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
@marcellasilva4015
3 ай бұрын
True, It has never been harder to understand how to build your money after retirement than it is right now with the inflation. The impacts of the U.S. dollar's gain or fall on investments, in my opinion are complex
@oliverdavis-tw2xl
3 ай бұрын
wow that’s stirring! Do you mind connecting me to your advisor please.
@marcellasilva4015
3 ай бұрын
The decision on when to pick an Adviser is a very personal one. I take guidance from Amber Angelyn O' Malley to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
@oliverdavis-tw2xl
3 ай бұрын
Thanks, I just googled Amber Angelyn O’ Malley and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
@Emily-le2op
11 ай бұрын
Just what I needed to watch, I am almost 46, my husband is 52. We have started saving for retirement from our farm, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.
@411sponge72
3 ай бұрын
One way that I earn passive income is real estate. I'm not sure of any passive income opportunities on line though.
@jcm9356
2 жыл бұрын
The only thing I would add to this excellent video is please don't forget to live a little on the way to retirement. You are only ever 20, 30, 40, etc., once. Enjoy the journey too.
@Penny_Pincher_Outdoors
3 жыл бұрын
Didn't have anything to my name at 30 and now at 54 I own my home and have zero debt, no cc debt or vehicle payments. Same employer for over 24 years.
@myriadcorp
3 жыл бұрын
Firefighter pension after 25 years of service and no debt. I preach to the young guys to save money on the way but most don't listen. I am setup pretty well because I saved my money too. Retired at 47 with pension and a millionaire. Life choices are key. Just an average working class guy who lived within my means and saved as much as possible.
@jeffswoyer9898
3 жыл бұрын
I went into the USAF (ROTC) after college. My biggest fear was NOT making it to 20. (And yes, not everyone will make it, and that could include the "golden children" who think they are untouchable regarding reductions in force, etc). Started at IRA at 22. Early 90's, first drawdown, lots of people, with no fault of their own, got cut at the 4-6 year point. I was nervous, so I got out with an annuity. Later got recalled into the Reserves, served at 9-11. Made it to retirement. I won't be hurting.
@jameshersonjr3905
3 жыл бұрын
@@jeffswoyer9898 Good on you Jeff. Army lost almost 40% of its force structure during that time, so many good troops and leaders were let go. Then 9/11 and AFG and Iraq the Army was desperate for people-- so penny wise pound foolish. I hope you have a great retirement!
@jeffswoyer9898
3 жыл бұрын
@@jameshersonjr3905 Thanks!!!
@stephencullum8255
3 жыл бұрын
To save enough money and to invest wise enough to be a millionaire at age 47 is impressive. Pretty sure you had some luck along the way and did not squander it.
@trisuper
3 жыл бұрын
It was so funny to hear that someone does or did the same thing I did. I tell everyone to save there money and you too can retire early. I’m 57 and plan to retire in 6 months with a million dollars in my retirement account and a $3300 pension. That includes medical benefits till I’m 65.
@havenpersonalcare7968
3 жыл бұрын
Biggest money maker in life is joining the military at age 19; served and earned my education through GI Bill; transition/commissioned as an officer, and fast forward 23 years; I see the light at end of the tunnel "FREEDOM". Your concept hits the nail on the head. Those newbies getting into the work force; jump into the band-wagon and put in your time; time is your biggest asset. NO DEBT + PENSION = FREEDOM ....Thank you Sir for your video.....
@Twilight_Charger
3 жыл бұрын
Biggest money making potential is by far is working for yourself. Financial education is number 2. That teaches about time in the market and dollar cost averaging.
@411sponge72
3 жыл бұрын
Congrats and thanks for serving!
@poewitx
3 жыл бұрын
This guy is so down to earth, it’s a joy to listen and watch him, makes learning lot easier.
@tcwaz
Жыл бұрын
This is me. 44 year old LEO. No debt. Frugal but fun and meaningful life. Locked in my pension, gonna do "one more year" and retire at 45. My oldest two children will be graduated from college at the end of this year and I will have 1 more at home (currently in High school). My biggest worry is healthcare for the next 20 years, but I will do as much as I can with a $70k HSA. I preach this to all the young and old people at work. PAY off the house! Live below your means! Good video.
@davelangley6304
3 жыл бұрын
You are so down to earth. I am 50 and dept free. With a 401 and pension. I plan on working til 55. Can’t wait. Thanks for the great video
@lesliethilow3011
3 жыл бұрын
Thank you for sharing your helpful perspectives!
@warrenwhite8155
3 жыл бұрын
simplicity is beautiful..........thank you !
@gusserrano1241
3 жыл бұрын
My life story !! Retired at 55 ,made a game out of my houses payment. Had it paid off in 13.5 years California now it's 600k+ ,house #2 paid off in 10 years .so happy
@bernie9728
3 жыл бұрын
Truth be told "no debt" is the key. I retired debt free 5 years ago. No pension, no problem. My wife has been retired for 3 years now. Being debt free allows us to have no problem what so ever living on just our Social Security. We have savings for our retirement. We used some of that money to purchase a new pickup truck to pull the new travel trailer we purchased. Paid cash for both, so still no debt. Set your sights on being debt free by the time you retire you will enjoy a worry free retirement.
@TheFirstRealChewy
2 жыл бұрын
That's our plan. We still have a long way to go on the house, but plan to ensure it's paid off right before retirement if not sooner. Do you mind sharing how much you spend per month in retirement and what type of lifestyle that covers in your area?
@MrMaxamillion67
3 жыл бұрын
Great information, I am 53 and planning on retiring at age 62. I have a pension, 401k and SS. My wife is retired with a teacher pension and will also have SS. If everything goes as planned we should be making more retired than we were working.
@411sponge72
3 ай бұрын
I hope everything is going well for you. You guys sound like the same boat I'm in. Did your wife take advantage of the DROP program?
@MrMaxamillion67
3 ай бұрын
@411sponge72 No, she didn't. She bought out two years on her pension to retire early in 2019. She went back to work as a aid in the school system. Doesn't affect her pension, but it should add a little for Social Security when she starts to collect it.
@411sponge72
3 ай бұрын
@@MrMaxamillion67 Still sounds like a good deal to me! Congrats!
@don3667
Жыл бұрын
My favorite video of yours Josh. I have a COJ+ Keeping my head down and delaying.
@janicereese5224
5 жыл бұрын
Everything said, All true!! I am that person with pension and no mortgage. I plowed through, LOOKED up and wow, didn’t realize what I had done for my future ✅ Thanks for helping others.
@HeritageWealthPlanning
5 жыл бұрын
well done, Janice! you're going to be good to go when it comes to hanging up your boots and enjoying that latter part of your life!
@Outta12
3 жыл бұрын
Great video. So many benefits to a military career that I didn't know about. The frugal way of living is the way. The loss of pensions in the US was a bad thing.
@marktemple7804
3 жыл бұрын
As a plumber, I appreciate your props used in the making of this video. Oh, and I also appreciate you knowledge and message!
@choosetoshine2610
3 жыл бұрын
Sound advice. Thank you!
@amp356
3 жыл бұрын
This is 100% accurate. I was a police officer for 25 years. Lived in the same house for 21 years. Sold the house last year for 335k, that was mortgage free and moved to FL. 47 years old and debt free with a pension of 60k a year. Best advice I got from my father early in life, "live below your means."
@darrinrentruc6614
3 жыл бұрын
I feel bad for today's police being treated like shit with democratic politicians leading the march.
@solarflare4259
2 жыл бұрын
No debt of any kind , pension, not very big but still a pension...I'm ready, life is short...:) Thanks for posting!
@elai3147
3 жыл бұрын
wow, thanks for this, never made that connection between pension and no debt until watching this, so true, people that I know with pensions have all paid off their mortgages and debts by 45-50
@DonnieB_83
2 жыл бұрын
Just came across this channel about to retire from the military and my rental income. He has to be prior military from his sayings. I can respect it! Subscribed!
@dandrews101
4 жыл бұрын
Good information. I plan to retire in two years with no debt and a pension. Thanks for the confidence...
@HeritageWealthPlanning
4 жыл бұрын
No debt. Pension? You’re in great shape
@HK-qj4im
3 жыл бұрын
Im cheap. My Dad lived thru the depression. I am a millionaire at 51. No debt. My new car is a 2013 Tahoe. Paid cash for. Old ( paid off ) fishing boat. Simple house. Low taxes. All this because My Dad lived thru the great depression. I also have a fully stocked pantry. Cash under my mattress. God Bless America.
@Bran08Eman
3 жыл бұрын
The depression was a real test of resilience. People try to compare it our 4 month lock-down are coo-coo. Young adults today just learnt, when things get rough, government parachutes money. People are happy to take it too.
@stephencullum8255
3 жыл бұрын
My parents were also grew up in the Great Depression. I am frugal to a fault. Just like they were.
@chrisdascalos7701
3 жыл бұрын
Same story here. Just 50 years young.
@juliamundt101
3 жыл бұрын
I just bought a used couch & loveseat on Facebook for $100 (includes delivery). It replaced my 20 yr old cat scratched sleeper couch that I bought used and now donated to charity. Frugal is a mindset. We’ve never had a car loan, have zero interest credit cards (when we use them for groceries) and shop thrift stores and yard sales. We’re millionaires in our 50s, and I attribute it to our parents’ penny pinching ways. My millennial daughters are all very thrifty.
@411sponge72
3 ай бұрын
Congrats!
@peterlee6938
3 жыл бұрын
This is a really amazing insight.
@kurtmcmichael2045
3 жыл бұрын
Simple and effective thought process; thank you for the content
@nrajoli1
4 жыл бұрын
Love it man thanks!
@HeritageWealthPlanning
4 жыл бұрын
Right on naveen
@iczemi
Жыл бұрын
Thank you!
@yvetteandchucka.421
2 жыл бұрын
Wooo hooo great news saying hi from California. You’re so funny I like you you’re awesome so glad you don’t use stock broker language
@dalewagner96
2 жыл бұрын
Love, Love, Love this video. I'm a blue line so now waiting on spouse to retire. Spouse loves their job so... Someone told me that when you retire work would find you.... After a month I can see what they mean!
@ricorodriguez3579
2 жыл бұрын
I'm in number 2, pension and debt. I wish I would have found this video sooner. Great vid.
@brucesmith6868
5 жыл бұрын
Thanks Josh I'm still in the building retirement phase but closing in an made debt reduction the priority.
@jamie49868
5 жыл бұрын
Retirement doesn't have to mean you don't work. You can do stuff you enjoy and make a few bucks when you are not worried about earning X amount. I want to work in a record store (yes, there are a few around) listening to, and talking about music all day a few days a week...minimum wage is a bonus. Maybe tend bar in the mornings, or work at the museum. You can do thing you enjoy while staying engaged and active, on your terms. There are lots of jobs that are fun if you don't mind low pay.
@HeritageWealthPlanning
5 жыл бұрын
Or KZitem videos on whatever it is YOU live talking about! Could not agree more Jamie!
@candeffect
4 жыл бұрын
'Tend bar' = help people ruin their lives with toxic alcohol.
@berg8970
3 жыл бұрын
@@candeffect Pssst... prohibition is over.
@juliamundt101
3 жыл бұрын
Doesn’t have to be low pay. I returned to work as a sub-contractor, doing basically the same job I was doing (in a different dept) with a bonus task - training others to do what I do, which I do absolutely love. Now I make more than before I retired and love my job, because I know I can walk away. A wise person once said: there are three things that are super addictive, Cocaine, Sugar and a regular paycheck. It’s comforting to know I’m not beholden to any of these.
@stephenrice5938
3 жыл бұрын
@@candeffect Lighten up, Francis!
@federalli169
3 жыл бұрын
Many times I put my head down when the weekend came bye. But today I have 20 year military letter from the Reserves, a 25 year Pension from a Local Government Job, 90% from the VA and waiting for Social Security to kick in🙏🏼😁😅😅🤣. And, in debt $1,000 on a new Ipadpro🤣
@renaesutton3145
3 жыл бұрын
if you have VA disability, why not apply for social security disability if you are eligible.
@hoofixrman
4 жыл бұрын
Josh going old skool. Listen up newbs. Learned a lot from this channel and had realized I could hang it up.
@victoriabarnett4279
3 жыл бұрын
Good solid info. Practical and do-able.
@tomstarcevich1147
3 жыл бұрын
Im retired got a early retirement incentive pension from my city 31 yrs 8 months and im 57 👍🤑
@christopherhennessey8991
3 жыл бұрын
That’s me.I am currently receiving my good FRS- Florida Retirement System pension plus Social Security .Next month no more credit card debt .Home equity loan will be paid off at the end of the year.
@411sponge72
3 ай бұрын
Congrats. Did you participate in DROP?
@Radnally
5 жыл бұрын
Good info. Its kinda how i set-up my life about ten years ago. No debt. Cars and houses are owned free and clear. DIY all the way.
@HeritageWealthPlanning
5 жыл бұрын
No debt , man, I can only imagine the feeling! Jeallous!
@anthonyrichardson7543
3 жыл бұрын
Totally agree and that is my plan. The debt piece is controllable by almost everyone, but some context around various income streams for people w/o pensions could help a big chunk of the audience too. I know you’ve done videos on these topics before, but there are new subscribers that may not have heard it.
@DrWelp
3 жыл бұрын
I’m close ... 55 and eligible for my state pension (after 28 years of underpaid service), and I almost own my home outright and have no other debt except a small student loan. Hoping to pay off home & student loan in the next couple years and then I’m retiring. Freedom!
@411sponge72
3 ай бұрын
I hope you are retired now and enjoying life!
@sarahnguyen344
2 жыл бұрын
Thanks Josh. I have two sides you mentioned. Luckily , I have a job I love and still enjoy to work.
@bowzerbrawler789
3 жыл бұрын
I like this guy reminds me of senior no nonsense NCO I knew in the Army.
@rickgraham786
3 жыл бұрын
After starting at FoMoCo at 19 and retiring at 47 with a full pension, I've learned how to handle my finances through trail and error. Not as much as I should have stashed away, but comfortable with my business bringing in additional income. Life is good!
@WrldExplorer
3 жыл бұрын
I’m up to retire in 1 1/2 years. Will be 51 years old by then. My situation is i have a pension after i retire, and some other benefits. I don’t own a home. I have 1 car that should be paid off next year. In my mind, its no use in saving up for a house for the next 15 - 30 years. Just for the sake of owning a home. I have plans of staying in Airbnb’s while traveling the world. I have to pay rent and a mortgage somewhere. Why not enjoy doing it sight seeing or just relaxing. Plus i think its cheaper. I don’t plan on working, there are other ways to keep busy. I also plan on saving just incase life happens in the future and i do have to put a down payment on a condo. You are right as a corrections officer for 20 years, some of us just put up with stuff until the time comes when you can leave.
@jencbauer8661
3 жыл бұрын
Right with you 8 to go
@stephencullum8255
3 жыл бұрын
Been there with you . As you no doubt know governments are snake pits of office politics. I love what I did but was glad to file for retirement and get away from all the backstabbing and cutthroat politics.
@WrldExplorer
3 жыл бұрын
Stephen Cullum tell me about it, just have to play the game for a little.
@kimberlylalley7255
3 жыл бұрын
Yep, that’s what I plan to do. It’s much cheaper to live outside of the US.
@caroleehubbard8380
4 жыл бұрын
56 years...lived in the same house for 25 years (paid in full) been at the same job for 17 years. Have no pension, but have bought (1) duplex and (3) Single Family Homes over the years all are paid in full...so, bringing in a nice passive income. Still working but planning my escape into retirement soon. I have no stock investments at all, I trust my real estate investing more than playing the market + a much higher ROI.
@nikkion2140
3 жыл бұрын
Totally agreed. Best scheme comprises (i) own your home/residence outright (i.e. no rent to pay), and (ii) rental incomes to pay your living expenses; with any cash savings or other investment assets as bonus. Rental incomes are best passive income to function as pension payout. You are not subjected to stock market fluctuations and at will of companies to cut/increase dividends. Moreover, rental incomes are to some degree inflation proof.
@stephencullum8255
3 жыл бұрын
I know several people who did what you did and retired well. There are indeed more than one way to skin the cat of retirement.
@sued115
3 жыл бұрын
Carolee curious if you had any problem with people not paying their rent during this past-year?
@kimberlylalley7255
3 жыл бұрын
I’m 33 days away from retiring after 30+ years of military service and Gvt work. Looking forward to my next chapter. 🌟
@HeritageWealthPlanning
3 жыл бұрын
Awesome Kimberly!
@juliamundt101
3 жыл бұрын
Thank you for your service to our country
@411sponge72
3 ай бұрын
Hope you are enjoying your retirement!
@stephengordon8968
3 жыл бұрын
Very informative, thanks .
@paulc1352
4 жыл бұрын
Good video Josh.....
@msmith3537
3 жыл бұрын
So, because I don’t have a government pension (state or federal) I’m screwed... Ha ha. I get your point on debt handling. Good video!
@E.E.F.
4 жыл бұрын
Pension that covers the bills, no debt (including mortgage), and investments = good retirement.
@juliamundt101
3 жыл бұрын
No Debt/2 pension/401ks/lots in liquid, both in our mid 50s and retired (me at 53, spouse at 56). I chose to return to work as a contractor, doing what I did prior, to increase wages toward Social Security and further build my retirement savings/investments. Your description of frugal savers, staying put, same house 20+ yrs is us. Our big worry is medical out of pocket expenses. We have guaranteed retiree medical through prior job, but with a chronic condition, one bill could (& has) threatened our financial plans and security. USA medical btw.
@tumbleweed4185
3 жыл бұрын
He needs to add more boxes. 1. Get married, stay married 2. Raise responsible self reliant kids 3. Take cash buyout of pension so you are in control and don't take a punch in the mouth when the pension goes broke. 4. Pile up a nest egg in good growth stock mutual funds. 5. Invest in paid for real property. Now, you are good to go........
@thehndyman5212
3 жыл бұрын
The grass is always greener but at the end of the day its still grass. Don't keep jumping the fence to get the same thing and starting over each time.
@barbarasummers280
3 жыл бұрын
I lived in CA for over 50 years, my home over 25 years, had 2 mortgages, was a money pit, had to sell as is, divorced, split $20,000. so I had only $10,000. no retirement, save for a $125/mo pension that will last maybe 15 years, now roommating with my son, paying almost as much as I was with 2 mortgages, and finally being paid what Im worth, and being paid while im not working, {very lucky} I am still not in debt, however living in a very high priced area, don't know how much our rent will raise, we will know in October, but I may just move with my daughter in Vegas, we'll see.
@jonkrispeterson6678
3 жыл бұрын
No debt? Absolutely. Pension? So glad I don't have one. Saved, saved, and saved some more. Retired at 56, and my advisor just ran all the scenarios. If I live to 94, I have a 1% chance of running out of money. I think I am ok without a pension.
@mickyunit
3 жыл бұрын
What about healthcare?
@jonkrispeterson6678
3 жыл бұрын
@@mickyunit you buy it. Insurance on the open market is about $20,000 year. You just figure it into your budget.
@juliamundt101
3 жыл бұрын
Have a pension, husband too, paid off house, no debt. we have guaranteed retiree medical through our former employer - part of our retirement packages. I retired at 53, he at 57. We fit his description, long time with one employer, lived in our house 20 yrs, frugal.
@savemoney4058
3 жыл бұрын
Why are you glad you don't have a pension?
@markkeller9378
3 жыл бұрын
No debt is true freedom.
@ddellwo
4 жыл бұрын
Good theory - although you’re preferred scenario will soon be almost irrelevant for all but government workers. I graduated from college in the late 80’s, have worked for four different companies in my professional career (the current one for almost 25 years) and not a single one offered a pension. And most were MAJOR companies - not little mom-and-pop shops with lousy benefits! I think a more realistic version of this theory would have “no debt” and some multiple of your annual salary invested in a 401k or other retirement vehicle. What say you?
@HeritageWealthPlanning
4 жыл бұрын
You can always create your own pension with an income annuity
@BrewNomads
3 жыл бұрын
Same exact story here. I’m a high wage earner in the private sector and not a single company has ever offered a pension. I put my retirement money into 401k and IRA. Only 12% of private sector workers participate in a pension because most companies don’t even offer it. Also I had no idea you could create your own pension.
@midlife_minimalist
3 жыл бұрын
I started working in 1989 and lucked out with a bank that still had a pension. I’m still there 30+ years later. They’ve cut the contribution rates back over the years (and I missed every grandfathering for the higher rates) and this year they stopped contributing to it altogether but if you had 20 + years they put the 5% in your 401K instead in addition to the 5% match contribution. All that said my pension is still less than a 3rd of the value of my 401k and less than a 3rd of the value of my personal investments but that guaranteed 4.5% interest is nice to have
@azwileetoyote
3 жыл бұрын
My large company's pension is a 'makeup' amount... its based on some formula that looks at your 401k amount and depending on your grade level and pay (I think) will provide a little something something each month... it changes based on your 401k amount which is market driven but for me, it varies from $150-300 per month based on a retirement age 67. I'm 54 this year and plan to retire at 55-56 based on my 401k balance and non-401k mutual funds. Agreed this vid is mainly for some type State or Fed job and even those are starting to change a bit (Daughter in-law is a school teacher aiming for Vice Principle)
@bernardolopez2770
3 жыл бұрын
So true!
@garyvale8347
3 жыл бұрын
can you please explain in more detail about taking lower retirement benefits starting at age 62, but then receiving those monthly payments for a longer time and what the break even age would be... I am not understanding exactly how to calculate that ...thanks
@woodsman132
3 жыл бұрын
House payed for,cars payed for ,no credit cards,property taxes are 1,000 a year,4,800 a month in income and i live like a king.
@HeritageWealthPlanning
3 жыл бұрын
You’re obviously lying because everyone says you need “Millions!” MILLIONS! to retire! 🤣
@hanshapendchrinider3345
3 жыл бұрын
Never worked for a company that offered a pension or had matching 401k. Three time in my career the company I worked for was bought out and then closed by the buyer. Getting rid of competition. I have no debt and no pension. Aged 59.
@danjuhas3094
3 жыл бұрын
josh, you truly are the best. In part, because youre just... human. Oh, and then youre quite expert. Anyway, THANK you for just now making me feel a lot better. I am One Thousand Percent debt free, AND (will) get a pension. BTW i fit your profile EXACTLY; same house; same job; no Grand Illusions. Perhaps you are, dare i say ... clairvoyant?!
@callmeishmaelk767
8 ай бұрын
This is me thank God. 55 in two months, Pension at a non profit for 30 years so far, also will get SS. $65k in 401k, $20k in savings. Two small paid off houses. Plan on selling the one and adding that to my savings at some point and saving $,100/month for hopefully the next 7 years, I think I'll be able to retire at 62, cost for 2 years and then start collecting the pension and SS at 64. Fingers crossed.
@harryinoklahoma1866
4 жыл бұрын
So Simple!
@lawrenceblack8968
3 жыл бұрын
I understand that my 401K is reliant on markets (to a certain extent) for my cashflow. But, isn't that also true for many pensions (other than government pensions, where they can tax/borrow/print whatever they want)? Most pensions are, like annuities, backed by insurance companies who, in turn, rely on the market to enable them to make their required payouts.
@randyjerrett3385
Жыл бұрын
Yes that’s right! Some pensions get sold to annuities
@jhelsel2198
3 жыл бұрын
What is your definition of 'pension'? I have > $900k in IRAs, but $400k between 1st mortgage and HELOC. House is worth $700. No credit card debt. Expenses < $4k/month. What are your thoughts on my retirement? Do you think I am ready for retirement?
@susanalexander4683
3 жыл бұрын
Some of us have survived multiple layoffs. I live in DC and know many people who have pensions and lived in the same home who are sitting pretty today wealth wise.
@stgermain1074
3 жыл бұрын
No debt and $500K 401k. Very small pension - $234/mo. Used to living on 1/2 my income. Own my farm outright. I'm working for healthcare.
@Andrew-eb7wg
3 жыл бұрын
'wait, you have a pension AND no debt!... your good to go' $950 thanks!.. ..that's about $6k per hour! Nicely done!!!
@bodog63
Жыл бұрын
Absolutely right. I'm 59, house paid off 2 years ago. No debt. 42 years at my job and have a pension, 401K, Roth IRA and SS and at 62 I'm out.
@tiggermichaelson
3 жыл бұрын
What do you think about the rule of thumb 4% withdrawal rate on saved money? In essence if you were able to build $2 mil in a lifetime, and retire with $80k a year, is that realistic? (No SS assumed due to it being unsustainable)
@MSG-th1pv
3 жыл бұрын
Makes perfect sense. I’m planning my retirement in July 2021. By that time, I’ll be debt free (credit cards) and a modest pension to cover basic fixed expenses with room to save a little each month. Thank you for sound advise.
@danr2513
3 жыл бұрын
At 10:30 min is where I am. I’m a federal govt worker and military retiree. My pension covers my debt. My only debt is my house. I’m 58 and absolutely hate living in Illinois or what I call ILL-Annoy. My federal job I’m taking full advantage of TSP. Not sure what to do yet, but the idea in retirement is to move out of IL. What say you? Thanks, great video. I like Lowes also.
@skeptical_sorcerer
3 жыл бұрын
No debt, no pension. Saved, saved, saved.....paid off the house in 7 years ( 10 years ago). Never carried any debt other than the mortgage. Just put all my money in the bank - don't trust the markets - bank savings are federally insured/guaranteed. Everybody laughed at me "bank? you only get 2% interest...you should do this, you should do that..." Funny that, I am a retired millionaire - they are all still working in jobs they hate :))
@strokerace4765
2 жыл бұрын
Retired at 39, teacher pension/SSDI
@mytaborcityhome1002
3 жыл бұрын
If you have debt but a pension, what percentage of the pension dedicated to debt would you not surpass to retire?
@dvaoa2910
Жыл бұрын
Great advice. If you work in the public sector 🤨
@frangass1561
3 жыл бұрын
We have two duplex rental properties. We have never had issue keeping them rented out. We owe less than 5% on each. Can you please speak to retiring with income properties, no pension, small 401k. Should primary home be paid for, what about car loan, how do taxes work? Our SS is better than average. ty Fran
@allthethings7198
3 жыл бұрын
This is me working 38 years state pension, 401k and eligible for SS.
@kristineericksen3031
3 жыл бұрын
What exactly do you do about health insurance until you are 65 and eligible for Medicare?
@chessdad182
5 жыл бұрын
Sometimes grinding on is fun. :-).
@HeritageWealthPlanning
5 жыл бұрын
And productive too
@Evan-gz3cf
3 жыл бұрын
How can I get in touch with you directly to discuss doing a retirement plan for us?
@tomdrummy4984
3 жыл бұрын
Just because everybody does something( debt) does not mean its the thing to do. Actually, one key to life is to do the opposite of what the majority does. If you accumulate some debt, you need to immediately focus on eliminating it......and never get it back again.
@TimC887
3 жыл бұрын
Sounds like me. Pension? Check. No debt? Check. Savings? Check. Age? 55. Can collect full pension at 62 plus lower level of SS. Have always thought I'd wait til 62 to start my retirement. Any way to start earlier?
@jwmdevdad
2 жыл бұрын
I will have a government pension and I am a disabled veteran, which is good. And we are working on the debt. The 401K is just monopoly money in my mind. I just make uncle sam keep pouring 5% on top of my 5%. Free money for shares.
@dannywhitener7104
3 жыл бұрын
Good morning, can I call you to discuss retirement thanks Danny
@MB-uy5kh
3 жыл бұрын
No pension. Decent 401K balance. Huge brokerage account balance from insurance proceeds from CPA spouse’s untimely death, who believed in carrying 20 x our household income in insurance, which I have not needed. Working for the health insurance and “Cadillac” benefits I get from high tech company. Three homes fully paid. Both children graduated from college debt free, including older one who is now an MD. No plans to retire yet as I need to find my “2.0”. Maybe when grandchildren arrive, it will help keep me busy outside of work.
@timbrown8159
3 жыл бұрын
Is there anything that could be considered equal to or as good as a pension?
@johnnyboyvan
Жыл бұрын
Very few now have a DB pension. It is disappearing quickly!! 😕
@jessecastro8453
3 жыл бұрын
I never believed in 401k bc they are tied to the market also no stock investing mainly bc i don't understand it. I have no penion , self employed but what i did do was invest in real estate, i understand this and the value goes up constantly plus the tax deductions on rental property is a major benefit. So now i have one house free and clear another with a small mortgage only 18000 it will be paid in 4yrs with a positive income of 700.00 that with my ss i feel I'm doing well. Plus i live in California retired at 62
@loriar1027
2 жыл бұрын
I have a pension and no debt but I worry about health insurance. The retirement health insurance sucks and I’m not quite old enough for Medicare.
@johnnyboyvan
2 жыл бұрын
But aren't most company pensions grounded in the markets? Just curious.
@captainnerd6452
3 жыл бұрын
Assumes that companies pay a pension, none of the places I've worked at had pensions, they don't do that in the computer programming companies.
@mmaranta785
2 жыл бұрын
True, he’s mainly talking about government agencies, where you get a pension, but usually must work at least 10 years and more than 30 to get a 75% pension-unless you are a cop or firefighter-who get the gravy pensions.
@whatwhome6914
3 жыл бұрын
We are getting there. We have no debt other than mortgage. Working to pay off house. We no longer get car loans. Will have social security, pension, and investments but unfortunately probably have to wait until I hit 65.
@billtisdale6122
7 ай бұрын
Pension + SS = $ixfigures. Just a mortgage, not touching 401. Can’t complain.
@jeffsites2428
3 жыл бұрын
Stay humble my friends.
@b_rad5678
3 жыл бұрын
26 years, hope to work 5 more & retire at 56. w/ pension. Right now all we have is mortgage with 15 years left to pay off. Probably find a decent part time job and work another 10 years.. Well, that is "the plan"
@kyjelly5524
3 жыл бұрын
I’m in the school district pension system but I didn’t get in until 4 years ago. I’m 37 now. don’t want to work until 63. I’m hoping to be done at 55. I won’t have 30 years of service so I can’t get the pension until 59.1/2. Idk what I’m gonna do at that point. Live cheap off of my rental income from my house that will be paid off. Not sure.
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