The #1 Retirement Trap No One Talks About...

This is the #1 Retirement Trap no one is talking about these days. By 2030, more than 1 in 5 Americans will be over the age of 65, and the life expectancy globally is expected to rise from 73.33 years as of today all the way to 77 years old in 2050.

With such a large proportion of people retiring, there will always be questions around how much they should have saved, how you they can withdraw, if social security is still gonna be here, etc… but that’s actually not the #1 Retirement Trap that is out there:

Going into retirement without knowing how much is “enough”, and constantly wanting more.

FREE STOCKS:

RESOURCES:

MY SOCIALS:

WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.

PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

⏱️ Timestamps:
0:00 - Start Here
0:37 - The Trap
1:30 - How Retirement is Spent
2:39 - 2 Related Personal Stories
5:05 - Hedonic Adaptation
6:45 - Know Your Retirement Number
8:51 - Retirement Income Replacement Ratio
10:20 - How Much Your Retirement Costs
11:18 - Passive Income Sources

[Riggsnic_co]

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

[nicolasbenson]

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.

[greekbarrios]

The average social security check is $1827 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you

[robertparsons]

I don't miss working or the people at work. No hard feelings, just moved on. And there is so much to do in "retirement." There' s no such thing as getting bored. There's a whole world out there. And younger people need you and your perspective.

[caryishnagardner]

Retirement becomes truly fulfilling when you possess two essential elements: ample financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement.

[BlueBookLessons]

Warren Buffett talked about this. He said it's craziness to work a job you hate now because you think that it will give you a better life tomorrow.

[GermanVelaFinance]

Retirement shouldn't be about a magic number! This video hit the nail on the head, plan for experiences that make you happy, not just a bigger nest egg. Love the focus on finding fulfillment in retirement.

[doggydude]

One big trap that people never account for is assisted living costs when their health is failing which is really expensive. The going rate in my area is about $5k a month.

[Upper_Room_Studios]

The real problem is that once one finally makes 100k, it's the new 60k and to achieve the same desired freedom and financial power, you now need 175k.

[sophie]

SO TRUE! I've first life experienced the "I'll be happy when..." accomplishing it, then just moving it higher and going back to baseline happiness.

[jainthorne]

I became a minimalist in 2008. It was a long, thoughtful process. As I worked to craft a life that I loved I was moving towards a life that would sustain me as I retired. It wasn't my goal at all but minimalism taught me how much was enough for me. I learned what it took to lead the life I love. Now I'm three months into my retirement and I love the life I have.

[jnsa]

Good one H...helping us think thru when it's ENOUGH.

[crskycc]

Thanks for sharing your perspective which no one talks about! 😊 Informative video!

[jeannettedrown]

I always enjoy your content. I really liked the personal stories. Keep them coming!

[BuyLessJess]

Great video, thank you for the work that you do.

[marklechadores]

I'm content with out my outdated 2006 Mazda 3 with no monthly payments and my insurance is $63/month. Status symbols such as a nice car or ride is a wealth killer unless it can be used for a corporate task where tax breaks can be beneficial. Over a $1000 per month to show off a vehicle I can't afford would be detrimental to my wealth.

[Rider]

I think my concern for wanting more is the loss of value on the dollar. If someone retired with a million early 2020 the purchasing power is now like 500k. Also some places have stupid property tax policies that can eat it up. While I hope to have the health and energy and want enough money to travel a few times a year, pay for the gas/consumables to take hunting and fishing trips, socialize and eat out etc- I want to save a good amount just out a general distrust of our governments monetary policies and taxes

[romeosly]

I retired at 35, I’m now 38. I love my life, i’m not out spending like crazy, i spend my time with loved ones, hiking with my wife and dog. I spend most of time working on new hobbies. Money does not buy happiness, no amount of money can buy time. Finally, don’t retire in any major city, move away!

[ginaem]

People at work are toxic, I won’t miss any of them.

[poke_champ]

i enjoy watching your vids. your honest and give actual insightful information even when i think i know something already i still watch