Don’t be the richest in the cemetery.

@SoCal9705

15 күн бұрын

The idea isn't to be rich in the cemetery, rather to leave something for the next generation in your family.

@timothykeith1367

15 күн бұрын

​@@SoCal9705True, when your kids are raised with humility and responsibility, generational wealth is a blessing

@marylandmike7655

13 күн бұрын

@@timothykeith1367 I couldn’t have said it better! 😁

It’s tiring to keep hearing about the 4% rule and no one has enough to retire….. our S.S. Will cover ALL expenses when we hit 62…. we are DONE @ 62 with about 900k in IRA’s and 401k’s…. NO DEBT IS CRUCIAL!

@daisyreinacher5022

14 күн бұрын

Hope some of those are those are Roth Ira’s.

@bradk7653

14 күн бұрын

@@daisyreinacher5022Actually sometimes you don’t want it to be all in Roth because that often means that you paid too much tax up front. You might want to keep enough in your tax deferred accounts (or taxable accounts) that you can fill up your 10 and 12% tax brackets throughout your retirement years. Also when retiring prior to 65 you probably want some in your tax deferred accounts so you can generate enough income to qualify for the Obamacare subsidies.

@daisyreinacher5022

14 күн бұрын

@@bradk7653 absolutely correct! That’s why I said “some”.

@marylandmike7655

13 күн бұрын

@@bradk7653 great advice! That is precisely my plan, convert just enough to stay in the 12% bracket to get me to 63, I believe there’s a 2 year look back when I hit 65 Im hoping to get at least half converted to Roth before then! Thanks for chiming in☺️

@marylandmike7655

13 күн бұрын

@@daisyreinacher5022 I’m hopeful to get at least 1/2 of it converted before I’m 63, thanks for chiming in! ☺️

Some people’s property tax alone is more than all my yearly bills combined living on a small farm.

Title is so true for those who saved and invested, yet so many are worried about RMDs! Meanwhile first RMD at age 73 is less than 4%. I retired in 2007, just in time to see my 90%+ all stocks portfolio lose about 60% in the next two years. You bet I cut spending! Market went from aver 14,000 DOW to about 6,500. Now it is over 39,000... Fortunately, I didn't panic and pull everything out and "lock in" my losses. I have since adjusted my asset allocation to less aggressive.

Eating out is RIDICULOUS currently! Can't wait to retire so I DO have time to cook!!

fabric. and sewing supplies. I may need to tap my IRA before the end of the first year if i don't get it under control.

@LadyCatherine538

15 күн бұрын

I will happily send you mine.

I realized unless I go into a nursing home I will not come close to spending my retirement savings. I am doing Roth conversions so my heirs will be able to enjoy my money without tax consequences. I thought things would be so different. I just don't have the desire to do the things I thought I would do in retirement. My health is fine, better than most 72 year old's. When one is younger (less than 60) one has all this "energy" to do things and travel. You just can't wait to retire to do it all. Then you work until 68 and do some things the first few years but run out of desire and "energy." Fighting the airport experience and then being herded on a boat to wait in line for everything or herded on and off the bus having a couple hours to see the tourist spots. I am done with all of it. Thought I'd play more golf and hang out with new friends. Nope. Golf game went to hell with age and lack of flexibility making the experience something just to be endured once/wk. New friends are kind of tricky. I have come to the conclusion what Harry Chapin sang in one of his songs: "old friends are better than new friends because they know where you've been and know where you'd like to go" is absolutely true. Besides, at my age you befriend a guy or two and the next thing you know they have a health issue and they either pass away or can't do much. Unfortunately, I left my old friends to move to Florida to live the dream and now I am drifting thru a retirement nightmare. It is too hot to do anything even if I wanted to. So I sit in my recliner, watch KZread on the computer, take naps and wait for death I guess. I can't see anything positive for me into the future that is for sure (the wife loves Florida). They tell me this is the quickest way to death so we will see. I know, I know some will say "oh, he is depressed and he should ___________" No, this is my reality and no drug, which is what I would get if told this to my doctor, is going to change my reality. As my brother says all time: "it is what it is." I was so responsible all my working years. Delaying or foregoing things I wanted or wanted to do so I would have a fun and comfortable retirement. As a result I did it for my heirs. That's ok as long as it doesn't go to support my wife's next husband or her kids.

@brucebaum1458

15 күн бұрын

Yup could have written your comment myself, now 68 energy level dropped like a stone 5 yrs ago, don’t even feel like getting my boat in the water because of some needed repairs. What’s kinda funny is all the 50 yr olds saying they will be working in their 70’s, they will have a rude awaking about that.

@DanTheManIOM

15 күн бұрын

@@brucebaum1458 I was just talking to a guy today about this, Sam. Sam, how are you ? Well Dan, I can't do all that I used to so I am trying to accept that.

@deanrotering879

15 күн бұрын

What I hear you saying here a retire as soon as possible.

@dawndarling2277

12 күн бұрын

I was told this many years ago. I retired at 61. My energy is still very high but I know there will come a time when it won't be. I may go ahead and get my SS simply because I know that I won't want to buy the things I used to buy. Heck, that is already the case in my 60s. I have enough of everything now and I buy shoes for my exercise classes but not much more. We still love traveling but I can see that waning in my late 60's/70's. I travelled for my govt job for 20 of the 35 years so Im used to the dog and pony show. I would NEVER move from my lifelong friends. I loved my husband, but he cannot take the place of my small circle of friends.Thank you for sharing. 💙

@donnajoyvigil157

11 күн бұрын

Thanks for the perspective. Have you tried joining a club like the Elks? My mom (86) and her husband (80) in WPalm Beach have found community even though they aren't drinkers. I am healthy 65 who left fulltime work at 58. Have been working parttime/seasonal the last 5 years and toy with going back to fulltime to stop withdrawing for a few years. I probably should travel a couple of years AND then go back to work if things tank esp as I have no heirs!

Again you bring sanity to this subject. Thank you.

That's right stack it to the roof the recipients will spend it. That is quite a shock face, you should see mine.

Aim to have SS cover basic living expenses. Personal Pension I will flex for hols and general improvements in living 👍🏻

I'm leaving my hard earned nestegg to my son...single dad living comfortably on 4k per month...God IS Good!

We likely won't have much to leave behind (no kids anyway). We have pensions and SS and a few $100k in 401 earmarked for LTC. When that runs out, we'll sell house.

Thanks for the plain language. I missing some of the recent stock gains because I put 5 years of spending in a stable account. This way I will retire when I want to. I think it’s a great way to escape any bear markets.

That chart you used ended 2008. Doesn’t show the effects of the financial meltdown of 2008/2009.

I make better tasting food at home than most restaurants (and yes that includes some high end restaurants). However, there is a restaurant that I do go to that does make some really great tasting food that I wouldn't make at home. And though, I really do enjoy a good hoagie from time to time.

Agree-and Kitces is the man. People are MUCH too conservative with the amount they draw down from IRA in retirement. Only makes sense that people tighten their belts when times get tough (this isn’t just in retirement). Also agree about financial industry fear mongers recommending that you need to save more than actually required. Maybe it’s me (not) but the cynic in me says these jokers have a vested interest in having people save too much.

Guess this is ok. Don’t know when your expiration date will be.

healthcare insurance #1 expense, taxes # 2 expense. Guy I worked with, his dad, retired years before and the coworker told me his dad will never spend all the money he had saved....this was a message to all us younger guys, don't get so wound up about retirement. Another coworker wanted to retire on more income than his current income, and I should have been thinking that. And yet another guy said take your monthly income target and multiply that by FOUR so that regardless of what happens, it will not matter...as he said, Retiring Broke is no fun ! So 4x your income, that is my new goal. who knows if i will hit that but it is very good to have a worthwhile goal.

@SpookyEng1

13 күн бұрын

I am saving 35% of gross income. When I retire in 2 years my after tax net income will be about $500 a month more than now (make my last house payment next month, cars will be paid off two moths before retirement with years of bumper to bumper warranty left).

I enjoy watching this KZread presenter as he is entertaining. His substantive financial advise is very dangerous in my opinion. The reason most retirees today do not spend down their savings is because they have PENSIONS that provide for their lifestyle. If you are at or under the age of 60, you likely will have little or no pension income in retirement. That means everything the presenter says is irrelevant to you and that you have to rely on your own savings and investments to survive when you can no longer work. I posit that those in the GenX and below generations need to recognize this and take control of our financial futures as opposed to listening to the likes of this guy telling us everything will be fine. My thoughts anyway.

What about casino spending?

So, if you have a Paid For Home???

Between 4/1 to 6/30, 2/3 of our portfolio earned $20k interest and dividends. Zero debt, two pensions, will have about $6k a month of SS. In summary, we will have more than $15k/month income without touching our multimillion portfolio. The current plan is to work 2-3 years to make sure we will have enough and getting close to Medicare.

@bradk7653

14 күн бұрын

You should strongly consider retiring now. I retired the day I turned 60, about the best thing I have ever done, but looking back I should have retired a couple years earlier. This is a common theme you see with many retirees, that once they retire that find out they could/should have retired sooner. Assuming you are out of debt, and have common sense in your spending habits, it really is not that expensive to live once you are no longer working.

@dawndarling2277

11 күн бұрын

@@MKF1205 Not sure why you are still working. Definitely a head scratcher. I retired at 61. I'm holding off taking my SS (not 62 yet anyway). Not sure why though. Like you, we have defined pensions so out taxable income will never be lower. We don't have write offs anymore but get pummeled in taxes.

I guess retires lose all flexibility of adjusting their spending to their current and market conditions after 40 years of doing so

@prairiemark4084

15 күн бұрын

I have been retired for six years now. I don't really keep a budget, but every year or two a do a private, do it yourself computation of my net worth. I have not really lost any net worth except inflation. If I hit a year where I have a big decrease in net worth I might put myself on a budget. And if I am brave I might try to get my wife on one. I figure I am at least 1/4 of the way HOME (from retirment to death) right now. A key issue for me was waiting from 62 to 70 to draw Social Security. I can almost but not quite live on my Social Security.

@coastalhillbilly3419

15 күн бұрын

@@prairiemark4084 Awesome. Happy Monday 😂👍🏽. Josh is right, “most retirees will run out of life before they run out of money.” Been out about as long as you, we don’t really budget because we are very frugal, (wife even more so than I) but we know our monthly and yearly out goes and net worth like the back of our hand.

4% based on your current year's reserves you can not run out of money.

@bradk7653

14 күн бұрын

Same logic holds true for 50% of current year’s reserves, you will never run out of money, but the amount you have to spend will get mighty small within just a few years. ;-)

Big shovel and tiny holes makes for an easier life.