7 Tips for Living Comfortably on Social Security Alone
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- čas přidán 21. 12. 2021
- This video discusses 7 tips that will help make living on Social Security alone comfortable and enjoyable. The video highlights where to find additional state financial aid for seniors, when to take Social Security, when to say no to helping others financially, how to stop all those automatic monthly subscription charges, and finding your true passion to save a ton of money.
Links Mentioned in This Video:
State Financial Assistance for Seniors:
grantsforseniors.org/best-sta...
"Big 3" Healthcare for Seniors by State:
www.usnews.com/news/best-stat...
Federal Financial Assistance for Seniors:
www.gofundme.com/c/blog/finan...
Important Links:
Join Geoff's Book Club (Free to Join)
holyschmidt.com/book-club/
Free "Retirement Ready" Checklist:
holyschmidt.com/checklist/
Follow Me on Instagram:
/ the_schmidtlist
Federal Reserve Board Survey of Consumer Finances:
www.federalreserve.gov/econre...
Social Security Administration Application for Benefits
secure.ssa.gov/iClaim/rib
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/benefits/retireme...
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
I spent most of my working life as a low income office worker. Luckily I am naturally frugal and have always tried to live on half my income. Sometimes the other half went to savings and other times it went to accelerated debt payment. Now, in my early 70's, I am living very well on only social security with no debt and am actually able to put money into savings each month. Those many years of people laughing at me because I didn't eat at restaurants or spend money on new clothes have really paid off now. I am thankful every day for sacrifices I made earlier.
Amen...
Apparently i didn't understand what living on SS alone, you are living on ss and your savings. You are blessed, there are many who don't have that luxury , for whatever reason - divorce, bankruptcy, legal bills, medical bills, etc.)
So great to hear - A Blessing !
That's great and all that you are able to live comfortably now but in the richest country in the world, you should not have had to live in such a restricted manner -EVER. You should have easily been able to do something as benign as going to a restaurant. Being exploited your entire life and having to scrimp so much is not something this country should be proud of.
Making me think.ThankYou for sharing this,Art 930.
My ex died a few months before I turned 62. I decided since I had had cancer a few years prior, to go ahead and retire at 62. No guarantees on my life expectancy. I was out of debt. No car payment, no bills. Unfortunately I am a renter though. Now, 2 years later, my 29 year old son just unexpectedly died too. NO amount of money would make me regret the times I got to spend with my son this past year. Time is a commodity that we never know how much we are given. The rest of it just falls into place. I don't care now where I live, how much I have to eat, or what "things" I have.
I really don't even care now about "healthcare".
I’m so very sorry for your losses. Time with our loved ones is a precious commodity!
You’re depressed.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
Sure you did spammer!@@Tomnolan90
The economy is like a roller coaster, up and down,
with buying a forever home, buy when prices are down!
It really is that simple, you might have to buy earlier, or be patient and wait!
Then we do you need to buy everything?
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
I'm 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
Growing your money after retirement is easier now, especially in the current inflationary environment, with the option to passively navigate a diverse market through a successful portfolio advsor. The impacts of the U.S. dollar's fluctuations on investments, in my opinion, are intricate.
Personally, I would say have a mentor. Not sure where you will get an experience one, but if your knowledge of the market is limited, it seems like a good bet.
It took me five years to realize predicting market movements from studying charts is uncertain. Not having a mentor caused me five years of pain, but I learned to follow the market's direction and keep it simple with discipline. Since then, I've made over $250k.
@@mariaguerrero08 Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.
CAMILLE ALICIA GARCIA can be found online; a straightforward search for her name will lead you to her online presence.
Library is still one of the best places to go. Buying 25 cent paperbacks are my favorite reads every night . Helps me occupy my time and mind instead of using unnecessary online stuff. It even helps with my light bill as i dont need to jack up the thermostat during the day, and use layered blankets while i sleep.. and i enjoy casual conversations with others at Library. I find others that share thier tips and life experiences with me. It feels good to share
LOVE the e'checkout options available from the library system in my city! - One Kindle can hold hundreds of books, so much time saved
I live on $933 mo ssi n social security and 112 food stamps. I try to adjust my living expenses according to my income. I fill up gas tank once a mo. Do laundry once a month. Eat 2 meals day frugal living. Cut back or out expenses. Buy used go to food bank once a mo. Sales etc. I dont drink alcohol or coffee or smoke or do drugs. Try to stay out of debt
Right off the bat, I like this man's philosophy. If social security is all you've got, don't try to beat yourself up over it by dwelling on what you should have, could have, or would have done differently towards your retirement; and don't let anyone else make you feel that you are beneath the majority of retirees. There are ways to live a good life on what you have coming in every month. Don't look back!
Thank you.
Truth
WOW!!! FINALLY ONE person who KNOWS it’s NOT “would OF, could OF, should OF.” I’m actually AM shocked!!! GOOD on YOU.
RULE ZERO: Get/stay HEALTHY!!!!!!!!!!!!
@@traybern Yes!!
Love your explantion that NO ONE should judge anyone for where they are in their own station in life
Hello Linda
How are you doing today?
I certainly wouldn’t judge someone I don’t know with regards to their financial situation. With that said, if you have watched family and friends. Purchase new cars every 2 years, Cadillac’s when their budget screamed Chevy. Eat out at nice restaurants 3-4 days a week, when their situation would have indicated macaroni and cheese at home would have been a more prudent choice. Take 2-3 expensive vacations a year, when a trip to their taxpayer funded National parks would have provided savings to invest in their retirement accounts. Then these same people look to you to fund their retirement lifestyle. Well I beg to differ from your assessment, I can judge those people’s situation.
Kenneth your point is well taken
Where I live in Oregon seniors can ride the city bus free all over town for shopping, banking, Dr. appointments, etc. That helps a lot 🙂
Where in Oregon?
@@karen4starsYou can check the internet and the map.
I read that portland is the best place to live. You can live on the sidewalk with no problems. Very reasonable place to live. I'm moving there in a few months. Hello portland-:)
@@danklein8587 live on the sidewalks and take the bus. Sounds like a plan. There’s an $18 folding camp stool on Amazon. It’s not big and not heavy. It would work well for waiting at bus stops and sidewalk camping. I use mine as a shower seat at the free gym membership Medicare pays for.
That’s wonderful!
What a lovely intro. I'm so happy to hear a professional voice this. The minimum we owe to each other is kindness and I'm so grateful to see him say it.
Well said
Agree, thank you for being kind.
you said it better than I would have.
Great reply and recognition… it was well stated
I decided to retire at 65 so I worked 7 days a week, 10-12 hrs a day for 6 months right before I retired. This allowed me to pay off all my credit cards and other debt. It has made a huge difference on my new retirement budget. I’m the average mentioned. I get $1652 per month in Social Security. I can live comfortably on my SS check, usually saving $500. That allowed me to pay off my house last month, which is the best feeling ever. I’m now 69 yo and I have not used any of my retirement money. That will go towards traveling with my family and friends. 🥰🥰
WONDERFUL🤗 Is it possible to do a breakdown on how? What State are you in to be able to save $500 on SS? Thank you
@@chinitawilliams8605 I don’t know about the person you were responding to but I’m in the same boat. I live in Michigan.
Don’t delay travel. It’s the best thing you’ll ever do. Good luck!
@@croswellianprincess3590 You can live well and in any state if you don’t have rent or car pmts and no debt. I do the same. And take advantage of any senior discounts. They are everywhere.
@@croswellianprincess3590 hutïjuju
Always tried to live on half my income which wasn’t a lot. Retired without debt and lots of savings but after five years I am still living solely off of social security. No pension.
I only have social security. My farm is paid off which is a great plus! I borrowed from family for a $5000 car at no interest for 46 months at $125. They help me with utilities and taxes the rest of my income supports me. I don’t take any prescription meds, Thank Goodness!
Much of our population, like myself live in small towns or rural areas that have no taxi's, urber, or even a ride to the doctor or from the hospital. A car is as essential as a roof over our heads.
Many Medicare plans provide free transportation for medical appointments.
That's kinda what he said.
Yeah a car is not "optional" for rural folks when the closest little town with a grocery store is 20-30 minutes away.
@@kfitz192 Not available for us. Our County Seat is 58 miles away!
@@rhondamendonca2648 Yikes!!!
Get rid of your credit card debt no matter what age you are.
Great advice
Don't live beyond your means. If you ever have credit card debt, you've already lost. It's fine if you use one to avoid carrying cash but pay the balance every month.
I only use my credit card to maintain my credit rating.
I always pay it off early every month.
@@gybx4094 pro Tip, get a rewards travel card and use the mileage for trips
@@userhome3601 As a good friend of mine would remind me to live below my means.
Thank you for making this video. I'm so tired of seeing videos that say can you retire on 500,000?
Or is a million dollar savings, with a pension, and S.S., plus some rentals enough to retire on?
I have no pension, but I was able to do a few things right before I'm set to retire in 5 months to support me/us it's never to late
I recall reading a story quite a few years ago about a merchant marine sailor who retired on a very meager pension and that was it. He was single and lived in a small mobil home down south. Being a merchant sailor was a very tough nomadic life and he never got married or had a family. He did not own a TV, never ate out at restaurants, never owned a car, etc. But he subscribed to the Curly mantra perfectly. He started road biking 🚴♂️ and fell in love with it. He was active in several biking clubs, loved to take cross country trips, developed numerous close biking friends, and basically found his retirement “one thing”. Needless to say he was skinny as a rail, in amazing shape (far healthier than all the fellow retirees I know) also never wasted a dime on alcohol or junk food. His primary road bike was probably worth as much as his mobile home. In many ways he was my hero…….
The one thing!
I retired early. One rather surprising and hard to understand thing I've experienced and I've heard several others say is that walking and/or riding a bike is a big part of being happy. I walk about 2 hours everyday, up to 4 hours. I do all my food shopping by walking so I buy only what I can carry. I have different routes and different stores I go to for different items. Soda is heavy so no way would I buy that so I save money and eat better. I could do without a car.
Anyone with a dog knows how excited they get with the mention of the word "walk". I get almost that excited too.
Totally agree with #4 - I can’t tell you how many people of modest means I have met over the years who are saddled with the burden of carrying around the dead weight of ne’er-do-well family members! Blows my my how many slackers there are out there who believe they are entitled to an endless stream of financial assistance from anyone within their sphere who has managed to pull themselves out of the financial abyss! Do yourself (and them) a favor - cut them off your payroll PRONTO…….!!!!!
If they hate you for it, you’ve learned everything you need to know……..😐
Excellent advice!
I agree… too many people are co- dependent with their children or family members. I always told my children I’d help when I knew they were doing their best with what they are working for. My second husband and I did a premarital agreement so our children would know what conditions constituted our helping them financially. We were not going lacking while they were blowing their money expecting us to bail them out. We never had to loan any of them money.
Yeah...my son did that...started a business, bought a house on bank loans, quit his job, all at the same time during a recession. Blew through his wife's inheritance and wanted me to take a second mortgage on my house so I could give him $20,000.00........nope......hasn't spoken to me since then.......6 yrs. I think.
Check local senior centers services. Meals on wheels isn’t the greatest but it sure cut down on the grocery bill. They also have a transport van $1.00 a ride per trip.
I restarted my life alone at age 61. I had my former husband removed from my home, and I restarted everything. I’ve been very fortunate to have a good job that’s only 1 mile from my house. I cut back seriously. No cable TV, regular trips to the landfill or Salvation Army, packing a lunch every day, working 3rd shift,
It works if you want it to. I refinanced my home and my car for better interest rates.
You go, Girl!
God bless you ❤
Wow, how long had your former husband been dead before you had him removed?
@@spankynater4242 hahahaha
@@spankynater4242 hahahahaha
it's better to move closer to the bus line than take uber everywhere. when i bought a house to retire in i made sure it was close to a bus stop. when i broke my wrist i was able to do all of my errands on foot.
Nicely done Molly!
Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.
i m 87 retired at 62 with home payed off a new car and a new truck allpayed off all cc payed off now living the good life.
My Dad was born in 1921 and survived the great depression. Had money at retirement but his goal was to live off SS (1990-2011) $600/month. He did it. But was used to living a simple life. No cable TV. No new car. No big trips. He had to be able to drive where ever he went.
He also stayed away from the Dr. Fasting is important for that.
Smart
Milkman, would you be able to share more information with me about your Dad's fasts, how many days and how often? Thank you !
@@claireoconor7986 I wish I had paid more attention. I'd think there would be plenty of INFO about biblical fasting theory. He drank alot of coffee, his whole life. He had a glass of wine everyday and probably a several beers a week. A 30 pack would last him around a month. One thing I thought odd was chicken broth.. the canned kind. I suppose in his mind drinking chicken broth was not eating? I am 53 and am finding the less food I eat, the better I feel. Our bodies our truly designed by God. It's amazing.
I am going to work myself towards my first goal.. no eating for a whole day. Then build on that. I totally believe once a year, fasting for a whole would be life changing and realistic.
@@claireoconor7986 Yes please do
@Milkman3572000 My Dad was born in 1923. There was some sort of a glitch with receiving his first retirement check. His first check arrived two days after he died suddenly in his sleep. I sent the check back unopened. The poor guy was still working at the time, and had even worked a full week prior to his death. So happy everything worked out well for your Dad!
Really appreciate Mr. Schmidt's videos. I'm 63 my wife is 65 and we have spent most of our life not taking retirement prep seriously. About 6 years ago we put on the full court press on to pay off our mortgage and misc debt, of which we had a bunch. Now we own our home and have at this point very little debt and will have no debt by the end of this year.
The advice given to those nearing retirement age to start living like you are on SS is in my opinion a good idea. We have been doing just that for over a year now. That allows us to put quite a bit of money into savings and is teaching us how to do this, a dry run.
My wife will retire with a pension in 3 years, will be past full retirement age, and I expect that she will start receiving SS at that time. Because we are living like we are now just on SS now, we can survive with her SS and pension and put all of my salary into retirement for the 3 years additional before i retire. I plan on working until I'm 70 and maybe beyond but will start collecting SS at 70. At that point we will have more monthly income than we have now.
No phone, no lights, no motor car, Not a single luxury.
I was raised by very frugal parents who were young adults during the depression. I have always been good at saving money and I enjoy it. My SS is below average but my house is paid for and I can live very well on just SS. I also put aside $200 to $400 a month because I get a kick out of it. When my 15-year-old car died I was able to pay cash for one that was only two years old but now I'm sorry I didn't buy an older one. I haven't touched my 401k. I also buy take-out at the local restaurants three or four times a month so I'm not depriving myself. I once ordered a book called "How to Live on Practically Nothing." I could have written that book.
8. Use the public library your taxes already paid for; they provide books, periodicals, videos/CDS, internet service, etc.
9. If you live in a large city, use public transportation, preferably with a discount card (in NYC Metrocards offer reduced fares for seniors et al.)
10. Coupons, they still exist, and only buy what's on sale never MSRP, preferably BOGO.
I still prefer to have my own car but I will add to number #10 I use paper and digital coupons I also shop my grocery store markdown meat section and other markdown areas and pay a fraction of the cost all my clothing except for underwear have been bought at thrift stores and garage sales for many years that's also how I buy a lot of my household items. I did purchase a new couch and chair 3 years ago and a new refrigerator a year ago paying cash but I mostly buy used. I get all my books from my local library and if they don't have what I want they can reserve it from another Library
Coupons are a scam, persuading people to buy things that they don't need. Make everything from scratch, buy rice and beans, fruits and vegetables (probably a lot of frozen), skip the desserts and snack foods, don't wear makeup, buy a big bottle of shampoo once a year etc. and you will have almost no need for things you can buy with coupons.
@@debbieframpton3857 What's wrong with buying your underwear from a thrift store? LOL! I do it all the time and my husband thinks I'm crazy. I often find new underwear at thrift stores and I wash everything anyway so who cares??
11. Stay single.
@@patrickbodine1300 Marry a sugar momma. That's what one of my co-workers did. She had got her ex-husband's house, so he really got to enjoy her luxuries.
I’m over 73 and live on my SS income plus a small pension of about $300/mo. I have a mortgage on my house because I was defrauded of my retirement savings by Dalton Financial of London England. I live quite comfortably by using discipline in my spending. I use credit cards and pay them off completely each month. It’s not difficult when the reality of my position rewards financial restraint.
Thank you, thank you, thank you! I’m 56 and lived life as an artist so I have been preoccupied with “catching up” to my office career friends and their whopping retirement funds. This has given me some comfort and I’m very excited to learn more from you! Thank you!!
Selling your car doesn’t seem like a good idea if it’s paid for. Insurance at $125.00 a month would be surpassed in just a few Uber drives in Seattle. Loved your video. Thanks! ❤
You're not taking into account gas and maintenance.
@@spankynater4242 yes I am. Still think keeping a paid for car is a smarter move.
@@saraw112 My bad, you only mentioned insurance. Just save up for those major car repairs and new tires that you will be needing. I hope you have a Toyota or a Honda.
@@spankynater4242 I do have a Toyota Camry and do minimal driving. It’s a 2015 and only has 42k miles. It should be my last car with minimal expense
@@saraw112 Sweet. You can get 300,000 miles out of that one.
I have skipped many dinners out and rarely if ever have enough to go away. I live in abject poverty on social security benefits. Im extremely grateful for the benefits but having a universal basic income in addition to my benefits would allow me to do so much more.
Find out if your local senior center is offering free lunches. As long as we member of our center (free with Silver Sneakers from BCBS.) I eat a simple lunch (a salad, apple, milk and chips) two days a week, but I "could" eat there five days a week if I chose to. Also IF you are living on $1,300 or less per month, there are local opportunities for help such as rent controlled costs etc. Some people pay less than $400.00 a month for a senior rental apartment.
I'm about to retire but decided to change it to part time. I'll continue to work 2 days a week which I can live on that income banking all my Social Security check and not touch my savings and IRA. Still gives me 5 days a week off. Years ago I had planned to sell the house and live in an RV, totally decided not to do that now. Love having a paid off home, no debt and income.
I was raised on a farm and have canned my own food for 50 years. I buy meats on sale and pressure can them to be shelf stable for years. to me it's fun to do, I save a bundle buying on sale or in bulk, reuse the jars, no electricity needed to keep it frozen.
You are very fortunate to have that part time option. Many people are simply forced out of the workforce.
You are the Mr Rogers of retirement planning. 61 and will need all the help I can get! Thanks!
I view him more as like the Chuck Norris of retirement planning.
Jeff, it is so nice that you always try and advise people from all walks of life, all incomes. Thanks!
Margaret, you are so right! I had two things going for me: my parents were refugees from Europe and I grew up always aware that circumstances could change overnight, so plan for emergencies. Secondly, I was educated in Canada and home finance was taught in 9th grade. We were taught all about compound interest, credit, banking, savings, and retirement finances.
I am a recent retiree. Sold my car 2 1/2 years ago, and it was a great decision. I do have a bike I use in the warmer weather, otherwise I walk or sometimes take an Uber. NOTE: do not use the option to arrange a future Uber ride (example: pick up the next day at X hour). I had one of those try to charge me $34 for a 1/2 mile trip (I was taking the cat to the vet in winter, so needed it for the short trip). I cancelled and got an ad hoc Uber: $8.50.
Great point thank you
good to know, thank you! I have been thinking about getting rid of the car. I barely use it, and the battery actually died from disuse!
Driving my car keeps this 89 year old young.
After I retired I worked for Uber for 4 years and you are correct they are some sneaky people. I am glad you caught on to that little trick and I am glad you put it out there for people to read and learn..
I put a camper shell on the back of my pick up so I can go camping affordably, be off the ground and inside during the night. I'd feel odd not having my own transportation, seems others do fine without it.
Living beneath my means, not buying unnecessary stuff and only paying cash allowed me to retire early and more comfortably.
You could do another of these and look at things like cell phone, wifi, cable. I discovered an antennae can bring wonderful free tv Chanel’s, that there are great deals on home wifi, and iPad many wifi connections in restaurants and shopping locations. I have found that without any mortgage, loans and expensive monthly things like cell and cable it is not hard to live on a small sum quite well.
Cell? I can't manage without a phone.
Hate to break this to you, but in the suburbs, Uber and Lyft are not that reliable. I can’t tell you the number of times a driver agrees to come get me, and then changes to pick up another fare. Leaving me stranded standing in the cold. I’m handicapped from my car being hit by a bus, so standing is VERY difficult fir me. Even worse, if you try to cancel a ride, they charge you anyway, and there is no way to contact a real person to get the charge removed. It’s a racket.
My car is worth it’s weight in gold. I bought it without financing it, so it’s worth it.
Hello Cheryl
How are you doing today?
@@ThompsonSmith505 is this AI? Makes no sense to ask a stranger how they're doing. Creepy!
The biggest tip is pay off credit card/ loans. If you have no consumer debt you can decide what to spend your money on ❤️
Geoff… your calm, common sense and compassionate approach is always most helpful. We are where we are… your advice is helpful how to move forward. We only have today and our future. Well done!
Thank you Theresa
I'm in such a good position. I feel so bad about others not in this place. Having money gives you options. That's it. Options. If you have them, share them with those who don't.
what a nice thing to say, and I agree!
I to am very Blessed and should be totally fine in retirement
I've share d plenty of option$ over the years. I intend to keep my retirement money for myself.
If people are paying interest on credit card balance when they retire they will never be able to survive on SS alone. The fact that they are paying credit card interest indicates that they can't manage money. If a retiree is disciplined and budgets well they can live comfortably if they're living in parts of the country with a low cost of living.
@@jimfarmer7811 Sometimes there are late in life emergencies that happen to cause people to go into debt. One friend had a very ill grandchild and her daughter couldn't pay the huge bills, for example. Another had a son suddenly move back in with her because he couldn't afford rent and care for his wife and daughter. IDK. Each is complicated.
I always have believed that if you pay a minimum on a credit card, you never pay it off. My rule was pay at least double the minimum, triple is better. I retired at 70 with no credit card debt and with mortgage paid off. I highly recommend planning to do both of these things.
Great advice Gail
I always believe you should pay credit card off in full. I can't imagine not paying off in full and more times than not before the bill even arrives. I use a credit card for convenience and cash rewards I pay them off weekly and very seldom even have a balance at the end of the month
Congratulations on eliminating debt. NEVER carry a balance on a CC. If you get yourself in and out of CC debt, pay it off fully then DESTROY the CC (use a debit card).
At the very least, if one finds themselves with CC debt, pay the minimum payment + the interest / fees they tacked on. Usually people who carry a balance have more than one card they owe on (been there done that so not judging). Any extra, throw on either the highest interest rate card (most financial sense) or the lowest balance card (most psychological boost). Once that one is paid, take that “freed-up” money and pour it onto the next one, and rinse and repeat. Debt stacking works, if you can’t borrow to consolidate at a lower interest. Don’t close the cards once paid - it will drop your credit score, just “say no” to yourself about re-using them. Very difficult but we can do it. If there is no extra $$ in your budget, look for a side hustle if you are capable. Also no shame in getting help from a credit card counseling agency - they helped me negotiate rates and I was out of deep debt in 2 years with no bankruptcy. Creditors got paid and I now had 2 years worth of on time payment history - when you are low only way to go is up and I was close to the bottom. If you go that route, choose wisely and pick a reputable agency - a non-profit or not-for-profit type.
@@johngill2853 you are wasting stamps. monthly is fine
All great tips! Another one I'd like to add if I may is that due to these high inflationary times, stock up on items when they go on sale, especially non-perishable. Buy larger quantities and/or off brand labels. Also, learn to shop "by ounce" and avoid buying at dollar trees or $1.25 stores for consumables. Besides the higher cost, you'll usually throw unnecessary stuff in your basket.
You are correct about dollar stores. I shop there 3 times per year and buy enough to last until next scheduled trip. Many items at dollar store aren't a good value. Here is what I buy: greeting cards, annual academic weekly calendar (buy in July), and anything else cheaper there than elsewhere. Know the cost of foods by the ounce. Many times dollar store is now more expensive than elsewhere
The by ounce is so spot on. I did a tour through Walmart. Boxes were smaller, per ounce price was higher! Just assuming some place is cheaper isn’t a good way to shop.
I am 53 and on SSDI. Gave my ex my new luxury car a few years ago. Thought I could never live without a car seeing I have driven sense like 14. I take the bus and cabs now. Don't miss it a bit and increased my liquidity signifigantly.
Disability is now a Sport. Did you drive to the Disability Office in your new luxury auto ? You guys are great actors. Do you also bring your little poodle with you to buy a loaf of bread ? Good grief what a bunch of marshmallows today.
@@matt75hooperMalarky.
In 25 words or less: Plan, be frugal, live within your means.
I was finically wiped out at age 62. I worked until my FRA saving all I could. Moved to Philippines - spent $10k on a retirement visa - living here quite well in a furnished condo for total of $1200 a month and SS pays me 3300 month
Congrats Ray! I am 67+ trying to max out SS ! Retirement Visa info is confusing any hints? Good references?
@@michaelhealy4509 if you want a philippine special retirement visa the process is easy. Hardest thing to figure out was the social security proof - all you need is to print out the retirement amount form the My ss page - bring it with you to philippines and get it authenticated at the department of foreign affairs. also bring along your FBI background check which you can do via email and their web site. Also get that notorized by the us embassy here in philippines. Last go to the philippine retirement authority web page for more info.
The best thing to do about a retirement Visa in the Philippines is to hire a immigration lawyer or person that will handle that for you and they know how to cut the corners. I hope you are not in Cebu or anywhere where the typhoon hit. My fiance lives south of Cebu City with her parents who are farmers and they live in the mountains. They were hit pretty hard just like the rest of the area but nobody in her family lost their life. My prayers are with the Filipino people and anybody that was in the path of the typhoon. I was born and raised and live in south Louisiana so I know a thing or two about storms. They leave Devastation depression and death. I hope you are safe.
Wow $10k for visa alone. Seemed outrageously priced.
@@graceweber2822 like the man said there is a sucker born every minute
This is such a kindhearted guy. Thank you. I wish there were somebody with your knowledge and passion for us in Germany too.
Great advice. I'll add to #1. Pay the debt off and don't use the card unless absolutely necessary, meaning life depends on it, not for a vacation or a night out with friends. #5, subscriptions. Cancel the ones that aren't used, and then consider canceling other subscriptions too. Example: I paid for a "Cheese of the Month"; I liked it very much but decided that it was better to give it up than using money I didn't really have. Same for Coffee-of-the-Month, Fruit-of-the-Month, Magazines I liked but could read at the library. I gave up a lot of extravagance so I could live debt-free. About the car, great advice. If living in a small town without Uber or Taxi service, consider sharing car expenses with a friend or relative. There are also senior citizen buses in some places that give rides.
Jeff, I'll be 60 in February 2022. I love your videos. Thank you soooooooo much!!!!!!!
Instead of using Uber and not having your car, you can keep your car and drive for Uber! The only reason I haven't done something like that because of the extra mileage that would go on to my car and I plan to keep my car until the day I die. It's already almost 20 years old but it runs great!
Uber will not allow you to drive a 20 year old car. The numbers change depending on various factors but usually around 7 years old is the oldest car they will allow. Must have 4 doors, no dents , rust or cracked glass. They do a pretty thorough inspection before they hire you. Also, no salvage title vehicles.
@@darrellgordon9224 thank you. My car doesn't have any issues like you mentioned. And it is a four-door, and probably runs better than some 7 year old cars. LOL I don't understand why the year would make a difference of the mileage is low and it's running low but hey it's their thing!
I’m new and just found your channel. I used what little 401k I had after a layoff at age 57. This gives me so much hope!
Thanks for the kind words Debra.
Very informative, don't agree on the Uber part. Today in NYC a 20 minute ride was $18 is now $35 . And in rural areas it is a necessity,
Thank you. This has relaxed me a good bit. Thank goodness I have no debt; the one thing I've done right. And, my car is paid for. I have great health insurance and a decent place to live. Today you have made me feel like I'm not such a failure.
Big life ahead - go enjoy it!
sorry to wake you up: you have failed to learn how to become wealthy by using other people's money (debt).
Mr. Schmidt, just wanted to tell you, that I have used uber, lift and have found that now taxis are very competitive and have the same service or better.
Yes. To really save, bus is cheapest. If someone has a disability, with a doctor's statement and paperwork, the rider can get door to door public transportation in my area
Good points. I retired at 62, but started paying down dept at 60. Because I am debt free, I have more spendable income in ss than when I was working. My car was paid off years ago. I fill up twice a year but mostly we take Lyft. I'm thinking about getting rid of the car because of insurance and registration fees which is a little over $100 annually. Same with cellphone. Tracfone does everything Apple does but my phone was 60 bucks and I pay $125 a year for service. I will check my state and find other savings. Thank you!
PS...I put the $900 former mortgage payment in savings every month. Plenty of funds to travel and enjoy family
Housing Assistance, Section 8. Frequenting food pantries. Use a barter system with neighbors for yardwork, etc.
Have some savings but don’t need to spend it, SS covers everything I need. Am debt free and live minimum lifestyle (always have).
Sounds pretty good to me!
Sounds like me.
I am living the same way Social Security only not spending my 401k or Roth IRA I have a mortgage free home my house insurance and real estate taxes are very manageable and I luckily never fell into the charge card trap
I've been 100% debt free for 3 years after selling my home in CA and downsizing to SC. Besides not having a mortgage, taxes are minimal. Don't be afraid to uproot and relocate.
Geoff, 🤩 you are ongoing amazing with your incredible, life changing (and life saving!!!) information and service for all of us! 🌟🌟🌟🌟🌟 Thanks for all that you do and give! 😊
Thank you Carol!
Mr Schmidt, thank you so much for all you do. You truly are an asset to humanity. Have a healthy and prosperous new year.
I love how you are so non judgmental.
I was totally impressed with everything you had to say; even the difficult things. This information is going to help a great deal of people including myself who have only this income to live on. I would love to see you highlight people who actual live comfortable on Social Security alone because they found ways to enjoy life with a modest income. As this is relative to what you happy or making the most of what you have. Might I also suggest some tips for ways to earn online and if you collect at 62; simple ways to earn up to the cap at $19,000 to supplement your SS; or even hold off SS for as long as your are able. I think every year you wait, you increase what you get by 8%. Please correct me if I'm wrong. The point is you are giving great insight and educating people on this topic which affects the majority who have no investment portfolio. Excellent info.
I agree that you need to stop those automatic subscriptions, but sometimes they are hard to get straightened out! You get a real runaround trying to cancel them, and then half the time you find out they were never canceled at all. (That's been my experience.) Oh, I'm keeping my car for now.
Thanks Barbara
Yes! I am so angry - I don't have cable, and subscribed to Paramount, I believe a CBS affiliate, so I could watch a show I was interested in. $10.50 a month seemed reasonable, and I planned to terminate it after I was done with said show.. I thought I did end it. Sadly, I don't go over my account statements carefully every month.. (new habit now), so it is easy to not notice that small amount, that was being withdrawn directly from my checking account via pay pal for over a year.. so that I had paid them $180!! I am absolutely certainly I clicked on whatever I needed to cancel the account - but I have no proof. I did call and talk to a human, who finally cancelled by account, but I have no way to prove that as far as I know it was cancelled.
$180 out the window is a lot of money to me.. and I wasn't even using it, b/c I didn't know I had it. These monthly subscription services are an awful trap - I agree; they do so well b/c people say "it's only $10" and probably a lot like me don't notice that small amount gone every month. IF one is actually using it - great . I cringe at all the money I wasted on such things but am trying not to look back and just make better choices now.
I definitely advise people to make sure you check after you cancel a subscription to anything, to make sure you aren't charged again. This has happened to me more than that time, and it is often hard to get someone on the phone.
I retired at 62 on SS alone. Here are my tips: 1) If possible eliminate all debt (i.e. monthly payments) 2) If possible, work as a W-2 contractor for a year or so before you retire. Let the contract naturally expire, then file for unemployment (try to be in a high UE paying state like NJ or PA. You can then collect Unemployment and SS at the same time for 6 mos. Sock the UE money away 3) buy a beater car so you have no payments (my fav is a Buick Lesabre, they are cheap, and reliable), Do not spend more than $2,500 for the vehicle 4) rent a furnished room or share rental. You should be able to find a furnished room for about $400-500. Do not spend more than $600 for living quarters, and lastly 6) while you are waiting for Medicare at 65, go find a free clinic for all your office visits and meds. These are called Federal Health Care Clinics and are virtually free. Do not buy any medical insurance. It's free. You can live on SS only if your check is around $1,500 to $2,000. Also, no need to leave USA and go to cheap 3rd world country like Mexico or Philipines. That said, you may have to live in rural part of America, or a less populated areas.
Thanks George
The point of my tip #2 is you must be laid off or have no work available in order to qualify for unemployment. You cannot collect if you simply retire (quit work) or get fired (naturally). So, if you have a good relationship with your current employer and they are willing to 'lay you off' at the time of retirement, then do that. I was a W-2 contractor in high tech and just let my last contract expire, when my job assignment was finished, and I never really actively looked for another assignment with my agency. This condition is called lack of work which qualifies for collecting unemployment, since it was not caused/initiated by me.
Also, remember folks, emergency medical treatment is free. It is illegal for a hospital to deny you emergency treatment, so don't worry, if you have something major and have to be hospitalized, even without insurance. I had both an emergency gangrenous gall bladder removed and prostate cancer treated for 0 cost. Both bills were picked up by charities, or eaten by the hospitals. They both came to around $150K. This was during the 3 year gap between 62 and 65 when I qualified for Medicare. Again, do NOT buy any kind of insurance between those years. Go to Federal Health Care clinics. One of the biggest myths in America is you have to have Med Insurance and that medical treatment is not free. IT IS if you know the ropes. And don't worry about your deductibles or co-pays. They will send you these bills for partial payments, but DO NOT pay them. Why? Because it is illegal to garnish anyone's SS. So just let them keep billing you. And if you are worried about your credit score, who cares? You won't be buying and major purchases anyway when you are on SS (homes, cars, etc.) so your score won't matter.
The hardest thing to figure out how to get free is dental. Most states have a Dept of Aging. It is often funded by the lottery. They may have a free dental program for low income. This is where they seek out dentists who are willing do do pro bono work. There will probably be a long wait list. I did this and 6 mos later they called and hooked me up with a dentist who did $10K worth of FREE dental. Look into it.
Consumer Credit Counseling can really help with getting credit card debt done. Remember some have to begin Social Security at 62 because of job loss or disability.
Thank you Sir! We appreciate the tips!
Thank you for sharing this video. These are all great tips. I would like to add: Look for food assistance programs in your neighborhood. Many churches and other organizations help low income people who have food insecurity.
Yes I help at a church food pantry In Central Illinois they are very helpful doesn't matter the age and they don't really have an income requirement
Holy Schmitt!!!!Your videos are awesome!!!!!! Thank you
Thank you Veronica
Thank you for your videos. They are so clear calm and comforting.
Yes pull out your tent and folding chair and enjoy the benefits of Social Security!
Well, my late maternal grandmother lived off of Social Security and dividends from the Baby Bell companies, as my grandfather worked as a lineman for Ma Bell ( that was the old AT&T). As she had more than SocSec and had a pretty big house and a huge piece of land in. A rural area, she had a car until her last few years. She was able to go to church, which was very important to her, as well as visit our family, as we were in the next state over.
There might be a time in my life when I would choose to rely on Uber, but it isn't making money now. I don't know about Lyft.
My paternal grandmother never learned how to drive. She did have a friend take her to the grocery store and to church. Pennsylvania has several programs for senior citizens. One is a prescription drug program. I think her cab rides were capped at $2 for anything in town.
I would argue that it can be a relatively small cost to have a vehicle, $200/month for depreciation, gasoline, insurance and basic maintenance as long as your not driving much. Well worth the freedom and flexibility.
$200 a month to own and operate a vehicle is realistic in some states, but pure fantasy in others. I also could probably get by on your $200 vehicle budget where I live if I bought and maintained a 10-year-old Toyota Corolla or Camry and kept it for 10 years.
@@jasonjames4254 You could buy a new Corolla, keep it for over 10 years and still hit that $200/month target. I've got a 2006 GMC K1500 that I bought new and has run me about $75/month for depreciation and still going strong. Full coverage insurance is $60/month and I only run through around 200 gallons of non-ethanol gasoline per year. Trucks are notorious for being expensive and this is how you can tame that beast.
@@tomj528 A new Corolla runs about $24K divided by 120 month (10 years) = $200 in principal payments alone. But that car is still worth $8K after 10 years so it's costing $16K or $133 a month to own it for 10 years. And that's assuming you paid cash and didn't finance it. Then add in insurance, registration renewals, gas, and minimal maintenance (tires, oil changes, other occasional minor repairs), and you're gonna have trouble meeting that $200 a month ownership cost threshold. I have a 2002 F150 and between purchase price and everything else I'm probably around $200 a month since I also don't drive much. But if you live in New York City or LA, Portland, Seattle, etc., it could cost 2 or 3 times that.
@@jasonjames4254 A 2022 base model Corolla (not the hybrid) is $20,075 MSRP which is about $2k higher than last year and much of that difference may be do to the chip shortage/shipping problems but it's not clear. Additionally, they periodically have incentives and rebates available to lower the price as well. So that's about $12k over 10 years or $1,200/year or $100/month. Additionally, in 10 years the resale value is going to be likely in the $12k range rather than $8k largely thanks to inflation and the increase in the price of new vehicles.
@Mr Innovator Wayne I kind of lucked into that one as this was right before the price of new trucks took off to ridiculous levels, making my used truck far more valuable.
Likely in the next few years my wife will no longer be able to drive in her early 50's thanks to a serious illness leaving me as the only driver. I have carefully chosen our vehicles to perfectly fit our needs over the past 30 years and now I'm contemplating what will suit our needs going forward when the time comes as our needs have/will changed. I'm also considering a possible move to better suit our lives for the next 20-25 years but it's not something we relish as we still love our house in our rural subdivision that we build ourselves. I haven't figured it out yet, but I've got time.
Thank you, very good information!
Each time I watch your video you provide valuable information with a pleasant style. Many thanks…
My pleasure
Get to know your neighbors and don't be afraid to ask for some help. I, for one, would be more than happy to take a carless neighbor to a doctor's appointment or grocery shopping. It's a simple thing I can do. I'm not a caregiver, but I'm a great chauffeur. Other people in the neighborhood might have other talents and would be willing to lend a helping hand.
Great advice
Good idea and thoughts but you had better be willing to be taken advantage of on a regular basis.
@@youngtimer964 You can't be taken advantage by people unless you let people take advantage of you. Draw strong boundaries.
@@youngtimer964 It needs to be a give-and-take relationship. For example, if a neighbor is willing to take me to an appointment, the least I can do is reciprocate by buying or making lunch for them. I would also offer to pay for gasoline because it is expensive. Consideration goes a long way to preserve healthy relationships.
Thank you so much for your help with giving advice , really appreciate it. I learned a lot on your video and also the people's comments
Thanks Alice
Such a kind and pleasant situation. Thank you.
Hello Margaret
How are you doing today?
Thank you. I am just come across your material. This makes sense. I am seriously thinking about selling my car. I live in a town that is under 30,009 folks. I am less thst a mile ftom the main store and a few hundred yards from library,dr,gym,most fast food,sit down,Walgreens. Its ans expense i am questioning at 62. All great advice. I am debt free except a 2.8% home loan. Both cars are paid off.
Thank you, Merry Christmas
Thank you!
The best bargain for personal transportation is a bicycle. Pretty much all of the US has reasonable cycling weather at least 6 months out of the year. This cuts your Uber costs in half while preserving your freedom, mobility, and health.
Don't trust your balance any more? Tricycle. Hilly location? E-bike. A fancy fat tire (winter capable) 40-50 mile range E-trike can be had for less than 3k. Two wheel versions for less. Pedal only, $1500.
No insurance, maintenance requires a pressure gauge and some spray lube for the chain. Budget 100-200 per year for bike shop servicing and you are good to go for 10 years easy.
We added a pair of electric assist folding bikes during the latest Black Friday sale. MIL lives 1.2 miles away; the lovely and I bike together to see her every day. Daughter with grandchild lives 2.2 miles away; bike to see her twice a week. My job is 1.1 miles away; I ride every chance available. No insurance, no gas bill, no yearly registration fee, low-impact exercise, very little in upkeep, wonderful investment, so much so that both car (both long paid off) sometimes sit for weeks without being used. Might sell one, but on days like today, having to go in two different directions at the same time, nice to have both.
Even better imo is walking. I'm not in any hurry. I live in central Phoenix...great walking city even in summer.
@@MrWaterbugdesign I agree; we have walked thousands and thousands of miles over the course of our married life and will continue to do so. Unfortunately, we live in a small town in the middle of nowhere. The bikes are another tool to reduce expenses for it allows us to take larger items to and from family members (baskets on both bikes), return home from the grocery store and post office (we have a non-delivery branch) with items and to explore the numerous dirt roads to nowhere in the middle of our nowhere to enjoy nature and the ensuing peace and quiet.
Thank you.
This is extremely helpful. Thank you
Thanks for the valuable tips.
You bet
Excellent content! Thank you!
Thanks Tina
You are very Interesting and pleasant to listen to. Thank u.
Oh.... nice calm improvement of lifestyle tips! Thank you darling!
My pleasure
Another excellent video! Thank you!
Thank you Cydnie!
One thing not mentioned was retiring in another country. Just about any country is less expensive than the USA and had affordable healthcare. I honestly can't see a way to retire on social security here. Housing is crazy expensive and even with Medicare we'll be paying a lot for supplemental insurance and copays or perhaps if we own nothing and have no money we can get Medicaid. 😢
Universal basic income would really help me and millions of other people like myself who live off of social security alone.
My father had savings, but he still worked part time until months before his death. He enjoyed his work and stepped down to a role with more freedom and time off between contracts. His monthly expenses were very low, he had no debt, had a home with two heating zones and lived in one half with the other half at low power when he didn't have company.
Merry Christmas!
This is helpful advice even for those who have been saving for retirement.
Good point
I enjoy your vlogs Geof. I have been retired for four years and will start collecting my Social Security in five more months when I am almost 70. I have gained a lot by listening to you the last few years. Thanks. We are moving to another state, partly because I need to be near better healthcare.
Love your videos and thank you!
I love all the effort you lut into this for us. Cant lett you how helpful you have been for my wife and me. Thank you and have a Merry Christmas
You are very kind Thomas. Same to you.
Well here go's, in January I will be writing a check to pay off my last debt, can't stand having it hanging over my head, yes its going to hurt, but it was always my opinion to always be debt free. An now that I'm retired, it will be done period, an this was no fault of mine, just life. Thx for the vid an "MERRY CHRISTMAS " to you an your family.
Thanks William for the comment, same to you
“Goes” not “go’s”!
@@stevefranks1711 can you say " SPELL CHECK" DUH
Congratulations!👍
Thankyou.
Extremely helpful.
Sir you do a great service….l greatly appreciate all of your videos
Thanks William!