7 Ways One Simple Action Improves Retirement

This video discusses seven really positive outcomes a retiree can expect to receive from paying down debt. The video also discusses the method that I recommend, called the spare change method for getting out of debt quickly and with minimal financial pain.
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5 Areas Retirees Spend 80% of Their Income (and how to reduce these!)
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How to Get Out of Debt Quickly
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[@jimowens381]

There's nothing that compares to being debt free. Especially in retirement!!

[@gingerkilkus]

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

[@lowcostfresh2266]

I totally agree, I'm 60 and newly retired with about $870K outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of an advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.

[@TomD226]

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

[@lowcostfresh2266]

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

[@teekay_1]

Ginger, even Mary Anne had a better scam than this. Laurel isn't hardy enough to deal with a scamster like Laurel Dell Sroufe

[@happy_exmo9422]

Nailed it. Wife and I have ZERO debt. I was amazed at how quickly our savings increased with no mortgage or car payments. The stress relief alone was worth thousands of dollars. Retiring next year at 58 without any financial worries.

[@caroldolan1485]

Not “in case something goes wrong”….it’s WHEN something goes wrong! Can count on it.

[@galex5060]

Like my mother always said to me, "money gets money". I retired at 57 in 2018 and made sure I owned my own home and was debt free with no upcoming pitfalls of debt. I triple check everything I wish to spend on and challenge myself to only buy what I need not want. If I buy something it has to add value to my life and not be frivolous nor stupid. It's amazing how much we waste on "stuff". When my retirement accounts took a hit during the pandemic, I was able to adjust and set a new course. I also live by the Chinese saying, "you know you are rich when you know you have enough". Some people will have millions and not be happy while someone could have $10 and be at peace! It's all about perspective.

[@parkerposey788]

Excellent as always. Totally agree on debt, pay off as soon as possible. Nothing says freedom like peace of mind. Thank you for all you do.

[@HolySchmidt]

Thanks Parker

[@jimowens381]

Bottom line is there is ALWAYS risk in any investment, no matter how safe it seems. But there is NEVER any risk in being debt free!

[@HolySchmidt]

Indeed

[@DrSchor]

If you don't take a student loan, you risk having a low paying job forever. If you don't take a mortgage loan, you risk having to pay rent forever.

[@alondaclinton]

@@DrSchor You don't need student loan debt to get an education. Also there are many well paying "trade jobs" out there. Not everyone is meant to go to college but either way, it can be done without debt! As far as mortgage, that is probably difficult for most but I believe the point here is to have that paid off before you retire which is quite doable, especially if your not paying off student loan or other debt.

[@cathyP1961]

Is there a risk in CD’s if you keep it below FDIC in each account?

[@jdollar5852]

​@DrSchor SCHOR my wife and I have degrees with no student loans. 3 of our 4 kids have degrees with no student loans. 1 is in year 2 of a bio-medical PhD with no loans. 1 decided not to do college. Student loans are a scam

[@havenpersonalcare7968]

In 1997; my high school buddies laugh at me for joining the military. Fast forward to 2023 @ age 44; I am too laughing, and so thankful I made that decision, as it propelled me for early retirement. Retired with pension, low cost healthcare and rental properties. Also, just relocated overseas with my family to reduced cost of living by 50%; thank God. All the best everyone!

[@miketracy9256]

It is easier and more secure to live on a low income with low expenses and no debt than it is to live with a higher income with high expenses and high debt. We sure wish our Federal government would figure this out soon before it is too late.

[@smhollanshead]

The seven items are: pay off your credit card debt; you don’t pay taxes on debt you don’t incur; even a modest improvement in cash flow may have a large affect in retirement; reduced stress over debt will improve your quality of life; with no debt you can improve your relationship with family and friends.

[@HolySchmidt]

That's five :).

[@olliehopnoodle4628]

This is a really good video. It's worth watching a few times if you are not yet retired. We retired debt free and I can't imagine doing it any other way.

[@HolySchmidt]

Thanks Ollie

[@jumemowery1050]

Hurray!!! It's Holy Schmidt!!! So glad I'm debt free

[@iabbervocium]

I've been watching a lot of your videos and the content is great! I have one constructive criticism, the sound effects are really loud and jarring and they don't add anything to your calm and soothing delivery. I love the information you put out there, thank you for sharing great wisdom!

[@lroberts4162]

Geoff another great video. MHO you do not have add the effects. Keep up the great messages.

[@jsomervi]

Great video agree wholeheartedly and help that some people have learned. I've been to CPA for close to 40 years and if there's one thing I've learned is that people who believe something rarely change their minds because of facts. And many people don't believe there ever going to be caught short. Good luck with that

[@gerardmoran9560]

Spot on! I spent most of my life levering every asset to borrow and build more. Now the 30 or 40 year old me looks at my situation and screams I could be "crushing it" if I leveraged my assets. But I'm okay with no debt. I've made my money and I'm happy with what I have. I don't need to update my PFS every 6 months for my bankers. If my banker wants a meeting he comes to my home. It's time to relax and enjoy the roller-coaster that got me here.

[@nrs6956]

Thank you. A real problem for many is a short term view with finances.

[@billbrock8740]

Another great video, Geoff. Loved the creepy black & white moment sponsored by Thunderclap! Very funny and informative!!

[@HolySchmidt]

Thank Bill

[@billbrock8740]

@@HolySchmidt Debt free, Geoff. Everyone secretly hates me.

[@dougb8207]

Yes, that was really neat! I liked that a lot also.

[@PawPaws_Place]

I am retired at 50. Run a little part time business operating equipment. Maybe work 2 days a month. I have debt on a truck, tractor, and excavator. All at 0%. I also have two mortgages. Both add up to about $2,000 a month. Those are 2.5% and 4%. Neither make money. They are both for personal use. I don’t fret about anything. Money comes and money goes. Just manage your debt using the same percentages you used while working. Whatever your income in retirement, base your expenses off those numbers using the same percentages you would have budgeted while working. As you pay off things it does get funner though. So less stress and easy management.

[@July.4.1776]

The decisions you make today will be with you for decades weather they are good or bad.

[@anthonybutler3157]

Another great video. Having no debt allows in retirement my finances to pass the pillow test.

[@marian1633]

I love warm colours so rice grain is my fav

[@xlavahott4547]

I have a 1.8 % auto loan while getting 6.3% on i-bonds which equals the loan balance. Winning.

[@kevinfestner6126]

I did put my mortgage payoff in a money market account paying a higher interest rate than my mortgage rate. Accounting for taxes, let's say 20% effective tax rate, then I am still better off holding that payoff in a money market. I avoid the risk of bonds and stocks, while still preserving interest on my money. I also have this money to fall back on in case I do want to pay off my mortgage. It is a sweet spot, for the time being, as I feel the Feds have stopped their rate hikes, and the feds will maintain higher interest rates for longer than others believe they will. I can still sleep at night knowing I can pay off my mortgage, while I make money on this sum.

[@saxa21]

The biggest thing to improve retirement is pay off the mortgage. In the UK interest rates are running at 6 or more per cent. So imagine re directing say for example 1200 or more pounds every month into your own living. Credit cards come second.

[@MrOshguy]

If one is living in a city where the transportation system is good, and access by train to a larger city is handy, seriously consider giving up your car. This can greatly increase your income over the year. Sometimes owning a car, is only habit

[@Jacq892]

Fun way ti explain. I've lived knowing the zombie apocalypse is around the corner.

[@robloxvids2233]

Awesome as usual. Can you make a video discussing the pros and cons of buying service time for a pension (think teachers)? Both my wife and I can buy service time. I believe it's supposed to be actuarially balanced but maybe there are other things to consider.

[@robloxvids2233]

@@r.l.666 We're still 5-10 years away from making this decision but as far as I can tell we would have to pay the cost up front prior to retirement (though you can pay with 401k or IRA funds). Paying it at 0% over years definitely is a no-brainer. I know everyone's options will be different but maybe Schmidt can cover the basics.

[@whatsup3270]

it is a simply Net Present Value (NPV) calculation. Generally it is a good idea, but you usually have to live long enough to collect. for example if you paid $8,000 the day before you retired to add $100/month to the pension it would take 86 months to be ahead (at 2%). However if that same deal was paid 8 years before retiring it would take 103 months to get ahead! So it is (1)what you pay, (2)when you pay it, and (3) the increase in the pension.

[@whatsup3270]

let me add back that RL said he bought on installments at 0% which means a second calculation occurs parallel that being the loan payments and how good or bad it comes out is based on when the payments were made. For example if they loaned it to him and he paid it back after retiring it is far better and could be negative ( no brainer) If the payments are made before retiring or incur interest we would simply have to calculate it

[@RetirementbyDesign26]

@@r.l.666 congratulations! I also bought the max 5 years. It will allow me to retire in just under 3 years instead of close to 9. I’ll be able to retire at the age of 50. I have no regrets and get to spend that time with my hubby instead of at work. I’m so looking forward to it

[@robloxvids2233]

​@@RetirementbyDesign26You go, girl!

[@josephjuno9555]

Love the special Fx on this one!

[@dougb8207]

Great show Geoff. I'm working on reducing debt; made pretty good progress, actually. I'm from the Chicago area (NW suburbs), so it's interesting to me to hear you mention it.

[@mrallan8063]

You mentioned this a couple of times, but it prob warrants a full video on the topic itself... and that is cash flow. If you look at your personal finances as a business, managing cash flow is critical to be successful. The other topic is amortized debt repayment which has interest dollars front end loaded. The first five years of a mortgage is almost all interest payments, while the last five years is almost all principal. Even if you had a 12% interest mortgage with five years left, you'd be better off than refinancing it to 5% and starting over.

[@HolySchmidt]

Actually... Just so you have the best information, you'd be better off refinancing a 12% mortgage to 5% and then paying it down early over 5 years (or less). Your interest costs will go way down. The reason there is more principal paid at the end of a mortgage is that your payment stays the same on a smaller balance, this creates a larger contribution toward principal.

[@mrallan8063]

@@HolySchmidt I don't have an Excel sheet right now, but if we got five years left on a loan, I would think refinancing costs alone would make this a negative NPV transaction. My example was on the limited value of refinancing an amortized loan towards the tail end since its mostly principal (vs paying off a loan five years early... but I maybe misinterpreted your comment).

[@petestandley2690]

@@mrallan8063 Quick ballpark numbers. If you had a 50K 15 year loan at 12%, you would be down to owing ~25K with 5 years to go and still have about 9K in interest to pay on top of the principle. Refinance at 5% and you could pay it off with payments in 5 years and only spend about 3K in interest over that time. IF your closing costs were over 5K it could be wash, but I would be very surprised it would cost that much. At least in my area for refinancing most costs are fixed amounts. When you have larger % differences it almost always makes sense to refi, only when the steps are small do things like closing costs and fees come into play.

[@mrallan8063]

@@petestandley2690 if you have Exel open... what's the math (interest) on a $250k 30yr loan with 5yrs left vs interest on refi the balance at 5% plus 1pt?

[@michigan160]

good and funny today, thanks...

[@michigan160]

I share you with everybody I know, thank you so much for just being you!

[@garyvancamp5452]

😊 Good video ~ thank you

[@thankfulandthrifty]

Is that Borneo in your thumbnail? And great video!

[@July.4.1776]

Dividends are paid quarterly

[@jdollar5852]

Not all. I have some that pay monthly.

[@joycegonzales4994]

Tax season as an EA is very stressful for 2 1/2 months a year, I would never do this 12 months a year.

[@franksmusic2880]

Schmidt, I have no debt. I’m turning 65 in May. I don’t need to touch my SS until next year and six months. My Fidelity advisor asked me if I would consider opening a money market fund. It pays up to 4.65 percent but it’s for a large amount to open an account, $100.000. I have it just sitting in one of my bank accounts, it doesn’t get hardly any interest but it is fdic insured. I’m wondering if I should open this money market up. I hope I get answer from you or I will stop watching your videos.

[@thomaschew2191]

Debt free works for me!

[@frankdavid8117]

Hello Jeff, what would you say at age 53, having always rented a living space, would you buy a residence before retiring if it meant losing your savings to a down payment; but, paying off most of the mortgage.....hmm...

[@jimmyamico4713]

Geoff, Will you be picking up any clients yet? In the future please let me know. I need a good CPA like yourself and if you’re not taking on any clients when you do, please put me at the top of the list? Thank you, Geoff Respectfully, Jimmy A.🇺🇸✈️🌎🙏😇👍🇮🇹💜

[@HolySchmidt]

Hi Jimmy. thanks for the kind words. I don't really do this to build clients, but to educate and help where I can. If you are looking for a good financial advisor, check out Devin Carroll or Lane Martinsen. Both have channel on KZbin. Tell them I referred you :).

[@sjohnson9403]

thanks!!

[@dipaknadkarni62]

Great videos.

[@cincox3919]

I'm not colleting SS yet, and I turn 65 towards the end of the year. It's looking like SS will face reduced benefits in 2033 now and they might raise the retirement age again very soon, so I'm wondering about the tradeoffs between retiring now and waiting. Assume these clowns in DC can't get the stuff together.

[@paullogan9960]

I just found you yesterday. THANK YOU. I had to change over the last 2.5 years about how I look at money. I came from a dysfunctional family. At the end of the 5th grade I found my nich. That summer I banked $5000.00 Parents opened a savings account with me. That Following Thanksgiving the family spent 5 days at Disney world. 2 weeks later I go in to deposit $10.00 and my account is gone. Years later I married a gold digger. When I got out of the Army I left an account in Texas and 2 times a year I would deposit $10.00. She forged my name and emptied it. Forced me into with a lot of help into a Bankruptcy, and the icing on the cake was OIC. With all that I figured SPEND IT BEFORE SOMEONE STEALS IT. My wife today #2 a fantastic person, I love her so much. (BTW the only one who has). We are struggling. At 62 I went on S.S. to take care of her. You have opened my eyes. I also donate Plasma, It is Taxable income, The mileage is deductible. As much as I like watching you I must disagree on the payoff the home. Explain to these fine people that they now become directly involved in insurance and taxes. Unless they purchased a home with no escrow. Thank You again👍

[@maryhall1181]

What did he just say? 2 or 3 sentences of just the facts please

[@charleswatkins6402]

I was debt free, no mtg, cc, college, car, but just bought a new car. Bad move? Retire in a year. Old car has 171k miles.

[@DrSchor]

yes, bad move, watch video again.

[@jdollar5852]

Buying a new car is fine if you can pay cash. Financing a new car is not a good idea.

[@ShamileII]

Sorry man...but bad move. I sold off my cars and rental properties in this pumped up inflationary environment.

[@jacobside2656]

People that think debt is something good, boogie my mind.

[@DrSchor]

Please clarify: is your mind boogied or boggled?

[@jacobside2656]

@@DrSchor boggled.

[@mgallagher1001]

😂😂😂😂

[@wilsonjudson1650]

Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.

[@dorissteve912]

thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto

[@wilsonjudson1650]

The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant

[@yuikiyoshi1248]

Can you give a pointer ?

[@wilsonjudson1650]

I currently work with KATRINA VANRENSUM a financial expert i met in a seminar

[@wilsonjudson1650]

I just added $240,000 to my portfolio within three weeks

[@cathyP1961]

No debt is the best dept

[@PawPaws_Place]

There’s no such thing as no debt.

[@cathyP1961]

Well I do eat , insurance, utilities and real estate taxes. That’s it . Oh let’s not forget Uncle Sam he still has his hand out .

[@PawPaws_Place]

@@cathyP1961 exactly. But you have managed it well. Keeping it small is a good way to go.

[@bernie9728]

I retired debt free 7 years ago. The freedom that being debt free brings is priceless.

[@macdisciple]

Im 60 and starting now to think about what retirement looks like. Your presentations are invaluable

[@joelborden3242]

Best preretirement move we made was to pay off our debts. Reducing our monthly ‘nut’ gave us so many more options.

[@SeniorGrave]

I'm 54 and just paid off most debt, including loans I made for my children's college, still have 12 years of a 15 year mortgage at 1.85% (the only good thing to come out of the pandamic). Drive a 15 year old car that gets me from A to B. Hope the social security money will be there in 12 years but that is out of my control. Debt is the only thing in your control. Currently saving money for a newer A to B car.

[@dougb8207]

I loved the Zombies clip! That was awesome.

[@2023Red]

We are fortunate but not everyone is. Our neighbor has an upcoming hysterectomy with minimal insurance. We had one in December that went perfectly at $60,000 paid by Medicare. We think the biggest threat to any retiree is inadequate health insurance coverage. As we get older and older, that threat will become reality. It is NOT about debt at age 60.

[@sct4040]

I can’t wait to be on Medicare in Nov, right now my insurance is so expensive. $1095 every month, and it’s an HMO.

[@johnscott2746]

A hysterectomy at 65+ years of age? Ok but I’ve never heard of that before.

[@Semiam1]

Peace of mind pays dividends. Always.

[@rebelsixtynine1]

Well said my friend.

[@rickdunn3883]

I have no debt, zero. Retired. How do people teach kids to not incur lots of credit card debt?

[@cuz129]

Just really enjoy your content. Very honest and transparent in the best possible way.

[@HolySchmidt]

Thanks Steve.

[@jvolstad]

I am a retired soldier, disabled veteran, and a volunteer at my local VA Hospital. I have been debt-free for decades.

[@resourcefulqueen]

Well 👍 done.

[@jeverhart99]

About 18 months ago I paid off my mortgage. Yes I could have kept it because the interest rate was a low 3.75%, but I cannot tell you how liberating it was to not have a mortgage payment for the first time in 40 years. I remember the before she died my mom was petrified that her house woudl be taken from her. I did not want that. Now, as long as I can pay my taxes, I have a place to live. Peace of mind = priceless.

[@DrSchor]

since you are worried about paying your taxes, peace of mind you do not yet have.

[@andrewneilson227]

The banking and lending industries have successfully invested billions to convince people that debt is good or at least inevitable and that a high credit score is desirable, necessary, and reflective of financial health

[@fmcanene]

OMG! You are HYSTERICAL! and informative. I love the apocalypse jokes and the clicking on the computer doing the research! Ha! Ha! Ha! Too funny!

[@dforrest4503]

Not sure I like the sound and visual effects. Fancy!

[@HolySchmidt]

I have a new video editor :).

[@janhertzberg1797]

Excellent video. Bad debt is corrosive.

[@HolySchmidt]

Thanks for the comment Jan

[@maudecoulombe1640]

Having debts is like working for someone else benefit instead working for us.

[@teekay_1]

If you have a fixed 2.5% mortgage, and you have the money in the bank, you're better off keeping your cash. Why? Well, with real inflation running 10%, you're paying off your mortgage with cheaper dollars than you borrowed. Over the course of a 15 year fixed mortgage, that means that inflation is working against the lender and for the borrower (you). And now you have the money in the bank to cover a replacement roof, another car if yours breaks, or family emergencies. Money in your house is non-liquid and requires a HELOC or 2nd mortgage to get liquidity which will have a 7.5% interest rate. And now your house really is at risk because now it's leveraged in a way that will create issues if you miss a payment.

[@honesty5964]

I don’t like the new distractions in ur videos.

[@stevenj9970]

The only debt I have is my mortgage. I always pay off C.C. each month and have never been late also I always pay cash in full for any of my cars. I will plan to retire in 1.5 years, should I pay off my mortgage? My accountant says no, since I can deduct the mortgage interest but IF I pay it off in full, there IS no interest. This is so confusing to me.......I do have the funds to pay it off. Currently the rate of return on my investments is lower than my mortgage rate.

[@bruced.370]

Yes, pay your mortgage. Sleep well. And move on with your life and enjoy

[@penelope5500]

That interest deduction is usually negligible, especially as the mortgage gets closer to being paid off. If it were me, I'd pay it off & be done w/ it. It's a very nice feeling to have your house f&c.

[@stevenj9970]

@@penelope5500 THX!!

[@stevenj9970]

@@bruced.370 THX

[@jodylarson4697]

Most people end up taking the standard deduction now, which makes the mortgage interest deduction a moot point. It's never been that great a savings anyway, because it's deducted from income and not from taxes. If I were in your position, I'd pay off the mortgage. You'll have that much more money every month to spend or save as you wish.

[@jameschaves5723]

Your friend has a much larger concern !!!

[@ShamileII]

Great video! BTW, I noticed more "special effects " While funny, your content is so good, you don't need to add zombies or mood music. That said, the issue of debt is so important. I'm 55, financially retired and have 0 debt period. ( sitting by my pool in Florida while typing this) My dividend portfolio pays 3 times my monthly expenses and I continue to run my aluminum manufacturing company for fun. When we go into the deep coming recession, business will go down and I don't worry at all. Debt free means everyday is a great day. Thanks again for all your videos. I like to watch them so I can learn what's ahead.

[@rjperez1554]

I get a secured loan 3% to pay my credit card.

[@westonlee9778]

what's an example of good debit? Maybe paying interest on a mortgage? Thank you

[@h.f.4095]

Great video

[@paulineflanagan8530]

😂 ❤

[@sjohnson9403]

lol

[@kmng3207]

I’m so glad I found your videos. You’ve been very helpful.

[@oldsesalt8496]

But if I was being hunted by zombies, I'd want a drawer full of handguns, ammo, sharp knives and a kitchen full of dry goods . . . . continue.

[@chuck1728]

5 years before I retired I started paying off my debt. It took 4-5 years for sure. The last 3 years of retirement I have been learning to budget based on my distribution from investments. I still work part-time, but I have taken distribution of my dividends. CDs are my latest thing as you can get a 1 year CD for 5% yield. Paying off debt at 60-61 years of age should be the 5-year plan for those who want to retire, and that is possible.

[@spankynater4242]

In the true apocalypse, fishing rods and fishing lures are going to be The most important commodities.

[@melodygrandinetti5016]

I agree with you on this. Now tell our government to stop rewarding people with bad credit. Lol

[@richardc488]

Thanks Mr Schmidt

[@rachelcrossen8136]

Wow what a strange analogy your friend tried to make

[@pensacola321]

"The point of this is not that!" 😅 So is the point of that, this?

[@preciouspeter6347]

Making money is an action. Keeping money is behavior. Growing money is knowledge.

[@JoseGarcia-oo4mc]

Excellent video

[@fredtorrell2003]

Okay I have no debt. I have a retirement home, at 3% interest in that mortgage. Should I pay that off?

[@DrSchor]

How can you say you have no debt and wonder if you should pay off your debt in the same comment?

[@cathyP1961]

Yes pay it off if possible

[@jdollar5852]

You have no consumer debt. Mortgage debt is much better than consumer debt, but it's still debt. That monthly payment leaves your checking account every month. Count dollars, not interest rates.

[@tombolin7168]

What if you have a low interest mortgage on an appreciating asset?

[@HolySchmidt]

Check out the last two minutes of the video on this one.

[@tombolin7168]

@@HolySchmidt yes I guess every situation is different. Glad I made my investments years ago. Took the classes and applied the lessons to myself. Need an assistant ? 😃

[@sct4040]

At this moment, I am agreeing with your friend. It’s good idea to pay your debt off while at the same time establish an emergency fund. It’s really important to have an emergency fund even if it means not paying off your debt. I need money to pay for housing, healthcare, utilities, and food.

[@cricket6410]

Somebody should do a study on why and how people compartmentalize their spending and/or saving. The mental mumbo jumbo that people engage in is fascinating.

[@bradleyvanzile1111]

What is considered a lot of debt?

[@pensacola321]

You have a lot of debt😮