For me, it is $35K a year. I live alone. Medical insurance and property tax are my biggest expenses, costing me $15K, and I have no debts. I usually come up with a $12K surplus. I never had to touch any of my other assets, including IRA's. I have always saved all my life and habits are hard to change.
@RootFP
2 жыл бұрын
Thanks for that feedback!
@mhodge0890
Жыл бұрын
That’s not bad at all
@tessa1158
2 жыл бұрын
I met somebody who is retired and has millions in his portfolio. The problem is he is not healthy. It made me think those money doesn't matter if you are not enjoying your retirement. So don't wait until you retire. Enjoy life now as if you are retire. Find the job you like. Retire as soon as you can while you are still healthy to enjoy life.
@sammencia7945
Жыл бұрын
100% of you short term thinkers all post the exact same story. You don't understand math, actuarial tables, SSA payment cutoffs, and statistics. In your world everyone is dead one month after their 1st check arrives, or unhealthy. Every person you know, is like this. Dead or unhealthy.
@drmitofit2673
2 жыл бұрын
My wife and I took advantage of the real estate crisis and purchased a mansion as our forever home. The Zillow estimate was $1.8 million in 2008 and we bought it for $1.0 million, paid it off in a few years, and now the Zillow estimate is $1.6 million so it was a very good investment. However, owning a big house in retirement can be your biggest expense. We pay $11,000/year in real estate taxes, $5,000 in home owner's insurance, $1400/year HOA fee, and $250 to $400/month utilities. Costs such as appliance replacement, window replacement, tree removal, and heat pump replacement can be expensive. I save money by doing our mowing and yard work. We can afford it and the mansion has appreciated faster than our first starter home, but owning and maintaining a mansion can be very expensive. It's a lifestyle choice and we are much happier in our dream house.
@lmr691
2 жыл бұрын
I wish you were here when I was in the PLANNING Stage. I am now retired for 25 years and could have used your planning style.
@RootFP
2 жыл бұрын
I wish I was too! 😃
@RonTodd-gb1eo
11 ай бұрын
For somebody in Europe, the thought of having to worry about the cost of medical care in retirement is frightening.
@chessdad182
2 жыл бұрын
The Amazon smile of retirement. The smile spending curve seems to make sense. I think the most worrisome is health.
@kurtipoo1
2 жыл бұрын
Thanks for making these videos. You are to the point and easily understood without the fluff.
@RootFP
2 жыл бұрын
You’re welcome!
@sammencia7945
Жыл бұрын
All of you "need" too much money. Single person: Paid off home 300/month taxes Not paid off 1000/month rent or mortgage Food 250 Auto insurance 65 Medicare 150 Gas 25 Phone 15 Internet 55 Electricity 65 Total: 925 to 1625 a month SSA alone covers this at 62. Work at 67+, better. Any investments at all. Even only 25k. And you are far ahead of the curve.
@edinnorthcarolina--ovelhog5786
2 жыл бұрын
Good video. I agree, retirement expenses are non-linear. Many retirement calculators assume a linear expense output. This is to scare you into working longer and paying fees to their firms. Here is some anecdotal evidence. My 85 year old mother-in-law spends very little, she lives on less than her Social Security income. She does not touch her retirement income or her IRAs. I retired last year at 61 and my expenses have been pleasantly surprising, ~ 25 % less than budgeted. In my opinion, the key to a comfortable retirement is knowing your monthly expenses and debt freedom.
@RootFP
2 жыл бұрын
Great perspective, Ed. Thank you!
@RickAGauna
2 жыл бұрын
The first such presentation I have found to be highly informative. Excellent presentation. Great advice.
@RootFP
2 жыл бұрын
Thank you! Glad you liked the video!
@PH-dm8ew
2 жыл бұрын
we need to know the percent increase in healthcare expenses due to premiums vs actual medical costs to use this data in any meaningful way
@dackjohnson3922
4 ай бұрын
I waited to retire until 70 and am using 95 as a life expectancy. What is a withdrawal rate starting point for 1.5mm when I only need it for 25 years?
@marvinfernandes9197
4 ай бұрын
Didn't answer the question. A lot of generic info
@dansalas399
2 жыл бұрын
Great content! Thanks!
@rayanderson3164
Жыл бұрын
Thank you. Early on I always assumed 100K a year after taxes was my goal. I hoped I was way over in my estimations, but we needed a target to shoot for. Health care coverage is huge, and it is the main reason for staying where I work for 2 more years until 55 for retiree healthcare with my company as well as access to the 401K via the rule of 55. Expenses trump everything in my opinion. If you don't know your spending needs/wants, then it is hard to do anything but guess when looking for the elusive number for how much you need to retire. -Just my 2 cents.
@RootFP
Жыл бұрын
Good thoughts.
@miketheyunggod2534
2 жыл бұрын
ima gonna spend all of it. You can't take it with you.
@Fegga1955
4 ай бұрын
👌👌👌
@johnnyboyvan
3 жыл бұрын
Good information but we need numbers and examples. All hypothetical with no concrete examples. Have an average for a single individual and a couple.
@RootFP
3 жыл бұрын
Thank you for the feedback! I will look to incorporate more specific information into future videos.
@lkjacob1
3 жыл бұрын
@@RootFP So, is this KZitem video the answer to johnnyboyvan? kzitem.info/news/bejne/l35mnXebhKiajYY
@lkjacob1
3 жыл бұрын
Never mind as I see the video was posted August 1st, 2021 whereas this one is August 28th,2021.
@anthonygardner400
2 жыл бұрын
Really appreciate the clarity of your communication, and your content quality. Keep up the excellent work.
@johnmccorkle1694
2 жыл бұрын
Average expenses for a 65 year old couple in the US is currently 50K a year
@shade0762
Жыл бұрын
Almost every other channel plus the US government say that spending actually goes DOWN (including for health care - especially if you have a Medicare Supplement Plan G or N instead of the horrible Medicare Advantage plan.)
@davelamothe2953
2 жыл бұрын
James, love your videos….
@RootFP
2 жыл бұрын
Thank you
@bruced.370
3 жыл бұрын
Liked , subscribed, and commented 👍🤪🤑
@RootFP
3 жыл бұрын
Thank you, Bruce!
@cliffluxion7019
2 жыл бұрын
Thank you!
@RootFP
2 жыл бұрын
Thanks for watching!
@ronriesinger7755
Жыл бұрын
More like a smirk than a smile! Thanks for the video.
@carlgunn8855
Жыл бұрын
No numbers.
@TheFirstRealChewy
Жыл бұрын
We are traveling now while we are younger and working. This is at the sacrifice of investing more for retirement. It's always a trade. Live now, live later, or both. We are choosing to do both.
@RootFP
Жыл бұрын
Glad it was helpful!
@Seektruth-59
2 жыл бұрын
“How much” was never answered in $ terms. You merely explained proportion of spending.
@dforrest4503
2 жыл бұрын
How can he answer that with wildly different incomes? He was looking at trends.
@edinnorthcarolina--ovelhog5786
2 жыл бұрын
You must know what your monthly expenses are. My expenses in retirement have plummeted, even over what I budgeted.
Пікірлер: 47