Age 60 and No Retirement Savings - What You ABSOLUTELY Must Do NOW

Completely broke at age 60? This video discusses what to do if you are 60 years old and have no retirement savings. It discusses the easiest way to reduce costs and increase income so that you can build a small nest egg now and generate additional income in retirement.
Over 50% of people entering retirement have less than $5000 to their name. This staggering statistic means that we are facing a national emergency that Social Security wasn't designed to fix. This video will help show the way.
Links Mentioned in This Video:
Upwork - www.upwork.com/
Fiverr - www.fiverr.com...
uDemy - www.udemy.com/
Important Links:
Free "Retirement Ready" Checklist:
holyschmidt.co...
Federal Reserve Board Survey of Consumer Finances:
www.federalres...
Social Security Administration Application for Benefits
secure.ssa.gov...
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/be...
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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.

[@joycegonzales4994]

We’re 73: and we both work part time. But our biggest help is that our home is paid off, and no credit card or other debt.

[@joycegonzales4994]

Yes, but we weren’t in that financial situation in our 40’s. Would have been nice, but didn’t happen then,

[@ajbee4790]

Great that your house is paid off! Are the jobs necessary to make ends meet?

[@joycegonzales4994]

Truly I’m not sure if they’re necessary, the jobs, or if it’s just a security measure so we don’t have to use more of our savings. Then save them for when one of us is gone, or we really can’t work anymore. We still have tons of time to do what we want.

[@debbieframpton3857]

I'm glad you still feel you are capable of working I'm 67 I worked full-time for 20 years after my divorce and part-time one year last working May 2020 I get no pension but I am drawing Social Security I had thought about working part-time longer than the year that I did because I was saving what I made working that year but I finally decided it wasn't worth it I also have my home paid for and no debt. In the 20 years that I worked I did build up a small 401k and Roth IRA I am careful with by spending and I'm hoping to never have to go back to work. My ex-employer asked last week if I wanted to come back to work part-time I said no. So I'm glad you're capable and still want to work

[@joycegonzales4994]

I guess my part time is really part time. I’ve had my own accounting practice for around 30 years, but now I gave up all accounting and payroll as well as corporations, and just do taxes basically 2 1/2 months out of the year. But I do about 60 returns, so it’s a pretty intense 2 1/2 months of work.

[@skibum6422]

I tell people that money won't buy you happiness but the lack of and mismanagement of money will buy you a ton of sorrow.

[@NandaGopi.M]

I'm d 100th person to like ur comment ❤️🙏👍

[@ler5299]

For real

[@milliesecond102]

100% TRUE!

[@fearless7424]

How true. I tell people trust in Jesus he will take care of you he has me been out of work for 5 months now. Oh yea and Iam 58.

[@curtissharris8914]

I overheard two very old ladies in mobility carts at the grocery store a while back. One said to the other, the only thing worse than being old is being, broke and old.

[@Eileen49654]

Theres still hope for everyone. My husband and I woke up at me 50 him 54 We had no retirement, no savings, and have always worked hard labor self-employed jobs For thd past 7 yrs we turned our house into a rental, bought a tax foreclosed house from city for 1,300 Slept on the floor of the boarded up house. No water, no electricity, slowly fixed it up over 7 yrs We now live in that mortgage free house. Selling our main one. Will bank the money Still work part-time husband will colkect ss in 4 months Trick is we paid off all debt in the 7 years. We have none All this B.S. that you need a half mil to retire is a joke. We live comfortably on 1,500 per month

[@ToOpen6seven]

Your story is inspiring, good work and I may need to use your example soon.

[@bayareagrl4ever526]

Some of us have been forced into retirement. I lost my job in 2020 and have not been offered a job yet. College degrees, long work history but there is age discrimination out there. Unemployment has ended so I have no choice but to apply for social security. In a perfect world you can plan, but that doesn’t always work out.

[@ninettehalpin2779]

I'm so sorry you're still unemployed. May 2022 bring you a good job where you're fully appreciated including your age.

[@adithalee8660]

That's why most of us can't save money because they're forcibly forcing people out of work or they're firing people over silly stuff etc. You can't save if companies are doing this and what makes it worse is that most of the X generation's jobs were sent overseas and we were not able during that time to save much money and in between jobs you use the savings to survive because there were no real jobs to survive.

[@wontbefooledagain9400]

@@adithalee8660 amen , so true I’m 57 and let me tell you, it’s not from lack of working hard or trying hard. I don’t buy nothing unless I need it. But here we are!

[@laurasharp9488]

This is what advisors like Dave Ramsey and Suze Orman don't understand even though this happens to alot of people.They say stay in the workforce until you are 70 but the workforce wants you out by age 50

[@thisismagacountry1318]

Keith Kalfas videos have helped me. Hustle some window cleaning or light landscape accounts with small businesses and residential customers.

[@anomie1040]

I am the person you are talking about. I just turned 60 been working in construction my whole life so no 401 k no savings and unfortunately been working from pay check to pay check. This video was absolutely no help at all, I know I got myself into this and was grasping at straws thinking you had a way out. All this did was confirm what I already knew, I will be working till the day I die, probably on the job site. Always kept waiting for that great job to come along that never did.

[@marsylwarren7331]

Yep. Pretty much.

[@MsPearl_]

Dont give up.

[@TheBrucepix]

Me too, but I don’t care, work and life go hand in hand. Retirement is overrated!

[@happycook6737]

Try to get a job working for your state, schools, etc. That comes with state retirement. Check how many years it takes to be vested.

[@sammencia7945]

Get out of debt, collect SSA at 62, sell it all, move to Mexico.

[@carolynmgln2574]

Another very critical piece along with this advice, is to take the very best care of your health NOW while you can. If you are not healthy and are able to live independently, cannot do much. So exercise, consistently even if it is committing to simply walking daily, getting adequate sleep, manage stress, eat healthy diet etc.

[@annjean8709]

Absolutely!

[@fernewalden805]

I totally agree, you wouldn't want to spend what money you do have on medications.

[@muyiwaosifuye]

Very true. The health factor from 60+ Exercise ...

[@stantheman260]

Great advice...

[@neadster469]

1000000000 x like button around anywhere? I could have wrote these exact words i sure as heck been saying the exact thing for a while now...movement aka walking has changed my life...2 hours a day.....r u sure your not in my head ? :)

[@x2highx]

I got a saying “I want what i Need, I don’t necessarily need what I want” & that saves me a lot of money. The End

[@HolySchmidt]

excellent.

[@jomama55ful]

Exactly my point.

[@austintomkewitz7206]

I just simply look at debt as something that I don't deserve if I have to go into debt what I'm going into debt for is something I don't deserve plain and simple

[@thegreenerthemeaner]

Wants are wishes. Needs are necessities. That simple.

[@pagosabob10]

Yep want's and needs are important to break apart. I don't need a BMW, I need a Honda! :-) Now it's 19 years old.

[@JZ-tg1cm]

So let me get this straight... Double down on work to start a second carrier, retire from the first carrier at 70, but never stop working on the second one. Downsize your lifestyle by 40%ish immediately. So, live in a van, shower at a gym, and work 60+ hours a week so you can leave the country at 70. This doesn't sound like a solution, this sounds like a failed economic system that will never let you retire or be secure. This is soul crushing advice.

[@curtissharris8914]

Well what's your advice?

[@stonecold7875]

I was forced to start taking my social security at age 67 because lost my job. I'm now back in the job market working a full time and part time job. I lucky in that I got my health back in order and can maintain such a schedule until maybe l am 80 years old. The new reality is retirement the way we taught is thing of the past for people.

[@justmyopinion9883]

If you are not in good physical condition, you won't be able to work until you're 65 years old, let alone 70 years old. I'm going to offer MY advice: Try to maintain a good relationship with your kids and other family members. You never know when you may need them to help you buy food, pay utilities, etc. God bless you all.

[@sonychiba4733]

Begin to develop deep connections with individuals who share the same ideals and principles and see life as you do with no ego, and pull all your resources together for the betterment of the group for many of us this will be the only way to survive the coming years all for one and one for all🙏🤲♥️

[@vitalityfox]

I'm 23 right now but I am starting to do certain things that only people even think about when they are at least 45 and they have no savings because it disappears every time the bills are paid. What I am going to do is get a travel trailer and a motorcycle, go to South Dakota rent a single night in an RV park go to the DMV and get my driver's license and become a South Dakota resident. After I do this I will set up a private PO box for 15 a month so I can continue to pay taxes, essential bills like car insurance and whatnot without having to pay any rent. I don't even need to live in South Dakota to do this either. I only need to go back there every 10 years to renew. I just need to find a place to park my camper where it won't be disturbed and drive my motorcycle to work and whatnot. I live in Texas but my rent is 8700 per year. This is so much money I could very easily save for things like when I'm 50 years old I'll have enough money to relax. Also my car insurance now is almost 5 grand a year because I'm young and had an accident a little while back but in South Dakota it will be less than 500 for everything a year. Why wait until you're 30 to start taking the steps to save money when you can do it while you're young?

[@williamj.dovejr.8613]

52 now, I was constantly fighting with my ex spouse on investing, saving, vesting, and stock options on the job...she thought stock options/ stock market was too risky...she didn't see any point in having a savings account ( her words, not mine ), she didn't want to work extra hours for the money/ things she wanted. When the divorce was over, I started doing all the things for saving and investing I always wanted, still learning and I am determined to have the best retirement I can.

[@gdwlaw5549]

A divorce at 45 and meant we lost our properties and I had to pay 75.000 to my ex as she hadn’t worked for many years. Her lover moved into our home after divorce. I lived in a studio for 3 years. The payments over 8 years ends in one month. I have supported my three children during university. My daughter will qualify as an architect next year, one is studying fine art and my son is a graphic artist. I’m broke. I’m also quite happy. At 57 all my savings accounts have gone but I’m debt free. My state pension will just about enough to get by and my job is relatively safe. The expensive car has gone and my habits have changed. I cycle, play tennis. I expect some money later in life when my parents leave this world but what joy it is to have them around in their 80’s and still married. They’ve already helped me financially. I run a business with quite a large turnover. I could retire at 62, 65 or even later in the French system.

[@pagosabob10]

Well, if she did have a lover, you could have avoid paying some? I don't know a never been there.

[@gdwlaw5549]

@@pagosabob10 In French Law this makes no differencz at all. Don't marry in France....cheers

[@lizxxx631]

Glad to see you're doing well.

[@Christensen554]

At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.

[@Novakissla]

I'm in my mid 30’s. Once I get paid, I begin to spend on irrelevant things. I work hard for my money, so I believe I can spend it on what I like. The older I get, the more my perspective shifts. I want to take my finances into consideration and put myself in order before it's too late. How are you doing it, Sir?

[@Christensen554]

As I stated, I've been putting aside money into stocks and FX with the assistance of a pro financial analyst, Herman w Jonas, who is under a licensed broker. He has been the backbone of my portfolio. Making a substantial amount of profit, I just renew my investment at intervals.

[@Pambegay]

Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.

[@Sithembile499]

As someone planning for retirement, Herman W Jonas has recommended a balanced stock portfolio that aligns with my risk tolerance and time horizon. His customized approach has yielded both growth and security.

[@pagosabob10]

Fortunately you're only 42! Be happy you figured it out. :-)

[@denisestathatos4147]

Bring back home economics and basic personal business classes to the curriculum. in high school!

[@carolginsberg7741]

Also history geography and financials

[@denisestathatos4147]

@@carolginsberg7741 That too! The reason why I chose Home Economics and Business and because so many folks don't know how to cook, sew(mend), or balance a check book. They spend money on restaurant food and then wonder why they are in debt!

[@fanllawf]

I teach both to my kids. I taught them to cook. I taught them to bake. I also taught them to invest, and to put money in 401k. Most importantly, I taught them personal finance.

[@fanllawf]

@Tony Po It's not the arithmetic that's hard, it's the discipline that is.

[@nunyabidniz2868]

Right after a return to a requirement of passing Civics class to graduate! NO MORE U.S. CITIZENS WHO THINK THE BILL OF RIGHTS ARE OPTIONAL! Do you *read me* 'President Potatohead' Biden?

[@amyyates8273]

I love how you speak to everyone, paupers and millionaires alike, with the utmost respect. Your strategies for those who will live on social security only are so timely and needed.

[@Eugenetra7]

And in many developed countries you don't have even that option. Just a miserable end of miserable life.

[@bb001a]

I'm 54 I bought a cheap furniture removal truck. If you are still healthy you can get paid to work out and stay fit. A lot of people need to move their stuff cheaply and just need a guy with a clean truck and some basics like trolley, straps and blankets. Lots of apps to get work and hand out your number on a business card sized refrigerator magnet (it's in their face every day then) to customers for recommendations to friends and repeat business. Opportunity to specialize in one or two niche areas. I move a lot of spas myself.

[@pagosabob10]

You were being creative! Good for you! :-)

[@marshachesbro5969]

I worked two jobs for years as an RN. Retired at age 69. I am blessed. Saved over a million dollars ,have a small pension from NC Prison and SS. I have no debt. God is good.I couldn't have done it without Him.

[@christopherallen9580]

Impressive!

[@littlehummingbird1015]

If I had a million dollars in cash, I would turn maybe 70% of it into tangable assets....gold , silver, copper, land, maybe valuable paintings. The dollar will soon tank and be worth next to nothing or nothing. Don't wait to do this.

[@jeromeh6078]

Praise the lord!

[@LittleLouieLagazza]

Way to inform every potential home invader or kidnapper on the planet whatcha got, where to find you, and how vulnerable you are. 😔

[@dawnjohnson9504]

Praise God.

[@efrensaclolo7021]

I retired at 62 in 2016 and the same time collecting SS benefit that is $500 less than if l would have retired at 67 yrs old. I am enjoying it for 5 years now .I don't have to wake up at 5am and drive 55 miles to work.

[@pagosabob10]

And more than a 1000 if could have waited 'til 70.

[@michaelflinn2791]

I'm 58, with no savings because Im dumping it all into paying off my house..I have 12 payments left. I'll be totally out of debt. Id rather work than retire. it gives me purpose. I cant imagine not having a job to go to every day. I really enjoy it.

[@veravero5715]

What job do you have?

[@michaelflinn2791]

@@veravero5715 I drive a 300 mile rural route mostly farmers and ranchers, for a company thats like UPS only smaller.. I only have about 6 or 7 stops, so most of it is driving.. Its a great job, no traffic, no stress. no heavy lifting, Just driving and listening to the radio and thinking about those 12 payments I have left..well 11 now, I just walked to the post office yesterday with Mays payment.

[@veravero5715]

So glad for you Michael, I wash I can do same, I do mot want stress but it is everywhere that it why I want to find job where you do not loose your own health because the med bills are crazy, wishing you happiness in your own almost Home. Thank you for the reply.

[@michaelflinn2791]

@@veravero5715 Don't give up, Look for employment that fits your needs, even if you have to take a cut in pay. Your health and happiness is more important than a larger paycheck. I wish you the best.

[@hardin54]

Congrats on being totally debt free including your home - u rock ! God bless always !

[@Bettinasisrg]

My mother was force retired at 86 years old! She's amazing.

[@DistractedDaisy]

My dad only retired at 89 because he passed on. He was amazing too!😍

[@pagosabob10]

Yes, she must have been amazing! :-)

[@Dancing_Alone_wRentals]

I believe that if three, four, five etc 60 year olds combine their efforts and work together they could reduce their expenses greatly. As an invaluable bonus they would offer each other the support of a team.

[@Eileen49654]

Agree

[@Nancy-wv7ot]

Im all about that way of thinking!!

[@gentillygirl545]

I agree, but I sure don't know anyone I would trust.

[@Dancing_Alone_wRentals]

yet....@@gentillygirl545 ....you don't know anyone yet. Have a good week ahead.

[@lw3269]

You can find ways to pare down your monthly living expenses. When things got tight in 2020, I got rid of cable ($90), half my newspaper ($25), useless home "security" ($40), half the amount of trash picked up ($60), buying lunch ($125) and take out coffee ($60). That's $400 in my pocket each month that I'm using for investments now.

[@Oglulubell]

Nice!

[@misst.e.a.187]

Excellent!

[@maryeh4636]

Not sure about giving up internet, as I would use it to job hunt, trainings for other work opps., entertainment options.

[@lw3269]

@@maryeh4636 No, I kept the internet. Just lost the cable, which is fine, as I never watch TV. Ended up canceling the rest of the newspaper, too!

[@lisabennett6167]

I am 51 and trying to figure out how I am going to retire . I learned a lot by watching KZbin videos about retirement and saving . I am grateful for the knowledge and advice from every video . Thank you for sharing your knowledge .

[@ellisz5972]

I'm in the same boat. I've made a great income, but also made every financial mistake possible in life. My divorce and remarriage wiped out what was left. Now I'm starting over at 51. Killing my debt now and hopefully, and I'm praying that I can do this, can kill debt and save for retirement by 70. I've made enough that I should have been retired by now. But seriously, starting all over again, now. Ouch.

[@gregsmith6756]

@@ellisz5972 at 51 both you and Lisa Bennett above have plenty of time to reach your goals. I'm 62 and wish I could be 51 again and still know what I know now.

[@ellisz5972]

@@gregsmith6756 Thank you for the encouragement. Looks bleak from my place, but I can only go forward.

[@gregsmith6756]

@@ellisz5972 naw man you're still young. Your mind is just now becoming developed enough to know what you want to do and to have the mental stamina to stick with it. Plus you have at least a good 20 years ahead to which you can save and are not likely to need to live off of the money, since people are remaining healthy longer it seems.

[@ellisz5972]

@@gregsmith6756 Thank you again. Means a lot

[@kelvinjohnson3906]

I stopped sitting on funds after learning the hard way, I’m trying to take full advantage of the new year, I’ve allocated my capital in a safe and sustainable way but still leave room for excitement for individual stocks, cryptos and new exciting opportunities!

[@rohitmajumdar1579]

The bear market took me off guard, I’m currently waiting on a lot of trades.

[@noelstout3056]

@Joe Robert I’m aware of Dan Raziel, spreading funds on such multiple investments requires is quite risky, are you at all bother by the risks?

[@Raymondjohn2]

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[@martingiavarini]

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

[@lipglosskitten2610]

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

[@hermanramos7092]

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

[@martingiavarini]

@@hermanramos7092 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

[@hermanramos7092]

@@martingiavarini All of this happened in less than a year after ‘Catherine Morrison Evans’ told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@sct4040]

I started to save and invest since I was 30, now at 63 retired with no mortgage. The highest monthly expense is medical insurance. Advanced planning is the key, but it's never too late to become financially responsible. Cut back, be frugal, sell your things, stuff doesn't make you happy. Being frugal gives you peace of mind.

[@sasw77intwo]

I wish I had been disciplined like you. I will be ok but I am still working for a bit before retiring. I want to but l am honestly afraid to

[@Kevin51611]

My Highschool made Art a mandatory requirement for graduation. Guess what wasn't mandatory? Finance. There was a $30 fee for the Art class as well.

[@kenyonbissett3512]

Some things in life just don’t make sense. 🤦‍♀️

[@jameslyons6655]

Financial literacy is critical.

[@kenyonbissett3512]

@@jameslyons6655 I agree. My HS offered a financial literacy class under the home economics department. I found it depressing. I had no idea what I wanted to do or be. It felt impossible and hopeless. It feels like there are so many more options open to people now than then. Information is at your fingertips in the speed of light. As a married female, my husband and I agreed I would work until we had children. I worked as an insurance auditor. I went to one business and the owner told me I should be home with babies. I had no right to take the job from a man looking to support his family. I calmly explained that the man from last year still had his job but that the business had grown and I was hired to do what he couldn’t and that my husband wanted me to work until we had our first child. He grudgingly allowed me to do the audit, 🤷‍♀️ Who really helped me was Amy Dacyzyn of The Tightwad Gazette. She was my role model.

[@richarddixon7855]

Hi Kevin - as a retired K-12 Art teacher who taught 10,000 students over 36 years... all I can say is, you must have had lousy fine art experiences! That's a real shame. I consistently tried to incorporate real life experiences into my classes, many times focusing on conserving and taking care of the supplies, cost of and care for public school property/furniture and the overall "value" of your self, wealth and artistic creations. Please do not make negative generalizations about the lack of importance of "Art" in a child's education. It's very short-sighted. Additionally, in NJ (and, perhaps, nationally), "Financial Literacy" courses were mandated as a HS graduation requirement following the 2008-09 economic crisis. Thanks.

[@kimberlydeschamp6300]

Art, may come in handy one day, I hope you continued your practice. Currently undervalued in society, Art allowed you to see life they different lenses and protectives. It will become much more valued but society one day. Financial savvy is critical, no doubt, and the $30 for supplies was because assholes no longer fund such. The diminishing value of art in society..... Hell, some schools aren't even buying books anymore and children are no longer taught to write in cursive and can not even sign their own name on a contract now. Soon enuf we'll all sign "X". But Art, is the window to a brighter world. It lifts people. Regardless of what society claims is out isn't valuable, ART, compassion, appreciation of nature, natural resources, the ability to see the good in one another and to promote it,,, that is what's important in this journey. No doubt.

[@dtr579]

I'm 53 and often feel I'm way behind in retirement savings because I didn't start saving until I was 40 years old. I had nothing before that, but I really started to work my plan and can say I feel better today. We all can do it if you give yourself a solid 10 years of being invested in your savings plan. I am closing in on $400K in retirement savings and a paid off house in 40 months. If I can do it, you can do it because I was in your boat not that long ago.

[@septembersapphire347]

Great job Daniel, sounds like you're on the right track to a comfortable retirement. Hopefully your health is good so you can enjoy it all the more.

[@EtheReal388]

May I ask what you do for a living? I’m 45 and I’ll be honest. I’m afraid. Very afraid.

[@dtr579]

@@EtheReal388 I work in outside sales, but when I first started investing I only did $100 per paycheck. Then I went to $200 and gradually just kept going up until I was not missing the money and can still pay my bills. This method works the same if you start with $25 or $50 a paycheck. You will be amazed how much you'll have after 5 years. You will be like, how in the world did my account grow so fast. I'm still amazed at what I have accumulated in 10 years after starting from nothing. You can do it, just start. Betterment is a good company to use.

[@EtheReal388]

@@dtr579 thank you for sharing. I will let go of the shame and just get started.

[@dtr579]

@@EtheReal388 great! You will be glad you did. You are still young and have 20 years you can save. You can have a lot of money by then, just by investing $100 - $200 a month.

[@veramonique1724]

Investing in the stock market is the most common way for beginners to gain investment experience.

[@danieljamal3709]

The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.

[@veramonique1724]

Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.

[@devdaniel3225]

who would you endorse ?

[@veramonique1724]

Vivian Klaine Morgan

[@veramonique1724]

I’ll recommend Vivian Klaine Morgan for you, her strategies is working for me for months now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy

[@denniss3980]

This seems to be a revolving door of people getting to 60 with no savings, and still, our schools teach no financial education

[@johngill2853]

Even if they taught it in high school would it actually stuck with you? I had economics in college in my twenties and I really didn't learn a thing. The funny thing is I understand it more now as I get older but how did I get a "A" and I didn't even understand it. I look back and I was clueless(same goes with individual income tax class, I was absolutely clueless at the time and got a "B")

[@stuartjames1862]

I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45

[@danieljamal3709]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

[@helenoliver4838]

Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know

[@devdaniel3225]

Who’s the person guiding you

[@helenoliver4838]

credits to *MARTHA ALONSO HARA* , one of the best portfolio managers out there. she's well known, you should look her up

[@devdaniel3225]

Thank you, I just checked her out and I have sent her an email. I hope she gets back to me soon.

[@bruceg.6282]

I met my second wife about 8 years after my first divorce and partied for quite a while when I was single. I had no savings and about $20k in credit card debt. We married when I was 55. She helped me pay off my debts and taught me how to save. In 7 years I was able to save about $75K, but was railroaded by kidney failure. I ended up having a transplant and got fired from my job. I had to retire early, but an engineer's retirement isn't too bad. Between the 401K and my Social Security I'm doing ok. But my real source is Jesus Christ, who I;ve walked with for 42 years now. When I got out of the hospital (after 6 months that included a bout with MRSA) He spoke to me and told me that He would take care of me. And indeed He has, even after a neighbor stole my car.

[@volitionspark2686]

Thank goodness. May God continue to bless you

[@mamafylees3344]

Amen.

[@vanessagreen180]

Praise the Lord

[@cherylT321]

Did you get that car back from your neighbor?

[@sallyclay1974]

I worked for May CO, for 26 years. I worked in NY, Fla, and CT. My last retail job was at the Danbury Mall. I worked for Filenes, for 16 years. We went through a corporate takeover, and bankruptsy. That was in 2006. Federated Macy's took over, May COwent out, and no more FilenesI stretched my stock money, for about 8 years. Now I'm living on Social Security chicken feed entirely., like alot of others. I have housing, which helps. I was 59, when I threw in the towel. I'm glad I did, because malls r dead and online shopping has taken over.

[@b.l.8611]

Why don’t schools teach financial planning in school? This is beyond me. Kids need to learn the value of $$$ in grade school. I was fortunate to have loving parents - however they both lived through the depression and wars. They both said to save 10% of your paycheck for retirement. I’ve always tried to educate myself about not over-spending and saving. The best thing I ever did. I’m 66 financially independent. I choose to work because I enjoy it. I plan on retiring at 70 with no debt.

[@darlenepaul2918]

Experts are now advising 15%-20% not 10% its not enough!

[@acajudi100]

If you can read, you can teach yourself,

[@b.l.8611]

@@darlenepaul2918 I agree. However, I started at 10% in Retirement. Started buying RE at 22 Years old. I tell young kids to put $30K into a 401K by the time they are 30 - they will retire with over $1M in their account, based on compounding interest.

[@lotsofthisandthat9791]

Government schools don’t want t9 teach, but indoctrination. Broke seniors are easily manipulated.

[@AriellaGuridy]

It´s a great idea. Financial planning should be an important class for the kids.

[@larrysherk]

This whole "problem" is an artificial product of American lifestyle. I have been living comfortably and maintaining a vehicle on Social Security alone since 2002. At the same time I have saved a few thousand for a rainy day.

[@vickiewilkins1579]

What advice would you give the rest of us on how to live and save on social security alone.

[@danielmclaughlin6235]

Sounds good for most people guess most money I ever made was 26,000. A year I own My own home and have very little debit I also get a lot of nessity on barter system I took social security at 62 never had any money All my life May as well get what I worked for soon as I can we are not promised another day of life just the grace of God 🙏

[@sammencia7945]

The 20 year olds at gas stations earn $35-40k a year in 2022.. How could you earn $12/hr in 2022? It isn't possible.

[@danielmclaughlin6235]

@@sammencia7945 you won't find anyone in my area working at gas station getting 12.00 and hour 8.50 to 9.00 hr tops if you're a manager you might get 11.00 or you can drive 30 miles to Walmart and they are hiring at 12.00 hr now

[@toms641]

Rule #1 - spend less than you make. The first year I was married (31 years ago), my wife and I bought a house. But we knew we were in a precarious situation. So we decided not to run the heat for the first winter. Minimum on the Thermostat was 50 Farenheight. So, my wife wore a winter coat in the house. I wore a heavy sweatsuit. Same stuff, over many years Now, we are both retired, no debt. We live in a 55+ community. *** When you borrow money, you are just bringing future spending into today. Reverse that (save) and you are building your spending ability in the future.

[@maureenwagg5305]

I am totally over "stuff". I throw out the flyers into the recycle bin as soon as they arrive. No more temptation to purchase things "on sale". It just separates you from your money.

[@michaellincoln3739]

I saved for retirement and did all the sensible things with very few holidays. But the big elephant in the room is "seniors divorce". At 63 I was retrenched from my job and a month later my wife divorced me and took more than half my savings. At 65 I have health issues, still unemployed and no money left. So much for my saving program.

[@lm7092]

I’m a divorced woman who is in similar situation. I can’t work due to chemo. Not old enough for Medicare, and buying medical insurance and paying bills is going to break me. Fight for universal Medicare.

[@michaellincoln3739]

@@lm7092 So sorry to hear your situation. Universal Medicare should be in the Bill of Rights as a basic human right.

[@princessunicorn669]

@@michaellincoln3739 Then by all means move to a communist country like Cuba, Venezuela or North Korea…Personally, I don’t believe Doctors should be forced to work as slaves, they deserve good pay for the years of studying hard and not forced by a Government at gun point to take care of others for low pay. Unless they volunteer to do so.

[@TT-fq7pl]

@@princessunicorn669 Don't be so ridiculous. I live in Canada. Not communist, and a great universal health care system that most doctors, because they care about people, wholeheartedly support.

[@kipincharge2833]

@@princessunicorn669 Australia has a good public private system---for all the brainwashed by corporate overlords-the USA has the most expensive "healthcare" with the worst outcomes

[@lionheartroar3104]

Best way to build a fast nest egg... work your regular job ,live within your means and side job for cash

[@jeanshoults573]

A few years before retirement my husband and I lived on just one of our salaries and put the other in savings. Both retired now living on his SS plus a small portion of my annuity. No debt and we're doing fine.

[@jvolstad]

I retired at 62. I'm debt-free and have a positive cash flow. I am twice retired, military and civilian, and have always lived a frugal lifestyle. Today at age 68, I am a volunteer at my local VA Hospital, a part-time student at my local community college (seniors get free tuition), 3.9 GPA, and am leaving most of my estate to a charity I support.

[@winny3455]

Leaving your estate to charity? Don’t you have family to support?

[@tonyochoa7097]

Never use credit,always pay in cash-buy only what u need,prepare your own meals,pay cash for your car,drive what u can afford to pay cash for,and remember,if you have your health,that is the greatest blessing of all!

[@marsflee3815]

Leave it to a financial guru to prove The Bible right. Happiness does not depend on having the latest things. "Even when a person has an abundance his life does not result from the things he possesses.” (Luke 12:15) This guy is giving good advice.

[@daves5716]

If you're 60 with no retirement savings you're probably living paycheck-to-paycheck and unable to pay down debt. Sadly, this is where many people are - no savings, no 401k, no pension.

[@uncareid5557]

Paycheck to paycheck people usually have a drug or alcohol problem, a dog or three cats, top flight cable, enough money for cigarettes and are diabetic because they are obese. I knew two single moms who took very different paths. One cleaned houses so she would not lose hers. The other lived like a rich retiree until she burned through her six figure divorce settlement. She is now 71 and has gone back to work out of necessity. I worked my butt off for 45 years in construction and made hard choices. My truck is an '04. My wife's car is an '05. No debt. My little brother has been renting his entire adult life. He has "invested" over $150K in Marlboro cigarettes. My older brother never smoked and not only owns his home, he has a rental property.

[@jamescalifornia2964]

@@uncareid5557 - Sadly your little brother's investment will likely kill him ... 😞🚬

[@uncareid5557]

@@jamescalifornia2964 Yes, I will probably outlive him. Plus he is not good with his dental health. Bad teeth can make your whole body sick.

[@jamescalifornia2964]

@@uncareid5557 -- Very true. Best wishes to you 👍

[@gusmonster59]

@@uncareid5557 What a load of crap in your comment. A lot of people who live paycheck to paycheck are in lower paying jobs. Those things you listed just scream at how ignorant you are of other people and how the world works. There are loads of people who live paycheck to paycheck who are not on drugs, not obese, don't smoke, don't drink. don't have fancy cable or are diabetic.

[@jackconnolly2665]

I have tried to watch a couple of your videos but I prefer people that cut to the chase. Im not judging you, just stating my preferences. The most valuable older people have is time so I like to get to the point. Thanks, John

[@boondoggle4820]

I differ from most people apparently in that my only concern is what I’m satisfied with. I don’t compare, contrast or compete with other people. When I make purchases, my goal is to spend the least amount of money for my satisfaction point, which is subjective and is going to be different for every individual. Luckily I have fairly moderate tastes, lol.

[@rogilynyasol7715]

I'm glad at the age of 23 ....I knew it already... Thank you for educating us about saving

[@Remo1147]

You’re cute

[@thedoor5442]

Don't just save, Invest! use s & p index funds.

[@eckankar7756]

When I was younger and I'd drop a piece of meat on the kitchen floor I'd toss it in the garbage, now that I'm close to retirement I pick it up and rinse it off.

[@vickiewilkins1579]

🤣🤣🤣🤣

[@PhotoBrad]

Great advice! Thank you for speaking in an appropriate "indoor voice". Most KZbinrs yell at the camera as if they don't understand the concept of a microphone.

[@annjean8709]

😄😄😄😄😄

[@christopherhennessey8991]

My saving grace was the full pension I began collecting upon retirement at 55 and collecting Social Security benefits at 62.

[@christiannacolbert5603]

I just want a nice house with a decent yard in a good neighborhood, a dependable car (already have that - the car only, wishing for the other things), and no financial struggles. Who cares about competing with other people for things and status? Ugh, that must be exhausting... you can't enjoy what you already have if you're thinking that way.

[@pristinabread]

who wants to drop dead 10 minutes after you retire or too feeble to do anything? How long can someone put off retiring before they can't really enjoy retirement? What is the point, I have money to hand over to my care givers? What a mess our society is.

[@jclaytoncabral5106]

Spot on, thank you.

[@xoxxobob61]

Something I ponder since my father was set to retire and had a stroke 2 weeks before that date. He died just a week before he was supposed to get his first Social Security check.

[@jonathanjacques7250]

Amen

[@vincentcurtis1996]

My grandmother was an RN her entire life, always taking care of everyone else, while neglecting herself. She unfortunately passed away of a massive heart attack two weeks before retiring

[@marisameans9859]

"Life" happens...we have nothing...and I'm so tired of working. Been shopping for space under a bridge in a warmer state...

[@andre1987eph]

Play at 2x speed to keep your sanity.

[@Mexicobeanpole]

Nope. Love his delivery and his voice.

[@fatima-zahrakajji4821]

I thought this was a joke until I did it and appreciated how this speed level matches my ADHD! THANK YOU

[@alicehong7809]

At speed 2x I thought it was normal speed. I also have ADHD. Lol.

[@fatima-zahrakajji4821]

@@alicehong7809 me too

[@becoin3595]

60 years old and no retirement savings. Not a place anyone wants to be at all. We all have to know that proper planning before retirement will help you have a good retirement life. I'm 50 retired with over $2 million in net worth and no debt, mortgage cleared. Currently living smart and frugal with my money. Saving and lnvesting lifestyle made it possible for me this early. Thanks to FIRE movement

[@akiobernard3391]

Lack of mismanagement of money will bring you ton of sorrow and frustration

[@akiobernard3391]

Great job miss Alexa. I bet you're living your best life right now

[@angelinajames239]

I'm a young mom, I'm really glad to hear your story it inspires me it inspires me. What's FIRE movement

[@becoin3595]

@@angelinajames239 FIRE means - Financial Independence Retire Early It's been a movement teaching people financial Independent and how to retire debt free through solid lnvestment and frugal lifestyle

[@angelinajames239]

@@becoin3595 Thanks for reply me. I will read more about the FIRE movement

[@maggie3315]

I am going to be 60 in a few months with no retirement ,I plan to start saving in an online back no investments for me am scare of losing what I don't have. Am going back to community college to do LPN I hope this would make m life easier when I retire at 70.

[@HolySchmidt]

It sounds like you've got a solid plan for yourself.

[@maggie3315]

@@HolySchmidt 😁 Thk you

[@kenyonbissett3512]

Good plan. I posted a reply to Lisa Bennett that has a lot of ideas and ways to save, have a look, I hope it helps. No investing or scams or affiliate stuff, just ideas and resources. Best Wishes to you and yours!

[@casienwhey]

"You can be young without money, but you can't be old without it." - Tennessee Williams

[@andyandcallie]

I took on transcriptionist jobs--you listen to recordings on the internet (court proceedings, jail calls, legal proceedings, etc.) and type them into whatever format they want--from home, no less. I have four of these jobs and I've pieced together a small income. At 65, with zero savings, it's all I can do. Luckily, I know how to type!

[@jackpaterson8556]

My problem was always helping others,thinking about others, saving others, beside saving my money. I'm not 60 but I could have been saving my money, all my life and would have had much better life today!

[@annjean8709]

Caeley Mo, you have just read my life's story!

[@xoxxobob61]

@CAELEY Mo So who is going to take care of you when you can't? Always Pay yourself FIRST before anything else.

[@koolbeans8292]

Carley, it ain’t over. Keep it up. God has plans for you and it will be good.

[@rmick66]

I gave my stepson and family an older car but in great shape and they ran it into the ground and also loaned them a large amount of money for the down payment on their home which they still owe over half of to me seven years later so no more of that crap nice guys do finish last

[@elviscobb5922]

Jack,that wasn't necessary a negative thing. Hopefully in the future one of those people will remember your kindness. The point is you have been a kind and helpful person in your life.

[@janetbransdon3742]

Being a new home owner in retirement I am currently making plans to run a bed and breakfast guest house.I will only need to use one of my bedrooms .I am lucky as I can close it off from the rest of the house, it is situated next to a bathroom and opens up to an outside seating area for smokers. This will supplement my retirement income.

[@misst.e.a.187]

All the luck in the world with your new enterprise.

[@AriellaGuridy]

Great idea!!!

[@tylervision707maul]

At age 64 my retirement is now $900 a month almost but here in the Napa Valley California you can't even rent a room in somebody's house for that price so I'm moving to the Mojave desert in 2 weeks and my entire income will go to rent as always so there is no savings and there will be no saving you just have to go to the food bank and hustle a lot on the side to try to find food that people have thrown away to eat

[@tylervision707maul]

I've also camped outside for 5 months at a time to save money

[@homeuser5951]

See Bob Wells Cheap RV Living on KZbin.

[@rebeccacasey9419]

I will make out time to watch it. 😊 But I want to know what precautions I have to take so when am 70 I will enjoy my ending day's.

[@rebeccacasey9419]

Really warren buffett is that good !! I will look into his video more often and start Investing thanks ☺️😊

[@petersonkahlid7679]

Am at my 50s and am looking for a suitable platform with good yielding potential I can invest in.

[@petersonkahlid7679]

@Johnson Davies And how can I get that done will u teach me?

[@petersonkahlid7679]

@Johnson Davies how can I get to her??

[@petersonkahlid7679]

@Johnson Davies alright pal you are a kind fellow will message ASAP...

[@bryancondrey6457]

Had savings. Burned it all up keeping my wife alive.

[@Gothiqueluv]

I'm so sorry. Hopefully she is doing well now.

[@Mexicobeanpole]

I’m so sorry. Fact of life with health care in America, I hope you’re both doing well now.

[@xoxxobob61]

Absolutely disgusting to hear that Bryan! Nobody should have to lose their Life savings to a Insurance company over Healthcare costs.

[@lindap.p.1337]

You did the right thing. How could you ever spend it in a better way? I hope you still have some assets that could be liquidated for you, if needed.

[@christams8863]

You should set up a go fund me account. I know there are generous and compassionate people out there who are willing to help!

[@paulgordon9648]

I think I'll retire and live off my savings . I don't know what I'll do next week .

[@birunz]

I wanted to thank you for this information. So many "advisors" tend toward those who already have sufficient income, i.e., 6 figures. Thank you for not talking down to to those of us who are not in that tax bracket

[@pongmolina2157]

Plan to retire at 62. I've seen a lot of people being laid off due to age or not able to work due to health conditions.

[@dennisfoster4054]

Why on Earth Retire retirement is death. Keep working,it's important what you work at This will preserve Health and Mental condition in general. This person rambling on about Retirement is deluded I'm 66 still rise to work at 5.30 am in the Summer,have 3 sources of Income all involved in outside healthy work-life,with things I'm interested in. Currently off work since Christmas,totally bored,it's Summer here in ..NewZealand, Paradise.

[@johngill2853]

Plan on the possibility it can happen? Yes Retire at 62, yes if you want to and you plan on it.

[@Earthtime3978]

@@dennisfoster4054Yeah, die working or a year or two after retirement, that sounds great.

[@MgtowRubicon]

The fewer things that you own, the fewer things that own you.

[@nicolelitwicki6600]

I am 47 and have nothing in my backpack. I'm starting my savings now and worried. I can't imagine being 60 and starting. I have never owned a new car that will always remain the same

[@HolySchmidt]

good advice on the new car.

[@bookmagicroe9553]

I started at age 45. Put away a little extra out of groceries, birthday present money, etc. Taught myself all about investing. Slowly my money grew. I never had much money, but it grew for 25 years and now I have a tidy sum. Get started and good luck!

[@kenyonbissett3512]

Please look at my reply to Lisa Bennett on this video, I made a lot of suggestions and possibilities. Hope the help!

[@screenarts]

Buy a home, most people retire on their home.

[@kenyonbissett3512]

@@screenarts with a 15yr mortgage, she would own her home free and clear by age 62. If she got roommates she could use that to boost her savings or pay off her mortgage sooner. If the home has a yard or patio area, she could grow her own food, also lowering her cost of living. As long as you maintain good health, all sorts of possibilities are possible. For vacations she could house sit or pet sit in exotic locations. I’ve seen ads for Paris, Berlin, Miami, New Orleans, etc. For airfare, schedule a flight in the busy times, arrive early and notify airline you are open to being bumped for compensation and a flight out later that day. You could visit 15-20 fun places in 15-20yrs. Wherever you go, take pictures and sell them on about a 12 different sites when you return home. If she is healthy consider donating plasma. Lots of benefits. Helping others, receiving cash (enough to fund a retirement account) that is tax free and fica free. Start a side hustle. Instacart pays well and you determine your hours. One video I watched showed how to spend 1hr a month and make $30 on Inbox, $30x12=$360 per yr. Fetch/Receipt Hog/Ibotta/shopkick/Swagbucks, she just takes phone pictures of receipts and earn gift cards and cash. If you attach your store loyalty card you don’t even have to take pictures, its automatic. These are just little changes that can change your cost of living and really add a lot over time. You have 15-20 yrs to learn how and do these kinds of things. If you can get your living expenses down while maintaining your quality of life, retirement looks more achievable. Consider minimalism, a capsule wardrobe of thrifted/yard sale items. If you find someone at a yard sale selling your size, style and preferred clothing line, see if they would be willing to sell to on a regular basis. Worst they can say is no. The best is yes. Anything over what you need/want could go on eBay or Facebook Marketplace(FM). My nephew needs stride rite shoes, he is 15mos. My niece bought the first pair, I bought the second, but now we see we can buy on FM for $20-25 and resell for $20-25. They grow so fast they don’t damage or get worn, just Lysol the heck out of them. Free books, cds, DVD’s, audiobooks at your library. Just download free kindle books to your computer on the free computer kindle app. Google free books, I read newly released books free accept for a multitude of ads. Audio books are on KZbin. Library apps offer 1,000s of free audiobooks, movies and music. With library apps, no late fees because they just disappear on the due date. Use discount stacking to get things from stores at there lowest price, example: front load washer Home Depot sale $799-80=$719 Home Depot 20% off coupon Go thru rebate site for 8.2% (check cashbackmonitor.com) Use discounted gift cards to pay, 10% off Local electric company energy star rating rebate $50 Catch a state sales tax free on energy star items (6% in my state) Drop at recycling scrap yard for $10 $799-80=$719- $325ish=$394 plus in future you use 50% less water, 33% less electric and 1/2 the detergent, clothes are dryer and with adding a clean dry bath towel to dryer you save up to 50% in dryer electricity. Less wear and tear on clothes, they last longer. Make your own detergent for a 1-2 cent cost per load. Play the Drugstore Game get laundry detergent free.

[@lovelytarbaby]

I'm doing it! I decided to try and pay off my mortgage in 4 years. I'm 68, on SS and a pt job. The last few months I've been saving my job income and living off my SS. It's been a little tough but I'm doing it and increasing my savings. In 4 years, I'll decide whether to pay off my mortgage, or keep the savings for retirement. If all goes well, my savings should be about 95k at that time. My house payment is under $500 so I should be able to swing it with SS & my savings if I decide not to pay it off and hold on to my cash.

[@sage6336]

I would prefer to be wealthy and unhappy than poor and unhappy

[@blu3j00Ls]

YES

[@lm7092]

How about content and grateful

[@donaldlyons17]

I hate to say it but this comment is very right. Being poor is a lot harder and more expensive!!

[@FlyingImmortal]

If you are unhappy, your bank account matters very little.

[@yessumyessum6624]

@@FlyingImmortal , Get real! That sounds foolish. It's depressing when the bank balance is low. I think it's easier to be content when that balance is sufficient. At least one can breathe a sigh of relief.

[@NoteConference]

Working through retirement is a grim outlook for most Americans. We teach how to invest instead of "saving" for retirement. Education is the key

[@renaesutton3145]

Problem with working a second job into retirement is that if you retire before full retirement age, i.e. 65, is that you have to be aware of how much you earn on second job as to not lose any SS retirement money...

[@kenyonbissett3512]

If your birthday is after 1960 full retirement is now 67, not 65. Sorry 🤷‍♀️. Second, a second job only affects SS if you are already taking SS. So if you work plus a side hustle until full retirement, retire from both jobs then you are fine. At 65 you have to apply for Medicare but not SS. Be aware that Medicare costs about $148.50 plus more depending on your length of years worked.

[@couchwarrior7207]

Once you reach full retirement age you do get that money back. However not in a one lump sum. Your benefit is adjusted upwards so incrementally you will recover it over time. Not sure how it takes . People are surprised to here this but it is explained on SS website or just google it.

[@kenyonbissett3512]

@@couchwarrior7207 one KZbin video guy showed age 72 is the intersection where if you live longer then it didn’t pay to take retirement at 62. But who knows how long a person will live. I seen cancer patients be told 2 yrs maximum no matter what and live 6. I have a family friend who is still alive and living on her own at 97.

[@jamescarroll1101]

I knew of a guy that built up over 1.2 mil in 401k had a great job retirement fund added to social security he had 7000 a mon and his 401k .he retired and the company had a tradition you had to come into the office to get your first retirement check .they shut down an hr for lunch let u speak to everyone eat a good meal get a plaque and gold watch .he died sitting in the office waiting on them to come back and get him .

[@teleriferchnyfain]

LOL LOL LOL Okay, for a person who doesn't have a retirement account of any kind (pension for instance) I expect this is good advice. HOWEVER - in my case - OMG no. First off if I'd stayed at my job until 65, I'd probably have died, or my health would be considerably worse. For another, the things I buy GIVE ME JOY. I don't buy them otherwise. BIG thing - I'm retired military. I've got Tricare LOL I also now have Medicare. I've got THREE retirement checks. I'm making more money - NET that is, ie SPENDABLE - than I did before I retired from my civilian job. Also, yes, I did have an IRA. I bought my car with cash with it - bought some collectibles I LOVE, and which give me joy every single day. I could sell said collectibles for around the same price I paid for them - I didn't buy them as an investment but it would give me enough to pay out of pocket expenses if I have a HUGE medical emergency, say. I'll have to eventually sell them when I downsize to a smaller old age place. Meanwhile, I'm spending my money on things I love to do while I still have the energy to enjoy them. I've plenty of money for my living expenses, plus emergency funds, and I'm not in debt. So why in the world would I bother denying myself stuff I enjoy? Yeah, I don't. Of course I'm lucky. Health insurance, 3 retirement accounts. Thank goodness. BTW, I retired from DSS - social services. I know a lot more about Medicaid than your average person, and I've seen people who've lost everything due to outrageous medical expenses, no matter how well they planned. Life's a gamble pretty much, sad to say. At least in the US, with no decent universal public health plan.

[@deltanine2468]

I'm living in a tent, but it's paid for. The bicycle needs new tires and food has gone way up but I'm making do.

[@MaryOlson7]

I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.

[@MaryOlson7]

@sallym.chesser7072 That sounds great and what signal do you invest with?

[@MaryOlson7]

@sallym.chesser7072 That's awesome and please how do I connect with this broker lady?

[@MaryOlson7]

@sallym.chesser7072 I'm currently on her webpage now, her reviews are very impressive and I left a message for her. thanks, a lot.

[@dorenestewart5084]

@@MaryOlson7 The best thing that has happened in my life is working with BRIDGET MARY TUROW. I haven't just attained financial freedom, I have gained a lot of power in the knowledge I have acquired from her. Her trading strategies have been working for me for more than a year now and I’m making good profit from the stock market she's 100% honest, reputable, and trustworthy.

[@Calventius]

Bottom line up front. Became interesting at minute 3.32. Very important and pertinent info after that. Let' all move to Valencia, Spain!

[@reneb6702]

Thank you for sharing this. I am 55 and nervous about retirement. I have $265 in my pension and only $20,000 in my 401....I need to step it up. Thanks again.

[@skibum6422]

Do you mean you will receive $265 a month from your pension?

[@reneb6702]

@@skibum6422 no. I have $265,000 in my pension at this time.

[@jamescalifornia2964]

@@reneb6702 -- I assumed you forgot a few zeros on that number ☺👌

[@uncareid5557]

Have you figured Social Security into your financial projections? Don't be nervous! I had the rug pulled out from under me after a 45 year career in construction. I'm doing fine because I got out of a high tax state and left all my debts behind.

[@reneb6702]

@@uncareid5557 no. I didn't include social security. Thanks for your input. My house is paid off so that's a relief. Relocating to another state may be an option. Glad it worked for you.

[@PatrickIrelandsentienti]

We are living on less and less money each year, but we are managing what we have well. The way in which you manage your money will take the stress out of living every day. If we know that we have $500 left from our income to pay all of our bills for the month, and for food, we are happy. That is what we are living on now, we live in the Philippines.

[@rhondapelletier2141]

I think ofcourse this man is Correct, however....... many ppl have experienced LIFE events...... that get them thinking or prioritizing their Life .........example..... last few years we have had friends do exactly what he said stay at their job just a few years longer to get a little bit more money. The man passes away, still not enough money, I never had time to enjoy life with his wife because he decided to stretch out his job just a few more years. This is happened to two seperate couples........ devastating...... wishing they had Enjoyed each other instead of working working working.......It’s a Choice....... ENJOY LIFE ❤️.........

[@WApnj]

I bought rental properties when I was young and employed... Huge mistake... Bad tenants, foreclosures, crooked contractors.... Changed my life to living it up thinking I would not live past 40.. Drinking, motorcycles, women.. Woo-hoo.... Paying the price now at 63 with no savings at all...

[@richardt1792]

You bring up a good point. The common wisdom is that real estate is the the road to riches. Our government put in many tax breaks and advantages to encourage home ownership and real estate investments. The result of this is that real estate has become a very inflated asset. Millions of people are speculating in real estate and big businesses like Blackrock make a fortune speculating in real estate and buy up everything they can when the market crashes. For single investors, real estate is a highly leveraged investment, you put a few percent down and the value increases or decreases exponentially. According Robert Shiller, PhD, real estate, in the long run is a far worse investment that the stock market. I have made much more putting far less dollar cost averaging into my mutual funds.

[@eckankar7756]

I have owned rental properties for 31 years. I only rent to retired professionals. They are the last generation with work ethics, a savings and Social Security. I've never once had a problem with a tenant except they tend to die off. I have 3 tenants that have been with me more than 12 years, I do their grocery shopping for them, take them to appointments, etc, we've become family. I would never be a landlord for young working persons at all due to what you say. The last generation with integrity and respect is ending.

[@cliffkonkle3467]

@@eckankar7756 Ya ok buddy

[@rayemanuel7460]

But think of all the memories you'll have when you're settling down for a good night's sleep under the freeway overpass. Lol

[@darlenepaul2918]

There is much you can do! Don't give up.Its never too late for positive change!

[@markmessick9856]

Iam retiring in the Philippines as soon as air travel is possible, American dollar goes further in other countries

[@frankellis9627]

Great minds think alike. I'm also retiring to the Philippines. 2 more years and I'm outta here! 😎

[@MrWaterbugdesign]

I am too but for the adventure and having a family rather than for the lower cost. After a lot of research I've found it will likely be more expensive for me to live in the Philippines because I will have to rent there. Here in the US I own my house and over the past 15 years the average appreciation has been $1500/mo after all expenses and of course $0 rent. I'll have to pay rent in Philippines so that's an added expense. I currently live in Phoenix so utilities are very low, no heating and AC for just 5 months. In total utilities will be a little more in the Philippines. Internet about the same cost. Rent can be very cheap but comparing apples to apples which I think people skip, you get less for less rent too. A western level place in the Philippines is about the same as in many parts of the US. And dumps in the US can be very cheap too. Visas aren't free nor is the time and hassle dealing with that. Driving can be expensive because if you're in an accident you will have tp pay for all damage and injuries being the foreigner no matter who's fault. It's not the US. For people who rent in the US then yeah, a better deal in the Philippines or other SE Asia countries. We should also consider most expats only stay for 1-2 years. A person can spend a lot on airfare, visas and just getting settled only to turn around and come back and setup again. With little savings that can do in some people. Also consider cheap rents aren't generally available when you step off the plane. Expats report spending a lot more for the first 6-12 months. Advertising real estate isn't common in the Philippines. You kind of have to find an area and ask around to find good places for cheap.

[@uncareid5557]

Mr. Schmidt calls moving to a foreign country the "nuclear option". I would love to live in an Asian country for the low cost of living and the FOOD! but my wife is not on board and I don't want to live half a world away from my grandchildren. But if you have a decent SS payment you can do it!

[@bobmeyers3478]

So far

[@frankellis9627]

@@bobmeyers3478 My SSS payments will be around $1500 monthly. I have $25k in my savings and I also have investments in the market. I can live a very comfortable life in the PI. I can't wait to get the hell out of here!

[@lindanorris2455]

I LOVE THE FILM UP IN THE AIR!!! DESPERATE FIL WITH GREAT ACTORS!

[@AmericanConstellation]

This guy is so right. I'm trying to get rid of things. I look around and just can't believe what I've accumulated. As for paying off your home, it's nice but you never really own it. You'll still have taxes and insurance. Time goes by very fast. I will say that every year you wait to retire, is one more year closer to death.

[@curtissharris8914]

Retirement not for everyone, it's nice to be useful, needed, and busy.

[@AmericanConstellation]

@@curtissharris8914 Believe me, I stay busy and I volunteer to help others.

[@islandmama]

In death you don't have to worry about debt and finances.

[@altacloban9334]

I joined the military at the age of 18 years old, retired from the military at 39 years old. I started working for the federal government after the military and after finishing my master’s degree. Next year will be my twenty years in the federal government and has saved almost 600k in my TSP and Roth. I bought two properties here in California ( a house in San Diego and a condo in Los Angeles). Both properties are almost paid off. I am planning to enroll in cybersecurity classes next month, and work for a private company once I graduate from the program in ten months. I don’t spend other than was necessary. I am planning to retire completely in five years (65 years old) with five sources of income,; military pension, federal pension, social security, TSP and Roth savings , and income from my rental property in Los Angeles. Had it all planned when I was only 20 years old. Learned financial lesson from my parents, who went bankrupt when I was only 18 years old. I had disappointments in life, but keep my head high and keep on going.

[@curtissharris8914]

Yes I tell all the young kids get a Union job for the pension preferably Federal.

[@Asking-cn6wb]

Don't think I will last to 65. Probably die of exhaustion due to work.

[@MrCraigspencer]

I'm 62 married to a cute younger wife and have kids. I'm living my best high school years NOW. There are different approaches. I'm done being cheap myself. I like my paid off Hemi truck, Rv, Buick, ect. I like eating out and at home. I'm a worker type. You be cheap I'm done with it.

[@dleatherman4539]

One idea that I picked up (from the movie Going in Style 2017), was the retirees had worked together for years and were buddies, so some of them shared an apartment to cut corners. There are obvious caveats there but it's a solid option as well. Great content!

[@HolySchmidt]

Thanks for the comment!

[@SunnyIlha]

It IS an interesting choice. If you're 60 or 61, healthy enough and can remain working full time (like you're likely doing *anyway* ), and earning 40-60,000 a year as a working joe or jane, and you choose to work til you're 70 (adding to your payout over 67 by three additional years to result in 124%), you'll likely HAVE MORE income AND stay busy and vital, THEN go "goof off" (try not to get *decrepit* now that you DON'T go to Work ANYMORE), in your OLDER age (like you should!!) NOT having to work AT ALL without worries; be off into the Third Act to die more securely, and eat steak and ice cream along the way out!! What!? IF You can, you're healthy and can STAY working, *STAY* working! Here's the thing: When you STAY working you're bringing in that 3000 to 4000 a month to continue rockin & rollin right? You're not suddenly stuck in some 1650 to 1750 a month when you're still kinda YOUNG at just 62! 62 is YOUNG! What's gonna be up when your *85* !!

[@daringgreatly8473]

My friend Sarah who is in her 20s rented a room in an elderly lady’s house. Maybe older ppl can do the same and rent a room or two. Or rent space in our garage or a parking spot on your driveway. Also consider in house daycare during the day or even doggy daycare or pet sitting when people go out of town.

[@jj-eo7bj]

Where would they poop if renting a garage ?

[@daringgreatly8473]

@@jj-eo7bj they don’t live in garage they rent storage space.

[@jj-eo7bj]

@@daringgreatly8473 make more sence to get rid of their stuff if they have no place to keep it

[@daringgreatly8473]

@@jj-eo7bj the point is people pay to rent space. If you have a space you can rent it and make money.

[@punkkimiko]

Thanks for the tips. My mom is 59 and in this situation.

[@oldman9843]

Sell your expensive house and move to the rural midwest where I live ( Indiana ) you can buy a decent house for 50,000.

[@jimmydaves]

Hey Old Man. How rural?

[@oldman9843]

@@jimmydaves rural small town but city of 170,000 is 20 miles and Indy is 80 miles

[@matt75hooper]

We need a means to get Seniors in contact with other Seniors in the same predicament. Perhaps move in together and split expenses.

[@dc76384]

Here's an idea. Plan retirement, as though there is no SS.

[@HolySchmidt]

Great advice

[@andrewdiamond2697]

Well, I plan my retirement so I'll be 1/3 social security, 1/3 401k/IRA distribution at 4% of principal, and 1/3 rental property income & possible side hustle. If any one of the 3 doesn't work, I'll be fine on the other two. Even if 2 disappeared, I might be OK on one with a paid-off house and car. If I have all 3, I will replace over 100% of my after-tax income.

[@dc76384]

@@andrewdiamond2697 I'm hoping to retire with enough in my 401, and Roth to be comfortable off the interest.

[@ed5308]

I get no SS at all. I do get a pension. I drive 20 year old paid for cars. I pay my credit balance off every month. It is true money will not make you a happy person. It beats being a broke person. I can sleep and eat well. This is enough for me.

[@Chris_at_Home]

SS is my largest retirement along with a private sector union pension from a communications company. I paid into SS starting at 14 and at about 27 started maxing out my contributions most years until I was about 60. This gives a person close to $3,000 a month. The max anyone can draw on SS for retirement at 66 at my age is $3148. If things get real bad we’d just go live in our remote cabin. It’s cheap to live there.

[@kaneross217]

I’m 58, and I quit my state government job recently because the management was unbearable. I don’t want to sound racist, but it was like being in Asia in my own country. It was taking a toll on my nervous system. Not good a thing. I have no savings , no family, no fall back. I’m getting depressed, and won’t be missed. Your advice is good for people with a fighting spirit. Thanks.

[@SH-pm3dm]

Kane Ross, You said you don't want to sound racist, but you do sound like one. What's the matter about working with Asian people? It's their country as well as yours. You're not happy at work because you choose to be unhappy. Good luck with finding a job that all the workers are of the same race as you, but chances are you still be unhappy no matter where you go because that is you!

[@Hopeinthee]

Sh-you don't get it. Kane was not talking about working with Asian people. He was talking about the working conditions those people have to endure in many cases.

[@mamafylees3344]

There is still hope for you my friend. If you have a car or truck that can be home. People live in their vehicles all the time. Eat vegan. I'll save on your food bill. Relocate to a warm state you'll always be warm. Do what you have to do until your situation changes.

[@TheStoneWhisperer]

This is a great video! I was surprised you hadn’t mentioned anything in the gig economy. I’m 55 and I found a few PT gig jobs that makes me an additional $2,000 a month with only an additional 8 hours/week. Gig work has already proven to be VERY effective due to the flexibility & I have a TON of tax deductions that come from essentially running my own business. Would love to see you cover this topic. Thanks again!

[@everythingisaworkinprogres5729]

Do tell... $2k working only 8 hours?

[@TheStoneWhisperer]

@@everythingisaworkinprogres5729 - Well, not sure if you have the app in your city, depends on where you live. It's a gig job working for "Hop Skip Drive", it's like UBER for children. The good part is you set up your own schedule, rather then accept random rides. I set up usually one to two rides in the morning, sometimes one in the afternoon. I usually only spend about one hour in the morning and one hour in the afternoon and I generally clear $500/week. If you can drive more you'll make more, but I have a day job, so I just try to squeeze the time in when I can. I sometimes only clear $380/Wk, sometimes $600, so I figure I average $500/wk. Good Luck, hopefully they're in your city!

[@everythingisaworkinprogres5729]

@@TheStoneWhisperer wow! Thanks for the info!

[@TheStoneWhisperer]

@@everythingisaworkinprogres5729 you’re welcome! Hope it pans through for you!

[@Justaguywithtruth]

I have no idea what gig is or was.. But Congratulations on pursuing your dream👏💪🙏☝👍

[@hurryslow1]

Thank you Jeff you are amazing. May your neighbourly love be blessed and you be rewarded a million times over.

[@RealSlopeDude]

Nearly 66 here with some retirement savings. Your advice is still perfect for my situation. Thanks.

[@HolySchmidt]

You bet

[@uncareid5557]

I'm your age and retired. I have enough saved to cover our expenses until I turn 70. My SS will be over $3K if I wait until then. Small pension, no debt and you are good to go. The best thing I did was get out of NJ. One thing that has gone up is our medical and dental costs.

[@RealSlopeDude]

@@uncareid5557 Awesome. You're like my little brother, now 64. When I wait until 70 I'll have about $2500/month. But I'll also get a schoolteacher pension of about the same amount. Still planning to work until then.

[@uncareid5557]

@@RealSlopeDude That sounds like plenty of money to live on. My brother lives comfortably on less, he is 78.

[@MILGEO]

I'm surprised that I hadn't seen this video as I just noticed it on the home page. I likely thought that it wouldn't apply to me. It's hard to believe that anyone would really find themselves in this position.

[@gusmonster59]

Apparently, he has not looked when one's current full retirement is. I am 62, my full retirement is 70. It is the same for those born around the year I was. This advice is also for those with higher paying jobs, which not all of us have. Employers in lower paying jobs tend to not pay for health insurance, 401ks, or other benefits. So how is video helpful for anyone in a lower paying job? It also not helpful for women who stayed home to raise children, then ended up divorced. Their social security isn't contributed to while they are not working.. They are already behind on the path to retirement. There is a load of crap comments. The people here seem to think EVERYONE has a high paying job or else they are drug addicts, obese, lazy, or what ever other label they hang on people they don't know ANYTHING about. Not everyone has (or wants) a high paying job. Not everyone who is what you seem to consider poor is a drug addict, lazy, obese or living beyond their means. There are an awful of of commenters who are completely ignorant about how other people live. Perhaps they get their information from TV shows rather from real life.

[@princesskaitlinhazelwood4703]

I think it is easy to blame people rather than understand that the bottom third do not make enough to save. It is an entirely different social problem. The good news is social security is a progressive tax with a regressive benefit pay out. Meaning people who make more money pay more money into the social security system. So they pay more nominal dollars in but have a smaller benefit replacement rate. So the average employee has a social security benefit that replaces forty percent of pre retirement earnings. While a high income person may have only twenty percent replacements. So the very lowest income earners have near ninety percent replacement benefit. So if you are sixty with low income, social security will replace a greater percentage of you’re pre retirement earnings. I know that is small apples but it is better than nothing. I fell for the bottom third to forty percent. They really do not make enough to save. That being said, the upper fifty percent does and many do not save. I think that is why you get a lot of nasty comments. Savings is hard.

[@quaithom3138]

I am 63 - Retirement for our age group is 67 1/2 - not 70. This information is on your Social Security statement.

[@princesskaitlinhazelwood4703]

I know full retirement is 67 but you get a higher pay out from social security if you delay claiming your benefits till age 70. It is like 8% more each year you delay claiming up to age 70. So for gen X that is almost a 24% return. That is guaranteed. Not every when can afford to delay but if you can do it. It is a guaranteed increase in social security for the rest of your life. It is a longevity hedge.

[@chuckfan1]

He uses 45,000 as an example, thats kinda lower paying... And as he said, whatever you make, you can apply the same formulas, principle..

[@carmenortiz5294]

He is an expert without a clue, those increases he mentioned must be in some other country because it sure is not here.

[@lisalinnae9844]

Thank you so much for this pod cast... Explains with logic, intelligence..a lost art today !!!!