10 Things You Need to "Leave Behind" in Retirement

[@pls5201]

Good list. Only thing I would add is to leave behind regrets. We got to retirement, but many who wanted to didn’t. Let’s try to embrace it with as much gratitude as possible.

[@HolySchmidt]

Fantastic!

[@jeffb.2469]

That's a great one to add to the list. You can't change your past.

[@davidroush1224]

Amen. Within the last week two of my former work colleagues had cancer news. One retired about 5 years after I did and just called last week and said he was stage 4. Another friend who delayed about 7 years past me just said a couple days ago that his wife was stage 4 also. They had lots of travel planned, but the first year stayed put thanks to Covid then they had just taken a couple small trips this year so barely got started. Life is short, don't take anything for granted and smell those roses along the way.

[@MILGEO]

@@davidroush1224 Great point! Last year I got a call from the wife of my Chiropractor who left me a message that John passed away suddenly the night before at 58 and knew that he considered me a friend as well as a patient. I always thought that he was in better shape then I was so to say I was shocked doesn't begin to describe how much it effected me! And he was 5 years younger than me also! You could have knocked me over with a feather! With 5 kids and one still in high school, I'm thankful that his wife is a strong woman with a close Italian family to help them get through. I'm sure that he had different plans for retirement! 😔

[@tinalippincott9823]

Perfectly stated!

[@phmiii]

In my opinion, I think "stress" should be left behind.

[@cindyvitale9515]

I like the part about giving up the “Climb.” I do not want to be around competitive people now in retirement. I have no interest in joining an HOA, or anything else that brings out that part of people that I couldn’t wait to get away from.

[@JBoy340a]

I am of two minds about HOAs. They make rules you have to live within. But they also make your neighbors live within those rules. The last thing I want is a neighbor that never mows their lawn and has old cars with grass growing through them in their front yard.

[@WhySoLoud]

@@JBoy340a If that gets bad enough *Big Brother Government* will stomp down hard on that.

[@clbcl5]

Knowing when to start to de-clutter. Having to be part of cleaning out my wife's parents house of 60 years of organized hoarding made me want to start on our 35 years of crapola. Need to make room for all their stuff we need to save for our kids.

[@lenetteshaw4833]

😂

[@HolySchmidt]

Oh, that’s a good one!

[@timothykeith1367]

At least they were organized

[@clbcl5]

@@timothykeith1367 Organized to the point of saving bills and statements neatly in large envelopes for each year back to the 70's. Saving 300 cloths patterns for home made cloths for 3 girls used and neatly returned to their packages from the 60's.

[@davidroush1224]

We have cleared out both out parents homes and agree. We still have way too much stuff, but are getting rid of some all the time so making a little progress.

[@davidwilliams2722]

Leave behind renovating, unless you just enjoy that sort of thing. If it ain't broke, don't fix it. Be happy with what you have. You won't have to put up with it much longer anyway.

[@AhJodie]

This was comforting.... I just retired this week, and had to laugh at some of it... it is wonderful. Your videos helped me get to where I am right now, thank you! I hope you make lots of money on here, because I know many are being helped too!

[@brianwhitehawker1756]

With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. I will be ''Retiring'' in two years and I have a goal of doing that with $1M. What measures can I take to ensure this?

[@codeblue11]

I'm giddy watching the maket tank as I buy as much stoc'k as possible across my port-folio. The key is keep buyng, don't let the naysayers change your mind. Recessions are where millionaires are created. I feel for the older generation, but if you are young or middle age, you should do everything possible to double and triple your investments.

[@codeblue11]

Definitely! I've been able to scale from $350K to $550K since April because ''Frances Annette Batista'' my FA figured out Defensive strategies to protect my portfolio and profit from this roller coaster market.

[@ervinmurray1253]

that's heavy! keep it up, I could really use the expertise of your advisrs, my portfolio has been down bad....

[@brianwhitehawker1756]

I just looked up Frances Annette Batista online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals.

[@thomasrudy6132]

You don't know?!? That's easy, make a million dollars, put it in your bank account, retire. Your welcome!

[@lisadonahue537]

Thank you for these videos. As a widow close to retirement I am trying to absorb all the info I can. I miss being able to discuss these things with my husband.

[@DiamondLil]

I'm recently widowed as well. Nothing can replace that sense of having a true partner in life--someone who is going to be there to face anything and everything that is coming. The loss of that friendship is profound.

[@stephendibari5010]

Excellent video Jeff ! I hear you 100%. I just paid off a big chunk of debt in June and I’ll be debt-free in January 2023 except for my mortgage. Last April 2021 I sold my 2013 Lexus ES350 and got rid of a $475 monthly note and bought my 2002 ES300. This car will be paid off in January 2023. No car payment is the way too go. My Lexus will last me 10+ years well into my retirement. I plan on retiring in seven years in 2029 at 65 years old and my goal is to be debt-free except for my mortgage going into retirement

[@sammyelliott5554]

Been practicing this all my life. I’m 66, retired and debt free. House paid for, 2019 car paid for. All I owe is death and taxes.

[@kitsiewr]

And the medical industry - if you ever need to use them, all that good planning will evaporate into their coffers.

[@WoodworkerDan]

What I left behind was the city where I worked. When I was working, I lived in a city where housing was moderately expensive but the pay (in my field) was pretty good, so at the time it was a good financial situation.. But, when I retired, I could live wherever I wanted, so I found a city where I could buy a similar house at about one third the cost. So, not only was I able to pay off my mortgage when I sold my old house, I had enough left over to entirely pay for my new house plus I had a nice nest egg. Also, my new home is an area with more recreational opportunities and a much lower crime rate.

[@dking1362]

smart! enjoy your new adventures!

[@notroll1279]

It might even mean leaving behind the entire country (and in case of the US, also citizenship to avoid double tax reporting, let alone payments). There are countries with pretty good health insurance and lower cost of living that might help some who just can't make ends meet in their home countries.

[@WoodworkerDan]

@@notroll1279 I would consider moving to another country, but I"m not sure where to go. I looked into Canada, but they did not want me.

[@notroll1279]

@@WoodworkerDan I understand that many Americans spend their retirement in Mexico, Costa Rica or Thailand, with lower cost of living and health care in their favour. It's a pretty complex decision, with lots of things to consider individually (medical needs, ease of home visits, security, taxation, language...) - so it's not ideal for everyone.

[@corey1adam]

If we made some of these choices in our 20s we could retire early. Especially minimizing debt and sport shopping.

[@morgan97475]

I'm still trying to figure out how Mr. & Mrs. Thurston Howell III managed to have a ton a clothes with them on that infamous 3 hour tour. Everybody else wore the same stuff but the Howell's wore a different outfit for each episode. WTF?

[@HolySchmidt]

Love it!

[@DrSchor]

They did it the same way Jeannie and Samantha did magic.

[@maryannbrown9952]

Ginger had a lot of gowns with her as well.

[@geoffreystone4849]

1. If you want others to be happy , give to others. If you want to be happy, give to others. Whether you declutter and take material stuff to an opportunity shop or sell on EBay, your life will be simpler. Someone less fortunate will benefit. Certainly the planets finite resources will be grateful. 2. Give of your time and expertise. Whether a lawyer, engineer, plumber, electrician or other you advice is of value. It may be to students entering career in need of a mentor or an association/charity that you can assist. 3. Learn to let go of things, material, thoughts, beliefs or other. They may have been important once but not now. 4. Tell your kids and grandkids it’s your time now. Let them know you have needs and are not 30yo anymore. It may surprise some that this has never dawned on them. . Walk on grass barefoot sometimes and smell nature. Lie on your back and look for animals in the clouds. Chill. It is ok to be bored.

[@user-yj3ob9kd3l]

Great advice, thanks. It's hard letting go of the "old" lifestyle and needs, but I'm trying to stay focused on the new frame of mind and switching gears. I'm glad that I found your channel. It's what I need in the transition. 👍

[@HolySchmidt]

You’ve on the right track M. Keep going, you’re doing great!

[@richardsimms251]

Great talk

[@kevindecoteau3186]

It's worth watching George Carlin's bit about "stuff"

[@thomasrudy6132]

Glad I never felt the sickness of a rush from getting rid of my money.

[@splod44]

The most important thing to leave behind is stress .

[@FDR_progressive_liberal]

I sport shop, but only at thrift stores. Last week I bought 5 button down dress shirts for a dollar each. I also bought a suede jacket for $6.50.

[@mikerobertson3237]

Always words of wisdom. Thanks Jeff for taking the time to share your professional knowledge...

[@HolySchmidt]

You bet Mike

[@jdollar5852]

I worked in agriculture so jeans, boots, and a hat were my uniform. I went to many corporate sales calls dressed like that. My customers liked talking to a real cowboy/farmer. Get out of debt and get yourself an umbrella policy to cover you. If you're 65 and still feel the need to keep up with the Jones....you need to keep working.

[@Marc-js8rx]

A note on Debt: If your mortgage (+ real estate taxes) carries a very low interest rate -- like under 3% -- and your payments are under 30% of your monthly budget, you should be fine. We have a property that's more than we need in our Senior years and will eventually downsize. But there's no rush because it's 25% of our monthly spend. We look forward to paying cash for our next (smaller) home with the equity we built up, but it shouldn't be advised to do so unless you're fiscally stressed.

[@jaybrown6174]

What do you do if you enter retirement with a mortgage but have more than enough money in your IRA to pay the mortgage off? My tax man says “don’t do it” because of the tax rate I would have to pay. So I’ve refinance my mortgage down to 2.25% ten year mortgage and am paying an extra $20k each year to finish the mortgage in 2026 instead of 2030. Am I doing the right thing?

[@brians7419]

Holy cow, now you tell me! (Seriously, these are great ideas!)

[@SAllen-or9en]

Well, I bought a used Rolex GMT for $2k in 1996 from an Authorized Dealer. It’s worth $18k today. Not a great rate of return but not bad. I also bought a Rolex Anniversary Submarine in 2008 for $5k. It’s worth $22k today. Not bad and a really enjoy both.

[@prairiemark4084]

I married a Filipina, Her son came over to the USA when he was 16. He worked a year and then went to a two year electronic engineering school at a junior college. Then he went to work at Target as a robot repairman in their warehouse. He started at $28/hr and 3&1/2 later he makes $46/hr. The his childhood friend came over and married him and she makes $25/hr. Suddenly I realized that I didn't have to help them anymore because their net worth was increasing quickly. So they jumped from stage 2 or 3 to stage 5 as far as parental help goes! It was a good feeling. I had an earlier marriage and I was still helping the children a lot in their late 30s. It doesn't have to be that way. People born and raised in very modest surroundings tend not to do impulse buying. And they make every year of school count. That Asian folks can kick butt against most North American children in achievement has been my observation.

[@mypointofview1111]

Very sound advice, thank you

[@tobystevens3109]

Have to disagree with a lot of comments on throwing out your old stuff. Don't do it too early, at least wait until the kids are adults. My parents inherited and got rid of all my grandparents stuff before I had a home of my own. There are a few items I really wish they would have stored a few years until I had my own place. Don't leave a house full of junk when you die, but don't throw it out too soon either.

[@travelingfool9096]

thanks for the good content.

[@polkprincess2714]

Can you talk about widow with HOA verses owning small home?

[@karend.9218]

Yale, an expensive friend……(great comedic timing from these two)

[@kihmkyuhnghee2075]

With a good investment plan that ensures steady incomes without any doubts I am prepared for a well organized retirement. I started investing in stocks 3 years ago and so far, I am making a good yield on my dividend.

[@Aryan-ip9po]

The big problem is that most people pay more attention to the shiniest positions on the graph to the cost of proper diversification, making investing look a lot more difficult. Having monitored my portfolio performance tremendously well from the last 2 quarters, I have learned why experienced traders make enormous returns from the seemingly unknown markets.

[@wyatt.o.9037]

hey bud, I find myself in a fix right now and I need proper advise. I have a lump sum of around an inheritance sitting in a savings account right now doing absolutely nothing at all. I wanna get something started with it but I need guidance on where and how. You seem to be doing excellent for yourself. I could use some help here.

[@kihmkyuhnghee2075]

@@wyatt.o.9037 Actually there is no particular sector i focus on, my portfolio is very much diversified, i seek the services of a FA whom i mirrors her trade signals in realtime, ever since then my portfolio has grown at a tremendous pace and she has been very consistent.

[@wyatt.o.9037]

@@kihmkyuhnghee2075 i will need the help of this person, have been on the red.

[@kihmkyuhnghee2075]

@@williamshood7708 mary freed lorenz will be of great help to you, search her name.

[@donreinholz8121]

Great video.

[@HolySchmidt]

Thanks Don

[@bernisejedeon5888]

Sharon Marissa Wolfe is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@keithwalker6892]

The Wealthy Barber said it all. Stop Buying Stuff and this goes for any time. You will find out when retirement time comes and all the junk you will have to dispose of AND you will be surprised how difficult it will be to. Even your kids don’t want it as it’s out of fashion.

[@swisskiwi1478]

Very helpful.

[@bobbysnow5478]

Thanks for the video! Voicemail! After 30 + years of being on 24 hr call! Subscriptions…I started with Amazon Prime, Netflix…cable coming soon!

[@RichardinNC1]

#10 leads to a question. Background, I just retired with a pension and 401K. I have ~1 year left on my mortgage and another small debt. I want to purchase an RV. Is it best to consume a portion of the 401K and purchase the RV outright, or save the 401K and assume a monthly RV payment that fits my budget? Or use the 401K to pay off the mortgage, etc (which is smaller than the RV cost), freeing up my budget?

[@JohnJohn-wr1jo]

Richard most advisors will give a thumbs down to utilizing a 401K for any luxury purchase. Everyone's financial situation is different so u should talk to your advisor and run the numbers and make a n educated decision.

[@carianin5293]

Kids are the biggest drain. Many have no jobs and still live with mama. No where else to go.

[@glennmitchell9107]

Taxes are a debt that never goes away.

[@Blublod]

Well, I’m retired and I haven’t left behind a single one of those things. Go figure! I must be an anomaly, but then again, multiple passive income streams have allowed me many luxuries I can continue to enjoy without even needing to tap SS or any retirement savings. And while I realize that not everyone in retirement can live as I do, I do think it’s okay to live it up and die broke. The risk is if you don’t time it right, but what the hell, you only live once. Sounds reckless but I won’t live to 100 the way I’m going. The one thing I have left behind in retirement is fear.

[@TheLRider]

Retirement is just a change of career. Huge problems await you if you just retire and do nothing. Losing your purpose in life is a huge challenge for retirees. Replace it with another.

[@DeborahCaldwell77]

That was GOOD

[@jmichigan3282]

8. “ most people on more than one home.“ Really?!

[@glennet9613]

Junk Food. Health is job number one for a long and happy retirement, you have time to prepare healthy food nourishing food from scratch and make exercise part of your daily routine.

[@HolySchmidt]

Nice one. Thanks Glen

[@dc76384]

So work all your life...and sit in your paid off home scared to death that you'll run out of money, buying everything on the cheap. Why retire if that'd what is in the cards

[@bobriemersma]

Who else saw "A#1" and immediately thought about "The Duke of New York?"

[@tremaincheerful4189]

Great and sensible video. Awful and annoying ZOOMING IN AND OUT constantly. It's not "interesting".

[@charlesluecke7110]

Buying expired lunch meat and store brand bread for my crappy lunch I bring to work.

[@rolandhansen812]

Most people own more than one home? Are you kidding? Less than 66% of people own even one home. The percentage of people who own multiple homes is actually 5.5%

[@HolySchmidt]

over time...

[@graywilliams_77.]

I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.>>>>>>>>>>>>>>>>>>

[@graywilliams_77.]

What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit>>>>>>>>>>>>>>>

[@graywilliams_77.]

ROCHELLE DUNGCA-SCHREIBER,* That's whom i work with>>>>>>>>>>>>>>>>>>>.

[@davidevans3498]

# 13 Leave behind the people you never really got on with - as life at this stage is definitely too short

[@user-wt6zf4ek9k]

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.

[@AdamGreene222]

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

[@laszlolee]

It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.

[@EmilyMoore-n7n]

@@laszlolee How can I contact your Asset-coach as my portfolio is dwindling?

[@laszlolee]

@@EmilyMoore-n7n renowned for her proficiency and expertise in the financial market, “Susan Bauer Normansell” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.

[@EmilyMoore-n7n]

@@laszlolee Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@markkeller9378]

Freedom from all debt cannot be overstated. It gives you a feeling you haven’t had since a kid! 😊

[@ladysparkle6784]

Great advice. I just retired at the age of 58 100% debt free including my mortgage and it gives me great peace. I would add to get you home in the best shape you can possibly afford prior to retirement so you don’t have those expenses while your on a fixed income. We got a new roof, HVAC replaced, new water heater, garage and exterior doors replaced. Our windows are in great shape so we didn’t replace those. I have an emergency fund and am saving money to replace my car when the need arrives.

[@kh884488]

That's a great point.

[@Falconlibrary]

All great advice, especially about the house. A good fixup will last you a decade or two.

[@TheEvie202]

Great advice. Not true about Rolexes! Millionaires prefer Timex watches. Yes, they might own a Rolex, but they wear that Timex daily!

[@CheckThisOut77]

Wow, age 58 is young to retire, but congratulations. You hit a key…NO debt. Early Retirement Issue: Health care. How did you handle it?

[@CheckThisOut77]

@@TheEvie202 you are right. I am a multi-millionaire (not to brag, but to reinforce your point) and I wear a Timex (with an expansion band. It saves me time putting it on). I have a colleague that wore Cartier. He got robbed including his watch. Watches: I DO have two great-looking (but cheap) watches, too.

[@scottschultz7645]

Leave behind the couch. I know I worked all day and came home to the couch exhausted. If you retire to the couch it won’t be for long. Get a dog, we walk 5+ miles a day. Get a hobby, I got back into golf, now I golf 4 times a week, I also got a part time job that I use to buy woodworking tools for the long winters. If you don’t keep busy it will be a short retirement.

[@daveschmarder-1950]

Own a small house. It fills up quicker and you stop buying stuff.

[@clbcl5]

One of George Carlins best... A place for your stuff.

[@daveschmarder-1950]

@@clbcl5 I remember that one.

[@krissimons1339]

Yep, my wife and I always stop and figure out what will have to go if we buy something and unless we are replacing an existing broken/obsolete item, we usually don't buy it.

[@davidpowell3347]

If you are taking care of other people such as an invalid aged parent and/or a mentally compromised sibling the load of hard to get rid of clutter multiplies.

[@sct4040]

True.

[@patriciamogannam3616]

You leave behind your focus on accumulating money, but start to focus on how much time you have and your health takes on more priority.

[@davidpowell3347]

Converting some of the money which is just a tool for getting something worthwhile into something worth while (like a dream home where you can control your own time and do things you want to do,not things you have to do)

[@kevinfestner6126]

Accountants prefer Seikos over Rolex. I do like my Bulova. You know what I am looking forward to, evenings alone in the garden, coffee outside in the morning, having just close friends over, cooking, my inflatable 400 buck coleman hottub, and Green Acres reruns. I want to just do a seasonal accounting job. I am working on my revamped Beverly Hillbillies series, called the BelArabs. 😂. Great advice as always. One thing. Retire into a new life. I am making these plans, now. Make sure your forever home is the way you want it before retirement. If you have to work another year to make the changes, do so.

[@ppw8716]

Aah, I hear you. I too look forward to those things.

[@kevinfestner6126]

@@ppw8716 I have my Vegas loft townhouse and a paid for Salt Lake condo. I plan on sharing my time between the two.

[@HolySchmidt]

Fantastic point Kevin.

[@dan8753]

Retire into a new life. Wonderful!

[@WhySoLoud]

I would like to add one more thing to your excellent list. Everything you own (or buy) will have to be disposed of when you die. After dealing with both my parents and my sister's stuff after they died (not all at once) I vowed to NEVER leave that task to my son. I've told him to take what he wants and Goodwill the rest. And the only "stuff" I now buy is from estate sales (pennies on the dollar) and only what I truly need to survive. Period.

[@hikerhobby1204]

Amen! I feel exactly the same! I’m trying to make everything as simple as possible for my son.

[@fetch33]

There is a method of downsizing called Swedish death cleaning. Lots of KZbin videos on the subject. One of my goals this year is to start this process.

[@philipem1000]

It took me nearly two weeks to clean out my brother's studio apartment when he passed away. Recently I took five SUVs full of stuff to donate to the Humane Society Thrift Store. I feel much better for having gotten rid of so much of my own stuff. If I need something or just decide I want something I'll look to thrift stores first.

[@mchristr]

1) Never "sport shopped" 2) Clothes don't make you look good,, your level of fitness does 3) Let your kids make financial mistakes and don't bail them out 4) Keeping up with the Jones' will never provide satisfaction 5) Find contentment in what you already have 6) The top-floor corner office was never worth it 7) Take risks in relationships that benefit others 8) Unless you can afford a housekeeper, smaller is better 9) Pursue activities that cost very little (exercise, reading, learning an instrument, volunteering) 10) Appreciating debt=okay; $100k pickup truck=not okay.

[@godschild6694]

Thank you

[@jeffswoyer9898]

I've been shopping at Goodwill lately (when I shop for clothes) - make sure that it is clean - wash it after purchase

[@TheEvie202]

Great advice! I lived below my means my whole teaching career!

[@ag4allgood]

Hell NO # 3 ! Teach your kids financial responsibility EARLY so they don't go into the BAD DEBT trap ! It will save you thousands of $$$$ in " The kids Learning " ! Live a healthy lifestyle & stay off ANY medications !

[@tedfisk1211]

Good video. I have been retired for two years now and I agree with all of these points. Debt reduction is very important and so is becoming more conservative in investments. Stretch out when you file for social security as close to your full retirement age as you can. As far as clothes, I have worn shorts and jeans for the past two years, leaving my working years clothes hanging in the closet. I would send them all to GoodWill, but my wife says I might need them. Maybe, but shorts and T shirts are really great.

[@philipem1000]

I did give my suits to the Humane Society Thrift Shop along with five SUV loads of "stuff". I have six pair of shorts and fifteen shirts. If my heirs want a funeral they can buy me a suit.

[@jaywimer4415]

Leave behind all the paperwork, books, magazines, junk hiding in drawers, shelves, closets, and start to simplify life. Through life you collect “stuff” you may need someday that never comes, or when it does the stuff is rotten, dried out, etc. The other reason is you are so busy with life, work, kids that stuff just piles up - get rid of it so the family doesn’t have to deal with it! Less stuff means more life to enjoy.

[@philipem1000]

A long while ago I had to clear out my brother's studio apartment when he died. It took two weeks. Recently I filled the SUV up with donations for teh Humane Society Thrift Shop -- five times. Nothing feels better than emptying those drawers and closets and storage rooms and garage... and if I miss something (almost never) I just go to a thrift shop and buy it.

[@bernie9728]

Been retired for over 6 years now. The only thing I changed is that I no longer go to work. Instead, I do what I want any time I want. I spent 40 plus years planning for the day I would no longer need to go to work. Not only haven't I given up anything, I've added a few new things. The single most important thing you can do is to save enough money that you no longer need to worry about money.

[@JBoy340a]

Good advice. I don't see much change in the non work-related things I do. I have interest and hobbies I will likely continue for a long time. And I continue to get addition education because I like to learn and keep up with my interests.

[@philipem1000]

"Every day is Saturday" is how I explain it to those who aren't retired.

[@cohoanglervancouverwa6755]

Seems like you missed an obvious one: Your job. Let it go. Don’t look back. Don’t dwell on what might have happened or what more you could have done or how much more $$’s you could have made if you stayed longer. Move on mentally, and perhaps physically if your former job is close by.

[@susancook1448]

And it’s harder to do when you worked from home. I finally boxed up and sent old records back to my company so that helps

[@notanomad9320]

#8 Most people own more then one home. Really? I sure don't but our modest home has been paid off years ago before my wife and I retired. Our focus now is to de clutter what we really don't need and work on some projects we never had time for. My wife is good about not accumulating junk. One of the things that I find strange is how huge these brand new single family homes their building in the suburbs are. Families are smaller so why do you need 4-5 bedroom and 3000+ square feet of living space? You have to heat and cool all this which just eats up your income.

[@HolySchmidt]

Thanks for the comment

[@PremSteve-yg4de]

Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.

[@NorthCarolinaForward]

In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.

[@Tanner-c2m]

I think you're better off with majority investment in S&P500 and uprising equities cos they always outperform. Also speaking with an advisor can help with pointers. I've been in contact with one I reached through commentaries here, she has been really helpful.

[@SavannahMitchell-b3d]

Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?

[@type-r3x]

I just googled her 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 caII.

[@Dbb27]

I taught my kids from a very young age that if a designer wants to plant their name on your butt they should pay YOU, you shouldn’t pay them a vig for buying their clothes and giving them a billboard to advertise their brand. Only silly people fall for the designer grift. Saved myself great sums of money raising my brood. 😁

[@jayandriot6454]

Being debt free is number one with me. Out of the 12 cars my spouse and I had over 49 years of marriage only one had a loan, all the others were cash. I could and still can buy any car I want so long as I have the cash to pay for it. To me, taking out a loan for a depreciating asset like a car, boat, RV, or airplane is just bad economics. Saving and investing money was much more important than driving a fancy car. And yes it did make paying off the home loan that much easier. Being debt free allowed us to retire early.

[@davidwild3888]

You might have to leave behind some of your friends (especially those who you were working with) and make new ones.

[@janetvakili2946]

I would recommend factoring for inflation going forward in determining whether you can actually retire. If already retired, a retiree needs to examine where they can cut expenses now, to absorb the continuing inflation that will be with for the foreseeable future.

[@paulc1352]

I think number one is no mortgage. It makes a big difference.

[@theexpendables3152]

Thanks Geoffrey! Last year, I made a property sale and had over a million dollars in proceeds. I allocated $400k to index annuities and put the rest in the trending algorithmic trading. So far I've more than doubled the annuity premium from the stock market. However I won't discredit annuities in any way, they buy you peace of mind but then, if you need growth, try other stuffs. Concepts like algo trading and diversification of assets can be of great help for growth oriented individuals.

[@virgilhall6866]

I was wondering if investing in a cumulative ETF during this next decade is a sound investment. Or is it better to invest in a distributing ETF (even considering taxes)?

[@theexpendables3152]

@@virgilhall6866 I use Josephine Guevara Laporte's popular program. She's a chartered financial analyst. Look her up and maybe schedule a call. Might be the best bet for you. Consistency and smart diversification skills were the clincher for me with Josephine. My portfolio has gone around 23% up from the last two quarters.

[@mattgallagher9940]

Hi, I'm planning for retirement and have like $600k in a CD account with a very low interest. I only need $20k for liquidity purposes(emergency fund) and plan on growing the bulk. I found Josephine Laporte's official website after I looked up her name. She's got some impressive stats and qualifications. Just dropped her a message. What's the fee structure though?

[@theexpendables3152]

@@mattgallagher9940 Josephine takes ten percent of the profit she makes. And since it's an algorithmic based model, it's very much transparent. You can actually see what assets you have and how much growth your portfolio achieves over time.

[@mattgallagher9940]

@@theexpendables3152 Ok one more thing. Any idea if her services are available outside the United States? Thanks a lot.

[@billbrock85]

Thanks, Geoff, for these amazing videos. Happy to report that I’m newly retired and debt-free. Live within your means, recognize a “want” from a “need,” and sleep soundly each night. Works for me! : )

[@caseytcat888]

Exactly!! It pays off to learn the difference between wants and needs early in life. It's about priorities.

[@dixiebrick]

Try and leave your car, sometimes using a car app is less expensive/ do the math.

[@HolySchmidt]

I like the rideshare option.

[@gmanmarx8705]

Good list. I am retired and have been for a few years and I am now Dept Free except for living costs when I tell my friends and family that I am debt free most cannot believe it and yes one thing to leave behind is regretting...Retirement is a new chapter in your life and I love reading the comments here gives me more ideas to help others love this channel...

[@teams3345]

Why have a watch. I have a smart phone to give me the time.

[@HolySchmidt]

Touché!

[@williamschoemann4209]

I fondly carry a one hundrd twenty year old gold pocket watch I inherited from my Pop. It makes me smile,. I do have to wind it.

[@ddellwo]

Yes - overpriced watches are the “buggy whips” of our generation……..😂

[@nancylyon-gray3499]

Thurston Howell III! Oh, you are making me laugh! Right on for those of us who grew up on this. I am 63 and took SSN early. I lost everything in the stock market during COVID. I was a multi-millionaire. This just snuck up on me. I was retired since the age of 40. Now I am begging for a part time job ANYWHERE. This is so not happening. I have put all of our charges in a spreadsheet and have shaved off as much as my little charmed life will allow. One thing we also did was to build a 2-bedroom high-end apartment in the basement. We charge traveling nurses $2000 per month to rent. This has helped us so much. I remembered that when my grandmother went through the Depression, she had boarders. So I finished the luxury apartment accordingly. If you have the means to share your home to traveling professionals, it's a great way to get a big chunk of expenses paid - AND - I do very little with it as far as management goes so I think I qualify as passive income which does not hurt my SSN earnings.

[@philipem1000]

I got hit badly in the great recession. My two rentals lost all equity, my IRA's dropped 50% and I got laid off at 59 with no job in sight. It took me some time but I used what I had well and paid off the mortgage; got to 62 and started SS. One thing that was extremely helpful was having a HELOC on the house. It allows me to manage cash flow. When the Heat Pump failed I used it to pay for immediate replacement then took some IRA distributions in December and January to pay that back. When I was rear ended and my car totaled I bought a great replacement immediately instead of waiting for the other guy's insurance to settle. Then the water heater went out... I haven't used it in four years I think but at least I know where I could get bail money if I had to... (LOL)...

[@davidpowell3347]

I am fortunate in that I don't enjoy shopping unless it comes to quality mechanics' tools and eclectic stuff like flashlights and sporting goods.

[@HolySchmidt]

I like those too!

[@ddellwo]

My weakness too - love me my tools……..😂

[@johnnyworzel3741]

I’m shocked at the suggestion that we buy anything other than a used car. I recommend buying a decent used car and for cash if at all possible. Paying interest on any depreciating item is crazy.

[@jthev]

My plan to financially survive retirement: #1: Urge to shop? Go to a Dollar Tree. You can get 15 items for $20. (Actually, 16 items but there is still sales tax.) #2: Retired 10 years ago; still trying to wear out the clothes purchased 20 years ago for a really good job that came with a dress code. #5/10: Paid off all debts including the $50,000 consumer credit debt my late spouse left me. #6: Stopped climbing before retirement. Closed down my business and went to work for someone else. #7: Sold my city house; paid off my country house so no risks there. #8: The country house is a small ranch, is my downsize, and close to my best friends. #9: Letting my retirement savings grow on their own. Social Security and a small pension pay the bills and living expenses..

[@superiortransmissionpartsi5357]

What other tips have you run into since the inflation is hitting so hard. Also what is your budget for all the monthly food and entertainment and other costs/expenses you didn't forsee over retirement?

[@dking1362]

Beautiful! Life sounds good.

[@ladyketurahinwaiting]

I left behind the dream of getting to be a full time homemaker, have a garden, do ministry trips (instead of vacations). I had to give up my dreams because at 68 I continue to work so I can pay rent to people who lied to me. I see every day as being one day closer to getting out of the earth realm.

[@noName-kn1lx]

enjoy the salt crackers at cracker barrel according to this guy. Live your life the way you want, you may be dead tomorrow. lots of retired people dead within a year of retirement...

[@davidpowell3347]

Go back to #8:you probably want a house that you can age in and stay even if some physical aliments develop,in other words,sort of handicapped friendly. Important: you want to live somewhere that you can enjoy,close to whatever you most enjoy whether gardening (the parcel of land where your house is) ,fishing,or even running or walking and enjoying the ambiance. Near the National Forest? Near the run route where you once won the Cross Country Run? Being able to hear katydids at summer night and woodfrogs/tree frogs/other spring sounds in season? How about hearing the Barred Owl talking to its mate or brother at night? At age 70 to be honest you are likely to have a limited number of good years ahead provided that your health has not yet failed.

[@HolySchmidt]

Good point

[@markswanson1564]

Life has been described as “4,000 weekends”- if you’re lucky!

[@crosslink1493]

I've remodeled my single-story house over the last few years with exactly this in mind. It doesn't look like an obvious 'handicapped' person's house but is still functional if, for some reason, I start losing mobility.

[@davidroush1224]

When I built my house in the woods in my early 30s I designed it all to be on one level and even made the hallways 4" wider to allow for wheel chair access later in out lives. We are 7 minutes from the hospital, but out of town so nice and secluded with access to everything. House in in he middle of a couple hundred acre farm a friend owns with a lake and woods as well with hiking trails. Excellent bicycling are as well with both flat and hilly areas when wanting to push ourselves harder. We can stay here until the end if we choose though "just" in our mid sixties now. Trying to enjoy it while we can.

[@michaelcarver8373]

So true. We moved to Hot Springs Village Arkansas prior to retirement to get our roots started here. Real estate is cheaper here so retiring without a mortgage is doable. We were able to work from home and now we are both retired with no mortgage and no debt. This place is a hidden gem with pristine golf courses and several lakes as well as the national forest in your backyard.

[@paulm4224]

The Millionaire Next Door, is an excellent read. I gave it to my children as a road map to financial freedom. I also followed it - now I’m comfortably retired. And enjoy driving my Hyundai.

[@lukemn29]

Number one thing to leave behind? The 9 - 5.

[@MP-zf7kg]

totally disagree on debt. there ae good uses for debt, and in the right hands, debt can generate far greater returns than the debt costs. and, who gives a crap if you die owing money? sorry, but you should've raised your kids to succeed on their own.....I hate all these "oh, the family farm for MY CHILDREN" stuff. We have to pass tax laws to make sure little Johnny inherits enough money to keep playing video games all day.

[@pauljakubowski4322]

>Did I miss something?< Yes. A comprehensive review of the insurance you do and don't own. I'd argue that generally, payments on life insurance after retirement are pretty much wasted. Obvious exceptions - the husband who is forced to retire because he contracts cancer wants to leave enough for his wife to live on to a natural age. So keeping his workaday life insurance makes sense at that point. But that's the exception. Conversely, once on a fixed income, a legal judgement, say, from a car accident, can devastate a nest egg. Umbrella liability policies are cheap, and I'd argue that all retirees should have one. My two cents.

[@HolySchmidt]

Thanks Paul

[@thullraven1]

I agree about the Life Insurance. I have a nest egg with money put aside. I have basic Life Insurance because it's cheap for me. That's all I need. My savings can easily cover anything else.

[@davidroush1224]

@@Newbill17 I also never had life insurance beyond what was offered at work. My wife also worked there and made good money and we already survived on her salary and invested most of mine so we built up a large portfolio. At that point when I retired, that lump sum was larger than any insurance policy. We always had he umbrella policy as well, and since out 50s long term care insurance.

[@mark-madison]

Excellent comments. Very concise, clear, full of wisdom. This should be shown to all people age 55-60 so they have time to get their ducks in a row before they bail out to those green pastures. Mark, MBA, age 70. retired and loving it !!

[@deidrapowell8762]

Would love more videos on getting out of debt. I was out of debt then helped my son (my choice) and had to pay for healthcare which is killing me financially. If you already have done videos and I’m managed to miss them please point me to them.

[@edennis8578]

You just said in another comment that you aren't working. The only way to get out of debt, is to #1. spend less than your income, #2. get another job, #3. sell your stuff, or #4. use your savings. That's it. There are no magic answers.

[@deidrapowell8762]

@@edennis8578 I am retired. Duh. Looking for strategies not pompous comments

[@alanduff2205]

@@deidrapowell8762 Check out some of the Dave Ramsey videos on KZbin

[@DrSchor]

@@edennis8578 using savings is a bad idea because you will have to go back in debt for an emergency. First rule of getting out of debt is to have at least six months of cash for ordinary expenses, and more if you expect a large expense such as a roof repair or new car. Everyone agrees spending less than your income is next. See McCawber's Principle. A written budget helps with that. 2 and 3 combine into one idea: raise more money.

[@ddellwo]

@@deidrapowell8762 - Plenty of retired folks take a temporary job to help get them over a tough financial spot! Ain’t going to kill anyone and next time tell your little boy it’s time to be a man!

[@cherylcampbell7495]

Debt..property taxes and HOA pmts. I’m in debt😂

[@sct4040]

Sport shopping: women who buy luxury handbags. That woman was me, now I am much wiser.

[@HolySchmidt]

Well done!

[@maryannbrown9952]

I never heard of sport shopping.

[@JBoy340a]

Also, men who buys sports memorabilia and/or expensive sneakers.

[@RG-hf4et]

Get a library card for free and "sport shop" all you want.....

[@wwz1011]

I replaced sport shopping with thrift shopping for resale. Same thrill, but you turn an expense into income. It actually can be MUCH more thrilling as you find a $5 item and turn it into $50 or $100!! I like to say now that I am retired: "it's easier to spend money, than to find more of it." So I left behind some of my foolish spending and got debt free. I am always surprised the # of retired people with substantial debt.

[@RoxVrod]

Debt should always be avoided throughout life.

[@joelborden3242]

100% on leaving the business wardrobe and trappings behind. But it’s a big change.

[@philipem1000]

Been retired a long time now. I have six pair of shorts and fifteen shirts. I do have a couple pair of long pants in case it gets cold but I never need them really. I took five SUV loads of stuff to the Humane Society Thrift Store. I'm going to see if can't scare up one ore....

[@shvideo1]

Great tips, thank you. It is mostly about habits and vanity vs. practicality. It largely depends how you are wired, like are you a saver or spender by nature, but it is great to be aware of them.

[@ChristopherAbelman]

I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.

[@HildaBennet]

Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.

[@FinnBraylon]

A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.

[@PennyBergeron-os4ch]

I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?

[@FinnBraylon]

She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@PennyBergeron-os4ch]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@vt356b]

Thank you for another inspirational piece! I know you speak from a USA point of view but I'd just like to pick up on the debt issue from an international perspective as here in the UK we have inheritance tax when people die with significant assets. In this case dying with assets AND debt can mean reducing or avoiding this tax and enables the gifting of assets to offspring early so as to escape or mitigate inheritance tax...

[@tancreddehauteville764]

You can only legally gift £3,000 a year without the amount becoming liable for tax.