[Music] we are embarking on a global expedition to unveil the 10 best cities in countries around the world where you can retire comfortably under $2,000 monthly in 2024 get ready for an international Journey that combines affordability Within wretching experiences let's dive into this exciting countdown number 10 valeta Malta starting our International countdown for the cities to call home under a $2,000 monthly budget is valeta Malta securing the 10th spot with its profound historical Legacy breathtaking architecture and an affordable cost of living the lettera offers an ideal setting for a delightful retirement picture yourself leisurely navigating its quaint streets basking in the Mediterranean way of life within this budget friendly Sanctuary don't miss the iconic St John's Co Cathedral a must visit Landmark that encapsulates the city's culturable richness you can enjoy the Mediterranean lifestyle in this affordable Haven love this type of Lifestyle prove it join us in achieving our goal of hitting over 12,000 likes in record time click the like button and make sure to subscribe for additional outstanding content number nine qua Ecuador securing the ninth position on our list is quena Ecuador an idilic City for those seeking a worldclass lifestyle under $2,000 monthly tucked in the Andes quka captivates with its Scenic Beauty and low cost of living dive into the Lively local culture discover historical treasures and relish the relaxed South American Vibe notable among its attractions is the all inspiring Cal de concep a must visit Marvel showcasing the city's Rich Heritage and Architectural Splendor making quena an exceptional choice for a budget friendly culturally enriching experience number eight Georgetown Malaysia moving along to our eighth pick is Georgetown Malaysia a city that stands out for its affordability making it an exceptional choice for those managing a budget of under $2,000 per month this Southeast Asian Jam appeals to retirees with its Rich cultural tapestry enticing Cuisine and economical aler imagine strolling through historical streets relishing local Delicacies or while adhering to your retirement budget notably the iconic Penang street art adds a creative flare to Everyday Lanes reflecting the city's artistic Essence and establishing Georgetown as a perfect destination for a rewarding and cost effective retirement experience number seven Porto Portugal ranking in at number seven is Porto Portugal a European treasure nestled along the Doro River retirees can indulge in The Perfect Blend of historical alure and affordable living experience the rich Aroma of world-renowned port wine wander through Charming cobblestone streets and bask in the Mediterranean climate without exceeding your budget don't miss the iconic liar Alo a renowned Buck store where visitors can delve into Porto's literary history making the city an enriching destination for culture history and affordability in Porto you can relish the Mediterranean climate without breaking the bank number six Chiang maai Thailand claiming the sixth position is Chiang maai Thailand celebrated for its cultural richness bustling markets and economical living this city beckons retirees with an exotic Retreat engaging tight Traditions discover ancient temples and relish an affordable retirement lifestyle a must visit visit is the revered wat pra Singh where visitors can delve into Chiang Ma's spiritual Heritage making the city an enchanting blend of culture affordability and historical exploration number five medin Colombia in the middle of our Global countdown is medin Colombia resting in the Andes this South American city has witnessed an impressive transformation retirees are drawn to medine for its agreeable climate vibrant cultural offerings and an a aordable cost of living making it an appealing choice for international retirement don't miss the transformative communa neighborhood where visitors can learn about the city's resilience and creative Community initiatives adding an insightful Dimension to medin aler for exploration number four hoochi Min City Vietnam entering the fourth spot is hoochi Min City Vietnam a dynamic Metropolis in Southeast Asia blending Rich history with modern and Comforts immerse yourself in Lively Street Scenes save a delectable street food and appreciate the cost Effectiveness that positions hoochi Min City as a prime selection for retirees explore the historic War remnants Museum where visitors can gain profound insights into Vietnam's past providing a meaningful and educational layer to the city's alure hoochi Min City is among the top choices for retirement Bliss show your interest in more content like this by clicking the like button and subscribe for more spectacular Adventures more likes for more retirement videos top three picks here we go number three Panama City Panama securing the third position is Panama City Panama a Central American Hub providing retirees with a Tropical Haven blending modernity and Colonial alarm delve into the engineering Marvel of the Panama Canal relish the vibrant cityscape and appreciate the cost of Effectiveness that positions Panama City as an exceptional choice for international retirement embark on an enlightening Journey at the Bono designed by Frank gar unraveling Panama's biodiversity and cultural tapestry making it an ideal exploration for retirees seeking both historical and contemporary perspectives number two koala lumur Malaysia coming in at the second position is koala lumur Malaysia a dynamic Asian Capital seamlessly blending skyscrapers with cultural opulence Revel in the fusion of modernity and tradition Savory Symphony of diverse Cuisines and admire the coste effective alure that positions koala lumur as an enticing Haven for retirees embark on an Escapade at the iconic petronus Towers an architectural Masterpiece symbolizing Malaysia's economic prowess offering an enlightening exploration marrying the city's contemporary vibrancy with its cultural depth number one Bangkok Thailand Bangkok Thailand clinches the top spot on our Global list an unrivaled destination for retirees under $2,000 monthly this vibrant Metropolis harmoniously combines Lively Street Scenes cultural Marvels and economic appeal making it the Paramount choice for interational retirement in the heart of Bangkok immerse yourself in the chatak weekend markets joyous atmosphere a colossal shopping Haven boasting over 15,000 stalls this exhilarating Adventure not only showcases the city's cultural richness but also captures its vibrant Spirit moreover don't miss exploring the sprawling lumpini Park an Urban Oasis offering a Serene Retreat amidst the bustling City with its affordable cost of living cultural vibrancy and diverse attractions like chatuchak market and lumini park Bangkok stands as the unparalleled destination for retirees seeking an enriching and budget friendly retirement experience these cities offer a perfect blend of affordability and Global experiences to retire comfortably under $2,000 monthly in 2024 hit the like button subscribe and immerse yourself in our adventurous content your next adventure awaitsRead More
as we age our sleep patterns change and it can become increasingly harder to get a better night's sleep and consistent poor sleep leads to pretty bad Health you can have bad mood swings poor emotional well-being kind of being cranky when you don't sleep what no no no not me you you're the one who gets up cranky when you don't sleep really I think so huh is that you or is it me I'm not sure all right getting good night's sleep is freaking important how about that as a matter of fact chronic sleep deprivation is linked to diabetes obesity cardiovascular disease and immune dysfunction and sometimes you can't get good sleep because your neighbor is using a chainsaw in the middle of the afternoon when I want to take a nap so I'm sorry about the noise but we couldn't help that but that can definitely affect your sleep so finding ways to improve your sleep is so critical to a longer and healthier life and what we want to do today is give you ways to get better and improve your overall sense of well-being you know I know it can be a struggle at times and and maybe it's it's that your spouse or partner is snoring what keeping you awake come on or you have a dog that sleeps in your bed that we have and that could be a problem Max is not a problem a problem Max my snoring's not a problem yours is and Max is definitely a problem but whatever it is you know it's it's good to keep a pulse on how you slept not just how long you were in bed right now for me I don't know why but I've always been an early riser since a very young boy yeah and it's unusual for me to sleep past 5 a.m and recently for whatever reason I'm getting up at 3 30.
Now I can typically go back to bed for an hour or so but sometimes I'm up at 3 30 or 4 for the day and that does wear them it does it does during our first four years of retirement we worked really hard to find ways to get into a good rhythm of sleep and you know we're finally starting to have some good success but it has taken a while and at the end of this video so please stay to the end we're going to share with you our sleep routines that you don't have to copy them but there's parts of it that you might find helpful because it's so much different than when we were working and these new routines that we've implemented are really giving us a good night's sleep so let's dive deep on why sleep is so important and the first thing is particularly as you age I think yeah yeah but it's important to babies too I mean I just think sleep is important just to all okay well let's address baby sleep today so anyway the first reason is poor sleep definitely affects your physical health yeah you covered that a little bit in the beginning right and it might sound obvious but people that have poor sleep habits just accept it and they have no idea the damage it might be doing to their body to their relationships and to their their overall health yeah so you can't just say well I only get six hours of sleep a night and I feel crappy all day well I haven't gotta fix it I have a lot of friends that just say I'm not a good sleeper and they just kind of write it off and they think that's just the way it has to be and it doesn't but as you age we become more vulnerable to certain types of illness and adequate 's immune system your hormone regulation and your cardiovascular health so make it a priority yeah the other thing poor sleep does it affects our cognitive health I love that word cognitive Health cognitive health help the word cognitive you were saying cognitive help help okay good sleep is essential for us to keep our memory intact our ability to think clearly and if we have poor sleep it's gonna increase our chances of developing cognitive decline and dementia and my mom had dementia so this is really important to me to make sure I get good sleep you know so poor sleep can also the third thing is really affect your emotional health you know I know that I feel completely different mentally depending on the quality of sleep that I get right I can tell when I wake up if I've been kept awake all night by someone snoring and the last thing is pores what why do you just always try to slide that in I I snore a little bit but I've never heard a recording tonight you can record me okay and then you can play it on the next video sounds good but poor sleep also affects our safety think about driving a car you know as we age and I'm noticing this now our reflexes slow down I can't back up in a car like I used to when I was 18 years old really no I gotta I got we have mirrors and cameras now and all that but you put poor sleep on top of reflexes slowing down and that can have disastrous results so if we've convinced you that sleep is important to focus on let's talk about some of the reasons why it's harder to get good sleep as we age and the first thing is as we age our cardiac Rhythm changes circadian rhythm oh circadian rhythm yeah and it's so funny because I was about to say I love this new word circadian is that what shows on our Aura ring or the Rhythm clock yeah it's not a cardiac Rhythm oh although it does track our cardiac it does at night but our circadian rhythm changes and that's the built-in process that regulates our hunger our energy levels and our sleep that we figured out through our research and you know as as it changes it can get heart you can make it harder to fall asleep at night and make it harder to wake up in the morning so circadian rhythm so write that down I don't have to write that one down even I have to yeah the second thing is as we age our hormone levels change you mentioned that earlier but it is important to mention it again because our body you know as our as our bodies age they're going to produce lower levels of melatonin there's another big word to write down this happens to me so I take Natural melatonin supplements and this helps me fall asleep easier and sleep more soundly but it sounds like I need more maybe maybe I don't know you're sleeping soundly you're just noisy when you do it okay we found out by visiting with our naturopath doctor and she's helped us out with all of that sleep natural supplements and so we definitely recommend that but the other thing if you're having poor sleep check with your doctor on your medications on your actual prescription medications from your doctor because they can affect your sleep yeah there's common prescriptions that you might be taking like antidepressants or diuretics all of that can interfere with your sleep so you have to find out the other thing that can can play a big role in your sleep is your lifestyle you know your stress levels your alcohol intake you know when you eat your big meals and really your lack of physical activity can all affect your sleep so let's stay with this for a second because on our aura rings the tracks our sleep among other things if I have a glass of wine and steak I'm gonna have crappy sleep yeah we track it every time yeah if I if we can go three or four nights in a row with a light dinner of a salad and some protein and no alcohol I sleep like a baby right we put a late dinner in there uh a steak meat heavy and a glass of wine or two I'm screwed it's just not gonna happen that's true so that's true anyway all of that does affect your sleep and you did you mention physical activity I did okay I did yeah and you know you should check with your doctor you know you may have a sleep disorder that needs some attention sleep apnea restless leg syndrome or even insomnia is you know something that that can arise later in life the thing is we need to do what we can to improve our sleep okay why don't we share how much sleep we need do you know well I think it's a personal thing I think some people can survive on Little While others survive on nine hours I know when my twins were born and I had a 20 month old I think I was surviving on four or five hours of sleep and that was probably a stretch well it's true um and there are you know you can research this online but the national sleep Foundation states that most people over the age of 65 you're not there yet I'm 66 on Saturday by the way that's right did we want to do a birthday video maybe okay um we need seven to eight hours of sleep each night now like Jody said some people can say oh I'm okay with sex but imagine how great they'd feel if they did seven or eight so that that's my argument to people like that so we I need to find somehow a minimum of seven hours of sleep a night getting up at 3 30 makes it hard but we we work on it yeah but you know what we do we try to get a good night's sleep by sticking to a schedule or at least we try to stick to a schedule you know we both try to be asleep by 10 you get up at five I get up at six and that pretty much regulates you know our sleep where we can get deep sleep REM sleep light sleep and have a little bit of wait time through that well the thing is again I keep talking about the aura ring but we we love the aura ring I get a notification on my phone depending upon how much sleep I got the night before right that now you know between you're your best time to go to sleep tonight between 8 30 and 9 and I love that notification because I go in early you too you love it when it says anytime before 10 that's for sure when we are alone in the house we don't have visitors this is pretty much what we do five nights a week six nights a week if we're not going out with anyone this is what we do when there's company or kids it's going to be different and we can stay up till one in the morning now we feel crappy the next day but we can do it so the first thing we do is we try to regulate our time in bed and the second thing is we try to have our dinner done by seven right and that's a big change for US Post retirement I would say pre-retirement if we started dinner at 7 30 that was early yeah we we try to stay that 6 30 yeah and done by seven like you said yeah and dinners are lighter for us and after dinner we'll watch TV for an hour 7 30 to 8 30.
And that's it well then yeah we don't walk Max and yeah but we don't spend a lot of time on TV tonight because you don't want to do that to stimulate your brain but I'll always take a hot shower I I sometimes jump in the bath sometimes you take a bath we'll read before we go to sleep I read in a chair I don't read in bed right but this gets us relaxed before we get into bed you know we take measures also to make sure our room is comfortable you know the room needs to be dark and the room needs to be 68 degrees or colder right and you know oddly enough you know that mattress and pillows that you've had for the past 25 years you might want to take a pulse check and see if you need to redo those because a great mattress and the right pillows makes a difference we recently got um the sound machine so we have a sound machine in a room but the funny thing is I also wear earplugs because I don't want to hear you snoring and Max making his noise but if I have earplugs I can't hear the sound machine well I don't understand why I have a sound machine hmm all right I'll have to figure that out yeah but we also try very hard to avoid our phones 30 minutes before going to sleep just don't do it because it's going to get your brain stimulated right I'm a side sleeper on my right side pillow between my legs and I'm out yeah and I'm a back sleeper for some reason I think my grandmother once told me to sleep on my back because that's not helping but most nights this routine sets us up for a good night's sleep and you know the things that we have found that we have tagged that definitely affect our sleep our caffeine and alcohol for sure eating late eating red meat and watching TV especially over stimulated TV late at night we're always researching new ways to improve our sleep I actually recently started wearing a mask an eye mask I meant to bring it to as a prop does anyone get it no okay I wear a mask I've been doing it for about a month and it does make a difference you know and we both meditate right so using headspace or calm you know great apps apps we use those and sometimes if we're both having a hard time falling asleep if we've just had one of those days where we can't slow it down we'll actually play out loud on one of our phones a sleep story which is very interesting and we can hear it all the way yeah now we notice a difference in who we are and how we show up with each other if we have great sleep yeah right we're definitely happier more energetic and more fun with each other Did we tell you we have aura rings these aura rings are great it's something to look at it measures our Sleep Quality and it's also the first thing that we check in the mornings we see how we did you know if you're struggling with sleep try some of these tips that we're doing and drop some notes in the comments below if anything else you can think of to help us in this community get better sleep now if you like this video you're going to love this next one seven types of rest because it's not just sleep that helps you get rested we talk about other kinds of rest like mental rest creative rest social rest and more so watch this next videoRead More
everybody Dave here in free investing in this first part of this two-part series we're gonna talk about early retirement planning and I'm two years in the early retirement planning and I made significant progress but there's still quite a bit of work left to do so in this first video of this series we're going to talk about where my accounts stand today and kind of the income I get from that and where my will Network stands and all that and kind of where the net worth needs to go and then the second part which I'll release next Saturday is where I want the counts to be post-fire and the ultimate goal with that let's go ahead and dig in so what we're looking at here is something I set up about six years ago after reading a mister money mustache article if you're not familiar with mister money mustache he's you know kind of you know I wouldn't say he's the first but he's definitely a person that made fire kind of a popular term and you know I mean he just really helped a lot of people but he helped me too because I was sitting in a hotel room for literally six months out of the year up and bfv buck Egypt right so essentially when I was sitting in that hotel room I was thinking about okay I want to hike the 80 well that requires me to take about four or five months off of work which theoretically means that I probably need to quit work so I was kind of looking at a way to do that and that's when I found mister money mustache and that's when I came across the 4% rule which is based off the Trinity study you take your you know annual expenses that you have to live and you know you times it by 25 that comes out with how much money you need to retire so you know I got at the top here the $30,000 was the 35 40 45 4855 those are just numbers that came up with I thought would be pretty good to retire on in 25 is the general rule for the Trinity study you know you would draw four percent and it should last you in at least 25 years theoretically probably make it last a lifetime but you know that rule in my opinion is a little old a little outdated back when that was instituted it was kind of I want to say that they're working on the interest rates were super-high back then like I don't think 8% or something like that so there's a lot more viable in my opinion so I came up with you know being another probably gonna be about 46 47 when I retire I came up with just I'm gonna go ahead and do the 3.5% withdrawal rate which gives me 29 X 29 years and then I kind of just bolded those numbers there across the board originally I came up with 1.25 was going be the number and then I upped it at one point three five and then later changed it to one point five and that's just the thing that you have NIP running into when you get close to your number or even surpass your number you start thinking okay what's another year what's another year and I hope I don't play that game going forward but so right now the things that are highlighted in yellow here are things that well I guess I haven't really achieved that one or that one so what it was originally was the number that I already achieved so I just put in there okay it gives me the three percent and thirty three percent in the thirty-five but I have not achieved at one point four eight five yet so I should probably take that out but but I do plan on you know we'll look in the numbers here in a minute but I do plan on you know going to one point five two possibly into one point six five so that's the reason why I probably set these the yellow originally so I probably even set that one a o if you're enjoying my content please like and subscribe and hit that Bell notification alright we are looking a snapshot of my current state as of June 18th alright I have all my accounts there and I have the value in each one of those accounts and then you know that no percent of net worth and the income by account and then yield by a count so as it sits today June 18th there's one point three six million in all these accounts so that is and we're over my original number that I wanted to fire on and like I said a lot of this depends on the customer I've set it in other videos a lot of attend them that depends on the the customer and when they want me to this last project so not to mention we are still in a pandemic and right on the you know I would say the up slide up slope of the recession so it kind of makes sense to just help hold out for another year or two and that's what we're planning on doing so right now there's 401 K accounts 228 k in there the CRA is a company retirement account that's what that stands for that's new part of the solo 401k trust that's in the dividend Schwab account what you've seen me to do a lot of videos on my dividend portfolio here so we're going to be building that out here and we'll talk about that in a minute let me see Sola form with Kate trust notes I do have two notes in the 401k trust in those notes you know generate about 7.6 percent yield which is pretty good income and I'm probably gonna end up keeping those in there but we'll look at the post you know account where we want things to be in the next few years this is just a snapshot of what things look like right now so HSA I am building that out I wish I had an HSA for the last 20 years but unfortunately I didn't and so I'm building that out to $3,500 a year and you know I'm investing that money as well I do plan on contributing into that account once I retire as well so there is you can contribute interest income and contribute dividend income and all that stuff as long as you have a high deductible plan once you retire so I'm hoping I can still build that out and offset some dividends or interest income with that as well so that's kind of good if you don't have an HSA and you are offered an HSA from your work that is one of the best things it's like triple dipping alright so I would highly suggest that you max that out every year if you can I do have a little bit of silver there at about ten thousand dollars in silver and you know the first chance I get to sell about silver about $40 an ounce I am getting out of it but we'll look at that here in a minute so right now that is what I have and silver I do have a Robin Hood account I've pretty much drained a lot of that money out of there and moved it to the TD Ameritrade account mainly just because Robin Hood is just not mature and they really don't report you know P&L what just kind of drove me nuts so I produced during the count left 2000 dollars in there just in case I want to trade some more crypto and my m1 finance I pretty much drained as well that's actually gonna get drained even more and that's gonna go into the dividend portfolio most likely TD Ameritrade account I haven't really done any videos on that but that is where all my spec plays are I have traded carnival in there traded world Bank of America not make America ba I always say Bank of America for be a bowling and I've traded let's see what else have I traded in there Delta and Southwest as well so right now I think those are good spec plays I'm going to go ahead and continue to trade those stocks in my spec account I've already made about $1,500 in that account just in the last couple of months so my Interactive Brokers account I've I haven't really showed me doing any trades in there I've done some covered calls and some cash secured puts and that's pretty much all I do in that account and you know I deal I just want to generate that four percent that twelve hundred dollars a year and I've already way past that this year if I like I think four grand if I'm not mistaken so real estate notes I have done a video on my passive income off those notes and it generates a quite a bit of income $38,000 and I essentially will be draining those out for the dividend portfolio and I've talked about that in previous videos the main reason for doing that is just because I want to reduce my interest income because that is taxed at the ordinary rate so we will be throwing the principal in from you know every every month the principal gets paid back so every month I will put in portion that principal in the dividend portfolio and building that dividend portfolio out so I've been quite a few videos on fund rise right now that counts sits at 16 200 or so sixteen thousand two hundred and you know generates I'd say about 8 percent per years what I've been getting out of it so I don't have any uh plans of getting rid of that account but we'll talk about that in a minute so Lending Club I haven't done any videos on that and shoot I don't know so ten months or so I probably should do a closure video on that I am draining that account out all that cast that's in that account will be going into the fund right of the count you know as I said before we will talk about that in a minute so and lastly here we do have cash in the high-yield savings account I guess that's what it stands for is so high yes I get you guys okay getting out of control now just recently that count was literally 2% drop down to 1.8 and then 1.5 and I just last three weeks it dropped all the way to 1.0 percent which is actually pretty good considering a lot of accounts right now are probably at like 0.3 or 0.03 or something so there are 70,000 dollars in there right now and I'm gonna talk about that in a minute so net worth as it stands right now one point three six and annual income by all these accounts which I call like investment accounts and savings did I include savings in there you know there's no savings in there so that's just annual income from my actual you know what I didand from the notes and from the notes up here a 401 K I've been real conservative and that 401 K accounts up there and I was real conservative a lot of these other accounts too like the options I put it four percent and you know flips I didn't laughter I skipped two flips I do have one hundred seventy three thousand dollars in flips that have turned sideways that's why that house is flipped upside down right there because it's you know real estate flips and you know I need to foreclose in those two houses and we're stuck because the local government shut down all evictions and awful and all foreclosures even though there's nobody living in the house or anything like that it just doesn't matter they said foreclosures across the board or frozen and there's been like that for the last couple months I don't know when they're gonna unfreeze that but right now I got that money just tied up in there and it's just a waste at this point so my right hand side here we do have a current breakdown and let's just make that a little bit smaller here I do have a breakdown of the current net worth allocation you know by pie chart so my biggest income producer is that real estate notes at thirty eight point four percent and you know the real estate flips is a pretty big portion and then the 401k accounts as well so then that's just looking at the pie charts there so let's scroll down a little bit here account type I did break these out up here so if he's noticed let's make that a little bit bigger you notice that that I have a light blue here that's just for retirement accounts in this dark blue is for taxable accounts okay so I broke those out here taxable side of about 1.0 three million dollars and then the tax deferred side for hundred and one thousand dollars at this time and then the income is broken out as well and the reason I have to do that is because I want to know what my income is on the taxable side I don't have any intentions of touching the tax deferred side when I early retire and I need to know that the taxable side is going to support my knees for early retirement it also lets me know that you know what type of income we're gonna have and I need to break that out into dividends and what does ordinary income and/or interest income as well so I can kind of figure out what my taxes are going to be so and that's the yield just in general what's didn't you know coming off this particular income or what this net worth is so the SR is saving slash return and that's just a projection it's a pretty conservative projection on what my actual net worth will increase on a year-over-year period and on a monthly period so I do save quite a bit of income that I make on my nine-to-five not to mention all of this return up here is calculated there as well so that's a rough estimate about one hundred thirty-seven thousand my network should go up in a conservative basis per year so and then here we are looking at the net worth currently and then my goal is one point six five and we're 87 percent to my goal with a remaining amount of two hundred and thirteen thousand dollars and that just seems like it just never goes down so so let's go ahead and look at the conservative net worth projection here and that's based off this number up here and this monthly number here okay so right now in 45 it's twenty twenty-one and it's you know starting to mount with one point three six million and you know I got my lean fire there which would put me in 11 months would put me at a one point five six which we ideally would probably you know get me where I want to be but I'm gonna probably end up pushing it to 2022 which is 22 months out at one point six eight eight in that like I said that's my fire I'm okay with a lean fire and you know ideally just because we're on the upslope of the recession at this point and I don't know when those projects are gonna be done at the customer which I kind of promised I'd stick around for so I kind of pushed it out to 22 months but every time a month takes off as soon as July first kicks off I love to just go in here and set that to ten months and I love to set this to 20 months or 21 months excuse me and watch the numbers kind of just auto-adjust down and all that because that just lets me know I'm getting closer and closer and closer so let's go ahead and reset those back to 11 and 22 and the reason why I have those set out to and not just adjust it off that 11 months there is because the 11 months is my first retirement date and I already passed my first retirement date technically it was for 2020 so that would you know the second retirement was in 2021 but since that one's already passed we have moved it to the first retirement date which is 11 months out so that's the reason why I have those two numbers in there to be Auto adjusted or manually adjusted I should say just because you know I might who knows I might hang it up at 11 months so we'll see where I'm at so and if I stuck it out to 55 years old which I don't see doing some people when they're young could say oh yeah I want to be you know I won't have a B I want to be a billionaire and you know it's like the older you get you start realizing that money it doesn't matter it's all about your time you can't get that time back you're buying time you're trading time for money if you haven't seen my video on the Neil pass richa video that I did watch that video pretty much sums it up okay you're trading time for money the older you get the less you care about money you just need enough money to survive to support your needs of living you know food basic shelter all that beyond that it really doesn't matter as long as you can you know have a one trip a year or something like that that's all the matter stuff doesn't matter at all so you know hanging out to 55 years old on a conservative basis I'd be a 2.78 6,000,000 which likely probably be you know three by that point so I'm not gonna make it to 55 I feel like I'm gonna die today so that's just how I feel just strapped with time working you know Xion hours it's just it's time to enjoy my life and you know all the sacrifices I've made for the last ten years so if you're enjoying my content please like and subscribe and hit that Bell notification let's take a look at the right-hand side here might be your left but this is the current lessee current account income breakdown here and that's just the income broken down so like I said my biggest income is from real estate notes at fifty nine percent and the second would be and the solo 401k trust notes so that's a lot of notes that I have in there and I guess the third one would be the 401k account so it's just this ditz and pretty much this the indexes and emerging markets and all that so alright let's go ahead and scroll back over here and scroll down so I do just put a little gate there and the network's kind of just gives me a little barometer or what are you want to call it speedometer for the network there I'm not in the green the green is set at 1.5 million and I'm close but I'm not quite there I should hit it by the end of this year but let's just say you know it's just a visible visual indicator doesn't mean nothing just for the viewing purposes so let's go ahead and look at this conservative network projection and this goes all the way out to 2030 and that's 55 I don't know why those numbers are so small there but that is 55 years old if I made it to 2030 and don't die before then I would have a roughly about 2.7 million in net worth probably in a conservative basis I was real conservative just because you know four percent I can you know get better return than that most likely but right now we are at 1.3 at one point for 3 which is on 2020 assignment on this chart here but 2022 is what we're looking at would be 47 probably just turned off seven and 1.68 is above my my threshold so we're good to go so so that's it for this video part 2 will come out next Saturday and you know stay tuned for that one if you have any comments questions are concerned on this particular video go ahead and even come a below you know hit me up on Twitter Instagram Facebook and until the next video comes out go ahead and like and subscribe we'll see you the next video thanks for watchingRead More
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Can you all live The Ultimate Retirement? You can. (man) From the New World Center in Miami Beach, acclaimed personal finance expert Suze Orman provides essential advice to make your retirement more successful and secure. Every little actionthat you take can makea tremendous difference. It's never too soon to begin. Fear no more. (man) Join us for Suze Orman's
"Ultimate Retirement Guide." Please welcome Suze Orman! [loud cheers & applause] Thank you. This show is called "The Ultimate Retirement Guide." A very interesting name for a show, isn't it? 'Cause can you imagine, can you just envision, what is your dream of an ultimate retirement? What do those words mean to you? What is so interesting is that yesterday I was talking to somebody, and I asked him, "What does an ultimateretirement mean to you?" And he answered in a veryincredible way; he said, time to be with my family,time to see friends, time to do thingsthat I've never done before.
He did not say one thingabout money at all. Then I thought,now that's interesting, and I started to goto every single person, "What does ultimate retirementmean to you?" "What does ultimateretirement mean to you?" I even today, asked my
makeupartist and my hair person, "What does it mean to you?" And the majority of the people either answeredlike the first person did, I'm going to have timeto go see my family and my friendsand do things I want, or they answered,"I have enough money, I don't have to worryabout money." So that'swhen I put it together, believe it or not that, if you have your money
together,all you care about is what you're going to dowith your time and how to connectwith those that you love. If you do not haveyour money together, then the answerto that question is about money. I want to have money, I want
to be able to pay my bills, but they didn't at all mention about what they want to dowith their life. The ultimate retirement is about your life being onethat you enjoy, that you love waking upevery single morning to, that you love to seethe sun rise and you love to seethe sun set, versus oh another day, oh I have
todo this, I have to do that.
So I ask you, what isyour ultimate retirement? Ask yourselvesthat question right now. And I'd like to know how manyof
you out there are on track to reach what you consideryour
ultimate retirement to be? How many? Please raise
yourhands if you think you are. In fact, don't raise your hands,stand up. If you're on track to
reachyour ultimate retirement. Alright, stay standingfor a second. Now I want you to lookaround this room 'cause this isa very sad picture. This is not 50 percentof
this room even standing up. This is not even 40
percent,this is like 20 percent of the people in this roomare on track. That means 80 percentof you are not. You can sit down, thank
you,I'm happy for all of you. But by the end of this show,I
hope I'm going to be happy for 100 percent of you because here's what you have gotto understand. If you are not on track, thenthe
question has to be answered, why not, and what can you doto get on track? Because every single one of youhas what it takes to achieveyour ultimate retirement.
I look around and I see
thatthere are people in this room that are older and there
arepeople who are younger. I just want to say, for those of you who are youngerin this room, you have to know that now isthe time to learn from those who are older. Because it is never too soonto begin to achieve your ultimate goal. And isn't it truethat the reason that you work every single day is so that one day you couldretire from working? That is supposedlywhy you all work.
However, my goal for all of youis to love working or lovewhatever you're doing, even in your retirement years that you continue to do it. You know,today it's very different than it was 40 years ago when I first started asa
financial advisor in 1980. Can you believe that? 40 years ago. How old was Suze Orman40 years ago? [laughter] Who cares about 40 years ago, let's talk about how old I amright now. As I stand in front of you,I'm 68 years of age. [applause] No… Wait a minute,there's something wrong when somebody applauds youfor how old you are! [laughter] But here's what's fascinating about that. I never thought I was going to be 68. Did you ever think that you
weregoing to be almost 70, or you were going to be 50? Or do you remember being like
in your 20s or in your 30s and somebody in their 60swould be talking to you and you'd go, god, they're
old,[laughter] they're really old. And you go,oh, I have a long time, and then all of a suddenyou wake up one morning and here you are, and you
arealmost 70 years of age! That is a big deal! And I don't know about you,but
it freaks me out.
[laughter] It freaks me out, and
becauseI love my life so much, that means I don't havea lot of years left really to live everythingthat I love doing. But you know what I mean,but that's a reality that starts to comein your head, oh my god,I need help getting up. You know, I walked up those stairs yesterday, it's not easy for me to walk up those stairs. Years ago I would have popped upthose stairs.
But as the body may be aging, the one thing great about moneyis
that it doesn't have to age. You worked your entire lifefor money. When you get older,you now have to make sure that your money worksits entire life for you. 40 years ago, 'cause I always specializedin retirement planning, I don't know if you know thatmy
degree is in social work, with a specialty in geriatrics. [applause] So I had this lovefor the aging. I wanted to make surethat
their lives were fabulous. And very early on I realizedwhat
makes their lives fantastic is when they have money,when
they can pay the bills, when they can hire an aide, when they don't have to worryabout it, and they don't have to bea
burden on their children. That's what makes it fantastic,but
40 years ago, you guys, it was so easy,I have to tell you. There's a very different
storythan we have right now.
40 years ago you hada situation where almost every single one of the peoplethat
I saw had a pension plan. And their pension also gave
themfull health insurance for them and their familiesfor their entire lives! Real estate was relativelycheap,
believe it or not. Interest rates, yes,they were through the roof, they were 16 to 18 percent,but
you still could have a money market accountor anything, and you could be earning 18,19, or 20 percent. You could get 14.5 percent backthen
on a 30-year treasury bond. Are you kidding me? So if you wanted your money
inretirement to be safe and sound, you had a place to put it. So I could easily say to people, do this, do that, do that, do this and it
wasdone– just that simple. It's not that simple today. As I'm recording this show,we have interest rates that are the lowestthey've ever been.
Good luck finding2 percent anywhere. Real estate prices have absolutely gonethrough the roof, you have a stock market that
hasalso performed incredibly well. Who knows,will it go on, or will it not? So now you're afraid;what do I do? I don't get a pension, I
can'tput my money anywhere safe and generate income,I still owe money on my home, I'm possibly even still payingfor
my kid's college education and I don't know what to
do,I'm afraid of everything. Fear no more, because there are thingsthat you can absolutely do to change your life around.
And what's so fascinating aboutmy
job as a finance expert is to be able to come up withadvice
to fit today's economy, today's economyand tomorrow's economy. And not continueto give you advice that I would have given you40
years ago, 10 years ago, or possibly even 5 years ago. You have to be getting
advice that is good for today that will carry you through your tomorrows, so the question is,are you getting that advice? Do you know what to door are you listening to your next-door neighbor who listensto your next-door neighbor who listens to the other next-door neighbor? Before you know it, you're
all making the same mistakes. No, no. "The Ultimate Retirement Guide" is the name of this show, and this show is for every single one of you, to guide you from wherever
you happen to be right now, right here, to where you want to be, to where I want you to be.
'Cause I want youto love your life, your personal side of your life, your financial side of your life, 'cause I no longer want any of you to have one foot in one boat called your life and another foot in another boatcalled your money, 'cause when those two boatsstart to separate, you have problems. I want you to have both
feetin one boat called life where you love everythingaround
you, you feel secure, you know whatyour money is doing, you know what you can doand you take all of that with the peoplethat you love around you and you wake up every singlemorning with a smile.
That is the goal of this show. Now, you all came here. Maybe you just came hereto see me. Maybe,but hopefully you came here because there is somethingthat you need to know, 'cause I'm going to talk aboutwhat
you need me to talk about. So who has a question for me?Yes ma'am. Oh my god! Hi Suze. So exciting to be hereto finally talk to you, I'm so grateful for
anyinformation. (Suze) How are you? Your life good? (woman)
Yes.(Suze) I'm glad, what else? My financial track is because of you, but I have a question regarding long-term care. Should I start that because I'm
in my 50s, I'm going to be 55, and should I start that now, or
should I focus a little bit more 'cause I don't have my 8-month emergency fund, which I know you were alwaystelling us to do that.
The perfect age to buy long-term care insurance believe it or not, is about
59, right before you turn 60 'cause there is a big premium
increase at that point. Up to you to decide if you want to do it or not. Do you have credit card debt? (woman) Yes. So you have credit card debt, you don't havean 8-month emergency fund, and yet you want to buylong-term care insurance. (woman)No, I really don't,but
I want to make sure that… [laughter] Do you haveany student loan debt? No. What is the interest rateon your credit card debt? It's like 16, 15. Do you contribute fully to
your retirement account? Yes, Roth IRA. How much do you havein your Roth IRA? Uh like 45,000. (Suze)And how much do youin credit card debt? 4,000.(Suze) 4,000.
I have $4,000 at 16 percent, I have $45,000 of how much of thathave
you originally contributed? When I first
started it? So altogether it's worth 45,000,how
much of that has it grown, have you put in 30,000and now it's 45,000? Oh no, I started with like1,000, 2,000 and then I deposit 550,my max every month. But you put at least $4,000
ofthat, you put in of your money. (woman) Yes. (Suze) Alright,so listen to me now. I want you to withdraw from your Roth IRA $4,000 and I want you to pay off your credit card debt.
How can I guarantee you a 16
percent return on your money? Pay off your debt. (woman)I thought I'd get penalized for… That is why this show is so important. Any money that you originally put into a Roth IRA, the money that you deposited into this account, you can take out at any time
without taxes or penalties, regardless of your age or how long the moneyhas been in there. It's the earnings of that money
that have got to stay in there for at least5 years and until you
areat least 59-1/2 years of age. Then you can take it all out, tax-free. But I would much rather see you take out $4,000, get rid of the debt. Does that debt make you feelinsecure? (woman) Yes. If you want to be secure, which I'm telling is the goal of money, you have got to get ridof the things that make you feel insecure. So you have the money to get rid of that which makes you feel insecure, and that money is supposedly supposedto make you feel secure but it's not making you feelsecure
'cause you feel insecure, so let's take money from here, get rid of what's making
youfeel insecure over here.
Now you feel secure,and when you are secure you are more powerful,and when you are powerful you attract peopleand people pay you, people give you a job
promotion,people are your customers. So when you are more powerful,you attract people, people control money, now
you'regoing to control more money. Got that? (woman) Got it. (Suze)That's what you're going
to do.(woman) I feel more secure. [applause] So I just want to touch brieflyon
long-term care insurance. Long-term care insurance may be one of the most importantinsurances you will ever buy in your life. And the reason is this: your health insurance does not payfor a long-term care stay, Medicare doesn't reallypay for it. You will be the ones that
payfor a long-term care stay out of your own pocket.
And when you look at the cost, it's 10,000 a month,15,000 a month, it is a lot of money. The average age of entryinto a nursing home is 84. That age is key. Why? 'Cause if you buylong-term care insurance, you have to knowthat you can afford it from the yearthat you purchased it all the way until age 84or longer. Should you be buyinglong-term care insurance and going, but Suze I doubtI'll ever use it. What insurance do you buy in the hopes thatyou're going to use it? Really, do you want your hometo burn down? Do you want your carto be in an accident? But you all carry insuranceon that. One out of three of youwill spend some time in a nursing homeafter the age of 65. Now, a lot of you know when it comes to long-term
careinsurance, that premiums, if you have a long-term careinsurance policy, has skyrocketed on youover the past few years.
So if you buy long-term careinsurance, you have to factor inthat if
you're paying$4,000 a year for it, you may be paying $8,000 a
yeara few years from now. Can you afford it? But I can tell you this: that out of all the yearsthat you pay for your premium, it will beless than you will pay for one year in a nursing home. So if you can affordlong-term care insurance from the time you purchase it,all the way through, I would absolutely go aheadand do so. Alright, we are going to takea
break, and when we come back, I'm going to continueto answer your questions. [cheers & applause] Thank you! Alright, let's take a question. I have a good-looking man right there. Yes sir? Hi Suze, welcome to Miami.(Suze) Thank you. With increased longevity, and
ifone does not have a pension, how does one knowwhen to retire? Because I'm really not sure
onecan really measure that because we don't know how longwe're going to live and I'm not necessarily surewe
can save enough to retire. Great, let's talkabout your life expectancy. My mother, God rest her soulnow, 7 years ago, lived till 97 years of age.
The most important thing
thatyou should all understand in reachingthe ultimate retirement is that most probablyyou are going to live until your late 80s,early or late 90s. And that actuarially speakingis the truth. So it's not like it was back
inthe '30s or '40s or years ago when Social Securityfirst came about, when you couldn't get
SocialSecurity till you were 65, but did you know that the average life expectancywas still 62? The buggers never expected youto live long enough to collect Social Security! How do you knowwhen you are ready to retire? Alright, so let's talk about that. Financially ready and emotionally ready are two different things. 'Cause you might be readyfinancially to retire, and emotionallyyou might not be ready to lose your identity of what you do.
So they're two separate things that you have really gotto have clear. So let's just talk about
thefinancial aspect of it now. You have got to be very aware of what your expensesare
going to be in retirement. You have got to know, what does it cost youto pay your mortgage, your car payment,your electricity– everything that isan absolute expense, that is not going to go away. Once you know your expenses,then you have to know what are your steady streamsof income that will be payingthose expenses. If you have a pension,if you have Social Security, if you havethe minimum distributions from your retirement accounts that you are going to have tostart taking out, if you have an income annuity,whatever it may be, will it cover your expenses,or will it not? Hopefully it will,because if it doesn't, then you have tomake a decision, do you need to continue to work? Should you retire from the jobyou currently have and take on another job? You have to decide all of those
things, but in the equation, here's what I want to sayto you– Social Security.
'Cause for the ultimateretirement,
the biggest decision that you are going to make
iswhen to take Social Security. And do not takethe easy path here. You are to wait till at
leastfull Social Security age. Now I know a lot of youare like, no way, I get Social Security at
62,and I'm going to take it. Do you know that if you
waitedfrom 62 to the age of 70 to take Social Security,you
would get 76 percent more than if you took itat the age of 62? So when you arefiguring out
your incomeversus your expenses, do not include Social Securityuntil you are 70. I would rather see you use
upmoney in a savings account or a retirement account to
getyou through all those years than for you to takeSocial Security earlier to get through those years. Why? Because especially from
the ageof 66 or 67 till 70, you're guaranteed an 8 percentincrease every year. You're notgoing to get 8 percentin
the stock market guaranteed. You're not going to get8 percent in
a certificateof deposit right now. The new retirement age,seriously, should be a minimum of 70 today. I know, it sounds like, uh! But you know whythat sounds terrible? Because you hate the jobthat you have.
[laughter & applause] If you loved what you did,if
you felt like you were a vital part of societyas well as your own life, if you did not have one footin your money boat and another footin your personal lifeboat, but you were in one boat,and you were steering it where you wanted it to go, you would not be upsetabout
having to work till 70. You would actually be sayingto yourself, I hope I get to work
forever,forever, 'cause I love it! I hope I get to do this forever. Do you think I do this 'causeI
need to make money? No. So the goal of you working,
Iknow you think is to make money.
And it is that,but it's also because you lovewhat you are doing. And it makes you feellike you have a purpose. Because what's interesting is when you can't define yourselfby
what you do, your job title, and then who are you? You need to know the answerto that question. We have a question right here.Yes sir. Suze, I wanted to knowhow to go about finding one's ideal financial advisor. That's a good question. A really great financial advisoris somebody who's been a financial
advisornow for 15 or 20 years. They have seen up markets,they
have seen down markets, and then they've seen up again, good economiesand bad economies.
The very first thing they tellyou
is here's how much I charge. Here's how I work,here's what I'm going to do, and then they should at least beinterviewing you for an hour or twoto understand. Are you afraidof the stock market? Do you feel goodwith the stock market, are you happy in your marriage,are
you going to inherit money, are going tohave to take care of
yourparents, do you have a will, do you have a trust, do you
haveany credit card debt, do you own a home, do you
wantto own your home outright, do you have kids, do you want
toleave money to your kids? They should be asking youevery possible question, everything in your life,
becausethey have to know who you are as a person before they
caninvest your money for you. Here's what you really needto understand about finding an advisor. You should never talk
yourselfinto trusting anyone– ever. When going to seea financial advisor, if it doesn't feel right,guess what? It's because it's not rightfor you.
But what do you do? You talk yourself into
trustingthat person– big mistake. So do not do that. Get up and walk out. Don't be guided to have
somebodybe a captain of your boat and take you where they want
itto go versus yourself. You have got to belike this woman here, with this captain's hat on.Right? And you have to knowthat your financial journey into your retirement yearsis started where you have chartedthe right course. You don't want to bedoing something just because some financialadvisor
tells you to do it. It's got to make sense to you, it's gotto make sense to you. Next question, who has one? Yes. Hi Suze, thank you for coming.
I've followed yousince the beginning, your first book,it's so old, but I… (Suze)That actually wasmy second book, but that's beside the point. But lookat that picture on that. I want your signature today That picture on that bookwas taken in 1994. Don't you think I look betternow? (woman) Yes! [applause] Gorgeous. But what isyour question for me? My question is if you already,well,
I was fortunate enough to have a pension plan,but it was way before the Roth IRAand all that existed. If you've got quite a bitof funds in that IRA now and you have to roll it
overinto a Roth for tax purposes and for your beneficiaries,
butwhat about that lump sum tax that you have to payon that money? How do you getthat large sum of money? If I were you,here's what I would do.
If you have a lot of moneyin a pension or a retirement account
that'spretax, first roll it over custodian to custodianto an IRA rollover, no tax. Then little by little, if
youwant to convert it to a Roth, after consulting a CPA, decideon
how much you can convert each year without it affectingyour tax bracket. The last thingyou would want to do is to take a large sum of money and convert it,have to pay taxes on it. Also, if you are near retirementand
you don't have at least 10 years to recoup the taxesand
the growth on the taxes, do not convert it to a Roth. Leave it in a traditional. Just because Suze Ormanloves a Roth, sometimes it makes senseto leave the money that you have in a traditionalretirement account because you're going toretire in 2 years. So if you now convert itto
a Roth, you're going to be losing all that tax money,you're better off just leaving it where it is,and
paying the taxes as you go. 'Cause either way,you have to pay taxes. So when you convert, you
wantyour money in the Roth for a long timeto recoup the taxes with the growththat you will sustain.
Next question,who has a question for me? Hi Suze, you mentioned
bewary of insurance products, can you elaborateon that please? Oh you betcha I can. Insurance is insurance,investments
are investments, and the two should not cross. Years ago, when everybodywas buying mutual funds and making all this money, when all mutual fundshad a commission to it, the insurance companieswanted to get in the game. They were like, man,maybe we can create a product and sell it to all the peopleout there who want to investin the stock market and make it seem like it's
morebeneficial to do it that way and we'll captureall of that money. Now, I have been licensedover my career in almost every single stateto sell insurance. Actually, not to sell insurance,to bash it as to why most of youshould not buy it when it comes to an investment.
I personally thinkthe only type of life insurance that makes sense,is term insurance, term insurance that's goodfor
a specific period of time. Universal, variable,and whole life insurance are the worst investmentsyou
could ever buy, bar none. They just don't make sense. So many times they're soldto
you as– you can invest in such a wayand have it all be tax-free and experience the stock
marketand get life insurance. The commissionson most insurance products are so high, you have no idea. Possibly 70 to 80 percentof
your first-year premium. But today, you now havebrokerage firms out there that are charging you no commissions at allto buy stocks, no commissions at allto buy exchange-traded funds, no commissionsto buy mutual funds at all. Are you kidding me? If there was ever a timeto want to be investing in the stock marketcommission-wise, now is the time. So does that make sense to you? Investments are
investments,insurance is insurance, do not mix the two, do not mix the two ever,in my opinion. Next question. We have a question right here.Yes sir. Hi Suze, what's your opinionon
target retirement funds? Yes, a target retirement fund, which is how many of youinvest for retirement, thinking that that fund is going to give youyour ultimate retirement.
I personallyam not a fan of them. And a target fund, just to
beclear, is that you decide the yearthat you are going to retire. You target the yearof your retirement. Then this mutual fund isinvesting
your money to do what? For you to be ableto retire on that date, and the closer you getto that date, the more moneythey put into bonds, the less money they putinto stocks. So they do all the work for you. And it is one of the mostpopular
investments out there in 401(k) plans because
youdon't have to do any work. You just put your money inthis
target date mutual fund, and you just let it go.
I'm somebody who doesn't
liketo go on automatic pilot. I'm somebody whowhen I'm about to retire, I want to look at whatthe economy is doing and maybe it's a good timeto
do what, to be in bonds, but maybe it's a better timeto be in stocks. Let's go back to 2008, 2009. If you had had a targetmutual fund for 2009, 2008, you would have been mostlyin bonds at that point. Great, so you didn't get
killedin the stock market.
But in 2010 and 2011 and
2012and 2013 and 14 and 15 and 16 and 17 and 18and 19 and 20, you missed one of the biggestbull markets ever. So should you have been in bondsduring that time or should you,even though you had retired, should you be in the stock market? Because you all have to keep upwith inflation. And inflation is somethingthat is very serious. So your ultimate retirement,
andlisten to me closely here now, is one thatwhen you actually retire, you do not wantall of your money in bonds. You want some of your moneyin stocks because even though stocks maygo
up, and stocks may go down, in the long run, you will berelatively okay, especially if they aredividend paying stocks, so that you are ableto get income while the market is going down. So please don't be one ofthese
people that go to retire and you go totallyinto bonds. Next question. (woman)Hi, good afternoon,I have two questions.
The first question actuallyis the follow-up to the whole life insurance,that
question is for my mom. After she heard what you
saidpreviously, she had a question. And the second questionis mine about annuities. So my mom's question about
thewhole life, she has two policies and being in her 60sshe wants to know now, what insurance should she getbecause now she's not very pleased
withthe whole life insurance? (Suze)Because Suze Orman said
that.>> Because Suze Orman said that. Here's the question,watch this interaction now. This is a good financial
advisorasking the question before I answer a question, because I can't just answer
herwithout knowing things.
Does your mother,in her opinion, need insurance? Is anybody financially dependenton her? If your mother were to die,is
anybody– where's Mama? Right there.(Suze) Mama! Too shy to askher own question. (Suze)I'm not answering it. Mama! Okay, answer my question,answer my question. No, no, Mama, come on down,come on down Mama. [applause] Mama talk to me! Hi Mama.
Hello. There you go, so Mama,if you were to die today, is anybody financially dependenton you? No. Why do you have insurance? I have it because I don't want
my kids to be responsible. Yes, but if you die, your
kidsaren't going to be responsible for you anymore'cause you're dead.
Right? (mama) True. You want them to appreciateyou while you are alive and enjoy youwhile you are alive. So do you have this policysimply
to pay for your funeral? Absolutely. Alright, and how muchof a death benefit is it? It's 10,000 on both. (Suze)So you have two
policies.(mama) Two policies. And how long have you beenpaying on it? (mama) For five years now.(Suze) For five years and how much does whole lifeinsurance cost you? Per month? (Suze) Yes. $56 a month. So that's $600,almost $700 a year, so you have already paidin $3500 in 5 years to have $10,000 of insurance,and as you get older, 'cause you're still young,you're in your 60s. (mama) 69. (Suze) 69, and so you're not projectedto
die for another 30 years. Yes, my mom is 94. Alright, so you're going to benow paying $50, $56 a monthfor all those years.
Really? I don't think so, what isthe
cash value of that policy? If you were to cash it
outtoday, how much is in it? You know, I really didn'tdo the math. Alright, so you're going to
findthat you put in $3500, however, good luckif you have $1000 in there. (mama)Yes, that's what my daughter was telling me. So here's what you're going to do. We know you're healthy, we know everything's good. What would it feel like to
have$1000 to your name right now? Because, if you're worriedabout
paying for your funeral, that says to Suze Orman,you don't have any money. (mama) Yes,
I realize that now. Alright now, guess whatwe're going to do? We're going to cash outthat whole life policy, first you got to make sure Mama's healthy, if Mama's healthy, we're going to cash out that whole life insurancepolicy,
the insurance agent might say, but the taxes–no
taxes– you put in 3500, you get back less than that,no taxes, and you're going to put
thatmoney into a savings account, a high-yieldmoney market account or savings account onlineand just watch it, and then you're goingto take the $56 that you wereputting towards the insurance and you're going to put it
intoyour own savings account.
And before you know it, you'regoing
to have $10,000 in there. And then you'regoing to have $20,000 and then we're goingto go out to dinner Mama! Yes we are! (mama) Thank you. (Suze) That's what you'regonna
do. (mama) Thank you. And Mama, I just have to
askthis, was that that hard, to stand upand talk for yourself. Oh no, no, no, I didn't knowshe was going to ask, I was just mentioning itto her up there. (Suze)She said, you said right, that she was afraid,one of you is lying! Right? Have I got this right?One of them is lying. The daughter is standing theregoing uh-uh, she said I ain't gonna do this. Alright, that's fine, alright. I was, I was. [laughter & applause] (Suze)Alright, your question. (woman) I've been looking into annuities, and I wasn't sure if it's
a smart thing for me to do.
Why were you lookinginto annuities. Because after readingall of your books, I was trying to be preparedfor my retirement. There is no way that you reada book by Suze Orman that said to buy an annuity!. (woman)No, I know, I know,you
did not recommend that, but I wanted to be prepared,so
I looked at everything that's availableand everything possible. So I'm asking your opinionright now. So here's whatI would tell you– annuities are startingto change. Index annuities okay, singlepremium
deferred annuities okay, variable annuities I really
donot like on any level, although even those arestarting to change.
Here's what I do wantto tell you, and you're going to be surprisedat this. Remember how I stood up herebefore, and I said, "What I used to tell you
beforeI'm not telling you now." You know how you told me,a
lot of you raised your hands, you said that you're afraid
thatyou don't have enough income and you don't know whatyou're going to do. It is possiblethat an income annuity where you deposita specific sum of money and they pay you outa monthly income is something that you may allneed to look at as you get older,and you want to retire. Would you be doing that now,given that Mama's 69, that means you have to be
what,how old? (woman) 47. (Suze)47, way too early for you to be thinking about thison any level.
No really, the way you would
bethinking about it would be I want to be out of debt,I
want to own my home outright, I want to be saving moneyin my Roth IRAs, I want to becutting down on my
expenses,I want to do all those things far beforeyou would do an annuity. Okay? You know,I just want to say this. I only wish I had a magic wandthat I could wave and say to all of youin this room and all of you and the millions of you
that will see this program, that I can wave my magic wandand make it all so that you are never ill,never in any situation where you hadany financial distress, and you had all the
financialindependence in the world, and that everything wasgreat for you. I don't have a magic wand.But guess what? You do, you have a magic wandfor your own lives. You might think that you don't. You might think well,what difference can it make if I make this little wave
here,and I do this wave here? Every little actionthat you take can make a tremendous differencein your life.
Can you all livethe ultimate retirement? You can,but you have to want to. And you not only have to wantto,
you have to take the actions that absolutely make itpossible, which means you pay off the mortgage onyour
home, you get out of debt, you start to haveRoth retirement accounts, you do everything today,
yousell something, you downsize, you do whatever, but you have
tohave a plan for your lives. So we have just answeredmany of your questions, and we have one more segmentto continue to do so, so that all of you can havean ultimate retirement. We will be right back. So in terms
of an ultimate retirement, if I were to give you one piece
of advice, as to how do I make the most
out of my money, Suze Orman? With interest rates low, I don't
want to be in the stock market, what should I do?
Ready for this one? Pay off all of your debts.
It should be mandatory that
if you own a home, that you own it outright
by the time you retire. If you do not, and you plan
especially to stay there, you are making one
of the biggest mistakes in my "Ultimate Retirement"
playbook. Because if you could simply
get rid of your debt, the more debt
you have gotten rid of, the less income you need to pay
the expenses on that debt, and now you can start to make
more out of your money. Now, for those of you who have
retirement accounts, you probably have a traditional
IRA or a traditional 401(k) or 403(b) because you wanted
the tax write-offs today.
And you just didn't want
to pay taxes today. Big mistake. In my retirement playbook, I would have
all of you in Roth IRAs, Roth 401(k)s, Roth TSPs
if you're in the military, Roth 403(b)s
if you're a teacher, I would have you
in Roth accounts. Why? Because everything
that you have in a Roth, you give up
the tax write-off today and you get to take that money
out later on tax-free. With a traditional
retirement account, you get a tax write-off today,
but when you go to take it out, you have to pay
ordinary income taxes on it.
You all want
that tax write-off today, even though we are in
the lowest income tax brackets in the history
of the United States. So you have all got
to start to think different. We're not 40 years ago,
we're today. And the rule of thumb is this: you want to know
what you see is what you get. What good is it going to do you if you have all this money
in all these retirement accounts that you're going to have to
pay taxes on when you retire and they force you to start taking money
out of those accounts, April 1st of the year
after you turn 70-1/2. So what is Suze Orman
telling you to do? I want you to do a few things. If you know that you are going to have a mortgage
when you retire, and you are going to be
keeping that home, I want you to continue to contribute
to a retirement account that matches your contribution
up to the point of the match and then everything after that, I want you to pay down
the mortgage on your home.
That guarantees you
to be debt-free, you don't have to then worry
about the stock market, or interest rates, and nothing
will make you feel more secure in life than
owning your own home outright. Now I have said in most every
single show I have ever done, that the goal of money is
for you to be secure. So you have got to look at
your lives and ask yourself, what in your life,
financially speaking, makes you feel insecure? Because whatever makes you feel
insecure, you have got to remove from your life
so that you can feel secure.
Got that? Who in this room
would feel more secure if you owned your home outright?
Raise your hands. Well, now we have almost 100 percent
participation. [laughter] So that's what you are
looking for. These are all things that you
need to figure out on your own. That you can look at this
and go, what can I do so that I have
the ultimate retirement? And what you can do is
to make little moves today– pay off the mortgage on your
home, have Roth investments, know that you're going to claim
Social Security at 70. Decisions like that
will change your entire life. Next question,
who has the mic? Yes. Hi Suze.
Right here, it's Mama Bear. Thank you Suze. I hope I'm right on that right?
Yes! [laughter] I'm 34 weeks pregnant.
I've actually been a fan of
yours since I was 15 years old. I read your book,
Young, Broke… "Young,
Fabulous, and Broke," yes. That book. I currently maxed out
my retirement accounts, I don't qualify
for the Roth IRA, we're going into this stage, so my question is
surrounding the 529 plan versus the prepaid college,
which is better? And do you have
any credit card debt? >> No. >> Eight month
emergency fund? >> Yes. Absolutely, and you're
contributing now. That's what happens
when a 15-year old… [cheers & applause] …watches and readsabout money, and then here they arein a situation where we all wish we could beand
turn back the hands of time. So it's never too soon to begin. It is never too soon to begin. I like both a lot. If your child's goingto go to a school like in Florida or whatever,I
like prepaid plans a lot because it takes outall the thing of is the market up, what should
Iinvest in, what should I do? And when you have kids, and
youhave everything going on, unless you wantto deal with all that, then a prepaid plan is probablyhow I would go.
If you like investingand whatever, 529 plans are equally as good. But here'sthe question back to you. You're aboutto be a parent, do
you havea living revocable trust? I do not. Do you know that minorscannot inherit money? I did not. So if you have a child,and
you have all this money, your 401(k),everything that you've done and now you want to leave it, you and your spouse in a
caraccident, it happens everybody. And now you want to leave thatto your children. It will go in a blocked accountuntil
they're 18 years of age.
If they hada living revocable trust, you would namea successor trustee as to who would watch over
thatmoney for your minor children. Very important for you to have.>> Thank you. And most of you in this room,do not have the most important documentyou
could have, bar none, a living revocable trust. A will is simply a documentthat says where your assets are to goupon your death. That is all it does. And it does it in the most
costand effective way possible. A living revocable trust, living, you do itwhile you're alive, revocable, you can change itanytime you want. Trust is the nameof the document. While you are alive,you transfer your assets, the title to your home,your bank account, your stock brokerage accounts,whatever it may be into the title of the trust, held for your benefitwhile you're alive, and your beneficiaries'
benefitafter you have died.
What is the differencebetween the two? A will has to be probatedin most circumstances. That can take months, it
cancost thousands of dollars, it absolutely,that's all it does. A trust, 2 weeks later, 3
weekslater after you've died, everything passes to
yourbeneficiaries free of probate. But that's not the reasonyou should get it. The reason you should get
itis because of incapacity. If something happens to you,who's
going to pay your bills? Who's going to writeyour checks for you? Who? A willjust says where your
assetsare to go upon your death. A trust, a good one, that
hasan incapacity clause in it, says that somebody elsecan sign for you when you no longercan sign for yourself.
And this is important. The other day, I was in the
banktaking out some money and this really old womanin
her 90s was standing there and she said to the teller,she said, "I have to ask you a question, how much moneydo I have left in my account?" And the teller told her. She said, "That's impossible,it's impossible, "I know how much money I shouldhave in there "and that's not what's in there. "And I kept gettingthe statements, "but I couldn't believewhat I was seeing "so finally I thoughtI should come in. There has to besomething wrong." Now, either she's spending
moneythat she doesn't know, or possibly somebody isripping her off of money.
But do you understand how not only do you have to protect yourselves as you get older, but every one of you in this room should be protecting your parents as well. Your parentsthat become
vulnerableto all kinds of people that befriend them and then doall kinds of things and before you know it, all this money is gone. So a trust is possibly the most important documentyou can have, bar none. You know, I'm just wondering,is
anybody in this room afraid of when you get older you're not going to be ableto pay your bills, and you're going to be dependenton your kids? Does anybody in this roomhave that fear? All right, you do, you do. Can somebody talk about that? I would like to hear somebodyaddress that. This woman right here,all right, you have a fear.
Yes, I was… You can put your purse down. [laughter] So I have
a 99-year-old mother, which getting back to the
lifeexpectation means that you know, I supposedly have quitesome time ahead of me. I have no kids, I have
no long-term insurance, I have no debts. So I don't know who's going to take care of me. I lost my job 3 months ago,
which I needed for living. My mother and I
own an apartment where she lives right now, and I rent another where I live
with my husband.
I have a 401(k), I have a CD,
and I have a savings account. (Suze)So you're afraid. Of course I'm afraid and
as I said, I have no kids, so nobody to
look after me. And how oldare you? 73. You're 73, and what do you dowith this fear? Like who do youtalk to about it? I'm serious 'cause how manyof you in this room can relate to what this womanjust said? So do you see first of all that you're not alone,you're not alone. Most of America is inthe situation that you're in, where we are getting older,we
don't have any money, we don't have kidsor if we do have kids, they need us to take careof them, [laughter] and good luck themtaking care of us.
So what do we do, where do we goto start this conversation? Here's what I wantto say to you. 73, so obviously you've startedSocial Security. What you have to dois understand that 73, even though I know it
feelsolder, 'cause I get that, 70's a big one, it's big numberto
pass, even approach up to. Is thatyou're still in the youthof
your life if you're healthy. So there are all kinds of thingsthat you can do, whether it's continuing to
work,saving money in a Roth IRA, making sure that youdo not have any debts, but fear is the maininternal obstacle to wealth and the only way to conquer fearis through action.
Now, the actions that you aregoing to take are particular to your situation,and
you're going to have to sit down with your husbandand go, what can we do? Should we rent a smallerapartment right now? Should you sell the homethat you have right now and downsize now,'cause what happens is we keep putting off all of
thesedecisions until we're older and older and older 'cause
wedon't want to have to deal. Rather than making a decision
oflet's sell the house right now, let's move to a placethat's less expensive, let's take the differenceand do it. Oh, I'm renting, alrightI'm
renting a 2-bedroom place right now, let's renta one-bedroom place. Oh, I'm renting a one-bedroomplace,
let's rent a studio. Oh, we have two cars,let's go to one car. So you have to now becomea warrior and you have to not turnyour
back on the battlefield.
And the battlefield isknown as retirement and how are you going to payfor yourself. So you're going to start to
givebirth to financial children by the name of Bill,Buck, and Penny. [laughter] That's pretty good! [applause] And you're going to have to
makedecisions with your husband. What can you do,and I don't care if it's to save $100 a monthhere,
you cut your cable bills, you do whatever it isthat you can do to save $50 here, $100
there,and you would be amazed at the more moneyyou start to accumulate, the more secure you'll feel. But you do nothing and you
havenobody to talk to about it. So here's who you'regoing to talk to about it. You're going to talk to yourselfabout it. And you're going to be the
onewho solves that problem.
And you're going to be the
oneto figure out what you can do to either make more moneyas well as spend less. 'Cause the key to the
ultimateretirement, everybody, is not to save more,but it's to spend less. 'Cause if you spend less,you're able to save more. And the key is stop postponingspending less. You don't think $25 here
and $50makes a difference. It all adds up. As soon as you starttaking more action, you'll start feelingmore powerful. And then that fearwill start to go away and then you'll have more
energyto take more action. Alright, there you go, alright. Thank you. [applause] Yes ma'am. (woman)Thank you so much for coming. I've been watching you for years. I'm the senior, I guess, in the room. I'm 80 years old, my husband is 91. We've been contributingto
Roths since they started. But we didn't get a chanceto contribute very long because then we retired. But I've passed your
informationdown to my children and they are contributing.
My question is,I have grandchildren, I have two daughters,I'm
leaving everything to them. What I need to know right
now.is there any way that I can, at my age,or should I start converting some of my traditional IRA fundsto a Roth? Alright, so you have been, because you are nowolder than 70-1/2. (woman)I'm 80, yes. You have been taking requiredminimum distributions from your traditional retirementaccounts, correct? >> Yes.>> And paying taxes on them. >> A lot of taxes.>> A lot of taxes. The answer to your question is,are your children and grandchildren in a
lowerincome tax bracket than you? Because, when you leavethis money to them in a traditional retirementaccount,
and they take it out, they're going to have to
payordinary income taxes on it. Truthfully, in your situation,at
where you are right now, in retirement, I would
leaveeverything where it is. But is this your granddaughternext to you. (woman)This is my daughter. (Suze)Your daughter,well, that was a compliment. [laughter] I didn't meanto give you a compliment.
She came from Orlando to join
mefor this occasion. [applause] Can I talk to your daughterfor one second? So here's what I wantto hear from you. Mommy and Daddy have doneincredible. When you sit here and
listen,and Mommy starts talking about her death and that,how
does that make you feel? Just sad, I want themwith me as long as possible. (Suze)Yeah, and do you yourselfhave children? 'Cause Mommy saidthere's grandchildren. That would be my sister. Your sister, so whenyou look at your own life, and you see what Mommy and Daddyhave done, can you just tell me howyou feel about your life? When you look at your lifeand retirement? Actually I'm blessed tofeel secure. (Suze) Great. They weregreat teachers. (Suze)Great teachers,so you learned from Mommy. Mommy, out of all the
thingsthat you did in your life, out of all the moneythat you saved, the proudest you should
beand the most priceless gift that you've given yourselfis that you have a daughter that
feelssecure because of you.
[applause] And that is the gift that all of you need to pass onto your children, your beneficiaries, as well
asyou having the conversation with your parents as well. And I can stand up hereand
talk to you about money, as you could tell,from now until eternity. There really isn't one questionthat
you could possibly ask me that I don't know the answer
to,and I think I've proven that to you over all the yearsthat I've done this. But the greatest departing gift, when I talk about the Ultimate Retirement, I'm talking about happiness, I'm
talking about inward happiness, and you knowing who you are,
as well as you have a family that appreciates you, and you appreciate them. And if you're out there, and you're all alone, and you have nobody else, youhave
to at least have yourself. So the "Ultimate Retirement"
isone where not only do you know everything you need to knowabout money, but you need to know
everythingabout your own life, the purpose of your life, who you are when you can'tdefine yourself by everything around youas well as your job title.
You have to know these things. I hope you enjoyedthis journey with us today, I hope you learned enough toat
least start you on the road to an "Ultimate Retirement"
andreally, may retirement one day bless each and every one of you
and may God bless you as well. Thank you so very, very much. [cheers & applause] [piano, bass, & drums play in bright rhythm] Captioning– Armour Captioning & TPT
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 nextRead More
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That ' s a lie that ' s been repeated so usually that individuals in fact believe it. Make no'bones concerning it.We ' re paying, if you'' re obtaining a wage, if you ' re obtaining a salary, you ' re paying tax obligations, period. And profile earnings, there ' s several types that I ' ll go into, however what ' s most essential is there ' s no social protection tax.
Anybody starts telling you in different ways, it'' s since they simply put on ' t know. You function at McDonald'' s and somebody'that ' s going to run about and claim, you put on ' t pay any type of earnings taxes. Make no'bones concerning it.We ' re paying, if you'' re obtaining a wage, if you ' re getting an income, you ' re paying tax obligations, duration. And portfolio income, there ' s numerous types that I ' ll go into, yet what ' s most crucial is there ' s no social safety tax. And the long-lasting, I just informed you, if you hold something over a year, where if you do futures, 60% of it'' s treated as lasting, it ' s that long-lasting', if it ' s short term, all of these, this'one, this one, this
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Alright, we're back with Scott Braddock from Scott Braddock financial talking about retirement planning. Let's go over what the Roth IRA does. Alright, so the Roth is unique in and of itself, so the big difference here is we're going to pay taxes on the money going into the roof, but then that roof is going to grow tax free.
You can take from it tax free and you can pass it on to your heirs tax free. And there's also no requirement of distribution at 72, so those are huge advantages. The way that I describe it to folks is you'll pay taxes on the seed as the money goes in, but you're not required to pay taxes on the harvest as that money grows and you use it in retirement. And that can kind of help you out when you're making less money because you're retired and things of that nature so you don't get hit with extra taxes. Is there a limit on how much you can put into the Roth IRA like the regular IRA? Well, there is now here. It's it depends upon your your earned income and if you're a single person and you're in more than $144,000 then then you're not allowed to contribute to the Roth and then for married couples $214,000 or more and you're not allowed to contribute to that role. But here's the tip, there is a such thing as a backdoor Roth IRA and this is where you earn too much money, so you can't contribute to the raw.
You go ahead and you contribute to an IRA and then later. You can you start to convert that IRA money over to a Roth OK, Alright, so let's talk about these questions that people are putting in. I'm turning 72 this year. Do I have to withdraw from my 401K or can I let it keep compounding? Ohh great question. So yes and no. If you're still working for your employer that offers that that exact 401K, you do not have to start taking out mandatory distributions.
However, if you have a 401K from another employer, you do have to start taking from that 401K. And of course if you're not working you do also have to start taking from that 401K at 72. OK, this next question is can he explain the different types of annuities? OK, sure, so let's just talk about the we have the traditional type of annuity, which is a straight fixed annuity very similar to a CD at the bank. It's going to guarantee you a certain interest rate and then the next one would be a variable annuity. A variable annuity is different because this one is the security product. You can invest this in what usually looks like mutual funds and then next is going to be the fixed indexed annuity. The fixed index annuity is like the fix where there's going to be guarantees.
And protection there's going to be a flooring very unlike the variable annuity. It also will offer some minimum guarantees, but it allows you to participate in the stock market up to what are known as caps. There's a limit to how much you can actually earn there, and then the last type of annuity is what we would call a single premium immediate annuity. This is where you take a chunk of money. You put it in the immediate annuity and it starts to pay you an income right away. OK, so let me ask you this.
So when you like, put into your 401K, your IRA, are you putting in and buying a new? Please. No, you're not OK now that the the over view here is that most of your money's going to be invested in stock market. If you have a 401K through your employer now, you can find annuities within those four. One case that you can contribute to as well when we're talking specifically about the 401K when it comes to eye raising rolls, those could be stocks, bonds, mutual funds. They could be fixed or variable annuities. They also could be certain types of insurance products as well, right? This person's asking what can you do if your employer does not offer 401K's and you want to lower your AGI and save for retirement. Well, absolutely here what we're going to do is look at the IRA.
That's going to be the way that you're going to be able to put some money away. Take a tax deduction, and allow that money to grow tax deferred. Now, if you're self employed, that's a little different. You can take advantage of what's known as a a set, a self-employed plan, and here you can actually put in quite a bit of money as well, just like the 401K and this next question is, at what age should you back out of the market for something more stable? Well, you know again, everybody's financial situation and their overall risk tolerance and their wishes and goals, desires and retirement are gonna be unique and different.
This is where you want to sit down with a financial professional that'll take you through a good process to figure out what's going to be right for you. It's different for everyone. However, I will say that as folks get closer to retirement, they tend to taper off the risk. They start focusing more on protection versus just growth. You know, there's two I two different phases of life, the accumulation phase, and then that distribution phase. And as you get closer to that. That's where we want to start looking at protection. Alright, we got about one minute left. This person says my company was sold. Should I move my 401K to the new company or to a Roth? Hmm, well it it really depends.
I again you wanna in this case, since we're looking at the wrath and that's gonna be a taxable event, because if your 401K is a traditional 401K in order to convert that to raise money, you gonna pay taxes. So you want to meet with the CPA on on on that one. But it depends. That's the right answer. You know really need to take a look at the options of the new employers 401K. Will they allow you to roll your old 401K into their plan? That's another good question all right now if you missed any of this or you want to get in touch with Scott.
Ask him some of these questions. You can do that by going to our website. You'll find all of this information in the two wants to know section..Read More