Retirement Budgeting - Month 1

[@rhill109]

I told my children we would not be paying for weddings. We would give each the same amount and they were on their own. That puts reality on the fantasy of a “dream wedding”. And considering how much later people are getting married, most of them are fully employed adults. I say, treat them as such.

[@MelindaMiller]

@@rhill109 Exactly! There is definitely going to be a limit when it comes to weddings. Glad Pinterest wasn’t a thing when I got married years ago🤦🏼‍♀️

[@rhill109]

@@MelindaMiller My wife(stepmom) and I decided what a reasonable amount would be for my son’s wedding last year. His Mother and her husband agreed to match this amount. They had a nice, small ceremony which they paid most of the bill for. They are just as married then if they had spent 3 times the cost. Our daughter knows how much we gave her brother. 😉. She knows that she’s on the hook for anything elaborate. BTW, I retired this March at 55. My advice, try to do a chore every day and get out the house every so often. Fortunately, I have hobbies that can take up a bunch of time.

[@parler8698]

Exactly

[@HoneyBee-pc3xi]

My parents gave me $2,000 for my wedding. I had a lovely wedding and dinner and had some left over.

[@lindad6223]

Clearing out debt is the best way to be successful in retirement. Congratulations.

[@MelindaMiller]

@@lindad6223 I agree! It’s actually better mentally for me than even financially! It’s all I worried about until I paid it off.

[@rettathomas837]

That’s what I did, I’m debt free, Praise God ! and before I retired I brought a shelf and place it in the laundry room and turn it into a pantry, and I also filled up all my cabinets in the kitchen

[@MelindaMiller]

@@rettathomas837 👏🏼👏🏼👏🏼

[@UTRMidwest]

Kudos for having the bravery to share your story. Best of luck!

[@bobslawntractoraddiction]

I retired from the school district as a head custodian at a school for 7 years . I work I have social security and a small pension. I live comfortably

[@someoneelse6934]

Going into retirement with ANY debt is way less than optimal. David Ramsey would have heartburn listening to some of the facts of this scenario. Imagine not having your mortgage and car payments right now? You e be in a much stronger position financially. I’m surprised your job didn’t offer supplementary 457b retirement options. I also retired on a pension and my voluntary 457 contributions now outweighs my pension benefits. I’m 57 with a 3m+ net worth. I will be around 6m when I can first start collecting social security. Zero debt of any kind. No mortgage, car payments or otherwise.

[@MelindaMiller]

@@someoneelse6934 That’s great! We live and learn and some the hard way😁

[@pamv6549]

Absolutely

[@larryherbert252]

So true, l learned the hard way, I’m doing much, much better financially now, no car payment, paid it off years ago, l only have a mortgage payment now and will have that paid off in 2 years or less( it’s now 2024)

[@hawkeye681]

ALOT of retirees have mortgages… I will have one when I punch out in a few years. As long as you have a low % loan and not an outlandishly large balance, people should be able to budget for it in retirement. It’s cheap $$ if you were able to get a low interest loan. I understand there are ALOT of variables but it doesn’t have to be a retirement killer.

[@jeulihonodel7626]

Dave Ramsey is very unrealistic.

[@heted1]

Good for you. Glad you are now retired and enjoying your life. You put in a lot of years working as a teacher and I know that wasn’t a walk in the park.

[@RobertS.Headrick]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, a lot won’t have a house to retire with either.

[@DanielleB.Wooten]

True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.

[@KarenJ.Mancia]

Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.

[@heatherj-o5j]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?

[@KarenJ.Mancia]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Stacy Lynn staples” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@Saviourtina-c4i]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@markfrank2454]

I retired in January of this year, May I give you a little heads up here if you want to retire and not be in need of money all the time get serious about paying off the house and car payment make it something that it’s all you work on debt free is how you will be able to enjoy your retirement. I can go back to work if I wanted to but I don’t need to the stress is not worth it to me but if I was to take a part time job it would be doing something that was not stressful. Think of it this way that house payment your fun money or you could save it? Best wishes on your future

[@rickythompson5292]

I could listen to you all day! Very calm and it's the way you can relate to real problems. My wife is a part time Sub at our school and we both subscribed today. Love it 😍

[@MelindaMiller]

@@rickythompson5292 That is a super thoughtful comment! Thank you and my thoughts are with her as she subs too😂

[@rogerwilliams4493]

😂​@@MelindaMiller

[@vincentharris7909]

All the best in your retirement and new life journey. You’ve earned it!

[@mikemitchell8928]

Thanks for the calm synopsis of your retirement journey. While you're working, raising a family, going through life changes...down time is not always available...and when it is... you don't always want to talk about money stuff and future planning. It sounds like you've got ideas and plans and time to work out the next season of life... We didn't have it all together before we retired...and nowadays everyone is talking about how to retire .. so there's a lot more info available. Sounds like you're in a good place and have a good family around you. That's pure gold Find some things that give you purpose...retirement is not all about money. Thanks again for the share

[@MelindaMiller]

@@mikemitchell8928 Thank you for such a thoughtful comment! Once I let myself retire mentally it’s gotten better.

[@floccinaucinihilipilifications]

Thank you for being vulnerable & sharing your experience for our benefit.

[@MelindaMiller]

@@floccinaucinihilipilifications Thank you so much for commenting! I never know if I’m helping or not so I appreciate this😁

[@toomanytoys09]

Congrats on your 2nd & final retirement..I retired at age 57 & 34 yrs of service at my employer & couldn't be happier..Getting rid of most all debt was the key & realizing that life is too short was the motivation...Go & enjoy your life now & you'll never look back wishing you would have stayed working.

[@MelindaMiller]

It’s getting better so I think I will stay retired this time 👍🏻

[@41yearoldnewdriver]

I am so impressed that you were a teacher for thirty years. I worked in the field of education for a few years as a mentor.

[@jpdriver1967]

Your journey is interesting. I will say I have been retirement planning for many years and am still working at this point to cover health insurance. I know many people who are once retired with pensions who have gone back to work because of the cost of staying on a former employer's health care plan. Once I have my medical covered and all other bills paid, I will be retired as well. I have always invested at the first of the month and lived off what was left over. Last year we started tracking all expenses to see where every dollar went and are very surprised how much we spend of little things. The key to successful retirement planning is knowing your expenses each month, projecting out big expenses like a roof on the house or a new appliance, and making sure you have a plan to cover all those things before calling it quits. 3 years and counting!

[@MelindaMiller]

@@jpdriver1967 It’s shocking how much insurance can cost.

[@davidwheeler7503]

​@MelindaMiller. the alternative to high cost of insurance is higher cost of medical expenses and being self insured.

[@travelbungalow6267]

How wonderful you retired when your daughter is still at home! You get to enjoy this time with her. ❤

[@MelindaMiller]

Yes! However a 16 yr old is quite moody😂😂

[@maw6456]

I love my social security and thankful for the program. I never go without and always have extra each month to stash away for emergencies or my kids when I die.

[@jeanineskitchen2607]

thats great,like me you are a saver its so important.

[@greatriffishere]

I knew when I started watching your video that you might be a spender or you have kids. Paying off your credit card balance each month is critical. Make sure that you dont have any car payments in retirement which will make your life so much easier. I"m almost in the same boat as you, but I have no kids which makes life nice and simple. Getting 80 percent of your salary for 30 years of teaching is a really good pension. I just completed 32 years and when I retire in 4 years I believe I will get 78 percent of my salary from my pension. Cheers and have a nice day.

[@MelindaMiller]

@@greatriffishere 78% is still really good! I do not have credit card debt anymore which is a blessing.

[@TheFatesLieutenant]

Keep going! - it’s truly never too late, though the longer you wait to start, the more painful it can be - pay off the car (asap), ALWAYS pay off credit cards in full (and control their usage), cut back on eating out (gets easier the longer you go), take a hard look at paying off the mortgage (having zero debt will take a huge load off your soul) and have a good discussion with your daughters about both college expenses (food, housing, and”incidentals” can add up fast) and weddings - it is not your responsibility to pay for either - if you can, great! if you aren’t able too, then that’s fine too. When my wife and I were married we paid for the wedding (small venue) as well as the honeymoon (Egypt Nile cruise and Red Sea diving). You don’t need to become a hermit or ascetic (by no means) but, you may have 30+ years ahead of you…

[@MelindaMiller]

I am rethinking all the things I thought I had to pay for my kids.

[@reniedavisson8532]

LOL! In Florida it's 48% of the average of your highest paid years. After 33 years in the classroom, I'm done and waiting on my husband to retire. I have a part time job working a front desk for something to keep contributing to my IRA. We are so ready for the END of work. We just spoke with our financial advisor to make sure we can fully stop working in 3 years. He said most people are pleasantly surprised. We just need to move away from South Florida because it's become extremely expensive.

[@MelindaMiller]

Oh my 48% would have me working until the bitter end by myself. I completely understand!

[@reniedavisson8532]

Best of luck! I'm from Kansas City and my people are from Kansas and Missouri, so I was happy to click on your video!

[@MelindaMiller]

@@reniedavisson8532 Missouri seems to be an ok place to retire. Now I just need a boat:):):) Thanks for watching.

[@sallyprzybil2404]

It’s not too late to invest. Consider that retirement can last up to 30 or more years. Plan to have your investment account for a minimum of 10 years before you touch it. Go with a Roth IRA first…a Roth IRA when you start taking it out is entirely tax free. All you have to make a year is $7000 a year to invest the max..( to invest the max you have to have work earnings up to that amount for that year).. you don’t have to take from or prove that you took the money you invest in your Roth IRA from your work account. Then invest this money you’ve put in your Roth IRA into Index Funds, they are fairly safe. I wonder where in SW Missouri you are, I’m in Missouri too. I just moved here about 2 months ago because the cost of housing p, property taxes and general economy is so much better than it was in DFW Texas.

[@kimberlyhughes6807]

Be aware of the different kinds of financial advisors. Some do not have your interests at heart. I am reading a great book on retirement right now by Jane Bryant Quinn called” How to Make Your Money Last. Borrowed it from my public library. The Rightsize your life chapter goes into depth about financial advisor do’s and don’ts. It has been a great support. I retired July 2024. I am enjoying your channel. TY

[@kathytodd983]

In Ohio we have to teach 34 years! It’s rough. I am debating leaving with a reduced pension after this year, year 30. I plan to work full time doing a less stressful job!❤

[@MelindaMiller]

You may not have to work full time if you get some of your pension. I thought I couldn’t make my last few years but I remembered to do the things I love about my job and it helped. Good luck! I feel for you.

[@jandabest5261]

Congrats on your retirement, and looking forward to your no spend update. 🤗

[@MelindaMiller]

I'm looking forward to it too and hoping it's a "good" update:):):) I am about a week and a half into it and so far so good! Once I became more conscious of my spending it's getting a little easier to see where I was "wasting" money. Stay tuned!

[@michaelblock3998]

I’m not surprised you failed initially. CC debt, car, home, daughter still at home. Good lesson to not retire with debt.

[@MikeS-7]

Listening to your story the thing that concerns me most is no emergency fund. What happens if you need a new roof? Heat pump dies? That is one of your biggest risks. No investments is not a show stopper but it would be helpful to have something generating cash flow. Just an idea, consider a Roth IRA and dividend stocks. With your substitute teaching you have earned income. Personally, I think this is priority one. At 62, and you know this, the cash flow situation improves as you will have a second check.

[@MelindaMiller]

@@MikeS-7 I do have a little more extra money than I mention but you are absolutely correct!

[@niki9638]

We’ve done a no spend all year. Have really increased our savings, paying off debt, and it has helped us get used to not buying stuf.

[@MelindaMiller]

I love this! After this month it will get easier I am sure.

[@dottiemakesit9229]

I like your No Spend September idea. I've been doing a No Credit Card March for years now. Other than grocery store food and gas (my 2 essentials) I don't use my credit card for an entire month. Been doing this for 5 years now, and it really makes you plan ahead. Congrat's on your retirement!!

[@MelindaMiller]

@@dottiemakesit9229 Thanks! Not having to use credit cards has been such a relief for me.

[@berponteberponte3231]

"Enjoying retirement!!" two words that might or should go separately! I am heading that route, thank you for sharing , very informative and honest, Thank you.

[@MelindaMiller]

I am starting to "enjoy" it a little more each day:)

[@sallyprzybil2404]

Those two words definitely should go together.So, maybe you won’t be the one going on huge European Vacations, or Crusing the world, but that’s ok too, you just have to be realistic and enjoy what’s around you and love your life where you’re at!

[@JD-tn5tb]

Congrats on retirement. That's scary not to have any other retirement savings except your pension. And sounds like you also won't get social security (as I know many teachers don't). But you look really young, so maybe you can sub for like 10 years and save up. You are lucky in that you have a part time gig now. I retired a few years ago in my early 60's and after working in one place for 30 years, just looking for a job is challenging. I have savings and think I will be ok with pension and ss in the future but it has been so much more expensive to live as a retired person than when I was working so I feel like I need to find a job. And, you were probably joking but I sure hope your kids don't decide to be professional students. I have always looked down on people who go to school for life and don't get a real job. I sure wouldn't support that. You have your own retirement to support and you worked hard for it!

[@KAZHE63]

Just found your channel! God bless you- we are 61 and just decided next year is IT! But you are a decade younger than us.

[@MelindaMiller]

Love that for you guys! I’m still trying to find my new normal.

[@natalieblackstock3337]

Do you have Social Security you can draw on as well? From what I understand, if you were married for at least 10 years and you are unmarried now, you can also attach your ex-husband's Social Security as well. It does not affect his payment, but could add an extra little cushion to yours. I know this as my husband's ex-wife attached his Social Security when she retired. It did not change his payments. Just something to look into. Good luck!!

[@MelindaMiller]

@@natalieblackstock3337 Thank you! I will for sure look into this.

[@shanalynncarey8374]

Yes, check out ex husband’s SS. You can’t draw until at least 62 though, but something to look forward. If you do draw at 62 you will have a significant penalty but you already have a pension so it is in addition to those funds. He doesn’t even need to know you are drawing.

[@MelindaMiller]

@@shanalynncarey8374 Thank you sooooo much for this info!

[@sallyprzybil2404]

Budgeting is a skill that can easily be used. Get rid of Credit Card debt and throw the Credit Cards away. I got rid of most of my tv subscriptions…at least for awhile. There are also many You Tube videos related to frugality…you don’t have to do everything they say but they do give some good ideas to pick and choose from. It’s different retiring when you still have kids you’re responsible for. I’ve been raising my grandson since he was born, he’s now 7 and in second grade, so I guess I think differently than the typical retiree because I have to consider his expenses too……and he gets a reward every Friday if he does good in school that week of McDonalds Happy Meal on the way home from school…I drive him and pick him up from school.

[@gpdoyon]

For those parents who had financial game from the beginning and could pay for their kids college and wedding, my hat is off to you. But, unless you have your own financial retirement on track, you must make yourself the priority. Kids paying for their own college is not the end of the world. The situation is dire if the parents can’t financially support themselves. You don’t want your kids to be burdened with your situation in your old age.

[@MelindaMiller]

This is very true! And thankfully my kids are pretty smart with their money so far as teenagers.

[@MacRides1]

great video and i would think that MANY people are in a similar situation. its good you paid off your CC debt and sounds like you are in a stable position now. update us from time to time to let us know how you're doing. videos like this are great for those who haven't retired yet but will be soon. thanks again for sharing your story.

[@Auntie-Chris]

Great video.! Just subscribed. Not ready to retire yet. Will be vested in 2 years..Will see how things look then..😊

[@MelindaMiller]

@@Auntie-Chris Congrats and thanks for subscribing 😁

[@robinagaines6388]

Yes kudos to you sharing your story! We all or most have fallen into some type of over spending or not conscious of what we are spending. Some of us have never been taught or came from a wealthy family so we have figure it out when well goes dry. We never know where someone has come from. I feel credit card debt is an easy prey to buy into. I don’t judge or criticize everyone has their own individual path. I’m just happy we are beginning to awaken on how to make a life simpler 🎉. Good luck on your channel. Many blessings your way ❤

[@marthab255]

You were able to retire at a young age. You are blessed. I retired after 31 years but had teenagers and had to work again for 10 years. I feel blessed to retire at 60. Most people work to 67 at least.

[@MelindaMiller]

@@marthab255 Right now I think substitute teaching is helping with my extra expenses for my teenager 😁

[@DaveCulbertson]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Brittany Utley

[@MattewSchneiderr]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

[@Nguyenvictory83]

I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much.

[@DaveCulbertson]

She's always active on Whats~App...

[@DaveCulbertson]

+186

[@DaveCulbertson]

3441

[@davidhankins5708]

I'm a year or so from retirement. I am waiting till i get my mortgage paid off. Pay my credit card off monthly. Have to prepare for retiremet well in advance. I have been planning for the last 5 years. I am 62 with military pension and insurance. It almost sounds like you did no prior preparations . Good luck, and I hope all goes well with you!

[@MelindaMiller]

@@davidhankins5708 I have heard Military pensions and insurance is pretty good?

[@funnyside6]

You obviously didn't plan well, but, you can't change the past. Get out of your mind that it's your responsibility to pay for your children's education past high school or your obligation to buy them a car. If you keep on that track, you'll fail at retirement.

[@keepingitreal618]

I don’t understand buying a car for a 16yr old 🙄

[@ireneroy8820]

@@keepingitreal618yes I agree

[@judith3774]

@@keepingitreal618 did it 5 times, why not if you can?

[@sallyprzybil2404]

When my oldest daughter was 16 she asked me to buy her a car, I said ‘no’ but that I was going to give her a much more fun experience than a new car….i gave her my car which was a few years old and bought myself the new car….intold her the experience of having a ‘beater’ for her first car was one she’d never forget, that if she got a dent or two on the car it wasn’t such a big deal ( whereas there’d be some freaking out if she dented a new car), ..,she had that car for 4 or 5 years and between her and her friends it lovingly earned the name ‘The Beast’! She enjoyed that car so much! But, yes, there’s a lot to think about when you retire with teens. Good reason to have a nice savings set aside.

[@tmusa2002]

@@sallyprzybil2404My kid turned 16 and we pointed him to a 16-year-old minivan sitting out by the shed. He wasn’t interested. Okay, that’s your choice. It didn’t take long and he fell in love with it, that taste of freedom… even had his senior pic taken with it (nuts). He found it to be superior to all vehicles his friends drove. Your first car is a great memory.

[@lynnhensley4326]

People need to save outside of their job. To have a safety cushion. If you are interested you could work part-time. Subs are always needed, and that is a good daily rate. I retired 20 years ago from teaching after working 30 years. I have a lower check because if I die first, my spouse will have income. He has no pension. We now have SS, too. I have worked part-time at various education type jobs for 20 years, which, for the most part, I enjoyed. I was helping to raise my grandson and working part-time, gave me more freedom to do other things. I retired finally at 72 this year, but I still tutor privately. Good luck 👍.

[@MelindaMiller]

You are really good person to have served so long and deserve all the good things that come your way:)

[@julier7260]

You have an incredible pension. Most Americans get nothing of the sort.

[@MelindaMiller]

@@julier7260 I know I am very lucky. I also stayed in public education for 30 years which is unheard of these days😁

[@tmusa2002]

Just fyi, I believe she will not get social security because of this pension. It’s still an amazing pension! I’d retire tomorrow if I was guaranteed 70% of my last three years income.

[@ruthannwomick7490]

Im currently cranking my retirement numbers.Having been a stay at home mom and then divorced at age 50, has given me a few challenges. My monthly will be considerably less than yours. The good news is that our home will soon be paid off, I dont struggle with purchases but I do have small cc debt. Dont feel you have to be so honest but did you mention whether you have much in the bank? Your honesty is refreshing! Dont beat yourself up for mistakes. The finances of retirement are very tricky.

[@MelindaMiller]

@@ruthannwomick7490 Divorce is so hard and changes everything! I am going to mention that in an upcoming video briefly. I do not have much in the bank. That is my goal. I think people need honesty and not the rainbows and unicorns of retirement and I am going to talk about that too😁

[@ruthannwomick7490]

@@MelindaMiller The 'climb' back from divorce, and literally living pay check to pay check, while raising 2 kids alone, was been BRUTAL. NO money in the bank. Navigating life w the inequality of responsibility vs choices for so many years, criples the future of that single parent. While the kids stayed fed, waqrm, etc., I had LOADS of catchup to do. Ill spend my entire life overthinking everything income/outgo. Kids are now grown and on their own but they will never know at the expense of their ole mom's financial future--and they dont need to know that burden. Hopefully Ive launched them w a better foundation:)

[@sallyprzybil2404]

Amazon! OMG! My mailman must think I have them intravenously linked to my life. I’m always ordering little things on Amazon….my excuse we just recently moved into this house and I need to redecorate! My plan is to slow that way down so that by January I will have a good monthly limit on my Amazon spending. I’ve tried ‘No Spend’ months before…..but something always seems to come up to spend a little money on just at that month! Either…kids school pix, kids shoes fall apart and he needs new shoes, something around the house breaks and I need to fix it, etc….sonindont get too crazy if I can’t make an entire no spend month!

[@bonitak8483]

I just retired from teaching this year in May. I am use to being poor so being poor in retirement is nothing new. I don’t have debt and have small pension and a decent savings account. I will live frugally and probably do vanlife.

[@MelindaMiller]

@@bonitak8483 Vanlife sounds like a lot of fun. I love watching videos about that.

[@tmusa2002]

Got to dump the car wash subscription. Get out the hose and wash that little car by hand. It helps you keep a better eye on its condition and maybe I’m crazy for washing my car once or twice a month. Even if you aren’t physically able to wash your car at home, pay for a cheap auto wash twice per month (not subscription). Any extra savings needs to go towards car debt. I’d tell my kids now that they get four years of college, use it wisely; they’ll need a good job to save for their future wedding. No way in your position should you expect to pay for either. It will be good for the girls to know they need to rely on themselves. No spend months are amazing! If you have ALDI, only buy groceries there. See how many days can go by with your checking account not being touched. 😊

[@MelindaMiller]

I like the idea of trying Aldi! I really need to get on that. So many recommendations.

[@dawndarling2277]

I retired state govt at 61 (35 years). But we get full health coverage immediately upon separation. I got around 80% also, but my net income is higher with pension because of all the deductions. SS will add $2200 a month if I take at 62. Not sure if I should wait or not.

[@MelindaMiller]

I have not explored SS yet. I will have to see what that will mean for me.

[@dawndarling2277]

@@MelindaMiller Did you pay into FICA/SS during your teaching career? Many do not.

[@janety.1323]

Ugh, never pay off unsecured debt (credit cards) with secure debt (your home).

[@MelindaMiller]

🤷🏼‍♀️

[@sallyprzybil2404]

It’s not a “mistake” but like ant retirement it’s “a work in progress”. So start where you are and make your way through it….youll be ok!

[@vijaynair7149]

I am sure you are very close to your daughter. You are good with numbers, so if want to start a budget, an excel spreadsheet is best having 10 or 20 categories. I loved maintaining it with my expenses. It helped me at tax time. 😊 How do you manage snow clearing around the house?

[@MelindaMiller]

I shovel snow💪🏼

[@lauri0301]

Hi there! I’m a new subscriber.. thinking about retiring in about 5 years .. yes I’m trying to plan .. I’m an RN and it’s very stressful as you were as a school principal .. but I really enjoy your videos .. helps me put my situation into perspective!! Thank you for sharing and God bless you and your kids 🙏🏼 big hug from Florida ! 🤗

[@MelindaMiller]

@@lauri0301 Ahhhh Florida! I could spend some time there in my retirement 🤷🏼‍♀️ I’m editing a video for tomorrow about all the advice and comments I got that should be helpful for everyone.

[@lauri0301]

@@MelindaMiller thanks again! 💕🫶

[@lauri0301]

@@MelindaMiller btw you could contact me when you’re in Florida and we could meet for a coffee ☕️ and chit chat about retirement.. lol 😂

[@MelindaMiller]

@@lauri0301 Of course!!!

[@rickynorris1694]

I will retire at 56 with the state of North Carolina. That is in two years. I have no debts, and I will have no premium for my health benefits. I will get on SS at 62.

[@woodsparker7902]

Very wise to view the number of days required to substitute teach as a way of filling the gap from the days of long hours and stress! P.S. Your subscriber count is now 1.85K!

[@MelindaMiller]

I am literally in shock about the number of subscribers. I literally had no thoughts or goals past 1000!!!

[@flrbase]

The Best advice I received was to put 125.00 in my 403B and after 30 years that amount supplement my pension as a bridge until social security.

[@MelindaMiller]

@@flrbase this sounds like really good advice.

[@jodywatts2103]

I planned to do a no-spend October.. I actually did ok.. but this next month.. Nov, i plan to be a lot more strict...im retired too. i sub here and there and uber...Ubering, is quick easy money, however, i go thru oil changes and tires.. not to mention gas... so im gonna start subbing more in November.. and see how much money i save vs. ubering....im so behind doing uber.. now if u go to a big town, it does workout ok.. Im an hour away from the Razorbacks.. so i do razorback games.. and that pays good!!!!

[@MelindaMiller]

@@jodywatts2103 I actually thought about delivering for Amazon. But don’t want the wear and tear on my car🤷🏼‍♀️ I love subbing! I also learned so much about my spending habits during my no-spend that it was worth it just to learn that stuff.

[@jodywatts2103]

@@MelindaMiller do you do savings challenges or sinking funds?? if you dont know what they are you can youtube them.,, its a fun way to save money..

[@MelindaMiller]

@@jodywatts2103 I just did the no spend month and learned soooo much!!! Probably do a couple more of those but I will look up sinking funds too. Thanks

[@DoingMyBest18]

I wouldn’t consider myself retired until I had paid off my house and car. Too stressful. Maybe get more Side gigs for a short time and get it done? Just me though.

[@MelindaMiller]

@@DoingMyBest18 I don’t really mind the house and car payment I had planned for those but it would be nice to have that paid off.

[@rkw2917]

Credit card and car debt at retirement? Crap, haven't had either of those since 1993

[@MelindaMiller]

@@rkw2917 and that would be ideal🤷🏼‍♀️

[@borowland5744]

I'm a teacher at the college level and want to retire. I will not get the 50% retirement because I will retire too soon. I already have a military pension and health care for the rest of my life. My social security should be pretty good at 62.

[@jonathanfoster2263]

im retiring on September 27th myself at age 60. no pension but a nice IRA income. Looking forward to it!

[@MelindaMiller]

@@jonathanfoster2263 Excellent! Enjoy and congrats!

[@entrepreneurblondie7291]

Hi! Can I ask what health insurance you went with? Thank you! I retired from my corporate job, two years ago and I have a full-time job driving a school bus. Thanks for sharing! 😊

[@MelindaMiller]

@@entrepreneurblondie7291 Ambetter Insurance

[@DoingMyBest18]

Thanks for sharing! You have done well! If I were you I would trade your car in for an old lower miles Corolla or something that you could pay off this year.

[@MelindaMiller]

@@DoingMyBest18 I know but I like my car and think I can have one nice thing. However if I think it’s too much I can sell it🤷🏼‍♀️

[@OurRetireEarlyJourney]

We are new subs here! 🙋🏻‍♀️🙋🏻‍♂️ Looking forward to following your journey. 😊

[@MelindaMiller]

@@OurRetireEarlyJourney Congrats and thanks! We can learn a lot together!

[@LindaL.Fielder]

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

[@DanielleB.Wooten]

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

[@KarenJ.Mancia]

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

[@heatherj-o5j]

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

[@KarenJ.Mancia]

Jessica Lee Horst is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.

[@Saviourtina-c4i]

Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.

[@moonshine394]

This is very good information

[@joybittner3929]

Your priority should be to pay that house off. Buying cars? That is not much to live off of if you have car problems home repairs. You will have to work till you get social security. Your insurance has a deductable that needs met if you have health issues. Everything is only going up. Your limited pension is not!

[@MelindaMiller]

@@joybittner3929 I do get the cost of living increase each year. And I can always go back to work🤷🏼‍♀️

[@toddgittins5692]

You had waaay to many bills. Love your honesty.

[@MelindaMiller]

Yes...WAY too many! I am good now.

[@helciocampos]

Hi folks. If you can afford college and your children's weddings, then do it. If you don't have it, don't sacrifice your retirement. They are young and have time to do this. In my case I can't do that. We are American citizens born in Brazil, we have lived in Florida for 33 years. We are 59 years old today, we have worked cleaning houses for 25 years. we save 60% of our salary. We have no debts. 2 houses paid for in Florida and 1 in Brazil. We will stop working at 63 and live in Brazil where we have a private pension, which will provide a bridge until we retire here through social security at 67. We will sell one of the houses here and buy annuities to supplement our retirement. This is our plan, I hope it works.

[@mikebarclay6657]

Im assuming you dont get a SS check or will get one because you paid into some type of State Employees Retirement System? Just curious. My mother was a librarian in the public school system in Ohio and she only received a Retirement from SERS.

[@MelindaMiller]

@@mikebarclay6657 I have not looked into that yet.

[@donnavickers2821]

Happy Retirement

[@HighCountryRambler]

In private sector Fidelity suggests having enough lifetime savings to fund 80% of your previous salary at retirement age. That's after putting 15% of your salary over your work lifetime into savings. Looks like you retired at more like 90%. When throwing in paid healthcare, where do I sign up? Enjoy your retirement, let the kids go to a trade school and earn the big $$ for a fraction of cost. Great video and smart awareness of the cost of retirement.

[@MelindaMiller]

Thanks! I have learned a lot the hard way. Did not put enough in savings but it's not too late:):) Trade school is definitely the way to go and thankfully my kids school is paid for. Except for the dual enrollment fee I just got from my daughter who is still in HS. Still it's cheaper:):):)

[@leelawateemohammed7899]

Hi…I will be retiring from teaching soon but in my country we only get 50% of our salary and a lump sum and no insurance

[@MelindaMiller]

If I stayed 2-3 more years I could have received the lump sum but I was done and mentally could not do it anymore.

[@michellem8284]

Thanks for your honesty and transparency, as you've clearly opened yourself up to a lot of criticism in the comments. I just found your channel, so maybe you've addressed this previously. Why on earth would you retire at 52 with children still in school, existing debt, and no savings? Why not continue to work a few more years and set yourself up better?

[@MelindaMiller]

@@michellem8284 I was in public education for 30 years. Plenty of time to do something else. Maybe I should say I “quit” instead of retired. I can take the criticism. I was a principal and was criticized EVERY day😂😂😂

[@leedezern6862]

If you have $1500-$2000 available after bills you’re doing great and should be saving lots of $$$

[@annhopkin5079]

Oh thanks for explaining that! at first I didn't understand why you went back to work.I was like whaaaaat! But now it totally makes sense.And it really helped you. I would have done the same thing!!! I retire tomorrow 🎉🍾🎈from teaching thirty two years!!! Excellent. Video!!!! I'm thinking about all the same things.

[@MelindaMiller]

You retire TODAY????? I wish I could be there to celebrate! Enjoy!

[@peardisplay]

Some people say u should budget 1 to 2 % a year for home maintainance. New roof .furnace.water heater. Its alwas a guess.

[@MelindaMiller]

@@peardisplay Yes! These are the things I need to work on figuring out. So far so good but I do need to start saving a little bit more all the time and I think once I see how this month turns out I'll have a better feel for things:)

[@TraceyBergum]

Your kids should pay their way for college if any more $ is needed trust me I really wish I would have had my daughter contribute something. They should also pay the majority of wedding expenses. Kids need to have skin in the game for their life choices. I wish I would have been not such a cash register now I am close to 60 and not as set as I should be because I paid for my kids too much

[@MelindaMiller]

@@TraceyBergum you make very good points. I think they will pay their part. I just want to do these things for them. But I think you are right too.

[@lauritaguerrero4519]

Hi great information. I have a question are you budgeting only you teacher pension plus a 403?

[@MelindaMiller]

Not yet! Just my pension right now but it’s plenty with the supplement of substitute teaching.

[@hustlenation4779]

do you feel that you will have a retirement worthwhile? enough money ?

[@MelindaMiller]

Yes! I would love to have a boat and be able to live the lake life in the summer just not by myself:)

[@daniellecomeau2996]

When you retired was that full retirement with maxed out benefits or partial benefits? Sounds like you have a mortgage and car payment as well.

[@MelindaMiller]

@@daniellecomeau2996 I’m not sure what benefits you are referring to?

[@daniellecomeau2996]

Retirement benefits. Usually you have to reach a certain age or years of service, or cmbination of both, to be eligible for benefits.. but then to max out what you will recive there is a next level/tier @MelindaMiller

[@missmrice91]

First video I ever watched of yours. Great video. I’m curious how much longer do you need to pay on the mortgage till it’s paid off? Thanks

[@missmrice91]

Never mind I see you aren’t planning on staying there.

[@MelindaMiller]

@@missmrice91 I just refinanced and have quite a few years but I have A LOT of equity in my house.

[@mymusicalsons]

The key is to have absolutely no debt when you retire.

[@MelindaMiller]

@@mymusicalsons Maybe 🤔

[@Belluser-we1uc5cb2l]

Social security?

[@jennifersparks7611]

You might want to watch the Dave Ramsey show like set aside a weekend and just say I'm just going to watch the day Ramsey show and kind of catch up on how he's telling other people how to handle their retirement and their investments. You said you had never invested in anything. I think you can still do that I don't know how old you are You don't look very old You're absolutely gorgeous. So I would sit and just take one Saturday to just sit and watch the Dave Ramsey show on KZbin. And it will probably help you a lot to understand you know where you can invest. And then maybe take it one step further and call them.

[@MelindaMiller]

Excellent advice! Thank you.

[@KHC2023]

Bless your heart!❤. I am a retired accountant and wish we could spend the day together! I could teach you so much about money! ❤

[@MelindaMiller]

Thanks! I’ll figure it out😁

[@deborahjackson6108]

Teach me

[@Ronnieleec]

congratulations. I hope to join your ranks in 4 years.

[@MelindaMiller]

@@Ronnieleec The more the merrier!!!

[@blakemaa4]

Retiring single and with 2 children still in high school was a bold move.

[@MelindaMiller]

I mean it is what it is🤷🏼‍♀

[@mitchellloder1032]

Great video, I’m retiring in 8 months

[@MelindaMiller]

You can do it!

[@katxiong123]

To be honest going into retirement with a mortgage is not an ideal situation.

[@MelindaMiller]

@@katxiong123 that’s probably true and after working for 30 years I should have a 30 yr mortgage paid off🤷🏼‍♀️ I figured in my mortgage with my retirement decision.

[@sallyprzybil2404]

Personally I bought a house after retiring, so I also have a mortgage, but it’s a low payment, not a huge loan, and I have and am working a plan to pay it off early! Also have a car payment that I’ve a working plan to have paid off within the first couple of months next year! So, while having a mortgage is not ideal, as long as your payments are low it’s nothing to feel guilty about having! Just don’t do school loans for the kids! No parent plus loans!

[@MelindaMiller]

@@sallyprzybil2404 Yes my payments are manageable. And fortunately I do not have to pay for my kids schooling at this time.

[@ShannonGliko]

Don't take this the wrong way, but you should seriously consider following Dave Ramsey.

[@MelindaMiller]

@@ShannonGliko I have followed him in the past. Learning a lot from a lot people right now😁 Thanks for sharing!

[@golt4576]

80% of your salary is huge. The normal Federal government employee only pays 1% per yrs based on you top 3yrs. Definitely should have been in the education system. Congrats

[@MelindaMiller]

@@golt4576 There was a huge amount taken out monthly and put into retirement “for me” thank goodness!

[@tomsimpson5317]

I didn't plan now I don't know what to do

[@gloworm1822]

If we could only get the Sweet retirement of Firefighters. Insane pension (on our taxes)

[@ginatiarn]

Good video! I’m at the same place in my education retirement decisions as a school nurse. Please share your special coffee recipe! I need to quit my Starbucks habit 😊.

[@MelindaMiller]

@@ginatiarn I think my coffee recipe is I one of my videos let me see if I can find it….

[@ginatiarn]

Oh thank you! This was the first video I have seen of yours. I will check out your channel and subscribe 😊.

[@MelindaMiller]

@@ginatiarn A lot of my original content was about being a principal. I’ve been all over the place over the course of 17 years on KZbin 🤦🏼‍♀️

[@terimartin291]

You are lucky if you are only 1600 less! Most people don't have pension and living on SS which is hardly any and pay for medicare and supplement. That is me!! Count your blessings!

[@MelindaMiller]

@@terimartin291 oh believe me…I count my blessings!

[@Dstew57A]

4000 is pretty damn good…plus you will get social security

[@JohnWenskay-j6u]

Not. She neverput in to SS

[@lindamanning4193]

You shouldn’t have to pay for weddings. I never paid my daughters. Deal was I did college and no wedding. If you need to save for retirement that is more important than one more thing for your kid. Marriages don’t always last but that debt is paid.

[@MelindaMiller]

@@lindamanning4193 I do agree with you here.

[@wesm3848]

Kid in high school and you retired? WOW. Not sure how old you are but you seem too young to be retiring. Especially with no significant savings for retirement, like 401(k) or other savings and a kid still in school. Just living only on your pension is going to be tight. Started watching your videos, will watch more to better understand your retirement.

[@bradleyvanzile1111]

I’ve been retired 17 years no hiccups

[@barbaram8395]

What about Social Security?

[@feliciamartin6200]

Your retirement is similar to mine. I just retired from public education May 2024 and I’m subbing also :) I’m also trying to cut back on buying coffee so I would love your coffee at home recipe. I’m glad I found your channel and I’m looking forward to your future videos!

[@MelindaMiller]

Congratulations! I am only subbing HS level. I did one day in MS and they about did me in. Here is a link to my video where I made my coffee. I think it starts at minute 5:00 kzbin.info/www/bejne/Y5jLXmqtqr2GjNUsi=n_gwRoIm-NCwO5cZ&t=308