64% Are Making This Retirement Mistake | Are You One of Them?

[@BellamyGriffin19]

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

[@HectorWhitney]

There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.

[@ChristianKelv]

That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.

[@ClarkeGriffiny7]

That's quite impressive! Can you share more information about your financial advisor?

[@ChristianKelv]

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@Hectorkante]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@ToddHarrington70]

I have been watching for a while and I really enjoy your videos. The recent addition of bloopers to the end is awesome. I love it!

[@reesesha2289]

Thanks Erin - great content! It shocks me when I hear 35 yr olds saying they're old. I'm 60, running marathons, love my work, and life. I make it a point to set new goals, focus on gratitude, and make a positive difference in the world.

[@miked1542]

Great advice Erin. Thank you. Longevity is half the equation. The other half is HOW you live every day that you have. Will you sit in a chair watching TV all day long? Or, hike, bike, ski, get together with family and friends, enjoy the arts, continue learning, develop new skills, etc.? We choose the latter!

[@glenn71144]

My health is my greatest retirement planner.

[@ericdaegling6938]

I retired at 68 after a long career in banking. I don't regret not retiring early - the work was stimulating and challenging for me. There can be non-financial reasons for continuing a career that you enjoy. Annuities, pensions and social security cover basic living expenses outside of investments in retirement and brokerage accounts. I'm 71 now, healthy and enjoying volunteer work and pursuing hobbies. I don't think retirement should be thought of as an escape from full time work but rather that the nature of your work changes.

[@wayward03]

​@@buckibanker Maybe look for something adjacent that you enjoy more. Having the money to quit is a great idea, however you may not want to if you enjoy working or need the purpose

[@stevetucker9181]

Regarding the Centenarian letter from the President, when my Grandma was coming up on her 100th, I wrote to all living presidents and asked for the letters for her. You know who came through? Jimmy Carter. I got to read her a letter from Jimmy Carter at her birthday party. She was thrilled.

[@METVWETV]

He probably went to school with her!

[@seeyawouldntwannabeya347]

I started saving for retirement when I was 25. I am now 70. I was involuntarily retired at 58. My job was taken over by computers. First I panicked then I learned how to use excel. I figured out that I can live without a job because I live on less than I make. My portfolio is all in dividend paying stocks. So I still get 'paid' every month. I watched your video about Vanguard guard withdrawal rails. So of course I made a spreadsheet that figures out a yearly safe withdrawal amounts under various withdrawal rates. I am happy to say that under 7% , 4.55% and 2.5% withdrawal rates I will not only fund my retirement until 100 but will leave a large sum to my family. Thank you for making these videos. They are just the right length and the concepts are easy to grasp.

[@gibblespascack1418]

Similar stories different years. Graduated college and started my real job. Had to wait a year until I could contribute to a 401K(company policy), then started contributing. Got my 401K up to the max(company allowed) 16% and they contributed 3%, so for approximately 20 more years I was putting 19% into my 401K. During that time I also started a brokerage account. At 23.5 years at work, the company was acquired and the 3000 on my site were fired. At that time, I figured that I had 21 years, until retirement and I would be fine if I did not contribute any more to the fund. (21 years would be 3 doublings of the fund with just growth) So at that time, I decided that I do not have to earn as much because I would not need to contribute any more to the fund. That gave me so many options for future work. Right now, I am 14 years into the work when I want period. 7 more to go. Things are turning out well because of all of the early contributions and I encouraged my daughter to do the same this summer when she graduated and started her first real job. You never know when you will be let go. Congratulations on your plan coming together.

[@JustinRoy-q4q]

On health as you get older, I ran my first marathon at 51. I am in better shape in my 50’s than in my 30s or 40’s.

[@ErinTalksMoney]

Yes! I love to hear that! I hope you have many, many incredibly healthy years ahead of you.

[@mikeb.237]

She is a bit flaky and idealistic...part of the by-product of being young and hot

[@jaydesimone4297]

The same with me. I was obese at 44 and realized I was too young to be so out of shape. I lost 100 lbs over 18 months, got into triathlon, and ran my first marathon last year at 49. My image of retirement has gone from simply not working to having more time for a number of active pursuits.

[@JohnWilliams-kj3rh]

I will turn 70 next month, and my wife and I haven't touch our retirement accounts. The idea that SS would not be there when we retired really helped to spur us on to save more. Now that it hasn't disappeared is awesome! I really enjoy your postings. Thank you so much for sharing your expertise and insights!

[@ld5714]

Good morning Erin. I retired at 62, now 75 and overfunded my retirement with good planning and execution. I have good health, wife not so much, and have done more in the last 15 years than the previous 15. My average withdrawal rate is 2.6% and I've planned to live to 92 for both of us, longevity has not run in our family though. The video and your discuss was right on target IMO. I really appreciate the effort your put in and the content you provide in your videos. Kudos and keep up the good work. I loved the bloopers today, that spider seemed to have gotten you a little giddy if they were in time sequence anyway. Have a blessed week and I"ll see you on the next one. Larry, Central Valley, Ca.

[@chadparks9810]

Love those bloopers at the end of your videos! Of course your content is great as well. :-)

[@frankthedentalhygienist6699]

Always great content. LOVE transparency-your bloops at the end. 👍

[@mgray3279]

Thank you for the video, it’s a good reminder to make sure we’re all planning for the future. I’m 59 and plan to retire at 62 and have estimated my life expectancy to 92. Have also planned for long-term care needs in my calculations. Fidelity estimates with Significantly below average returns, I’ll have a +150% of meeting our retirement target and still leave $2.8 Mil to family. Mind you, in 30 years that much money may only be enough to buy a new car… who really knows about the future. All we can do is plan for the best. 😎

[@Larry-yb7zl]

Neighbor is 90. Travels the world competing in triathlons. Gold Medal winner and flag bearer for USA in the Montreal World Championships 2022. Energizer Bunny, never stops.

[@alabbott9711]

Erin I think the majority of the people who view your channel will not run out of money as they age. I know I retired at 58 and my wife at 56 (letter carrier). This morning I came across a statement and spread sheet projections from eight years ago and was amazed at how far off my very conservative projections were. If this continues my family may need to worry about inheritance taxes. I know my father in-law who retired at 62 is eighty six and is complaining about the taxes he has to pay due to RMD withdraws. The key to not running of money is to pay attention to it. But don’t forget as I told my father-in-law I am not going to stuff his casket with dollar bills so he better spend his money

[@mikebridges20]

I retired from my primary career at 55, intending to work at a second career at 65. Ended up retiring this year (age 67), taking SS once I hit my Full Retirement Age in April (no penalty for working after you hit FRA). Ran the numbers for waiting to take SS until I was 70, and it took 25 years to break even. So, between my first career pension, our SS, and a monthly payout from a variable annuity (not my best financial decision, but it is what it is), AND no debt, our monthly costs are lower than those income streams. As a result we're keeping our investment strategy as aggressive as when I was working, and our portfolio is reaping the benefits. We've pulled some funds for fun stuff, but no day-to-day needs. Finally, I've started working out much more than I could when I worked. Just about at my goal weight (2-4 lbs. to go), and stronger than I've been in at least 3 years. Life is good!

[@Carnegiered52]

Hello. I'm a little slow. Are you saying that waiting until FRA was not a good idea in your case?

[@mikebridges20]

@@Carnegiered52 No, waiting until FRA was the plan that we executed. What didn't seem like a good ROI was continuing to wait until 70 y.o., where SS payments stop their 8% APR increase.

[@Keith123454367]

We started actively working toward retirement in our 30s. We set a goal of living off of interest only. I would advise that to anyone starting out.

[@heidvsjekdndjdfjcc2837]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult...

[@TheBeagle1956]

@@sky9935I smell a troll!

[@lucassilvaoliveira6064]

nice! once you hit a big milestone, the next comes easier. How can I reach him, if you don't mind me asking?

[@joshraphaelbatusin933]

he's mostly on Telegrams, using the user-name

[@joshraphaelbatusin933]

@Jeffclark7 ✌💯🇺🇸

[@scrumpy615]

YES!!! That's exactly his name (Jeff Clark) so many people have recommended highly about him and am just starting with him😊from Brisbane Australia 🇦🇺

[@bryanwhalen8324]

Just turned 60. still ride motorcycles both off road and street tours, just this year went on a 13 day motorcycle adventure in Nepal, I was the oldest in the group but none of the younger guys were ever waiting on me :)

[@ErinTalksMoney]

Yes!!!

[@DONCHESLER]

Excellent content! It’s good for everyone to consider. The majority of people don’t save enough, and unexpected longevity is squeezing some families into homes with two or three generations under one roof. Pooling income allows the purchase of a larger home, which isn’t necessarily a good long term plan. I’m 67, and I recall a colleague of mine saying “your health is your wealth.” Longevity is one element, but physical and mental functionality are paramount, and not entirely within our control. Enjoy every day, and keep moving!

[@LoriThantos]

At 25 I did not want to live past 30. At 50 I started running. At 58 I am planning for 85. Also, the hot pink is amazing on you - so cute!

[@Drumbeat52]

😁👍

[@thecarolinahoosier3596]

I come for the advice, but I stay for the outtakes! Both educational and entertaining.

[@rbkahuna8192]

I’m 55 and still working. Like a lot of other gen x’ers I’m late to the party. But, I’m still handling it just fine and honestly, I’m actually lucky enough to be making more at my profession than I’ve ever made. My house is paid for, got a couple of debts I’m working on, and hopefully a little luck I’ll go until I’m 65 and a 20-25 year plan should be okay. Channels like this have been a huge help. I went from basically nothing to closing in on $75k in the retirement plan in the last six years. hopefully the next ten are grow it big years! lol 🤞

[@lukehanson5320]

Engagement comment for Erin. Keep up the great work.

[@tomr6857]

That video was spot on! good job, I especially like how you just took that spider down!! Keep up the great work

[@markwilkins1544]

Hi Erin, great video! My dad passed at age 93 and my mom is 86 and doing well. I’m guessing I’ll live to be in my 90’s

[@kevincross1240]

Almost 70, retired a year ago. It's wonderful! Yeah I can't do what I was doing when I was 20 but who can? I also am not buying into the rumor mill that you need a million plus to retire. I don't need that. Thanks Erin! You're awesome!

[@omarastacio3939]

I am currently 56 and originally (At 21) envisioned retiring early at 55. I love listening to your content and it mostly reenforces strategies that I have been implementing for the past 35 years. I was blessed when I started with an older coworker who encouraged me to start saving into the State 457 plan and am also blessed with a job that provides a pension. I am mostly waiting for my youngest (of 4) children to get on their feet as she is still in High School. My target was/is between 70% to 80% which I have already achieved even excluding SS. I prefer to have overestimated my needs which I can leave to my children, help with weddings, travel, etc. rather than be short and be a burden. It is never to early to start planning.

[@aall6216]

Hi Erin, thank you for your videos. They help a lot. I found love late in life so at 68 I have a 15 yo and 12 yo to put through college. I started saving for retirement in my 40s and got more serious about it in my 50s. My mom is 90+ in a nursing home w/ signs of dementia. Her sister passed last year, her brother this year. I have pension (but no COLA). Still w/ that, IRAs, 401Ks and SS we should be okay. My wife is 18 years younger so I figure whatever I save has to last 20+ years longer. Your points on longevity are well taken. So my worries are 1. college costs rising faster than inflation. 2. higher than moderate inflation as over a couple of decades that can do a number on one's nest egg. 3. market downturns. I think we'll be okay if we don't get too many inflationary politicians. ; )

[@RDP59]

I just turned 65 and in good health, still working. Planning on being able to have money enough in retirement to past 90.

[@autumneagle]

I'm 39 with my first child on the way next June. I'll be 60 by the time the Kiddo is setting out on their own. From my own experience, me and both my siblings required some types of engagement and help into our early twenties. So I'm planning for that eventuality, my kid will probably need me in some capacity financially until I'm in my early 60s. At my current rate of savings, etc. I could actually retire in my mid 50s and the wife and I would be happy until we're 90. But kids change a lot of calculations. I'm fine with this, even happy for it! Being able to help my child get the best start into their life as possible will be incredibly rewarding for me, and if it means I have a work a few extra years, well that's fine by me as well. My dad's 77 and still going strong and I'm in much better health now than he was at my age, so I suspect I'll hit that 90 year bench mark and am planning for it.

[@TheNativeTwo]

My financial plan has many living indefinitely. In fact, I want my wealth to last into the lives of my great grandchildren, and take care of them too.

[@weleppin]

Retired at 57, have a County pension, with a COLA. Getting 8k, with 6.5k in expenses, spending time with grandchildren life is good. Mom passed at 82, Dad is 88 and still doing great.

[@ScienceBitch123]

You're the problem with government. Nobody should get to retire at 57 with a guarantee, just sucking the taxpayer dry

[@Dave-sw2dm]

Is that in lieu of Social Security? $8000 a month pension is amazing!

[@rulerofthemoon]

I wonder if this is a county like mine where property taxes are up 30%.

[@johnscott2746]

@@rulerofthemoonwhere do you live? In Florida, like a lot of states, they can only raised the assessed value of your home by 3% per year. I just paid the property taxes on two properties I own and it was less than $1300 for both.

[@hogroamer260]

​@johnscott2746 Yeah, $1300 for two properties in FL? That's not common. My $400k house is $4K in taxes with Homestead exemption.

[@JBoy340a]

Thanks Erin for another great video. You remind me of a guy I happened to work with in my 20s. He was always talking about investments. He got me turned on to them. And since we all knew (according to the news then) SS was going bust before we got anything, invested do be sure I have something. Now at SS age and it looks like there is money for me. But that to my coworker, the SS will be an unexpected bonus that comes every month. I suspect the people watching your videos and plan accordingly will also have similar good fortune.

[@richard1113]

Every decade I had negative thoughts. When I turned 20 I thought "I'm not a teen anymore", at 30 I thought "I'm not young anymore", at 40 I thought "I'm too old to start a family", at 50 I thought "I'm old". At 55 I started doing more exercise and it made me feel better. At 58, I was involuntarily retired but that was ok because I had planned to retire at 59 1/2. My thought is that I have about 20 years left. But you're right... it could be longer and I think I'll be ok. My main concern is leaving too much on the table but also not leaving myself in a bad situation late in life.

[@BobJones-r6o]

I’m 77 retired at 66 eat a very healthy diet and am not on any meds. We are living off SS and investment income not spending any principal. Planning on a long retirement.

[@loribowman9905]

I’m retiring from teaching this year at 60 with a pension and a sound 401k….and a financial advisor. I feel better, healthier, and happier at 60 than any other time of my life. I am planning for 100 as my mom and all her sisters have lived well into their 90’s. Thank you for your wise advice in your videos!

[@Taran72]

Im glad you brought this up. Longevity runs in my family on both sides. I'm planning for a life span of 95 because my healthyest grandparent lived until 92. Love all your videos.....and dont kill spiders!! They bring money!

[@bootsmith8016]

I am planning to 100; or for one of us to live to 100 but most likely my husband. I am 62, retired, and have already outlived 3 of my 4 grandparents lifespans. The only person in my family to make it past 70 was my mom who passed away at 84. My husband’s parents are alive and kicking in their 90s. Thank you for your content. I am trying to support more women in this space which is overly dominated by men.

[@lkjacob1]

I'm 61 and still working as I love what I do to this day. Family history for me is important as I was diagnosed with cancer at the age 48. Had surgery and am cancer free to this day. But, my dad has had prostate, skin cancer and colon cancer. My mom has had breast cancer. Every year I have doctor appointments to keep a check on all this. Also, I was diagnosed with lynch syndrome. The simple explanation is that I have a gene mutation that increases my chances of getting any cancer 80%. Thus why yearly I do what I need to do. Is it a pain? Sure but I plan on being around until 85 plus years as both my parents are still around too.

[@pizza4me298]

This changes a lot on your income level. As a lower income worker and lifelong renter I saved what I could and was planning to work until 62/64. The company thought 60 was better and my high blood pressure agreed. I am planning to delay social security to at least 67, hopefully 70 but might need to take it sooner if needed. I am enjoying this time, I only spend for my basic needs, and get my entertainment through walks, reading, a little tv. The only real change from working is the extra time to work on my health and my investments. I worry about money all the time, just like I did when I worked. Always remember, if things go south for you financially there really is no help. You really could become homeless, living out of your car.

[@daviddeavours4909]

I'll tell you what i found. The longer you work, the more likely you are to get "RIFed" from work. And, the older you are, the less likely you are to get hired again. What that means is many people who plan to work past 65 or 70 when they're younger, may find that is not an option once they reach 55 or 60. So much of the talk about "just work longer" or "Delay SSI until you're 70" is not possible for many people. And I think this is something that is missed by almost every retirement discussion there is -- Don't build your financial plan on working full time past 65 or you may find yourself in a lot of financial trouble when your employer has different plans.

[@cashflow68]

I fully retired at 59 and mentally I have the mindset of a person in their 30's. I enjoy the old songs from the 70's but I really like the newer ones more. People in my age group are still stuck in the 70's

[@kannermw]

I am 60 and still working at demanding job and functioning at high level. I listen to music from 70's-mid 2000's and fewer modern day For sure the absolute quality and diversity of music in 70's was vastly superior to today. Most modern music is utter crap and more like consuming junk food. Rap music or performers like Taylor Swift are perfect examples of such garbage.

[@oferzeira8125]

Retired at 61. Planned to 100. In 6 months will begin taking social security. Feel financially stable, calm and happy, travel a lot, practice sport every day, eat healthy and looking excitingly for future opportunities. It's all about planning, saving,investing, differentiating between needs and wants , patience , Persistence and consistency.... hard?? Yes!! But not unattainable.

[@damnthegrifters7313]

Retire and work at the same time. I still work at 64 but have taken up more hobbies and lessened by emphasis at work. Work is just another hobby in my mind.

[@mikesurel5040]

I wonder if the people that look at 50 as old look back at their life and think their best year was their senior year of high school. I love these videos. They help tremendously when chatting with my family about these topics.

[@ErinTalksMoney]

I can genuinely say that my high school years were NOT my best years. So far I would save my 30s have been my best years, so I hope things just keep getting better 😊

[@mikesurel5040]

@ErinTalksMoney Stan Lee was about 40 when Spider-Man was created.

[@tothra]

I turned 61 this year. While it feels like all sorts of body stuff start breaking down in your 50s, the benefits of getting older are fantastic, IF you have your health. Go get your annual checkups, find a doctor you like and follow his or her advice! Stay active! I'm thrilled to share that in the last few years I've stopped worrying about what others think of what I say or do, or that I wear the right thing, etc. I focus on doing what is right for my family, for me, and my friends and community. Age and experience have also blessed me with perspective, which greatly helps in understanding what's important at decision points. Not worrying about others judgements, and having perspective are so freeing, it makes getting older enjoyable. I can enjoy being me now

[@dstevens518]

I remember my great grandmother getting a letter from either the Prime Minister of Canada or The Queen of England (Canada's part of the Commonwealth) when she turned 100. Overfund, definitely. We're still at it, five more years, minimum...lol. Shooting for too much, just in case. Not interested in flexible withdrawals during retirement, want reliable and enough. BTW, those life expectancy numbers seem low. I keep seeing mid to late 80's quoted, not mid 70's. Unfortunately (?), both our families tend to live well into their 90's...😄

[@ErinTalksMoney]

That’s so cool! Does your family still have that letter?

[@John_Fisher]

Overall life expectancy in developed countries often takes into account infant mortality and even miscarriages at later stages of pregnancy. Fortunately the rate is much lower in the modern age than it used to be, but adding even a small amount of 0s can drive down the average to the 70s. That's why Erin's discussion of longevity literacy, if you're past that age and not among those numbers, your expectancy is higher than that 'average'.

[@dstevens518]

@@ErinTalksMoney Don't know, great grandmother and both grandparents gone. Great granny passed in the 80's, long time ago, think she reached 106! Too many aunts and uncles, sure one of them has that letter, but not sure who...lol.

[@dallison1961]

I retired at 58 and am 63 now. I still feel great from a health perspective and don't see any significant drop off on what I am able to do.

[@ErinTalksMoney]

I am so happy to hear that! I hope you have a very long, very happy, and importantly very healthy retirement!!

[@kevinavery7977]

Just retired at 62.5, 760 days into 10k steps a day, planning to live into my 90s. Got bond ladders set up to mitigate sequence of return risk. Will do some Roth conversions opportunistically at inevitable downturns. Let’s go!😎

[@DogDad728]

Erin, great show as usual, but everyone’s experience is different. I’m 59, newly retired and have a financial advisor who has my life expectancy at 85, which for me is an overestimation. I’ve been on heart meds including afib for almost a decade and am pre-diabetic. In addition my social life has dissolved as both my parents, fiancé and many good friends have passed away. I only have my dogs to keep me going. Someone’s mental health should also be evaluated for life expectancy. With stats like this, why should I expect to live for 25 more years.

[@victorbaird8220]

I’m so excited 😊 I just can’t hide it 😊

[@robertrodriguez3614]

Thank you for the great content.

[@gretchen_needs_a_dog]

Sometimes I think your videos should be required viewing for EVERYONE! Thank you for the excellent reminders/advice’

[@ErinTalksMoney]

That makes me feel so good!!! 😊

[@gordonditch2373]

I'm 56, eligible to retire at full benefit (federal retirement or FERS) July 2026 and I plan on sticking around until my body can't take it anymore. I have $500k+ in my TSP and my agencie's retirement fund (formerly known as a pension) and will keep on keeping on. My agency will pay what I would be making with social security until I hit 67 should I decide to go but my annual salary is $170k (not including overtime) and I plan to keep earning the good money as I am able.

[@MrGrumpy1]

My mother worked until age 88. She said "You need a reason to get up in the morning". We lost her last year at age 96. As for me, I'm 62, retired, and just slept til noon. I don't expect to live longer than another 20 years.

[@mattclausen3398]

I’ve been in a retirement plan for over 35yrs and looking at retiring next year at 60. I will get a pension, SS, a few small investment accounts and will take a lump sum to invest until I need it. Concerned about inflation more than anything. Get videos!Thx.

[@easttexasnomad5981]

I remember hearing a long time ago about getting a letter from the President if you live to 100. That was probably in the 1960's when I was a kid and haven't heard that for at least 50 years. I'm planning my finances to last until 100 and so far I have not touched my retirement accounts (I'm 67) and only plan to start to satisfy the RMD.👍

[@greghilst7011]

Thank you, Erin. We retired 4 years ago.at 55 but due to health issues. I think 1 major flaw in most wealth managers or financial professionals is the issue of health. At 58 I barely can walk 1/2 mile. Yes 4 doctor's warned me at 37, I will be in a wheelchair by 65. If you have health then keep working but take TRIPS and enjoy life along the way. We have the time and some money but not the health. Oh my sister just died at 55 from cancer in October 8th 2024. She worked until 3 weeks before her death. No one is promised tomorrow. Enjoy life.

[@mharrell4954]

So sorry for your loss.

[@greghilst7011]

@mharrell4954 thank you. She will be missed. She was a director of services over 30 hospitals and a full family life with a husband and 2 kids. She was always positive, even at the very end. Thanks again.

[@ErinTalksMoney]

I am so sorry for your loss. ❤️ You are so right, make sure to enjoy the time while you have it. I hope the doctors are wrong and that your feet can continue to take you wonderful places. I have shared a couple of times on this channel that I have epilepsy from the removal of a brain tumor. I look at those seizures as a reminder for me to make sure to enjoy the now. I had a rough one yesterday, so I'm going to make sure to pack som extra fun into this weekend with my son. 😊

[@greghilst7011]

@ErinTalksMoney Erin, always take the time with the kids, it's more important than any money. There is 1 thing money can't buy....more time...your children are only kids for a short time. Thank you for the kind word and I pray your health improves too. I just thought you may want to add health as 1 of the points in your video which are better than most. My grandma lived to 99.5 , the longest in the family. she traveled the world at 75 but at 82 broke her hip then never left the state . Activities are more likely at younger age ( more money need to travel). Few financial planners talk about ( in person or youtube). Thanks again. God Bless you for helping others.

[@scoobedoo5243]

I can't say I agree with a few of the things she's talking about. Work longer to ensure you don't run out of money? Plan better. There are EXCELLENT tools available to help you understand. I use multiple tools as checks against my plan and any biases in the tools. Second one: planning to 100. If your family history suggests that 100 is within reach AND you're 65+ with excellent health, then sure, you can plan for that. For 90+% of people, that is not the case and planning for a more realistic goal of 85 will be sufficient. In many cases, if you're using the good tools and entering reality-based spending throughout your retirement, longevity risk becomes immaterial. You will not increase spending every year in perpetuity - lots of research has shown the actual spending in retirement to follow a path like a smile or that can be broken into groupings such as Go Go, Slow Go, and No Go.

[@kitanaiyatsu8571]

I'm 60.... and I run 6 miles every day with 20-something year old kids. I'm not quite as fast as the kids... but when I was 20-something, I couldn't imagine running 6 miles a day... let alone with someone who's 60. One of my grandparents died at 64... another at 70. Both due to chronic health issues. I feel that if I were to die sometime in the next 4 or 10 years... it would probably be due to a sudden and tragic accident since I don't currently have any life limiting chronic health issues. Having said that, my Mom was in perfect health until she got AML... and then died 3 years later.

[@M.A.T.T.A.L.I.A.N.O]

You can still get a letter from the president now but it’s more of a form letter. Definitely not hand written.

[@tothra]

I turned 61 this year. While it feels like all sorts of body stuff start to break down in your 50s, the benefits of getting older are fantastic, IF you have your health. Go get your annual checkups, find a doctor you like and follow his or her advice! Stay active! I'm thrilled to share that in my 50s I stopped worrying about what others think of what I say or do, or that I wear the right thing, etc. I focus on doing the right thing; right for my family, for me, and my friends and community. Age and experience have also blessed me with perspective, which greatly helps in understanding what's important at decision points. Not worrying about others judgements, and having perspective are so freeing, it makes getting older enjoyable. I can enjoy being me now

[@1989rab]

My dad retired at 55 with a pension and plenty of money in the bank. He unretired 2 years later because he was bored. He reretired at 70. Sometimes, money isn't the main issue. Sometimes, you just need something worthwhile to do.

[@stevemyers8330]

Longevity literacy...so that's what it's called. I turn 70 soon, will start collecting social security at that time, have a comfortable nest-egg to last about 30 years or so, and I'm still working. I saved somewhat aggressively in my early years (max 401K amounts, pay off loans early, etc.) because I grew up relatively poor, with parents who retired with only SS and work pensions to live on, and I had many male family members lived well into their 90's. All of us kids helped where we could, but I wanted to do better because that's what they always wanted for us. Why am I still working? I'm a widower of many years, I like the work I do, and I found out I can use my current income to fund my granddaughters' college educations. I figure the best legacy I can leave them is a debt-free good education. I know this path isn't for everyone but it's the one I chose and it is making me very happy with each semester I cover. Thank you, Erin, for your episodes of very clear descriptions about everything I am about to face. I'm so happy I found you at the right time!

[@WileeRunner42]

I'm doing my best to live healthy and staying active. My family on both sides have long life, so I plan into the 100s. I know it's a fine balance between having enough and leaving everything without enjoying enough. Medical expenses become the largest expense at that age.

[@clivesmith5907]

Great content.

[@jdgolf499]

I retired last year at 62, and I'm planning to 100, , just in case. Dad died in February at 99.5 years, Mom was 91. 3 of 4 grandparents 90+. 4th died from working in coal mines. Lost my last aunt in July at 99 years 7 month. My one uncle died at 88 as a result of issues on the operating table. My five aunts lived between 94 and 99 years! So, while I don't think I've lived the exact same lives as they did, I'm not risking running out of money! If I don't, and I leave more to the kids, is that a bad thing?

[@ErinTalksMoney]

It really sounds like you have longevity on your side! I hope you have an incredibly long and importantly, very healthy life!!! 😊

[@vzimmer1951]

I am 80 and still work part time, not out of necessity but because I enjoy it. I have 4 steams of retirement income but not a lot of savings. I think I will be comfortable.

[@dj-dg2wx]

Good thoughts and things to consider. I am blessed to come from longevity so plan will take that into consideration.

[@duneme]

We are about 50% Invested in Rental Houses (which pretty much have an Infinite number of Years! Great Grandma lived to 104!

[@cgrilley]

About to turn 56 and while I'm getting tired of working after 35 years I'm nowhere near "done". I'm hoping to make it to 80.

[@ErinTalksMoney]

I hope you have a very long and healthy life. Here’s to many healthy years to come. 😊

[@bryanwhalen8324]

I'm screwed... my dad is a healthy 83, his mom lived to almost 103 and her dad lived to 101

[@markpelt5070]

I started a whole new career at 50 and worked another 20 years and did consulting for 2 more years.

[@duneme]

We have Rental Houses that compose about 50% of our Retirement Portfolio! Rents are increased yearly so, our Income Increases! Oh, my Great Grandma lived to be 104 (I was 26. At the time! 1/4 of her age!)

[@brandonblahnik6002]

I don't know about the handwritten letter from the President, but the Japanese government used to give centenarians a silver saki cup. They stopped doing this because it became too expensive due to the large increase in the number of 100-year-olds in Japan over the years.

[@rarelycares8416]

Large increase on paper, it's been shown that a large percentage of these are pension fraud.

[@732jim]

Yes, it’s true, if you live to 100, you can get a letter from the local mayor, state governor and president. My great aunt was thrilled to get hers when she turned 100.

[@user-mv8zm9qs8l]

Lol.. the bloopers were funny! Planning on retiring at 60.5 years old around April or May. However my wife wants to work 4 more years because she’s younger so I might get something part time

[@shawnpatton3795]

I’m 51 and last year I rode my bicycle from Pittsburgh to Washington DC, with two others camping, in 7 days. I rode my bike a few weeks ago about 17 miles to primitive camp by myself and fish. This is my third or fourth year being in a two person sand volleyball league. I go kayak fishing or crabbing all the time. I’m going to golf 18, walking this Sunday.

[@ErinTalksMoney]

Yes! This is the type of thing I love hearing about. I would love to be doing all of these things in my 50s. You are living the dream!

[@MrGoodaches]

Sounds like GAP and C&O! In 2014 that was first long bikepacking trip with my wife. Of the many dozens of multi day bikepacking trips we’ve done since that’s the only one we aspire to repeat. Merely reading your reference to those routes triggered some endorphins!

[@Billn1971]

I used to do alot of biking /Mt biking. I think about getting back into it. But I don't know how my shin splints and knees will do. I was able to ride 10 to 20 miles a day with no problem. 47 now. Last yr I looked at bikes from $500-$700

[@shawnpatton3795]

@@MrGoodaches awesome! What are some of your bike packing/touring routes have you done?

[@shawnpatton3795]

@@Billn1971 people with e-bikes look like they’re loving it.

[@greggrose6802]

They did that back 1960. I remember they did that back then. You are correct they will not do it now. My Great Grandpa has missed it by 3 years. He was hoping he would make it.

[@voncilledemesa2075]

Plan on a 35 year retirement starting at 59.5

[@dantheman6607]

If my mortgage is 25% of my expenses and I pay that off and 15% goes towards the 401k then I should be able to live off 60% when I retire right??

[@joelcorley3478]

I retired at 56 and planned for a 40 year retirement horizon. I'm 60 now. I have health problems, but nothing that makes me think I'm going to die any time soon.

[@cadatz]

Another consideration about when to retire or with how much savings is whether you’re taking care of one or more aging parents. I plan to keep working in my 60s with no thoughts of early retirement. One big reason is that my 90 year old mother might need assisted living or nursing care. And she does not have a large nest egg.

[@JacqueScherrer]

Never heard of getting a letter from the president if you live until 100. I have heard if you’re a citizen of the UK and live to 100, you will receive a letter from the King. Someone has to notify the palace though. They don’t automatically know. There’s a process for notifying the palace located online. I will have to look into the president letter thing now.

[@RobertMcclean-ed4eb]

But if retirement income is calculated as a perpetuity, estimating probable date of death doesn’t matter. Don’t annuities and many other retirement plans pay until death ? And are even somewhat inflation adjusted ?

[@steves3234]

Just turning 62 and feel great. But young people always make s mistake when I wqs young I felt the same way 😅 I have a neighbor in his 70s and he is still getting around very well.

[@TheFirstRealChewy]

Let's be honest, 20 years or less is the most likely number. If you are retiring in your 50s or early 60s then that's great... unless you were forced into retirement. However, most people won't willingly retire that early, so 65-70 is going to be more commom, and the stress you had to go through to work that long will have an effect.

[@John_Fisher]

20 years or less is quite a bit pessimistic. Around half of 65 year olds are already expected to live to 85 and almost 25% are expected to still be alive at 95, so I agree with Erin that only planning on 20 years of retirement is under-preparing. Perhaps individuals will have health conditions (such as diabetes to name a highly common) that lower their particular expectancy, but then I would say that it would be odd to have a health condition be a reason to plan on *less* expenses needed in retirement.

[@JBoy340a]

We have a number of retired people in their 90s in our area. They still drive and participate in local activities. I see them often with their grandchildren down at local park.

[@RS-lw9cd]

The problem is, for everyone, no one really knows how long they will live. Both my parents lived into their 90's. However, that does not mean I will live that long. I worked for a large corporation. A study was done on the retirees from the corporation that I worked for and a report came out that people who worked for the corporation and then retired at 65, on average, only lived another 1.5 years....so the average retiree (who retired at 65) only lived to 66 1/2. I was shocked to see this. The conclusion was that the stress of working there took a huge toll on the employees. I retired early, and, hopefully, will live much, much longer than that!!!

[@jhouser972]

@@John_FisherI would love to see the data you are quoting. Multiple studies support the average life expectancy in the upper 70s in the US. Some current studies have found that life expectancy has continued to decline in the U.S. Not increased.

[@John_Fisher]

@@jhouser972 The important difference that we are talking about is the difference in life expectancy from birth vs life expectancy for those who have already reached a given age (Such as 65). Expectancy from birth averages in younger mortality due to various causes so it lowers the average for the overall population, but if you pass those ages and those accidents and complications haven't affected you, your own life expectancy is higher than the average. To take an illustration that exaggerates this issue to illustrate it: We often hear that average life expectancy in the ancient world was 35; but this average includes times when mortality was almost 50% between 0-5 years, bringing down that average. If you were an adult of 30, you wouldn't say that your life expectancy is 5 years, or else the average for the entire population would not be 35. You could reasonably expect to live to 70.

[@Growing-Our-Retirement]

I think the goal is really financial independence if you can get there. Then you get to work or not work at things you enjoy. At 64, no plans to slow down too much but work only at things we enjoy. A lot to say for leaving an inheritance. Once you have some significant capital and have learned to manage money, why not help the next generation. Good to make sure they are on the right path, help them a little financially when they are making good decisions. Thanks as always for great information!

[@DKinKC1]

Erin, I always enjoy the outtakes! How long does it take you to record a 10-minute video, once you have the research complete and the script written?

[@ErinTalksMoney]

It takes about 30 to 40 minutes to film each video. 😊

[@Ethan-bu2zy]

I was in fantastic shape at 50. Could still perform at probably 95% of the level that I could at 35. Will be 55 later this month and definitely feeling more aches and pains than at 50. Very healthy overall, just more aware of the changes.

[@melissaumphress7372]

That 100-yr letter definitely used to be a thing. My uncle got one even though he passed away a couple months shy of 100

[@Sylvan_dB]

I'm planning to 105. Three of my four grandparents lived healthy well into their 90s. The fourth likely would have also, if a hospital in Canada hadn't neglected him, letting him die of gangrene.

[@rarelycares8416]

That has to be a lie, that would never happen with universal public healthcare.

[@Sylvan_dB]

@rarelycares8416 unfortunately not. Dead at 77. research how many canadians come to the US to get joint replacements, because the wait times in Canada are over a year, if you can even get on the list for an elective procedure like that. Even critical procedures, if not urgent, such as asymptomatic coronary blockage might be weeks or months out so they come to the US. Same with wait times in the UK. Do your own research.

[@rarelycares8416]

@@Sylvan_dB I am very familiar with the problems of universal public healthcare. I was trying to portray extreme sarcasm, difficult to do with only text.

[@robertroot3790]

In addition to advanced age, most are not planning adequately for average time spent in Assisted Living + Assisted Living/Memory Care. Especially if one lives significantly beyond the average(s).

[@hooleygooley8892]

Thank you for what you do. I really appreciate your videos.

[@ErinTalksMoney]

Thank you so much!!! 😊

[@keithc9768]

Retired at 67, now I'm 72. Only debt is house which will be paid off in 6 years. Get SS and Military pension which the 2 cover all my monthly expenses with money left at end of month. Drawing out ~1% of my retirement accounts annually, just because I saved so long for retirement and want some fun money. I make more than I withdraw annually which includes some money I took out for some home renovations. Plan on living into late 80s because I exercise, am reasonably healthy and eat mostly healthy. Life expectancies are averages so somebody has to help keep the averages up.

[@christiansailor2880]

Great advice!

[@fredswartley9778]

Longevity risk is something everyone should plan for. Another risk is Long- term care. We should hope for the best, but plan for the worst.

[@michaelt2974]

Did you ever walk through your house and look around and see stacks and stacks of old magazines and DVDs and dust collectors that you’ve purchased over the years and just wish you could have the money back from all of the unnecessary purchases? I just did that and it makes me sick, also I was thinking About all the lunches I purchased out during workdays instead of bringing food from home that can really add up over a multi decade time. I’m going to come up short at the same time as I’m going to need to retire earlier than I wanted to I think the key for the young folks today is to try to make investing a game not to see if you can hit it big with any particular stock but a game to see how much you can save in your investment accounts.

[@ErinTalksMoney]

100% yes! I was very fortunate, and that I was in the position that I moved every 3 to 4 years because my husband was in the military. And I learned after our first move to ditch all the clutter and stop buying just “stuff.” So I can very happily say, that I do not have a lot of clutter in our home. We don’t have stacks of stuff. I have a general rule of thumb that if something hasn’t been used in the past six months or the past year that it needs to be thrown out. And generally, it puts me at ease to not have a lot of clutter. And yes, it absolutely saves a ton of money to not buy it and bring it into the home in the first place.

[@trackguy4038]

Can you do a video on how to avoid negative equity with car buying?