Retiring at 65? Think Again: 45% of Retirees Risk Running Out of Savings | Are You Saving Enough?

[@scotteastlund3225]

You are by far the easiest financial guru on KZbin to listen to. How you relay the information is easy for anyone to understand. Thank you for all that you do.

[@ErinTalksMoney]

Thank you so much! 🙏 My goal is to make financial topics easy to digest, so this is such a great compliment!

[@charletfoster8917]

👍🏿

[@ToddM452]

Also if you don’t already know and you are using a iOS phone or iPad you can always go up to the little gear and slide up or down the speed of the video. I like this video on .8 of normal speed.

[@davidpelland4865]

I agree 100%. I have given up on so many. Glad I found this channel. My favorite thing is that her videos are the right length. No wasted time just to get the viewing time up.

[@jimlambrt]

Always answer the phone when Mom calls. Someday you’ll give everything you have to talk to her just one more time!

[@kwilliams2239]

And that some day may be every day. I called her about once a week, when long distance cost real money. It's free now. No excuses.

[@TheBeagle1956]

I lost my mother in 1988 when she was only 61. Cherish every time you speak with yours.

[@MLovesacoffee]

I can't imagine how much prep work goes into a video like this, but, Erin, you're so great. Thank you. Regardless of whether you have one million, 2 million, or 500,000, don't work one minute past 65 unless you really really love it.

[@davidstephens6458]

Erin, I am so sorry about your father. We never know what life is going to hand us. Thanks for teaching us how to be prepared.

[@mikekelly6774]

In the last decade before I retired, I was maxing out my 401K, 457B, HSA, employee stock purchase plan, as well as putting money into my brokerage account. So, in reality I was only living on around 45% of my total income. All that savings contribution has now stopped, and my withdrawal rate meets my needs just fine. To Suze and all those other "gurus" telling me to get to 5M and work till I die - no, not thinking again, not looking back, not bored, and no regrets.

[@jdgolf499]

Sorry to hear about your Dad. My Mom had an almost 15 year battle with dementia, with the last 38 months in a long term facility. My Dad paid over $100,000 a year for the care, which was worth it to know my Mom was well taken care of. We finally got him to go to a lawyer that dealt in Elder Law, but by the time everything got done to shield my Dad's assets, my Mom passed about four months later. So, he saved about three months worth of nursing home payments. My Dad passed in February, at 99, after a short 1 month illness, in the same room my Mom passed in! I also feel for you and your family, as dementia is generally harder on the people around them than it is the person suffering from it.

[@user-tb7rn1il3q]

This is why you don’t get married or live in a state with common law marriage.

[@jdgolf499]

​@@user-tb7rn1il3qHas nothing to do with it!

[@martinyeager7948]

Prayers for your father, family, and his caregivers. Thanks for focusing us on taking care of our health. So many of the steps to taking care of our health are free or cheap but we still have trouble taking those steps. Thank you.

[@Zatoichinisanyon]

Love your mom’s comment. When I see/ FaceTime my son or daughter and they’re dressed up, I always compliment them (they’re adults but I’m still dad).

[@ThePythonPit]

"The grace of knowing that life just sometimes happens." Thank you for putting more compassionate words to the phrase "Life happens"

[@stodrac]

Thank you for a clear voice that is not bogged down with loud music, speed talking, mumbling and too much bass.

[@markwilhelm168]

I replaced 100% of my preretirement NET income which was 50% of my gross. It was 50% due to taxes and a high rate of saving. I do just fine on that amount.

[@ltcterry2006]

Similar. Works well.

[@dking1362]

That is much closer to my reality as well.

[@markwilkins1544]

Hi Erin, great video! I’m sorry to hear about your dad. My dad had dementia also. He passed away 2 1/2 years ago. Sending love and prayers 🙏 I agree with your mom, you’re looking very beautiful today. Hope you have a great rest of the week 😊

[@brownwhale5518]

When I don’t like the results from retirement calculators I just change the inputs till I feel better.

[@ErinTalksMoney]

😂😂

[@byronbuck1762]

I have that philosophy playing golf. If I don’t like where the ball landed, I move it

[@j.k.cascade2057]

When I go for a timed run, I don't start the clock till Im a block or two down

[@DEEZEEMTB]

Lol

[@DEEZEEMTB]

Very logical presentation. Lots of advisors / KZbinrs stick to one narrative and stick to it. Have a plan is absolutely correct.

[@shawnbrennan7526]

The biggest problem for retirement budgeting is absolutely medical and long-term care. The $10k you mentioned for your dad’s care is a big chunk, but we’ve all heard worse cases too.

[@buntychea2616]

I'm so sorry to hear about your dad. I witness my buddy going through it with his dad, and well...I wouldn't wish it on even my worst enemy. I'll add yours to my prayer list. Thank you for your knowledge and gift of teaching.

[@briank4134]

I really appreciated this, as one who is nearing retirement age. We've heard doom and gloom for decades, but it's good to hear that it isn't necessarily true.

[@Erginartesia]

Ok so, a person who worked for me just retired and bought himself a $150,000 car. Just before he retired, he bought himself a $100k boat. If he runs out of $ I won’t be very surprised. Conversely, many people’s budget drops when they pay off their mortgage and that could easily drop spending by 10% to 20% And Erin, you are SO RIGHT that savings access is hugely better than it was even 15 years ago. Even for people who had and used their 401k, seeing your performance and making changes was much harder. And personal investment was extremely hard to do compared to today. So save save save and watch and learn. And thank you for contributing to building knowledge in this.. ‘cause the schools don’t seem to bother.

[@Robert-z8z1z]

Imagine the insurance and registration fees on a $150K car? Holy bleep!

[@ShibaInu4Me]

I retired early. I have a steady retirement income from pensions, annuities, and social security. I am not fearful of running out of money. I need a spending plan.

[@andrewmcalister3462]

Erin, your mom was right - you ARE looking classy and elegant in this video.

[@hanstonjes5892]

Thanks!

[@ErinTalksMoney]

Thank you!! 🙏

[@LivefreeLoz]

Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in October 2024…

[@IvanWilson-c5k]

I would really love to know how much work you did put in to get to this stage

[@LivefreeLoz]

I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver

[@ElliGConcepcion]

As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@lalsingh7340]

Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's

[@BryonyClarke-e4v]

His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.

[@ryanshowalter7111]

@ErinTalksMoney I really apprecaite your insights on Money. At 8:40 you mention that health is our greatest asset in retirement, and you mention your father's heath. I'm so sorry to hear that. It's something I can relate too. I am 45, but I have a spouse who is already on Long Term disability. This makes retirement planning feel impossible, because of the unknowns. We are fighting a difficult battle, of a loss of a second income, while also trying to save over 20% because of the unknowns and exorbitant healthcare costs which far outpace inflation. Would you be willing to do a video dedicated to tips based on things you have learned about retirement planning for those who do have health challenges?

[@ErinTalksMoney]

Absolutely! I am so sorry to hear about your spouse's disability. I hope you both remain as well as possible ❤️

[@ryanshowalter7111]

@@ErinTalksMoney Thank you! 😊 I look forward to it. ... Yes, to keep it short we are well, in fact it has brought us closer, but one thing I would say is that without Health Insurance we would be bankrupt. Noone expects a disability at 27.

[@charlesrivers2647]

Your Mom is so right..😊

[@dgmiller12]

Sorry to hear about your dad.. Being a caregiver can be tough.. Love your perspective on retirement..

[@johngrubb5486]

Hi Erin, I am so sorry to hear about your Dad...You are absolutely spot on with all your information!! As I prepare for my upcoming retirement it is amazing how much of my check goes to SSAN, Medicare, employer sponsored 401k etc. in my calculations about 60 percent of my check is eaten up by these deductions!! Yes, using Excel spreadsheets really help project both budgets and incomes sources. I think every retiree should be able to develop both a budget plan and income source. Also, I am finding that I really don't need a huge 401k...in fact I am going to have to burn some 401k down before taking SSAN inorder to keep my tax rate in check!! Thanks for the information!! 😊

[@rickhood]

Love those bloopers at the end! We are very close to retirement and planning to live on a lot less than our current income. We think we can do that, but it does mean really watching the spending. But I do fear running out. Our income will be roughly 60% from social security and 40% from investments (4%). Couple of points: 1) lower income means lower tax rates, so if income drops by 50% that does not mean a 50% net pay drop. 2) medical could be the wild card -- probably the worst issue if is you cannot live at home anymore due to dementia or some other disability

[@davidblack6413]

Sorry to hear about your father's illness, Erin. Thanks for this latest of your many videos. You've raised my financial literacy immensely.

[@charletfoster8917]

Thanks for sharing this Truth!!! Healthy fear (investing) works, not scary headlines✊🏿

[@LumpyMoose]

Inspired by your vid. Things are very different here in the UK but definitely transferable ideas. I’ve just finished an extensive spreadsheet simulation, and think I’ll be able to retire at 61 instead of the 67 I thought I’d have to work until. Yay!

[@lmr691]

Yes, our expenses dropped dramatically. Have been retired 27 years! I am enjoying being able to buy my exotic fruit this week, have not had in over 20 years. Located a California farm which raise this crop,so it’s fresh picked and shipped! Now that is very rewarding!

[@DawnNa_22]

I’m so sorry about your dad, thank you for sharing and keeping us informed ❤

[@ErinTalksMoney]

I appreciate that 😊

[@dstevens518]

It's amazing to me that 60+ % are more fearful of running out of money than dying, yet so many DON'T SAVE (or don't save enough). Great that you cover the pertinent facts of the retirement landscape, like those with a 401K fare better, and those that don't need to replace as much of their pre-retirement income do better, etc., but it all comes down to the same thing. SAVE MORE. Finally, you ask, what's your plan to address the same retirement concerns everyone else has (running out of money)? Well, saving more is always the knee-jerk reaction (and a good one), but ultimately, understanding your needs and how it all works is what will give you the confidence that you have it under control. That's why we're here watching one of the best explain how to help yourself and what lies ahead. Keep up the public service Erin. Really, it's like you're teaching a class, except over the internet. 😁 (p.s. great click bait title page headline!)

[@kwilliams2239]

I have a plan to last, at my current lifestyle, until age 95 (currently 72 and retired) but that plan, statistically, has a 4% chance of failing. There is no such thing as absolute certainty.

[@Shadow_Banned_Conservative]

@@kwilliams2239 True, but much better than a 4% chance of success. I know a few people in this category. I worry about my best friend since childhood, and his family. He never saved a penny his entire life and has made nothing but bad decisions when it comes to finances. He's lost his home twice, and is disabled now. Disability doesn't cover the bills though when you have a couple thousand in rent costs each month that never end. His wife is closing in on 50 and her health isn't great either due to some hereditary issues. She currently is doing the bulk of the work to help make ends meet. Even on disability, his life would at least be stable now if he hadn't lost his home. It could have been paid off by now and he wouldn't have that couple-thousand extra in expenses every month. I don't know what's going to happen when his wife can't work and he can't do his limited door dash hours anymore. His kids won't be able to help as they never went far in life.

[@Shadow_Banned_Conservative]

Gen X is the first generation of workers that the majority have no pension, and no savings. I think we're going to see a major problem in about 20 years when people my age reach 70 and can't work anymore and can't pay the bills on their social security.

[@kitwongsegacom]

I am scared of being scammed rather than running out of money。

[@alanwong8307]

The ending is gold. Love the behind the scenes footage and you are really good to your mom.

[@dlg5485]

I'm sorry about your dad. My mom had vascular dementia and it was gut wrenching. I hope he's doing well in the facility.

[@chrishollis6015]

I just noticed you have 108K subscribers, congratulation. Been watching for years and feel you are a great educator. Look forward to the next one.

[@ErinTalksMoney]

Thank you very much!

[@Sandleo]

Very sorry about your Dad! Your videos are excellent please keep them coming!!

[@WilliamB.-ij6gl]

I thought I had a clear understanding but this is yet another issue I was not aware of, thanks for sharing your expertise p.s. I'm still trying to understand why anyone would retire before their personal FRA

[@Andrew-zs5tc]

Why would someone retire before their personal FRA - The funding for my position ended when I was 59. It is tough to find a new position at that age. I decided to retire and do consulting part time. I plan to take SSI at 67. Anyone who has saved sufficiently should retire early IF they have saved sufficiently and they would rather do other things than work.

[@thomaschambless4458]

Wow, Erin, please let your mom know that she has fans even after such a brief, few-worded appearance. Best wishes to your dad and to your family. Thanks for your authenticity and thanks for another great video.

[@ErinTalksMoney]

Thank you! My mom is the best, she’s so incredibly sweet 🥰

[@Black70Fastback]

I helped my mom manage her money for her last few years after dad passed away. I had one brother tell me he doesn't know why I stressed over it as much as I did. "mom was loaded" he said. Well, she wasn't really, and she was in fact in a care facility for several months that was costing a bit more than $10,000 per month plus other expenses making it close to 12k per month. Even after she passed, we are set to get a modest inheritance around Christmas time. A couple brothers still think she had a lot because of size of the inheritance without putting two and two together that at her burn rate, she had only a few months of money left. Whats more, I estimate that most of the money left, is only because I helped manage finances. The largest reason my parents didn't run out of money is they both passed away well under median age. My dad never really enjoyed a retirement. They had no real savings, just home equity. What worries me is my brothers see that they didn't run out of money and see no need to be better savers than them. Even though I can see ourselves or our spouses living 20-25 years longer.

[@Shadow_Banned_Conservative]

That's the part that worries me, not so much running out of money because I've been a good saver/investor/earner my entire life. It's the getting sick at the end of life and having to spend in a few months or years what it took a lifetime to save and build, and not be able to pass that down to the people who mean so much to me over my lifetime. The next generation is going to have it harder than we do and if I can give them a leg up, I'd rather do that than spend every penny earned over a lifetime in a care home.

[@JBoy340a]

It is sad how the cost of care can eat up and entires life's savings.

[@Black70Fastback]

@@JBoy340a yes, it really is.

[@dauphinse]

Thank you so much for all the financial content you do and putting things into a reasonable perspective!

[@buyerclub2]

It amazes me how good your channel has become to assist people in retirement planning and investments. I think you are offering a service well beyond many of the inverstment firms. BTW, I do like you hair that way. 😊 Now I know I am a little out of this topic, as I dont risk running out. My bigger issue is leaving too much. But it was intersting anyway.

[@JustinOnRetirement]

After the ending, now I’m curious if you do your own editing! Good insights here

[@ErinTalksMoney]

No, I have an amazing editor 😊

[@joeyvitamins]

I am very sorry to hear that about your father. I'm glad you're able to provide care for him the family can feel ok about. This is why we all must do our best to maximize our financial position

[@vincentdesalvo1464]

Love the videos and the bloopers at the end which shows real life does have bumps in the road. Agree on article that love to have scary headline which I call click bait titles. Retirement Calculators are only as good as the info you put in and most individuals, I have dealt with don't setup them correctly so you get bad data which requires you to work longer, your benefactors will love you.

[@timr7311]

I love the bloopers at the end of your videos. .They are the best!!!!

[@CG92965]

So sorry to hear about your dad. Your channel is awesome! Thank you so much for the fantastic content and the excellent presentation of it!

[@jerrystevens8428]

As always, very well done Erin! Some feedback, we’ve recently retired. The discussions around how much of your working income you’ll need in retirement is (IMO) confusing due to terminology. It really isn’t income, it is how much of your actual income used for living or non discretionary expenses, starting with your take home pay. This is typically after many deductions, taxes, 401k / IRA, medical and many other auto deductible payments. Example, if your income was 8k per month, but your take home was 5k, presumably your living expenses were ~ 5k. You then need to calculate if you can still live off of 5k and still pay all taxes. We found Medicare to be much more expensive than our group insurance. We also found that the vast majority of our other expenses really don’t change or go away. Not seeing the 80% aspect, we’re seeing closer to 100%. We could eliminate some optional things (streaming), but not yet. I am not including any optional expenses (travel). Keep in mind many worked from home (commute expenses were negligible). Finally, many of the US working class simply can’t save, they live paycheck to paycheck. They want to, but struggle. I’m not sure how they are considered in the studies. That aspect doesn’t go away.

[@robertallen7186]

LOL !! Love the outtakes !!! Keep up the great job Erin ! Bob in Grand Rapids, MI

[@ErinTalksMoney]

Hey Bob in Grand Rapids! That’s where my family lives, and I may be moving there soon 😊

[@robertallen7186]

@@ErinTalksMoney Grand Rapids is a great place to live. Lots to do all year round. If you need help moving, I'll be out of town that weekend. 😉😉😉

[@ErinTalksMoney]

😂

[@lifestream4191]

Access to "sound financial strategy options" is very important to me. Most CFP's have very similar strategies, but the nuances make the bigger difference. Like Roth... I'm converting almost all of our IRAs to Roth over time. Our annual taxes will be very small mostly due to MAGI, social security tax calculations. Anyway, I like to glean bits and pieces from all you CFP's.

[@stephenandrew6410]

My biggest fear about retirement is getting there and not being healthy or vigorous enough to enjoy it.

[@davidpelland4865]

Great video. Considering I spending less than 50% of my income now, as I near retirement, I think I will be good. And I am still paying for my last 2 kids in college. When that ends and I am no longer contributing to my retirement I think I will be closer to the 10-25% you mentioned.

[@roymcpherson1639]

Would love to hear your thoughts on this. If someone who is retired reinvest 10% in dividend growth etfs, how can they run out of money? Do people really spend all their income? My plan is to have several types of national and global dividend growth etfs in retirement.

[@markbrown5117]

Great information. Very clear and easy to follow for me. I like your retirement smile paradigm/

[@RubbingPotatoes]

Hey erin. Make a video on how to avoid financial fraud, common scams. For instance One guy lost 38k in his bank of America acct from a SIM swap scam. The type of fraud that can happen to anybody.

[@fredswartley9778]

I agree that spending in retirement won't be static. It will fluctuate according to your needs and market conditions. I think it's good to have some flexibility in your spending plan. You should be able to reduce your spending if necessary.

[@jimmurray9]

You rock Erin thanks for the great weekly content!

[@ErinTalksMoney]

Thank you! 🙏

[@Kyzyl_Tuva]

Thank you for your videos Erin. Love them.

[@donh8833]

Always good info Erin. Thank you.

[@elcheapofl]

Thank you for your heart-felt good advice.

[@thomaswilley380]

Great video. But, I totally disagree with the rule about answering when mom calls.

[@ArmorFair]

Erin, you are awesome! Thank you.

[@ErinTalksMoney]

Thank you! You rock too!

[@nhsamurai8733]

Great information! There's so much to consider...but you are the best guide on KZbin!! New look is very hot....had to be said.

[@mikekopack6441]

Too many people didn’t even bother to save for retirement, or thought they would be living off SS alone. I will admit I didn’t save much in my 20’s and 30’s. But by the time I hit 40 I immediately started maxing out the 401k contributions, and now that I’m 51 I’m also maxing the catch up contributions. Should end up between 1.6M and 2M by age 62 and then I’m OUT! The LAST thing I want to do is more years of the rat race beyond that.

[@Dave-sw2dm]

Great! Better late than never. I saved $250000 over my career and am on track to be over $1,000,000 by the time I retire. Saving early really brings the benefits.

[@mikekopack6441]

@ yeah I kick myself for not putting in more when I was younger. I did a little during my first job but then cashed it all out to buy my first house, and then only put like the minimum to get all the employeer match for a while. 12 years ago I had all of 165k. Then took a 30k loans against it to use as downpayment on my current place. That’s when I really started socking it away. Between what I have been putting in, and the growth and repayment of the loan, I’m up over 900k now. So yeah I cringe to think how much bigger it would be if I had been putting more in earlier…

[@FreakyLynx]

Do you also contribute to an IRA, an HSA, or any brokerage accounts? Those can really help flesh out your retirement savings and also provide a bit more flexibility and safety net if there are any downturn years. I’m 47 and did similar to you during 20’s/30’s with my 401k contributions. In my 40’s I started maxing out my 401k and jumped into the three others I mentioned… wish I had done so sooner too.

[@JBoy340a]

People need to realize that SS was not designed to cover 100% of your costs in retirement. It is at most 35-40%. The rest needs to come from your savings, investments, and other programs you participate in.

[@mikekopack6441]

@ the healthcare plan I’m in doesn’t allow for HSA only a HFlexspending account (use it by end of year or lose it) but I do max that out given my medical expenses to help with my tax situation. Considering jumping into an IRA this coming year just to add that little bit more.

[@Andre-qo5ek]

on the note of these accounts really being new and novel... great point. glad to see someone talking about it. 401k 1974 & ROTH 1998. someone that was able to get 30 years into a ROTH only started pulling out of their ROTH in 2018. they have only been accessing those funds for 6 year. think about how young of a financial tool this is.

[@philipmiller7431]

You made reference to the Cost of Healthcare. I served 1 Enlistment in the Army and have the VA Health Care. I do wonder when the day comes should I keep it or I heard I can sign up for Medicare. I may be wrong about that due to lack of information; How can I know what decision to make if I do not have all the facts. I try to take care of my Health. However like all people, in the later years of my life something could change that no matter what, my Health will be the primary decision maker in my budge and how I live my life.

[@HungryOrca]

You may be able to have both. Tricare for life and champva can be used with Medicare as a secondary payer.

[@JWG2014]

I took one of my 401ks that has had about 10% growth per year, moved into a retirement IRA and bought tech stock. Its up 61% this year alone. A couple of years of that and Im set... i hope..

[@robertpearson8798]

My Wife and I both had access to employer sponsored retirement plans (RRSP’s here in Canada) and it allowed us to retire comfortably with more than enough income (with the addition of government pensions). Having money taken automatically from our paycheques and placed into a retirement fund was the most effective and least painful way of saving for retirement and I highly recommend it if it’s available to you. We also retired with a paid-for home and no debt so our requirements are much less than our working income. Additionally, we have Tax free savings accounts here in Canada that allow you to put a certain amount of after tax income in per year where anything it earns can be withdrawn tax free. It’s harder to come up with after-tax money to put in but it’s been a great place to put some inheritance money since any gains are tax exempt.

[@kburkes4245]

I really don't have a fear. I may run out of money, who knows? I've prepared the best I can, with a plan B and even a plan C, and after that I just have to trust that things will work out 🤷

[@dking1362]

Right? I figure if I get to plan C, the whole WORLD will be in that same situation and there is nothing I could really do about it at that point...so why worry? Plan the best you can, have a backup plan then go out and live a joyous life!

[@7SideWays]

Increase success hugely by reducing expenses by not having a mortgage or car payment.

[@youtubeuser1052]

What percentage of low income jobs offer a 401k? Have you considered the confounding factor of difference in income between people who have access to a 401k and those who don't? Maybe it's not just access to a 401k, but the difference in job types between companies that offer them and those that don't.

[@peteyg]

Sorry about your father. Thanks for the video.

[@SBqwerty]

Video is a little light on actionable info - make a budget and save more isn't the most valuable insight. The stats around defined contribution plans is good though, would love to see more of that.

[@ace-c7j]

Becoming totally disabled at age 47, and my wife passing at age 50 when I was 49, I ran out of money years ago and live month to month, poorly!

[@vanbrendle]

We are living on 50% of our pre retirement income. We did underestimate our expenses by 25%. So glad we had some buffer on our savings and investments.

[@northtexan95]

I dislike the term "run out of money". With Social Security and other assistant programs, no one in America will run out of money. They may not have as much as they want but they will have money.

[@TheFirstRealChewy]

Would you say you have food if you got one meal a month? If you go to the grocery store and they don't have any food due to supply shortages, they have run out of food. If you drive your car and the gas tank goes empty, you ran out of gas. Not having enough money is running out of money. You don't get social security benefits until age 62, and how much you get depends on your work history.

[@JBoy340a]

There are scenarios where one can exceed the money they have in retirement. As Erin pointed out the $10K/mo for memory care. A portion of that may be covered by Medicare, but not all of it. People can get on a state's Medicaid, but that can take time. And until that coverage is available those uncovered portions need to be paid.

[@John_Fisher]

@@TheFirstRealChewy But is the scenario that the original commenter posted more like 'having only one meal a month' or is it more like 'no longer eating out and substituting beans and rice into their meals to reduce expenses. I don't want to minimize that it can be difficult when someone has to reduce their spending and it affects their quality of life, but I also think that overdoing it with alarmism is helpful either if we want to encourage people to plan their future thoughtfully and rationally.

[@kevinobrien9271]

@@TheFirstRealChewy Seriously? You’re like Chicken Little running around while crying that the sky is falling.

[@Moneymalzy]

A lot of people are comparing their situation to millionaires and well off people which is fine. People obviously are retired and can't buy new cars and should work on getting their house paid off. Some people want to start traveling going on cruises and so.

[@novabeej]

Your mother was quite right…. However she left out funny, smart, and super helpful!😊

[@lint2023]

I totally agree with your mother!

[@JoeCole12]

When talking about needing “80% of current income “ is that gross or net?

[@rodrigok1220]

I’m 👀 at needing around 40 percent of my income. No mortgage payment, no longer funding my last kids college and living, no longer saving 20 percent of my income. Thought the stat of needing 80 percent didn’t seem reasonable.

[@tonymanos363]

I really appreciate your saying there is no “one size fits all” about retirement spending. I always thought it was bogus that you need 80% of your previous income or you have to withdraw 4% each year. Nonsense for non thinkers!!!!

[@anderspedersen6750]

54, and I will interrupt any meeting no matter who it is with to answer the phone when mom calls!

[@LoriThantos]

The content is good, and your mom is absolutely right 9:42

[@dwb468]

“Lie to people who want to be lied to, and you’ll get rich. 2. Tell the truth to those who want the truth, and you’ll make a living. 3. Tell the truth to those who want to be lied to, and you’ll go broke.” ― Morgan Housel, Same as Ever: A Guide to What Never Changes

[@Christian_Villanueva]

"Hello, oh you look beautiful" I agree with your mom. Very wise ☺️❤️

[@michaelfortney7510]

I don’t fear running out of money, I fear boredom. I started a business at age 26 with nothing except my skill set (auto mechanic) and tools. But I was good at it and I knew how to treat people. 41 years later I sold that business and now I dream about it every night and struggle to keep my mind and body busy…almost at the one year mark and I watch your channel to get good tips. But boredom is my greatest fear.

[@operoverlord]

Have u thought about travelling?

[@mikemcdonnell1395]

I dreamed of work for 3-4 yrs after retirement. I guess 34 years at one location has that effect on you

[@Dave-sw2dm]

Start doing custom work which is challenging and interesting instead of the same maintenance and repair work you saw daily.

[@moon_wobble7782]

Can you still fix cars? Small engines? Part time, on your own schedule you could to at-home repairs.

[@mikekopack6441]

Hobbies. Keep working on cars, but do hobby cars… Restore classics, or maybe soup up cars or whatever. Do it for fun, not for money. If that’s something you enjoy doing. Personally I’m a software dev and robotics engineer. I have been putting together a list of programming and robotics projects I want to do when I retire and have the time to dedicate to them that I can’t really do now while working.

[@boondocker7964]

Saved before I retired, still saving and putting money into CD's.

[@FreakyLynx]

Not sure if you’ve considered it but I’ve been joining the trend of buying dividend stocks to establish another income stream. I also see it as a nice way to leave an inheritance which could provide lifetime income for my heirs.

[@Allegan49010]

Excellent commentary!

[@FreakyLynx]

It always astonishes me when I listen to videos listing out the average and median retirement savings amounts for people by age. At 47 I am ahead of the curve… but I don’t feel it.

[@JackJarvis-z3d]

Always a balanced view....

[@ErinTalksMoney]

That’s my goal!

[@nathanyoder4509]

Sorry about your Dad’s health Erin. I know that is not a fun situation.

[@deathbyvelocity7541]

What are your thoughts about a financial broker while in retirement? Such as BOSS or Prudential etc. Should people use their services or can most retirees manage their own accounts without assistance?

[@mikekopack6441]

The other thing that I only really understood in the last year or two - I don’t need anywhere near as much in retirement as I make now. I kept thinking I would need 100k to live like I do right now on my 150k salary. But I wasn’t considering that between what I was stashing into my 401k and taxes and such, I’m really living on only $65k net out of that 150k (gross). So I really only need like $80k gross in retirement to have about the same quality of life. I kept forgetting that a lot of my income was being taken out to create the 401k fund and I won’t be doing that when I retire and am living off that fund.

[@FreakyLynx]

Always add in a cushion, none of us know what inflation will do to our money… and if taxes increase you might need a higher gross number to still hit your target.

[@TheFirstRealChewy]

Well, yeah. That's why a lot of people say 25X your expenses, which also accounts for taxes and healthcare.

[@tracyeldredge7420]

What about when your dad calls?

[@jeffreymcbath158]

Very helpful!

[@MattLunser]

New to your channel and appreciating the content. I have always heard not to count on social security. That it will be basically bankrupt by they time my generation retires. What are your thoughts on that? Let me know if you've covered this topic already. I would be very interested on your take.

[@LadeeLibra1018]

Think again? I think not. I retired at 63 with no regrets.

[@paulseidel5819]

Seems like we have a one off expense, every month. Yes, my expenses have gone up significantly since I retired this year. But, it is ok. Time to enjoy things now❤

[@martyi398]

Great Info, My plans for retirement is to live in a cave & collect lint (for clothing & such) and only come out on coupon Thursday, lol

[@joshuafowler2522]

Sorry to hear about your father.