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What Retirement Income Puts You In The Top 1%

what income does it take to be in the top 1% of all retirees you'd think that'd be a relatively simple project to research turns out it wasn't so stick around and benefit from the work that I did to uncover these hardto find numbers let's go for a walk and and talk about it and you know the first thing I want to observe is that most of us probably would not recognize could not tell by the lifestyle folks that are in the top 10% of all Rey income when I get to the numbers I I think you'll you'll say okay I think I would be able to recognize people that are in the top 1% I'll give you a hint it's a it's a much bigger number than than I thought it was going to be okay and and so why is that you know why wouldn't we recognize uh the folks that are in the top 10% and it's because like a lot of things in life you know if you look at Millionaires and millionaires Lifestyles you know 70% of millionaires in America or self-made and and most of them most of us uh got there um by being you know uh uh careful with our money and and and being good Savers as as much as uh being fortunate and and receiving a a good salary along the way okay so I'm going to start off with what these numbers look like for all Americans and this is from a large data set they say it's the largest population data set uh in the world and the organization is called ipums and this is for all Americans not just retire so um to be in the top well first let's start off with median and and this is household this is household income the median household income uh in the United States for for everybody all ages is is $70,000 to be in the top 25% you've got to make about $130,000 000 to be in the top 10% you're making a little over $200,000 the household income a little over 200,000 it's 212,000 and to be in the top 1% you're making over $500,000 a year now um and the number is 570,000 what was interesting is each of those groups from um 2021 to 2022 so this is a data set uh that they released the results of at the end of 2022 each of those groups got a raise between 2021 and 2022 unfortunately from the median and Below on an inflation adjusted basis folks that are at the median below uh are actually making less on an inflation adjusted basis folks that are above the median are making more in 20122 and we've heard this play out in the press okay so so those are the income levels now now let's talk about savings and there's a really interesting point I want to I want to share with you here okay to be in the um to be in the top 1% of Savers in the United States this is the top 1% if you're between 65 and 69 75 and 79 or over 80 it's to be in the top 1% you've got to have $2.7 million in what's called net worth the net worth is just take all of your assets all of your savings accounts the value if you own a house the value of your house and subtract from it the the the debt that you have on that essentially so you just take all of your assets and you subtract all your liabilities your car loan your your mortgage your credit card debt hopefully you don't have too many of the latter too uh and that's your net worth so um if you have a net worth of $2.7 million a household net worth uh in the United States you're in the top 1% what I want to point out is you know if you look at the income boy that income is really staggering right I mean the top 1% of income is 570,000 or higher and you know some people will say well you know that number seemed a little low I was expecting that top 1% of income to be higher and I I agree but that's like the last person that made it into the top 1% so there's plenty of people in that category that are making a lot more money but think about this you know the the lowest income in the top 1% is almost $600,000 right it's $570,000 yet to be the top 1% in savings you just need $2.7 million or more um and what that tells me is you know as a society as a country it's no surprise we're not saving enough money and so um it's not enough to make a great salary you've got to be able to to save it but to me that was just staggering that you know essentially that top 1% you know if they were the Savers they essentially have saved um what five years worth of income uh and most of us could not retire if we had just saved five years worth of income right so that just shows just the the importance of living below your means and and saving as much as you can okay let's keep going now I'm going to Break It Out by desile and again this is household and this is according to the Congressional research service so the the lower quintile so there's five groups the lower 1 the lower 20% of Americans are making under $22,000 a year then the next group up from that are making you know between that 22,000 and 40,000 the next group up to that is is making between 40,000 and 65,000 um so you can see that you know 80% of Americans households are making less than $65,000 a year now I haven't got to retirement that's coming up here really soon um let me get to the top quintile the top quintile households in America are a little over $110,000 let's call it $111,000 okay so now let's get to what I finally was able to find out so I've shared a lot of information here and I think many of you are listening to this this uh these numbers and saying you know what I'm doing okay you know it's hard to get that high high salary but if you're saving and if if you're uh spending less than you earn if you're saving that and then importantly if you're investing that remember it's not enough to just save you have to invest it you have to get compounding working for you so a lot of you I think are looking at the at least the savings number and saying yeah we're doing okay we're doing okay and I hope you are I hope you are okay so now getting on to the uh uh the the top income in retirement uh and before I get there if you're enjoying this video take a quick second and hit the like button it really does help the algorithm uh find other people that this this video uh and my videos can help okay so um I'm going to break this out the top 10% the top 5% and the top 1% so people people 65 to 69 now this is people that are working and not working top 10% is 200,000 top 5% is$ 260,000 top 1% is essentially $1 million okay so that's 65 to 69 and now for people 70 to 74 numbers come down a little bit top 10% is $170,000 top 5% uh is $26 is that right yeah 265,000 and the last number is a million dollar so retirees to be in the top 1% of all people 65 and older you need to be making a million dollars a year just to put that in perspective that rule of 25 if that's what the uh if that's what the income is then they had they'd have to have $25 million in savings by the the rule of 4% I hope you found this video helpful if you did I know you're going to like this video up here that talks about average income for retirees in America and this video down here that talks about five reasons to retire as soon as you can thanks for watching bye-bye

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Why This Investment System Can Help Retirees Worry Less About Their Retirement Plan

I want to share an investment system for retirees to hopefully assist you as you're thinking about and planning for your retirement we're also going to look at how to prepare your retirement for the multiple potential potential economic Seasons that we may be headed into so we want to look at the multiple seasons and then the Easy System that's going to help lower taxes and then lower risk as well now if I haven't met you yet I'm Dave zoller and we help people plan for and Implement these retirement strategies really for a select number of people at streamline Financial that's our retirement planning firm but because we can't help everyone we want to share this with you as well so if you like retirement specific videos about one per week be sure to subscribe so in order to create a proper investment plan in system we want to make sure that we build out the retirement income plan first because without the income plan it's much harder to design the right investment strategy it's kind of like without the income plan it's like you're guessing at well 60 40 portfolio sounds good or you know May maybe this amount in the conservative bucket sounds reasonable you already know and and you feel that as you get close to retirement that goal of just more money isn't the the end-all goal that we should really be aiming for for retirement it's more about sustainability and certainty and then really the certainty of income and possibly less risk than before the last 30 years uh the things that you did to be successful with the financial side are going to look different than the next 20 or 30 years now if you need help defining the the income plan a little bit then look at the DIY retirement course below this video now once you do Define your goals for retirement and then the income needed to achieve those goals then creating the investment system becomes a lot easier and within the investment plan we really know that we can only control three things in all three things we actually want to minimize through this investment system the first thing we can minimize or reduce is how much tax you pay when investing we had a a client who was not a client of streamline Financial but of a tax firm coming to the the CPA firm in March to pick up his tax return and he was completely surprised that he had sixty thousand dollars of extra income on his tax return that he had to pay tax on right away before April 15th and it was due to the capital gains being recognized and other distributions within his investment account and he said but I didn't sell anything and the account didn't even go up that much last year and I got to pay tax on it but he was already in the highest tax bracket paying about close to 37 percent on short-term capital gains and dividends and interest so that was an unpleasant surprise and we see it happen more often than it should but this can really be avoided and here's two ways we can control tax so that we don't have to have that happen and really just control tax and pay less of it is the goal and I'll keep this at a high level but it'll get the the point across number one is the kinds of Investments that you own some are maybe funds or ETFs or individual uh equities or things like that the funds and ETFs they could pass on capital gains and and distributions to you each year without you even doing anything without you selling or or buying but it happens within the fund a lot of times now we would use funds and ETFs that are considered tax efficient so that our clients they can decide when to recognize gains rather than letting the fund company decide now the second way is by using a strategy that's called tlh each year there's many many fluctuations or big fluctuations that happen in an investment account and the strategy that we call tlh that allows our clients that's tax loss harvesting it allows them to sell an investment that may be down for part of the year and then move it into a very similar investment right away so that the investment strategy stays the same and they can actually take a write-off on that loss on their taxes that year now there's some rules around this again we're going high level but it offsets uh you know for that one client who are not a client but who had the big sixty thousand dollars of income he could have been offsetting those capital gains by doing tlh or tax loss harvesting that strategy has really saved hundreds and thousands of of dollars for clients over a period of years so on to the next thing that we can control in our investment plan and that's cost this one's easier but many advisors they don't do it because it ends up paying them less now since we're certified financial planner professionals we do follow the fiduciary standard and we're obligated to do what's best for our clients so tell me this if you had two Investments and they had the exact same strategy the same Returns the same risk and the same tax efficiency would you rather want the one that costs 0.05 percent per year or the one that costs 12 times more at point six percent well I know that answer is obvious and we'd go with a lower cost funds if it was all the same low-cost funds and ETFs that's how we can really help reduce the cost or that's how you can help reduce the cost in your investment plan because every basis point or part of a percentage that's saved in cost it's added to your return each year and this adds up to a lot over time now the last thing that we want to minimize and control is risk and we already talked about the flaws of investing solely based on on risk tolerance and when it comes to risk a lot of people think that term risk tolerance you know how much risk can we on a scale of one to ten where are we on the the risk factor but there's another way to look at risk in your investment strategy and like King Solomon we believe that there's a season for everything or like the if it was the bird song There's a season for everything and we also believe that there's four different seasons in investing and depending on what season we're in some Investments perform better than others and the Four Seasons are pull it up right now it's higher than expected inflation which we might be feeling but there's also a season that can be lower than expected or deflation and then there's higher than expected economic growth or lower than expected economic growth and the goal is reduce the risk in investing by making sure that we're prepared for each and every one of those potential Seasons because there are individual asset classes that tend to do well during each one of those seasons and we don't know nobody knows what's really going to happen you know people would would speculate and say oh it's going to be this or this or whatever might happen but we don't know for sure that's why we want to make sure we just have the asset classes in the right spots so that the income plan doesn't get impacted so the investment system combined with the income system clients don't have to worry about the movements in the market because they know they've got enough to weather any potential season I hope this has been helpful for you so far as you're thinking about your retirement if it was please subscribe or like this video so that hopefully other people can be helped as well and then I'll see you in the next one take care thank you

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How to Have the Perfect Portfolio in Investment – John Bogle’s view

But now this brings us to the main point of 
our discussion with you which is to get your   advice for our viewers about what you consider 
to be the perfect portfolio now we know there's   no such thing as perfect but i suspect that TIFs 
will play some role in this what would you say to   the typical investor now today looking forward how 
should we be managing our wealth well let me um i   tried to cover this you'd be surprised at some of 
the what i've done in the asset allocation chapter   of my book a little bit because i've come to 
conclusion there's really not a very good answer   and i've concluded that regular rebalancing is not 
terrible but not necessary i've come to conclude   that it's 60%, 40% portfolio is probably the best 
option rather than going from 80 20 to 20 80 in a   target retirement plan uh maybe right and i may 
be wrong on that and i find it something very   individual uh and and you know and clearly i mean 
everybody knows this intuitively at the beginning   there are no easy answers to this so i'll come 
to exactly what i'm doing uh but what i was what   i did i got a letter from clearly a young man 
who was really worried about how he should be   investing and what his allocation should be and he 
said you know the dangerous risky world out there   and he didn't mention it but of course he's right 
you have potential nuclear war global warming much   more than just potential and racial division in 
the country uh right now uh threats to world trade   and division of wealth all over the world but 
most often very heavily in the us between the   haves and the have-nots all those things 
are worth worrying about but i said to him   you don't know and i don't know what's going to 
happen to any of them the market doesn't know   nobody knows so you just have to put them out of 
your mind and forget it what you want to think   about is how much risk you can afford and that's 
very much a personal thing and it has a little bit   to do with whether you're investing regularly 
and things like that and then i said to him if   it's helpful to you i'll tell you what i'm doing 
now i'm 88 years old and have an unusual kind of   planning my estate and i said i'm 50 bonds and 50 
stocks i don't happen to rebalance around that it   just seems to come out that way particularly in 
recent years and uh it's been higher than that   and been lower than that but right 
now i'm very comfortable at 50 50.   although i spend half my time worrying that i have 
too much in stocks and the other half of my time   worrying that i have too little in stock and i 
think that's the way most investors feel they   don't know what the right number is and when the 
market's going up they say god why don't i have   more stocks when it's going down so your own worst 
enemy in all this yes but having some stability   without automatically rebalancing i don't think 
you need to do that and and it's very clear   you know and anybody understanding economist 
certainly understands this that the more the   less you rebalance the more you're going to 
have because you're always selling the better   performing asset and you don't know whether it 
will do in the long run but i also look at it   as as very importantly uh and this is this is kind 
of an interesting thing i think the most important   thing you need to know about the performance 
of the stock market in the next 30 40 50 years   is what is the GDP of the united states going to 
do corporate profits are correlated at 96 percent   s p dividends are correlated at 96 percent with 
with the gdp of the united states the GDP doesn't   grow quite as fast but not a big difference 
6.7 compared to 7.5 or something like that   and then they'd be nominal and uh i think so 
what interests me is in peter lynch's book   something about wall street uh one up on 
wall street or something he says there's no   number that could interest him less than the gdp 
number is it going up or down and what that is is a statement that the short term is more 
important than the long term and i don't   believe this the short term is more important than 
long term and then you even get in freakonomics   those wise guys they did a nice interview with 
me i'm heard all of it yet but i will someday   um say pay no attention to the GDP well it's 
everything right but it's not everything today   and tomorrow right you know the gdp probably 
rose today about two three hundred and sixty   fifths of one percent or something whatever it 
is uh and uh we don't pay any attention to it   but it all comes down to for your you know the 
best portfolio is are you an investor or are you   a speculator and if you're going to keep changing 
things you were speculating because we can't know   if you're going to put commodities in there the 
ultimate speculation it has nothing going for it   no internal rate of return no dividend yield no 
earnings growth no interest coupon nothing except   the hope largely vain probably that you can sell 
to somebody else for more than you paid for it   how that could be even considered goals 
let's say an investment uh i do not know so   it's i'd like to take the mystery out of it and 
say that the perfect portfolio first i think for   a huge proportion over 90 percent certainly of 
the investors should be limited to marketable   securities they don't need the liquidity today but 
and we may have you know too much marketability   and that is too much sensitivity to prices as they 
change day by day but you want to get out of the   idea that you always have to do something and uh 
i have said in my books and you know something   happens and the federal reserve does something 
and the traders all at the beginning of the day i   think it's going to cause the market to go down so 
they sell and everybody else says it has nothing   to do with anything for you and when you hear news 
and your broker calls up and says do something   just tell them my rule is don't 
do something just stand there   and it's it's a lot of the rules that apply 
to the investment are not rules that apply to   ordinary life right and uh so don't do something 
just stand there so get a rough idea of what you   want to allocate your money to now i i do i'm 
really entirely indexed at my 50 50.

Uh although   oh my and i can't give you the proportions 
because i don't remember them but   my bonds that are in my retirement plan are 
bond index funds and the bonds that are in my   my uh personal account are municipal vanguard 
missile bond short intermediate and so i'm   reasonably comfortable with that so i think 
i'm too conservative for the average investor   so i'd say the perfect portfolio and it should 
be well let me just mention one other issue and   try a little bit differently uh blair academy i 
have a scholarship fund that i'm allowed to manage   and i don't i don't want to spend any time on 
and i don't so here is exactly what i've done   on the assumption that nobody will touch it for 
a long time and when i'm gone i mean maybe they   will maybe they won't but what i did this is 
probably ten years ago um we say put half of   it in Wellington Fund and have it balanced index 
fund the idea was not all on balance index fund   because there could be things that happen that a 
manager needs to adjust to neither of them have   an international component and that's fine with 
me that's i believe that's the better strategy so   that's and they would be together 90 of the fund 
and then against two contingencies um just in case   i put five percent in the emerging market index 
and i hope you're sitting down five percent in   gold really yeah in the event just a five percent 
hedge against some kind of catastrophe now   i wouldn't call that the perfect portfolio but 
i i mentioned only because that's one there's   distinctive meaning you cannot touch it and uh at 
least theoretically can't touch it it's designed   to be held through all extremes and so that's 
going to give you with the two balanced funds   uh roughly 62 percent in equities that's going to 
be with wellington fund more corporate bonds than   the index fund has i think the index is something 
that we should be very very careful about because   it has the one of a better expression too damn 
much in governments right i don't think any   individual would have a a bond account 70 in 
governments and 30 corps right maybe it should   be the reverse i think that makes more sense can 
i prove that no i'm sorry i can't so it's looking   at the long term looking at the numbers looking 
at cost above all there's no there's no ideal   portfolio perfect portfolio that ignores cost 
now you know i've seen these articles saying   well for example commodities no internal rate 
of return silly including gold except that's the   if nobody's gonna nobody's looking and we 
have something explosive that will help and   it probably shouldn't hurt you too much this 
portfolio actually had done rather well in the   last couple of years and it's fine in the long 
run and uh so you know and actually it may be   doing better than my own but i don't but i look at 
my performance because i'm so conservative right   uh i look at i look at the funds yeah but it's 
almost all indexed and i do have wellington fund   from those days with Mr Morgan and i wouldn't give 
that up as a sentimental matter but but i should

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Rethink Traditional Retirement: Our Top Tips For A Happier Retirement!

retirement actually killed my father his retirement lasted 15 years and his decline was like him jumping off a cliff now jod and I have spent the past 5 years doing the complete opposite we call it climbing a mountain it's the complete opposite of what my dad did and we want to share with you today some of the things you can do to have the same outcome that we have you know the past 5 years have really been miraculous for us and today we're going to share with you the holy Grail of a successful retirement our Holy Grail Y and you know what I think this is going to be our new thing might we might even Rebrand the channel the Holy Grail of retirement I'm pretty sure Holy Grail is probably already trademarked okay well we all make daily choices about how we want to spend our time right every day Jody and I do the same thing is it watching TV all day and being sedentary which could be okay which can be okay I actually did that on Saturday cuz I was having one of those days or is it thriving and growing and getting healthier so that we live different from the way my dad did for sure you know today we want you to listen and take a few notes and think of your life and what you want to do for the rest of the time you're here and Alive you need to think about this because this is really your final Act I turned 76 whoa 67 wo I flipped it 67 yesterday y 13 more years years I'm 80 right you know 23 years I'm 100 90 but I will tell you our kids age 39 and younger and their significant others said you're making 67 look easier than 39 well thank you for I liked that that was a good compliment it was a great compliment but here's the thing at 67 or whatever age you are how do you want to be remembered what impact are you going to make on your family and your community on the world what is going to be your legacy and you know we hear all the time things but yeah you know here they go again up on their Soap Box preaching the Good Life and you know what you bet we are or as our neighbors from Minnesota say you beta um you know we're dead serious about changing the way everyone approaches retirement or at least influencing it that I don't know if we can actually change it but we could influence it it's so much mindset and habits and routines and everything else that we talk about but really want to take all your doubts about retirement and put it aside and stay with us today as we share our seven key strategies that we've perfected for our retirement and if you're new here I'm Mark and this is my wife Jody and we don't focus on the financial aspects of retirement but rather your lifestyle your health your relationships and more so please hit the Subscribe button but more importantly if you're finding that this video is helping you share it with with other people that you love and care about that are on the same Journey that you are absolutely so last week jod and I were playing golf and we haven't played much this winter but we well I have you I mean together yeah together we haven't played you've been deep in the business in the book and everything else and now they've got a lot more free time so now we're spending more time playing golf but what I noticed last week was that I was completely in the moment and it wasn't like that during my career in my career I'm always thinking about the next thing the next project what do I have to do this afternoon what I have to do in 10 minutes what emails do I have to answer you know and I'm thinking weeks months and years ahead and it was just stressful right but now in retirement when we've been able to slow down a little bit and pause I'm finding myself that I'm in the moment all the time and that is so much different than it used to be and it can really help your golf game because you know all you need to think about right now is your next shot you don't need to you know start solving problems for later in the day the week the month or the year right but we've had to work at that right and the Seven strategies we're going to share today have allowed us to get to the point after being in retirement for five years it's taken a long time for us to get here it really has and the thing is we're trying to give you our secrets of success and what we hear from our clients and the comments we get on the YouTube channel so you know we're coaching in each other all the time on this and coaching others so I you know I just want you to pay attention today because you know I think back on my dad and the decisions that he made that ruined his retirement and we're not going to do that yeah my dad made so many bad decisions before retirement that he never really he never made it to retirement because of his lifestyle choices now part of retirement is having a good relationship with your partner wife husband whatever it is so there's a link below to to one of our free downloads the relationship toolkit that you can use with a husband or wife or a close friend or even a colleague really any significant relationship in your life you could use this toolkit for so download it and check it out all right so here are our Holy Grail of retirement strategies trademarked can we trademark them I don't think so n too bad all right the first thing the first thing you have to get right is your finances you need good financial management and Wellness within there how much money do you have how much money is coming in how much money is going out they seem like basic questions and a lot of people even people with enough money don't think they have enough money right when they retire so having you need to get some help in this area yeah absolutely and you know this is a good time to also mention and maybe we should link it below the new retirement platform that um that we have a partnership with and and it just is an easy planning tool for you to use to run scenarios in it's a dashboard that ties all your financial information together I honestly I forget what it cost $100 a year 150 I think something it's free for I don't know two weeks you could try it it's a great tool but really having a good idea on how much you have and there's all these scenarios everybody can run but realizing that you can control some things like you can decide that you know what this house even though it's paid off it's bigger right it's you know it's 5,000 square ft it's got four bedrooms we don't need four bedrooms even though it's paid off you have to heat it or cool it you have to paint it and take care of it put a new roof on it all that stuff costs a lot of money it does so things like downsizing going from two houses to one or a big house to a smaller house or even moving from the house concept to a condo Co-op you know apartment you know those are things to think about that really help in your financial planning and then once you get your plan what's coming in what's going out you know where are your expenses key expenses for the month and develop a plan and stick to it you know how often do you want to go out to dinner how many family vacations do you want you know what type of housing do you need I mean that's really what we're talking about with getting the basics for your financial plan number one right and if you get this right you're going to have Financial Independence all right now the second part of this is you know thinking to yourself you know does part-time work or Consulting maybe fit into your retirement plan you know you know for us this this uh YouTube channel and our business retirement transform gives us fulfillment it fills part of our day we know that we're serving others we're building a channel we're trying to learn new skills as we go sometimes we're climbing a mountain of learning that's for sure with YouTube and you know some of the social media platforms but I I want to say something here because we get a fair number of comments on our channel from people that watch it and they say these two are not retired they're working they're going on business trips they're doing this they're doing that that's they should just really retire we are retired from our first careers but part-time work or Consulting like you said Jody is gosh it gives us fulfillment it fills part of our day right I don't know sometimes like last this past Saturday I didn't feel like doing anything right and I didn't do anything I watched TV I read a little bit I took a nap you know there's people that do that every day in retirement it's really unhealthy so so this idea of part-time work or Consulting once you're in retirement you know I think it's important to assess your time assess your plan and figure out if that fits in and if it will be additive because if it's not additive then it doesn't fit into your retirement world and I think that's fine too yeah and there's nothing wrong with having some extra money come in to pay some of your expenses so you can go on vacation or pay for meals out nothing wrong with that in this phase of life especially if it gives you some purpose and you got passion around it and it gives you a reason to get up in the morning so that's the second bucket bucket strategy that we use for our what do we call this we trade the Holy Grail the Holy Grail the third strategy that we have is building Community this is so darn important and we've gotten really good at it and you have to change your mindset you know it just just made me think at at all major transitions in life whether you're going from grade school to middle school middle school to high school high school to College college to your working jobs or your careers or you move around if you're a military family you know you know every big transition in life you have to build community retirement is no different you know finding new friends keeping the old friends you know making sure you're reaching out and I think the really big part here is being intentional about it well yes that that is what we've learned in The Last 5 Years y you can't just come to Florida like we did and move in and expect people are going to ring your bell and say oh you're new in the neighborhood let's go out to dinner we've worked at it right and we've made some mistakes you know we've picked some wrong friends we just don't call them again but we've picked some really right ones and they've introduced us to other right friends so we have uh what are we doing in Wednesday night we're doing a a progressive appetizer and dessert dinner with nine couples nine couples yeah that would be really fun I mean it's I mean that's going to I I haven't done that Mar's a little worried that he's not going to get enough to eat but I promise you will well well I did that in my 30s you know when you meet meet new people but this is such a great time I mean we have F community at the gym we have community at our Golf League we do lunch groups a little while family is critical still we stay in touch with our family but if you can get this third strategy building Community right right your retirement will flourish 100% okay so the third bucket or the next bucket is um because I think this was the fourth bucket is physical activity and you guys know we're always on a platform pushing people to be active we have always been active but now we're in a whole new level of activity that took us again five years to kind of figure out what we wanted our physical activity to be and how it was going to translate to physical wellness you know right now we're both doing morning boot camps you know one hour 5 days a week Mark does five days I only do four because I have a golf day in the middle of the week and it was hard at first you know getting up early you know not knowing what you were doing you know getting a little anxious about different you know workouts I was I know you weren't anxious about it but you know me at almost 60 years old doing an army cwl across cross the floor is not a really good look but it took some courage and now we're addicted and you know what before that honestly our physical activity I'm going to call [ __ ] on both of us because we said we worked out we said we were active but it was walking a little bit and it was doing this we are now busting our butts for an hour 5 days a week four days a week to to feel good to look good to have the energy that we need and I'm not calling [ __ ] on my prior physical activity because my 90 minutes of hot Power Yoga would kick your ass every day that's true so calling [ __ ] call on himself yeah cuz I was in the garage doing it kind of jumping jacks yeah that's not really nice but we're getting stronger we're building muscle look at your arms I'm not going to flex my arms you you know we hit the golf ball longer we spend time walking Ruby physical activity without a doubt if you get this right in your retirement you're going to have Boundless Energy to carry you throughout the day and you know it's funny at any stage of the game so no matter where you are in pre-retirement just retired postretirement 10 years into retirement or any of our kids and I just had this conversation this morning with our 27 soon to be 28-year-old who just got a big promotion your physical wellness has to be a part of your day no matter where you are on the spectrum because if you're physic Ally Fit and Well and you've you know done your exercise everything else gets easier after that you know she said to me yesterday I need a morning routine like yours but I can't figure out how to do it and I'm like I'm 67 and I have a morning routine I wish that I was doing the morning routine I'm doing now at 27 at 27 I I don't regret it well you must have inspired her cuz she got up at 5: this morning she moved her body she ate a good breakfast and then off so that was a good so let's talk about another one nutrition which is big for both of us yeah it's big for both of us um you know uh we stopped eating junk food bad snacks fast food you stop wait a second you're talking about me you didn't do junk food you didn't do bad snacks or fast food but I did I just don't have the stomach for it I kind of wish I did you know when you're driving down the highway and someone says ooh there's a chickfila i i panic because I don't even know what to order I love chickf I know you do but you know we're doing things like more water and healthier snacks and really working hard on not cheating but if we do cheat we're mindful about it right right we're trying to watch our sugar we're doing more of a Mediterranean diet it's actually fun if you've got a little bit of interest in cooking even a little bit start googling Mediterranean chicken and a skillet or something you get these amazing recipes and they're fun you go shopping that takes a little bit of time to start getting creative my nights to cook though I always Google simple Mediterranean chicken in a pan simple Mediterranean chicken in a pan for you is have more cook dinner it's my favorite dish to cook by the way I got to do recipes um we're doing Less meat more fish some chicken a lot of vegetables we cook at home a lot more we do going out to eat is going to be unhealthy I don't care where you go well that's not true not all the time but most restaurants are cooking unhealthy too much butter salt sugar so if you can get this one right this strategy which we think we really are 5 years into it we're getting closer we couple nutrition with exercise your future is going to be different you're going to be filled with a positive attitude about how you look how you feel and your energy level all right all right so the next bucket is the Sleep bucket and again I you know we have videos on the channel about sleep about rest you know and the importance thereof exercise nutrition and sleep are the top three for us in that in that order I think yeah we track our sleep every single day might sound a little weird but we have our aura rings and what happens is if we eat late or eat meat or have some alcohol our sleep deteriorates so sometimes if that's going to happen we just have to know we're going to have poor sleep but that's rare yeah because we really do everything we need to do including getting ready ready for sleep making sure um the room is cold and quiet um no screen time before we sleep because it's critically important for us to get at least 7 hours of sleep I unfortunately get about 6 and a half 6 sometimes because I get up so darn early I get up at 4: and I just can't stop doing that so if I go to bed as late as 10 I'm only and I sleep till 4: at 6 hours including maybe tossing and turning but we're almost obssessed with sleep because it happens every day right so we have to really make sure we do it and I think our sleep schedule and habits really have been helpful I also think you know if you think about sleep it's one of those things that you can control right you can you know control the temperature like you said the the darkness in your room you know the sheets the covers the blankets I mean we we have a weighted blanket that we sleep with which Mark has really loved I kind of sleep hot so I'm in and out of the weighted blank well it feels like I'm being hugged all night long yeah you love you do love the weighted blanket but you know with a good sleep schedule and habits you kind of approach the day filled with like happiness and A Renewed strength and laughter and you know you're you're just you just feel better and on the days when you don't get sleep you know it's good to also jot down what may have caused that bad sleep okay so the next one managing our stress right and I think that you know everything we've talked about now up until now has really really helped us with the stress we didn't specifically talk about meditation but meditation for me over the Last 5 Years actually longer seven eight now because I started it just was on my 50th birthday after I sold yeah after I sold the company I started meditating I'm telling you so you're on nine years I'm about to be 59 yeah two weeks that's right big presents 60 next year no you get presents every decade every decade okay next year um managing your stress and retirement is important there are things that happen that will stress you out yeah less than work during your work years maybe but there's no need to have stress at this stage of our life I mean we've got kids who are sick struggling with this and that you have to manage it so meditation deep breathing exercises um phone and social media downtime I'm so close to just saying Sundays is no cell phone no texting no posting no scrolling at all I think that would really personally do me well for it why you laughing I believe it when I say it okay it's a challenge yeah yeah Mark's a little bit like a teenager with his phone he's constantly scrolling through all day long and why you picking on teenagers I love teenagers let's compare use time on our phone okay let's do that happy to do it right now or later we'll do it later all right well listen the the other thing is um managing your stress it's it's a election year there's war you know in the Middle East right now all of these things create stress yeah managing the news that you consume is really important wouldn't you say but I would say managing your stress if you get this right you will definitely flourish you know you'll begin to live kind of more in the moment and enjoy things in your life that you know otherwise may have been missing all right here's another one that I think it's our last one yeah this is the one that really is important for us in embracing lifelong learning so we've been retired for 5 years and we read like crazy about all sorts of things and we we learn a lot of things we learn from our kids but there are so many aspects of life where you can learn um you know it's it's kind of like we've made the decision that we've got and you've got I don't know 10 20 30 40 years left that's a lot of time to just stick with the knowledge that you've accumulated up till now you don't want your brain to go Dr dry and just stagnant I also think this this concept of embracing lifelong learning you know allows you to shed your old identity right so everything I knew up until I turned you know 53 not everything but a lot of what I learned came from the insurance industry I knew a lot about the insurance industry I knew a lot about distribution and claims and financial management and all that stuff but that does not serving me that well in retirement so embracing like new learning and life lifelong learning helps you shed that old identity it's like a good correlation I think well even new technologies whether it's just the phone but I'm sure by now you've all heard of artificial intelligence or chat gbt which is one of the platforms that you can download on your phone and I strongly recommend you do that it's like asking Google a question and instead of getting 30 different responses you need to scroll through chat gbt actually gives you a typed out answer that solves your problem it's more Consolidated it pulls from other resources the only thing I would say is just remember it's a two-year lag so you're not getting you're not getting the most current that's not true a lot of platforms now are they've updated yeah but lifelong learning using artificial intelligence it's just fun to experiment a little bit don't be afraid of learning anything because as as you said all of these strategies have really helped us and they are our trademark totally great Holy Grail of retirement strategies you heard it from us today that's right these this is where we focus our time and energy in these seven areas and you can too it takes time takes discipline habits and some effort yep use these seven strategies to launch a new phase of your life learn how to meditate learn how to journal learn how to sleep better and what are the key indicators that make you sleep better and what are the ones that you fail on when you have a poor night's sleep invest some time every day to build a a better version of yourself in retirement if you like this video this next one retirement planning for 2024 is a video that jod and I did in January of this year and we broke down all the areas of our life individually and as a couple and for the business that we wanted to focus on this year so you really will enjoy this one next

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Single Retirement (7 Tips to Ward off Loneliness)

there's 10 000 people turn in 65 every day and one half of this population is reaching this age on their own so you're not alone in this phase you need to know that you aren't alone but retiring solo does increase your risk of actually being lonely which can have detrimental impact on your health today we're going to talk about retiring alone or the new buzzword of solo retirement so if you're watching this and you say well that doesn't apply to me and you're a woman stay tuned the reason i say that is unfortunately seven out of ten or seventy percent of baby boomer aged women actually outlive their husbands what are you gonna do with that why are you laughing what are you gonna do without me i don't know what i'll do with that party anyway there's 10 000 people turning 65 every day and one half of this population is reaching this age on their own so you're not alone in this phase you need to know that you aren't alone but retiring solo does increase your risk of actually being lonely which can have detrimental impact on your health so this idea of emotional loneliness you know that people over 65 who suffer from that they have an 18 increase in their mortality rates which is scary so today we'll give you seven strategies to help ward off loneliness and overcome isolation to live a more fulfilling life as a solo retiree so here's the first strategy and this is really important overcoming your financial insecurities now if you are a single woman now or a single person and you're retiring and you don't really have a handle on your finances that's a problem and you're going to be stuck and stifled and not be able to move forward so you need to hire a financial planner and understand your finances and frankly if you're a couple watching this and one of the two of you really gets finances well and the other one doesn't that's not a good place to be no if you're listening to this both of you should pay attention and share the financial information as well as the financial burdens now because ultimately if you listen to that first statistic if you're a woman 70 of us will end up as a solo retiree outliving our partner that's just the medical history that's just the facts you know there are friends down the street who purchased the house from this elderly couple and unfortunately her husband passed away and she decided she wanted to downsize she went to sell the house they got all the way down the road to the closing right and realized he had never changed the title of the house so it took another three months to close and it's just because she had no idea they weren't really sharing the information so it is really important yep so get your finances in order we're not financial planners but definitely find one that was strategy number one strategy number two create a small support group of peers like mark said you're not alone there are many other people in the same place and you want to be able to share your struggles and successes with them yeah because it's it's tough to be alone and it's tough to really be alone but if you can be alone with another person who's alone then you're not alone anymore right that makes sense right kind of yeah good theory i mean you could do weekly coffee you know pick up a class or do some exercise or even just take a long walk it's important to make sure that you connect and have a group of peers yeah relationships are key and having a support group really helps so strategy three is along the lines of that but we're really suggesting that every day you talk to someone on the phone and person whatever it might be make sure you have a conversation with another human being every single day and it might make sense to make a list of people that you can call absolutely makes sense you know friends and family and neighbors you know and never feel like you're imposing and like mark said don't let a day go by that you're not involved in a conversation now it's always better in person because it feels better but if you can't be in person bad weather you know covet kept us all locked up a little bit at least call but be there and frankly what's helpful is not only for you to reach out to get some communication help but be the one supporting other people that's a great way to start having some conversations in a peer group that you're leading it so connect with someone every day strategy number four have a daily plan and a schedule something that adds structure to your life so that you're not always wondering what am i going to do today what's the morning going to be like how am i going to make it through the afternoon really set the tone from the day in the morning now good habits and routines are important and i know a lot of people that like to get up they've worked their whole life and they're retired now and they want to get up and just have a cup of coffee and watch tv watch a little more tv have some more coffee but before you know it it's 11 o'clock and you haven't talked to anybody and you really haven't done much so setting some schedule and some time some self-care time with friends and frankly limit tv i mean i you know watching tv every morning from 7 a.m till noon it's not healthy no but you could even schedule some time to learn to pick up a class to go to the library to read to children to find things in your community that you could do to be helpful and that makes you not alone and isolated so here's the fifth strategy and you've heard this from us so many times and it just makes so much sense this one does come up in a lot of our videos because it helps in so many areas of your life the fifth strategy is exercise every single day move your body move it get up and move it do you know that if you walk 20 minutes a day every day for 20 minutes you can add five years to your life so what about walking with a friend and 20 minutes that's easy walk for 30 minutes with someone and have a chat and catch up so you're now you're exercising and you're communicating with someone you know as we all age movement does become harder but you need to be as active as you can and just know that you can do 20 minutes a day so we hope you do that take it seriously so now let's talk about strategy number six volunteering you know there's so many benefits with volunteering and it's become such a huge part of our retirement transformation program and you know we do bring it up a lot volunteering sharing your wisdom creating your community you know providing yourself with fulfillment sharing and searching your passions we bring that up a lot but it does help with this loneliness and the potential for isolation you know you instantly can find a community of people when you start to volunteer and it could be as basic as working at the local food bank or the library or something but you're going to find dozens of other people in the same position you are in looking for communities so it's really important to give this a shot absolutely strategy number seven would be to try new things learn technology mark and i did a talk one day and there was a bunch of people in the room and one lady raised her hand talking because we were bringing up this strategy about learning technology her name was ava she raised her hand and she talked about the world that technology opened to her allowing her to connect with her family over in italy and how they structured it how she learned face time how she learned zoom how she learned to be able to work all of the technology in her house to really ward off that loneliness and you know how she did it remember her story she got one of her grandchildren to sit with her and work on the iphone with her to learn how to do face time she couldn't believe in her mind that it could happen and then in the end how easy it was for her right so but it really made her feel connected and less lonely and i think utilizing technology in that way is really smart and learn from a younger person it's nice in a community to have people your own age and people younger so and while you're learning technology look for online courses that are out there look for some online learning that can engage you i did that when i went to the university of pennsylvania and i took an entire online online course and i got to zoom in with other kids college kids college kids and i was the old lady but that was great and i made a lot of great contacts doing that no a big thing to remember is you're not alone you can ward off this loneliness but you need to be proactive work on the seven strategies we just mentioned above and listen if you enjoy this please share with your friends and also please subscribe by clicking the subscribe button below don't forget to join our free facebook community the link is down below and it's very interactive where jody and i go live each week you get to ask questions and we can communicate with each other and thanks for listening and we look forward to seeing you again

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Live your Best Life with the Best Retirement Advice You’ll Ever Get!!

we've been researching and living retirement for about 5 years now and we learned a lot about what works and quite frankly what doesn't work and we you know coached a lot of people and we get a lot of comments on our YouTube channel so there's a lot of people who enter this phase really unprepared and then they just wander around and end up bored and even depressed you know without the right strategies you're missing out on the joys and opportunities that retirement can offer to you so today we're going to give you the top 20 pieces of advice from ourselves but also from so many of our clients who are having a really great time in retirement that they describe as super successful and make sure you stay till the end because we're also going to throw in our top five retirement tips can't wait to get to that yeah exactly listen if you're new here I'm jod and this is my husband Mark now we don't focus on the financial aspects of retirement but really what we do focus on is lifestyle Health relation relationships and so much more we hope you like our videos and if you do please share them with someone you care about and definitely like them as you're on your way down your retirement Journey so let's talk a little bit about our journey for the last 5 years because we don't want you all to think just because we have a YouTube channel that we have it all figured out we do in many regards but I I would say the the one thing that we're doing really well is working at it we do yeah I would say that we work at it every day almost to the point where sometimes you know how you work at something so long that sometimes you're like okay I'm going to take a pause on this every once in a while I'll have to call the pause yeah and and I don't want to give away our five tips but the one thing that you and I have going for us well there's really 10 things but I only want to focus on one now is our communication yeah you know we don't always agree nor do we always get along well we always communicate yeah you know we really do give each other respect the space to have an opinion um and you know we're human beings and living together can have its challenges absolutely but we I think the big thing for us is experimenting we don't always agree we don't always get along but we always reset and regroup and what's what else am I looking to say well sometimes I think we also just do what I said just take a pause right I mean sometimes you have to just kind of step away to go back at it with fresh eyes yeah so you know we keep we do keep track of what's working and what isn't working for us and you know what worked for us for all the years that we were married that we were working may not work for us now so we've had to adapt a few things for sure you know when we were working it was I'm not going to say it was easier but there was so much going on there really was no downtime right now we have downtime and we need to make sure we're we're doing it the right way y so you might be wondering why do you even need to think this Harden retirement well we have people say that to us all the time you know you guys make it sound like it's so much work in retirement that's when you're supposed to have no work right well what we found out is our retirement other people's retirements are successful and they're happy because they spend a little bit of time working on things right now by the way we've got a whole bunch of free downloads but we're going to put a link below to one it's a health and wellness checklist we want you to get that download and use that to kind of reset your health in retirement that's really really important so let's jump into some of the best retirement advice we've heard from RE reies thus far and again stay till the end where we'll do our top five retirement tips okay first thing stay active first thing always what staying active it is it's one of our first things we always say I can't emphasize this enough now we have a new puppy who is in the background is he eating something well just a dresser no he's eating a knob on a dresser maybe you should grab him but staying active it's her uh yeah it's a her so we'll bring her up um you get to see Ruby this but uh staying Physically Active it boosts your mood it boosts your health you know walking walking walking our dog is always helpful but we're both pretty big fans of some regular type of exercise Absolut and you need to do that yep yep and you know we read a great book called outlived by Dr Peter ATA and he talks a lot about exercising being the best medicine for longevity okay you can't lick the microphone all right second thing nutrition you've really got to understand what it is that you put into your mouth you know my mom said that when I was a kid but as we get older you know there are changing nutritional needs that we need to be aware of and you got to have a good balance of fruits vegetables lean proteins and whole grains absolutely and you know you have to also stay hydrated you know you have to limit your intake of sugary or processed foods and definitely make sure that you're Consulting a nutritionist I think or a dietitian even of sorts and make it fun in the kitchen you know explore some new recipes or Cuisines to keep your meals exciting and nutritious yeah you do good with that because you're really our cook I'm really appetizers Ambiance and clean up well we've moved from Strictly meat and potatoes and gravies I I call it comfort food to more of a Mediterranean diet so we don't do much beef we do a lot of chicken we do a lot of fish having fish tonight right um a lot of vegetables and we feel better because of that the exercise and nutrition really makes us feel great absolutely so the next thing is really to just you know our retirees tell us all the time you know continuous and constant learning keeps our brains active and really keeps us sharp and keeps us young yeah and you know retirement offers you the freedom to explore new hobbies or skills or go to the library when was the last time you're in a library you know it's amazing to walk I love walking through bookstores but walk through a library is even more fun because it just massive and there's so many different sections you can get lost in there forever right and you know I think that uh local community centers like uh got down here in Florida they've got all of these nature preserves they just kind of fun to go walks Serenity walks and different things another thing that's really important and the fourth tip today is socializing you really got to make sure you're getting out and making new connections there are a lot of people in the same boat that you're in right that want to meet new people down here in Florida we're just really getting so much better at putting ourselves out there Y where you can volunteer join a club um I and it's not that hard you know I think we make socialization as we age a lot harder than it really needs to be it's like almost like we build up these walls around how am I going to get invited or who am I going to know or what am I going to say and you know really it's just a matter of putting yourself out there and being you I mean you you are very interesting and what we always tell our kids is it's important to be both interesting when you're socializing and interested so you know have your battery of questions kind of lined up that you're going to you know say to people when you're in Social settings a lot a lot of it is easier than you think so that's all about meeting new people and networking so to speak uh the other thing the fifth tip is nurturing your current relationships we get that a lot from our retirees what's that that need to do this once they are retire I mean whether it's your children or your old colleagues at work or your relatives or high school friends or college friends these are people that at one point in your life were probably pretty close to you will reach out and find out what they're doing look for them on Facebook or whatever but don't be afraid they're probably wondering if they're retired as well gosh I I wonder where my high school friends are and when you call them I guarantee you they're going to be like oh my gosh I can't believe it just called and you have the most wonderful conversation so I also think that in the nurturing relationship bucket Mark I I also think it's a time where you can really sit back and address any unresolved conflicts that you might have whether that's with family or old friends or you know old neighbors or colleagues you know it's a good time to be able to address all of that for sure okay um staying financially Savvy lot of the lot of our clients and ourselves and people leave comments that you know how much money can I spend spend should I downsize or rent when should I take Social Security or my pension you know we have a great tool that we um came in contact with through new retirement and it's actually a um a portal where you can connect all your bank accounts and it actually pulls everything and it shows how much you're spending it shows you what might happen if you downst it's a really cool too it's it's like a scenario plan yeah so we'll put that down below but these are all questions that people have you need to get the answers so either a financial planner or um your accountant or using this tool but you know having a regular budget can be helpful because you kind of know how much you can spend right um I think the other thing that we see a lot of because we get it all the time too is being really careful about scams oh I know you know this thing where people call up and say that uh it's it's an email and or they'll say is this Mark Rollins and you say yes and then they have your yes there so there's a lot of those things that are happening good financial adviser and really understanding your finances is really important okay the next thing I would say and and I didn't do this as much during my career but I've really taken this on um and with some advice from our retirees is prioritizing your mental health your mental health and wellness is so important it's critical and almost as crucial as your physical health right uhoh Ruby's getting adventurous Ruby's getting out of hand um you know meditation I talk about meditation a lot lot I talk about journeying a lot and you know five five or six years ago I started meditating and if you asked me the day before I was meditating would I ever do it I would I would have said no yeah but it really is a lifesaver now it really helps me every morning to kind of get myself set for the day journaling gets my ideas and my feelings out on a piece of paper it really has helped me tremendously be more calm and in the moment for whatever comes our way absolutely and you know what I I remember you and I remember you the day before you started and and you really that's a true statement you never would have done it if if you didn't you know kind of feel like you had to do it at that point okay the next thing I would say is um you know our retirees these days are really embracing technology you know it offers a great tool to stay connected and informed and even entertained and then there's you know the platforms like Zoom or Skype that allow you to do virtual meetups with family family members we just yesterday gave our grandson Luca his fifth birthday present oh yeah via Zoom they're in California they're in California and we're here in Florida and we had the present all set it was all ready you know we had it all kind of concealed his eyes were covered and um that was really the only way we were able to celebrate so I think it was good that we were able to do that and they're able to do it you know back with us I mean I think Luka could zoom or Skype us probably without his parents well on the way to school a lot in the morning uh Jonathan will give Luca his phone and luuka and I will have a conversation on the way to school which is fun so there's um there's a lot you can do with technology and I I find that when people are struggling with technology they're struggling with life so really investing some time and learning how to use your phone right learning how to use your computer it really is important I think the next you know the next thing our retirees tell us is you know you know travel and explore you know traveling provides such EXP exposure to new cultures you know I know we've got a safari coming up at the end of next year we're both a little nervous about um but new cultures new foods new experiences and even some local trips some stations but going to the next town over I know I had a hard time saying that the other day but the next town over can be really fun and it keeps you busy so you can plan a trip you can research trips we we've we've now seen recently there's a lot of travel agents that specialize in trips for solo not solos solo retirees or solo people individual people so you go on a vacation with 10 people who are all there on their own right and you know the travel agent does a pretty good job we hear of making sure that you're all the same um you know you're you're going to the same place for the same reason and that you'll pretty much get along so that's great so more advice from our um retirees that we've been kind of investigating and calculating this is always a favorite re-evaluate your living situation and you know what I mean by that is you know consider your proximity to you know family to friends to Health Care Facilities to your doctors to your favorite recreational areas you know re-evaluate if where you are here today is where you really want to be or need to be as you move through your retirement yeah I think that's really important because there are so many options for you today to live and again it's not just about downsizing which I think we're going to talk about in a minute but it's really where do you live and how are you living we we always talk about wanting to end up as we get older being there one of our kids and we have six it's just hard but they haven't really we're not necessarily on the same page on this one what do you mean well I mean I think it would be great but I like who do you pick how do you pick what do you do I I'm not going to say it on here but I know who I'm going to pick okay I want to be taken care of okay I know who she is oops did I say that okay so the the next thing is downsizing or rightsizing your home so this has Financial connotations but it also has a tremendous amount of um psychological stumbling blocks that you need to get over in order to even think about downsizing and the first place to start instead of just saying I don't want to talk about it with your partner you have to talk about it I think that's really the first thing we have a lot of people who are frustrated with this topic because they're spouse or partner don't want to talk about it well well the retirees that we spoke to for this video said you know this is a scary and dangerous topic right downsizing you know decluttering is a little bit easier than downsizing downsizing means you're thinking of making a big move right and if you're both not on the same page it becomes divisive so you know the retirees uh that we talked to said this is good advice to start to bring up early in your retirement really planning the seeds you know where do you stand on on this you know is simplifying something that's going to lead to less stress or are you the house that everyone comes to and and we've done and that's fine too we've done uh several videos on this topic of downsizing there's another one that says if downsizing isn't right for you some things that you can do really the process here is to simplify your life you're now in a phase of your life where you've got more free time you can travel so will Trading houses up or down make your life simple right so right and it's you know it's a therapeutic process and speaking of a therapeutic process the next thing that everyone says helps them so much is beginning the process of decluttering right and that oh my gosh we we try to declutter all the time it gives you mental Clarity it makes your home safer and there's so many emotional but what's so funny I'm laughing because if we try to declutter all the time where's the Clutter coming from I don't well yeah the first thing is to stop buying stuff right yeah exactly because you know take the Amazon app off of your phone because you know when you declutter you know and then you declutter again and again you got to start saying to yourself where is it all coming from well I I mean you can start with a closet you can start with a dresser and you know there's a lot of gems inside your closet and your dresser that other people can use if you're not using I mean if you're not if you haven't worn a c outfit for 2 years get rid of it yeah you're never going to wear it again the other thing is when you when you take a look at an item in your closet if you wouldn't buy that new today get rid of it right you know so you know you don't need your suits anymore your work clothes if you've retired so decluttering can really be fun we did we've done a lot of videos on that too you know this next um item a lot of our retirees really felt uh strongly about and and that is to document your legacy you know sharing your life stories is such a gift to all the future Generations in your world you know writing or recording or even creating digital albums you know can be great methods of documenting your legacy and this is the one thread I think that I heard that just everyone spoke about with passion there's a good friend of mine um who is a a grandmother she's got three children and five grand grandchilden and she writes a letter I think she writes two letters a year to each grandchild every year she's been doing that since the kids were born and she's telling them stories she's sharing with them a little bit about her um her preferences or political background uh you know how she feels about certain current events that are going on right now it's really going to be an amazing gift to give to these kids to be able to have a letter from their grandma mother from 20 years ago about some current event that was happening and how it's making her feel so it really is a neat project that she's done yep well you just saw Ruby or maybe you did but adopting a pet you know it gives this is controversial with retirees actually okay you know because and I didn't mean to interrupt you I know I'm going to get hit with comments on stop interrupting it's typically me that interrupts you that's what the comments say but um you know adopting a pet or rescuing a pet or somehow putting that type of love and companionship into your life gives you so much the flip side and I guess where I'd say it becomes controversial is you have to be you know ready for it you have to have you know the financial wherewithal to handle it you have to have the bandwidth to handle the training the potty training the dog walking you have to have good physical activity and if you don't it's going to help you get there but you have to be ready for it and this one just kind of was like uh probably 7 25 a was interesting for us though we've had two dogs together before we had sugar um and we had little Max and we just got the dogs and we just brought them up the way we wanted to well because we were working we were still so now we have Ruby for three days and I said to jod why don't we do this differently why don't we find some YouTube channels and learn how to really train a dog well it's actually been really exciting for us because we're learning some things we never knew right and I think it's been really helpful for us and for little Ruby and for rucious yeah so having a Pet's great it well it's works for us and again it was kind of a controversial well there is a lot of love that comes back yep and there's just a lot of anxiety that comes with the love so all right the 15th tip you could join a club or start a club right so coffee uh with uh so for a man get one buddy have coffee once once a week bringing have him bring a guest and you bring a guest get up to like 10 people and have weekly coffee tell stories I I do that all the time and I love it so it's it's a really fun way to well let me say this it's important Jody and I have a business we're married we have kids we do a lot together but we do a fair amount apart too so I think that for everyone in retirement if you're solo you're solo but if you're a couple you got to have your own stuff yeah you got to have your own club you got to have your own group yep um you know the next thing is to seek out mentorship opportunities you know um again our retirees had a wealth of professional and life experiences and there's so much that they could share with younger Generations that they would engage in really meaningful guided conversations that helped build multigenerational connections for them and again they got pretty charged up about seek seeking out these opportunities you know Mark and I did that at the University of Hartford in one of the business classes where we kind of did a guest professorship for a day and then we actually took applications for um for students to mentor and it was a really fun year for us well the thing there's a couple things that happen first of all you're helping someone else but you feel fulfilled you know you feel like you have a sense of purpose uh by guiding others and the other thing is I'm going to go guide is get getting mentored by someone who's younger than you I mean I have two mentors we kind of Mentor each other one is my son and one is another young professional that I know but but I actually can learn a lot from them they have a different outlook on business they have a different outlook on life and it really has been helpful to me for sure so that that's been fun yeah it has sorry I had to step away um this was I thought an interesting one and this came from a a a pocket of our um friends and retirees that wanted to engage in artistic Pursuits um I would put myself in this area I haven't done it yet but exploring different art forums and painting and pottery you know our neighbor across the street Jen she does that every year whenever she gets down to Florida she joins last last year was Pottery this year it's painting drawing it's drawing drawing she joins um art classes and workshops and goes to the local community center and she loves it and that's something I think I would like to do cuz I don't do much for my artistic side but it gives you also um uh Arts a form of expression and emotional release and if you're into that at all it really is kind of fun to do that I mean this in a way what we're doing is Artistic Pursuits I mean we're shooting video and we're you know um you know building a little business but it it's uh it's fun I would I wouldn't say it's a hobby but we've had to learn so much so it's been kind of cool y on the other thing and we just did a Facebook live on this yesterday is um staying updated with current events you know we we did a a Facebook live yesterday in our in our community uh do you consume the news or is the news consuming you right so really finding a way to get good solid news we think is important I mean trying to find reputable news sources or magazines is really helpful versus getting caught up in what everyone calls the fake news if you will but you know uh get involved with Community discussions or forums talk to friends don't be so judgmental when someone has a certain opinion on a news article but really finding a balance there because it is important to stay up to date it is I believe it really is important to stay up to date but like you said it's also can be all consuming we do have some retirees that watch the news Chann channels and you can watch the news channels now 24 hours a day so uh we do have some folks that are doing that which isn't probably the healthiest the next one is well before you do that one of the what's that I interrupted you I get a good comment um we stepped away we have stepped away from watching the news in a in a big way so we'll watch the evening news for I don't know 35 minutes we watch some things on um well Evan your daughter told us to watch NPR well listen that's a podcast it's a podcast so we we we get some news that way but um staying informed about local events or Community changes we kind of stepped away from that we jumped back in you found out about this great concert taking place and then you signed up for it and it was full yeah I mean literally the day I saw it which means it probably was out there before yeah so I think the whole idea of current events is really important things happening in your community so I didn't mean to interrupt you but I didn't want to forget that okay I think the next thing that we heard a lot about from everybody was planning regular family events or Gatherings you know now you have the time to organize events and birthdays and anniversaries and really start to create traditional Traditions like annual family picnics or you know um different things you could do with grandchildren either in groups or select one at a time I mean that's really something fun that you can um really jump into I think yeah we have Thanksgiving um in Florida this Thanksgiving couple weeks couple weeks and we've got five of our six kids coming with their partners and um the grandkids are not going to make it but we can't wait for that and we make it special and we make it a lot of fun and they all have their favorite food here and little gifts and we take a lot of pictures so that we can have really good memories for um for the future um you know investing in self-care is really really important a lot of people don't take time to do that you what it shouldn't have been number 20 it shouldn't have been last no it shouldn't it really shouldn't because now is the time you can dedicate for relaxation and meditation and deep breathing and different things like that if you can afford to get a massage once in a while um you know do yoga on the beach you got to get your health checkups I I know I um I think we'll leave a link below we have a a free yeah Health checkup worksheet is really great so you can download that we'll put that in the comments below but you know you want to engage in activities that stimulate your mind puzzles games right you have to get adequate sleep and rest we have the aura ring so we track our sleep the first thing we talk about in the morning is well just how you do what are your numbers you guys have been patient our top five retirement tips number one you have to have a plan y you need a short long-term plan you need 5 10 15 20 years or more out you know my my plan is to be physically independent at the age of 90 you You' heard me say that before so that is what drives me to get up and exercise every single day and we start each day with a plan that's a good segue to the second big tip exercise exercise exercise exercise exercise it's the number one thing that we can do for ourselves to be healthy and if you're not exercising now keep it simple walk out the front door walk 10 minutes one way and come back and do that for 5 days and then go 15 minutes and then do 20 minutes for a week so you got to do that the third top tip is you've got to build a community of people you've whether it's your family you reach out to whether it's Friends new friends neighbors re-engaging with old work friends number three is you've got to build community and the fourth tip would be healthy habits really review your habits you know think about can you limit your alcohol can you stop any bad habits I mean you stopped cigar smoking you pretty much eliminated chocolate chip cookies pretty much eliminated what do you mean pretty much you bought them yesterday and I haven't had one yet and you're going to throw them out I'm having them and you know keeping ahead of better nutrition you know eliminating your bad foods and making sure you're eating what makes you feel good I was thinking about this this morning healthy habits or food alcohol whatever it is I drink very little now so if you can try going for two weeks let's just say two weeks no alcohol uh change your nutritions try to eat healthy try to get good sleep it's amazing how much sleep you can get when you don't have any alcohol yes try it for two weeks see how you feel just see if you feel any different because that's what's happened to me if I have a glass of wine I feel like crap the next day I've gotten so used to not having one glass yeah yeah but but anyway all right the the fifth thing is to give back you know volunteer start or get a dog Ruby really like that one volunteer or start a company you know during our career we got fulfillment out of our job but volunteering is a great way to replace that right um and if you're married in a relationship have fun have fun with each other look how much fun we're having and doing this right sorry about flexible with each other you know she's brand new we run into trouble here at times together as a couple but try to find ways to have fun yes some of this was ser ious and it can affect your quality of life and other things are just downright important but all of it is to make this next phase of Life exciting and fun so we hope you enjoyed this and if you did this next video top tips for living longer in retirement on that video we talk not only about living longer but almost as important as living healthier so watch this one next

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Things We Wished We Knew Before Retirement

Well it's great to be with you all again it's 
another video day for us – It is – So things that   we wish we knew before we retired almost 
sounds like a country music song there Tina   – And I guess you must be feeling lucky 
today Norm – Oh yeah got my lucky shirt   on so because we're filming been to 
Costco – Got the great deals haven't we   – We have so one of the things that we wish we knew 
before we retired was how free it is how stress   free no longer having to get up and go through the 
morning ritual of preparing yourself to go to work   and being accountable to somebody else all 
day long it's wonderful to be accountable to   your own self and your partner that's it 
you're your own person and it's such a freeing   feeling and we saw that with Tina when she gave 
up work the amount of stress we hadn't realized   until a few years after retirement just how 
different she was she'd lost all that stress of   meeting quotas and all that good stuff – And I think 
I'll just add Norm that when you're actually doing   the job you actually don't think it is stressful 
you don't think you are under all this   stress until you stop it do something else and 
you think wow this is a lot better we like this   it's great so just being accountable to ourselves 
we love it don't we – It is totally life changing   – One thing that we do think is very important 
before you retire is you do need to have a   discussion with your partner as to what it is 
that the ideas that you're both thinking you   have when you're going to retire you do need to 
have some goals about, do you want to travel do   you want to garden or do hobbies do you want 
to stay home you really do need to have that   conversation to make sure you're both on the 
same page – I think it is it is important and   we hear a lot from some comments especially 
married women who are saying that their husband   their frightened the husband will get under their feet 
because he'll be hanging around all the time in   retirement but that really isn't the case – Not 
for us is it – We've been secure as a couple for   the longest time and retirement hasn't changed 
how we feel about each other and about what   our expectations of each other is it's not as if 
we've all of a sudden being locked up together in   retirement (no) so it is important to figure out 
what you both want out of retirement and to have   that discussion a few years before you actually 
do retire (yeah) one thing to bear in mind is   the first few years of your retirement you'll 
be your most healthy so just use that health and   strength that you do have in the early years 
to achieve some of the goals that you want   – Yeah and if you want to be traveling do it while 
you've got that – Don't think about traveling if   that's on your list just do it right away – Yeah 
absolutely and that's what we've done isn't   it when we retired we just traveled everywhere 
didn't we it was great – About two years before we   retired we had an inspector come to the house 
for I don't even remember what it was but it was   some form of home inspection that we had to and 
so we got chatting with him because he was a few   years older than us but not that much and he told 
us that he had a house very similar to ours that   he had sold and now he was living an apartment 
and he went through the whole process of them   and how they moved to the apartment and how 
it was such an improvement on their life   and it was something we'd never ever considered 
– This was big news to us wasn't it we never even   thought about renting an apartment – We had been 
homeowners since we were 19 years old so to rent   we had that preconceived idea that it was throwing 
money away but the more that we looked into it so   after he left the next couple of days we spent 
many hours thinking about this we did a budget   of how much it cost to keep our mortgage free 
home – Yeah crunched all the numbers – And what the   rent would be and if we had sold the house and it 
made more and more sense to us to sell the house   to downsize into an apartment bank the money 
from the house live off that as an investment and   that's what we did – And that's what we did didn't 
we – But had that guy not come to our house we might   never have come up with that idea – No because 
originally we had thought that we would just   buy a smaller house didn't we – That's right yeah 
– So part of our decision when we had actually now   decided that we were going to rent and we realized 
that would take care of we wouldn't have all this   maintenance and stuff like that to do we decided 
after we started looking at apartments that if   we moved to a cheaper area could we benefit by 
getting the same as what we wanted in an apartment   but would it cost us less money so the more 
we looked into it we did have a family member   who lived in a cheaper place so we looked 
at the equivalent of renting an apartment   in this new place and it was so much cheaper 
wasn't it Norm – Because we initially thought   we would just sell our house and stay in 
the same area so we started shopping for   apartments to find out how much they cost and the 
availability and we were pretty surprised that   at the expense of them but we were prepared 
to pay that (yeah) and then we came to a what   you would call it a small town that's cheaper 
(yeah) we came to visit a family member here and so   we started looking around at the apartments here 
and they were substantially cheaper about $800   a month cheaper than where we were initially going 
to – Yeah and not only that Norm there was a lot of   extras with it wasn't that we got there was 
underground parking and what else a swimming pool   – And laundry facilities in the apartment – And that 
was one thing the gentleman had told us he didn't   have on-suite laundry he had it in a laundry room 
so we wanted that – But coming to the cheaper town   it wasn't just the rents that were 
cheaper everything was cheaper   the Tina's hairdresser as we've 
said in the past was cheaper it just permeated everything so our budget became 
so attainable (yeah) by moving – That gave us a lot   more money to be able to travel didn't it because 
we thought if we can save money on a daily basis   and it worked perfect didn't it – It did it was 
great, take a look at that if you do have family   that live in an area that might be cheaper or 
just consider going not knowing anybody – No it's   like a new adventure isn't it a new chapter in 
your life because we've made friends here and   they don't have any family just here but they've 
made it a new place for them haven't they – A lot   of people have moved out of the big cities to a 
small town because it's it's far more conducive to   retirement (yes) and friendlier another 
thing that you really need to consider   is where your friends are going to come from 
in retirement because once you leave work   those friendships tend to wither away because 
the only common bond you have was your job   your workplace so we've never 
really had lasting friendships from   work colleagues they've always been outside 
of there so it's it's critically important   to continue looking for friendships in retirement 
and being outgoing and prepared to speak to people   Tina when we moved to this apartment building 
they did have a social room and they did a coffee   morning and so she would go down there and we 
found out so much information about the town and   businesses to use – It was great wasn't it – It was – It 
was kind of my mission wasn't it to find out   new information and to try and make new friends 
which we did and we made some fabulous friendships   – Well in particular there was one couple that Tina 
made struck up a friendship with and they in turn   have introduced us to another couple yeah and then 
they in turn have introduced us to another couple   so that's how it goes – Yeah so now we've got 
a group of really close nice friends that we   socialize with don't we – And the thing that we have 
in common isn't an employer it's being retired   – It is isn't it – It really is so don't be afraid 
of striking out to a new city a new town   because it's relatively easy to make friendships 
– Yeah you just have to push yourself out there   a little don't you and be confident to going to 
things and it's very exciting isn't it so we hope   that everybody is staying safe – And keeping 
well – Until the next time bye bye, bye bye

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When can I retire? | How much Retirement Corpus is enough?

Hello friends welcome to
yadnya investment academy. Today is friday. So today we will talk about
a financial planning topic. Today's topic is Related to retirement planning A very common question of you all that come Obviously this all knows. Retirement is a very important goal. If we talk about financial goals. Mostly it should be. Mostly when i do financial planning So many persons financial
planning i have done personally Then in that comes. Retirement is a very important goal. In which we need a lot of money Nowadays early retirement is occurring. FIRE environment talks are occurring. Financial free retire early In such things When retirement comes in goal One important thing comes How much money do I need? Tell me this much money is enough. Then I can retire. That is a normal question. For this we have already
developed an interesting calculator but that was before pay wall. Now we have removed that from pay wall because it is very useful calculator. So a retirement calculator we have made. In that with so many
permutations combinations We can get an idea This much retire corps I need.

If I reach here then I have done well. I am at least financially free. Now I have to retire. We have to work further or not. Then it is my decision. If above that. Now I am just sharing my screen. Now you will see here You will go on investyadnya website There is a section named
tracker and calculator. In this there is a retirement calculator. Open this Now here we have to fill information. Suppose i am putting age of 30. You have to retire suppose on 60. Suppose we took an
example i have to retire on 60. Life expectancy we mostly suggest We should keep 90, 95, 100. With a conservative estimate If you keep 100 then it is very
good conservative estimate.

If you want to take optimistic If you took practical then it should be 90. Suppose i am putting here 95. Fourth information is our Current annual expense When we do retirement calculation Obvious we took assumptions. One assumption is this the
expense i am doing today Suppose when i retire Then also my expenses should be like this. Means my lifestyle of now remain maintained Neither i increase nor decrease. Suppose I am spending 50k per month today. The expenses that are occurring. After retirement I will do the same expenses. After retirement expenses can reduce. It can be your house if
you are living now on rent. It can be so much rental expense. That can reduce. Now your children's expenses are so much. They will reduce at that time. Sometimes after retirement
expenses increase. Like vacation expenses mostly increases. Sometimes medical expenses increase. Some expenses have increased. Mostly as an advisor If we took a general advice then we say.

Keep the same expenses as they are now. Don't do much changes in that. Some increases some decreases. For example if we want
to do a simple calculation Then considering to current expenses Suppose my expense is 50,000 The profile we are taking has
expnses of 50,000 per month. Then it is 6 lakh rupees per year. You have to put today's expenses. You don't have to put off retirement age. That's all it will insert. Inflation number How much inflation number we have to take? 7% inflation is mostly suggested by India. If you want to be conservative
then you can take 8%. If you want to be aggressive
then you can take 5-6%. Inflation you should calculate by your own. Every year how my expenses are increasing? If you know little bit idea about that These things are increasing
according to my expenses. Edcuation expenses children's fees It increases almost 8-10% every year. Rentals mostly 10%. Landlords mostly increases rent by 10%. My personal inflation is 8, 9-10%. You take according to your. So for calculation here
I am taking 7% inflation.

Then return on investment. On the basis of return on investment. How much is my return on investment? Before retirement and after retirement. Now I am retiring at 60. At 30 I am starting investing. How much should I invest for that? How much retirement corpus I will get? The reason I am investing now. On that how much return should I expect? It depends where you are investing. If you feel I will invest
mostly in equity markets. Retirement oriented because it is very long horizon. I am of 30 years and retiring at 60 years. Horizon is of 30 years. All that I am investing I will invest mostly on equity. Then we can take 11-12%
return on investment All that we will invest now. Or we kept in equity we can take that. If you feel This house is my retirement corpus This will increase according to that. Then on real estate the return
on expectations that remains. Basically there is round inflation of 7-8%. It depends on you if you have EPFO. That is a very big retirement corpus On EPF we get around 8%. According to that you have invested here.

Overall that you are investing Or you are planning This is for retirement
and I am going to invest. What are expected returns on that? Till 60. Pre retirement is retirement on investment. Suppose it is 12%. Whole the money I will put in equity. Then you took 12% return. Then post retirement my corpse will become. How much will it grow? Suppose I retire and I get corpus of 5 crores. Then 5 crore rupees Where will I invest? Again very difficult question If you are of 30 years then in 60 years.

This is very difficult. This is a very big assumption. We have to think that mostly at 60 our risk profile decreases. We will not take much equity allocation. Suppose now we have 60-70 equity allocation That time it becomes 20-30% or 40%. I go a little bit on conservative. I say to most of the people Take percentage equal to inflation I get return same as inflation. If I want to take. Then 0.5-1% extra. We took here 8%. Means 8% of post retirement. My corpus will grow 8% after that. Inflation will remain 7%. This is planning according to that. We will discuss these points later. Therefore I am doing all these zero. We inserted these things. What we say? Our retirement age, life expectancy. Our annual expense, inflation. These all are our compulsory fields. If i sumbit this now. Sorry some value needs to be inserted.

Randomly value we are inserting. So that it can work. If i sumbit this now. Then I need retirement
corpus of 14.6 crores. If you are of 30 years and you have to do expense of 50k per month. At today's value Today's 50k offcourse will not remain same at the time of retirement. They will increase with inflation. If you have to maintain today lifestyle The 50k expenses you are doing today Same you want to do at 60. After 30 years. This is the value after 30 years. Don't be so afraid. Today 14.5 crore is very much. After 30 years the value of 14.5 That should be arounf 70-80 lakh or 1 crore I am doing guess work. It will not be more than that. Think if I have 1 crore rupees today then I will be able to do for next 35 years. 60-95 years means 35 years 35k per month That to inflation to adjust it. I will get it consistently till 95 in 95 it will become zero. If i invest lumpsum then i can invest 50 lakhs.

Considering I don't have anything. If I have 50 lakh rupees I will invest it. For 30 years they will grow by 12%. Expected pre-retirement. Then also my retirement money will be done. Monthly Sip that I have to do That is around 50,000 in this. 48,000 rupees sip i need in this. What is the meaning of step up? I will tell this in next. If you have plan in 30 years 60 years. I have to do all these things. Then you have to do monthly sip of 48,000. To retire for next 30 years. Remember this is a monthly sip. It will not increase. Every year you have to do 48k consistently. Obviously our salary will increase in years Inflation increases salary increases. Now 48,000 will seem so big But after 3-5 years You will not feel big amount. That's what I am saying. In that our step up point comes. Now you will say I don't have 48,000 to invest. It is a very big amount. From where 48,000 will come. If we are spending 50,000 Then by saving 50,000 we
can invest in retirement corpus.

That is not possible. Then in that our second comes step up sip What is the meaning of step up sip? What is annual increase in our income? Can we increase sip every year? I cannot invest 48,000 now but from next year i can increase. If you think My annual increase in income. If inflation is of 7%. With 7% income should increase If we take seven With 7% it is increasing. We considered 7% inflation. Salary is also increasing by 7%. In worst case salary is not changing. With 7% there is increase in salary. Existing investment Do you have any investment now? That you think this is my retirement income From that also it will reduce. Suppose if you have EPFO ​​corpus Suppose of 5 lakh rupees. 5 lakh rupees i inserted here. This is my EPFO ​​of 5 lakh rupees.

I will use it for retirement. On that how much return I will get on EPFO? Return are 8% Then we consider we will get 8%. It is tax free means you will get 8% Suppose i have 5 lakh rupees On that i will get 8% more. Now let's do calculation again. Now since EPFO ​​arrived. From 48 it became 46. Retirement corpus remained same. So now we have to do Sip of 46,000. We can do step up sip of 24,000. We invested 24,000 rupees this month. Every year we increase that by 7%. From annual increase in income we have to do this annual increase in sip. Today you started sip of 24,300. Next year increased 7% on that. Then again in next year increase 7% on that Compounding 7%. Increase 7% every year Till the age of 60. Then also your goal will be achieved. Then you will have 14.6 crores rupees. Considering these were our rates of returns So it is very very good. You can apply so much
permutations and combinations on this. I have little more money than 24,000. I can do upto 35,000. Can I retire early? Then can I retire at 58? On 58 it will happen at 29,000.

I have 35,000. Can I retire at 55? Now your interesting calculation will start No you need 37,000 For retirement at 55. Early retirement you can take at 37,000. If i do 37,000 per year. I invest in such investments
that give me 12% every year. 7% increase i put minimum. If you think 7% increase is less. Consider growth of salary minimum 8-10%. Why not? Consider 10%. Then in Rs 28,000 you can retire at 55. Retirement corpus also reduced. As early you retire that much less corpus you will want. Value of money comes less. At that time its value will be more. At the age of 55 we need 11.6 crores. How much lump sum funding we need? How much monthly sip
and stepup sip we need? I considered 10% annual increase. Like this If you can do so many
permutations and combinations. You can plan yourself. When can I become financially free? I think this is very interesting calculator If you like as i am a conservative investor I am not taking 12% from whole equity. Suppose we take 9%. This we keep 10. The rate of return become 9% from 12%.

Obviously both the sip's will increase. You can do calculation according to that. Which type of investor is I am? If you think here is also 9
then it will change again. These things you can do so many permutations and combinations
based on your profile. You will get so much support and understand If I invest this much money For this much time Then I can go towards a better retirement. This is how you should work on these things. You can plan early retirement. You want to spend so much or not. 50,000 will not be sufficient. I want to increase my lifestyle. Now I am spending 50,000. But at that time I want to spend 75,000. Acc to that by using
permutation and combination What are my savings now? I can plan such investments or not. Then in those things you will get
so much help from these calculator..

Do check that on our website. If you have any comment If there are complications
then visit our website. Below is our email address and
whats app number is given. All things are written below. You can email us there
if you have any query. Below there is comment section also. Must write in comment section. Hit a like if you liked the video. If you think some knowledge is added Then hit a like Have a great time ahead friends Jai Hind

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RETIREMENT PLANNING TIPS FOR AGE 59+

Are you planning for retirement and  you're just not sure of the next step.   By the end of this video,  you will have received seven   crucial tips to help you plan for  a successful, secure retirement. To learn more about securing your retirement  and all the different elements you need to know,   subscribe to our channel and hit the bell so  you'll be notified of every episode posted on   Mondays. We have helped hundreds of our clients  with these exact seven tips on planning for   their retirement, and they tell us they've never  been more confident about their retirement plan.   Now it's your turn. Let's dive in. Tip number one, understand your spending. This  is really important. Now, what you do not want   to do here is to think about what your salary is  currently, while you're working.

You want to think   about what is your bring home pay after you've put  money in your 401(k), after you've been able to   pay health insurance, or whatever that might be,  that comes out of your paycheck. Think what comes   home on a monthly basis. Now, do you save any of  that money that goes into your savings account   at the bank? Take that out. What we really want  to know is how much do you actually spend every   month? By the way, if you have a mortgage or some  payment that's going to go away by the time you   retire, subtract that.

That will let you know what  your spending will be when you're in retirement. Tip number two, break income needs into three  different areas. You have your essential needs,   your wants, and then your giveaway money. It  may seem simple, but it's really important   to understand what those actually are. Your  essential needs are the basics, paying the bills,   keeping the lights on, staying  fed, staying relatively happy.   Your wants are going to be things that you want  to do. I know we work hard to get to retirement,   we don't want to give up our wants so we  want to plan for those as well. Things like   having that membership to a golf club or a  health club, being able to travel in retirement,   so being able to take those vacations  that you've been looking forward to. Being able to spoil your grandkids or family  members. These are all wants that we want to   have planned into the budget for retirement. And  then the last is giveaway money. So whether you   want to be gifting throughout retirement or  whether you want to be donating to charity,   or whether you just want to have a plan in place  for what you're going to leave behind, that   really comes into the giveaway money.

So three  major topics, when it comes to your expenses,   your essential income needs, your  wants, and then your giveaway money. Tip number three, list all of your guaranteed  income that will be there after you retire.   Now, it's really important now that you  understand it needs to be guaranteed. So   what are we talking about? Well, that's  going to be things like social security,   a pension, if you have one, or  if you've secured an annuity.   It's really important that they be guaranteed  because this part of your income plan is what's   going to help take care of those essential needs  in retirement. You do not want to count things   like rent or dividends. While they're nice and  they might be secure, they're not guaranteed.

Tip number four, don't rely on the 4% rule. You  may be asking yourself, what is the 4% rule?   Well, very simply, it's basically saying you  can take out 4% of your assets. So for example,   let's say by the time you get to retirement,  you've accumulated a million dollars. 4% of that   is $40,000. The rule, and this is a rule of thumb  by the way, the rule says that you could live off   of $40,000 a year for the rest of your life and be  okay.

Now, we see a couple of flaws in this rule. What if you're invested in  the market and your million   falls because of market volatility. So go to a  2008 scenario where the average investor loss,   anywhere from 30 to 50%. What if you  lost 50%? Now your million is 500,000.   Are you still going to be able to withdraw 40,000  a year to keep up with your living expenses?   Probably not. So that is something that's  very important that we realize that we   cannot rely on the 4% rule and we need a plan  that is structured for our specific situation. Comment below and let us know, what is your  biggest retirement planning question? Tip   number five, make a list of all of the different  types of accounts you have. Now, why are we saying   types of accounts? What does that even  mean? Well, you're going to want to list,   do you have a 401(k), 403(b), a traditional IRA,  a Roth IRA, or a brokerage account or a savings   account in the bank? You want to list all of  those account types and the reason why is because   they get taxed differently.

And so when you're  building out your retirement income plan, taxes   are extremely important. So make sure you make  a list of all the different types of accounts. Tip number six, consider how you feel about  investing during retirement. Let's talk about   this, how would you feel if you lost 10% of  your entire retirement nest egg? Well, when I   say 10% and you may say, "Well, that doesn't feel  like much." But let's put it to a dollar amount.   Let's say you have a million dollars saved up and  you lose 10% of that.

Well, that's a $100,000.   That may feel a bit more than just saying 10%,  right? So let's think about that. When you're   working and you're putting money into these  retirement plans, like a 401(k), typically you   started young and you set up an allocation that's  probably pretty aggressive, and you just set it   and forget it. You're putting money in and it's  making money, you don't really think about it.

But then you get down the line closer to  retirement, and you're still invested that way   when you should be considering your risk exposure  more and more, as you get closer to retirement.   So that's something that we have to think  about as we are transitioning into this phase.   Now, what we talk about is, you got to know  your risk tolerance and you got to understand   how you're currently invested. So many times when  we talk to people, they come in the door and they   don't even realize how much risk they have  on their overall portfolio. So that's why we   talk about always looking at alternatives that  are going to fit your investment personality. Tip number seven, don't overly worry about the  question, do I have enough to retire? Well,   why did we say that? Well, we have clients that  have a few 100,000 and we have clients that have   a few million dollars. And sometimes clients  that have a few million dollars do not have   as good of a plan as the person who has a few  100,000.

Why is that? Well, if you're spending   so much money that you're draining your accounts  too rapidly, you're at a threat to run out of   money, no matter how much you have. So what's  the bigger issue? Our spending plan. We need to   really understand how we're spending money and how  that's going to play out throughout retirement. So, as you're thinking about your retirement,  focus on your spending plan, more than being   worried about, do I have enough to retire? Well,  that's our seven tips to help you get started   down the path to secure your retirement, but what  else is needed? Well, there's a lot of different   moving parts when it comes to planning for,  and living through retirement. We have created   a mini video series called Four Steps to Secure  Your Retirement. These videos walk you through   step-by-step so that you will know exactly what  you need to do to secure your retirement. We also   have a podcast called Secure Your Retirement. You  can subscribe to our podcast with the link below.

For more detailed retirement tips, watch these  videos, create your retirement income plan,   investing during retirement, buy and hold or  active management. If you like this video,   hit the like button and be sure to  subscribe and share it with your friends.
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Suze Orman Gets You Ready For Retirement | Money

I am the one and only Susie Orman, and my goal is to make you as independent from financial advisors as possible, because you are never going to be powerful in life until you are powerful over your own money. And my job is to make sure you can achieve just that. So rather than asking more from your money that it can't give you, you have to ask less of your spending habits from yourself which means you have got to get rid of all credit card debt. All debt. Total debt of car loans, mortgage debt, all debt that you have has to go. So one thing that you have to look at is if you have a debt, that is your sign that you can't afford to retire. Maybe you retire from the job that you currently have, but then you have to get some side hustles or something. So my best advice to you is start living below your means but within your needs.

How do you do that? From this day forward, every time you go to make a purchase, ask yourself a question, 'Is this a want or is this a need?'. If it's a want, please don't purchase it. If it's a need, you have to buy it. It's just that simple. You know, a lot of you, when you're approaching retirement, you look at your portfolio and usually your portfolio is this: you have a 401 9k), 403 (b), a Thrift savings plan if you work for the government or whatever, it may be, the military.

And now you've retired and now normally you would then do an IRA rollover with that money. But now you're 'Oh my God, what should I do? I never invest in money before, really. I've just put money in every single month into these mutual funds. And now I don't know what to do.'. If you are going to be withdrawing money from your retirement account to pay for your everyday expenses, you have to know that you have — ready for this, everybody — at least three years of expenses in cash, earning you a high interest rate or whatever the highest interest rate is that you can get.

The rest, at this point in time, should really be diversified into high-yield dividend-paying either stocks or exchange-traded funds. If you need really short term money and you want to get a higher interest rate for very short term money, right, I don't have a problem with bills. And, you know, I myself will put a serious sum of money protected in bills because if you're investing more than $250,000, then you really have to go to a variety of banks in order to get FDIC insurance — or even credit unions. So if you have a large sum of money of $1 – $3 million that you just want liquid, then I use Treasury bills for that. I don't have a problem with that at all. And they keep rolling over but I know that they're guaranteed by the taxing authority of the United States government. If we're talking now, though, about amounts that are $250,000 or below, I think that you're far better off, right here and right now, putting the money in a high-yielding savings account.

So for smaller amounts of money, savings account. For $250,000 or above that you want liquidity and the highest interest rate, I don't have a problem with Treasury bills. You don't have the documents in place today to protect your tomorrows. You don't have a will. You don't have a living revocable trust. You don't have an advance directive and durable power of attorney for health care. And you don't have a power of attorney for finances.

You need those things not just to make sure that your assets pass freely to your beneficiaries. You need those things for you. So here you are now and your spouse has died. Who, as you get older, who's going to write your checks for you? Who's going to pay your bills for you? If you get sick, you have an incapacity, who's going to do that? So it's very important that you get the documents that are correct. Long-term care insurance, if you can afford it, will absolutely protect your little nest egg if one of you ends up in a nursing home.

One out of three of you will spend some time in a nursing home after the age of 65. So look around and if you decide to buy long-term care insurance, the perfect age to buy it is really in your 50s. But here's the key. You better know that you can afford a long-term care insurance premium because they're not cheap. From the age of when you buy it all the way until at least 84 because it makes no sense for you to purchase it. Pay for it in your 50s, in your 60s. Now here you are in your mid 70s, you can't afford it anymore and then you drop it.

You're better off just not buying it at all. Let me just put it to you bluntly. You are to stay as far away from a reverse mortgage as you possibly can. There is not one situation out there where you should be getting a reverse mortgage. A reverse mortgage is based on the interest rates that are in effect right here and now. It's based on your age. And it just makes no sense. If you own a home and you can't afford to stay in that home — with real estate prices as high as they are — you could just sell your house right now and either seriously downsize, or there is nothing wrong with renting..

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