You cannot retire without $2 Million. Top 5 fears of retirement planning pushed by the media and why

[@joekuhnlovesretirement]

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[@a012345]

I fear dying before I get to enjoy a dime of my hard earned money, way more than not having enough in retirement.

[@kckuc310]

Yep I’m 57 with 2 M and I’m don’t want to buy a 30 k boat I need to stop worrying and spend, it’s hard too spend

[@BadPhD777]

I've put in so much work to pile up my nest egg!! I wanna spend it!!!

[@a012345]

@@BadPhD777I have no children either. If I die, it all goes to Uncle Sam unless I setup to give to charity.

[@gregkloe]

I'm with you! And I'll be 65 this year.

[@BadPhD777]

@@a012345 Find someone to give it to! Uncle Sam will just squander it

[@tednovy7762]

As always, Joe is slinging the facts and keeping it real. Keep up the good fight!

[@BadPhD777]

Joe R A W K S

[@Bailey1879]

I actually read Debunkery based on your recommendation. It went a long way to giving me peace of mind. Thank you.

[@Jamie-dz8dg]

A good plan is the key. New Retirement is a great way to get one in place.

[@dathat555]

Fearmongering by "media" has been a business model since the first newspaper for sale. Scary things make you look. Hold your own counsel, rely on verified facts, and think for yourself.

[@thestudystrategist2219]

Don Henley sang about "Dirty Laundry" --- and it nails the media and their fear mongering and attraction to the drama.

[@rickros3677]

I think Suzy should be put under a gag order. She sells terrible...and at times dangerous...advice.

[@laurijohnson7754]

The biggest thing is to have little to no debt. So even if things go crazy you don’t need much to live on. It’s helped us so much

[@foreigncontaminant2015]

Credit card debt is the elegant way so many people get milked and sheered like good little sheep

[@Timberwolf9613]

Thanks, Joe for calling out Suze Orman! She is such a downer with her "you can never retire" comments.

[@probuilder961]

Yeah, I've watched her & she says, "Trust Me" way to frequently.

[@hanwagu9967]

Hogwash! You didn't actually listen to or read her comments. She didn't say you can never retire. The recent article was inaccurate at best and garnered the author's desired fear outcome. Suze wasn't the one who was generating fear, it was the bozo author who wrote an article this month based on her comments in an interview five years ago, who generated the fear and outrage. Go listen to Afford Anything Podcast from 5 years ago to what she actually said and in what context. You can also go to FinancialSamurai and look at his analysis agreeing with the context of her comments.

[@resterAnonyme]

Exactly, the long term care statistics are designed by get you to buy insurance. It’s like the statistic 90% of all auto accidents occur within the first 10 miles of your home. But what they fail to tell you is 90% of most people driving occurs within the first 10 miles of your home as well.

[@circusfreakRob]

That's exactly why I speed like crazy until I get 10 miles from home! The quicker I get out of the danger zone the better!

[@daveharruk]

If there is just one of your videos that everyone should watch,it's this one. I couldn't agree more with this. The only person who knows your expenses is you. I have a plan,I will be running it by a few people before I put it into action.

[@geekyprojects1353]

What I discovered after making saving and investing my hobby - you can earn a lot of money even without having a job or a youtube channel (in a legal way). So the nest egg you "need" (in theory) can be reduced significantly. Joe, thanks for motivating us to retire early!

[@LittleCabin]

The only spreadsheets I have are a budget for planning expenses, and a chart showing my retirement earnings and projections for the next few years (retire at end of '28). We met with a financial planner last night (free service through my wife's employer) and was glad to see he felt we were well on our way to meeting our goals -- was good to hear from someone who makes it their job as opposed to my own speculation.

[@asandrik3124]

It’s no surprise Retirement is soooooo complicated in the United States. Who benefits from all these convoluted programs, not us! K Street, Insurance companies and investment firms. Follow the money!!!!

[@jmg2183]

This was brilliant, especially the debunking of life term care.

[@MidlifeCrisisManagement]

great content as usual, Joe. everyone wants a piece of your financial pie, hence all the fearmongering. "information trumps fear" - words of wisdom!

[@henryrivas8999]

You helped us feel more comfortable to pull the trigger at 61 Thus past Dec. Coming up on first 6 months. Spent 2 months on the Mediterranean, about to head out for another 6 weeks in Spain. Today listening to you at the gym after a morning with my spouse. I am grateful I am not working as I approach to my 62 birthday. Thank you for sharing your experience.

[@joekuhnlovesretirement]

I love hearing this

[@sandralindsey6270]

Thank you, Joe! This video is really helpful when considering all of the anxiety and fears about giving up a lifelong career in favor of living. Your focused videos are always helpful to bring a realistic perspective to planning and preparing.

[@jaynelson8304]

Wonderful video, one of your very best! I agree with you 100% on LTC insurance. Fear sells! I once heard Jordan Peterson explain it this way, "good news can only be so good, bad news could mean dead"

[@mikemyers5229]

Great message, Joe! Agree on LTC. My mother in law has benefitted greatly from LTC insurance she bought 12 years ago, but prices have skyrocketed since then. Like you, we're planning to self insure. We will be using Roth conversions after retirement and before RMDs (10 years) to reduce our tax liability, then will keep those assets invested in the Roth in case we need them for LTC. If we don't need those assets, they will go to the kids tax free. Keep up the great work!

[@thomasberry4090]

So many dials you can turn to cover long term care. Start with a Health Savings Account which is the ultimate tax break and savings vehicle. Invest in a low cost stock index fund and watch it grow tax free. Insurance companies would gladly take your premiums and take the risk for you, so if it makes sense for them maybe it makes sense for you too.

[@fialee8ca132]

Medicare covers skilled nursing for first 90 days, and if you go into snf perm, the vast majority (something like 80%-90%) don't make it 2yrs. And you are correct... about 95%+ of nursing home residents are female.

[@juliebecker5238]

Yes, my mom was only there about 20 months until she passed. She was in a small memory care facility. Maybe 18-20 residents and only one male.

[@jploehn]

Hi Joe... yet another great video! Thank you for continuing to talk about your views and experiences with retirement. Keep'em coming! Also, I have no fear of retirement. I could retire now if I wanted to but why would I? I am at the top of my game, loving what I do, have a great retirement strategy that has been reviewed by 5 different advisors. All said I am on track to retire whenever I want to. I get paid $$$ to have fun, work with different clients all over the world. I get to travel to exciting places for work. There is no reason to retire early for me. You offer valuable advice and insight so much that I look forward to every one of your videos. Great job sir!! Joe from Texas out.

[@rhondavigil795]

It is so surprising to me how people live in fear. Fear of not having money, fear of having money but don't know what to do with it. Fear of spending, fear of ......... Take control of your finances. Operate in facts.

[@MrChazz965]

I retired at 56, taking a 25% cut in my pension. I always thought I’d rather take a lower pension for a long time rather than a full pension for a short time. Absolutely no regrets from me.

[@thestudystrategist2219]

Super informative! Thank you for sharing this info., Joe...it gives us more to think about!

[@jeanunderwood4265]

Hey Joe. Great video. My main concern is not for my husband an myself. If it was just us then I'd be good. However, we have a special needs child and whatever we build up and save has to last for our retirement and the rest of his lifetime. That is what keeps me up at night. I agree about Suze Orman, though. Way out of touch.

[@juliemoore6957]

Thanks Joe.

[@foreigncontaminant2015]

If you understand inflation, it doesn't really make a dent. Capital gains is in a way the same as GDP: nominal growth = real growth + inflation-related appreciation. Personally I use a 3-stage approach: Stage 1: stocks and gold will make up for inflation long-term; Stage 2: commodity ETFs react very fast to bouts of inflation like the past few years, and actually provide GAINS from inflation - by tracking the CRB index you get a perfect mix; Stage 3: denominate entire portfolio in Swiss Francs instead of local currency - you wipe nominal gains stemming purely from the inflation-related appreciation of a good portfolio, to the amount of the inflation differential between your local currency and the ultra-low inflation of CHF. Forex does track inflation differentials long-term. With stage 3 alone me and my spouse were able to side-step capital gains tax on nominal gains equal to the value of 2 new cars...perfectly legal.

[@JohnBarrow1961]

Great video, Joe, one of your better recent ones. Cheers.

[@curlingacs1]

I agree with your assessment of Susie Orman. Have always wondered about her popularity. She has a few good ideas but that is it.

[@FIRED13]

Orman is popular size and knows a lot of basics and she's that sister or grandma you can feel good about crying your problems to.

[@hanwagu9967]

puzzling considering almost everything she puts out there is no different than personal finance basics that every other social media personal finance guru, financial advisor, or financial planner puts out there. If you think she only has a few good ideas, I would question whether you've actually listened to her shows or read her books. She's popular becuase she resonates. She grew up broke and became self-made. That's literally the American dream. She also doesn't sell get rich quick schemes.

[@jeffreylyons5449]

Fantastic video!

[@gregkloe]

When I told my financial advisor that I won't be able to retire because I don't have the portfolio like the people on youtube say you need to have, you what advice she gave me? "Quit watching them!" Probably some of the best advice to date. I only follow a few folks now.

[@clbcl5]

I fear not really learning how to spend, spend, spend since I got enough, I think.

[@neeferpd]

Suze deserves SOME of the criticism thrown at her, but, Joe, you missed a key detail here and should probably clarify. She was referring to very early retirement. I agree that no one should advise someone without full individualized details, but I really can't imagine any scenario where I'd want to permanently retire at 35 or 40 with only $2M. And that's what she was discussing but many people are quoting out of context. She wasn't playing CFP, she was just saying that that amount over another 40 or 50 years of living could be asking for trouble. The question that prompted that answer was literally what did she think about the FIRE movement.

[@penelope5500]

I agree. She was taken out of context & criticized across the board when what she was talking about was the FIRE movement. Kind of takes some credibility away from the people doing the criticizing, imo.

[@hanwagu9967]

@@penelope5500 agreed. This wasn't a new comment, it came from an interview five years ago which some bozo seemed to imply was recent and published this month. It wasn't her spreading fear, it was others who incorrectly used a blip out of context that spread fear.

[@fialee8ca132]

Suze makes her money by preying on the stuipd and uneducated. She is a charlatan on par with Robert Kyosaski.

[@tracybrown9752]

My parents are 90 and their long term care insurance still hasn’t kicked in. They are in their home and doing just fine. We made sure they got stair lifts and life alert necklaces. My father has accidentally pushed the button 2 times and the fire department shows up and walks around the house until they see them inside and are let in. They check them both out and then leave. They have paid into the policy for 40 years and have plenty of money so no need for it really.

[@scott1441]

Agree with you about Suzie- however the Federal deficit cannot be dismissed offhandedly - there will be a reckoning not too far down the road. We desperately need leadership from our elected officials to rein in spending - the debt is unsustainable

[@RetirementbyDesign26]

Excellent video. Another KZbinr came across my feed telling people to forget about retirement so they can live. Like retirement…yada, yada, yada. It my goal to retire in 21 mos and were planning for it - being intentional about it

[@fargoaerials3456]

Joe, you make very valid points. What you do t need to do is deploy the "The Media" boogeyman. This cheapens your channel, which i think is otherwise stellar.

[@QuallsJohn]

Good day new subscriber early retirement not feasible for me as nest egg to small to carry me. My worries are Job lost and Health insurance between 62 and 67. However the worry has fueled my savings efforts to help. I can maintain for two to three years if I need to. But I just found out any Job lost can turn on Social Security till regain employment. At 65 can take Medicare. Used New Retirement and I will maintain a healthy retirement. Thanks for sharing.

[@rickros3677]

I am living proof we all need a long term care plan. I had to turn on our long term care policy on my wife in 2019 at the age of 53. I used it to provide care for her at home to one keep her out of a nursing home, two ... to allow me to work, and 3 allow me to be her husband...not just her care giver. She died in 2022 at age 56. I have long term care insurance...and I'm glad I do. I retired a month after she died...already had planned to do so. The LTC insurance brings me peace of mind. At some point I will also get a list of places I want to be if I need them.

[@asandrik3124]

It’s no surprise Retirement is soooooo complicated in the United States. Who benefits from all these convoluted programs, not us! K Street, Insurance companies and investment firms. “let us prey!”

[@brianduerr6483]

Joe, love the content. I have to self insure because I am a Cancer patient and I have treatment every 4 months. As of now I will use my taxable account to find any long term care events. The problem is I only have $165,388.71 in the account. Dementia runs in the family on both sides of the family. I put a thousand dollars a month into the account but is that enough?

[@BillySantiago-us7zn]

Thanks Joe👍🏼😎👌

[@turtle522]

Three legs of retirement worked for me. Pension, SS, savings/investments. I didn't know about these 5 fears. I know. Not everyone has a pension.

[@linhchau9788]

Hi Joe. I been checking out your videos. Planning to retired soon im in late 50 now. Financially secure... How did you managed to get Healthcare til you turn 65? Enjoy your video

[@joekuhnlovesretirement]

See my video linked in text of all videos.

[@andre-l3j]

Hi Joe. Enjoying the videos and thanks for the reminder about rejecting the fear mongering in all of its guises and forms. I'm disappointed in hearing Suze Orman losing touch with reality, as I used to like quite a bit of her stuff. Anyways, two suggestions for videos for your channel: 1. You will be turning 59.5 soon (I think). How will that 'magical age' impact how you are moving money into / from your various 'pots' of income? 2. You mentioned that you are and will be performing Roth conversions from your IRA moving forward to even out your tax planning. What is the actual mechanism for how you perform one of those? A. How did you decide the amount? B. What forms will you use to make the transfer (e.g., transfer forms from Schwab / Vanguard, etc.) C. What is the form that you have to fill out for the Federal government? and D. How did you calculate the taxes on your conversion to cut a check to go along with "C". I would love one of your videos walking through these thought processes. Thank you!

[@joekuhnlovesretirement]

Look for videos soon. Great topics

[@arnobertogna4718]

the media is spot on - if you don’t have at least $1mil plus - your retirement will never meet your expected way of life you enjoyed during your working years - if you’re lucky enough to own a home & choose to very rarely eat out & choose not to travel - then ok, you’ll enjoy a semi-hermit life - otherwise good luck with expectations of a life in retirement matching your working days - & if you don’t own a home freehold & have worked all your life in a low paying job - then good luck with that - life will be somewhere between being homeless & living on the poverty line.

[@LeotheLionHeartedd]

Two other areas of concern is the absolutely crazy escalation on auto and home insurance; the other is property taxes. Both are necessities if you own a home and car, but we have little influence on these cost. Sure we can shop around but there is a fear of being costed out of your home in old age when change is hard. Maybe you have cracked the code on how to deal with these?

[@acornsucks2111]

Suzie appears to be a high end guru. She has no concept that the average person has nowhere close to that much.

[@FIRED13]

I believe less than 1% of households in America have a networth of over $8M

[@hanwagu9967]

she grew up poor and her target audience isn't high net worth people, so i'm pretty sure she has a concept of the average person.

[@JohnBarrow1961]

Suze is not a good person and is highly criticized in many corners of the financial world. I'd steer clear of anything she has to say.

[@hanwagu9967]

@@JohnBarrow1961 she says nothing different than every other personaal finance person, FA, FP out there. I would like to hear all these highly criticzed many corners. The internet is an amplifier of the self-grieved.

[@TacticalStrudel]

I’m on the smith and Wesson long term care insurance plan.

[@JohnsFishTales]

Lol

[@M22Research]

Long Term Care - yep also self-insuring. At worst, our kids will have to rely more on the advice I’ve been repeating since they graduated from high school: “Pensions are largely a thing of the past - nobody is planning your retirement like you should be. Save early and consistently.”So their inheritance might shrink.

[@GowdyStuff]

Long Term Insurance is extremely expensive because the insurance industry vastly underestimated long-term health care costs in future years and many providers went bankrupt as a result. I agree with you about self-insuring for long term care. If I get to a stage where I am in late stage dementia, then I doubt that it matters if I am in a nice private facility or a state-run sh*thole. My father who is 95, is in that stage of life, in a nice facility because in the old days, employers provided long term care insurance and pensions. However, in his condition it doesn't matter where he is, therefore I am not going to lose sleep over not having LTC insurance for my last days or months on this earth.

[@hanwagu9967]

If you don't have a spouse or children, then that may work for you. The problem are the kids and spouse, who may not share your view. Our plan was to have as much assets medicaid compliant for my mom, so my dad could qualify for medicaid. One sibling wasn't too happy about that since she wanted him to go into private upon full onset dementia, because she couldn't imagine seeing dad in a medicaid funded place.

[@jeffb.2469]

You can only estimate what your taxes will be in the future, because Congress can make changes to the Tax Code at any time.

[@cattledogk8072]

I think the same fear is being stoked with all the talk about the Social Security shortfall.

[@Ishan95823]

Good plan why u can’t million of views. Your video is gem. I think you need a good thumbnail

[@Owais-w5k]

Yeah definitely he need to improve there all thumbnails because KZbin push KZbinr by impressions and click on videos

[@Gadgets-Universe-]

Yeah he need to improve it.

[@Ishan95823]

@@Owais-w5k yah I see more videos on this topic and they gets millions of views

[@Ben-xg8bt]

Long time listener, first time commenter. Did you set out with the goal of retiring at 50, or did you just get to a point where to math said it was time?

[@joekuhnlovesretirement]

Plan was 55

[@EileenLancaster-ye1nw]

Is there a “best” month of the year to do Roth conversions for that calendar year? January? December? Does it matter? Also, I know you love handling your finances. What plan do you have regarding its handling if you pass away? Does your wife like it too? Or will she hire someone? Thanks

[@johnw8938]

Great question re Roth. There are different opinions, and it varies w/ your situation. I've heard that a lot of people make Roth conversions in December. This makes sense to me and is what I'm doing. There's more information to work with in December. For example, if there's a big market decline, I plan to convert stock funds I intend to keep. If not, I'll convert fixed income (5% money market for me). So far, b/c the market has been so high since 2020, I've only converted fixed income. In hindsight, the crash of 2020 w/h/b a great time to do a stock Roth conversion.

[@joekuhnlovesretirement]

No best month, but statistically earlier (like January) is better since the full year's gains will never be taxed. After a market drop is a good time too. Question 2: Great question: I have a CFP on standby. He is FREE to me presently, but my wife will go full assets under management when I die. He knows my plan and I meet with him 4 times a year minimum.

[@kenlewchuk769]

You missed the “big one”… social security

[@ylee1737]

Chances that you are at a long term care or need it in lifetime are less than 5%. Just save for that, and use it for other good purposes if you don't go there in the end.

[@joekuhnlovesretirement]

My thoughts exactly

[@jpdriver1967]

Just curious. How did you find your retirement group? With personal finance being so personal, I find it tough to even broach the subject with others. I am in a unique situation with pensions and just feel awkward talking to others when I know I am in a better position than many. I would still love to have a small group I could sit with and discuss things, I just don't know anyone that has anything close to how I am positioned.

[@joekuhnlovesretirement]

I started myself. 2 friends I’ve known for 20 years

[@letschatfamilyfinances]

Suze Orman's newest comments drive me nuts. I can't get on board with any of her ideas anymore!

[@BadPhD777]

IGNORE her!

[@hanwagu9967]

Did you actually listen or read her comments or did you just go off of other headlines and everyone's outrage? This was not a new comment, it came from her comments in 2019, not recently like the article published this month seemed to insinuate. The headline anger with her comments completely ignored what she actually stated and in what context.

[@rickstephan6707]

Totally agree with "fear sells" (and you shouldn't buy into it). That said, which presidential candidate stokes the most fear in their campaign rhetoric?

[@Jfhelwig]

So they wave a wand and debt obligations just go away? It's been building Ken Fishers entire life and he hasn't seen the end point. Please explain how we just handle the debt?

[@JAT922]

But it is the fear that gets Sussie more tickets sold for her seminars

[@Therestof]

When you say 2 million do you mean net asset value or cash saving??????

[@AxelQC]

I used to follow Suzy Orman, and she got me to start saving for retirement many years ago. I stopped following her because she doesn't want you to do anything with your life but work and save. With her and Dave Ramsey, you'll die a very wealthy person, but won't have enjoyed life at all.

[@jesuisrobert808]

When they say $2M, is that $2M excluding your primary residence?

[@dgs8011]

2M is a figure pulled out of a hat. What you will need depends on how you live, what you want, where you live, how long you live, and a dozen other factors. Don't worry about what they say. Think about your own needs and wants.

[@ibrahimseth8646]

Age(Now)=40 Year Retirement Age=60 Year Salary(Year)=36,000 Saving(Year)=6000 Saving(20 Year)=120,000 If Premium

[@fialee8ca132]

If it bleeds, it leads. Sensationalim and fear drives click and views to make money. Good news isn't as profitable than sensationalism and fear.

[@christinab9133]

❤❤❤

[@clbcl5]

What did people do about money before youtube? Was there fear back then?

[@joekuhnlovesretirement]

Pensions and did not retire early

[@Kudeghraw]

Just invest in staying in shape and a few MMA classes. Its cheap. Then you can physically take the savings of others.

[@acornsucks2111]

The most complex part is the medical.

[@BadPhD777]

No kidding! Was just reading about Medicare. My head hurts. Can I claim the aspirin I use while reading about Medicare on my HSA? 🙂 Tidbit I just learned: You can use your HSA to pay for Medicare Parts A/B/C/D, but NOT for Medigap. Why? Sigh.....

[@johngarceau541]

Ty

[@shoobidyboop8634]

Hard to believe you're 49.

[@daralynx2]

The true mythbuster!

[@christopherchaffin668]

Fake news. Listen to Suzy Orman's words in the original podcast. The context was retiring at 25, 30, 35 and if 2 million was enough. This is the 3rd professional generally reputable retirement youtube creator I've seen recently that takes her out of context and tells a story not the story. 4% rule is for 30 years, not 70 years from retiring at 25.

[@mims2582]

You’re not retired you work making KZbin

[@joekuhnlovesretirement]

It is stressful and time consuming.