Retirement Advice I ignore from YouTube -- Here are 9

Bad advice for me on YouTube. What advice do I not follow on YouTube regarding my retirement
You may be different. Can I retire now? Retirement Planning.
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_*PLEASE STOP USING Spreadsheets!_ It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and use and recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).

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*Need a CFP to create your retirement plan for a one time fee?* My Recommendation: Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn.

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*DO NOT GO IT ALONE!!!!!!!*
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.

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*Plant Manager, Maintenance Manager and Career Consulting -- 1 hour virtual via Teams/Cell Phone*
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Most Popular VIDEOS
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RECOMMENDED FINANCIAL ADVISOR - Assets under Management or one time plan creation
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle #howmuchcanIspend

[joekuhnlovesretirement]

*_PLEASE STOP USING Spreadsheets!_** It falls way short optimizing every retirement factor*
Retirement Tool Link I reference and use and recommend -- New Retirement. Free 2 week trial. $120/yr after. You will buy this after trying (I have purchased for 3 years).



*Need a CFP to create your retirement plan for a one time fee?* My Recommendation: Neil Fortwendel [phone]. Neil created my plan. Plan updates as you wish for a smaller fee. Check Neil out on Facebook and LinkedIn.



*DO NOT GO IT
*Money Pickle - FREE! use link to set up a FREE 45 minute dialog with a Financial Advisor*
No obligation. Get answers to your questions. Get an expert to look at your plan.


*Plant Manager, Maintenance Manager and Career Consulting -- 1 hour virtual via Teams/Cell Phone*

Most Popular VIDEOS

RECOMMENDED FINANCIAL ADVISOR - Assets under Management or one time plan creation
Neil Fortwendel with Northwestern Mutual ph: 812 471 2492

Video by Lean Driven Reliability LLC
This is not investment advice. For entertainment ONLY. Seek professional help to understand your unique situation.

#retirement #retirementplanning #retireearly #retireearlyandtravel #financialfreedom #financialindependence #retirementincome #retirementstrategy #findingpurpose #keto #ketodiet #ketovore #hiit #hiitworkout #healthylifestyle #howmuchcanIspend

[ChristopherEvans-]

Good morning Joe, Retired and I am still getting up at 3:30 am, here in California. There is just something about heading out the door at sunrise for a hike, walk or run.

[dgs]

"Most of the time, doing nothing is the right action." Now THAT's good investment advice.

[allenboyer]

Unlike some YouTubers who give out financial advise with no financial credentials, I appreciate that you state your videos are about your experiences in retirement. Big difference.

[susanshelmidine]

Joe - subscriber here - “Retirement is the start of a new marathon”. Such great advice. Spouse and I so very much appreciate every piece of content. ADK mountains out.

[retiredat.]

First, this is one my favorite videos you have done. I agree with a lot of what you said, especially when you say that for some people getting a financial advisor makes sense. I get really tired of seeing people in retirement groups on FB (like New Retirement) shame people for using an advisor. Some people do not have the aptitude or maybe the desire to handle their finances in retirement...and that is okay. They will benefit greatly from the services of a *good* advisor. It is great if one doesn't need that....but there is nothing wrong with someone using one if it fits their wants and/or needs. That is the other thing you kind of spoke of in a couple of different items on your list....one size does *not* fit all. Everyone's situation is different, at least to some degree, and what is right for one may not be right for others. The main thing is to learn a lot and then apply what works for you to your situation. Anyway, thanks for putting out enjoyable content on a regular basis.

[dominic]

Happiness for me is having the CHOICE to do whatever I want to do when I want to do it and not be hindered through poor health or lack of funds. That’s it for me 🙏🏼

[finned]

There’s many bad advice. They don’t consider these issues.
1. Income should take into account Social Security and Pension benefits that can reduce by more than half of current expenses.
2. Roth conversions when your outlook is 10 to 30 years of remaining life expectancy. You’re not going to save that much in taxes when the tax bill on taking the distribution is punishing and won’t make a difference. You only take distributions as you need them at the lowest tax bracket.
3. Advice to run the money down when you’re likely to use the money if you need long term care. You might get a terminal illness or become bedridden and need around the clock nursing care. Yes, you might outlive your money, but that’s better than having no money at all.
4. A spouse that lives longer than you because she is younger and have life expectancy of an additional 10 years. So she will live 20 to 30 years longer after you die.
5. A million to 3 million is not enough. Of course it’s enough, but don’t give contradictory advice like the 4% rule. Actually you should take less money out, not more money. In case you do take more money out, it’s about using the tax laws to your advantage when you’re in a lower tax bracket. Keep the money in cash in case there’s an emergency expense.

[jploehn]

Another great video, Joe. Thank you for your advice, insights, and for mining the comments for fantastic content ideas. You are making a big difference for all of us out here who are either nearing retirement (me) or already retired. You are a straight shooter and I love your style. I am glad you had a wonderful trip to Alaska with your wife. Alaska is a great place to visit, and for me, work on my current project. I appreciate you buddy!! Joe from Texas, OUT!!

[SideWays]

Happiness is reality exceeding expectations and rerirement is a journey/ new chapter. Spot on!

[SantaBarbaraAlberto]

Hi Joe,

Good list. The one advice IMO that is hallow is reverse mortgage. IMO, they are a pet rock, great as long as you don't use it. Once you do, the negative compound interest eats away about 40 cents on every dollar over time. The premise is that you pay your mortgage for 30 years with interest. In order to access your equity, if you do, you pay a huge penalty due to a negative compound interest. Nuts!

[keithmachado-ppfv]

Good video. One correction on a comment you made about the COLA adjustment. If you defer you can’t add the 3% COLA to the 8% and say it’s 11% because you get the COLA whether you defer or not. You only get a larger COLA on the extra 8% bringing the total to 8.24% (3% of 8% is .24%).

[furthereast]

Agreed that health is more important than money
And bad health is one of the most expensive situations
But the main point is most bad health is self induced from a lifetime of sedentary days and standard American diet
A retirement of idle relaxation is a great way to Eradicate, good health once and for all

[mark]

Another thing to look out for is FDIC insurance for deposits of conservative family members. I found out that my parents had $800, 000 in a local bank that was uninsured. All of their accounts and cd's were titled the same way. They would received $250, 000 insurance and the remaining $800, 000 was above the insurance limits. After my mom had passed away we realized the mistake. I have 2 siblings and with the help of the FDIC insurance web tool were able to title each CD and account to be covered by deposit insurance. We are not in a banking crisis like in the past, but this bank did have a large loan default on a loan causing bank examiners to intervene.
The personal banker in Nebraska was frighteningly uninformed. When I asked my local banker if his bank reviewed customer accounts to make sure they were able to maximize deposit insurance. He said his bank did not either. Just because the staff is nice and live locally doesn't mean they are looking out for their customers.

[DionTalkFinancialFreedom]

Great list.


In the ssi, we almost never hear people talk about how taking it at 62 gives us an income limit for 63 and 64.

You’re so right that people need to take a deep long look at their personal situation when deciding.

[randolphh]

Agree on the consideration to delay SS. THE BIGGEST ADVANTAGE OF DELAYING IS THAT YOU CAN CHANGE YOUR MIND AT ANY TIME. If you take early, changing your mind is not possible!(some minor exceptions).

As to do it yourself retirement, it is possible, but very difficult. Really only for the very few. But, either way you need to educate yourself and learn.

The thoughts about what retirement IS and what makes it work, varies from person to person. We are all different. What works for Joe is not the same as what works for me. But, each of us needs to find what works, and it likely is not the same as you imagined before retiring. Life definitely is a journey, and that includes the retired years. Which way you go will affect how it goes, but you CAN change your direction at any time to get to a different place.

We are retired for about 4 years now, and it is better than expected, but not the same as expected! We are often adjusting our short term goals, and reimagining our long term goals. Pretty much the same methods we used while working, since life tends to be a little hard to predict with any kind of certainty.

[patiencezero-xczl]

Managing sequence of return risk, IMO, is the most easily ignored aspect of a model. It is especially dangerous if you have not locked in returns the year you retire. Lock in the returns and I think you should run a conservative play the first 5 to 8 years of your retirement and maybe dip your toes back into more stocks, for example, after you have kickstarted the TVM equation.

[doftcha]

Great summary Joe, but a couple comments:

1. While social security amount grows by 7% a year, by taking earlier, you get the compound effect of the returns on the total amount accumulated…generally the “crossover” occurs at around 82 years. Live longer, you would be ahead, expire earlier you’d be behind (by taking early). I’d say if you must rely heavily on SS to make your plan work, delay as much as possible, , but if it’s more just “icing on the cake” take earlier

2. 4% rule. I agree very few would live by this rule in practice, but at the end of the day, everyone must be comfortable with some “rule” to decide to retire. What was the rule that helped you decide? Ie take your retirement fixed income sources - well thought out expenses = differential. How much of a nest egg percentage wise is a good rule of thumb for withdrawal rate to make up that differential, and what assumptions on market returns and inflation rate to use? These are the “Big 3” in my opinion…there’s a video idea for you!

[rufusmcgee]

One piece of advice is set up your retirement like you are going to live forever. My dad was a doctor and couldn't wait to hang it up at 65. He set up his retirement drawdown with the expectation he would live 20 years. Well, guess what? He's 94. If he had worked just one more year or drew down1% less each year, he would probably be fine. Instead, he's trying to make do with social security.

[jdollar]

All 9 of these are correct...and incorrect.
Retirement, planning and execution, is different for every individual/couple. Our retirement goals are vastly different from most. That doesn't mean we are "right." It means we are right for us.
We bought 13 acres in 2019, remodeled the house, and moved in February of 2020, just as Covid hit. I retired in July.
We set our income needs at exactly the amount we were bringing home when I retired. It worked out to slightly over 4% of our invested assets, but not close to 4% of our total net worth.
We hunt and fish. We raise about 75% of our own food. Beef, pork, and chicken we raise here. We have venison and fish from our own property. This is what we enjoy. It takes care of our physical and mental health because it requites daily work to keep up a farm with livestock. I'd go bat-crap crazy sitting in a condo at the beach or downtown all day.
That's right for us, but it's not for everyone.
I took SS at 62 and my wife is planning to begin at age 70. She has a longer life expectancy than i have and our SS benefits are virtually the same. None of my forebears have lived past 8, while both of her parents are close to 90 now.
The 4% rule is a guideline, and actually an excellent planning tool. Like you said, I don't know anyone who actually uses it as their retirement plan, but it's a good starting point.
Much of the retirement advice on YouTube is just financial planners doing math with a spreadsheet. Hell, I can do that for free.
I'm good at math. Very good. Let me solve the retirement equation for you, and make it so everyone can understand.
A= Life Expectancy
B= Inflation
C= Market returns
X= Healthcare costs
Y= Amount saved for retirement.
Z= Social Security
The only given is Y. You can know how much money you save. Even your SS figure isn't a guarantee, because Congress can change that.
There's no real solution to a math problem with one given and 6 variables, at least not a simple solution. If you knew how long you were going to live or exactly what market returns will be, or what inflation will be, then you could give an actual mathematical answer. Having even one confounding variable makes any results unreliable.
I have a friend who does all of his own planning and another who has a big chunk in an incone annuity. Who's right and who's wrong? I use a financial advisor for most of our invested funds because I'm not knowledgeable enough to keep up with it. I gladly pay the fee because I have no interest in looking at the market daily.
We really uave np worries about running out of money because we were big savers on good incomes. We saved for our retirement, put money aside to get 4 kids through college, paid cash for our home that we now rent, bought our farm with cash, bought a larger farm with a friend, and had zero debt after age 50. I still watch YouTube videos about retirement and i always pick up a tidbit I can use.