The Five BEST PRACTICES in Retirement Spending

This video discusses five of the most effective practices used by retirees to maximize and enjoy spending in retirement.

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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.

[wtzfekk]

My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. 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

[bookmagicroe]

Here's what happened in the past month: husband fell down, broke off front tooth, needed a cap $986. Car accident resulting
in payment of $1, 000 deductible of insurance. Garage door died and needs replacing. Luckily we have emergency fund.

[macmcintosh]

Jeff,
Please add a bullet point summary at the end of each of your videos. I can think of a dozen of your videos that I'd like to act upon, but I can't remember the specific actionable items from each of them. Also, thank you for all of your work. It makes a REAL DIFFERENCE in the lives of your viewers. It's a big difference, a life changing difference.

[lindadorman]

Wow, that credit card payment example was incredible! I'll bet a lot of people think rounding up the monthly payment would have little effect but it really did make a difference. Wish I'd known this back when I carried credit card debt, but I'm thankful I don't do that now.

[FiveMusic]

You are doing a great service to keep giving those basics, because it doesn’t matter if you’re working or retired, they work for you! Have/use/stick to a REAL budget (that’s a dedicated money plan, not your checkbook balance), maintain an emergency fund, eliminate debt, continue to save/build security, maintain your credit standing by paying bills you do have on time, every time.

When you find the average financial mess in someone’s life, one or usually more of those items has been neglected or ignored. Thanks, Geoff!

[thecasualrver]

I retired last October at 64, with a healthy 401K and IRA, even through my financial adviser/financial planner said we are in great shape to weather the financial storm we are about to go thru, we sold our condo, got rid of one vehicle, only need one vehicle now, and purchased a new manufactured home in a 55 plus community, now no mortgage, no CC debt. I don't plan on taken my SS until I reach my FRA. We watch every dollar, and have baked in a good size yearly travel budget for our RV travels.

[noreenn]

Like the suggestion of putting 5% into an emergency fund

[oldtymer]

I have one CC, I use it for places that don't take debit cards or online purchases and I pay off the balance each month. Makes life easy and its nice to have as a backup.

[sjohnson]

this is such important info, all checked. thank you JS

[todddunn]

My biggest financial problem in retirement has been the transition from saving to spending. I have not been able to make that transition. Of course, that means that an emergency fund is not a problem.

[itsnotme]

Great advice Geoff!! I was already following 4...and I'm not retired yet....gotta make that emergency fund funding change.
Oh yeah, for those thinking, I got this covered....things happen, sometimes when you think "I'm good". Last year, I broke my leg while NOT covered by insurance. Yeah, it was a 60 day period that my company put in place before the coverage started, and I didn't check the COBRA rules....which I could have waived that 60 days. Anyways, don't do what I did, it's wicked expensive!

[herb]

Great presentation & I couldn't agree more with your points. I was a mortgage guy for ~40 yrs & a degree in accounting. I practiced that the first 4 years. I would show my clients how just adding a few extra dollars to their mortgage payment every month made such a big change in the term & total interest paid. It really is amazing if you play around with a mortgage calculator what you can very easily accomplish. The hard part for most was being diligent & continuation.

[ParkinT]

Your advice is always valuable and I enjoy these videos. Secondly, I am impressed by the high-quality of the Stock Video Footage you use in these presentations!

[chadhock]

Great advice and see you are upping your game with the nice suit and shirt.

[dipaknadkarni]

As a recent retiree, nearly age 63, 30 years in the Navy and now back in my home state of Florida.
I will have a book published soon and I am starting freelance e writing using the University of Iowa online certificate which I hope to achieve next year.
Better use my GI bill, right?
Agree with all you said.
I am beginning to live like a minimalist.
I invest, have no credit card debt (only home mortgage paying it off in half the time), a very high FICO score, Navy retirement, etc.
Life seems okay.
Blessing to you and your viewers.

[choosetoshine]

Excellent content and informative! New subscriber. ❤️

[e-spy]

retired, credit score was 848 last month. But things are tight, as I retired much earlier than I wanted to due to covid issues. I hope I can maintain it but savings? maybe I can continue to save a few bucks per month, but as I said it is tight and I have cut everything I can.

[markracer]

I just want to sleep in with no Retirement is simple for

[DennesZ]

Love your videos and have been watching your videos for about a year now. The recently added sounds from the video clips cut into the main video are very distracting and keep me from hearing what you are saying in each duration. Just my personal suggestion, but I'd like it if you took out those sounds, so I may better absorb the content you are putting out.

[RetrieverTrainingAlone]

We retired early with no debts. By limiting our retirement income we saved over $25, 000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, etc.