The Truth About Retirement: Are You Financially Ready?

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Holy Schmidt!

Holy Schmidt!

Күн бұрын

Пікірлер: 195
@HolySchmidt
@HolySchmidt Жыл бұрын
Check out one of our most popular videos - 4 Major Social Security Updates for 2024: What You Must Know -> kzbin.info/www/bejne/sHOmnnRrjd1qi5Isi=UKlzbdkAe1kuk20O
@Riggsnic_co
@Riggsnic_co 10 ай бұрын
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
@TheJackCain-84
@TheJackCain-84 10 ай бұрын
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
@martingiavarini
@martingiavarini 10 ай бұрын
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
@bob.weaver72
@bob.weaver72 10 ай бұрын
Mind if I ask you to recommend this particular coach you using their service?
@martingiavarini
@martingiavarini 10 ай бұрын
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
@bob.weaver72
@bob.weaver72 10 ай бұрын
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
@graywilliams_77.
@graywilliams_77. Жыл бұрын
For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
@susannicky
@susannicky Жыл бұрын
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation....
@susannicky
@susannicky Жыл бұрын
Insightful... I curiously looked up her name on the internet and I found her site and i must say she seems proficient, wrote her an email outlining my objectives. Thanks for sharing.>
@redrier5363
@redrier5363 Жыл бұрын
I am 63. Worked all my life. If I were to retire today, my SS pmt is $924 a month. I have been single for the past 20 plus years after my ex divorced me. My job as a legal secretary never allowed me enough in earnings to save. I have lived pay check to pay check. Families with 2 incomes struggle, so one measely income made my life miserable! I own nothing, lost it all in the divorce. Never been able to buy a home, new car, etc. So I am screwed. I think it's just terrible the way our government cares for the elderly. I have a friend who is in the same boat as me. She's been a single person working as s legal secretary. She's 74 years old, tired, sickly and still has to work to meet her needs. This is a sin that our country's greed with all it's wealth allows the most vulnerable senior citizens to have to endure such cruelty. God will not let such injustice go unpunished.
@scottstebbins2841
@scottstebbins2841 Жыл бұрын
I have found working part time at a job I love brings me a little more income, gives me a purpose and is rewarding.
@mommam.6101
@mommam.6101 Жыл бұрын
I have some retirement money set aside but I don’t touch it. Because my house and car are paid for I manage to live on my Social Security alone, which is $1300 a month, and am still able to save anywhere from $200-$500 a month. I’m healthy and take no medication so that is a big help. I have taken five trips to Mexico and a cruise to Alaska last year, so I am not depriving myself. I do live very frugally but I get a kick out it. I am 83 years old and it’s working for me so far.
@DrSchor
@DrSchor Жыл бұрын
didn t you watch the movie about the iceberg? alaska? really?
@keepingitreal618
@keepingitreal618 Жыл бұрын
I bet you have never had huge debt. Like myself I live frugally but very well. Never had credit card debt. No designer handbags never wanted them
@mommam.6101
@mommam.6101 Жыл бұрын
@@keepingitreal618 I never had huge debts, but when both my husband and I were working I got a little sloppy with our finances, there were some overdraft charges, etc. The less income I have the better I do.
@BandGeek2210
@BandGeek2210 Жыл бұрын
Can you? That depends. For many…if you wait til you can afford to retire…you never will. Nothing is promised….nothing. Nobody lays on their death bed saying…” l wish l worked more” The truth…ld personally rather have more time than more money…it’s the sunrise in the park..the sunset on the beach….it’s the moments in life that really are what count. If you can sleep at night without worrying about getting groceries….can meet your bills with some left over to do at least a bit of what you want…you’re pretty well off
@gailjohnson6892
@gailjohnson6892 Жыл бұрын
We’ve been retired for 10 years. I think the big question is do you have a plan for retirement. Many of our friends don’t retire because they don’t know what to do with themselves so they don’t retire. We hike and backpack. It’s good exercise and we don’t kill our investments.
@davidsensing2664
@davidsensing2664 Жыл бұрын
I HUGE part about retirement is not having as many expenses. I have planned on funding my Roth IRA till 60 and having my house paid off by 55. As long as there is somewhat of a Social Security system in place, I will be able to live off that when I retire at age 67. Then, I can use my Roth IRA or small Traditional IRA to fund anything other special needs. I am thankful that all I need to be happy is a nice porch swing, a good book, and a small breeze during the day.
@boycefitzgerald
@boycefitzgerald Жыл бұрын
Congratulations on your subscriber base. It is well deserved. Thank you for this quality content.
@HolySchmidt
@HolySchmidt Жыл бұрын
My pleasure, thanks for noticing!
@ninajohnson6578
@ninajohnson6578 Жыл бұрын
Please encourage seniors to make use of food pantries. No shame in needing help especially with nutrition. Great video.
@govinda102000
@govinda102000 Жыл бұрын
Truth. My mother has low ss. Last year I found a cheaper medicare plan, monthly food assistance, yearly oil assistance for my mom.
@ParkinT
@ParkinT Жыл бұрын
This video arrived in the perfect time for me. I just crossed a birthday that puts me just a handful of months away from FRA. Thanks, Geoff, for guiding me along the way for several years now.
@HolySchmidt
@HolySchmidt Жыл бұрын
Happy birthday!
@amyyates8273
@amyyates8273 Жыл бұрын
Congratulations on the subscribers! Well deserved. Not only do I watch, but I send your videos to my family and friends when relevant. Your practical and non-judgmental approach to retirement means people in every category from “Spartan” to “Wealthy” can learn from you. Keep up the good work.
@jimmyamico4713
@jimmyamico4713 Жыл бұрын
Hi Geoff, Not only are you a super intelligent individual but you have a really good way about you and your presentation and public speaking skills are exceptional … God bless you. I really look forward to your videos like most people look forward to getting their magazine or newspaper…. Peace be with you always …🇺🇸😇🙏⭐️☮️💜👍🌎
@JBoy340a
@JBoy340a Жыл бұрын
Affording to retire one thing. Being mentally able to retire is more complicated. We already do pretty much what we want to, and work on the projects we want to. I'm still determining where retirement fits in this. Getting older (past FRA) and financially able to quit working, but what do you do to fill your days? We have been traveling for decades, so there are fewer new places we want to visit. But we know we are not getting any younger so whatever we are going to do, we need to get on with it.
@HolySchmidt
@HolySchmidt Жыл бұрын
Very pragmatic - thank you.
@JBoy340a
@JBoy340a Жыл бұрын
@@HolySchmidt if you have advice on making the mental transition to being retired please post a video on it. Thanks.
@randolphh8005
@randolphh8005 Жыл бұрын
I liked my work a lot also. I went part time for 2 years, and that was a good compromise. Yet, fully retiring was still different. The major difficulty was the daily routine. Now I’ve slowed down in a good way, have multiple projects i can do, but don’t allow myself to stress over them. I LOVE the lack of stress, although I used to thrive on it in the past. I now focus on enjoying all things I do, and keeping the pace more modest. Thus, no stress and more enjoyment. I know I can die tomorrow or 20 years from now. We don’t have a “bucket list” just plans for the next few months and then some vague ideas beyond that. Life is a journey without a destination, not a race to the end.
@susanstephenson7301
@susanstephenson7301 Жыл бұрын
What about using your retirement years to benefit your community by volunteer work? It helps you maintain a schedule (a more flexible schedule than in your working years,) it keeps your mind active, it provides social interaction, and knowing that you provide a useful service to others is one of the best feelings there is!
@JBoy340a
@JBoy340a Жыл бұрын
Forget to say congrats on the award and 250K subs. Well deserved!
@spectrum04002
@spectrum04002 Жыл бұрын
"A room to let" that's term I haven't heard used in at least a generation!
@HolySchmidt
@HolySchmidt Жыл бұрын
Lol. That is the accountant in me coming out!
@Gigi30107
@Gigi30107 7 ай бұрын
Trailer for sale or rent Rooms to let for 50 cents No pool no phone no pets I ain't got no cigarettes You know the rest ✌️
@randyhendricks4290
@randyhendricks4290 Жыл бұрын
Thank you Geoff, your insight and advice is always very helpful, thanks for using your gifts and talents to help others!!
@stevenharris6626
@stevenharris6626 Жыл бұрын
I'm on disability and luckily I planned on not being able to keep up an income when my private disability insurance runs out at age 65. I starting saving money as much as possible easily on, and now I should be able to keep up the same income. The key is to get a financial adviser and be aggressive early on in you life by saving!! Spend what you need to and save for later!!
@danajewett5224
@danajewett5224 Жыл бұрын
Hi Geoff - "Long time listener, first time caller." My husband and I were surprised (happily) at the $575 /mo. household estimate for medical. And, we wondered, "Does that include dental? What about eye glasses?" We'd love a video on de-mystifying Medicare costs. (Meanwhile I'll search your channel and see what I can find.) Thanks for all of your videos!
@nightengale2123
@nightengale2123 Жыл бұрын
I have Medicare Part B and when I retired from Federal Government employment I was able to take my Federal BC/BS with me which acts as my Medicare Part B supplement. Medicare Part B does not provide any dental coverage, but my husband who has a Medicare Advantage plan does have some dental coverage with his plan as does my BC/BS plan but both are very minimal. Due to having several health issues I wanted comprehensive coverage which is costly, and with the 2O24 premium increases I will be paying for my comprehensive coverages which include plans for dental and vision is a few dollars shy of $575/month combined coverage for you and your husband. What saves us is that my husband is a disabled Veteran and receives most of his care from the VA which only charges him a minimal copay for medication. He opted also to take on a modest cost Medicare Advantage plan so he can if he chooses which he does get care outside the VA which his community PCP is closer to our home. There are many things to consider when choosing a retirement healthcare plan, and I suggest you meet face to face with a local expert who can evaluate your health status which will help determine your individual healthcare needs so that you can make a better informed decision in choosing your retirement healthcare plan/s.
@sammencia7945
@sammencia7945 Жыл бұрын
My Spartan Plan has $55 internet with $12 mobile phone bill. No cable. No streaming subscriptions. Phones are all used and $59. No contracts. $67 a month total.
@HolySchmidt
@HolySchmidt Жыл бұрын
Love that!
@judithhatch6175
@judithhatch6175 Жыл бұрын
I have decided with inflation and increasing healthcare insurance costs and your videos to cont working 3 days a week. I will take social security in six months at FRA and put that into Roths after taxes. My house is paid off but not my car. Will work on that. If I can cont to work 3 more years I'll be above spartan. Thank you for your videos. I will go back and find the ones on Roths, hopefully that will be the right investment.
@wildfoodietours
@wildfoodietours Жыл бұрын
Congrats on 250k+ subs, what an accomplishment!
@gtrguyinaz
@gtrguyinaz Жыл бұрын
Pay attention, there are so many variables… my wife started at 62, I claimed spousal benefit’s on her and waited until 70… this gentleman is someone to engage … an expert… these are million dollar decisions…
@youngtimer964
@youngtimer964 Жыл бұрын
This apparently was a while back. I don’t think this is a legal strategy now.
@janetmartin9372
@janetmartin9372 Жыл бұрын
​@@youngtimer964 no this strategy does not work anymore. When you apply for SS your account is opened. You cannot just take spousal anymore.
@mcmccoy1184
@mcmccoy1184 Жыл бұрын
Yes, the Social Security rules do change over time. Originally, there were no spousal benefits. More recently, spousal benefits enabled a wife (or husband) to file and claim benefits based on the spouse’s earnings AND her benefits would continue to grow based on her earnings (as if she had not filed at all). This was perceived as “double dipping”, and the loophole was closed almost 10 years ago. I think it was 2015, but Geoff would know all the details, historical and current.
@jdenino6022
@jdenino6022 Жыл бұрын
You can no longer do that anymore. Those of us younger boomers can’t do that.
@reallmccoy9043
@reallmccoy9043 Жыл бұрын
I am retiring at 62 and moving to panama. My wife and I can live quite nicely there on just our Social Security. We will keep our investments and a bunch of cash for emergencies. It is crazy cheap to live there as a retiree.
@FIRED13
@FIRED13 Жыл бұрын
How does Healthcare look like there?
@reallmccoy9043
@reallmccoy9043 Жыл бұрын
@@FIRED13 Excellent!! And super affordable. Doctors visits are $12-20.00 and you can walk right in to see a doctor. You can usually see a specialist in 1-2 days and prescription drugs are really cheap and you don’t need a prescription unless its a controlled substance.
@thomasbruner854
@thomasbruner854 Жыл бұрын
One of the most critical issues where I live in rural Pennsylvania, is lack of affordable housing for seniors. Beginning rents are starting at $1500 to $2000/mo. with no extras! Due to lack of sufficient income in market surveys conducted, several developments were cancelled unfortunately, which might force the decision for relocation as the only solution for many. (These developments were intended for middle income people, and not necessarily for lower income individuals to boot)!
@DrSchor
@DrSchor Жыл бұрын
Florida has a zillion billion trillion million homes, nay, entire neighborhoods, and even cities, that have been built from the ground up so you can live on just your ss check. You need to start reading the paper.
@thomasbruner854
@thomasbruner854 Жыл бұрын
That was the point of my statement, the fact that you may have to relocate to a more affordable alternative location! .@@DrSchor
@loribreitenbruck2599
@loribreitenbruck2599 Жыл бұрын
Yes!! Congratulations 🎊 😊❤ Looking forward to retirement! You’ve made me feel more relaxed and confident! Great ideas, common sense decisions to think about! Most importantly, you have given the low income, bare minimum savings group a real chance to realize retirement is possible! Thank you!! 💗
@DrSchor
@DrSchor Жыл бұрын
is he telling you what you want to hear?
@AuntPeggy1019
@AuntPeggy1019 Жыл бұрын
Congratulations on your KZbin accomplishment. You have been very helpful in making decisions.
@lindachick8889
@lindachick8889 Жыл бұрын
Thank you so much and kudos on your accomplishment. I love your channel!
@barbiec4312
@barbiec4312 Жыл бұрын
Thanks Geoff and congratulations! Well deserved.
@terryB4713
@terryB4713 Жыл бұрын
Thank you once again Geoff Congratulations on your Sucess!
@jeroldpaquette9068
@jeroldpaquette9068 Жыл бұрын
Research driven- that is a must!
@HolySchmidt
@HolySchmidt Жыл бұрын
Thanks Jerold.
@nurseallie
@nurseallie Жыл бұрын
Congratulations on the 250,000 subscribers! I would love to retire early but the healthcare costs is what I worry about. Have great retirement savings and still about 10-12 years away from retiring traditionally but afraid to pull the trigger
@nightengale2123
@nightengale2123 Жыл бұрын
The cost of healthcare is indeed a valid concern. I retired at age 64.8 following a 44 year R.N. career. The last 21 of those years I worked for the Federal Government/VA so I was able to take my health insurance with me into retirement which I did. When I turned 65 five months after I retired I enrolled in Medicare Part B at which point my Federal Standard BC/BS acts as my Part B supplement. My Medicare Part B combined with my Federal BC/BS provides me very comprehensive coverage, and the only copays I have are modest ones for medication and my BC/BS travels with me. My monthly premiums in 2024 will be Medicare Part B $174.70, FEHB BC/BS Standard $336.84, MetLife High option dental $42.12, and FepBlue Vision High option $12.20 all totaling $565.87/month. Fortunately for my husband and I and he being a disabled Veteran pays very little for the care he receives from the VA. Since he wanted the option to also receive care outside the VA he enrolled in a Medicare Advantage plan as well as a dental plan, and his modest VA disability pension covers the costs of those premiums. If my husband did not have the VA for a care option he would have the same plans as I which would cost us not counting medication copays around $1,200/month.
@joldmacman
@joldmacman Ай бұрын
Could you please try covering some info based on your brief teacher retirement comments. Ex a teacher has x amount per mo in pension and xy amount in a 401 & a Roth. Thanks and keep the information coming!
@bernie9728
@bernie9728 Жыл бұрын
If you have to ask that question, you are not ready. It's pretty simple math. Start with how long you expect to live and work backwards. Be sure to leave enough money on the table for your family to fight over when you are gone.
@randolphh8005
@randolphh8005 Жыл бұрын
That is a dumb statement! It is actually quite difficult to figure out how much you need for something you have never done before. How long you expect to live has virtually nothing to do with it unless you expect to die in a year or two. Beyond that we don’t have much of an idea. I could die this week or 35 years from now. It is NOT predictable. My wife and I retired sequentially over the last 3 years. Since then her younger brother died, and we both lost older fathers. Our elderly mothers live on about $2500 per month and have no portfolio or savings. One rents, and the other owns. We did try to figure this out. So far we are surprised by how much further money goes in retirement, and we realize we could have retired earlier. We also now realize that we have no way to actually run out of money. Worst case we just spend what we have coming in. More important than a portfolio is having no debt, preferably a paid off residence, and some guaranteed income. Once you have that you are set. The counting backwards from some future date is complete folly. Instead we can now focus on spending our portfolio as we please realizing that there is no magic withdrawal % or years it has to last. Will we hedge a little, sure, but beyond that it is just a guess, not simple math.
@DrSchor
@DrSchor Жыл бұрын
how can you predict money coming in if things are not predictable? should i buy gold?@@randolphh8005
@dipaknadkarni62
@dipaknadkarni62 Жыл бұрын
Always great advice.
@markbernhardt6281
@markbernhardt6281 Жыл бұрын
This is why it cracks me up, people make videos about how to live in Mexico or Ecuador or Bangkok for less than 2,000 a month. You can easily live for that in the US.
@DrSchor
@DrSchor Жыл бұрын
quite so. we have more interstates, and therefor, more bridges to live under.
@Sarahbee-o8t
@Sarahbee-o8t Жыл бұрын
I retired at 60 . I only get about 800.00 a month but I don’t owe anything and I have my own vegetable garden. I do have to pay a 200.00 light bill and 25.00 water bill every month so only leaves me a little over 500.00 a month . Not easy but I have a roof over my head and I am not starving.
@GeorgeMoore55
@GeorgeMoore55 Жыл бұрын
Hi hippie🌹🌹 How are you doing?
@sherri1793
@sherri1793 2 ай бұрын
THANK YOU!!!
@sarahkrick8667
@sarahkrick8667 Жыл бұрын
Thank YOU for giving us your precious time!!!!❤
@anthonys5568
@anthonys5568 Жыл бұрын
Thank you Sir for the advice. Much appreciated.
@LorenCorcoran1
@LorenCorcoran1 Жыл бұрын
Thanks for all you do! The truth is that The government has really made things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. It's obvious we are headed for hyperinflation,it is always the poor who take the hit.
@thomasgoldschmidt298
@thomasgoldschmidt298 Жыл бұрын
Why do you think we are headed for hyperinflation? We are not Weimar's Germany, nor Zimbabwe or Venezuela. On the plus side, with hyperinflation the public debt should become irrelevant, negating your assumed reason. As long as we have an independent Federal Reserve Bank that does the right thing to combat inflation, I don't see hyperinflation on the horizon. Currently inflation is down and it seems that the rate increases did what they suppose to do. Hopefully the resulting inevitable recession will not be too bad.
@arthurbishop3173
@arthurbishop3173 Жыл бұрын
Won't happen. The Fed will 'break' the economy (and the job market) before too long, and we will have high prices and high unemployment for a while. Unfortunately, the FED won't be able to fix it just by lowering interest rates, but they'll try, and we'll have a long drawn-out period with a crummy economy and a stock market that will go sideways for a lot longer than people think it could or should but only after it's been cut in half or so from where it is now.
@Savannah-ed4rv
@Savannah-ed4rv Жыл бұрын
​@@thomasgoldschmidt298BRICS has partnered with Saudu Arabis and the Petro dollar that has brought great wealth to America is going away. Our dollars will.becone like money in Zimbanwe.
@DrSchor
@DrSchor Жыл бұрын
the government is you
@marilynrhoads5555
@marilynrhoads5555 Жыл бұрын
Thank you. Valuable info.
@tchalla9917
@tchalla9917 Жыл бұрын
Thanks for the single room rental information sir 😊
@yuikiyoshi1248
@yuikiyoshi1248 Жыл бұрын
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
@wilsonjudson1650
@wilsonjudson1650 Жыл бұрын
I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?
@AimiHiroshi
@AimiHiroshi Жыл бұрын
There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts
@yuikiyoshi1248
@yuikiyoshi1248 Жыл бұрын
I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?
@AimiHiroshi
@AimiHiroshi Жыл бұрын
Definitely! All of this happened in less than a year after *STEPHANIE KOPP MEEKS* told me what to do. I started with less than $100,000, and now I'm about 18,000 short of having a quarter million dollars!
@yuikiyoshi1248
@yuikiyoshi1248 Жыл бұрын
She appears to be well-educated and well-read. I just ran a Google search for her name and came across her website, thank you for sharing.
@vasunseeker
@vasunseeker 10 ай бұрын
I’m single and healthy. But my biggest concern is healthcare. What will be deducted from my anticipated social security check and what will supplemental health insurance cost?????? Thank you for all your videos!
@hello_Tam_here
@hello_Tam_here Жыл бұрын
Very helpful video! Thank you
@bymmijprime281
@bymmijprime281 Жыл бұрын
Congrats on 250K! Thanks for all the great content.
@pamelabassmarsh5262
@pamelabassmarsh5262 2 ай бұрын
Holy😊😊😊😊😅!!!! just joined!!! I like you don't waste valuable time, 👏
@dbs555
@dbs555 Жыл бұрын
Far too many of the people who I have worked with or were schoolmates died 12-18 months after retirement. The first one was rather shocking but now I almost expect half of us to kick it soon after calling it quits on work.
@DrSchor
@DrSchor Жыл бұрын
to be sure, half do, and half dont. which half do you think you are in? that is the question.
@lindadorman2869
@lindadorman2869 Жыл бұрын
Currency arbitrage is my retirement strategy. That is, I "earn" (Social Security & pension) in US dollars and spend in local currency. By living in a country with a low cost of living, my money goes a lot further than if I live in the US. Housing, transportation, healthcare, food and entertainment are half what I would pay in America.
@ColdPotato
@ColdPotato Жыл бұрын
After the catastrophe of an economy/inflation we have witnessed and continue to witness. It's a gamble. You can do everything right and still end up in a hard place. Bad luck with health. Everyone deciding your neighborhood is the best place on earth. Energy prices. Laws forcing you to replace appliances/vehicles. You name it....
@Bobhenry-c7z
@Bobhenry-c7z Жыл бұрын
It has become harder to retire now than in the past. I was saving instead of investing for a very long time, and now I just have about $516k and I don't know how to make it grow, with all the inflation, into something tangible I could retire with. Any ideas?
@roberttaylor662
@roberttaylor662 Жыл бұрын
At a point like this, when the pressure is already on you to retire, it s best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
@rebeccaartgallary
@rebeccaartgallary Жыл бұрын
Very brilliant idea, I was managing my portfolio by myself using KZbin and Incurred a huge loss which made me hire an advisor. It's been 2yrs already and I have made up to $380K in returns and would pay fully for my 3rd rental property in Ohio by next month.
@Bobhenry-c7z
@Bobhenry-c7z Жыл бұрын
@@rebeccaartgallary who is your coach if you don’t mind me asking.. heard a bit about coaching where investments are done in personal trading account with the help of a license advisor, is this right?
@rebeccaartgallary
@rebeccaartgallary Жыл бұрын
Absolutely, Monica Amanda McClure is my portfolio coach, and my trading account basically mirrors that of hers, it's quite transparent and automated, so I don't have to be active during trades. You can vet her if you like.
@Bobhenry-c7z
@Bobhenry-c7z Жыл бұрын
I Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds soon. Thanks
@HomeOrchard
@HomeOrchard Жыл бұрын
Hey Geoff- can you post a video on Hybrid Pensions. Thanks
@HolySchmidt
@HolySchmidt Жыл бұрын
Thanks HO. Let me look into it.
@thomaswilliams633
@thomaswilliams633 Жыл бұрын
Thank You!
@jman2415
@jman2415 Жыл бұрын
Mr. Schmidt I’m 60 and have no 401 just a very very very small pension plan though my employer I do have a small amount saved my suv and home is payed off I am planning on stop working at 62 and move out of the country on a budget of 2,500 per month and live off of savings and rental income with the hope of not collecting my ss until I’m 65-66. Is there anything else I can or need to do to implement my plan. Thank you
@mikedv39
@mikedv39 Жыл бұрын
have a question on retiring prosses with Gov.. I put in for my retirement on March 17 2023. Received a text from my retirement counselor on September 18 2023. I retie on November 30 2023 and it is November 4 2023. I did text last week and the reply was I'm working on November retirement now. I am looking for any information on what the checking out prosses is, where or who I'm to get this from. My supervisor has been looking into this also. I am trying not to have some one tell me I was supposed to do this or that along time ago. My work has hired my replacement already and I am training them. Getting close and i am still lost in the prosses. Help needed. Thank You Mike V
@2ChukBuk
@2ChukBuk Жыл бұрын
I am 68 and retired. Even though I own my home outright, the property taxes and utilities in my county are on an untenable trajectory. So moving to a less expensive area while remaining close to healthcare services is my biggest challenge. I've been doing a bit of research, but the services of a competent real estate agent is likely what I will require. Congratulations on the 250K subs.
@HolySchmidt
@HolySchmidt Жыл бұрын
Thanks 2CB
@connclissmann6514
@connclissmann6514 Жыл бұрын
Many thanks for all your videos. At the risk of being pedantic, history tells us the Spartan option did not include comfort. The tips listed are very practical, while many are understandably US specific, I imagine that the last 20% you added would be generally applicable.
@HolySchmidt
@HolySchmidt Жыл бұрын
Thanks for sharing
@jaclarkfamily
@jaclarkfamily Жыл бұрын
Congratulations 🎉👏 on your milestone!! I appreciate your information! I do have to add that I frequently laugh at the quoted averages for teachers' salaries. I have a masters degree and many years service plus specialty training, and I've never earned anywhere near the quoted averages. I suspect it has to do with the difference in cost of living across the country. I lived in a lower cost of living area and also make a choice to teach in an alternative school outside of public support. Regardless, my husband and I are about 8 years from retirement, and I gain so much knowledge from watching your channel.
@showmeadventurevanlife49
@showmeadventurevanlife49 11 ай бұрын
I love your show, but I have lived my whole life in Antigo WI, Granby MO, and Riverton WY. I have had good paying jobs and have more saved for retirement than most of my peers. Your numbers are triple what most people make while working in the areas I have lived, and the national ssi is what most live on. What's up?
@teachccd
@teachccd Жыл бұрын
I’m in California. Just my wife and I spend $8400 a year on groceries. That does not include eating out. We buy inexpensive groceries and eat mostly chicken. Not sure how we would eat out and in on $6750 a year.
@HolySchmidt
@HolySchmidt Жыл бұрын
I hear you. California, along with New York and Hawaii are three of the most expensive places to eat in the country.
@FIRED13
@FIRED13 Жыл бұрын
You can also reduce meat with protein alternatives to vary things up (tofu, salmon, etc) and buy freezable bulk meat (Costco).
@jacksonfamily678
@jacksonfamily678 Жыл бұрын
@@FIRED13 I live in salmon country, and it is ridiculously expensive to buy or even catch with a tag. West coast cost of living is insanity. It seems like it should be cheaper since we are so close to where food and meat animals are raised. Yet, since we are so far from oil refineries the cost of transporting goods is bananas. This weekend I heard how on the coast a sheet of plywood is $25 a sheet, and it is produced in that very town! 2 hours away in our town that same plywood is $16 each. Same store chain by the way. It’s just so expensive to live on the West Coast.
@Pahoe77
@Pahoe77 Жыл бұрын
Wouldn't alot depend on what you're used to doing? I mean if you lived modestly the majority of your life, then living modestly after you retire shouldn't be a difficult job. 🤷 Whoops guess this is covered in the vid. 😊
@vickier5716
@vickier5716 Жыл бұрын
I can’t afford it but need to because of health problems. I am 68 and still working but have no retirement savings have to survive on s security only I will probably end up homeless ?
@govinda102000
@govinda102000 Жыл бұрын
Nah. The state home will take you like in ct.
@FrankBatistaElJibaro
@FrankBatistaElJibaro Жыл бұрын
5:55 did the queen just jump over a pawn?
@bruceeigsti5274
@bruceeigsti5274 Жыл бұрын
Health is the big variable u may have little saved but if u feel u won't make it past 75 taje it at 62
@EnligUlv
@EnligUlv Жыл бұрын
I’m 59 and the numbers prove I won’t be until age 70. That’s ok. My paternal grandfather didn’t quit working until he was 87; a year later without purpose, he was dead.
@goththicus
@goththicus Жыл бұрын
Unexpected cost could be assisted living care especially if you have Alzheimer’s or dementia. Let’s hope you have long term care insurance otherwise be expected to exhaust your savings ( investments) + SS will go towards this expense.
@PhilipDunk
@PhilipDunk Жыл бұрын
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
@PatrickLloyd-
@PatrickLloyd- Жыл бұрын
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
@wabiforth6755
@wabiforth6755 8 ай бұрын
A bit late with my comment but anyhow: we retired in 2007 from the income of our stocks, and then 2008 came! It caused a lot of stress and we worried a lot. I researched the a lot and came to the conclusion that selling our stock would be the worst thing to do. So we buckled up, lived really frugally for 2 years, made some dollars (like in the hundreds) with a few side-hustles, and stopped watching the stock-market. In 2010 we discovered that we were slightly better off than before the crash. So when COVID and inflation happened we followed the same strategy. And that worked out fine again. Our investments are now a couple of percent below pre-covid levels but it is not an exact science anyhow. So our strategy: if a crisis happens, be active, be frugal and stop checking the stock-market. We by the way have a portfolio with 15 or so of large dividend paying companies like JnJ, Unilever and P&G. Nothing fancy, and very passive.
@carylfrench4067
@carylfrench4067 Жыл бұрын
Hi Geoff - I have a mortgage that I won’t be able to afford in retirement - I have equity but with todays market and interest rate if I downsize the mortgage still ends up the same -
@DrSchor
@DrSchor Жыл бұрын
so what are you going to do?
@FDR_progressive_liberal
@FDR_progressive_liberal 9 ай бұрын
I've decided to splurge on myself this year. I'm going to buy a kayak and Stainless steel propane grill. Together it will set me back $550 but I'm worth it. I have very small dreams, don't I? (Maybe next year I'll buy a paddle.)
@ElainefromMaine
@ElainefromMaine Жыл бұрын
Please help me understand why my state, Maine, does not allow me to collect teacher’s retirement and social security? I worked at a school that took both out and as I get closer to retirement, I am reminded that I will not get full social security due to a “windfall” provision. Are other states like this?
@penelope5500
@penelope5500 Жыл бұрын
I suppose they are. Not that I really understand the windfall provision, but SS is a federal program & their rules do not vary from state to state.
@kevinh5349
@kevinh5349 Жыл бұрын
How can one take about 4 or 5 retirement topics and make an infinity of videos about them?
@teams3345
@teams3345 Жыл бұрын
Do KZbin content providers have to pay taxes from their KZbin income and advertising?
@aldeserrano5490
@aldeserrano5490 Жыл бұрын
The big factor is having no bills. No mortgage…no line of credit balance…no visa balance…no car payment I’m not a millionaire but no bills. Just normal bills like the rest of us. Life is short folks. Enjoy
@DrSchor
@DrSchor Жыл бұрын
a normal bill is a bill. how can you have no bills if you have normal bills?
@aldeserrano5490
@aldeserrano5490 Жыл бұрын
@@DrSchor if you don’t know the difference then I can’t help you.
@debbied9997
@debbied9997 Жыл бұрын
Oh my friends and I saw when we outlive our husbands (which is common), we become the Golden Girls for the remaining of our lives.
@HolySchmidt
@HolySchmidt Жыл бұрын
Love that!
@rogeringalls6237
@rogeringalls6237 Жыл бұрын
What teacher doesn't pay into Social Security, and not qualify for benefits?
@lulucly
@lulucly Жыл бұрын
The school district my son teaches at, does not pay in the Social Security
@georgeford6439
@georgeford6439 Жыл бұрын
My brother and his wife do not collect SS, he was a superintendent and she a counselor. Texas allowed teachers to forfeit SS, not sure if that was by individual or by the district one worked in.
@HerrDoktor-g2q
@HerrDoktor-g2q Жыл бұрын
Sometimes life doesn't give a choice. Corporate America decides that for you. After 60ish, you CAN'T GET HIRED TO DO ANYTHING! Even with 30 years of experience and flawless credentials.
@DrSchor
@DrSchor Жыл бұрын
i pity the fools who squandered 30 years letting Corporate America make choices for them. i pity the fools who squandered 30 years not letting Corporate America invest their money so they can retire early on your stock portfolio.
@dc76384
@dc76384 Жыл бұрын
What's the point in retirement if I have to sweat over every penny I spend for the next 20 25 years.
@DrSchor
@DrSchor Жыл бұрын
you are right! keep sweating at work,
@dogsarefun2
@dogsarefun2 Жыл бұрын
Hi, I'm sure you don't get this question often. I was 70 Aug 1, 2023. I need to wait until Jan 2024 to get my 1st SS benefit check. I understand that SS considers my birth month to be July. If I claim my benefit to start in Dec, is it correct I will get my first deposit in Jan? Will I also get Aug - Dec benefit in Jan 2024?
@DrSchor
@DrSchor Жыл бұрын
I am sure you don't get accurate information from YT often.
@jjsc3334
@jjsc3334 Жыл бұрын
I found maximum 50% saving move abroad, but the living quality is not attractive, Mostly only 30% saving, NOT worth moving abroad? Better retire in Vegas?
@memehamp6006
@memehamp6006 Жыл бұрын
Water issues in Vegas. 💦
@pilarskifamily899
@pilarskifamily899 7 ай бұрын
Only $575/mo for food!? In THIS economy???
@michaelbrown1993
@michaelbrown1993 7 ай бұрын
Two words: Ramen Noodles
@peterbrunsgaard2012
@peterbrunsgaard2012 Жыл бұрын
👏👏🙏🙏
@jimdfwwoodworks37
@jimdfwwoodworks37 Жыл бұрын
Food is $250 to $300 per week, unless you are eating dog food
@pkamp1969
@pkamp1969 Жыл бұрын
Should the plus nog bij 25% te het to the 100% of the total budget?
@edhcb9359
@edhcb9359 Жыл бұрын
Forget the 4% rule! Use the 1/25th rule instead! 60% of the time, it works every time! 😂
@memehamp6006
@memehamp6006 Жыл бұрын
What is that?🧐
@johnfern
@johnfern Жыл бұрын
There never seems to be a good time.😊
@teachccd
@teachccd Жыл бұрын
I considered it a good time when I did it!! I never looked back.
@gerrywood3584
@gerrywood3584 Жыл бұрын
I retired at 45😊
@DrSchor
@DrSchor Жыл бұрын
no more retirement videos for you!!! next.
@davids7550
@davids7550 Жыл бұрын
"Can you afford to retire?" is NOT the question to ask. How long can you afford to STAY retired is what everyone should ask. You may be able to squeak a retirement in now, but in 3, 10, 20 years you will go broke. Social Security will never keep up with actual inflation. The scam numbers the Govt. uses are completely bogus - they're not fooling anyone. You need an untapped source of income to tap into later - just to fill in the gap, when you start going under. When I retired, my retirement plan covered me to the age of 95 under the current circumstances. It was a very conservative plan, not that I expect to last that long. In just a few years, that age estimation went down to 82, which is possible for me to make. I have zero debt and my SS WAS plenty for me to live on at the time. With Bidenflation, I have already had to tap into savings just to pay the basics - with zero left over. Bottom line: Staying retired is going to be THE tough thing you need to plan for.
@randalhinman9648
@randalhinman9648 Жыл бұрын
$575/mo for food? Maybe if you retire to Mexico.
@evelyndorman5301
@evelyndorman5301 Жыл бұрын
Nope. Working until 70.
@DrSchor
@DrSchor Жыл бұрын
nope what? you will be ready. at 70
@TheJeffShadowShow
@TheJeffShadowShow Жыл бұрын
Had I stayed at my last 30-year job (management refused to give raises after 2010), I would have spent $14,000 on fuel each year, essentially destroying any monetary value of waiting for Full Retirement.
@JanMuench467
@JanMuench467 Жыл бұрын
In a bear market, the media highlights unfavorable events, such as a shrinking economy, geopolitical instability, cultural and legal conflicts, or a mixture of these factors. Recently, I came across a podcast featuring someone who successfully multiplied their initial investment from $120k to nearly $460k during this challenging market phase. Can you give advice on how to achieve such aggressive profits in such short periods?
@JefferyFranklin-l9o
@JefferyFranklin-l9o Жыл бұрын
Find stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance a broker or financial advisor.
@markPwilliams
@markPwilliams Жыл бұрын
@user-ff2hy3oz9h Please can you leave the info of your investment advisor here? I’m in dire need for one.
@whysoserious8666
@whysoserious8666 Жыл бұрын
Be the first one to sign up with Mr. Ponzi?
@RuthRaubertas
@RuthRaubertas Жыл бұрын
The only reason for my "dislike" is that we have been doing most of what the presenter says for years, so nothing new for us. But hopefully many of you will find helpful information.
@DrSchor
@DrSchor Жыл бұрын
why would you dislike information you know, from your own life, is true. why do you dislike him for telling people only what they need to know, and nothing more.
@BTC_Minarchist
@BTC_Minarchist Жыл бұрын
Congratulations on the subscribers! Well deserved! You provide a valuable service.
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