What People Get Wrong About Retirement (Don’t Miss This)

[@tim.morris77]

Your video is beyond amazing. wealth has no shortcuts but they're ways to go about it.

[@tim.morris77]

I really appreciate the dedication in each video you post. Despite the dip in crypto, I still thank you for the level-headed financial advice. I started crypto investment with $15,700 and since following you for few weeks now, l've gotten $76,539 in my portfolio. Thanks so much Juliana Heidi.

[@josephmarous4679]

Wow that's huge, how do you make that much monthly?

[@bryanvaughn2]

I'm 65 and have been looking for ways to be successful, please how??

[@tim.morris77]

Mrs. Juliana Heidi was my hope during the "bear summer" last year. I did so many mistakes but at the same time learnt so much from it, and of course from Juliana.

[@Anna-12u4i]

Honestly? I'm so excited. Juliana Heidi strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started

[@KarenLavia]

I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

[@ScottKindle-bk3hx]

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

[@tatianastarcic]

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.

[@CraigLloyd-fz6ns]

I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

[@tatianastarcic]

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.

[@Suleferdinand]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@lindadorman2869]

I'm either doing something very wrong or very right. I'm 63, retired, debt-free and spend only 30% of my income (social security, pension, side hustle) on housing, utilities, food, transportation, insurance, healthcare, entertainment and other living expenses. I don't deprive myself of anything I want. The remaining 70% goes into my high yield savings account earning 5.25%. I never saved or invested when I was younger but I live such a frugal life I can't imagine ever running out of money.

[@ampa4989]

Which bank is giving you 5-1/4?

[@suzanneemerson2625]

Take half your money out of savings and put it into an S&P 500 ETF. I recommend Vanguard for low fees. Then you will have a 50/50 portfolio that will be very conservative, but give you a greater return over time. You’re 63. You need to plan for 37 more years. Your savings account interest rate won’t stay that high when interest rates go down, but the stocks will earn enough to keep your income high enough. You actually don’t want to start spending that safe money yet.

[@lockedloaded4942]

@@ampa4989 Western Alliance Bank currently offers an APY of 5.26% on their high-yield savings accounts.

[@tdub25]

Amex has a high yield saving acct at 5.35 and Apple has a savings account at 5.5%

[@richard77231]

Want to avoid heath care costs in retirement? Get healthy now! Stay fit, lose weight, gain muscle!

[@carolannstevens5814]

Amen!!!👏🏻👏🏻👏🏻👏🏻

[@lindajones4676]

Exactly!

[@aolvaar8792]

My employer offers FREE lifetime family healthcare for 20 yrs of service + a 43% Pension. Helps with the $930K hospital bill.

[@Guernsey576]

Or live in a country with free healthcare...

[@slevitron1543]

It all goes to Wethers Originals

[@nicholasgutierrez9940]

Based

[@tirzah-marielewis3447]

FACTS

[@jasonmoquin]

LOVE those damned things!

[@pixfan2008]

😂😂

[@williamthurmond4940]

Circus Peanuts!

[@ANTHONY47814]

For your shared investing ideas, what do you think will be the next AAPL in terms of growth, considering the current unpredictable market volatility?

[@ihill6533]

We live in Florida. Our largest expense is homeowner and car insurance. Goes up by thousands every year with no end in sight.

[@TShirtAndReeboks]

Same in Texas! We can blame hail and strong winds, but I honestly think these companies love it!

[@desertfish6239]

Our auto insurance is ridiculous for two 12 year old cars with no tickets or accidents. Our Food and Fuel bill is next.

[@amymc505]

I’ve got a stretch goal here, you’re missing out on talking to renters. From coastal communities to those renting in Nashville. We go through a lot of those baby steps but not everyone can comfortably afford to buy. You come out on the other side of debt nervous to go back into debt, we’re a reasonable, logical group. I think there’s a huge missed opportunity for the organization.

[@laundrygoddess4]

Living debt free is a wake up call to how much basic living expenses really are. Even without a mortgage, it's still a large chunk of your income

[@reaper-sz5tm]

My living expenses without a mortgage is $1,800 for 2 people. Is that a lot to you?

[@laundrygoddess4]

@@reaper-sz5tm why do you think everyone has the same circumstances? Pretty arrogant. And 1800 would be a big chunk if you're income is 3k. So it's all relative. I have two special needs kids and higher than average medical needs, so this is certainly true for me. I also don't live in a small town so that increases the cost. Take your snark elsewhere. With no context, it's irrelevant

[@tranger4579]

​@@reaper-sz5tmyes that's ridiculous. Where the heck do you live?

[@thehomeless_trucker]

​@@reaper-sz5tm $1,800 is a month of child care for one kid.... are you including all your annual expenses in that $1,800/mo? All your sinking funds such as 1-3% of your home value set aside annually for home maintenance broken down monthly? All the "one-off" expenses that happen every year?

[@Davefitz04]

@@reaper-sz5tmthat sounds very low. You live at home with parents? Lol

[@c7042]

30% on Living exp. 0% on Healthcare(veteran) 14% onTaxes. 56% on Investing (Playing catchup). $1.40/month on Peppermint Candy. Approximate numbers. Retired 16 years. NW only $390K but no debt.

[@gthree0239]

Old mill wintergreen lozenges are going to be my go to. That and chewy wethers originals

[@xlerb2286]

"No debt" makes all the difference :) My go to candy would be licorice snaps, if they still made them. Probably best for me that they don't.

[@ajalicea1091]

​@@xlerb2286 🤣

[@ajalicea1091]

Not all veterans have 0% on their health care. I'm 1 of those. I PAY for ALL of my prescriptions. I do appreciate the fact that my eye care is a benefit I earned from my service time. If I had to pay for it, I would be in the POOR house. It is the biggest medical situation that I have.

[@Quantris]

Incidentally, one of my key retirement goals is that my bath and body works

[@cesarbretschneider]

Underrated comment

[@TonyRiley-qb7sw]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@karenwilliams9653]

Think about actions you’re taking that might be harming you such as carrying over credit card debt each month.

[@SamanthaSanchez-sj5el]

I agree with the reply above. I also think you should think about steps you can take to start. Start somewhere. Anything is better than being frozen even.

[@AnnaWoods-rm7cf]

In my opinion, create a budget including income and expenses, do this with a financial advisor.

[@AnnaWoods-rm7cf]

monica mary strigle is hot topic even among finance elites in lower manhattan. Search, you’d find deets.

[@Donalddavies-gc9rb]

In retirement red zone, if you haven’t saved enough, cut expense. Don’t celebrate and buy a car when you get a promotion. Use science and math when it comes to money, sock away more money.

[@whyme7996]

The survey was people between 60-65...they haven't hit the medical expenses stage yet. So, of course, the cost is currently lower. Just wait until 70 and older. Then the medical jumps amazingly and the 4% they used as a 60 year old jumps to 12-15% and then it starts to climb higher.

[@c7042]

I'm a 75 year old veteran and don't pay anything for medical except for a prescription from Walmart that costs $10 every 3 months. I've had 9 surgeries, broken bones, orthopedic rehab for 3 months in hospital, oral surgery, cateract surgery, new eyeball lenses, reoccuring cancer, kidney failure, partial left side paralysis and the VA takes care of my medical problems because a long time ago I was sent to Vietnam (agent orange and abestos exposure). I can see a doctor anytime I want, all free. I feel a little guilty about all the money they spend on me sometimes, but it was their war, not mine. I just think they didn't get a very good deal with me.

[@Sexy40baby1]

​@c7042 VA is much different than MEDICARE. medicare part b has a monthly premium and then u have to get a supplement policy to go along with it. Advantage plans may not have a monthly premium but there is deductible/copays, etc. Medigap plans have a monthly premium. So someone who isn't getting VA benefits could be paying $170+ each month just for the premiums

[@aolvaar8792]

@@Sexy40baby1 My employer offers FREE lifetime family healthcare for 20 yrs of service + a 43% Pension. Downside, I took a 50% ($130K>>$65K) cut in pay 20 years ago.

[@MrJAV1987]

11% more on living expenses is the norm right now based on the inflation rate and how expensive everything is. Things are not going down and people are feeling it.

[@ericcurtner1145]

'Let's go Branson', I am still laughing George 😂

[@Bidenlost2020]

Yup.

[@rineleff2009]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them.

[@mariasimpson9628]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

[@filipxavier1041]

My advice to anyone starting out in the market is to seek guidance as its the best way to build long term wealth while managing your risk and emotions with the passive investing strategy.

[@jennpersin294]

I’ve actually been looking into that lately, the news I've been seeing in the market hasn't been so encouraging honestly. If you don't mind me asking who's the person guiding you?

[@filipxavier1041]

‘Wendy Birkett”, 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.

[@jennpersin294]

thanks for putting this out, it has truly rekindled the fire to my goal...

[@Jeffreycampbell941]

*If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation*

[@CecilyZaniboni]

That's awesome!!! I know nothing about investment and I'm keen on getting started. What are the strategies?

[@Jeffreycampbell941]

I'll advise you to work with a financial advisor.....Building a good investment portfolio is more complex so I would recommend you seek,

[@Jeffreycampbell941]

(Tracy Britt Cool Finance) support.,

[@Jeffreycampbell941]

This way you can get strategies designed to address your unique long/ short-term goals and financial dreams.,

[@JoeTsuro]

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,

[@romandodu9996]

Got to have paid off home to afford to retire

[@BadPhD777]

It is a BIG PLUS!!

[@aolvaar8792]

??????? $100K/yr gubmint pension, $213/mo mortgage

[@chuckstemm443]

Inheritance? That’s the very least of my concerns

[@eli-bt4he]

You sound like a wonderful, loving family man. I'm sure your children and grandchildren adore you and spend ever second possible with you. (that's sarcasm, btw)

[@dgs8011]

As it should be. I don't expect a dime from my folks. They gave me so much love and time and guidance already.

[@ykook7000]

​Who says he has kids or grandkids anyway plus if kids or grandkids Expect an "inheritance" then that's on them 😂​@@eli-bt4he

[@jgallone]

@@eli-bt4heMaybe his family is self-sufficient and are raising self-sufficient children so aren't relying on, or need, an inheritance. I know, crazy right?

[@vivathecat7052]

LTC insurance is wildly, wildly, wildly expensive. There was a time I would have recommended it but they have priced themselves right out of reach for everybody but the upper crust.

[@thatguythatraps9816]

You look like Jeff goldblum in the thumbnail lol

[@sammgemm]

That's definitely the most highest of all compliments lol

[@failingatfashion]

😮

[@SeekingVirtueA]

Life, uh, finds a way.

[@anhbarker]

What you get when you order discount Jeff Goldblum from Temu.

[@Helena-ou8ry]

I read a report here in Australia that said one of the top things retired people overestimate was the amount they travel.

[@elainebradley8213]

We're retirees and not going to work makes life cheaper. But, we were surprised that we needed more space. We were at home more, had hobbies, entertained family and friends. Think twice before downsizing.

[@3isaiah61]

Love the serenade! You are hilarious! Great info!

[@CarmenHyde]

Very informative! And hilarious! Your show is always a good time! 🎉 Keep up the great work!

[@Lancelar]

A lot of folks seem to have grandkids named Brandon judging by all of the bumper stickers I’ve seen with that phrase…

[@anthonywilliams9415]

😂

[@autumnjerene]

It's a very popular baby name these days. I personally hope that it goes out of style by the end of the year.

[@h.s.levine2932]

What’s your problem with Werther’s Originals?

[@crystalgattis1073]

I think paying off your house is overrated. We did it. We were so excited. Then the reality of all the repairs the house needed hit us hard. Home maintenance is just as expensive as a mortgage. We sold the house, invested the money from the sale , and moved into a small apartment. We jot rid of about 75% of our stuff. We feel so free!🎉

[@pingupenguin2474]

Nationwide are based in uk and essential living costs are likely a higher percent of income than in the us.

[@sjchan3199]

My mil in the uk pays 12,000 pa for carers to visit 3 x daily!. Its even more if she was in a care home. SCARY

[@saeedhossain6099]

the implied income of no mortgage and no rent is huge. but if you're a lifetime renter, including retirement will eat your retirement away very quickly.

[@marwyk7746]

This is great information. Thank you. Really wish the sample of people they surveyed was larger.

[@SuzanneU]

These figures are based on the existence of Social Security and Medicare. Without the first, many retirees would see their income drop very significantly. This would raise the percentages needed for categories like basic needs. Doing away with Medicare, as we're seeing calls for, would very likely price health insurance out of the picture for many. Cut or eliminate these insurance programs and life could be nasty, brutish, and a whole lot shorter!

[@AngelaJones2433]

I just love you George!!!

[@chuckstemm443]

Supporting Family Members? That’s the very very least of my concerns

[@_JanetLouise]

..... most of the money gets spent on paying people to help with .....yard, house, errands, caregiving .....

[@somecallmetim46]

The amount of shade George throws at Branson is hilarious considering Pigeon Forge is in his state and has the Tennessee version of Silver Dollar City there too 😅 😂

[@bvoyelr]

Question! You talk about "retirement income" as though retirees deduct more than they need per year. To my mind, you're spending every dollar you deduct in retirement (otherwise you wouldn't deduct it, RMD's not withstanding), so if a bunch of slices get smaller -- healthcare, inheritance saving, etc -- then by definition the remaining slices get bigger. Not because they actually got bigger, but because most of the slices got smaller, making the remaining slices a larger proportion. So are basic living expenses actually getting bigger, or are they just a larger proportion of a smaller-than-expected pie?

[@ericchancey7419]

The tax burden on a traditional 401K is definitely going to surprise some folks. Me. I'm one of those folks.

[@bvoyelr]

If you're young enough, diversify your retirement planning. Put some money into Roth and plain old brokerage accounts. By the time you retire, you can hire a CFP to strategically withdraw and lower your tax burden. James Conole here on KZbin talks a lot about it. It's a little complicated to do on your own unless you get into the weeds, but apparently you can withdraw pretty substantial sums tax free if you have enough in your various retirement buckets.

[@reaper-sz5tm]

It’s the same burden as my paychecks, even at 15% of my gross income into a 401k, I’ll have plenty of money to retire on. Not having a mortgage and car payments is the game changer

[@kimmcalister3594]

@@reaper-sz5tm it truly is!

[@klopad57]

Would you recommend a Roth 401k, Eric?

[@SkalCoranti]

​@@klopad57It depends on your situation, but for most people the Roth would be the better option. If you're in the higher tax brackets, the 'better choice' can tilt the other way.

[@RenStrider]

Thanks for these videos George, I didn't even know about LTC insurance until now

[@whyme7996]

It's hard to get and doesn't actually cover the costs of care.

[@nmh2800]

@@whyme7996You’re absolutely right. My dad paid into LTC and never received any benefit during his last year alive. Turns out a lot of these companies are either changing the terms or going out of business. Whatever companies are left usually attach the policy to an annuity or other investment as their source of funding and you have to pay for LTC services yourself for about 3 months (it’s called an elimination period) before they pay for anything. I would love to see George tackle this topic in more depth.

[@Aboite81]

You needed to insert the quote/clip from the judge on “My Cousin Vinny” for the Youths line.

[@pamcornelius9122]

“Yutes” 🤣

[@thisoldfind7377]

As someone who lives in Stl, you underestimate how much the olds love branson. But for real talk branson is kinda fun

[@greggpurviance7252]

Don't love any type of Branson

[@chrisjennaberglund-mn]

I’d love to see a video on how much you think people would need for retirement with inflation considered. Will we be spending twice as much as we are now on basic necessities?

[@nmh2800]

George - would love to see you make a video on long term care options and how it’s actually financed.

[@davidhollfelder9940]

Insurance in general: auto/homeowners annual rate hikes & health insurance premiums & rising deductibles (driven by inflation) have been a shock. January 1st is the nemesis. Second: big property tax annual hikes!

[@PVLocalFirst]

Thank you for another good video George, one thing I'd like to mention is how the words economy and ecology have the same Latin root word, eco, basically translating to home. To me, this shows that to have a healthy home, we need solutions that are both economically AND environmentally intelligent. With this in mind, the Federal tax credit for Solar PV and solar hot water panels is 30%. Additionally, grow some of your own food and cook many more of your own meals. Also, if you have a few empty bedrooms in your house, as you get older, find a decent person or two, do a CORI check on them, and maybe have them live for free for helping to take care of you as you age. This is a version of what i'm doing bow to get help for someone i do shared living with. By the way, when is our car ride?

[@codykoon5520]

Hearing George Kamel make a Let's Go Brandon joke was not on my 2024 Bingo card lol

[@AndasKnits]

Don't think anyone did! 😂😂😂

[@steveziminsky583]

Doing so reflected on George quite negatively. 👎👎

[@ginamwalker]

@@steveziminsky583nope, quite the opposite. :)

[@autumnjerene]

Nah. It made me like him even more.

[@BrianNC81]

Gas for the boat and jet skis will cost a lot with all that free time.

[@ericdonaldson4739]

I love this channel! Very informative and comical!

[@carlab1748]

George I always enjoy your Videos, you have such a great sense of Humor, Thank you for allowing me to Laugh and Learn at the same time. 😊

[@chazzkramer7676]

So... you actually play those guitars!

[@FredGorrell-j5w]

People may wish to see the previous link when looking at CPP

[@ClaxtonBay123]

Back to that 4% conversation. Careful now before Dave blows another gasket.

[@freedomring3022]

Oh look another anti Dave Ramsey circle jerker.

[@eegernades]

Yep. Dave always speaks so confidently on stuff he knows nothing about. It's childish from him..

[@gibblespascack1418]

The living expenses in retirement are about 53% of your income. The issue is that ~50% of Americans only have SS for retirement which means that they will not be close to $100K in retirement, so that 53% of living expenses could be centered somewhere around the income of a typical American on SS which would be somewhere near 1800/mo in retirement income from SS.

[@c7042]

Close: SSI is $1825/mo for me @ 75 years old. But I get $767/mo from a lifetime annuity. so $2592/mo or $31.2K/year. Also have some savings for freaky events if needed. I do OK.

[@gibblespascack1418]

@@c7042 Where I grew up in upstate NY, in my mom's friend group, the range is ~950 to 1800/mo from SS. Mom has a bank pension which kicks in for health care supplemental, but her other friends do not have the small pension or supplimental health care coverage. They do make it work, but that lower end is difficult, even in that community.

[@christinad1651]

Glad I found your show. House has been paid off for some time and just hit $1M in the 401k (should have happened oh about 3 years ago but LGB). PS: my father’s LTC facility was almost $11,000 a month.

[@john-o1g9p]

i am hearing the biggest no no is housing. so many sdvisors are leaning to renting or having a mortgage in retirement. that to me is like having a credit card you never pay off. wow bout a nice off grid cabin on paid for land?

[@dominicabollig1918]

LMAO- the grandson named Brandon

[@wildtill9]

Loved it - thanks for the laughs and great advice

[@freedomring3022]

my favorite are the people that think you need millions to retire ... you don't. Sure it will make your golden years easier, but you do not need millions to retire. Remember you are older. You are slowing down. You don't pursue as much "stuff" as you did when you were younger.

[@bvoyelr]

That'll be interesting to think about. "Wow, you only have an 85" 8k OLED TV? What's that, from 2028, old man? And what's that car? It still uses WHEELS? Yeah, who needs quantum antigravity thrusters."

[@VaLonFrandsen]

Can you tell my mother this, she amped up her hobbies after she retired.

[@freedomring3022]

@@VaLonFrandsen is her hobby buying useless shit?

[@VaLonFrandsen]

@@freedomring3022 Her hobbies are mostly new art skills. She started woodworking so had to buy a bunch for that. Started painting so bought a bunch for that. It's not useless because it helps create the art. But she's running out of places to put the art, and store the art supplies.

[@thedavishaus]

Anyone else wonder why Jeff Goldblum was in the thumbnail for a second? 😂

[@dzaonyout]

My take home from this is actually not the percentages for each item. But now I question how much I should have in my retirement for my age right now (40s should have 3x salary, 50s is 6x salary, etc based on Fidelity). These costs seem to be irrelevant to current salary. I think it comes down to living within your means and what you're used to with that 52% for living expenses. Fidelity suggests someone in their 40s has an average of 93k (from your other video) and Fidelity says someone in their 40s should have 3x their salary. If I'm making 30k/year, I'm right on target with the average 93k. If I'm a lawyer, I'm really short. From this video, some of the expenses appear fairly static for everyone except the living expenses. Would it be fair to assume that Fidelity's 40 should be at 3x salary is an arbitrary figure and we would need more logic based on our own expenses to determine where are balances should be at any age? In your other video, our balance would be 475k if and only if we contributed 625/mo. But, that's only helpful if 625 is correct, and if we were contributing at that rate. tl:dr: 4%, 5%, 52% of what? How can you truly tell if you're on target to be able to cover those line items?

[@gibblespascack1418]

When 50% of Americans have nothing saved, some of these numbers might be based on a SS income which averages ~$1800/mo. sure it could be up to $2600 if they waited when collecting SS, but most do not. 53% of 1800 is very different than a retiring person with 100K in income.

[@bvoyelr]

Agreed -- I think the percentages come from the inevitability that most people will lifestyle inflate their way to spending way more money on homes and cars and the like, so the percentages only apply if you're not being mindful about your spending. The obvious exception here is inflation -- your fixed expenses will go up quite a bit over time even if you do control spending. If you're frugal, though, you should have a good view of what your living expenses are, and you can treat that as your "salary" for the purposes of percentage planning. So in your 40's you should be able to fund your lifestyle for 3 years, in your 50's you should be able to fund your lifestyle for 6 years, etc. The key here is to not be charitable with yourself. If you're actually only living on 40% of your income, then you should by definition be saving 60% of it. Are you? If not, what are you spending it on? Do you have a reason to believe you won't be spending it on that stuff in retirement?

[@dzaonyout]

​@@bvoyelr Your last statement is kind of along the lines of my thought process as well. Fidelity should be saying that 40s should be 3x expenses you'll have after retirement, not salary. I hope to not be snowballing debt in retirement so to answer your question, with fuzzy math as an example... I'm LIVING off of 60% and spending 40% on debt pay off. So, in my 40s I should have 3 (.60 * salary) if I'm living off 60%. How are living expenses so high on average? Is the average person paying a mortgage still when they are retired? Me living off of 60% now shouldn't mean I'm living off of 60% of my income when I retire, right? Taxes, insurance, utilities are a lot cheaper than my mortgage payment and car note that accounts for part of my 60%. Especially as I'm talking this out, the averages and 3x income numbers don't matter at all. Your own person situation should dictate the retirement fund multiplier by age. I wish guidance was based more on reality (If I retire at 67, here's how to calc what I'll need a year, here's what you can expect growth in your account to be, and does that growth cover expenses, etc).

[@gibblespascack1418]

@@dzaonyout It is possible, that Fidelity wanted to make an easy equivalent number that people could understand, hence 3X salary at 40 yr old. The other possibility is that Fidelity thinks that your full salary is your budget, or your current salary will be your budget in 25 years (40 vs 65). Either way, you will only know once you get there. When I was 25, I had no real understanding of what my expenses could be at 65, but I projected, based on my 28.3K income, I would need $2.65 mil to deliver ~$106K/yr when I am 65 years old, in order to live comfortably. In order to achieve that, I would need to put away ~$500 per month from 25 to 65 to be ablet to have that quantity. So far, it has worked out pretty good because after 21 years of doing that, I calculated that if I did not touch that money(or add to it), it would grow on its own over the next 20 years to reach the goal.

[@CompleteInJesus]

For the point on Long Term Care expenses. I have great concern for those 8 out of 100 people. Anyone can become disabled at any age, including under 60. Long Term Care Insurance won't let you buy a policy if you already need care. If you have the luxury of not being already disabled, it's a good idea to have Long Term Care Insurance at any age just in case. I have always and will always need care because I was born with Spinal Muscular Atrophy. Only 1 out of every 10,000 people have SMA. 8 out of 100 is wayyyyyyyyyyyyyy more likely than 1 out of 10,000. If you need care and cannot cover it, you have to jack up your finances so you will qualify for government help through state Medicaid Long Term Care waiver programs. Nobody wants to do that. I didn't have a choice because I was born disabled, thus ineligible for Long Term Care Insurance. I usually love your advise. This one was scary though.

[@greggpurviance7252]

Sorry for your disability. For those who are not disabled (I am not one) it is a risk anylisis, just like everything in life. Of our 7 parents (including step) not one spent a week in long term care. The average stay is 2.5 years for men, 3.5 for women. Again it is a risk analysis.

[@pixfan2008]

Whoaaa @georgekamal!!😂😂 I have 3 curio cabinets full of precious moments! My boys say they'll trash them when I die, but my daughter wants them and recognizes their worth, to me, and money wise. She won't make a ton of money, but going into a roth would definitely make a difference. 😊😊❤❤😂😂😂

[@pixfan2008]

Creepy??? George, George, George...lay off of the precious moments 😂😂😂😂😂😂

[@pixfan2008]

@UCyE6J_YMYrpvvytaQcwET0g 🤣🤣 Do those digits connect me to the precious moments addiction hotline? 🤣🤣🤣🤣

[@jocelynwalters1266]

My curio cabinet of Precious Moments is just that, precious!! But I must say, this made me laugh out loud. Sometimes the truth is funny!😂😂

[@davisamills597]

I'm definitely concerned about healthcare costs when im 70+

[@logankillingsworth8725]

I love an hour north of Branson, nothing you said was wrong but next time go after pigeon forge which is the same thing only in your neck of the woods. Also come to the ozarks sometime

[@savanah1407]

Great video! Solid info!

[@damemethief]

One question I have about the need for long-term care insurance: If I max out my HSA every year while I'm young, keep the balance invested, and never withdraw from it at all, would that serve as a good alternative to long term care insurance since the balance would be high by the time I need it?

[@BadPhD777]

An alternative to long term care insurance is being self insured, meaning you can afford to pay the long term care bills from money you have. I did a lot of research for my situation, and decided against getting a long term care policy. Also, if you're poor, you can qualify for Medicaid, and it will be covered (my father qualified). Everyone needs to figure it out for themselves and not just get a policy when you're 60 because Dave & George tell you to.

[@BadPhD777]

Awesome idea! And if you don't need long-term care, you still have the money!

[@ritapearl-im3wv]

George: I love your solo videos. God bless. ❤🎉😊

[@Chussles]

This is the guy that's gonna take over when Dave retires. Keep it up, brother.

[@pamcornelius9122]

Long-term care insurance premiums are going up 200 percent by one major insurance carrier in 2024.

[@BadPhD777]

Some companies have bailed out on the long term care insurance business because they underestimated how much to charge and how much they would have to pay out. I've seen articles from people who have received their bill for next year, and it it was double!

[@abrahams.lincoln6749]

Raw dawg strummin’ it up. 🎸

[@Bur6212]

The china cabinet full of precious moments is a very real thing 😂

[@sallyprzybil2404]

Great job George! I had to laugh, cause this ole retired girl just came back from a vacation in Branson! Had such a great time there that I bought a house there! I think it was the yearly property tax of $900 a year that got me! Now all I need to be a happy retiree is a couple cases of Werthers originals! ……….and a Elvis impersonator of my very own.

[@Flownthecoup23]

Long term care costs skyrocket the older you get, if you can get it all all.

[@debragiovine9797]

George,,, Read. Relax and Retire. By Josh Scandlen. …

[@MrCaptSir]

how did you not use the 'My Cousin Vinny' quote for youths lol

[@DiscipleofChrist33]

George’s background music is oddly similar to Key and Peels Gremlin video sketch. Not to mention he kinda looks like the guy pitching for a googly eyed gremlin lol

[@driftergrey]

Precious Moments figurines 🤣

[@FighterDoc98]

You had me at "Let's Go Branson"!

[@GaryCouch-u8w]

My name is Gary and sad to hear I’ve been taken out of the will :-)

[@joelbennett1987]

Thought you dyed your hair with that thumbnail 🤣

[@greggpurviance7252]

Long term is way to expensive, not bargain. Health care costs are nuts & accelerating

[@TheGeckoIsKing]

For everyone watching, please avoid better help. In the past they’ve sold personal medical information, as well as pairing users up with “therapists” which had 0 credentials.

[@johnconner8437]

8:15 George go the jokes

[@alexmuir3974]

Let's go Brandon 😂 that's a spicey plug 🌶

[@jeaniecameron295]

Uh, inheritance is not a right.

[@yhckelly]

No retired household making 100k a year spends 53% of their income on basic living expenses.The median income for retirees in 2022 was $50,290. The "normal" gross income is lower than 53% of the 100k income you used in example. 52k salary isn't enough for retirement. I can't figure out why so many people are obsessed with putting the brakes on work if you're 62-67 when fixing your car will put you in the poor house. Working is way more dignified.

[@OutdoorGearCorps]

When did they replace George with Jeff Goldblum?

[@camgeiger]

George looking like he's about to explain how "life, uh uh, finds, a way" or maybe he's gonna try to sell me a way to find a new apartment lol!

[@gillfranz25]

Well, thank God my plan when I retire is to go back where I was born and be close to family. At the moment a family of four can live comfortably on $30k-$40k in Guatemala and my dual citizenship will help :)

[@conureron3792]

If/when I need long term health care , I plan to sell my house (won’t need it anymore) and finance the long term care with those proceeds. I’m not getting long term health insurance. Take what you would spend in premiums to self-finance.

[@dannyh9010]

At $7,000 to $8,000 per month, you better have a really nice house to sell.

[@conureron3792]

@@dannyh9010 - average stay in long term facility is something like 24 months; my home can easily cover that.

[@daraghmorrissey]

i'm relieved to see George is still allowed to talk about retirement after #4%8%gate when Dave went nuts at George for saying 8% was ok.

[@whobeyou5342]

George still has a job is a surprise after that.

[@tubenachos]

Old George is a sight to behold 😂

[@so.many.obstacles]

Yutes

[@dkstudioart]

I'm really puzzled about a couple things. If you are retired I'd assume you have no earned income, so how/why are you saving or investing at all? I've been retired for over four years, I don't spend all of my IRA's growth but I don't intentionally save anything either because I can't, I don't have any earned income. I'm actually spending a higher amount on health insurance, over 20%, not sure how so many people are getting by so cheap, it's either that or my overall budget is smaller than most. Health insurance is by far my second biggest monthly expense, not all that far behind my rent.

[@kimmcalister3594]

Probably influences the average cost that some are retired military. Retired military members at 65 or more have zero health care costs (or near zero) if they get their care and medications on military bases. Spouses pay some, but not much. This , of course, depends on all the care that is needed, and if it is available in their area. Tricare and Tricare for Life are HMOs so access can be limited.

[@kathyerikson637]

Life stages. Learn, earn then burn.

[@DaRKWizaRdGaming0]

How is it everything they think is 5% but it’s only 4%. Is that an editing mistake?

[@colinaylward9455]

African Buffalos make decisions by voting as a pack! Like if you finally learned something after this 9 minute video..

[@camgere]

#2 2:40 Investments. I don't "spend" money on investments in retirement. I set aside what I need for the year with a safety margin. I invest the remainder. Some low risk, some moderate risk. Some liquid, some 1 year, some more than 5 years. I don't "spend" any money on inheritance. They get what is left over. The real key is to decide how many years you could be retired. Say, 25. Analyse your 25th year. If you are spending down, you will have little income from investments. You will have Social Security and Medicare (assuming you qualify). Inflation is a huge concern. 25 years ago, a dozen eggs cost 89 cents. Getting through your first two years is easy-peasy. Getting through your last two years can be soul crushing. You have the highest expenses and the least savings. Plan accordingly.

[@motoryzen]

You made some very reasonable points here The Only Exception is I have news for you, Social Security is going to be gone in a few decades

[@camgere]

I'll be gone in a few decades as well. This is a serious concern for younger people planning for retirement. One of those unknowns. @@motoryzen

[@AbstractCatsMedia]

George, I swear if you pickup that guitar one more time! ugh! :P