GenX, single female here, I knew form a young age that savings would be the most important thing I could do for myself. It was hard, lived below my means while all my friend had big homes and nice cars and went on grand vacations. Fast forward to 54, I’m retiring this year under rule of 55. It’s sad that I don’t have any friends that are doing the same. I wish we had better early childhood /schooling that taught the importance of fiscal responsibility!
@YourRichAuntie
2 ай бұрын
Thanks for the comment!
@HD-mv2qh
2 ай бұрын
Congratulations. I am concerned about my friends not being retired when I retire in my early to mid 60's. People aren't taking retirement seriously...
@AgingOnYourTerms
2 ай бұрын
So glad KZitem suggested this video. I was laid off at 55 and panicked because I had been brainwashed into thinking I was too young to stop working. After meeting with a financial advisor, he deprogrammed me.
@YourRichAuntie
2 ай бұрын
Working with a good Financial Advisor can do wonders for your retirement planning and your mental/emotional health. It really can -
@ms2bloved126
Ай бұрын
It's a lot of weeds back here! 😂 That's my mother. She was obsessed with taking down trees. 🌳
@JamOw86
2 ай бұрын
Love your channel. So glad I found you. Learning so much. I have been seriously considering retiring within the next 18 months at age 58 or 59. Based on this discussion, I should be ok with my Pension and 401k. TFS
@YourRichAuntie
2 ай бұрын
Thank you for the compliment and congratulations on your upcoming retirement
@MusicalXena
2 ай бұрын
Thanks so much for using the chapter descriptions! After hearing your list, it's helpful to be able to go back and read the chapter names just as a quick refresher of what I've heard. I'm super curious about the upcoming millennial retirees who don't have much saved for retirement. I'm afraid that some of my friends will end up in that situation and it would be great to have some new talking points like "Here are your (crappy) options if you don't save enough now." Maybe that could help motivate them more. Maybe. If you made a video about that topic, I'd be very grateful!
@YourRichAuntie
2 ай бұрын
Thanks for the compliments!!
@djcoolrule
2 ай бұрын
I am very fortunate. I have several income streams from my military retirement, disability, FERS MRA +10( 2 years and counting), and a nice TSP nest age that has been growing for several years. Did you noticed I didn't mention SS? It's because I will take it asap. Lucky to only have a mortgage and a beautiful wife. My youngest college is paid for 9/11 GI bill. Again very blessed.
@YourRichAuntie
2 ай бұрын
Congrats on setting up a nice retirement for yourself and your wife
@MomsTravelTeam
2 ай бұрын
Thanks for breaking it down - even if reality is rough, better to hear and plan.
@YourRichAuntie
2 ай бұрын
Thanks for the compliment!
@StreetsAhead120
2 ай бұрын
Hey Robin, your video quality is much more crisp. Love it!
@YourRichAuntie
2 ай бұрын
Thank you for the compliment!
@solutions553
2 ай бұрын
You are laying down facts...! ..
@YourRichAuntie
2 ай бұрын
Thanks!
@punisher6659
2 ай бұрын
Great content. I instantly subscribed.
@YourRichAuntie
2 ай бұрын
Awesome, thank you!
@YourRichAuntie
2 ай бұрын
Awesome, thank you!
@donnymac575
2 ай бұрын
Excellent information ❤. Subscribed!
@YourRichAuntie
2 ай бұрын
Welcome aboard!
@FIRE_DrNinjaTurtle
2 ай бұрын
I have a tiny pension and I plan to live on only the pension and social security. I am financially free without social security. I have a rich life and I am not deprived at all, by living frugally.
@YourRichAuntie
2 ай бұрын
Thanks for sharing!
@johngarceau541
2 ай бұрын
You have it figured out, good for you
@professlch6347
2 ай бұрын
Liking this channel more with each video. The clarity Is amazing. I get the impression that you are not available to consult those who aren't ultra-wealthy (except your luckily grandfathered in clients)?
@YourRichAuntie
2 ай бұрын
Unfortunately that is the case. My company has minimums it places on all advisors and I only take on about 10 new clients a year. I do fortunately have my legacy clients that I love
@discoveringhealthandfinanc8328
2 ай бұрын
@@YourRichAuntieyeah that's what upsets me about FAs. My company doesn't put a minimum on the wealth of a client but clients who have a higher net worth gets better treatment. I actually moved my account to a partner firm because I had more control and was able to buy what I wanted. Funny thing is, now I'm a desired client for my company but I refuse to use them as a firm. They didn't want to help me get wealthy. They wanted me to already be wealthy. But I've learned a lot on my own and I don't pay any commission fees lol
@HopeToProsper
2 ай бұрын
I agree with you. The SS Full Retirement Age for Millennials and Gen Z is going up to at least 70. The math just doesn't work any other way.
@YourRichAuntie
2 ай бұрын
Thanks for the comment!
@davelively7423
2 ай бұрын
Average life expectancy at birth is 77, average life expectancy for a 65 year old is in the low 80s. This is particularly true for men since we are more likely to engage in a die from risky behavior in our youth and middle age.
@YourRichAuntie
2 ай бұрын
Thank you for clarifying that age life expectancy point 🙂
@rochellemorgan4385
2 ай бұрын
My inlaws only do one home improvement project per year. It really has worked for them.
@YourRichAuntie
2 ай бұрын
People have to come up with a plan that works for them and their budgets!
@jdollar5852
2 ай бұрын
Lots of good points. Life Expectancy is the elephant in the room. 77 is life expectancy from birth. That's really not a relevant number for retirees. What's the life expectancy of a 62 year old or a 55 year old? That's the relevant number. I'm 62, and my life expectancy is 81. A 55 year old probably has a life expectancy of 83. I think it's possible for people to live in the US on SS, IF they have 2 SS checks AND no debt. They also probably can't live in any of the major metro areas. In most states, there are rural areas where the cost of living is relatively affordable. That doesn't mean people will want to live in rural MS or WV, but it's doable. Mexico, Thailand, Panama, and other Central American countries are actually a good alternative for people on SS or modest incomes. I've spent a lot of time in MX and there are a LOT of Americans and Canadians living all over the country. It's a very laid-back culture with phenomenal food, great people, and Spanish isn't an absolute requirement. As in the US, you can't get a beach condo in Puerta Vallarta on SS, but there are plenty of nice cities, especially in the southern part of the country. Of course, you can't see your grandkids every weekend, but you can get a flight from most places in Mexico back to the US for a good price, and it's only 4 hours. My wife loves it, but she ain't leaving those grandkids. All these alphabet generations have a big retirement problem. They've been raised in such a consumer society, and it's hard to break that habit. I graduated HS in 1980 so I understand how inflation can be so devastating. People worry about 7% mortgages today. When I was 25, we worried about 17% mortgages. As a financial planner, MOST of the people you deal with will be soldi middle class, so their SS payments will be pretty good, but their living expenses will be pretty high. We have to remember what SS is and take into account what things were like when it became a law in the 1930s. Life Expectancy was probably 65 -70. Older people routinely lived with their children after they retired. "Common" folk, basically everyone, didn't plan on traveling to Europe, Alaska, Africa, or Australia in retirement. Things have definitely changed in the last 90 years.
@YourRichAuntie
2 ай бұрын
Thanks for the comment!
@jnsa9454
2 ай бұрын
Do you have a video about retiring as a single person? Thank you.
@YourRichAuntie
2 ай бұрын
I haven't done a specific video yet, but throughout my videos, I use the example of a single non-married person. Many Millennials and Gen Z will not marry so it's important to speak about these things
@HD-mv2qh
2 ай бұрын
I want to work until 65 but I know it will probably be 62-63. I am currently 51. I plan on doing a lot of traveling. I am on track to retire in my early 60's.
@YourRichAuntie
2 ай бұрын
62-63 is likely more realistic for many Americans. I'm hoping Americans will be allowed to work longer if they want to
@snow40741
2 ай бұрын
I agree I am trying retire now if I can figure out how to cover the health insurance...I am in good health...my mother died at 67 and my sister at 54 both from cancer. I am total debt free including no mortgage..my retirement will be consist of ss, traditional ira/401k, roth ira, and savings, my expenses currently is about $2k but that would increase if I have cover the health insurance myself turning 58 next month till 65 as a single individual...currently working part time due a change of job in March due my previous employer closing due the sag/aftra stikes of 2023 working 32 hours a week to qualify for the health insurance...I don't know if I will work for this company 4 years till 62 or try to continue working part time to qualify for the health insurance with other companies...this is my one major hurdle that I need to figure out!
@YourRichAuntie
2 ай бұрын
Do you live in a state with an Obamacare exchange and you can purchase your own insurance policy on the open market?
@jdollar5852
2 ай бұрын
If you can keep your reported income low, your Obamacare payment can be very affordable. We went on ACA when my wife retired at 58, and I was 60. We live in GA, and our monthly premium is around $300 because we have enough cash to keep our taxable income low.
@parler8698
2 ай бұрын
People have the right to stop working simply to enjoy life! A frugal life, but an enjoyable life.
@YourRichAuntie
2 ай бұрын
Absolutely. The reality of a capitalist society stops many people from leaving work If working conditions were better, employers were better and we had more support from our society (family leave, sick leave, and sabbaticals), people could/would work longer
@spectator123-u6f
2 ай бұрын
SS was never meant to be a supplement to retirement, covering about 40% of expenses. Before SS some would retire with nothing.
@dc76384
2 ай бұрын
How the F$@& can you just broad brush what age you should retire?! I'll suggest that if you work in an office job, and wear a suit and send E Mails all day, sure work till your 90. However there are alot of people who do the real work that society turns it's nose up at. Most of these folks aren't sticking around till 70.
@YourRichAuntie
2 ай бұрын
Thanks the point is you can’t broad brush retirement ages 🙂
@jdollar5852
2 ай бұрын
I can't imagine being a 65 year old roofer or a 70 year old plumber and still working full time. My cousin is 72 and still works for the county school system as an HVAC guy. He doesn't really need the money but just loves his job. Imagine climbing in an attic in July in Georgia to work on an AC unit.
@sw6118
2 ай бұрын
If you were a very high earner AND you’re willing to live below your means AND you own your home and it’s a low property tax area, it may be possible to live on social security. That’s a lot of contingencies….
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