What to Do if You Have No Money For Retirement and "IT'S TIME"

This video discusses what to do if you have no money for retirement and it's almost time. The average person has less than $10,000 saved for retirement according to the Federal Reserve Board's Survey of Consumer Finance. So while you are not alone, that does not solve the problem. This video outlines the critical next steps you need to do RIGHT NOW if you are retiring with no money.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[@YinusaSaheed]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@VioletJessica-]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@YinusaSaheed]

@@VioletJessica- That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

[@VioletJessica-]

@@YinusaSaheed My advisor is Victoria Carmen Santaella

[@VioletJessica-]

You can look her up online

[@FlorentGulliver]

@@VioletJessica- The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

[@noahzimmerman-yg6qt]

Great video, Another factor to add is Do they spend a lot of time planning their financial future? The majority of people do not engage in planing for their future

[@ralfbrown-kl1gp]

Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.

[@marcellasilva4015]

Thanks for replying, You seem to know much, How did you go about it and can you recommend an advisor like yours?

[@ralfbrown-kl1gp]

The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny, to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@FennaVa]

I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@Riggsnic_co]

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

[@bob.weaver72]

Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[@martingiavarini]

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.

[@TheJackCain-84]

Mind if I ask you to recommend this particular coach you using their service?

[@martingiavarini]

When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.

[@TheJackCain-84]

thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@RetirementContentment]

Turning 62 this year and I appreciate your posts so much, especially your respectful and judgment-free approach.

[@dee4435]

Well said, Mabel. I agree.

[@HolySchmidt]

Thank you both!

[@JerryStevens]

Schmidt: "Money and happiness don't necessarily correlate beyond a certain minimum." Thank you for saying that. We've saved and invested for retirement our entire lives but after the basics are met, the only thing money buys that my wife and I care about is freedom from worrying about money.

[@tedtassos3224]

So true!

[@waterheaterservices]

Exactly right

[@ValerieVitality]

Well said!

[@richardt1792]

When I finished grad school in 1982, there were almost no jobs offering pensions. My first couple of jobs did not have a 401K plans. My last job did. It seems like this transition from pensions to 401K plans was handled horribly. It is no wonder than so many retirees have little or no savings. All the information I got was a 10 minute lunch talk from Fidelity. They did provide free COSTCO pizza. From that talk, I was supposed to figure out how to save for the next 30 years. I figured things out on my own but it was clear, that few of my coworkers got the message. No savings, paycheck to paycheck, lots of credit card debt, car payments, ect.

[@happycook6737]

Yes, same.

[@michaeldube7344]

Geoff I see a lot of people around here renting storage units, and storing relatives stuff. I think a good money discussion topic would be measuring the value of items stored vs. the storage container month or annual rent.

[@tmusa2002]

Goodness YES! Unbelievable! Get rid of that stuff. If you need it again (which you likely won’t), head to a thrift shop and there that typical stuff will be. In an emergency, okay, but no more than 3 months!

[@randymillhouse791]

How about an instructional bonfire video?

[@CaptainDickGs]

@@tmusa2002Well the problem is we have changed our society view that we have to have new & that even if it’s in good working order & still purposeful but isn’t new we don’t want it. That’s the problem! I recently heard a guy looking at my neighbors for sale house that was immaculately kept & was one of the nicest homes in our community complain that it was 30 years old. You would have never known it was built that long ago & it was build better than these cheaply made expensive homes today.

[@tmusa2002]

@@CaptainDickGs Yep, and those same young adults buy fancy homes, new cars, and whine about their ballooning student loans… 🤡

[@Ted_E_Bear]

Thanks for sharing the information !

[@mitzi8100]

This video showed up exactly when I needed it to. Thank you. And it does help to know I'm not the only one!

[@tinalippincott9823]

Always the voice of reason. Thank you, Geoff, for your much needed perspective. We appreciate you!

[@sandradavis7132]

Thank you for putting yourself back in the thumbnails for your videos - helps me recognize at a glance they're yours and not YT's algorithm shoving other stuff at me. Appreciate what you share on here!

[@victoriajloveland3144]

I really appreciate the compassion you brought to this subject. Thank you

[@trextrextrex]

WoW.Real good advice. Especially about lifestyle

[@boutiquebabe]

Thank you for your video's! I'm 58 yrs young but everyone of your videos help me prepare and are super educational!!

[@pathoff7791]

Always good advice

[@LisaSimplified]

Your advice brings me so much peace. Thank you!

[@HolySchmidt]

You are welcome!

[@mikerobertson3237]

Every one of your vlogs are so very informative and appreciated. Thank you!

[@HolySchmidt]

Thanks for the kind word Mike!

[@maryrudelich9000]

Love your show, and I never miss an episode. It’s your presence and content. Holy Schmidt!

[@HolySchmidt]

Thanks Mary!

[@cricket6410]

Thank you so much for the clear actionable incremental advice!

[@HolySchmidt]

Thank you Eileen!

[@jackiefields1607]

Appreciate your practical advice.

[@HolySchmidt]

Thanks Jackie!

[@inquisitivelycurious2187]

I love your videos they are very educational, and I love your humble demeanor. The fact that you offered options for the folks to find side hustles, made this one all the better!

[@noliqhwazwane8646]

So true.

[@kevin7151]

Geoff, very informative video as always. Thank you for putting it out there. One challenge for folks looking for work after 55 or 60, is that a number of employers show a reluctance to hire at that age, regardless of skills or experience. Perhaps a shift is happening at the moment that will be more favorable to those of us who are on the mature side. With respect to timing of taking social security, you may have covered this, but you should lay out the age of equilibrium for those who take it at age 62, versus FRA and 70. In my case, I laid out the cash flows and determined it would take 12.5 years of time to make up the cash flows between FRA (67) and 70. This assumes I get no return on the cash flow for the three years in between. If that money was actually invested, it might stretch to say 14 or 15 years. So, my view is that I would prefer to have that cash earlier, and that my probability of living to 85 or beyond as a male is about 50%. So, I my case, I expect to draw at 67. I do recognize everyone's situation is different and that they have to determine what works best for them. Thanks again.

[@OMGWUNSIU]

Always great content explained perfectly and not so fast so that we don’t get it. Perfect!

[@HolySchmidt]

Thanks very much!

[@alabemos]

Thanks for your video. It's great to see a video addressed to the people who need the most help, rather than one saying, "If you only have half a million dollars saved for retirement!" One additional thing I did was to have any raises I got in the last two years of work go directly into an IRA. I also managed to get my outgo down a bit and had that money go directly into the IRA as well. Not everyone can afford that, but when less comes in your paycheck, you are less likely to overspend, so it is good for anyone who has a little to spare.

[@anniesshenanigans3815]

Thanks for all your informative videos.

[@HolySchmidt]

You are welcome Annie!

[@Jkaye13]

I agree!! And plan to focus more on exercise to get in better shape.. already eat fairly healthy, but plan to expand the garden once l retire and have more time to work it..

[@viabell1428]

Thanks for a great video!

[@robynsmith844]

Thank you for this!

[@HolySchmidt]

My pleasure Robyn.

[@morningglory7118]

Too late for me... So I recommend to everyone young to start saving as much or little for when they get there, they will be prepared. I never saved and now I have to rent and I never have enough money to buy enough food after paying electric, gas, water, truck ins and $25 phone plan a month. It's a hard life for me now and I don't want anyone else to live like I have too.

[@teams3345]

I am glad I retired at 57. SS eligible in 7 months. I decided to take early. Makes sense for me.

[@daveschmarder-1950]

I became retired at 57 too. I started SS at 62, but the next year the ACA became active. Had I kept my SS, I would have lost some subsidy. I suspended the payments until I was at my FRA. No pension, but a reasonably good stash.

[@MS-ih8tg]

Well said Geoff

[@HolySchmidt]

Thanks M S !

[@lindad6223]

I paid off my mortgage last year - no debt! It sure helps. Maxing out my savings, take home the last year is about 15% less than my SS / Pension total. Retirement scheduled for December - before the stress takes my health. I do get nervous sometimes - and then realize that I was able to move a little extra money into a brokerage account.

[@paulclark4891]

Another great video!!! Thanks!!

[@HolySchmidt]

Thanks Paul!

[@esthernoel3793]

Thank you! 💚

[@HolySchmidt]

Hi Esther - you are welcome!

[@Neal_only1]

Great show

[@HolySchmidt]

Thanks Neal!

[@terryB4713]

Always appreciate your information Geoff. I share it with my children and even my 93yr old Mother! I have instilled in my children to treat their retirement as a Bill always contribute to a work retirement plan even if it's just $50 a check better than nothing and you won't even miss it. Otherwise they'll end up like this Video.

[@HolySchmidt]

Thanks Terry for the nice comment. See you on the next one!

[@bigredgreg1]

Good content. 👍

[@HolySchmidt]

Thanks Greg!

[@focusedfreebird]

Very informative.

[@kevinfestner6126]

I attended the University of Heidelberg in econ. I am turning the Schmidt curve on its head - Marginal Utility, or Marginal Happiness - to design a retirement life plan. I am now trying to design a retirement life I never want to retire from. Your S curve is well reasoned. I am close to my FIRE number, not considering SS. Lots of food for thought. Assuming each additional dollar spent may not contribute to happiness worth a dollar more, I am designing a life in which I can maximize Marginal Happiness in retirement. I am glad I met you Geoff.

[@HolySchmidt]

Thanks for the comment Kevin

[@AlamoDon]

Great video

[@HolySchmidt]

Glad you enjoyed it

[@MrWaterbugdesign]

There's a bunch of retired guys with no savings, less than $1500 SS check, many less than $1000, living in SE Asia, mostly Philippines. Living very well, many right on a beach, with a beautiful Filipina in her 20's. Doesn't seem that bad.

[@MaggieClarkSLC]

I love your videos! You are so helpful and not judgmental!

[@guppers8064]

Love your vids man I made a mess out of my portfolio

[@HolySchmidt]

Thanks for the comment Guppers

[@Angel-nu7fm]

Schmidt, a guarantee found financial security would be to slowly work up to tithing. 10% to charity. I've done it for years. It DOES work. Say you can't afford to? No, you can't afford not to, especially if you are in this position. Start slowly, with an extra buck.. whatever is your in pocket net, not gross. You made 100 but only got 90 after tax? Your tithe is 9. Slowing increment your way into this. It WILL WORK. For those with nothing, there is no other choice. Remember, you will get what you NEED not what you WANT

[@billyoung8118]

Am 54. Started in my employer's 401(k) 5 months ago with 10%. They do a 50% match up to employees putting in 6%. So I'm actually getting 13%. Literally started with zero. Have had T1 diabetes since childhood so I know my retirement will not be as long as most people. Because of this, I'm expecting I will be fine. Plan on increasing the % contribution with each raise. My main goal now is to be absolutely debt free by retirement. My job is a spreadsheet analyst, so I can work well beyond normal retirement years.

[@HolySchmidt]

Sounds good Bill.

[@bhinbayoucity5691]

Also, what many forget to realize, that when one turns 62 (even if they're not claiming SS til 67 or 70), that the COLA increase kicks in starting at 62, n is built in to the amount one would get if they file at either 62 or wait til 70.

[@HolySchmidt]

Good point!

[@saraw112]

Thank you - I have a question about this I’m hoping you might answer. So the the statements we get from social security (or on their website) do those figures include the COLA? Or can we add the COLA to those figures? (I’m hoping it’s the later) I’m hoping my question makes sense. As an example, my social security expected amount if I collect at 67 will be $2600 (I’m 60 now) and my expected amount at age 70 is $3200 (as listed on the social security statements) - should I add COLA to those figures? Thanks again!

[@johnscott2746]

@@saraw112 they can’t add the COLAs because they don’t know what they will be yet. If you check your statement each year you will see the figures increase due to the COLA that has been declared.

[@saraw112]

@@johnscott2746 okay thanks (I thought maybe they used a flat % for the cost of living…) so it’s good news then! The amount I will get will increase over today’s statements. I realize things will cost more too but I live simply and don’t buy much… thank you 😊

[@theoracle10]

The title of the video is misleading. I'm not interested in if I'm years away from retirement and don't have enough saved. I'm interested in if I'm right at retirement age 65 or older and don't have enough saved. I guess your solution for that is to keep working.

[@Susanne-zuku]

Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals..

[@CheshireGrins79]

And then there is folks like my mom that lost my dad 4 years ago(just retired at 62) he was the high earner and was a month away from drawing at 63. He didn’t do any insurance much to our shock and mom ran through her savings trying to stay in her house and desperately wants to retire but can’t afford too. She will be lucky if she can at 70.

[@kenpumford754]

Unfortunately we know three or four couples with school age children where the wife had to jump back into the workforce full-time when her husband passed away without life insurance. Their life was completely upended because the husband didn’t spend $30 or $40 per month on a $1 million life insurance policy! One lady’s husband died from a heart attack while on a business trip, and she and the kids had to move from their million dollar neighborhood back to Nigeria (they were immigrants) because she had no way to earn an income in the US that would allow her and her family to prosper here. Sad.

[@pensacola321]

If you leave your job with insufficient resources you are unemployed not retired...

[@rhondashuman7730]

Thank you

[@HolySchmidt]

You bet Rhonda

[@guysview]

Growing up poor in rural MN a person does not require much to get a lot of enjoyment out of a modest retirement.

[@lonestarcj8132]

Dan Aykroyd look alike much? Thanks for the info.

[@sherryxiao9735]

Keep working

[@HolySchmidt]

Always a strong option.

[@ronsmith2241]

The time to start saving for retirement is in your FIRST pay cheque. I've been retired 23 years when I was 54 and my finances are absolutely fine. I am 77 now. With every dollar you can either SPEND or SAVE. But only one. When you retire its a bit late mate to start savings. I worked as an accountant most of my working life.

[@christinebutler7630]

I saw the movie "Nomadland" and took notes. Also subscribe to Bob Wells' channel. Preparing to do van life in my old age.

[@grannygoes7882]

People do it!

[@tracymorgan5386]

I’m seriously considering it or buying a tiny home.

[@christinebutler7630]

@Tracy Morgan, I always wanted a yurt on a bit of property....the difficulty for me came down to not being able to afford acreage, and being afraid that eventually I may be unable to manage it. I wanted a little yurt and a self sufficient t off grid homestead, and an organic garden/small farm, a couple horses and my dogs. But caring for all that may become impossible in my later years and I have a responsibility to those hypothetical animals. If I dropped dead in the back 40 and the place is so remote that nobody would find me, what would happen to the furkids? In a skoolie, if it gets to where I can no longer drive, I enlist rescue help and find homes for my two dogs, drive off into the desert and disappear. Easy.

[@tracymorgan5386]

@@christinebutler7630 a yurt or schoolie would be a great idea and I love Bob wells he is the one that got me thinking of van life, rv living etc, never gave it a second thought until I by random came across his channel but I’m a person who come to believe very few things are random you are meant to find it.

[@firehorsewoman414]

I was always enamored of the “cruise constantly” plan. Someone feeds me, cleans up after me, entertains me and there is always a lively community of people surrounding me and when I want downtime, that’s available too. No car insurance or house insurance to worry about, or fuel groceries and utilities. Just find cruises less than 1000 for at least 7 days at a pop and call it good. Doesn’t have to be a suite. [edit: and no driving - that’s a win for me]

[@grannygoes7882]

Watch the movie "Happy" on Amazon. You'll see that happiness has nothing to do with money. Yes you need to keep a roof over your head and some food on your table but there are places you can do that with little or no money. I know some rich people, insanely rich people. They aren't happy. Look at all the celebrities who commit suicide.

[@christopherhennessey8991]

I have a pension that I have been receiving since age 55,fortunately.. Began collecting Social Security at 62.

[@HolySchmidt]

Thanks Chris.

[@seankmath2214]

Thanks

[@HolySchmidt]

Hi Sean, my pleasure.

[@theitsolutionist]

I'd be curious if anyone has had success using Upwork as side hustle. From what I have seen, most projects require a time commitment that precludes having a full time job.

[@gk6421]

I've been paying SS since I was 14. Now I'm 39 and nothing will be left by the time I'm at retirement age. Trying to save now, but it's almost impossible to put anything in savings. Especially now. Boy, do I miss 2019-2020. The best years of my financial life.

[@HolySchmidt]

Yes the world has changed a lot in the last 24 months. Things usually work out if you stay focused on your goals. I feel like 2023 is going be a great year.

[@gk6421]

@@HolySchmidt I'm going to remain positive, as well.

[@fredgardner2870]

Trump

[@johnemms6824]

Sorry for the late reply. If l can be of help: in my early 50s l was walking the dog twice a day, wondering if that was the end of my working life. Now at 65, the agencies are in regular contact. Living like l am already retired, l have enough income to pay my wife's Medicare and compensate her for deferring her Social Security. It may be that you already have a good 10 years contributions "in the bag", but just watch out for WEP that does not appear on Social Security forecasts, but does get a small footnote when about to claim. If Social Security can currently afford to pay some people over $3000 per month, there should be enough for all, and l would not be too concerned about it going broke! Good luck with the next part of your working life.

[@gk6421]

@@johnemms6824 thank you for the reply. Unfortunately, I've only had a 401k for a little over 2 years. I just switched to a Roth though so I don't get hit with taxes when the time comes. Just trying to do what I can at this point. I wish I could put money in savings as well, but it is nearly impossible when we are all being financially ravaged in every aspect of life these days.

[@lonniemorrison2987]

I took SS at 62. 3 months now. First couple months...rock and roll! NOW. I may have to get some extra income to pay for extra vices. I get 885 a month. I have no mortgage, no car payments. Which is fine if I never leave the house. So I may need to get some extra income for extra money and to combat boredom.

[@edhcb9359]

You are able to live on less than $30 per day?

[@thatguyoverthere8355]

3months to boredom?

[@Jkaye13]

I'm trying to figure out how a person can survive on $885 a month.. even without a mortgage or car payment 🤔

[@gerardlizanolatam7634]

Would like a video if it's better to wait after full retirement + 1year and continue working full time until 70 instead of waiting until 70 (1955) to claim even if I have a long longivity I know every case is different thanks for your opinion.

[@targadave]

Great advice as always😀 The Schmidt curve makes perfect sense. I think another curve you should develop is the retirement health-happiness curve. I see far more people pay proper attention to their financial retirement goals than they do to their retirement health goals. Let’s face it, most of us tend to get far worse at staying fit and healthy the older we get. Health ends up being a huge happiness (and even cost) factor in retirement. FWIW my extravagant retirement purchases include things like a race level carbon stand up paddle board, a high end open water triathlon wetsuit, wing foiling gear (see avatar), a fancy-shmancy gps fitness watch, and minimally processed organic food. They all get used extensively!

[@user-zv7yi6kk8p]

سسيررريرر

[@HolySchmidt]

Sounds awesome! I want to be you!

[@PitDaddy]

I'm not retired yet but purchased two nice mountain bikes. Totally agree with you!

[@danieldesimonedanny1827]

If you have no savings at 62 you did not plan very well. Lack of work ethic & not having a marketable skill is a problem.

[@retirementbootcampoff-grid237]

daniel desimonedanny Actually, that is/those are TWO problems. 🙂

[@cyclops9125]

It's sad

[@hokeywolf3416]

Stay on your feet. Greeter at Walmart is an option.

[@PInk77W1]

I’m 61 Bought a small home cash $23k No debt at all Retired $3600. A month take home. $40k in savings. Life is good

[@edhcb9359]

$23k trailer?

[@djpuplex]

@@edhcb9359 tent probably

[@LolaGamer]

I live in a small town in Nebraska, I purchased a 2 bedrooms 1 bath house (NOT a trailer) for $25k cash with functional full basement. So I believe @Him Bike.

[@PInk77W1]

@@LolaGamer u got me beat. Nice.

[@happycook6737]

@@LolaGamer How expensive is heat in the winter? I always liked the idea of living in Iowa or Nebraska but not sure of costs.

[@The_Red_Pill__]

They really should change the catch up clause to include: those who have been within the poverty guidelines should be about to increase the catch up amount to the current full annual amount for each year they met the poverty criteria. For example: if for 5 or 10 years of your working life, you met the poverty guidelines criteria, you should allowed to contribute an additional 27,000 per year for each of those years. If someone didn’t have the means for several years, but now they finally do, why further limit, prevent and punish them? It benefits everyone to let them make up more of they can now. Let’s face it, not many people will have the means to put more than 27k away each year, but if some are able to reduce expenses, get an extra income and can posit aside more, if they truly couldn’t save in the some past years, let those folks truly make up for it if/when they can. Put the limits on those with a lot, but not those who never had much.

[@DrSchor]

Lets face it: outside the lottery, no one who has a lifetime of low earnings can come up with 27K extra a year. These unfortunate souls need a real plan. Frivolous comments give false hope.

[@davidfromamerica1871]

My retirement plan is a cardboard sign.

[@6461791]

I understand waiting on SS increases. But, SS is still a -4% Even if I am wrong? Would it not be wiser to take SS at 62, and invest the money? I think the rate of return would be greater, investing the SS at 62 v. the interest waiting until full retirement. If you can? Any thoughts and comments? Or make a video on this topic alone? I think many subscribers would benefit from this thought? What do you think? I really like your channel...Thank you!! Holy Schmidt!!!!!

[@johngill2853]

Social Security increases by 7 or 8% a year, can you get that investing guaranteed or with little risk? Do you work? You know the penalty for collecting Social Security is 62 and working? There are many factors to decide when collecting Social Security thinking you can get a guaranteed 7 or 8% return is very risky. The stock market is only returned 8 to 10% on average and that's a hundred year average and it may not pan out in a little short time span

[@allanpeters596]

Just to clarify - my son has been a working musician in a heavy metal band for the past 16 years. Yes, some fame and lots fun but no jet. But, I understand what you mean - most rock stars aren't that wealthy

[@pensacola321]

Holy 5h1t. I like Schmidt.

[@LuckyOne3749]

Geoff, Please do a video to compare happiness in retirement between "physically healthy, less healthy financially" and "in poor health , financially healthy" folks

[@artstewart1894]

Yes, I think this would be an interesting comparison. From what I have read and studied, and from my own anecdotal observations, folks who reach retirement age with their financial life in good order tend to be healthier and happier. Those who have lived paycheck-to-paycheck, then retire early with only a reduced SS benefit, tend to have more health problems and more negative outlook on life. Good health and financial success seem to go hand-in-hand.

[@claudelegree7450]

Yes, that would be an excellent topic.

[@Jkaye13]

@@artstewart1894 That may be dependent on the job they had.. as from what I've been reading, most people quit their job/ retire early because they want out of a stressful job that they hate.. getting out from that stress is definitely going to improve their health. Conversely.. many people that loved their job continued to work until 70 or later even though they didn't need to..

[@dmdm8018]

Informative but you advisors never seem to mention that after certain age, it is next to impossible to get a decent high paying job. Corporations start to fire us after even 50 due to age discrimination and expensiveness. Yes, it is illegal, but it happens everyday. They are reducing us to only low paying clerk type service jobs if we are lucky or have the health to do any type of service labor type job. It’s such a cruel system.

[@happycook6737]

Correct!

[@sammencia7945]

Hmm. NO money? 12 months. Pay off all credit cards and your car loan. Sell most of your possessions on eBay. Keep the car. Move into a studio apartment in a safe but cheap area/town/city/state. If you have a house sell it and keep any proceeds. Yes you can rent rooms but people are dodgy in 2023. Take the $1k/month SSA @ 62 and keep the $50k [?] as a rainy day fund. Alternatively you can sell it all and move to another country. Some places you can live on $700 a month but this requires the soft skills for living internationally.

[@RebaCampbell1984]

I've listened to your videos. I did 2022 tax return for age 72, using the programs the IRS offers. The tax program taxed $1800 of my social security, because I made just 25,200. You state that after 70 no Social Security gets taxed. !?! I had income from renting part of my house, but had some major expenses for repairs, so the profit was only 2,000 for the year. Why was my Social Security payment docked by taxing $1,800? Seems so unfair for seniors that can not keep up with inflation.

[@happycook6737]

Many libraries have volunteers to help seniors file taxes. Call yours and ask.

[@RebaCampbell1984]

@@happycook6737 thanks I looked into it. Nope. Very small community. Will talk with the Family Resource Center, though.

[@realsteel8113]

Let’s not forget that salary is taxed, SS is not(in reality), so the difference is actually much much less.

[@oldsesalt8496]

I'm pretty happy living off my Social Security and having a big chunk of money in my 401k.

[@rjperez1554]

Some people commit a crime to go to prison because they will be given three meals a bed and free medical. Gym time and school classes

[@DrSchor]

I have often wondered why I don't do that myself. You have to do it right. The way to do it is a white collar federal offence. Going to work every day is hard work. Retire at Club Fed.

[@davidpowell3347]

I suspect that a lot of households where the wage earner(s) are approaching retirement age with inadequate savings/assets have been shelling out a lot of money for educating their children with such as high college costs or paying service on heavy indebtedness towards their children's student loans.

[@HolySchmidt]

There are a lot of reasons of course, and that is one of them.

[@myvenusheeler]

Don't forget being laid off several times over 40 years or divorce or a company being bought out and the new regime cutting pay etc.

[@guppers8064]

Hi jeff

[@nala3038]

Social Security was designed to replace 40% of what you need in retirement. You were responsible for the rest. You had at least 40 years to save for the rest!

[@NickKravitz]

You talk about the S curve then draw an exponential curve. A more common visualization is to show retirement income on x axis and happiness on y axis, which is usually estimated by a logarithmic curve. i.e. 10 times as much money gives you twice the happiness, 100 times gives you 3 times etc. Pretty basic info but entertaining.

[@herb7877]

I'd be curious to know if there have been any studies or statistics done on people who realize (or procrastinated ) they have little to nothing for retirement as they approach the age. I worked in the finance field for 40+ years and counseled numerous clients. I didn't keep any stat's but my guess is that less than 10% changed their lifestyle or did anything about it. I'd see these people every few years and their balance sheets hadn't changed much. Econ 101 tells us that the propensity to save and the propensity to spend change very little with time or income. If it weren't for home equity a lot would have serious economic issues living on just SS.

[@tonyfreidhoff2527]

There is a problem with this...Salary isn't take home pay. My take home pay is 45 percent lower. You would be better off figuring take home pay.

[@corndog5251]

Can a person retire early because of a disability and still be happy is that possible?

[@joethecomputerguy1]

Haha. I guess I lived like I was in retirement since I started working. Mom was really smart even though she had a GED and was a waitress most of her life. She taught me all I needed to know about finances. Live for today but save for tomorrow. Work hard and be the best that you can. I started saving for retirement when I started working. I lived under my income level all my life putting retirement savings first. With all that I retired at 52 and living a very comfortable life for the past 5+ years.

[@michaeld2613]

Congrats! That's my goal as well!

[@billygnosis6976]

what about folks that were diligent and responsible but clearly can not relax regarding how much they put away. I hear a lot about those who didn't...how much is enough? I know the yard sticks and such but from an emotional level

[@johnscott2746]

A wise man said “once you have won, stop playing “. I think it’s not how much money you have, it’s how much income! If your investments more than cover your expenditures then you have enough. Best wishes!

[@firehorsewoman414]

There was an interesting article in The Wall Street Journal about that - people save, save, save and then when it comes time to retire they are afraid to spend. Not advocating being irresponsible, but I will probably spend more the first few years while I can still travel etc. Later when I am elderly 80s (if I make it) I won’t need as much “entertainment” money. My lifestyle will be more sedate.

[@islandhopper100]

actually the opposite is true....the more objects you own the more of a slave to those things you become. True freedom occurs when you have very few things and lots of time with no pressure to earn because you do not want those objects. Challenge for me at 70 is getting rid of all physical stuff down to what i can carry on my back. Deadline is March 2024 and I feel such a sense of relief at saying goodbye to all of this goop.

[@Jkaye13]

Are you living in a tent?

[@tomj528]

I've had a lifetime to explore happiness vs spending and I've learned over and over that spending is in fact inversely proportionate to enjoyment as finding free or lower cost alternatives greatly increases personal satisfaction and eliminates the regret that often accompanies spending, especially thoughtless spending. This past week I finished our income taxes, made our retirement account contributions and then filed electronically. It was a little rougher this year as we got a few last minute "curve balls" but once again I found the "true path" and ended up with numbers I'm very pleased with. To celebrate we had one of our classic "Friday pizza and movie nights"...I made pizza from scratch; a sausage, mushroom, onion and a pepperoni with onion and we watched a classic "Happy Harmonies" cartoon short followed by the main feature (The Shining). About halfway through the movie we had an intermission and played a few 80's music videos while I made popcorn on the stove top with the popcorn that we buy once a year when it's on sale for 50 cents/lb and then it was back to the movie with the lights off and happily munching on the popcorn. The content was all free, the food was $1.50/person and it's hard to imagine a nicer evening at any price. Along with buttoning up our income taxes I've been wrapping up our "fiscal year" and seeing what we have left over to sweep into long term savings and investments. We spent even less than we had the year before by a good amount and are saving more than ever despite inflation and I'm confident that our efforts in dodging inflation will be successful going forward. Cheers!

[@4040smokey]

Folks approaching retirement should consider social safety nets. EBT, Medicaid, Section 8 housing, food banks, senior centers etc... Truly the best things in life are free and time is limited. In fact, making a last ditch run at savings may disqualify them from the social safety net programs.

[@tracymorgan5386]

That’s true except the senior centers will still be available for free or low cost meals, exercises, social activities and day or weekend trips that are very affordable. This provides interaction that helps keep the senior healthy and not drain what ever savings they have on medical bills.

[@Hawkeye2001]

Another advantage to delaying retirement; you're "Nest Egg" won't have to sustain you for as many years.

[@exltd001]

With your 55k/yr salary you need to really compare after tax income vs the SS because if you just have SS you will pay no tax. So for example in Missouri the $55k salary after tax for single is $3653/month vs the $1200 or a difference of $2453/month rather than the $4583. Still a big difference but much less of a difference that you show. And get a part time job and the difference can be only $1200/mo. Also with the 55k you are probably doing a 401k match 6%. So really your after tax and 401k is $3450/mo for a real difference in monthly income of $2250/mo. And again get a part time job and you are off by only $1000/month

[@edennis8578]

And that's if you spend your entire take-home pay every month, and plan to continue spending the same amount after retirement. My husband takes home $4,000/month, but our base expenses are $2500. (We live on his salary; I haven't had a paying job since 2004.) That's what we're looking at for our retirement budget, $2500/month. Our ss will be about $2400. He also has a 401k that has risen 40% in the last year, after doing very little for the last 20 years under 3 different management firms (thank you, Principal, bless you!).

[@patriciariddle2997]

I am 65 and still working. I have been working towards my retirement since I was 21 years old. I don't understand people who have nothing as they approach retirement. I never bought fancy cars or took fancy vacations. I live in the same house I bought in 1977. I enjoy life but I want to retire and enjoy my golden years. I have saved up for it. I guess I find it hard to feel sorry for people who spend everything and end up with nothing.

[@clwest3538]

Married? Divorced late in life? Death of spouse? Any Children? Ever lose a job unexpectedly - maybe multiple times? Face education or age discrimination? Ever have a child in 'crisis'? Delt with health issue? Been in a car accident? Been through natural disaster? Or maybe just never taught / learned about finances ... Perhaps having trouble understanding 'all this money stuff'? Many many reasons people find themselves in rough situations - I find it rather harsh to be so dismissive of them. I would think there are very few who 'spend it all up ..' Which is why I enjoy these videos.

[@patriciariddle2997]

@@clwest3538 Apparently you don't know people like this. I know many who have spent all their money and it wasn't on emergency things. I have been through most of those things you mentioned (no natural disaster) and I have worked through them. The people I know just expect the government to take care of them. Those are the ones I don't feel sorry for.

[@seymorefact4333]

👍🏻 hi Holly Schmidt... Son going to college in fall. Should i just sell my mutual fund or get a student loan. Estimated cost for 4yrs is $140k. Is interest deductible? Thx

[@happycook6737]

Do not finance son's education. He needs to go military and earn money for school. He can go to community college and transfer to university. He can work and go to school. Taking on HUGE debt in this economy is suicide. Real Estate market is said to be a bubble. Stock market is extremely volatile and there is a global pandemic. Also, what is son going to study? Something in demand leading to a high paying job? One of my smartest students went votech. He graduated as a plumber. After 3 years as a plumber he had enough cash in hand to go to university and pay cash for it. During those 3 years he finished off the general education requirements at community college. He did plumbing part time while in university. Graduated university in 2 years. Anyhow, I think it is the struggle that builds character.

[@seymorefact4333]

@@happycook6737 believe me...I bought this to my son many many times. Everything you said. It's created friction between us. As of right now... it's business major. A BILLION of those every year. I told him, that is going to be very very competitive. I'm just tired of arguing with him and made peace with paying for this ridiculous sum. I did advise him... he will pay for 1 of the 4yrs. I just need options. I'm financially doing decent. Prepared for retirement in 7yrs. But, just the idea of $140k ... that's still tons of money to me. Unless, the market hits a depression..I should be OK. Just need options to pay.

[@seemagrover4228]

No social Security for majority of india

[@dmdm8018]

I hate this fancy words gig work, it is nothing but temp job. The current job shortage won’t last, whatever the non hands on jobs can export to India , they will send it and leave us out to dry. That’s the reality sadly. Such a cruel system.

[@abrahams.lincoln6749]

No $$ = no retirement

[@randymillhouse791]

I SWEAR TO GOD AT THIS TIMESTAMP! There was a "FLY EMIRITES AIR" commercial on this video that showed people SPENDING MONEY FOR AN EXPENSIVE TRIP! SCHMIDT! Why do you allow this? Did you take that flight? Are the "like & subscribes" paying for the hypocrisy?

[@DrSchor]

It is hypocrisy to play dumb. Why do you allow this? So he can make money to retire on, of course. Get off your butt and start a youtube chanell so you can cash in on the emirites ads yourself!