the church

[@salavalos]

Great information as always. What’s the Social Security death index count each year? How many people are falling off of Social Security each year? Thank you for sharing your knowledge!

[@danpiperpilot917]

Geoff, I'd like to see you put out a video with the scenario of a spouse that works while the other decides to retire from the workforce. In my scenario, the age difference between my spouse and I is six years. My spouse enjoys her job and is not ready to retire. I recently turned 62 and have decided, at least for now, to retire. What is the best planning practices for this scenario? For now, I am planning on not taking SS income until at least age 65 when medicare kicks in. Thank you for your excellent content!

[@DrSchor]

1. Go back to work. 2. Take ss at age 70

[@mikeshaw4610]

Continuing to do things makes a lot of sense.

[@laszlolee]

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.

[@oliviaHill-w4e]

This is true. I'm in my mid 50's now. My Husband 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.

[@EmilyMoore-n7n]

@Mark Lofgren I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.

[@EmilyMoore-n7n]

@Mark Lofgren I might have heard this name somewhere, but can't really recall. I'll be following her up. Thank you. Do you know if she manages family fund too?

[@user-wt6zf4ek9k]

​@Mark Lofgren thank you for this tip , I must say, Susan appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

[@Blublod]

Sheesh! The onslaught of these Bots is relentless. Let's just agree to ignore them!

[@Iceaxehikes]

I didn't achieve my retirement focus until I was 42. I am 54 now and I could retire. But I am still working because of the unknown factors. I also realize that every year I continue to work, I am improving my situation when I do retire. I am also a worker bee by nature. So much of my self worth is tied up in my work, I am afraid of the vacuum it will create in my life when I stop. So my tentative plan is to start a Donut cart/catering truck in retirement. I do not plan for this to provide income. In fact, it may cost me money. But I want a half step before falling into the deep end.

[@Iceaxehikes]

@@CutFromYaJobAiAiAiSorry4Ya I am doing that as well. My water well i plumbed has been producing water continuously for 8 hours today! I am thinking about a nice garden.

[@danarzechula3769]

1) 80.8 million 65+ by 2040 2) more than 80% dont leave state 3) 40% living on just soc sec 4) poverty getting worse for retirees bc cola inflation increase lags 5)family responsibilities not end in retirement 6)standard of living will probably change downward 7)retirement portfolio is not keeping up 8)most retirees have not budgeted for travel 9) over 35% over 65 still have a mortgage 10)retirement may be bad for your health physically and cognitively

[@VivaciousOM]

I can’t believe no one has thanked you since your post. THANK YOU!

[@rocioocampo8735]

thank you! love watching your videos and learning about retirement

[@HolySchmidt]

Thanks Rocio!

[@richardlocke7264]

Recently retired ( one year), did budget for travel, relearning Spanish on Duo-lingo and enjoying it.

[@seminolefantodd4736]

When I retire in five years I will still have a mortgage but my monthly payment is less than what a two bedroom apartment goes for in my city. I know this point gets debated (have a mortgage vs. pay it off) but my interest rate is very low and I like having it as a taxable write-off. This is a home I purchased new in 1997 and its infrastructure has been well maintained so I have little worry about its longevity.

[@j.m.7056]

Same for me. Retired at 62 and am happy to pay my low interest mortgage.

[@DrSchor]

If your interest rate is low, the tax deduction is not worth keeping your mortgage. The mortgage interest deduction can help homeowners save money on their taxes, but this break typically only benefits people with large loans or loans at high interest rates.

[@noreenn6976]

I don't see an issue with having a mortgage, seems better than being a long term renter. Rents costs are ridiculous right now.

[@j.m.7056]

@@noreenn6976 I agree, Noreen!

[@j.m.7056]

As a single person, with the newer standard deduction I am no longer to use my mortgage interest as a taxable write-off.

[@CampMore99]

Loyal viewer here! (um, my wonky ears had a difficult time hearing your words.) Can ya boost the volume a tad? TY

[@anniesshenanigans3815]

I had to up the volume on KZbin as well as my computer, but if that doesn't work, you can put on headphones. It makes a huge difference.

[@reedsekiya1125]

Your videos have always been quieter than most KZbin videos, but this video was especially quiet. I had the volume on my laptop turned all the way up and I still struggled to hear what you were saying.

[@johncuozzo9270]

It would be interesting to know the percentage that leave their state by region. I wouldn't expect many folks who live in the south or west to leave their state but would expect folks who live in the Northeast or Midwest to leave in greater numbers. A blended 80% is misleading since it ignores regional variances

[@dougb8207]

Supposedly many are leaving California and Illinois, migrating to Tennessee, Texas, and Florida (lower taxes).

[@danarzechula3769]

​@@dougb8207yes leaving Illinois in droves

[@ricgunn1439]

🤗I can see moving to a warmer place, easier to get out winter and smaller heating bills🇨🇦

[@michigan160]

Thank you for your advice as usual. Is something new in your life? You seem different in some way. All for the better, just being nosy!

[@HolySchmidt]

Hi Darlene. I’m traveling a bit more on business, but other than that all pretty normal. Perhaps being on the road suits me :)

[@richpederson6691]

Good video, it's always good to keep your mind sharp, it keeps you alive. 👍

[@robertbenefiel2781]

Love retirement but hate my physical decline.

[@DrSchor]

one word: gym

[@BobZed]

I'm sad that many of my fellow retirees don't have the resources I do. I'm living larger. I'm going on more vacations and I know how I'm going to pay for them. I have hobbies that I love. Retirement should be a chance to do a victory lap, not a time to sit in your chair and wait for the end.

[@cl5193]

My mother lives on a $919 a month social sec check, food stamps, medicare/medicaid, and a $30 gov cable subsidy. Rent, also gov subsidized, takes almost all of her SS check. We pay her phone bill. Her savings will be gone next year. It's bad.

[@azhardav]

tell her and your family to stop voting for cockservatives. All safety nets, unions, funded education, retirement metrics, state funded pharmaceutical research, minimum wage, taxes for the wage earners, veterans benefits, all have been crushed by repugnants over the years. Everything they touch dies!

[@rsg6207]

But she is very lucky to have you!

[@skeller61]

Hi Geoff, I appreciate your videos. This one, though, was way too distracting with the unnecessary countdown clock. Good point, but less memorable when you are thinking your busting your time limit rather than focusing on the points you’re making. Thanks again for your food for thought!

[@rogered5499]

NO way does SS cost of living adjustments keep up with inflation . Gov keeps changing what’s tracked to make inflation look lower meaning lower adjustment

[@bob_frazier]

Thanks, Jeff!

[@mcmccoy1184]

I thought the Cost of Living Adjustment (COLA) for Social Security was based on the inflation rate of one 3 month period (July, August, September) of the prior year. Not the entire 12-month prior year. Yes, it’s a lagging adjustment. But if that’s correct, then the COLA is skewed even more. i.e. a low inflation rate during the 3rd quarter of a year when the 1st, 2nd, and 4th quarters are higher could mean the COLA is lagging AND doesn’t fully reflect ALL of the prior year’s inflation rate.

[@RandomJane104]

Not living life as large in retirement? But I will have more time to fill and want to travel more. I plan to live at least a little larger (unless tied to caring for elderly parents). I'm sacrificing a bit now to hopefully enjoy retirement. I am still traveling every couple of years now while I'm in my late 40's just incase, but I don't intend to live less large than the not large I'm living now.

[@RandomJane104]

I will be traveling budget though, like you said. I already travel off season. When I have more flexibility I will let the flight deals tell me where I am going. :)

[@miketracy9256]

Most of our friends and family who began SS at age 70, are receiving more income after we began our RMDs than when we were working full-time. All of us have no debt so are quite financially secure. Some of us are still working but just not full-time.

[@puravida5683]

Yes, indeed. By waiting to age 70, you receive even higher annual COLA amounts. Unfortunately, you also pay more in social security taxes. Because the social security tax table has not been adjusted for inflation since 1984!

[@danielhuntington2116]

Good stuff...please check your sound level though. Can barely hear you on my phone even with my sound level all the way up. Thank you.

[@Danielle-zq7kb]

10:10 If you are financially set, please do volunteer work. Whatever your passion is.

[@marcosantorini9309]

Thanks for a very informative video. I was born in May 1958. My full retirement age for SS is Jan. 2025. I plan to retire in Jan. 2024 and claim SS right away. I plan to work part time thereafter. Is it the year 2024 that I can work up-to a higher income limit without losing any SS benefit or year 2025? If 2025, then that will make no sense in my case as in 2025 I will already be in full retirement age. Puzzling..

[@HolySchmidt]

It is the calendar year you are going to reach full retirement age.

[@marcosantorini9309]

@@HolySchmidt Thanks for the reply. Since my full retirement age calendar year is (Jan.) 2025 which also coincides with me meeting my full retirement age requirement (also in Jan. 2025), sounds like I will never have that benefit of extra income allowance by the SS.

[@jimk5525]

Thanks Jeff. Great presentation as always. I faithfully watch your videos and learn more with each one. I must say, however, that I don't love your new microphone. It blocks your tie and obstructs the view. I don't hear a significant improvement in sound quality. Is it necessary?

[@SunAtNight731]

Very interesting!

[@marie-louiseleroux828]

My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US,

[@acarter2072]

All retirees need to play pickleball!

[@susanmarie2231]

I am 68 and retirement is not an option. I must work part-time and I am okay with this. In Michigan, auto insurance rates are outrageous. I have zero points on driving record and yet monthly insurance premium is $344 per month. Car is a necessity. My rent is only $750 month and includes utilities.

[@fredwms60660]

Sound volume is too low. Please turn up. I can't hear your message.

[@HolySchmidt]

Thanks for the feedback Fred.

[@billbrock8740]

Another Great Video Grand Slam, Geoff! I’ll try to keep this text under 5 minutes! Love that “thunder” bit you do. Reminiscent of the film YOUNG FRANKENSTEIN!! Hope you’re familiar with it. Anyway, we’ve shared conversation before. I’m currently age 60 and retired last year. Thanks again for your sage financial advice. My ears perked up a bit when you mentioned travel and intellectual stimulation. Case in point: I honed my feature screenwriting skills for seven years with the professional writers group, the Virginia Screenwriters Forum, where I wrote seven full-length scripts, some finding national recognition (“Best Screenplay” Winner - 2021 Santa Barbara International Screenplay Awards and Finalist titles at the 2019 and 2021 Beverly Hills International Film Festival). This is where the “travel talk” comes in. I attended Beverly Hills in 2019 and was honored with another “Best Screenplay” Winner at the 2021 Block Island Film Festival in Rhode Island. Due to COVID, the fest was virtual and I accepted my award via a Zoom meeting. Was then nominated for the award in 2022 and traveled to the island. Nominated AGAIN in 2023 and will be hitting the island for a second time next month. So? Is THIS what you meant by travel and intellectual stimulation? : ) Be well. Love your channel!!

[@HolySchmidt]

Hi Bill. You nailed it! Keep going!

[@barbiec4312]

Super cool.

[@sonomafred]

Question: do you have to pay SS tax once you begin taking it? Say at age 63? If not, wouldn't it make sense to take it early just to exempt you from self-employment tax (if self-employed)?

[@DrSchor]

no

[@Citizen-pg8eu]

I did not know that I would have to continue to pay for Medicare, and that it would come out of my social security check. I just thought when my income stopped, my Medicare payments would stop. A shock. I am fortunate that I have several other streams of income.

[@Crymeariver227]

Your Medicare taxes paid for Part A or hospitalizations you may have and that’s the “free” part. Part B is the medical coverage your deduction from your SS income which covers 80% of your doctors office visits among other things. You’re still on the hook for the other 20% so if you don’t have a secondary insurance, I suggest you get one. That 20% can be the bigger shocker without having coverage.

[@crosslink1493]

@@Crymeariver227 If that's the 'old school' Medicare, and you also need to sign up for a prescription plan, too. Then there are the Advantage plans, basically MEdicare packaged into one comprehensive HMO/PPO-style package. The cheaper ones cost almost nothing (but can include expensive deductables and co-pays) so its best to shop around and find one you pay extra for but get lower co-pays. I have heard Advantage plans called Dis-Advantage plans.

[@pensacola321]

Perhaps we are weird, but we set a travel budget each year. For 2023 it is 50K. As we get older we realize that this is the main event and not a dress rehearsal. Going strong in our low 70s, but still a lot of the world to see.

[@DaveM-FFB]

No, you're not weird. We also have a travel budget each year. I thought our travel budget was generous, but yours sounds like more fun! I just turned 65 and retired. I'm starting to do the things I couldn't previously do because I was too busy working. Enjoy!

[@barrybearman3511]

I don’t understand that much travel. But it takes all kinds. Living the life you want is great. Glad you can do that.

[@tmusa2002]

Barring health issues, I will not retire with a mortgage. Too stressful.

[@DaveM-FFB]

The most impactful, most cruel, and least known retirement fact is that if you retire before your full retirement age and take Social Security early, you will be penalized for working to supplement your income if your earnings exceed the allowed threshold of approximately $20K. To amplify the inequity, wealthy people who supplement their needed income with "passive" income (investment earnings) are not subject to the penalty because the penalty only applies to earned income. It's a harsh incentive to keep lower income people working (and paying into the system) until they reach FRA. Sadly, many will die before their 67th birthday and will never draw from their entitlement.

[@DrSchor]

Simple answer. Lower income people do not have to keep working, Retire anytime you want, and take ss at 67. Fortunately many people will live well past 67 and receive a higher check for the next 20 years.

[@DaveM-FFB]

@DrSchor SCHOR The average Social Security payment is $1,600/mo at full retirement age. Lower income people get less than that. Roughly $1,250/mo. Subtract 30% if you take SS at age 62. You can't live on that alone. Most of them also don't have IRA savings. So they either have to work, or live in poverty. Also, the mortality tables show that low income people have shorter lives than the average American.

[@DaveM-FFB]

@@DrSchor The life expectancy gap between the 80 percentile income and 20 percentile income is 15 or 20 years depending on the survey. Life expectancy for the lowest 20% of Americans is ~67. Look it up. If you based it on net worth instead of income it's even worse.

[@DaveM-FFB]

@DrSchor SCHOR What is the income source that allows lower income people to simply stop working at, age 62, for example, if they are waiting 5 more years to begin taking Social Security?

[@danarzechula3769]

We need the French solution😂

[@donh.3215]

The lag in Social Security inflation adjustments is a problem, but the bigger problem for many recipients is that when they finally do get the adjustment increase, the corresponding increase in Medicare premiums often completely offsets any increase in Social Security payments. The end result is that the actual amount of income making it to the recipient's bank account is not increased at all, and the buying power of what remains is eroded. Bottom line is that inflation makes Social Security recipients poorer every year.

[@DrSchor]

You have it backwards. The ss inflation adjustment is meant to pay for the increase in medicare premiums to help you break even. The "complete offset" is meant to help you pay for the increased premiums.

[@terryB4713]

Thanks another Great Video

[@HolySchmidt]

Thanks Terry

[@2Hesiod]

Your retirement plan may refuse to give you the health service it is obligated to provide. Bay Area Delivery Drivers is doing this.

[@john-o1g9p]

''others lack in focus for their future'' what do we owe to those that do not provide for themselves? i have always held to the,'' your personal deciscions shouldn't effect my public policy''. wish that was the rule.i started thinking about my retirement when i got my first w-2 at 16. i have little sympathy for those that do not prepare. i self employed and stayed as low as i could on the tax table to afford for me and mine and have a paid for house in a hot market that will carry me thru to the end. ''can't save the world when your boat is sinking''.

[@puravida5683]

One point the government and other entities are not factoring in to their calculations. The hundreds of thousands of retirees like myself, who are living in other countries! Even The State Department, has no clue, how many U.S. citizens are living abroad.

[@howardfriedman7077]

Does the SSA have your address?

[@mikeshaw4610]

Of those living on SS only how many lived bone there means when they we’re working and did not invest. I personally know several doing that and now complaining they don’t have enough.

[@dave3657]

Technically I am living in poverty when I retired. It’s a lot less than I used to earn. But I don’t have house or car payments, all payed for, plus I’m not putting money toward retirement. I eat out and spend what I used to spend for the most part without major life changes.

[@johnp139]

$19 a day for parking is OUTRAGEOUS!!! Lyft is as low as $27 each way, and you don’t have to worry about driving! $140 for parking (and gas) versus less than $100 for a ride share.

[@pamcornelius9122]

If you have early cognitive decline, demand that your doctor do a Vitamin B12 test. It’s not included in your regular lab work, rather it’s on a neurological panel of blood tests. A critical shortage of vitamin B12 can be fatal. Sometimes supplements don’t work because a prescription medication (such as Metformin) can block absorption, thus necessitating injections of B12. Neurological symptoms are one of the signs of a critical shortage, along with dizziness, anemia, lethargy and a magnesium deficiency. Typical “old folks” symptoms.

[@DrSchor]

fascinating. what is the symptom of a magnesium deficiency

[@pamcornelius9122]

@@DrSchor Magnesium deficiency is associated with anemia.

[@JohnBarrow1961]

Really low audio levels on this one, Geoff.

[@dmiller1000]

The WSJ had an excellent column in its Thursday 4/20 'Encore' section about folks who never intend to retire. And this was not a group that needed to work. After reading the article and many of the reader comments (sorry, it's behind a pay wall) it's clear that there is no one right way. Some are glad to retire asap (e.g. the FIRE crowd) while others want to drop dead at their desk. Like Jack Benny famously said upon being given the ultimatum of 'your money or your life' by a mugger after a long perfectly timed comedic pause, "I'm thinking it over".

[@whatsup3270]

I had a similar conversation with my doctor (MD) and he said "culture" which surprised me but he is right. Some of us come from families that work, everybody works and being a non-workers is frowned upon. We were having the common

[@dmiller1000]

@@whatsup3270 My family was a mixed bag, most of the generation ahead of me retired in their late 60s. I am close to surpassing them - we'll see.

[@dwightdopilka5419]

Please raise your audio level/loudness.

[@cxs240]

I am 55. My dream of retirement is driving the RV travel around the country and the world. But buying a RV when I retire as big purchase. I think I should buy it and try to pay I off earlier when I am still working and have income. Does it make sense?

[@HolySchmidt]

Perhaps try renting one for a season if possible. After that if you are still good to go, then you are going in with full information.

[@ricgunn1439]

Better to have a new one, more reliable. 🤗

[@dustinhecker3986]

Inflation measures overstate the real increases in prices for most things.

[@p1dru2art]

Sorry Schmidt for a moment there I think you forgot that your audience doesn't go to dinner parties

[@Jacq892]

Im being laid off at 62.5 I'm sitting on the fence about whether to retire.

[@ricgunn1439]

🤔if on the fence work, don't take early penalty 🙂

[@jimsmith8324]

My house tax is $10K a year. I will scale down.

[@NightSky777]

Your volume was a bit low on this video, could only hear you in a very quiet room even with my phone volume turned all the way up

[@bllackwing]

I wanted to hear this video, but the sound was too quiet.

[@Happybidr]

How about this fact: About 20% of the federal budget goes towards programs having to do with seniors. And 10% of the federal budget goes to programs affecting children, youth and families. Source: U.S. Office of Management and Budget, White House Task Force for Disadvantaged Youth.

[@jayelm5392]

Why the English comparative for the name of this awesome channel? German is more elegant than the formalized , logical and boring English. Plenty of famous Schmidt’s in the US. Mike Schmidt is still a god in Philly!

[@michaelferver5707]

Fantastic video, great information! Please make more.

[@HolySchmidt]

Thanks Michael

[@maryjostevenson8432]

Can’t hear you. This my 5th video of yours and could hear the others

[@neiljohnson393]

Just finished listening to a retirement vid. Unless there has been a major change in the last 12 years, you have misinformation on bankruptcy law. The estate of an individual’s debt does not pass on to others if the contract is solely in the name of the deceased. For example a car. The creditor can take possession, but can not pass the debt to another person. All unsecured debt up to the lawful threshold is forgiven. That is the whole point. It is only the secured debt..all unsecured credit card debt held by the sole individual, dead or alive is forgiven.

[@meibing4912]

Surprised at the very high level of poverty amongst retirees in the US. In Denmark only 0.7% of retirees are "poor".

[@alanalbin1988]

I will just stick my thumb out and hitch hike like I did as a teenager in the a 1970s. That's my retirement travel budget.

[@oferzeira8125]

Interesting

[@jeangreen432]

the volume is super low in case no one has commented, very difficult to listen to.

[@dwightdopilka5419]

The Social Security inflation adjustment does not fully address the cost of living increases for retired people!

[@DrSchor]

cost of living increase is not fully addressed for anyone; why do you think you are special?

[@steveg6327]

good content but noises are annoying

[@kw3978]

What’s with the annoying sound affects?

[@DrSchor]

what is with the annoying spelling effects?