Common Mistakes in Retirement
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- čas přidán 9. 09. 2024
- Common Mistakes in Retirement
So often we imagine what retirement will be like for us. Some look forward to it, others do not. Even so, once retirement looms, we start to imagine what it would be like if we…
And it is at this point we can make what I believe to be fundamental mistakes.
I'm only 48 yrs old, but I love listening to your words of wisdom.
Cheers, mate.
Thanks, John. Much appreciated.
To get to retirement people hold on to their dreams they've long held but don't realise that retirement brings with it great changes, internally as well as externally.
You're right, Phillip. So few give it much serious thought until it actually arrives.
I tried out a semi-retirement by slowly moving step by step down from 100% to just 20% over the seven years before I retired. It gave a good taste for what reduced work was like, what reduced income was like, etc.
Sagely advice. When we retire we are planning on having a small unit as a base that we can always come back to when we get sick of travelling or renting around the country. Having that house or unit is a massive safety net just in case.
It is, indeed, Mangoman. A wise move indeed.
I think that you need to live close to medical facilities and stores and a few places to eat and drink coffee within a short distance from your home. just my 2 cents.
Totally agree, Jerome. My location meets all those requirements.
Words of wisdom from experience, are much appreciated. All my retired friends say the same thing. “Regrets? Yes, I regret I didn’t retire sooner.”
Thank you, ggirardin2014. Let's hope the many who aren't yet retired get to read your comment.
I truly appreciate your kindness , knowledge and wisdom! Continued good health to you.. George from Central Florida😊😊
Thank you, George. I hope the weather's treating you kindly at this time. Been watching re a big hurricane in the Carabean.
The algorithms pointed me toward your videos a couple of weeks ago. I enjoy your videos as a 61 y.o. now living in Oklahoma, U.S.A. and working at home full-time remotely. I have worked for the same company 34 years. Not certain when I will retire. Keep up the good work!
Welcome aboard, Scott, and thanks for posting a comment.
Great advise. Best to keep the family home as it is the mecca of family memories. One can always go out for a few moths to venture other places but can always return home
Yes, totally agree.
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor, I'm currently retired.
Indeed, that's accurate. I'm currently in my mid-50s. My wife and I were on a similar path until a couple of years ago when I decided to shift my investments to her wealth manager. While I haven't quite caught up to her accumulated profits over the years, I'm at least earning more now. I'm generating income even before retirement, and my retirement fund has experienced remarkable growth compared to what it would have with just the 401(k). It's quite amusing.
I completely agree; I am over 40 years old, recently retired, and have approximately $1m in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius!
@@maryHenokNftbravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..
My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.
lesson learned the hard way. thank you for ythis
Thanks, Heidegger101.
Another great video Tom! I have mentioned in prior comments that I am retiring in 10 months at age 59. For our numbers to really work well, we need to relocate from our current expensive area and relocate to a lower cost state. We are worried about all your stated points.
Hope your plans work out well, Eddie.
Wishing you Eddie and all your loved ones all the best in your retirement, do your best not to worry you’ll make it happen
Great advice Arthur. Having a secure home in retirement and living near your friends and family are both priceless. You can always adventure out from there and then come back.
Absolutely agree with what you say, HopeToProsper.
Thank you Tom for another insightful video. I'll keep my comfy little unit in the middle of town where I'm close to all services. No giant RV either. Cheers, Sean.
Wise move, Sean.
Thank you Tom, heard you clear... Can you comment on buying my dream retirement house at 34 yrs old to retire in, but now I have a family that needs one more room, but we don't want to sell the retirement house and restricted by code to expand, and don't have enough years to pay for the upgraded house and loose our retirement home. I tell my wife to suck it up because the neighbors have the same space, and two more kids. I believe we can get through these few yrs. I know I can rent out my retirement home and rent another home, but we'll be loosing money and end up living in a rental home that is not care for as my own.
I forgot to mention, I'm 49 this month and the house is almost paid for to give some perspective.
I upsized then dumped it and downsized plus two roomates that pay all the bills for my family of 4 including food. Retired at 48 I’m 61 now…. It was genius, saved a million and happier
Hold on to the house and like you mentioned, tell your wife to suck it up lol
Doesn't sound too bad, Lennie. Remember, the kids won't be with you forever. One day you and your wife will be "empty nesters," as the saying goes. Maybe it's best to stay as is at present.
Yup you're right tell the little buttercup to Suck It Up!
Thanks
Welcome, Walkingto...
Appreciate the words of wisdom!
Tom, thank you so much. I’ve been living in my motorhome for two years now I’m just about to go into my third year and I do remember on a previous video where you encouraged your viewers to have a homebase. I sadly sold my homebase as an investment. I still have the money which I could cash in, but after watching this video, you seriously making me think because if you are quite right, the novelty is slowly, but surely wearing off living in the motorhome I’m just undecided in which community to find a house as a base which I could rent out, but I could always have to fall back on. No doubt it will all come clean in the wash.
I'd say that's a sound idea, Sonminorimitsuu. Find the place you'd like to spend the rest of your life in...I'd say it's important. Good luck with it.
All very good points to keep oneself safe and comfortable in retirement. Im am planning something quite the opposite... sell my too big house in Maine and move to my wife's developing country. We will build her concrete and rebar forever home there. Half the build cost for twice the house.
I enjoy your well thought out advice!
Thanks, 377499. I hope it all works out for you.
I got a lodger😊
Thanks for another great video Arthur, my parents did the grey nomad lifestyle fo several years off and on and then eventually came back to their home again. Mum has very found memories of their adventures on the road and always says how lucky they where to be able to do those adventures together. Dad passed away 9 years ago but mum has those memories.
Great to hear from you Brendan. I've been watching a few of your videos and like them very much.
@@arthurthomasware5004 thanks Arthur I appreciate your feedback very much & looking forward to watching your next video.
Hi Tom
Thankyou so much for what seems sincere advice . I'm 59 later this year .
And thanks to you, Keith.
Thank you Tom for all your pearls of wisdom . I look forward to all your new videos and great common sense content . You give so much food for thought . Thanks again .
Thank you, Kerry.
I feel I've sinned for not paying my mortgage down, although it's been rented over the last 14 yrs, I wasn't planning on retiring to it until 5 yrs ago. I've learned we've completely flipped & screwed things up in the US; 1 used to have the mortgage paid off prior to retirement, now we're programmed & encouraged to go BIG on the home & RV in retirement. I want to spend up to $10K USD on a van to travel & utilize like a truck, I've got an acre it'll come in handy. Boats are another money-sink item you could talk & warn us about. I've always tried to have a friend w/the boat, hasn't always worked out, good thing skiing and biking are my favorite hobbies!
Certainly enjoy life, Anthony, yet have a fall back home. The Go-go years retirement can last decades by eventually the Go-slow period will arrive.
@@arthurthomasware5004 Wise words thank you!
Best advice i can give is get out of all consumer debt and Pay off your current home and travel half the year out of the snow with no mortgage. Return back to your paid off home the other half.
This is typically better than living paycheck to paycheck in some kind of paradise that will ware off after a few years. Lack of family and Finacial depression is worse than seasonal depression.
Sounds, sound, RedLegPiper. If it can be managed, then do it.
Thank you Tom, for sharing your experience and thoughts. Helpful and encouraging. Best wishes from Minnesota,USA.
Thanks, Oscar. Sounds like a good place to live.
I appreciated what you have to say.
Thank you, Max.
lol, I always thought you were in the UK
No, Rob, and I'm so glad not to be. I spent the first 14 years and 9 months there, then came to Australia in 1951.
Bloody awesome advice mate! Spot on.
Glad you think so, Adhart81. Much appreciated.
Great video. Thanks for your advice and sharing. 🙂👍
Glad it was helpful, Colin.
As a Yank, I've been watching your videos the last months and thought you were in Britain the whole time :-0 beg your pardon
No, mate, great big Australia. I'm biased enough to think it's the best country in the world in which to live.
Sensible advice.
Thank you, Billy. You're always supportive and it's appreciated.
I definitely enjoyed this video, ty!
Glad you enjoyed it, Lyceum4177
Good advice, thank you. We are looking to downsize next year. The big question has been a bungalow or a house with stairs. It’s going to be a house with stairs. My parents moved into a bungalow as Dad had mobility issues, it was perfect for him and they never regretted it. However, within about three years Mam struggled using stairs when visiting or in a shop. If you don’t use it you loose it is true. I’m up and down stairs over 20 times a day, I use the upstairs bathroom instead of the downstairs one, I have a craft room upstairs and I’m up and down to that. The new house must have a staircase suitable for a staircase if we ever need one, a garden a lot smaller than our current house, and have a east/ west aspect as the front of our house gets no sun in winter and is on a slope, it’s treacherous at times, the ice and snow can last for weeks. There’s six stone steps up to the house too and I once fell down in the winter. There’s a lot to consider when moving house.
I take it you're in North America, Kate as your describe the weather. My wife and I have a two-floor townhouse with, of course, stairs. No trouble to either of us yet. As you say, it's doing it all day long that makes it remain easy. Got to be so careful outside if there are steps, though. My wife took a tumble a year or so back on slippery wet outdoor steps. I can't see a way around that for you though, Kate, without a move to another location.
@@arthurthomasware5004 I’m in the UK, the northeast where it’s much colder, but a lot less populated which suits me fine. We will move but not too far away. I hope your wife is okay now.
So good. Thank you.
Glad you enjoyed it, Lazdiaz.
Really good advice 😊
Glad you think so, Donny.
❤
Thank you Mr. Tom for such an awesome knowledge I look forward to your lifelong personal experience and knowledge that is a such a valuable asset that I have and continue to experience . Please continue the videos coming…
Will do, Rosa. And thanks for your warm and generous comment.
Hi Tom, I'm retiring at the end of August. I do love my house in the midlands but both daughters now in London and partner lives in the South. Should I stay in the house but I dont really have friends here or relocate to the South? What do you think Tom? Stu
Not an easy decision, Stu. Can you afford to relocate to the south? And how far away from your two daughters would you live if you did so? Of course, I realize the midlands and, say, London, is not comparable to the distances between our major cities here in Australia, but it is nice to be able to have family reasonably close if we can.
Are you in Melbourne, Arthur?
No,Gothops. I live in Sydney.
@arthurthomasware5004 it's a bit colder here in Melbourne, but we don't get nearly as much rain as Sydney.
I thought you were British!
No, Lyceum - Aussie! Mind you, I was born in Britain. Arrived to live in Australia a month or so before my 15th birthday...and never returned.
@@arthurthomasware5004 so it's a British/Aussie accent, so I'm not too far off:)
Right !
I downsized, shared living and saved a million. I’m like the leader of a cult😂 I pay for nothing
Retired at 48
Sounds great, Voodoodrug.